and these contracts are made by publicke Acts and Instruments before Notaries to the end that all things agreed vpon on either side may be duely accomplished and in these great contracts beyond the seas the paiments are the most part for great summes made in Bankes also because of the commodiousnesse of it as you shall note hereafter Besides this many Merchants doe make contracts and passe them likewise before Notaries or Scriueners because that things contracted for may require time to effect them As for example a Merchant aduenturer selleth vnto a Merchant of Middleborough two or three hundreth Clothes of knowne markes whereby the goodnesse is also knowne at a certaine price the packe of ten Clothes to be deliuered at Middleborough from time to time during the space of six moneths and the Middleborough Merchant doth agree that for the payment of these Clothes he will send to the Merchant aduenturer Linnen cloth and diuers other commodities to be sold in London to pay himselfe as aforesaid which commodities are also sent from time to time within the compasse of the said time of six moneths and the reckoning between them shall run accordingly hereupon a contract is made in writing before a Notarie publick and therein diuers conditions are to be specified and obserued Conditions of a Merchants Contract First it is agreed that concerning the price of the Clothes sold amounting to such a summe sterling money called lawfull money of England there shall be giuen for euerie twentie shillings or pound sterling so many shillings and pence as they shall agree according to the price of exchange amongst Merchants and these are shillings and pence Flemish money whereof there is 35 or 36 shillings or 35 shillings and six pence or 36 shillings and eight pence giuen or allowed in account betweene them for twentie shillings sterling and so after the rate for so many hundreth pounds or thousand pounds as the Clothes may amount vnto Secondly it is agreed that the Merchant aduenturer shall beare the aduenture of his Clothes and deliuer them vpon his aduenture charge and daunger of the seas with all casualties vnto the Middleborough Merchant within the towne or warehouse of the Merchant there and likewise that the Middleborough Merchant shall beare the aduenture of his Linnen Cloth and other commodities answere the Kings Customes and all charges incident vpon the said commodities vntill they bee freely taken vp into the Merchant aduenturers ware-house here Thirdly it is agreed betweene them these forreine commodities being sold paiable at times of paiment that if any bad debts should be made thereby either the Middleborough Merchant is to beare the losse thereof or else the Merchant aduenturer doth take the hazard and aduenture of it vpon him for the consideration or allowance of double factoridge or two vpon the hundreth Fourthly it is agreed betweene them that if the paiment of the commodities of the Middleborough Merchant be not made within the time of sixe moneths according as the Clothes were sold then the Merchant aduenturer is to haue allowance for the money by him not receiued within the time after the rate of tenne vpon the hundreth for the yeare Lastly because the Merchant aduenturer taketh paines in the selling of the Merchandise and Commodities of the Middleborough Merchant to pay himselfe it is also agreed vpon that the Merchant aduenturer shall haue allowance of factoridge for it after the rate of two pro Cent. which hee should haue giuen vnto another Factor to sell the same for him This is the substance of a Merchants Contract wherein it seemeth all things haue beene well considered and agreed vpon yet the principall matter for good and sure dealing is omitted Defectiue contracts which is not onely to couenant that the Middleborough Merchant shall send him good and merchantable wares or commodities to make money of or to sell to good Customers that will make him good payment but especially that the Merchant aduenturer shall not be compelled to send him more clothes than the value of the commodities receiued shall amount vnto from time to time And further if he do not send him within the time the quantitie of commodities requisite to pay himselfe for so many Clothes The said Middleborough Merchant shall pay him the damages sustained by the imploiment of his money in Clothes or a certaine summe of money agreed vpon betweene them for the non-performance thereof In like manner a London Merchant doth contract with a Merchant stranger here and buyeth of him a certaine commoditie whereof the goodnesse is commonly knowne by the marke or otherwise by the Fabrica or making as Veluets Sattin Silkes Fustians and other commodities to be here deliuered vnto him by such a day or within so many moneths at a price agreed vpon betweene them with the manner of paiment and other conditions agreed also hereupon likewise passeth a Notariall Contract which is performed accordingly But put the case That the price of the said Veluets and Silkes by some accident or occasion doth fall and the London Merchant doth repent himselfe of his bargaine and contract and now some of the said forraine commodities are come from beyond the seas and arriued within the riuer of Thames whereupon the Merchant stranger giueth notice vnto him of it and the London Merchant seemeth vnwilling to receiue the said commodities and is constrained either by a Scriuener or with witnesses to offer vnto him the said commodities according to their contract Tendering of commodities sold by Contracts here note that this offer or tender so made is of no validitie or effect in Law for vntill the Kings Custome is paied for the said goods and that you haue receiued them into your power or custodie you can make no lawfull offer of them Moreouer if you haue paied the Kings Custome for them and haue them in your custodie and power and do make tender of them before the time yet the Law is not satisfied herein but you must tender them also vpon the last day of deliuerie because the damages to be giuen vnto you by Law must take a certaine ground vpon the limitation of time and not vpon casualties for it might fall out that the price of the said commodities should rise within that time and you might sell them for a greater gaine and by that time of the last day of your deliuerie they might be fallen againe in price and you might haue prouided another parcell for the same so that both by the Common law and the Law Merchant you are to make your tender vpon the verie day by a Scriuener or with competent witnesses wherof I haue seene sufficient triall in Law And according to these two examples you may judge and consider of all other the like contracts wee call Notariall Verball contracts called Priuate Verball contracts are made betweene partie and partie or by meanes of Brokers or Mediators and that onely by word without writing Such are the daily
so many millions of Copper moneys in foure and eight Maluedies and otherwise and in Portugall of Vintenis Patacois of so many Reas that the halfe Ryall which is our three pence is onely of Siluer and all moneys vnder it are meere Copper without any mixture of Siluer This quantitie is almost incredible for it is not many yeres since during the Kings raign of Philip the third that certaine Italians finding fault that his Octauos and Quartillos were too big gaue the King sixe millions of Ducats to coyne them at halfe the weight within a time limited and as many as they could vtter within that time Necessitas non habet legem is true in some respects The Venetians also coyne meere Copper moneys Copper moneys of the Venetians they haue Sessini which are valued at two Quatrini and three Quatrini are one halfe pennie sterling for six Quatrini are one pennie Bagatini they haue also whereof foure make one Quatrini and twentie and foure Bagatini make one pennie sterling by calculation In France they haue Mailles petit Deniers Deniers Doubles Of Fraunce and Liarts in times past most of these had some Siluer in them but vpon due consideration that it was so much Siluer wasted because the charges of refining did surmount the value and that these moneys did serue for the commutation of pettie things and trifles they haue saued that Siluer Of Germanie The like they haue done of all the small moneys in Germanie but they cause them to be Alkimed like Siluer which is done with Tin and Sal Armoniake after they be coyned which holdeth fairer for a longer time than the moneys of siluer allayed with much copper being in a maner incorporated with the copper and taketh away the smel of it Such are their Hellers Albs Hallincke and the like small copper moneys Of the Low-countries In the Low-countries they haue Duyts Mites Negemanckens Ortkens whereof foure make a Styuer and fiue Styuers make sixe pence which we may well call a Styuer for a pennie sterling eight Negemanckens and twentie and foure Mites for one pennie also In some places as in Flanders the Mite is called Corte and in the Wallone countrie Engcuni and in other places Point Pite Poot being all subdiuisions of Obolus or the halfe pennie Of many other kingdomes and states gouernment In Bohemia Poland Sweaden Denmarke East-land and many other Kingdomes and States they haue meere copper moneys tedious to describe likewise in Italie in their seuerall principalities and dukedomes Of Scotland In Scotland they haue Turnoners and pence and halfe pence in their names and much base money of Achisons Plackx Babyes Nonsuits Of Ireland and the like In Ireland they had in Queene Elizabeth her time halfe pence and pence of copper which are most of them lost and consumed The necessitie of these small moneys did appeare here with vs in England where euerie Chandler Tapster Vintner and others made tokens of lead and brasse for halfe-pences and at Bristoll by the late Queenes authoritie Farthing tokens in England were made of copper with a ship on the one side and C.B. on the other side signifying Ciuitas Bristoll these went currant for small things at Bristoll and ten miles about Hereupon it pleased our soueraigne Lord the K. to approue of the making of a competent quantitie of farthing tokens to abolish the said leaden tokens made in derogation of the Kings Prerogatiue Royall which farthing tokens being made by Engines of meere copper in the yeare 1613 with certain cautions and limitations haue on the one side two scepters crossing vnder one diademe in remembrance of the vnion betweene England and Scotland and on the other side the harpe for Ireland and the inscription of Iacobus D.G. Magnae Britt Fra. Hiber Rex And the said farthing tokens haue not onely beene found very commodious and necessarie for pettie commutations but also to be a great reliefe of the poore and means to increase charitie without which many of them had perished euerie man hauing means to giue almes euen the mechanicall poore to the indigent poore Siluer moneys To come to the coynes of siluer we haue also noted that the Romanes made but moneys of siluer the 484 yere after the foundation of Rome which was in the yeare 3695 from the beginning of the world being now about 1900 yeres since and by some coyns models extant the goodnes of it was sterling siluer being aboue 11 ounces fine since which time many are the standards of siluer moneys made in diuers countries according to occasions both in time of peace and warres as you may find in the following Chapters where wee haue reduced them from the marke weight vnto the pound weight Troy of twelue ounces And concerning the Moneys of England of the sterling Standard more followeth hereafter The Moneys of gold were but made when the Romanes had taken great wealth from all Nations Gold Moneys and was sixtie two yeares after their beginning of the making of siluer Moneys and they were of fine gold since which time also there haue beene many Standards made of gold and that from about twentie foure carrats fine vntill seuen carrats c. CHAP. VI. Of the Officers of Mints THere are diuers Officers in all Mintes The principall Officer is the Warden of the Mint next is the Mint-master the one to looke to the making of Moneys compleat according to the Standards and the other with his workemen called Monyers to make them Then there is the Comptroller to keepe the Contrebookes for the Prince State to see the bullion receiued and the assayes made thereof and the compleat moneys returned for the same weight for weight paying coynage money forthe same which is done by the Warden by the said moneys in specie as they were coyned at the first There are commonly two Assay-masters one Grauer and his deputie one that keepeth the Yrons to deliuer them to the Monyers or the Prouost or chiefe of them to see them euery night returned againe then the Sincker Smith Porter and the like in their places all these haue wages for themselues or allowances yearely from the Prince or State The Mint-master and the Monyers are paied for euery pound weight they make whereof 30 ll weight they call a Iourney The Tellors Office is but vsed in England The Sheyre booke of Moneys which the Wardens deputies execute in other countreys to keepe a Sheyre Booke of the peeces contained in the marke or pound weight although the money be deliuered by weight and not by tale For although there be suppose eight or ten peeces ouer in 100 ll by tale it doth incourage the bringer in of Bullion for the â—â—act sizing is not so much to be regarded vpon the totall in quantitie as vpon the equalitie of weight in peeces for it happeneth sometimes that one shilling will weigh one farthing or halfe penny
to giue twentie per 100 for the yeare and so from yeare to yeare and dying the principall is theirs One hundreth pounds for eight liues by equalitie decreasing the pennie 8 is 12 ll 10 ss for two liues 11 ll 2 ss for three liues 10 ll for foure liues 9 ll 1 ss 9 pence is 6 ll 5 ss for eight liues The Citie of Amsterdam was wont to giue good consideration and did obserue this order vpon a hundreth Guelders for eight liues gaue 16 13 4 Obseruations of money deliuered vpon liues Of nine liues 19 1 0 Vpon tenne liues they gaue 22 4 5 Vpon eleuen liues 26 13 4 Vpon twelue liues 33 6 8 Vpon seuen liues 14 6 4 Vpon six liues 13 6 8 Here you are to remember the obseruations of Assurors whether the persons be young or old sober in their diet and behauiour much trauelling abroad or staying at home subiect to sickenesse and the like considerations Rents vpon houses Moneys deliuered vpon annuities for rents seeme more reasonable than pensions vpon liues because you beare onely the aduenture of the decay of houses or destruction of them in time of warre and much more should bee giuen without pawne than with pawne or morgage It is commodious for a man hauing wast grounds and intending to build vpon them to take much money vpon rent after 6 ¼ pro cent which many Cities giue continually to increase their wealth and inhabitants And because the valuation of their money doth often alter and is inhaunced whereby all things become dearer Rents payed in specie the parties are aduised to haue their rents paied in specie in Crownes Dollers Ducats to bee paied as formerly they were currant the dangers in times of warres causeth rents to decrease for the ancient rent is alwayes first to bee paied although all others bee losers * ⎠* CHAP. XIX Of the Denomination and Diuision of Moneys of diuers Countreys THE Denomination Diuision and Subdiuision of the moneys of all Countreys is most necessarie for Merchants and all others to be knowne because without it they sayle in the course of Trafficke without Compasse abandoned at all vncertainties and dangers to haue true equalitie and equitie obserued in their buyings and sellings and that more especially if the course of exchanges be neglected as shall be declared hereafter Some of these moneys are imaginarie and some are substantiall or reall in specie and yet not concurring in price or value England IN England concerning Siluer coynes there is the Crowne of fiue shillings and the halfe Crowne of two shillings sixe pence the shilling the sixe pence the foure pence or groat the three pence two pence three halfe pence the pennie and halfe pennie of sterling Siluer and the farthing of Copper The ordinarie Golden coynes are the vnite peeces of 22 shillings the halfe of eleuen shillings and the crownes or quarters of fiue shillings sixe pence and the â…› part two shillings nine pence and the fiue peeces coyned at foure shillings making twentie two shillings with the Rose and the Thistle The Laureat King Iames of twentie two carrats fine of twentie shillings and the halfe peece Scotland In Scotland is the Crosse Dagger peece of eleuen shillings and the halfe of it and their Rider of ten shillings six pence and for their Siluer coyne the Marke peece valued at 13 pence ½ in England and the halfe of the same as also six small peeces of aboue two pence for the said Marke Ireland In Ireland where no Mint hath beene since King Edward the fourth of England the fifteene shilling sterling make twentie shillings Irish and the Siluer Harpe of nine pence sterling is there currant for twelue pence and the moitie thereof accordingly and the abouesaid Gold coynes are currant as in England or in sterling reduced into their Irish moneys one third part more so that the twentie shillings peece of Laureat King Iames is there foure Nobles and all other diuisions of it accordingly So the English shilling is sixteene pence Irish and the parts of it accordingly All other old Irish coyne is out of vse and little quantitie to be found of it In Germanie they make all their moneys by the account of Batsen euerie Batts foure Creutzers coyning peeces of three sixe Germanie and twelue Creutzers So the Ducat of Hungarie maketh 27 Batses the Gold guelder eighteene Batses the Polish guelder or doller fifteene Batses Teastons fiue Batses The said Gold guelder was value Anno 1520 to bee currant in Holland for twentie eight stiuers whereby their corne is bought and sold which is erronious and imaginarie because there is no such peece in specie So was the doller and the Siluer guelder called Gros or Vnciales weighing an ounce The ancient Romans called an ounce a guelder and the eight ounces made one mark and 12 ounces or guelders were reckoned for one pound and there were coyned peeces called Nummi Dragmi alias Grosleyn is the eight part of a doller Angelicies was the â…™ of a doller making three Batses or twelue Creutzers called Schriekenborgers The said Angelici were Tribute penies which being allayd and made worse did obtaine the name of Bats as it were seeking of a benefit which since haue bin more imbased and therefore deserue that name of Batses they are called in Thuringia Gulielmi and in Bohemia Bohemici in regard of the said tribute whereof they haue also 12 peeces diuidedly for 12 pence which pennie is all Germanie ouer two Hellers by way of account The doller was first made vpon sixtie and fiue Creutzers which in those coynes so imbased are answered by 72 Creutzers And in othâ—â— cities of Germanie they reckon as followeth vpon diuers coynes 〈◊〉 made and some imaginarie At Augusta they haue small moneys Grosses of three Batses Augusta Lion peeces whereof two make a Creutzer the Blackepennie foure to one Creutzer Snubourgh Blaphart or Bohomicos of three and 3 ½ Creutzers the Ryckes doller is thirtie Albes of eight pence euerie Albe or seuentie and two Creutzers for the said doller At Frankford they diuide their Florens of sixtie Creutzers Frankford by twentie shillings and euerie shilling in twelue Hellers according to the pound At Norenbourgh in like manner and the Creutzer is foure pence Norenborough euerie pennie two Hellers and fiue pence called a Fynfer or fiue Pennick At Strasborough they vse Blapharts Grosses Strasborough Bohemicos of three Creutzers euerie Blaphart six pence of two Hellers or foure Ortlyn At Bohemia as in Germanie and the Bohemici Bohemia are whitgrosse of three Creutzers the Doller is twentie foure Bohemicos of twelue Angster euerie Bohemico ten pence and one Marke is fortie Bohemicos and Scoc is sixtie Bohemicos Vienna At Vienna the Ryckes Doller is eight shillings and the Ducat twelue shillings Trioll At Trioll the Doller at seuentie two Creutzers of fiue Fynfers or Hellers the Creutzer Hungarie
clothes which cost him six hundreth pounds and the Custome and charges fortie pounds And hereupon hee armeth two accounts vnder the name of voyage into Spaine or voyage to Lixborne or some other such name of the said commodities as euerie man thinketh good so these voyages are Debitor for the commodities customes and charges therof and the Magazin is discharged and made Creditor as abouesaid Magazin discharged and likewise Cash is made Creditor hauing payed the Customes Impositions and charges aforesaid This Merchant not willing to beare so great an aduenture of sixe hundreth pounds or seuen hundreth pounds in one Ship doth cause himselfe to be assured of three hundreth pounds in euerie Ship Money for assurance at foure and fiue vpon the hundreth and payeth the same vnto the assurors Hereupon he maketh the said voyages Debitor and Cash Creditor for so much namely thirteene pounds for Lixborne and sixteene pounds for Seuill and so committeth the same to Gods will and pleasure and all these parcells are entred into the Bookes Money receiued And B. M. the Mercer doth pay more two hundreth pounds whereof Cash is made Debitor and B. M. is made Creditor and discharged of the 3 hundreth pounds he did owe Money deliuered aâ— interest whereby the Merchant finding some money to spare he deliuered out two hundreth pounds at interest vnto another Merchant for sixe moneths and thereupon he maketh this Merchant C.D. Debitor Cash Creditor declaring to haue his bond of three hundreth pounds for the payment of two hundreth and ten pounds at such a day in such a place Interest mony And for the interest money of tenne pounds hee maketh him likewise Debitor and the account of profit and losse Creditor But some men do make a particular account of interest which is at a mans pleasure Now the two hundreth pounds which N. W. oweth are due Moneys owing continued at vse and hee desireth to keepe the money for sixe moneths at interest and to giue his bond for it which is so agreed betweene them the interest is ten pounds for which hee maketh likewise N.W. debtor and profit and losse Creditor The Merchants estate standeth now thus View of a Merchants estate by the Bookes at Hamborough one thousand two hundreth and sixtie pounds at Seuill seuen hundreth thirtie and sixe pounds at Lixborne sixe hundreth fiftie and three pounds at interest foure hundreth and twentie pounds with the interest and but little money in Cash because of his daily expences Suppose now that the Ships of the Companie of Merchant aduenturers are come from Hamborough Returne of voyages and our Merchants clothes are sold to diuers Merchants and others there to bee payed at sixe and sixe moneths Money paied by way of anticipation for which they haue giuen their Bills obligatorie to pay the same accordingly But some of these Merchants are desirous to pay their money by way of anticipation hauing interest allowed them for it after the rate of eight in the hundreth for the yeare and so pay readie money to our Merchants Factor and therevpon the said Factor maketh ouer by exchange foure hundreth pounds sterling by two Bills of exchanges to be paied here at vsance which is two moneths after the date of the Bills by Merchants strangers Money made ouer by exchange These Merchant strangers doe accept the said Bills of exchanges and you make them seuerally Debitors for the same and your Factor of Hamborough Creditor for the said foure hundreth pounds Moreouer your Factor hath set ouer some of those Merchants Billes of debt for forraine commodities and hath taken in paiment two Cases of Veluets Veluets bought beyond the Seas which did cost eight hundreth pounds and hee sendeth them in these Ships with an account of the charges customes and factoridge of the said Veluets amounting to fortie pound so the Veluets cost in all eight hundreth and fortie pounds for this you make a new account for Veluets or the returne of the Hamborough voyage Debitor and your Factor Creditor for the said eight hundreth and fortie pounds Money taken vp by exchange as aforesaid And because you are to pay great Custome and Imposition of these veluets and your Cash is not well prouided you take vp by exchange here sixtie pounds to be payed by your Factor at Hamborough and deliuer your Bill of exchange for it and receiue the money now Cash is made Debitor for the same and your Factor that is to pay the money is made Creditor for it accordingly Cloth sold beyond the Seas and account sent of them This Factor doth now by land send vnto you the account of your hundreth clothes sold vnto diuers Merchants as aforesaid and this account is made in Hamborough or Lups money and it is supposed amongst Merchants that six and twentie shillings and eight pence of their money is correspondent to our twentie shillings sterling according to this you reduce your Hamborough money into sterling money after the rate Hamborough money reduced into sterling and your Factor in the said account hath alreadie deducted his factorige customs and all charges incident vpon the clothes sold by him so that casting your account vpon the nett Prouenu of your clothes hee hath receiued cleere money one thousand foure hundreth and eightie pound sterling heereof now you doe make your Factor Debitor and the voyage for Hamborough Creditor and comming to your Leidger Booke you find the said voyage Debitor one thousand two hundreth and sixtie pounds and now to be made Creditor one thousand foure hundreth and eightie pounds so you find here is two hundreth and twentie pounds cleare gaines by the account vnlesse you should become a loser in the veluets for the money deducted for interest to him that paied before his time is alreadie deducted in the account of clothes so that to cleere this account of the voyage you make the same Debitor for the said two hundreth and twentie pounds and the account of profit and losse Creditor for the same You haue now sold your two cases of Veluets the one for readie money and the other at sixe and sixe moneths dayes of paiment to W.W. Mercer amounting to fiue hundreth and twentie pounds whom you haue made Debitor for the same and your veluets Creditor and for the other you haue made Cash Debitor for foure hundreth ninetie pounds which you haue receiued and likewise your Veluets Creditor for the same summe so in both one thousand and ten pounds and casting vp your charges Customes and Impositions of your Veluets you find them to amount vnto 80 ll and for this summe you make Veluets Debitor and Cash Creditor so your Veluets did cost with all the said charges 920 ll and they were sold for 1010 ll so there is 90 ll aduanced by the said Veluets whereof to cleare this account you make Veluet Debitor and Profit and Losse Creditor as aforesaid Hauing now money in
in Accounts For the moneys being proceeding from the originalls of commodities or exchanges and the persons with whom you deale therein giueth you light and direction to discusse these differencies and therefore it may well be compared to the measure of Hercules foot whereby the whole Symetricall proportion of all his bodie was found out Symetricall proportion in Accounts And manie Merchants Accounts are so intricate and ouergrowne with errors as Archymedes Tombe with thornes when Cicero came to visit it But now me thinkes I heare one say You haue briefely shewed vs the manner of Accounts by Debitor and Creditor with the application of it to a Merchants negotiation for Commodities and Money and also by deliuering money by Exchange and how Money is gotten by Commodities and by letting the same at Interest But I cannot vnderstand how a Merchant getteth money by Exchange of money by bills of Exchanges Hereunto I answere That it was omitted of purpose because it should not obscure the former demonstration otherwise the matter is of such importance that whosoeuer dealeth without consideration of it is like to a blind man groping in the dark and yet may hit the egge For according to the price of Exchange all the commodities of the realme which are exported and all the forreine commodities imported are sold. Know ye therefore Profit of exchange known by the rechange that the benefit or profit of exchange is neuer known directly but by the rechange thereof to which end you may remember that our Merchant did first make ouer three hundreth pounds by exchange for Amsterdam which were rechanged againe and then he made ouer fiue hundreth pound three hundreth pounds and two hundreth pounds in all one thousand pounds and now lately he hath made ouer one thousand pounds more for the said place of Amsterdam all at double Vsance to make the better benefit and lesse charges These moneys are made ouer at seuerall places as followeth  ll ss d The manner how exchange giueth profit 300 ll are made ouer at thirtie fiue shillings Flemish for the pound is 525 0 0 500 ll are made ouer at thirtie foure shillings ten pence is Flemish 870 16 8 300 ll at thirtie foure shillings six pence is 517 10 0 200 ll made ouer at thirtie foure shillings eight pence is Flemish 346 13 4 1000 ll at seuerall prices one with another at thirtie fiue shillings 1750 0 0 So the 2300 ll sterling paid at Amsterdam is Flem. 4010 0 0 These moneys haue beene made ouer or returned againe by Exchange at seuerall prices and the account cleered as followeth  ll ss d 300 ll were made ouer from Amsterdam at thirtie foure shillings two pence is 512 10 0 500 ll were made ouer at thirtie three shillings six pence for the pound sterling 837 10 0 500 ll at thirtie three shillings nine pence paied at Amsterdam for the pound 843 15 0 500 ll at thirtie three shillings eight pence in like manner is 841 13 4 The Factor taketh for his sallarie and paied to Brokers 21 4 8 And maketh ouer 500 ll more and gaue thirtie three shillings ten pence for the pound 845 16 8 More at the same price of thirtie three shillings ten pence he made ouer the iust remainder in his hands being 107 ll 10 ss 4 d and sendeth a particular bill of Exchange of 63 ll 11 ss for it 107 10 4  4010 0 0 Gaine by exchange to profit and losse Here you may find distinguished that wheras you made ouer from London the sum of 2300 ll sterling you now receiue backe 2363 ll 11 ss whereby your pâ—ofit is 63 ll 11 ss of this you make your Factor Debitor and the account of Profit and Losse Creditor and the like of other summes for other places The Spaniard therefore frâ—meth an Account of generall exchanges for all places called Cambios generales to keepe an euen and iust Account with his Factor admitting a certaine rate betweene him and the said Factors according to which he rateth all the parcells of Account be it for commodities bought or sold or moneys paied and taken vp againe by exchange which is the more labour but more exactly done otherwise it bringeth some alteration in Account as for example Difference in the rate of exchange This Merchants Factor at Hamborough doth remaine Dâ—bitor vpon the Account one hundreth and eight pounds which is according to twentie six shillings eight pence for the pound sterling This money he maketh ouer by exchange but he is faine to giue twentie seuen shillings for the pound which doth differ foure pence lups in the pound sterling so that for this difference you must make another parcell charging the account of Profit and Losse with this losse and making your Factor Creditor for it whereas in the generall account of exchanges all is brought ouer in one parcell but herein euerie man may follow his pleasure Another obiection is made How shall a man do that hath no stock Obiection or little or nothing to begin the world as diuers men that from nothing come to an exceeding great wealth what booke of account can they keepe by Debitor and Creditor The answere is manifest all is grounded vpon trust Answerâ— If any man will sell you commodities payable at long daies of payment and you sell them and pay him with his owne you can make him Creditor for the same and the commoditie Debitor and in like manner if any man lend money vnto you to trade withall So that you may perceiue that this is an excellent inuention and a most commodious course to know things readily The Bankers therefore that deale for millions of pounds The keeping of accounts by the Bankers and make great payments continually by assignation doe summe vp euerie tenne parcells and post them ouer to a new Account because they know at all houres whether a man be Debitor or Creditor vnto them If the treasure of Princes were disposed by this manner of Account they should receiue many benefits and aduantages First they should not be in wants as they commonly are Princes accounts to be kept by Debitor and Creditor but make their treasure goe further in payments because they may know at all times where to find their owne and what is owing vnto them Secondly they should not be deceiued as they are by their Auditors accounts by way of charge and discharge made sometimes many yeares after when commonly officers are much indebted vnto them and yet call for money continually which afterwards before the account made is consumed by extraordinarie allowances which are easily procured when their moneys are out of their coffers so that vpon the matter they might pay that with one pennie which now doth cost them three pence whereof the late warres in Ireland giue vs a sufficient instance Lastly the charges and expences of officers would be much diminished and Princes would content their
North Starre Some Merchants are so farre wide from the knowledge of the value of coynes and the Exchanges made thereupon that they are of opinion That there can be no certaine Rate or Par of Exchange set to answere iustly the value of the coynes of forraine parts by reason of the diuersitie and disproportion of the coynes of Gold and Siluer and their intrinsicall and extrinsicall values But these Merchants are to vnderstand that the moneys of all Countreys haue a proportionable valuation relatiue within themselues according to their seuerall standards for weight and finenesse onely the smaller and baser coyne haue some little knowne aduantage which may bee considered of in Exchange Proportionable valuation of moneyes for Exchanges to be made accordingly if there bee cause that the quantitie of those moneys doe exceed the bigger and finer coyne This consideration hath beene had heretofore and especially in the Par agreed vpon between the Low-countreys and this Realme in the yeare 1575 when vpon the Philip Doller the Exchange was at twentie fiue shillings the Par and the small moneys would exceed twentie seuen shillings and vpwards but the quantitie did not surmount the better coyne The like was vpon the Par agreed vpon with the States of the vnited Prouinces Anno 1586 at thirtie three shillings foure pence and with Hamborough and Stoade to twentie foure shillings nine pence Lubish vpon the Rickes Doller of thirtie three shillings or nine markes foure shillings for our pound sterling of twentie shillings making foure Dollers and one halfe to answere the said Par which Doller is inhanced since to fiftie foure shillings and were receiue now but foure Dollers for the same and so for other places accordingly CHAP. III. Of the Denomination of the Imaginarie Moneys of all Places whereupon Exchanges are made by Bills THE Denomination of moneys which wee call Imaginarie is because there is not any peculiar or proper money to be found in Specie wherevpon the Exchanges are grounded as it was in times past in many places where some moneys were the cause to ground the price of Exchange vpon as our Angell Noble being coyned for sixe shillings and eight pence sterling whereupon Exchanges haue beene made as now is done vpon twentie shillings and so might the new peeces of our Soueraigne King Iames Laureat be taken But it is more proper to make Exchanges vpon the siluer coynes for the price of commodities is most ruled thereby in all places which by the quantitie is fiue hundreth to one Hence did proceed the cause that when our Gold in the yeare 1611 The price of Gold not so effectuall as the price of Siluer was aduanced ten in the hundreth aboue the Siluer the prices of commodities did not rise albeit forraine Nations did cause the price of Exchange to fall But if Siluer were inhanced presently the price of commodities would follow as the rule thereof and the price of Exchange would fall more for Exchange will ouerrule both In like manner do we call the moneys of other Countreys wherevpon Exchanges are made to be Imaginarie as the Dollers in Germanie the Crownes in France the Ducats in Italy and other places which by the great diuersitie you may vnderstand as followeth together with The Calculations of Merchants Accounts whereupon their Bookes of Account are kept according to their Imaginarie Moneys Pound Flemish IN Flanders Brabant and most places of the Low-countreys they keepe their Bookes of Account and Reckonings by twentie shillings Flemish euerie shilling twelue deniers or pence which shilling is six styuers In Artois Henalt Pound Tournois and other places by pounds tournois of twentie stiuers or fortie pence Flemish whereof six called guildren or florins make the pound Flemish in all the seuenteene prouinces of the Netherlands Some do reckon by pounds Parasis which are but twentie pence Pound Parasis whereof twelue make the pound Flemish but their accounts as also the reckonings of their Prince or Finances are kept by pounds Tournois which pound they diuide into twentie shillings euery shilling into twelue pence and the like is done by the pound Parasis and these haue also their subdiuisions of Obulus Maille Heller Hallinck Corte Mites Point engeuin Poot and such like copper moneys too tedious to rehearse In Germanie in the yeare 1520 Gold guilder was the gold guilder coyned for a generall coyne and valued in Holland for twentie eight stiuers which is now in specie at double the price neuerthelesse they do continue to buy and sel all that great quantitie of corne which is brought from the East countries Poland and other places by the said gold guilder of twentie eight stiuers Their doller was coyned at sixtie fiue Creutzers since risen to seuentie two Creutzers Creutzers yet their Exchange is made vpon the doller of sixtie fiue Creutzers which is imaginarie At Augusta the Exchange is made vpon the said doller of sixtie fiue Creutzers at three weeks or foureteene daies sight after the bill presented At Frankford they reckon by the guilder of sixtie Creutzers Florins of 60 Creutzers called in Latine Crucigeri being peeces with a Crosse they are Florins and their Exchange is made vpon the doller of sixtie fiue Creutzers payable in the two yearely Faires or Marts the one the weeke before Easter and the other in the beginning of September to continue for all the moneth At Norenborough their Exchang◠〈◊〉 made vpon the said doller of sixtie fiue Creutzers and many times vpon the Florin of sixtie Creutzers which they also diuide into twentie shillings and euerie shilling twelue pence to keepe their accounts by For Bohemia Bohemicos Exchanges are made vpon the doller of twentie and foure Bohemicos At Vienna they reckon by guilders or florins of eight shillings of thirtie pence to the shilling two Heller to the penie and Exchange is made thereupon At Bauiera by guilders of seuen shillings of thirtie pence Diuers guilders for Exchanges and Accounts In Hungarie by guilders of ten shillings of thirtie pence and by florins of twentie shillings and twelue pence to the shilling and Exchanges are made vpon their ducat At Breslo and Leypsich they reckon by markes of thirtie and two grosses of twelue heller to the grosse Markes of 32 grosses and they Exchange by thirtie florins Breslowes to haue at Vienna thirtie and foure florins or at Norenborough thirtie and two florins Pounds of 20 shillings 12 hellers c. At Vlme they reckon by pounds of twentie shillings and twelue heller to the shilling and their Exchange is is made vpon the doller of sixtie creutzers At Colloigne by dollers of seuentie two creutzers for Accounts and Exchanges Pound sterling At Embden they reckon by guilders and Exchange vpon the rickx doller but from London thither and hither vpon the pound sterling of twentie shillings Markes of 16 shillings At Hamborough they account by markes of sixteene shillings
eightie aspers euerie asper is ten Macharines At Alexandria in Aegypt they account by ducats There is ducat de Pargo making three ducats of Venice Ducat de Pargo also Italian ducats of thirtie and fiue maids and the Venice ducat is better and maketh fortie maids Marke Scots At Edenborough in Scotland Exchanges are made vpon the marke peece of siluer which is valued in England at 13 ½ pennie being otherwise 13⅓ pennie or thirteene shillings foure pence Scots So one marke and a halfe Scots is twentie shillings Scots and twentie pence sterling is one pound Scottish Pound Scots which is twelue to one The 18 peeces of twentie shillings is by the said Valuation twentie shillings three pence and the Taker vp of the money at London payeth for twelue pence the said marke of 13 ⅓ pence at two or three moneths Time in Scotland as they can agree Pound Irish. At Dublin in Ireland the fifteene shillings sterling is one pound Irish of twentie shillings whereupon Exchanges are made with allowance of sixe pence or eight pence vpon euerie pound payable at London and for want of a Mint no Bullion is imported thither and Exchanges are diuerted into other parts At London all Exchanges are made vpon the pound sterling of twentie shillings and twelue pence to the shilling for Germanie Pound sterling the Low-countreys and other places of trafficke and for France vpon the French Crowne for Italy and Spaine and other places vpon the Ducat or for the Doller and Florin in some places according to the Custome of the place Whereof more particularly is to be obserued in the course of Exchanges CHAP. IIII. Of the Times of Payment of Moneys by Exchange and the Termes of Art vsed therein THE discrepance of Time for the payment of moneys by Exchange hath a regard to the distance of the place or places where the money is to bee payed wherein we may consider three kindes of diuersities called by the Termes of Art in matter of Exchange at Sight Vsance and double Vsance or treble The taking and deliuering money at Sight At Sight bindeth the Taker vp of the moneys to giue his Bill of Exchange directed vpon his friend Factor or Seruant in any place beyond the Seas to pay vpon Sight of it or within three foure or more dayes so much money as hath been taken vp by him after such a rate the Pound Doller Ducat or Crown as is agreed vpon betweene them in forraine coyne either according to the Valuation of monies or currant money for merchandise which is more ordinarie because Merchants will admit sometimes to receiue some coynes at a higher rate than they are valued vpon occasion that some Species are required for transportation or some other vse to make paiments Policie of Estates which tolleration is by authoritie many times suffered to draw moneys vnto their places of jurisdiction Heerein is to be noted That if the Bill be made payable at so many dayes Sight that the number of dayes must bee expressed in the Bill or Bills for commonly there are made three Bills of one Tenor for euerie summe of money taken vp because if one Bill bee lost the other may serue in place The second Time of payment called Vsance At Vsance which is either the Time of one moneth two or three moneths after the date of the Bill of Exchange as heereafter is declared according to the Custome of the places where these Exchanges doe runne according to which Time the partie vpon whom the Bill of Exchange is directed is to pay the same vnlesse there be good cause to the contrarie as shall appeare hereafter Double Vsance and treble Vsance The third Time of paiment called double Vsance is either two or more moneths or alwayes double the Time of the Vsance respecting by Custome the course thereof and many times Exchanges are made vpon the halfe Vsance which is fifteene dayes But considering the wind and other hinderances it is better to limit the dayes after Sight in the Bill of Exchange and to send the same by Sea and Land with a Letter of Aduice which the Taker of money commonly doth deliuer with the Bill of Exchange whereunto the Bill maketh also relation and treble Vsance is accordingly Payments in Faires or Marts There is another Time for the paiment of Exchanges where great payments are made as in Faires or Marts as at Madrill and Medina del Campo by three Ferias in the yeare at Lyons by foure payments yearely and at Frankford twice euerie yeare c. The difference of the times of payment doe alter the price of Exchanges according to the Time commonly after twelue fifteene or twentie in the hundreth by the yeare So betweene the pound sterling Exchanged for the Low-countries at Sight and Vsance is betweene foure and fiue pence and double Vsance and Vsance sixe or seuen pence which ordinarily was accounted to bee but foure pence after 10 pro 100. But for the Faires and Marts it is verie vncertaine because the payments are all at one Time and the neerer the Faires are at hand Consideration in Exchanges the more shall the Taker vp of the money saue by paying lesse interest because he hath not had the vse of the money from the beginning that Exchanges were made for the Faires which in questionable matters is verie considerable Vsance from London to and from Middleborough Amsterdam Antuerpe Bridges and other places in the Low-countreys is one moneths Time from the date of the Bill of Exchange and double Vsance is two moneths Vsance for Hamborough is two moneths and for Venice three moneths Vsance from Antuerp to Rome is two moneths and from Lyons to Rome one moneth Vsance from Antuerp to Venice is two moneths to bee payed in Banke Vsance at Florence is two moneths and from Florence to London three moneths Vsance from Genoa to Rome and Naples is ten dayes Sight and for Palermo and Antuerp is two moneths by ordinarie obseruation and so is Luca From Naples to Antuerp is two monethes and the like for Palermo Vsance for Roan and Paris is one moneth but commonly at three weekes Sight From Antuerp and London to Seuill is two moneths Castile payments are in three Bankes and Ferias de Villalon Medina del Campo and Medina del Rio Sicco but many times prolonged by the King of Spaine Vsance from Lixborne to London and Antuerp is two moneths which Merchants are to know because the Bills of Exchanges doe not declare the same CHAP. V. Of the Nature of Bills of Exchanges THE Nature of a Bill of Exchange is so noble and excelling all other dealings betweene Merchants that the proceedings therein are extraordinarie and singular and not subiect to any prescription by Law or otherwise but meerely subsisting of a reuerend Custome vsed and solemnized concerning the same For the better declaration whereof let vs set downe the forme of a Bill of Exchange from
London to Amsterdam and from Amsterdam to London againe viz. Laus Deo Adi 20 August 1622 in London 500 ll 34 ss 6 d. AT Vsance pay by this my first Bill of Exchange vnto A. B. the summe of fiue hundreth pounds sterling at thirtie foure shillings and sixe pence Flemish for euerie pound sterling Currant money in merchandise for the value hereof receiued by me of C.D. and put it to account as per aduice A Dio c. G.M. On the Backeside is endorse To my louing friend Master W.C. Merchant at Amsterdam P a. This is the forme of a Bill of Exchange for moneys deliuered and taken vp at London for Amsterdam the second Bill doth differ in the addition of these words onely At Venice not hauing payed by my first Bill pay by this my second Bill and so in the third Bill For there are commonly three Bils made as aforesaid Laus Deo Adj 20 of September 1622 in Amsterdam 100 ll at 33 ss 6 d. AT Vsance pay this my first Bill of Exchange vnto W. M. the summe of one hundreth pounds lawfull money of England for the value here by me receiued of D. H. make him good payment and put it to your account God keepe you Subscribed W.C. On the Backeside is endorsed To my louing friend Master G.M. Merchant at London P a. 1 This is the forme of a Bill of Exchange for moneys taken vp at Amsterdam to be payed in London wherein the Time of payment may bee made at Sight or so many dayes after Sight or at double Vsance according to the agreement or the Bill may bee directed to my seruant or to himselfe or any other or it may say Put it to the account of such a man But the best is to referre it to the Letter of Aduice and where the first Bill is noted P a. the second must be 2 a. and the third 3 a. You may not say in the Bill It may please you to pay or I pray you to pay although it were to your Master for the Bill of his high Nature doth carrie with it a Command without respect of persons and most men will not vse the words Make him good Payment but the fewer words the more formall neither is there any witnesse vnto it nor any seale but a small peece of paper of some two fingers broad and the Letter of Aduice doth declare for whose account or to what intent or purpose the said money is taken vp which Letter of Aduice doth accompanie the Bill of Exchange with the like inscription with the words De aduiso Also for moneys here deliuered where the ground of Exchange is of the twentie shillings whereupon the Exchange is made you may not expresse what the sterling money maketh in Flemish money not so much for that by miscasting you might make your selfe lyable as for that it is not mannerly to cast vp another mans account neither may you make a Bill of Exchange payable to the bearer or bringer thereof as you make your Bills Obligatorie beyond the Seas to auoid the inconuenience which might happen in derogation of the noblenesse of the said Bill of Exchange Although now vsed or abused which euerie Merchant is to maintaine All other Billes of Exchanges for Germanie Spaine Italy France the Low-countreys Portugall or any other places betweene them to and from place to place doe not differ in the forme but in the manner of the moneys to be payed in Banke or out of the Banke or in such a Faire or Mart at such times and in such moneys according to the Countreys 2 The Bankers and diuers Italians haue a custome Rare customes in Bills of Exchanges that for the moneys taken by them or for their companie or any other one of their seruants doth make the Bills of Exchange and he subscribeth the name of him or of the Companie for whom it was taken vp and the master he doth write vnder the said Bill Pagate come si dice that is to say Pay as it is said and this goeth as currant amongst Merchants as any other Bill made by the parties owne hand and all proceedings thereupon are done accordingly 3 They haue also an ordinarie custome to transferre and put ouer their Bills of Exchanges before they are made vnto any other person as for example One in Antuerpe doth deliuer by Exchange fiue hundreth pounds sterling to be paied here in London vnto another Merchant there who is to make him a Bill of Exchange for the same afterwards within two or three daies this deliuerer of money hath occasion to take vp fiue hundreth pounds for London and hauing taken the same of another Merchant he is to make him also a Bill of Exchange for this money as the other Merchant was to make him for the fiue hundreth pounds which he did deliuer him by Exchange for London as aforesaid Hereupon he knowing the name of the partie in London to whom the other mans money was to be made payable caused the Bill of Exchange to be made payable to the said partie as he should haue done with his owne proper Bill of Exchange and whereas the value should be mentioned to be receiued of the second man that did deliuer him the money he causeth both of them to be named in the Bill and sometimes three or foure are named in the said Bill if it be so often rechanged by saying For the value receiued of such a man for such a man and such a man vpon the account of such a man This is good at all assaies for the reuerence which is borne to Bills of Exchanges and by these meanes there is charges and factoridge saued between the parties besides the commodiousnesse that one man doth writ and send this Bill of Exchange for all those that did change and rechange there the said money which is not done all in one summe and with one Bill of Exchange but the summe may be made vp by many Bills of Exchange payable all to that man although it be by diuers persons such and the like courses are dayly vsed and practised beyond the seas without interruption in matter of Exchange which may seeme to be intricate This course of dealing is altogether strange to the common laws of England and cannot be determined thereby For whereas with the aduice of Merchants some matters vpon Bills of Exchanges haue beene tried vpon an Action of Assumpsit here is neither consideration nor Assumpsit to be proued vnlesse the Bill had beene accepted wherein are many obseruations To make this more apparant therefore let vs illustrate this by example Peter deliuereth fiue hundreth pounds to Iohn who is to giue the Bill of Exchange for it Peter taketh vp fiue hundreth pounds of William and may giue him the said Bill of Iohn for it William taketh vp fiue hundreth pounds of Nicholas and may deliuer Iohn and Peters Bill for it Nicholas taketh vp fiue hundreth pounds of Francis doth giue him the Bill
the same is directed do giue notice that he will pay the same which done there is an end If a Bill of Exchange by contrarie wind or other occasions be so long vpon the way that the Vsance or the time limited by the Bill be expired and being presented to the partie for the payment he will not pay the same then the Notarie doth make the Protest both for the non-acceptation and for the non-payment reciting the Bill of Exchange verbatim And moreouer he calleth vnto him some sworne Broker of Exchange The maner of payment of a Protested Bills to know how the price of Exchange runneth at Vsance for the place where the money was taken vp and he maketh of it a declaration in the Protest according vnto which it must be answered beyond the seas with Change Rechange Brokeridge and all Charges which must be paied according vnto Vsance from London to the place aforesaid As for example Suppose the summe were one hundreth pounds sterling taken vp at Amsterdam for London payable at Vsance which is one moneths time at thirtie three shillings and eight Flemish money for one pound sterling for which was receiued at Amsterdam in that money one hundreth sixtie and eight pounds six shillings and eight pence The Bill not being paied heere and the price of Exchange being certified by the Broker and the Notaries Protest to be at thirtie foure shillings six pence from London to Amsterdam Hereupon the account is cast vp at Amsterdam accordingly which commeth to one hundreth seuentie and two pounds and ten shillings Adde hereunto Brokeridge and port of Letters here and at Amsterdam and sometimes Factoridge which is together one in the hundreth which amounteth to thirtie and foure shillings so he receiueth at Amsterdam one hundreth seuentie foure pounds and foure shillings for the payment of this Protested Bill which is fiue pound seuenteene shillings foure pence more than hee had disbursed which he payeth for the vse of the money for two moneths and so for other Bills c. CHAP. VIII Of Reciprocall and double Exchanges Reciprocall Exchange THe like customs are obserued in all Reciprocal and Double Exchanges made betweene Merchants for seueral places without disbursing of any money on either side where the said Exchanges are made but being meerely depending vpon the paiments to be made in forreine parts These Exchanges are either Positiue between the parties or Accidentall The Positiue Exchanges haue a certaine price agreed vpon betweene both parties Positiue price of Exchange Reciprocally Exchanging one with another As for example A. B. of London hath a continuall trade of Hamshire Kersies for Venice by the way of Germanie and maketh his returne altogether by Exchange C.D. of London also hath on the other side a continuall trade for Redding and Kentish colour Clothes for Antuerpe where hauing made money of his clothes he causeth the same to be made ouer by Exchange for Venice to be imployed there in Organsine silke or other commodities to be sent for London These two Merchants considering each others trade and the aduenture of deliuering their moneys by Exchange to others beyond the seas wherein they must trust their Factors or Seruants or they must take vp the moneys by Exchange themselues with some disaduantage do make an agreement and contract of Exchange betwene them That A. B. shall cause from time to time for and during the terme of one yeare all the moneys which he shall haue at Venice to be deliuered to the Factor of C.D. at Venice and the said C.D. shall cause in like manner all the moneys which he hath at Antuerpe to be deliuered to the Factor of A.B. at Antuerpe who maketh ouer this money vnto him by Exchange either directly for London or for some other place as Amsterdam or Hamborough and so from thence for London Obseruation of the course of Exchange for the most profit according as he obserueth the course of Exchange to be most beneficiall for himselfe or as the Factor if he be judicious shall obserue the same for him By this agreement or contract the said two Merchants do agree and conclude betweene them a set or Positiue price of Exchange as well for Venice as for Antuerpe whereby the ducat of Venice shall be rated at so many pence Flemish for the money which is receiued at Antuerp or the pound Flemish may be valued in sterling money after a rate and the ducat of Venice likewise And hereupon they do cleere their accounts betweene them once a yeare accordingly which sometimes is done with allowance of interest for the diâ—crepance of time if it be without Bills of Exchanges and done only by Letters of Aduice or Acquittances of receipts to reckon by which is more vsuall in these Positiue Exchanges where the price is agreed vpon in certaintie for such a time The Accidentall Reciprocall Exchanges on the contrarie are vncertaine in their price Accidentall Exchanges in price and alter from time to time as the course of Exchange runneth As for example A. B. calleth vnto him a Broker of Exchanges and telleth him that he hath occasion to take vp one thousand ducats for Venice and that he is to make ouer the said money for Antuerpe and will know the price for both places the Broker answereth that he will effect the same and that the price of Venice is fiftie and six pence for the ducat and for Antuerpe thirtie and three shillings Flemish for the pound sterling and presently after he commeth to A.B. the Merchant againe and telleth him that C.D. the Merchant is contented to deliuer him the thousand ducats for Venice and to take vp the same for him againe for Antuerpe either at the same prices or thereabouts These thousand ducats at fiftie six pence do amount to two hundreth thirtie and three pounds six shillings and eight pence sterling for which C. D. giueth Bills of Exchanges for Antuerpe to be paied there at Vsance which is one moneths time from the date of the Bills after the rate of thirtie three shillings Flemish for twenty shillings or one pound sterling and A.B. giueth his Bills of Exchanges Reciprocally to C. D. for the thousand ducats to be paied at Venice at Vsance which is three moneths after the date of the said Bills and here is no money paied on either side at London and yet the Bills of Exchanges say the vsuall words for the value receiued of each other according to their agreement and both parties send their Bills of Exchanges for the aforesaid places Not long after it falleth out that the Bill of Exchange that C. D. gaue for Antuerpe commeth backe againe by Protest for the non-acceptation and not long after that another Protest for the non-payment of the said Bill Hereupon A.B. commeth or sendeth to C. D. for to haue satisfaction for this Bill of Exchange deliuered him for Antuerpe and C. D. giueth him full satisfaction of it with the rechange and charges
according to the said customes if he be a substantiall man of credit and reputation for although the said C. D. was the first deliuerer of the money vnto A. B. by the thousand ducats for Venice and might alleage that hee receiued no money of him but a Bill of Exchange for Venice whereof hee had no aduice whether it were accepted or not yet such is the precise and commendable Custome vsed in Exchanges that hee may not stand vpon any euasions or allegations which might interrupt the said course without manifest discredit vnto him vnlesse there were cause of doubt that the Bills of Exchanges of A. B. should not bee accomplished at Venice neither may A. B. without discredit countermand the payment of the thousand Ducats at Venice vnlesse there were iust cause to call the credit of C. D. in question For the manner of these Exchanges are vsuall in all the places of great Exchanges as Lyons Bizanson Madrill and Venice where the most standing Bankes are and where they doe get money ingeniously by the calculation vpon their payments at the Faires or Markets by intermissiue times either twice or thrice within the yeare in regard whereof and to auoid this obseruation in that strictnesse they haue vsed to say in their Bills of Exchanges Per la Valuta Cambiata for the value exchanged with such a one The value of money exchanged and not for the value receiued as aforesaid because they make their paiments as it were all at one time which is otherwise in those places where no Bankes are kept or may be also in some of these places if the money be payable without the Banke as we haue noted before Many Merchants trafficking onely in Exchanges become good obseruers and as ingenious as the Bankers themselues according to the Adage Fabricando fabri fimus whereby they know the variation of their Compasse and the points to direct their course by obseruing the Accidentall causes of great payments of moneys to be made in some places and of imployment to be made vpon commodities in some other places or the scarcitie of money for some places and the plentie for other places or the generalitie of both calling it as the Spaniards say La placa eâ—â—a larga lo estrecha The exchange or place is streight or plentious so that those Merchants running with the streame can make their Exchanges beneficiall vnto themselues and that without Stocke or Capitall of their owne but meerely by taking vp money for one place and deliuering the same for another place at an vndervalue in the price of Exchange sending many times the moneys in specie which haue beene taken vp by Exchange when the same doth yeeld more than the price at which they tooke vp the same as in our precedent Treatise hath beene declared more amplie This orderly course of payment or satisfaction to be made for Bills of Exchanges doth admit no rescounter or stoppage but voluntarie Rescounter in Exchange is voluntarie that is to say If I owe you one hundreth pounds by a Bill of Exchange by mee accepted and within three or foure dayes you shall owe mee the like hundreth pounds for another Bill of Exchange by you accepted I cannot rescounter these payments to answere each other vnlesse you condescend thereunto although the money were due to be payed but euerie Bill of Exchange is to bee answered and payed in his proper nature For let vs suppose that some countermand be made by him that caused this money to be made ouer vnto you before you were to pay the said Bill which for some causes you are to conceale for a time you are for all that to be payed of your hundreth pounds or the diligences which are requisite to bee done herein are both wayes to be obserued accordingly But when it is done by voluntarie consent and agreement then is it questionlesse for Voluntas est mensura actionum Will doth regulate actions c. The Will doth regulate the Action and if any Factor doe the same for another mans account without commission he shall be answerable for it as before is declared in the Title of Factors and Seruants and the Commissions giuen vnto them For the better explanation of Exchanges for moneys taken vp for one place and deliuered againe for another place let vs obserue this example Tenne thousand Ducats were taken vp at Antuerp for Venice at Vsance of two moneths at seuerall prices of 113 ½ pence 114 pence and 115 ½ pence for the Ducat being the Medium or one with another at 115 pence made Flemish money R. 4791 13 4 These R. 4791 13 4 Example of Exchanges and Rechanges of moneys were made ouer for London at Vsance being one moneth at diuers prices whereof the Medium was 32 shillings foure pence and made 2875 ll 0 ss 0 d These R. 2875 sterling being receiued and Factoridge Brokeridge and port of letters deducted remained 2860 ll which were made ouer for Antuerp againe at seuerall prices and the Medium was 34 ss 2 ½ d. 4894 ll 15 10 The tenne thousand Ducats at Venice were taken vp for Frankford at 130 Florins of 65 Creutzers for 100 Ducats wherunto Factoridge and Brokeridge added it amounted to 13130 Dollers or Florins of sixtie fiue Creutzers and with Brokeridge and Factoridge at Frankford was Florins 13260 Flo. 0 ss 0 d The 4894 15 10 Flemish receiued in Antuerp were made ouer for Madrill in Spaine at diuers prices whereof the Medium was 106 pence for a Ducat of 375 Maluedeis to bee payed in Banke at foure moneths time with fiue vpon the thousand and made Ducats 11132 Duc. 12 ss 6 d These 11132 Ducats twelue shillings six pence of a Ducat were made ouer from Madrill to Lixborne in Portugall and deducting Factoridge and Brokeridge there remained 11010 Ducats of 440 Reas for euerie Ducat of 375 Maluedeis or 11 Ryalls is 4844 U 620 Vlas and Ducats 12111 Duc. 11 ss 0 d These 12111 Ducats or Crusats of Lixborne made ouer to Antuerp Factoridge and Brokeridge deducted remained 11990 Ducats at 98 pence Flemish euerie Ducat or Crusat was Flemish R. 4895 18 4 The 13260 Florins of Frankford taken vp for Antuerp at 81 pence R. 4530 10 0  R. 365 8 4 These moneys payed Brokeridge and Factoridge for Venice and deliuered for London and for Madrill 38 2 4 which must be deducted R. 38 2 4 So there was aduanced by industrie with other mens moneys R. 327 6 0 CHAP. IX Of the Feats of Bankers performed by Exchanges WEE haue in the First Part of this Booke made a description of Bankes and Bankers in regard of the payments and Exchanges made in Bankes for commodities bought and sold and hauing in the precedent Chapters declared the foure manner of Exchanges and the merchandizing Exchange by denomination of it to be the canker of Englands Common-wealth let vs now intreat of the Feats of Bankers Some men of iudgement haue found my writing
rate according to which calculation the said Royall of eight is by vs receiued at fiue shillings and two pence which is but foure shillings 2 ½ pence or thereabouts The difference is fifteene vpon the hundreth in lesse than two moneths time adde hereunto the ten in the hundreth to be had by the said Royalls of eight that the same are better in weight and finenesse than our six pence sterling which is taken to answere the said Royall by a common calculation by reason whereof there will be giuen so much in his maiesties mint or thereabouts that is to say foure shillings and fiue pence or at the least foure shillings and foure pence ½ after the rate of fiue shillings sterling for an ounce of that standard so together is twentie fiue vpon the hundreth benefit A treatise of Free trade 1622. which caused a Merchant aduenturer to set downe in print an interrogation in this manner Who will procure licence in Spaine to bring Realls into England to sell them here at tenne in the hundreth gaine which is lesse than the Exchange from thence will yeeld when he may haue for the same 25 in the 100 in Holland A matter whereby Merchants are easily induced to diuert the said Royalls from the realme to those and other countries and by the common vnderstanding to remedie the same it is thought there is no meanes to meete with forreine nations in the inhancing of moneys but wee must doe the like albeit experience hath shewed long since that this is not effectuall nor any true remedie Now if we will consider things according to the rule aforesaid it will plainely appeare that the said fifteene vpon the hundred gaine more than in England are but imaginarie if the Exchange for moneys were reformed for let fiue of these Royalls of eight bee bought in England for twentie two shillings and be transported into Holland and there buy commodities with the same which is according as the price of them is inhanced for as the money riseth in price so doth the price of commodities it may fall out the said Merchants should become losers by the commodities so that the same cannot be termed Causa mouens But the Spanish Merchants which cause their Royalls to be sent into Holland or Zealand from Spaine or from the Downes relye wholly vpon the Low-Exchange whereby they are inabled to deliuer there their money by Exchange at an vndervalue at thirtie three shillings foure pence Flemish and vnder for our twentie shillings sterling whereby the Kingdome maketh good vnto them the said fifteen vpon the hundreth consisting betweene the price of fortie two stiuers and fiftie one stiuers which is almost eighteene pro hundreth If the Royall went but for fiftie stiuers according to the valuation so that if the Exchange were made accordingly which would be aboue thirtie seuen shillings six pence this gaine would not be at all and moneys would be imported vnto vs and not exported For the rule is infallable A Maxime in Exchanges That when the Exchange answereth the true value of moneys according to their intrinsicke weight and finenesse and their extrinsicke valuation they are neuer exported because the said gaine is answered by Exchange which is the cause of transportation To make this euident in the Rickx Doller which is the maine and most vsuall coyne in Germanie Eastland the Vnited and Reconciled Low-countreys before their late Proclamations and currant in many other Countreys obserue wee that the said Doller was valued at two markes Lubish A shilling Lubish and a stiuer Flemish was all one 1575. euery marke being sixteene shillings Lubish or sixteene stiuers For in the yeare 1575 the said Rickx Doller was still coyned in the Empire for thirtie two shillings or stiuers and so currant by valuation in the Low-countreys whereby they were all one in denomination and effect But the wars in the Low-countreys hath beene the cause of the inhancing of this Doller which was brought to thirtie fiue stiuers and in the yeare 1586 to fortie fiue stiuers or to fiftie two stiuers now by intermissiue valuations and times Howbeit at Hamborough Stoade and other places in Germanie the said Doller did remaine still at thirtie two shillings Lubish or two markes and as the said Doller did inhance in price so did they in the Low-countreys coyne new stiuers accordingly sometimes lighter in weight A great Fallacie and at other times imbased by Copper or Allay and yet in account the stiuer did and doth remaine the ground of all their moneys but the said Doller holdeth his standard agreeable to the first Doller called the Burgundian Doller with Saint Andrewes Crosse coyned in the yeare 1567 which is in finenesse ten ounces twelue pennie weight of fine Siluer and foure and one halfe of these Dollers were made equiuolent to our twentie shillings sterling as a publike measure betweene vs and the Low-countreys Germanie and other places where this Doller went currant as you may obserue in the precedent Chapters These Dollers haue since beene imitated and made by the States of the Vnited Prouinces in their seuerall Mints altering onely the Armes of the seuerall Prouinces as also by the Arch-Duke Albertus in the reconciled Low Prouinces and the price of them at Hamborough Stoad and other places was but aduanced to one stiuer or shilling Lubish more that is to say at thirtie three shillings Lubish went the same went in the Low-countreys for fortie fiue stiuers which made the diuersitie of the said Par of Exchanges of thirtie three shillings foure pence for the Low-countreys and twentie foure shillings nine pence for Hamborough In the Netherlands being all one in substance This Doller is since that time as I said inhaunced to fiftie two stiuers in the Low-countreys which maketh the price of Exchange aboue thirtie eight shillings or rather thirtie nine shillings and shall the Kingdome suffer this and not alter our price of Exchange accordingly but be contented to take thirtie foure or thirtie fiue shillings and after that rate vndersell all the commodities of the Realme In Germanie This Doller is likewise since that time more inhaunced in Germanie from time to time And leauing the excessiue valuation in remote places let vs note the valuation of Hamborough where it hath beene at fiftie foure stiuers the Doller which maketh the Exchange aboue fortie shillings of their money for our twentie shillings And although we haue raised our price of Exchange from twentie shillings nine pence to thirtie fiue shillings and thereabouts shall we rest here and goe no further Haue we reason to doe it in part and not in the whole according to Iustice Equitie and true Policie and shall we be like a man that by halting in jeast became lame in earnest Absic ignorantia The moneys in Christendome which haue their ebbing and flowing doe shew their operation vpon commodities The course of money and Exchange are contraties in operation maketh by
they agree to reckon the moneys in Exchange but at thirtie shillings Flemish for twentie shillings sterling and so make returne each to other from time to time as moneys shall bee receiued both heere and beyond the seas Whereupon put the case that there is receiued at Amsterdam one thousand and fiue hundreth pounds Flemish for Cloth and at London there is receiued one thousand pounds sterling for Veluets and Silkes which according to the said computation is all one in effect betweene them and might by way of rescounter answere each other in account But the Merchant of Amsterdam knowing that by reason of the inhauncing of the moneys there he can make a great gaine to haue the said one thousand pounds to be sent vnto him in specie he desireth the Londoner to send vnto him this one thousand pounds sterling in siluer or gold coynes Royalls of eight or Rickx dollers whereby he shall profit fifteene vpon the hundred by the meanes aforesaid which amounteth to one hundreth and fiftie pound gaines Now the Londoner hauing his one thousand and fiue hundreth pounds Flemish or one thousand pounds sterling at Amsterdam cannot do the like because the money by the said inhauncing is receiued there aboue the value so that his money must be deliuered there by Exchange at thirtie three shillings foure pence or vnder wherby he receiueth here the said 1500 ll Flemish with no gaine at all Thus the account is made euen betweene them but by these meanes the kingdome is depriued of the 1000 ll of the Merchants money sent to Amsterdam which doth not onely procure want of our moneys but causeth also the natiue commodities to be vndersold and the forreine commodities to be aduanced in price beyond the seas by plentie of money there and hindreth the importation of bullion To preuent this the question is now Whether it be better and more expedient to raise the price of Exchange or the valuation of our moneys Surely all men of iudgement will say That the raising of Exchange breedeth not that alteration which the inhauncing of moneys doth to make euerie thing deere and to cause landlords and creditors to loose in their rents and contracts And Merchants of experience do know that wee cannot do as they do for the inhauncing of our moneys here will be countermined by other nations who still will vnderualue them in Exchange betweene vs vnlesse it be preuented by our owne true valuation to be made known as aforesaid The Author of this Treatise of Free trade doth say That it is not the rate of Exchanges Page 104. but the value of Moneys heere low elsewhere high which cause their exportation nor do the Exchanges but the plentie and scarcitie of moneys cause their values which is meerely Histeron proteron whereunto I haue answered heretofore viz. Three waies to dissolue an argument There are three waies to dissolue an argument Deniall Retorting and Distinction Deniall is too hostile sauouring more of obstinacie than of Art Retortion is more wittie than profitable but Distinction is like mature remedies compared to Purges which clense and feed but the said Authour did take the course of Deniall and proueth nothing touching the matter in question Exchange compared to to the Affaies o◠money If moneys be here low and elsewhere high how is this knowne but by the valuation of Exchange considering the diuersities of moneys of seueral standards wherein the Exchange is like the Assay whereby the finesse of gold and siluer is knowne grounded vpon the quantitie which the Exchange requireth according to the weight of fine siluer gold contained in the moneys of each countrie which is the intrinsick value not according to extrinsicke valuation which is altered by denomination for the name of a thing doth not alter the value really but the substance doth it if it be altred much lesse doth plenty or scarcity of monie cause their values it being contrary to the nature and propertie of money the yeard doth measure the cloth but the cloth doth not measure the yeard To illustrate the premisses by example 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 ll sterling which they are to pay in gold and siluer and they doe not know the weight and finenes of their forraine coyne which they haue brought ouer heereupon to content both parties the moneys on either side must be tried by the subtle assay according to their finenes computated vpon the pound weight of twelue ounces Troy and then by weight they answere each other accordingly And so this negotiation is in effect but a permutation of moneys for commodities before Exchange was inuented Hetherto we haue handled of the reformation of Exchanges for places where the Basis of Exchange or foundation is made vpon our twentie shillings sterling that is to say When Merchants beyond the Seas deliuering moneys there for England will cause the Brokers of Exchanges to know how much Flemish or Hamborough money Merchants will giue there to haue twentie shillings sterling payed in England euen as wee doe here to know how much in Flemish money or other coynes a Merchant will giue for the said twentie shillings here Exchanges which are made vpon forrain coyne by an agreement to bee paied beyond the Seas by Bill of Exchange But now we are to intreate of the reformation of the Exchanges which are made vpon forraine coynes or rather imaginarie moneys of other countreys as for France vpon the French Crowne of sixtie soulz for the East countreys vpon the Florin Polish for Germanie vpon the Rickx Doller of seuentie two Creutzers for Venice vpon their Ducat and so for other places as in the former Chapters we haue noted Herein let vs obserue that the course of it is directly opposite for whereas in the one we doe procure to haue much money or at the value answered by Exchange so in the other wee may doe the like and rather procure lesse to bee giuen in Exchange because that the foundation of those Exchanges is made vpon forraine coyne Neuerthelesse consider wee that when foure Testons or three Franks in specie were calculated for the said Crowne of sixtie soulz in Exchange then euerie such Teston was fifteene soulz by valuation and euerie such Frank was twentie soulz But since that time the said peeces of Testons are made currant for 16 ½ soulz and the Franks at twentie two soulz being the same in weight and finenesse without any alteration in the standard called Le Pied de la Monoye but onely inhaunced in valuation according to which payments are made in siluer coynes Also for the gold coynes as French Crownes and Pistolets which are inhanced at times vntill 72 soulz ' from 60 soulz wherupon the said Crown was valued at six shillings sterling Is there any man of iudgement that will giue if hee can choose sixe
of fishers nets to make browne paper of skins to make glew of beere leeze to make Aqua vitae and the like And here we may not omit how Almightie God by his diuine prouidence ruleth many times this negotiating commutation when the haruest of Corne faileth in one countrie and is prosperous in another countrie whereby this trade of barter by the rule of Mony doth verie much augment and the price of Corne becommeth to be much deerer Albeit the price be reasonable considering the Fermer may by the cheapnes thereof be made vnable to pay his rent And God who doth euerie thing for the best sheweth vnto vs how one nation may haue need and occasion to vse the help and meanes of other nations and which is more admirable to be noted God in the permitting of it may haue some other work in hand to manifest his glorie or to relieue his children by vnexpected meanes As the sending of the children of Iacob into Aegypt for the want of Corne to maintaine themselues doth demonstrate vnto vs. The like may be applyed for Wines Salt and other commodities for the sustenance of man which although they be corruptible commodities may contrarie to our former assertion by this accidentall or casuall extremitie be preferred in estimation of the Staple commodities which are durable and become valued only by Gold Siluer which is the cause that Spaine and Portugall being subiect to haue dearth of Corne do permit the exportation of Siluer and Gold in returne of the prouenue of it and other victuals Gold and Siluer bartered for Corne and Victuals whereby we find that those countries by reason of the West-Indian treasure being from time to time prouided with Siluer and Gold coine are neuerthelesse most destitute of the same bartring as it were in effect their Siluer and Gold for Corne and other prouisions and hauing their countries stored with meere copper Moneys This treasure passeth from them as if it were conueyed by a channel and because of the aboundance of their said Copper moneys is not so sensible vnto them as it is vnto other countries which haue not the vse of the like Copper moneys which is diuers waies to be considered especially in the time of wars when moneys are called to be the sinewes thereof or Nervi Bellorum which by meere Copper moneys can neuer be vnderstood howsoeuer necessarie in some measure for the commutation of pettie bargaines and contracts whereof more hereafter in handling the matter of Moneys To make application of this negotiating coÌ„mutation in the price of Commodities it is to bee prooued by diuers ancient Merchants bookes that within the age of a man or seuentie yeares the price of forraine Commodities with vs is farre more risen than the price of our home Commodities which by way of Antithesis is worthy the obseruation Redding colour and other mingled colour Clothes did cost 9 ll the Cloth then when Blacke Veluets were sold at 10 shillings the yeard and now the said sort of Clothes are sold but for 11 ll and 12 ll the Cloth and Veluets at 26 shillings the yeard Packe Clothes white at fiftie pound the packe of tenne pieces Cramosin Veluets at 12 shillings the yeard And now Packe Clothes of the same marke at ninetie pound and a hundreth pound and Cramosin Veluets at thirtie shillings the yeard Wooll the Todd of 28 ll weight at 12 shillings Blacke Satine at 5 shillings the yeard Wooll now aboue 20 shillings or thereabouts and Satine 15 shillings Calfe skins the dozen 5 ss Fustians the Bale of 40 ½ pieces at 12 ll the Bale Calfe skins now at 10 ss and Fustians 36 pounds and Millaine Fustians at 18 and 20 shillings the piece now at 3 ll and aboue Sayes of Norwich at 20 ss the piece and vpwards Messina silke 8 ss the pound Sayes are about 40 ss Foraine wareâ— risen 3 to 1. and Messina and the like silke aboue twentie six shillings Northerne Carseyes then 18 ss Spanish Soape 20 ss now 50 ss and Carseyes 22 ss Seuill Oyle the Tunne 12 ll now 35 ll and many times aboue fortie pound French Wine at 5 ll the Tunne now 20 ll or thereabouts Long Proines 5 ss now 15 and 16 ss Sugar 6 pence the pound now 14 and 16 pence Malmeseyes 5 ll the Butt now 18 ll and 20 ll Cotton Wool 4 d. now 15 d. and diuers other commodities accordingly So that an angel would haue bought one yeard of Veluets now three Angels or pieces of gold can be exported for the same Ten Angels would haue bought a Tun of Claret Wine in England which is now sold for aboue twentie pound and twentie foure pound Besides that our Cloth is better made than in those dayes albeit not so good as it might be made victuall and wages are deerer and Woad Mather Oyle and colours are extreamely risen A Merchant might haue sent or carried with him one packe of Clothes white broad or narrow lists and brought in returne one Chest containing nine or tenne pieces of Veluets whereas now he cannot bring aboue three or foure pieces in returne thereof For a Redding Cloth sold beyond the Seas hee might haue returned one Bale of Fustians whereas now for the value of one Bale of Fustians sold in England a Merchant must buy and export three Clothes A London mingled colour cloth would haue bought at Lisborne two chests of Sugar now one chest of Sugar will draw two Clothes out of the Realme So a Kentish Cloth would haue bought at Seuill a Tunne of Oyle and more now one Tunne of Oyle doth counteruaile three Clothes and more and other commodities accordingly giuing as it were three to one in specie for foraine commodities Commutation is compared vnto monyes in kind Compare this commutation to the monyes inhaunced in the Low Countries Germany France and some other Countries which is the same money still in specie for weight and finenesse and onely the valuation is altered and you shall find that within the said time of seventie yeares an Angel worth ten s. then is now aboue twentie sâ—illings a French Crowne six shillings now twelue shillings six pence and all other coynes accordingly or thereabouts whereas in England there is no momentarie alteration of the monyes as heereafter shall be made more apparant And the like consideration will also bee had concerning the Exchanges of monyes by Billes of Exchanges Some men are of opinion that selling our home commodities good cheape maketh a liuely trade augmenteth commerce and maintaineth all the dependances thereupon by setting the people on worke imploying Ships and augmenting the Kings Customes and Impositions But they neuer consider two principall points whereby the wealth of Kingdomes and Common-weales increaseth or decreaseth namely Inconueniences to sell commodities good cheape If commodities imported vnto vs bee dearer than in times past as we haue noted and our home commodities are not sold proportionably in price but wee will
of Indico in Barrels Sugar in Chests and Pepper in Bags marked and numbered according to the goodnes by the Lot drawne or cast and expect Gods blessings according to the saying of the Wise-man as aforesaid Forasmuch as in Italy and Germany diuers commodities and manufactures are dispersed distributed and in a maner vented by the meanes of Lottaries which are continually extant in publike markets and other places I cannot omit to speake hereof as a matter appertaining to Merchants There are two manner of Lotaries namely Standing Lotaries and Running Lotaries the first limitted for a continuance of time to bee drawne at the end thereof without intermission by day and night the latter to bee drawne daily and at all conuenient houres when the parties will put in their money and haue the Lot drawne instantly To which end in many places of Germany there are publike Shops and Stales where diuers sorts of manufactures are exposed to be sold and to euery Lot there is a Prize appointed to answere the said Lot whereby a man hath alwayes some thing for his money and many times a Prize of good value Being therein like vnto the Tree of Fortune The Tree of Fortune which is painted with blind Fortune sitting in the middle part of the Tree and all manner of men women and children standing or lying ouer the said Tree doe receiue somewhat falling from it to the one a purse full of money to the other a halter to the one a golden chaine and to the other a cutting knife and to be briefe to some good and to some other euill things as is seene in all wordly affaires Standing Lotaries are stately and magnificent consisting of Siluer Plate Chaines of Gold Iewells Cabinets Hangings Pictures and other precious and curious things fit for honourable persons and others of qualitie Albeit all men are admitted to aduenture therein which is the cause the Lots are commonly made of twelue pence or two shillings the number whereof maketh a compleat Lotarie fit to be drawne when the same is full which must bee done by gathering in the money in continuance of a certaine time limitted as aforesaid The Running Lotaries are of Plate Chaines of Gold and other things whereof the price is in a manner certaine as also of moneys and for that they are instantly drawne and men willing to know their present fortune as they terme it euerie one is inclined that the money which they draw they will venture againe in hope of a better whereby their Lotaries are sooner filled Both these sorts of Lotaries haue a Table wherein the Prizes are declared which are valued by publike authoritie to preuent deceit and fraud which in great Standing Lotaries is more likely to bee practised There is as many Bills made of the aduenturers by their names or poesies as there are Blankes and Prizes to be drawne answerable to the Tickets deliuered for the money to euerie man that is an aduenturer in the said Lotaries and all these Bills of names being examined by the Magistrates or Commissioners with the Bookes of Collection for the monyes are put into one great close Basket with a hole in the middle thereof for a man or a boy to put in his arme to draw them at the appointed time Likewise all the Blankes and Prizes with the like suruay of Sworne-men are put into the like close Basket after examination of the Prizes registred in the said Table which being all of one fashion and bignesse are publikely vpon a Stage mixt tossed and tumbled in certaines sheets of Canuas before they be put in the said Basket and between the said two Baskets sitteth the Drawer putting both his armes at one instant seuerally in euery Basket deliuering the Bills of the names or poesies with the right hand and the Blankes and Prizes with the left hand to certaine Sworne-men which doe read the contents thereof openly to all the standers by which Drawers or persons do change for certain hours for they continue both night and day vntill all be drawne out without stirring of the Baskets Othersome doe herein obserue certaine houres daily and vpon euerie discontinuance they seale the said Baskets vnder two or three Seales from time to time proclaming all Prizes by the sound of the Trumpet and stringing some blew papers in the Files made of the Blankes and names and the Prizes euerie day drawne are the next day to bee seene in print with the assistance of Officers appointed to see good orders obserued in keeping the Peace vpon all occasions of fallings out which might happen amongst the vnruly multitude of mechanicall people The Prizes are many to auoid discontent which the reading of many names and answeres in Blanke prouoketh And commonly they do not exceed in number aboue thirtie or fortie for one and so the least prize being but tenne shillings is proportionably three or foure to one in value or in readie money All the Prizes haue a priuie marke or number knowne onely to some few persons to preuent the counterfeiting of euill disposed persons or officers which are hereby easily discouered For all the cautions and preuentions of dishonest and craftie dealings are more than necessarie in Lotaries the rather of the common opinion of all men which hold it impossible for Lotaries to be without fraud Caueat in Lotaries And here I may not conceale a great fraud committed in Standing Lotaries when not only the Prizes are ouer-valued or change but also when the parties of the Lotaries will set vp the same to draw men to aduenture and take that to their aduantage filling vp the Lotaries themselues and enioying the most Prizes by the multitude of the Lots put in by them wherein they are like to the craftie common Out-cryer for goods sold publikely in out-cries by appropriating to himselfe and his parteners which are onely knowne to him all such good bargaines and penny-worths as he hath with them contriued to bring about Fraud of goods sold by outcryes or as he hath vndertaken to put to sale for other men vnder the colour of out-cryes selling them if he please or keeping and retiring the goods into his owne hands when hee cannot aduance them according to his will wherein other men are ignorant And this being a vendition may not be omitted to bee noted in this Booke concerning all manner of buyings and sellings the rather for that the aduenturer in Lotaries incurreth lesse danger than Merchants doe in the course of Trade especially in Assurances when they doe aduenture one hundreth pounds for three or foure pounds from London to Barbarie whereas for one Lot of twelue pence he hath a possibilitie to haue allotted vnto him two or three hundreth pounds Lotaries are commendable The right vse of Lotaries if they be appropriated to their right vses and good intentions finis Coronat opus for this maketh them to be of continuance pleasing and profitable when the benefit thereof doth redound to pious workes
a man for euery moneth besides the ships fraight and mens wages which may be agreed vpon diuersly And commonly the Company is permitted to haue one third the Owners of the ship one third and the Merchant or Merchandize one third all other incident charges to bee borne accordingly betweene them whereof Indentures of couenants are made Hauing reserued to intreat of this important businesse of Fishing in the end of this first Part of Lex Mercatoria concerning commodities which are compared to the Body of Traffick together with the Sea-lawes obserued therein with all other Customes of Commerce Let vs now proceed to the Second Part touching Moneys being the Soule of Trafficke which in times past were noted to be raised by the fishing trade now so much neglected appertaining to the Kingdoms of Great Brittaine and Ireland as hath beene shewed euen by originall Antiquitie The correspondence and long entercourse between the Societie of Gold-smiths and Fishmongers alludeth hereunto For Saint Dunstane the Bishop The allusion of Saint Dunstone termed to be the Patron of the Company of Gold-smiths had no other Elixer or Philosophers stone than the Gold and Siluer which by the benefit of fishing was obtained whereby the Kingdomes Plate and Bullion was procured For the aduancement of which fishing Trade he did aduise That three fishing dayes ought to be kept euery weeke which caused also more abstinence and hence the Prouerbe came That Saint Dunstane tooke the Deuill by the nose with his pinchers Which Custome if it were better obserued with vs would proue very beneficiall to the State and Common-wealth * ⎠* THE SECOND PART OF LEX MERCATORIA or the Auncient Law-Merchant concerning Moneys compared to the Soule of TRAFFICKE and COMMERCE WEe haue alreadie compared the three Simples or Essentiall parts of Trafficke namely Commodities Money and Exchange of Moneys vnto the Bodie Soule and Spirit And in our first pâ—rt of Lex Mercatoria treated of Commodities as the Bodie of Trafficke with the dependances thereupon as being properly the causes of Commerce with their Effects Adiâ—ncts and Accidents which methode we are now also to obserue in this second part of the Law-Merchant concerning Moneys compared to the Soule which infuseth life vnto Trafficke by the meanes of Eqâ—alitie and Equitie preuenting aduantage betweene Buyers and Sellers And because Money is made of Mettals wherof we haue not spoken in the Chapter of the Commodities whereby Commerce is maintained here we are to begin with the verie originall of Mettals and Mines as a matter worthie the knowledge of Merchants and others First we find That when commodities began much to abound in the world all manner of mettall as Gold Siluer Copper Tin Lead and Yron grew into greater estimation as being fit and more dureable for preseruation and so the purest and finest Mettall most esteemed At which time the riches of men was notwithstanding described to consist of cattel commodities and other moueables Pecuâ—ia non Pecuâ—aâ—ia and there was a commutation of commodities as hath beene declared which was found to be verie cumbersome The beginning of Moneys and did require much carriage of wares vp and downe from one countrie vnto another by reason whereof Money was deuised to be coyned to be the rule and square whereby all other things should receiue estimation and price and as it were become a measure whereby the price of all things might be set Publica Mensura to maintaine a certaine euenhood or equalitie in buying and selling and the same to haue his standing valuation only by publicke authoritie to the end that all things might equally passe by trade from one man to another Denomination of Money Concerning the denomination of Money it is deriued of Moneta which proceedeth a monendo to shew you the name of the Prince vel nummi nota and consequently the price of the peece of coyne by his authoritie made stamped and valued Pecus fuit Pecuniae fundamentum Pecunia is deriued a Pecude of Cattell as of Sheepe and Oxen the figure whereof was coyned thereupon Nummus a numerando vel nomine of the name of the Prince stamped vpon it and also so called Carolus Guildren or Floren so a Ducat of Ducatus the name of a Duke And in times past being called Stipendium was à stipe pendo before the same was coyned with a stampe but made and weighed being siluer as the Cicle of the Hebrewes The Romans in times past vsed copper Moneys calling their Exchequer Aerarium So in Germanie it is called Argentarium of the Siluer and being kept at Strasbourgh that citie is called Argentina The first Siluer moneys coyned was the 484 yeare of the foundation of Rome And the coynes of Gold was sixtie and two yeres after that Since the foundation of Rome vntill the yeare of 1622 are 2373 yeares Sterling Standerd altered in the valuation The sterling Standard of the Moneys of England was first coyned at a place so called by Osbright a Saxon King of England aboue seuâ—n hundreth yeares since at which time an ounce of Siluer was diuided into twentie peeces and so esteemed twentie pence as who should say so many peeces which so continued by denomination vntill King Henrie the sixth his time who in regard of the inhancing of Moneys in forreine parts valued the same at thirtie pence But there was more peeces made out of the said ounce and the former peeces went for three halfe pence vntill the time of King Edward the fourth and then they were currant for two pence and the said King did value the said ounce at fortie pence vntill King Henrie the eight did value the ounce of sterling Siluer at fortie and fiue pence and so continued vntill King Edward the sixth and vntill Queene Elizabeth her time and then the verie same peece or the same penie was valued at three pence and so did all three pences coyned by the said Queene weigh but a pennie weight and the sixe pence two pennie weight and accordingly the shilling and other peeces which made the ounce to be valued at sixtie pence or fiue shillings whereof twelue ounces make the pound Troy weight The pound Troy diuided by weigâ—t which remained diuided neuerthelesse in twentie pennie weight for the said ounce being still the same in weight did retaine the same name and foure and twentie graines also for euerie pennie weight and according to the said pound weight is the finesse of Siluer also diuided For if it be all pure Siluer without any Copper called Allay it is iustly called twelue ounces fine because that pound weighed twelue ounces and hath no mixture in it The pound of Siluer diuided in finesse and so euerie ounce is consequently twentie pennie weight in finesse and euerie pennie weight is twentie and foure graines in finesse The finesse of Gold is twentie and foure Carrats Finesse of Gold and euerie Carrat is foure graines in finesse and was
heretofore accounted two Carrats for an ounce of Siluer And all moneys of Gold and Siluer do participate of this finesse according to their substance which maketh their standards thereafter whereby the sterling standard containeth eleuen ounces and two penie weight of fine Siluer and eighteen pennie weight of Copper and our Angell Gold holdeth twentie and three Carrats three graines and one halfe and halfe a graine of Allay as shall be hereafter more amplie declared together with the proportion betweene Gold and Siluer Let vs now speake of the properties of Moneys in the course of Trafficke and make the effects thereof apparant The propertieâ— of Moneys The first propertie is That plentie of Money maketh generally all things deere and scarcitie of Money maketh generally things good cheape whereas particularly commodities are also deere or good cheape according to plentie or scarcitie of the commodities themselues and the vse of them Money then as the Bloud in the bodie containeth the Soule which infuseth life for if Money be wanting Trafficke doth decrease although commodities be aboundant and good cheape and on the contrarie if Moneys be plentifull Commerce increaseth although commodities be scarce and the price thereof is thereby more aduanced Nay by Money a trade is made for the imployment of it both at home and abroad For those countries where things are good cheape are destitute of trade and want Moneys and although things for the bellie are good cheape there is lesse benefit to be made by Merchants According to plentie or scarcitie of Money then generally commodities become deere or good cheape and so it came to passe of late yeares that euerie thing is inhaunced in price by the aboundance of Bullion and Moneys which came from the West-Indies into Europe which like vnto an Ocean The Ocean of Moneys hath diuided her course into seuerell branches through all countries and the Money it selfe being altered by valuation as aforesaid caused the measure to be made lesser whereby the number did increase to make vp the tale being augmented by denomination from twentie to sixtie or of those latter yeares from fortie to sixtie So that plentie of Money concurring herein made euerie thing deerer and especially the forreine commodities as we haue noted before which caused some men to be of opinion That our Moneys should be more inhaunced as it were striuing therein to exceed other nations wherein they are farre from the marke Alteration of Mâ—ney altereth the price of things for if that were done not onely all the forreine commodities would be deerer but also our home commodities howbeit onely in name The like would happen if Moneys were by allay of Copper imbased as experience hath proued in the time of King Henrie the eight and of latter yeares in the realme of Ireland so that we see the Prouerbe to be true That the vnknowne disease putteth out the Physitians eye The plentie of Money required must be not with a consideration that we haue or may seeme to haue more moneys than in times past but according to the present great quantitie and aboundance of Moneyes now found in all countries which in effect haue more proportionable part thereof than England hath Neither was Money more plentifull when an ounce of Siluer was valued but twentie pence iudging of Money as we do of Commodities either deere or good cheape according to the price for Money must be still the measure and ouerruleth the course of Commodities Howbeit Exchange of Moneys is predominant ouer Commodities and Moneys as shall be declared hereafter The second propertie of Money proceeding from the operation of Vsurie deuised thereupon The operation of Money by the rate of Vsurie whereby the measure is ingrossed and also falsified is That the rate of Vsurie is become the measure whereby all men trade purchase build plant or any other waies bargaine and consequently all things depending vpon the premisses are ruled and gouerned accordingly as in the Chapter of Vsurie Politicke is declared to the decrease of Trafficke and Trade Moneys will haue substanall value really The last propertie of Money is to haue an internall value in substance whereupon the Exchanges of Money are grounded in so much that in countries where the transportation of Money is prohibited and Merchants Strangers and others are commaunded to make their returnes in Commodities or by Exchange if the Moneys be base or of Copper the value in Exchange will be made accordingly to the vtter ouerthrow of all Commerce for Moneys will haue substantiall value Thus much for an Introduction concerning Moneys Now let vs beginne from the originall of Mettalls and so descend to the Particulars and Accidents * ⎠* CHAP. I. Of the Essence or Existence of Mettalls ALl Philosophers by the light of Nature and long obseruation haue determined that the sperme or seed of all things created of the foure Elements doth in a secret manner lowre within the two Elements of Water and Earth and that Nature doth continually worke to produce perfect things but is hindered therein by accidentall causes wâ—ich are the begetters of corruption and imperfection of all things whereby we haue varietie of things which are delectable to the spirit of man Herein they obserue the operation of the Sunne and Moone Vegitatiue Sensitiue and Rationall and the other Planets and Starres in the generation of all things which either haue a Being or Existence as the Elements haue or a Being and Life as vegitable Trees or Plants or a Being Life and Sense as Beasts Birds and other liuing creatures or a Being Life Sense and Reason as Man hath and all reasonable creatures which knowledge and wisedome no doubt the holy Prophet Moses did learne amongst the Egyptians Acts 7.22 But had these Philosophers read the * Genesis Booke of Moses of Creation and Generation they would not haue ascribed the guiding and conducting of all naturall things to the two Leaders namely the Starres and Nature Hence it procedeth that amongst vegitable things which haue a Being and Life they reckon all mettalls which haue their beginning from Sulphur and Mercury Tanquam ex patre matre which meeting and concurring together in the veines of the earth doe ingender through the heat and qualitie of the Climate by an assiduall concoction according to the nature of the earth wherein they meet which being either good and pure or stinking and corrupt produceth the diuersitie of the mettalls of Gold Siluer Copper Tin Lead and Yron in their seuerall natures and hereupon they haue assigned them vnder their distinct Planets to bee beneuolent or maleuolent The Planets of Metalls as Lead vnder Saturne Tinne vnder Iupiter Yron vnder Mars Gold vnder Sol Copper vnder Venus Quickesiluer vnder Mercury and Siluer vnder Luna So Mercury or Quickesiluer is one of the seuen mettals which being volatile and by his volubilitie running with euery one is in nature as they are either good or euill And howsoeuer they
more in value by the weight than an other The cause of culling of money whereby moneys are culled out and transported and the light peeces remaine amongst his Maiesties subiects Goldsmiths also wanting Bullion must melt such monies downe to make plate of The Bullion which is brought in or forraine coyne either is alwayes lockt vp in great chests or inclosed places vnder three keyes namely the Wardens the Mint-masters and the Comptrollers at the dayes of Receits which are obserued in the Tower of London Saturdayes and Mondayes and then the Officers haue their dyet in the place the one halfe at the Kings charges and the other halfe at the Mint-masters charges who is called by some Master-worker of the King moneys Vel Magister operarius and betweene the Warden and him there is commonly emulation and necessary discord like vnto that which Cato vsed amongst the seruants of his family which hee did compare to the stones of a vault which by striuing doe vphold the building and made him to bee more quiet and regarded Suppose now that we are come to the Mint to see moneys made of our Ingots of Gold and Siluer and one of the Assay-masters commeth vnto me and saith Sir I haue read that all things are gouerned by Number Weight and Measure What say you to finenesse of Gold aâ—d Siluer I do aske him first What he taketh finenesse to be he doth answere me That it is a Mysterie and that the studie of it is as intricate as the Transubstantiation of the Papists Sacrament as you may perceiue saith he by the controuersie betweene the Warden of the Mint and the Mint-master concerning the Standards of the sterling moneys of Siluer and the base moneys lately made for the Realme of Ireland which is grounded vpon the finenesse of the bullion reported by triall of the subtle Assay whereunto I doe reply That plaine things may be made intricate Finenesse of siluer what it is for finenesse of Gold and Siluer is properly fine Gold and fine Siluer and this is knowne by weight which I doe thus demonstrate in the Siluer for both Posito that this peece of Siluer is fine Siluer without any mixture of allay and weigheth one pound weight of twelue ounces Troy I hope you will call this to be twelue ounces fine because it weigheth twelue ounces which is the pound weight and finenesse also now take away one ounce of this fine Siluer and put so much Copper vnto it to melt them downe as maketh vp the said pound againe twelue ounces in weight you knowing that there was but eleuen ounces of fine Siluer remaining will make no difficultie to affirme that this is eleuen ounces fine Siluer and one ounce of copper in the pound weight and put the same to the triall of your subtle Assay and you shall find it so is there any Mysterie in this and he saith no as I did propound it and so is it if there be more or lesse allay in the pound weight accordingly for the pound weight doth proportionate the whole masse ingot or lumpe of bullion call it what you will as in the next Chapter of assayes shall be made more apparant But saith he This doth not cleere in my vnderstanding the businesse which is in controuersie betweene the Warden and the Master worker for the Copple or Teast doth drinke in some two penny weight of Siluer with the Lead and so there is so much hid from report Drinking in of the Teast or Copple for the Bullion is that which maketh the moneys and not the Siluer of the assay So that the said Bullion is finer in euery pound weight two peny weight in value six pence halfe penny and the twelfth part of a halfe penny which is the cause that the Master worker being subtile and cunning doth put into the melting pot Two penny weight of copper put in the commixture Account charged with two penny weight of siluer in euery pound weight Melting Book Indentures Base moneys is eight penny weight in the pound of siluer Bullion two penny weight of Copper in euerie pound whereby he gaineth the weight of so much sterling Siluer now this gaine is the Kings for with his Highnesse moneys this Bullion is bought of the subiects And therefore the Warden doth charge the Mint-masters account with two penny weight of Siluer in euery pound weight and alloweth the same vnto the King for the Mint-master is to account by the melting booke where this allay of Copper is entred according to the Indentures betweene the King and him And so in the base moneys made for Ireland whereof one of Siluer maketh foure of that moneys he is charged in account eight penny weight of siluer for euerie pound of the siluer Bullion for the commixture of two ounces eighteene penny weight of siluer and nine ounces two penny weight of copper is found to answere that Standard of three ounces fine And so doth eleuen ounces of siluer Standards sterling and Irish. and one ounce of allay answere the sterling Standard for there is great consideration to be had in the calculation of the siluer Bullion to the fire and from the fire From the fire and to the fire for eleuen ounces from the fire is set downe for Standard to passe according to the indented triall peece made by the sworne officers or refiners and assay-masters Indented triall peeces of siluer sterling and Base Commixture thereunto heretofore appointed whereof my selfe was one which indented peece wee haue commixed accordingly of fine siluer refined vpon a drie teast and good copper or allay and the same wee haue diuided into three parts one part to remaine in the Kings Treasurie at Westminster another part with the Warden of the Mint and the third part with the Mint-master to make the moneys thereby and all these things are done very orderly There is no reason that the Mint-master should pocket vp this benefit which commeth almost to tenne thousand pounds and would haue been much more if it had not been spied out in time for the Kings seruice And then he concluded his speech with an affirmation That hee could take the said two penny weight of siluer out of the copple which had drunke vp the same or within a little lesse of it whereunto I made him such an answere as I had oftentimes vnderstood of the Mint-master and partly of mine owne knowledge concerning assayes which I had obserued and knowne aboue fortie yeares my father also hauing beene a Mint-master and I told him that all his allegations as abouesaid should and could be very well answered For albeit that hee had alleaged many things concerning the State of the matter in question I would according to the course of the Common Law ioyne issue vpon one peremptorie point to be tried by all vnderstanding men to which end I told him That in Germanie and the Low Countreys there were certaine officers Generalls of the
Mints beyâ—nd â—he Seas called the Generalls of Mints which did determine such and the like questions and controuersies arising between the Wardens and the Mint-masters which were men of great knowledge and experience in Mint affaires and had from the Prince large stipends giuen them for to attend these Mâ—nt businesses when the trialls of pixes or of the boxes are made and the Mint-masters make their accounts with the Prince Hereupon the said Assay-master according to his courteous behauiour was very well pleased to heare me as he said in fauour of Iustice and Truth And so I began to answere gradatim and articularly as followeth Drinking vp of the copple admitted First concerning the drinking vp of the copple albeit that it appeareth vnto me by certaine testimonialls made beyond the Seas by Generalls Wardens Mint-masters and Assay-masters that if a copple or teast be well made it drinketh not vp any siluer at all yet I will admit that it doth so because you are so confident that you can take it out of the copple or the most part of it and so I will proceed Two penny weight of copper acknowledged to be put in Secondly I do acknowledge that there is two pennie weight of Copper put into the melting pot as you say for it is commixed at twentie pennie weight which is a fâ—ll ounce where the standard requireth but eighteen pennie weight but this is done to counteruaile the wast of Copper which commeth by melting of Bullion remelting of the Brocage and Scizell and by working hammering often nealing and blaunching of the moneys whereby the moneys grow better in finenes than they were at the first melting because so much and more copper doth waste Wast of copper counteruadeth the copper put in and can it waste lesse than ten ounces in one hundreth weight No surely which is the cause that the red Booke in the Exchequer for Mint affaires admitted this two penny weight for waste which is but ten ounces in the hundreth And to say that this two penny weight of siluer is the cause that the Mint-master putteth in two penny weight of copper Vnequall proportion it carrieth not any proportion to put one for one when the mixture of the Standard is eleuen to one But you reply vnto me That the Mint-master is to beare all wasts and therefore must answere the same and be charged in account for it I answere That the accounts of all Mints are made only vpon the finenesse of moneys by their weights and that it was neuer otherwise vsed in England vntill this day All accounts are taken vpon the fine matter onely and if the Warden will bring a new manner of account than euer hath beene taken according to the Leidger Booke of the Mint and the Comptrollers Booke then the Mâ—nt-master is to be charged with euery thing in his proper nature siluer for siluer and copper for copper otherwise it were better for him not to put in any copper than to be made to answere siluer for it But the Mint-master must hold as well his allay as his fine siluer Allay to be kept according to the statute 2. H. 6. ca. 2. and in doing otherwise by not putting in of this two penny weight of copper the moneys would be too fine and the Master might incurre fine and ransome Therefore all Mint-masters doe worke according to their remedies and they do beare all wasts incident and casuall as if some ingots were falsified with copper within as hath beene found at the Mint the Mint-master must beare the aduenture of it Hazard of Mint masters for Princes will be at a certaintie which is the cause that the Mint-masters may commix at their pleasure thus farre as the sixteenth Article of the Indenture declareth That euery pound weight Troy shall bee in such sort commixed and melted downe that at the casting out of the same into ingots The Indenâ—uâ—e of Eliz Reg. xluj it shall be and hold eleuen ounces two penny weight of fine siluer and eighteene penny weight of allay euery pound containing twelue ounces euery ounce twentie penny weight and euery penny weight twentie foure graines according to the computation of the pound weight Troy of England which eleuen ounces two peny weight of fine siluer and eighteene penny weight of allay in the pound weight of Troy aforesaid The old right â—â—erling Standard is the old right Standard of the moneys of siluer of England and that the commixture of the Mint-master hath beene done accordingly so that it was found so at the casting out you best know what made the assayes thereof from time to time As for your Melting booke where the allay is entred if you will charge the Mint-master thereby let it be done distinctly for siluer and copper or allay in his proper nature as is said before and then the controuersie is ended Now let vs come to the Standard of the Base moneys made for Ireland I am sure there is not two penny weight of copper put in as in the sterling Standard Siluer taken out by diuision oâ— the standard of Base monies but there is two penny weight of siluer by computation taken out in euery quarter of a pound of siluer which as you say is eight penny weight of siluer in the pound weight why should the Mint-masters account be charged with this where siluer by the diuision of the proportion is taken out and two ounces eighteene penny weight are taken for three ounces from the fire as the Indenture declareth Shall a Mint-master commixe and melt by prescription or suffer other men to melt it for him and yet be made to answere for the finenesse of moneys according to an indented triall peece made of refined fine siluer as you say and receiue neither siluer answerable in finenesse nor the quantity which he ought to haue allowed him according to the Standard I am sure that in the making of these moneys Câ—eaâ— wast of copper there hath beene aboue fortie ounces of copper wasted in one hundreth weight of the moneys made thereof whereby the Bullion is growne finer that is to say These fortie ounces of copper being wasted haue left the siluer behind wherewith they were commixed at the first and so is the said whole masse or bullion so much finer and richer in the proportion which Arithmeticall distribution doth demonstrate vnto mee Demonstration Arithmeticall and in this ingot of course siluer may prooue it vnto you let vs suppose it weigheth 16 ll and containeth 4 ll of siluer and 12 ll of copper and so may we say it is the fourth part siluer if this ingot now should be made to decrease or diminish 4 ll of copper and so it should weigh but 12 ll and therein still containe all the foure pound in Siluer may not we iustly call this to be richer and say it is one third part of Siluer and yet there is no more Siluer than before
occasion to aske him Triall of the Pixe whether the last and supreme triall of the moneys which was made commonly once a yeare before the Lords at the Star-chamber was done in like manner And he answered me it was and withall he desired me to resolue the question betweene the Warden and the Mint-master concerning the two pennie weight of siluer hid from report as it is supposed according to our former conference I told him that according to the issue ioyned between him and me that the Mint-master had not pocketted vp any such two pennie weight of siluer as his account was charged withall I would make that plaine by demonstration which he said was his desire whereupon I framed my answere as followeth Foure Assayes of bullion and money I make no doubt sir but you haue marked my obseruations of the foure seuerall Assayes made concerning bullion and money namely the first of the Ingot before melting the second of the pot Assay after melting the third of the moneys compleate made thereof and the fourth and supreme triall of moneys at the Star-chamber as it were before the King and his Councell all which being done in manner alike you haue from time to time told me that their operation or effect was also alike for the triall of the Ingot there the copple had drunke in two pennie weight of siluer for the Pot Assay there two pennie weight was drunke in also the Assay made of the compleat moneys hath drunke in the like two pennie weight and last of all the highest triall of all hath drunke in the like two pennie weight of siluer how can it then be pocketted vp by the Mint-master when it was in the bullion remaining in the pot found in the moneys and confirmed to be so by the supremest trial and why should the Mint-Masters account bee charged either with an imaginarie or substantiall thing which he neuer had or inioyed A Tacite Resolution To this the Assay-master answering rather by signes than words said It was otherwise taken and vnderstood and himselfe tooke now better notice of it and wished that Truth might preuaile according to the saying Magna est veritas praeualet praeualuit praeualebit and so ended our supposed discourse Now let vs come to the mysteries of the Mints beyond the seas to recompence them that might take offence for discussing the premisses and let vs be like Nathaniel in whom there was no guile Qui vadit planè vadit sanè howbeit discretion is requisite The assayes beyond the seas are most made according to the proportion of the marke which is eight ounces Troy and they take twentie graines to make their assayes by which is correspondent with our fifteene graines Thirtie two grains beyond the seas is more than 24 grains with vs. for they diuide their English or penny weight in thirtie two Ases or graines which from twentie foure vnto thirtie two differeth one third part so is fifteene vnto twentie also a third part For this marke weight of eight ounces is twofold the one is called English weight and the other French weight in the Low Countreys But the English weight is most vsed which is diuided into eight ounces euery ounce twentie English or penny weight English marke and euery English thirtie two graines as aforesaid is 5120 graines to the marke This marke and one halfe maketh within a little our twelue ounces Troy for the pound weight being in graines 7680. The French weight called penny weight is also eight ounces French marke euery ounce foure and twentie penny weight and euery penny weight twentie foure graines is 6912 graines for the twelue ounces or 4608 graines for the eight ounces These graines are also diuided in twentie foure Garobes or Primes and the Primes in twentie foure Seconds and the Seconds in 24 Tercies or Malloquen which is superfluous notwithstanding all the said weights and diuisions to make assayes they vse another weight Assay weight which euery man maketh according to his fancie but most commonly they will diuide the marke in twelue deniers or pence and the penny into twentie foure graines and then graines subdiuided of paper making ⅛ 1 10 and 1 32 part of a graine which concurreth neerest with our assay weight for if one pound of siluer doe containe 1 12 part copper they call this eleuen deniers fine as we say eleuen ounces fine For the gold likewise they doe vse the same weight accounting for euery denier or penny weight two carrats so twentie foure carrats for twelue deniers or ounces and consequently eleuen deniers is twentie two carrats c. So the gold marke is twentie foure carrats Gold marke Siluer marke a carrat is twelue graines so 288 in the marke So the siluer marke of twelue deniers of twentie foure graines are 288 graines also which are bigger graines diuided into foure Primes or Siliquas is 1152. They vse also a manner of speech to say Twelue shillings to the marke pound Marke pound euerie shilling twelue pence and euery penny twentie foure graines is 3456 graines in the marke all which is done to make the knowledge of these things intricate In like manner for the sheiring of their moneys Sheire monies they will for euery peece make a penny as if there be made seuentie eight peeces out of a marke they will say it ☞ holdeth sixe shillings and sixe pence in the sheire or for 62 peeces fiue shillings two pence and so obscure things to take aduantage vpon others For the Mint-masters of the Low Countreys and Germanie are verie experienced in Mint matters and the assayes being made vpon the graines may deceiue much if by triall the calculation be not rightly made and if the said Mint-masters were not subtile yet the Generalls which follow the Prince or State doe nothing else but studie these things alwaies therefore let vs obserue more particulars of their proceedings as followeth In the making of coynes of gold and siluer they will vse many times to make peeces of fine gold and courser gold as the Emperiall Royall and the halfe Royall the one twentie three carrats 3 ½ grains and the other but eighteene carrats or the Flanders Crowne of 22 carrats In Germanie the ducat and the gold guildren which for workes being mixed are seruiceable admitting by conniuence the melting of the moneys rather than for want of it Bullion should not be brought to their Mints therefore they also take little for the coynage because it should sooner come vnto them than vnto other Minters where the coynage or seignoriage is great and albeit the same bee but small yet will they find meanes to make other Princes to pay the same Moneys made for transportation and cause moneys to be made for transportation especially for the East countreys to buy corne to bring the same vnto their Magazins whereby trade is increased and Spaine and Portugall supplieth the same by suffering moneys to bee
accordingly The double Guilder of Albertus tenne ounces 15 pennie weight and 14 â…— peeces The single Guilder the halfe and quarters of the same finenes and peeces accordingly The peeces of foure two and one Stiuer since 1590. The peeces of eight Ryalls of Spaine of eleuen ounces foure pennie weight and 13 ½ peeces The said peeces made at Mexico in the Indies eleuen ounces fine and 13 â…” peeces The Lion Doller of the Prince of Orange of nine ounces fine and thirteene peeces The siluer Ryder of Guilders and Frize-land correspondent with the States Doller of nine ounces The Dollers of Guelders and Vtrecht tenne ounces tenne and twelue pennie fine and thirteene peeces The great siluer Royall of the States correspondent with the Phillip Doller The 1 20 part of the said great Royall with the Arrowes accordingly The Doller of Zealand with the Eagles of nine ounces fine and 13 ½ peeces The Edward Doller of England of eleuen ounces two pennie weight fine and 11 ¾ peeces The Doller of Scotland with the crosse Daggers eleuen ounces two pennie weight fine and 11 ¾ peeces The Marke of Scotland eleuen ounces two pennie weight fine and 54 peeces The Doller of Frize-land coyned 1601 of nine ounces fine and 13 ½ peeces Coynes made of meere Copper THe Ortgens whereof foure make one Stiuer and two the halfe Stiuer The Duyts also foure make one Stiuer The Negenmannekens the eight make a Stiuer and foure the halfe Stiuer The three Mites whereof eight peeces to the Stiuer is 24 Mites The sixteene pence Hollandts make one Stiuer and eight the halfe Stiuer For other Copper Moneys read the fifth precedent Chapter of Moneys Error of Triall peeces for the Standard So I doe conclude this Chapter with an errour committed in the making of the Standard Triall Peeces vsed in most Kingdomes and States to charge the Mint-masters to make the Moneys by wherein they doe not proceed according to the Rule of Arithmatike by obseruing true weight and finenesse For if it bee appointed to make a Standard peece of tenne ounces fine they will take certaine ounces of fine Siluer and Copper proportionable thereunto and melt them together and being made into a plate of Siluer diuide the same into three equall parts to be deliuered one to the King another to the Warden and the third to the Mint-master and hereof are Assayes made both of this peece and the moneys and so compared together As if a man should take eleuen ounces two pennie weight of fine Siluer and eighteene pennie weight of Copper both in weight and melt them together making twelue ounces by weight and neuer weight them after they bee commixed But say this is sterling Standard whereas the weight both of the one and of the other doth proportionate the Standard by weight for in regard of the waste of copper this is better than Standard and ought to bee made exactly so that the peeces also are to be correspondent to the pound weight for the foundation riseth from hence as in the following Chapter appeareth CHAP. IX Of the Valuation of Moneys and the Proportion betweene Gold and Siluer VAluation of Moneys is the Spirit which giueth life vnto coynes for without it weight and finenesse are in the nature of Bullion or Materialls This Valuation is twofold Two fold is the valuation of moneys the first is done by publicke authoritie of Princes and States whereby the peeces of coynes are esteemed at a price certaine both for Gold and Siluer to go currant for that value within their kingdomes and dominions the second is the Valuation of Merchants by way of Exchange betweene vs and other nations which is predominant and ouerruleth the former as heretofore hath beene touched and now will be proued The Kings or Princes Valuation is effected three manner of waies Kings valuation viz. by inhauncing the price of the coyne by Proclamation secondly by embeasiling the standard of money by allay and thirdly by altering the proportion betweene Gold and Siluer The Merchants Valuation is also effected three manner of waies Merchants valuation viz. by the price of Exchange for moneys rising and falling from time to time by the tolleration of the coynes at a higher rate betweene them and by the combination with Mint-masters inhanceing the price of the Marke of Gold and Siluer Of all these in order briefely The Kings Valuation is deriued or drawne from the verie peece or peeces made out of the pound weight of twelue ounces or the marke of eight ounces which the Romans did call Nummus à numerando to tell or reckon by The Saxons gaue it the name Pfemimg or Pennimick in Ducth from whence the word pennie is deriued for they cuttâ—ng twentie peeces out of the pound Troy of twelue ounces made twentie pence euerie way that is to say twentie pence in weight twentie pence in value Weight and finesse both alike with the number of peeces and consequently diuiding the finenesse also by twentie pennie weight and euerie pennie weight in twentie and foure graines which was the auncient sterling standard of Osbright the Saxon King seuen hundreth yeares past which Valuation so continued vntill King Edward the third and vntill Henrie the sixth and then was valued at thirtie pence the said ounce and continued vntill Edward the fourth The ounce of siluer aduanced because of the inhancing of money beyond the seas and then valued at fortie pence and so continued vntill King Henrie the eight and then was valued at fortie and fiue pence and so continued vntill Queene Elizabeth who after the decry of the base money made by King Edward the sixth which King Henrie his father had caused to be coyned did restore the sterling standard to her great benefit by valuing the said ounce at sixtie pence or 5 ss inhauncing the same one full third part so that one of those pence became three pence by valuation and Gold was raised according to the proportion of eleuen of fine Siluer to one of fine Gold or eleuen of standard Siluer to one of Crowne Gold which valuation of Siluer hath continued hitherto with little alteration But beyond the seas there hath been great inhancing both for the coynes of siluer and gold as wel in Fraunce as in the Low-countries and Germanie to Englands incredible losse as is at large declared in our * The Canker of Englands Common-wealth Treatise of Exchange This daily inhauncing beyond the seas began in the time of King Henrie the eight who went about to reforme the same but afterwards finding that if he should inhance his price of moneys likewise they would still aduance theirs more and more he began but moderately and whereas the Angell Noble so called was at six shillings eight pence Angell Noble inhanced he â—aused the same to be valued at seuen shillings and foure pence by a Proclamation in the eighteenth yeare of his raigne and within two moneths after at seuen shillings
six pence and withall he did write vnto other Princes concerning the same and Commissioners came ouer about it but all was in vaine whereupon he gaue an absolute authoritie to Cardinall Wolsey by letters patents as followeth HENRIE the eight by the grace of God King of England and of Fraunce defendor of the Faith Lord of Ireland to the most reuerend Father in God our most trustie and most entierly beloued Councellor the Lord Thomas Cardinall of Yorke Archbishop Legat de Leicester of the See Apostolicke Primat of England and our Chauncellor of the same greeting For as much as coynes of moneys as well of gold as of siluer be of late daies raised and inhaunced both in the realme of France Francis the French King and Charles the fifth Emperor as also in the Emperors Low-countries and in other parts vnto higher prices than the verie poiz weight and finesse and valuation of the same and otherwise than they were accustomed to bee currant by meanes whereof the money of this our realme is daily and of a long season hath beene by sundrie persons as well our subiects as strangers for their particular gaine and lucre conueyed out of this realme into the parts beyond the seas and so is likely to continue more and more to the great hinderance of the generalitie of Our subiects and people and to the no little impouerishing of our said realme if the same be not speedily remedied and foreseene We after long debating of the matter with you and sundrie other of Our Councell and after remission made vnto outward Princes for reformation thereof finding finally no manner of remedie to be had at their hands haue by mature deliberation determined That Our coynes and moneys as well of Gold as of Siluer shall bee by our Officers of our Mint from henceforth made at such finesse lay standard and value as may be equiualent correspondent and agreeable to the rates of the valuation inhaunced and raised in outward parts as is afore specified whereupon Wee haue giuen commaundement by Our other Letters vnder our great Seale to the Master Warden Comptroller and other Officers of Our said Mint and to euerie of them to see this Our determination put in execution of the said coynes by Proclamation or otherwise as in the print coyne stroake of the same Wherefore by these presents Wee will and authorise you to proceed not onely from time to time when you shall seeme conueniently by aduice of such other Our Councell as you shall thinke good to the limitation description and deuising how and after what manner and forme Our said coynes and moneys may be brought vnto the rates and values finesse lay standard and print by you and them thought to be requisite but also to appoint Our said Officers of Our Mint duely to follow execute obey and fulfill the same in euerie point according In which doing these Our Letters vnder our great Seate shall be your sufficient warrant and discharge any Act Statute Ordinance or Law or other thing whatsoeuer it be to the contrarie notwithstanding In witnesse whereof We haue caused these presents to be sealed with Our great Seale at Westminster the 23 day of Iulie in the eighteenth yeare of Our raigne c. Graftons Chronicle doth record that all was to no purpose for the inhauncing might on both sides haue run ad infinitum Afterwards in the two and twentieth yeare of his raigne finding that Merchants did transport still the moneys or made them ouer by exchange and made no imployment vpon the commodities of the realme he caused a Proclamation to be made according to an old statute 14 Richard 2 Statute of imployment That no person should make any exchange contrarie to the true meaning thereof vpon paine to be taken the Kings mortall enemie and to forfeit all that he might forfeit Hereupon it fell out that lawlesse necessitie did run to the other extreame of imbasing the moneys by allay whereby all things came to be out of order For base money maketh euerie thing deere Base moneys and ouerthroweth the course of exchange betweene Merchants and causeth much counterfeit money to be made to buy the commodities of the realme and to destroy the good moneys like vnto the seuen leane Kine of Pharaoth which deuoured the seuen fat Kine in a short time as appeared of late within the realm of Ireland which is more dangerous in those kingdomes where their moneys are of a rich standard whereby many commotions happen Commotions about base money as in Fraunce during the raigne of Philip le Bell. And Peter the fourth King of Aragon did for this cause confiscate the Islands of Maiorca and Minorca now kingdomes in the Mediterranean sea whereas the policie of those nations which do vse seuerall standards of moneys doth preuent the same because that promiscuously they make and coine moneys of seuerall standards according to the occasion which is worthie the obseruation ☞ and as all extreames are vicious and defectiue so doth it befall those countries which will haue no base money at all and are made a prey vnto other nations by the exchange for moneys which must be maintained withall as I haue made and shall make more apparant Proportion betweene gold and siluer The third effect or alteration of the Kings Valuation of money is the Proportion betweene gold and siluer being in most countries twelue to one that is to say one pound of siluer for one ounce of gold wherein there is more operation than most men do imagine For you cannot aduance or inhance the one but you abate and diminish the other for they ballance vpon this paralell And whereas England by continuance of eleuen to one hath beene a great looser of gold so now by aduancing the same not onely to twelue to one but to 13 ⅕ for one there hath followed a verie great losse of our siluer which is ouer much abated as may appeare if we do but consider that the French Crowne of sixe shillings was answered with six shillings in siluer and is now full seuen shillings and foure pence and our six shillings in siluer are the verie same for twelue ounces of Crown gold of twentie and two carrats at 3 ll 6 ss maketh 39 ll 12 ss and 108 French Crownes the which are made out of the pound weight of twelue ounces at seuen shillings foure pence maketh also 39 ll 12 ss Hereupon to equalize the siluer vnto gold againe will breed a generall inhauncing of things within the realme for the alteration of the measure of moneys causeth the denomination to follow in number to make vp the tale which requireth great prouidence Exchange fallen by the inhauncing of gold in the Low-countries For we find that other nations perceiuing our gold to be inhanced haue abated the price of exchange according to which the prices of commodities are ruled so that the same goeth at thirtie and foure shillings six pence or thirtie
that the third and so forth till the last that moueth the instrument that strikes the clocke or like as in a presse going in at a straight where the formost is driuen by him that is next him and the next by him that followes him and the third by some violent and strong thing that driues him forward which is the first and principall cause of putting forward all the rest afore him if hee were kept backe and staied all they that goe afore would stay withall This is therefore called causa efficiens and so is Vsurie Politike vnlesse the biting of it bee hindered as shall bee declared The most fauourable extortion by Vsurie vpon pawnes of any mooueable thing is after six pence for 20 shillings for one moneth of 28 dayes which is aboue thirtie in the hundreth by the yeare and two pence for the Bill money of halfe a crowne or eight pence or 12 pence for the Bill money of â—0 shillings which is more than the Interest and this rate wil be taken if it be for one weeke that the pawne be redeemed againe for the intent is alwaies taken to be for one moneth And vnder colour of the Bill money there is for registring of the pawnes likewise exaction made since there was a register appointed who doth not take knowledge of the twentith part of the pawnes but what they will declare Others doe take eight pence for the moneth or weeke with the like allowance for Bill money and registring which commeth to aboue fiftie in the hundreth The vsuall rate vpon small things is twelue pence for the weeke or moneth as aforesaid and this is sixtie in the hundreth and with Bill money aboue eightie nay there is taken the shilling pennie by the weeke of the Fish-wiues and other women selling small wares vp and downe streets which is aboue 400 vpon the hundreth by the yeare besides the Bil money what this commeth vnto in diuided smal sums is incredible This Bill is made to deceiue the Law and the forme of it is Bought of Iohn a Stile one paire of stockings one shirt one band and a hat for fiue shillings witnesse my hand the tenth of May 1622. Io. a Stile And since the Register was made much is pawned without making of any Bills and not conteâ—ted with this horrible extortion they will let out for gaine many of these pawnes and so weare them out or at last take the forfeieure of them being sure to lend about the third and fourth pâ—rt of the value By these meanes deuouring and consuming the poore housholder and mechanicall man it being onely the remarkeable sinne of oppression by exaction noted in the holy Scripture for which the first world was drowned The vse of Lombards This caused Pâ—lititians or States-men to admit the vse of Lombards in their Common-weale to moderate this intollerable exaction of Vsurie so called Lombards of certaine Italians which came out of Lombardie whereof Lombard-street yet beareth the name since Henrie the third his time Thâ—se Lombards did take also extreame rates of twentie and twentie fiue vpon the hundreth as the Iewes did and of late yeares they haue beene by publike authoritie admitted in Lombards of the Low-countries to take after three halfe pence a weeke for the pound of twentie shillings and one pennie for the Bill but not to be bound to pay for the moneth which was also a great rate wherein they were compared vnto retailers of small wares as Chandlers and such like which may get 25 and 30 in the hundreth vpon wares sold by retaile and these men were the retailers of money and had allowance accordingly which in the Low-countries were almost in euerie Citie and payed for it an yearely sum of money to the States But now of late all this kind of people is put out Houses of Commerce and there are Pawne-houses called Houses of Commerce erected where the borrower paieth but after ten in the hundreth and some allowance towards charges vnder the moderation of the Iustinian Law and this is declared to be done for the reasons following That the intollerable Vsurie committed by the Lombards might be preuented That the pawnes should not be worne or vsed but safely kept to be by them restored at all times hauing men and women to looke vnto them That the vse of twentie shillings for one weeke is but one farthing â…— parts towards the payment of ware-house and house roome keeping of the pawnes and entertainement of seruants wages and others to manage the same That almost the value of the pawne may be had thereupon if the borrower will desire it one yeares time and sixe weekes considered with the charges during all which time he may redeeme the same and pay but after the rate But after the expiration of that time then the pawnes to be sold in a publicke outcrie by a sworne Officer to be oppointed by the Magistrate and what soeuer is made more thereof than the principall money borrowed and the charges to be restored vnto the partie or him that bringeth the ticket or to their heires or within two yeares to the Magistrates if no man claime the same to be distributed to the poore That stolne goods may by these meanes be detected and theeuerie decrease and mens liues preserued for the good of the Prince and Staâ—e I hope no man will denie but this is a commendable course taken for the comfort of the common people that by intollerable Vsurie they be not destroyed but as necessarie membeâ—s of the common wealth they may liue in their vocation and profession Surely the famous citie of London is worthie of perpetuall commendation for the education of Orphanes But if an Orphane come to be an housholder and liueth honestly by his handie worke and labour and hath therby gotten a little estate of thirtie or fortie pound in some yeares and then being visited with sickenesse whereunto all men are subiect he is constrained to pawne his goods or substance vnto these vncharitable people what a miserable and pittifull thing it is to see his poore Familie vndone by these meanes as it were in a moment loosing that which with great care labour and sweat of his browes he hath been gathering for many yeares together God is my witnesse that the consideration hereof hath moued my soule with compassion and true commiseration which implyeth a helping hand For it is now aboue twentie yeares that I haue moued continually those that are in authoritie and others that haue beene to be pleased to take some course to preuent this enormitie Some that God hath called either void of charitie or seeking Priuatum commodum haue beene remisse to further the same and for as much as I am in a manner hopelesse of any successe and that it behooueth me being stricken in yeres to number my daies I thought conuenient to publish the last Proiect and offer which hath beene made to the same effeâ—t two manner of waies wherein I
Cash you make ouer 300 ll for Amsterdam by exchange with condition and order to your Factor That from time to time as the mony groweth due hee shall make it ouer againe by exchange vnto you at double Vsance which is two moneths as you made it ouer vnto him some now in this case wil arme an account of exchanges but it is better to make the factor of Amsterdam debitor for it and cash creditor Ships are now arriued from Saint Lucar in Spaine and your Factor of Seuill hath sold your Perpetuanoes Bayes and Lead Retuâ—ne from Spaine in Tabacco and in returne thereof hath sent you a parcell of Tabacco because Cutcheneall was too deare and rich Indico is heere too good cheape withall hee hath sent you the account of your commodities kept in Royalls of Siluer Accounts of goods sold in Spaine accounting sixe pence for a Royall of the cleere Prouenu being 27240 Royalls making sterling 681 ll whereof you make him Debitor and the Voyage for Spaine Creditor and when you come to your Leiger Booke there it appeareth that the said goods did cost you 736 ll and so there is lost 55 ll For this now to cleare the account of the said goods you make Profit and Losse Debitor Losse vpon wares in Spain and the said Voyage Creditor to ballance this losse contrarie to the gaine the Tabacco did cost with all charges 24800 Royalls which is 620 ll for this you make an account of Tabacco Debitor and your Factor of Seuill Creditor Reduction of Spanish mony into sterling in the same manner as you did your Veluets putting thereunto the great Impost which you paied for the same and all charges and hauing sold your Tabacco for tenne shillings a pound one with another you find to haue made cleere aboue one thousand pounds be it 1010 ll which cost you in Spaine but 620 ll so heere is 390 ll gotten Gaine by Tabacco but you lost 55 ll by your wares sent into Spaine well this account is cleared Tabacco is made Debitor 390 ll and Profit and Losse Creditor for the same and now you are well stored for money for all is readie money sauing 300 ll at sixe moneths Hereupon you make more money ouer by exchange for Amsterdam Money made oâ—er by exchange by seuerall Bills to your Factor to the sum of 500 ll and thereupon he is made Debitor and Cash Creditor for the said sum Interim your said Factor of Amsterdam hath made ouer vnto you by exchange the former 300 ll backe againe for which you make him Creditor and the partie Debitor that is to pay you the money at double Vsance The Ships of Lixborne are also arriued and bring in returne of your Kerseys and Reading clothes fortie chests of Sugar of the three sorts Pancla Mascauado and Blanco or white with aduice that the commodities are sold at a reasonable rate for by the account it appeareth that the nett Prouenu of it commeth to 1204 thousand 800 Reys Reduction of Portugall money into sterling which make 3012 ducats of ten Royalls or 400 Reys is sterling 753 ll so that there is aduanced by the account iust one hundreth pounds which are carried to the account of Profit and Losse as in the former Accounts The fortie chests of Sugars did cost 550 ll whereof the Factor of Lixborne is made Creditor and the Account of Sugars Debitor in like manner as aforesaid Mutatis Mutandis and the said Sugars were sold paiable at sixe and sixe moneths for 820 ll so that the charges and customes deducted there was 190 ll gotten which are likewise posted to the Account of Profit and Losse Money which was made ouer returned by exchange againe The 300 ll made ouer from Amsterdam are now due to be paied heere and the Merchant doth offer you to pay them by a new Bill of exchange whereunto you agree and heereupon you make him Creditor and your Factor of Amsterdam againe Debitor and withall you make ouer by exchange other 200 ll payable at double Vsance and for this you make him Debitor also and Cash Creditor The yeare is now almost expired and euerie prouident Merchant doth commonly make vp his Account and draweth a ballance of his booke and this Merchant findeth to haue receiued of his Mannor of Latham Money receiued oâ— lands and lease Expences of house keeping reckoned and lease of a house 106 ll and for this he charged his Cash and carrieth the same to Gaine and Losse as he did all the former parcells Then hee doth cast vp his expences of house keeping which come to 150 ll and for this hee maketh Profit and Losse Debitor and Cash Creditor The 400 ll made ouer from Hamborough are receiued and Cash is Debitor for it and the parties that payed the same are made Creditor and discharged Now by the Account of Profit and Losse there appeareth to be gotten 911 ll cleare Gaines of the Accâ—unt of Profit Losse and Losse carried to Capital or stocke all charges and expences deducted this is now carried to Stocke which is now 5911 ll Heereupon take all the remainders of the Accounts by Debitor and Creditor which is the ballance of the Booke and you shall find nothing on the Creditors side but the Capitall of 5911 ll which is ballanced by the nine accounts following and the three accounts for the lands leases and houshold stuffe amounting to 1900 ll vnaltered So 1900 ll for the said lands Ballance of the Leiger Booke lease plate and houshold stuffe 420 Owing by two parcels at interest by C.D. N.W. Merchants 520 Owing for Veluets sold to c. 300 Owing for Tabacco sold to c. 820 Owing for Sugars sold to c. 1000 Owing by the Factor of Amsterdam c. 180 Owing by the Factor of Hamborough c. 61 Owing by the Factor of Seuill c. 203 Owing by the Factor of Lixborne c. 507 Readie money in Cash 5911 ll  Thus it appeareth that this Merchant hath augmented his Capitall or Stocke nine hundreth and eleuen pounds Losse by the Account of profit and losse being now worth 5911 ll And if he had beene a loser by the Account of profit and losse then must he make his Capitall Debtor and the said Account Creditor to ballance the matter whereby his Stock would haue decreased Now by these proceedings in buying and selling receiuing and paying you may vnderstand all other voyages for what places soeuer taking notice of the diuersities of moneys and calculations of Exchanges alreadie declared in our former Chapters hauing an especiall care to keepe an orderly Cash Booke of all the moneys receiued and payed out which The importance oâ— a Cash Booke as money is Publica Mensura or a right Iudge to set a price vnto euerie thing so may you by the measure thereof truely entred in the Cash Booke find out many doubts questions and vncertaineties
to be inuectiue and patheticall against Bankers wherein they are not mistaken Bankes are incompatible in Common-weales For the vse of Banke vnlesse they bee countermined by other Bankes are not to bee suffered in any well ordered Common-wealth as time will manifest more and more The French King Lewis the ninth and Philip the Faire did with great cause confiscate the Bankers goods and for the discouerie of their debts ordered their subiects to pay onely the principall money into their Treasuries Philip de valois did the like and indited them as Couseners of the Common-wealth for it was found that in a short time Bodin de Rep. with twentie foure thousand pounds sterling they had accumulated and gotten aboue two millions foure hundreth thousand pounds Others which through enuie malice or other passions haue the eyes of their iudgement blinded haue censured my writing to be Apologeticall for the erection of a Banke vnder the colour of the restauration of the auncient Office of the Kings Exchanger which how absurd it is let the wise iudge by the difference betweene a Banker and a Generall Exchanger Difference between Banker and Exchange The Banker doth draw vnto him all the moneys of other men making his small stocke to be infinite and the Exchanger must with his owne stocke supply mens occasions The Banker doth make the price of Exchanges with the correspondence of other Bankes elsewhere at his pleasure and most aduantage The Exchanger hath no correspondence with other Bankers but with his Factors and Seruants is limited to deale honestly with all men But because it is difficult to please mens humours in the reformation of abuses which either for gaine some would haue to continue or others through ignorance doth not vnderstand Therfore is there another meanes propounded as you see by this discourse Now comming to the Feats of Bankers it is not since yeasterday that the same haue beene obserued much lesse by mee inuented but in the yeare 1576 the wise and famous Councell of Queene Elizabeth caused the same to be examined by discreet persons who did make report thereof albeit they missed of the remedie and they did distinguish the manner of Exchange to be threefold viz. For the Bankers priuate gaine and benefit TO lay their money with gaine in any place of the world where any Exchange lyeth To gaine and waxe rich and neuer meddle with any Princes commodities To buy any Princes commoditie and neuer bring pennie or pennieworth into the Realme but doe it with the subiects money To grow rich and liue without aduenture at the Seas or trauaile To doe great feats hauing credit and yet to be nought worth To vnderstand whether in coniecture their money imployed on Exchange or buying of wares will be more profit To know certainely whether and what the Merchants gaine vpon their wares they sell and buy To liue and increase vpon euerie Princes subiects that continually take vp money by Exchange and whether they gaine or no. ☞ To wind out euerie Princes treasure out of his Realme whose subiects bring in more wares than they carrie out of the Realme To make the Staple of money run thither where the rich Prince will haue it to be brought and pay for it To vnfurnish the poore Prince of his prouision of money that keepes his wares vpon interest money if the enimie will seeke it To furnish their need of money that tarrie the selling of their wares in any contract vntill they make them come to their price To take vp money to engrosse any commoditie either new come or whereof they haue some store to bring the whole trade of that commoditie into their owne hands to sell both at their pleasure For the aduancing of one Common-wealth aboue all other Common-weales TO hide their carrying away of any Princes money To fetch away any Princes fine money with his owne or any other Princes base money To take vp Princes base money and to turne into his fine money and to pay the deliuerer with his owne and gaine too To get vpon credit into their hands for a time all the Merchants money that will be deliuered and pay them with their owne and gaine too ☞ To make the Realme gaine of all other Realmes whose subiects liue most by their owne commodities and sell yearely the ouerplus into the world and both occupie that increase yearely and also their old store of treasure vpon Exchange To vndoe Realmes and Princes that looke not to their Common-wealth 〈◊〉 when the Merchants wealth in such and the great houses of one Countrey conspire together so to rule the â—xchange that when they will be deliuerers they will receiue in another place aboue the standard of the Mint of the Princes money deliuered And when they will bee takers they will pay the same in another place vnder the standard of the Mint of the Princes money taken vp To get readie money to buy any thing that is offered cheape To compasse readie money to get any offered bargaine out of anothers hands and so by outbidding the other oftentimes to raise the wares For the destruction of a Common-wealth TO get a part and sometimes all his gaines that imployeth money taken vp by Exchanges in wares and so make others trauell for their gaine To keepe Princes for hauing any Customes Subsidies or Taxes vpon their money as they imploy it not To value iustly any wares they carrie into any countrie by setting them at that value as the money that bought them was then at by Exchange in the countrie whither they be carried For the better explanation of the premisses let vs remember the description of a Banke heretofore declared Payments in Banke limited and therein obserue that great power and commaund which is giuen them by the common-wealth to incorporate moneys by the meanes of Exchanges making it to become a merchandise and to ouerrule the course of commodities Some men are of opinion that the price of Exchanges are made by an indifferent course because the Bankers at the time of the payments of Exchanges in the principall places as Lyons in France Madrill and other places in Spaine Florence and Genoa in Italie Bizanson and other places elsewhere haue a meeting and by certaine tickets in writing euerie man doth deliuer his opinion what the price of Exchange ought to be for all places then exchanging for the next Faire or time of payment And according to the same the calculation is cast vp by the Medium that is to say Exchanges cast vp by the Medium if there be seuen or more voices or tickets the said seuen are added together and the seuenth part is the Medium if there be ten then the same being cast vp the tenth part is the Medium and so for greater or lesser numbers accordingly But these men are ignorant of the Bankers obseruations for they all know how the plentie of money lyeth by Exchanges and they concur in making
coynes which is of late yeares established to preuent the inhancing of coyne and yet it cannot be sufficient to preuent the said incertaintie of the price of commodities If the standards of the said moneys were by allay of copper altered much lesse would the aduice giuen that Merchants accounts should no more be kept in liuers and soulz but in French crownes to hinder the inhauncing of moneys which in some countries is secretly practised to bee done of meere policie when by publicke authorie it is forbidden and might be effected as within the realmes of England Scotland and Ireland and other his Maiesties dominions where the moneys are not inhaunced betweene man and man and remaine currant according to their price vntill the kings authoritie doe alter the valuation by Proclamation albeit by exchange it is not so and therefore according to my third Paradox we shall find That the imaginarie moneys in exchaunge doe ouerrule the substantiall moneys in specie The third Paradox For the Merchants valuation of moneys in exchange doth ouerrule the Kings valuation of moneys within the realme For when the King hath valued the shilling peece at twelue pence Merchants vndervalue the same in exchange at 11 ½ d and 11 d not only in the price of exchange but also receiuing beyond the seas the inhanced moneys aboue their values and not valuing of them in exchange accordingly as before hath been obserued concerning the valuation of moneys and the imaginarie coines or rather moneys wherupon exchanges are made for so many seuerall places The late Earle of Donfermelling Lord Chancellor of Scotland did propound vnto the Kings maiestie in the yeare 1610 Proposition of the Earle of Donfermelling a certaine proposition touching the inhauncing of gold his lordship being of an excellent iudgement in mint affaires That the French crowne of the Sunne which went neuer in England to vse his owne phrase all Queene Elizabeths time aboue six shillings English money went now for seuen shillings and three pence and that the English double soueraign of twentie shillings went in France for eleuen francque or twentie two shillings and that both waies there had bin no alteration in the standard Whereupon he did demand in writing what was the cause of the said difference or alteration if this proceed said he from the goodnes of the gold that it is better in finenesse and allay or in weight or from the weakenes of the siluer that it be worse than it was either in finesse allay or in weight then is the cause intrinsick and substantiall and may be easily considered and resolued if it bee good or euill to be intertained maintained and set forward or reiected and stayed from all further course if there be any other cause or reason it must of force bee extrinsicke and accidentall let the same bee searched out if it bee good to the Prince and estates weale and commoditie it should be assisted and continued if it be tried euill proceeding from the policie and craft of trades-men tending onely to priuate gaine and commoditie preiudiciall to the Prince and State to be gainestood and expelled This proportion being sent vnto mee by a great personage then in high place was made plaine by demonstration to proceed of an accidentall cause by aduancing the Valuation of gold partly in England when Crowne gold was valued from fiftie fiue shillings the ounce to three pound and partly in France when they did aduance the French Crowne in specie fiue soulz aduising therewithall that to remedie the same it was not to bee done by inhauncing of our gold still more and more but in the price of exchange betweene France and vs otherwise wee should vnderualue too much the siluer of the Realme to our exceeding losse shewing withall how easily this might bee done without alteration of the proportion obserued betweene gold and siluer for most places But the contrarie was approued and Crowne gold was more inhaunced to sixtie six shillings the ounce by two seuerall Proclamations Nouember 1611. which hath proued the losse of our Siluer in bullion or weightie coyne daily breeding greater inconueniences by the want of our moneys which by reason of the vndervaluation in exchange and not by vndervaluation in specie are continually exported none imported but diuerted by gaine for other places as hath beene declared All which commeth to passe for want of true iudgement and experience in mint affaires with the consideration of the said Essentiall parts of trafficke so often mentioned whereof I hope that in generall meetings for the publicke more regard will be had to the end it bee not recorded of vs as it hath beene of some Parlements in Fraunce that in populi republica sententiae numerantur non ponderantur and then we shall be said to vnderstand the Par by right distinction betweene the actiue and passiue Pâ—ys 3. lib. ca. 3. Aristotle saith that Action and Passion are meerely Relatiues and that they differ no more than the way from Thebes to Athens and from Athens to Thebes let vs discerne therefore the one from the other and we shall find that as the Liuer Money ministreth spirits to the Heart Commodities and the heart to the Braine Exchange so doth the Braine Exchange minister to the whole Microcosme or the whole Bodie of trafficke Let the Heart therefore by the Liuer receiue his tintured Chylus by his owne Mouth and Stomach and the Bloud full of Spirits shall fill all the Veines and supplie the want of moneys the easie course and recourse of whose Exchange shal bring all things in tune serue all mens turnes For euen as there are two courses obserued of the Sun Two courses of Exchange like the two courses of the Sunne the one annuall and the other by dailie declination rising and going vnder within the Aecliptique line euen so must we obserue in Exchange two courses the one according to par pro pari or value for value the other rising or falling from time to time as hath beene sufficiently declared whereof the said Aristotle Seneca nor Cicero nor any other Phylosopher or Orator could take notice in the infancie of trade Exchange not being then inuented neither do we find that any Temporall or Ciuile Lawyer hath entred into this important studie for the welfare of kingdomes and Common-weales by the rule of Equalitie and Equitie hitherto To conclude therfore this Paradoxicall discourse I cannot omit to doe the same with another Paradox by me obserued in the making of moneys of gold and siluer namely That a man may commixe Bullion to make a certaine standard of moneys either of gold and siluer A very strange Paradox and after the commixture made shall alter the standard and make the same better or worse without putting any allay or siluer and gold vnto it That is to say I will melt downe eleuen ounces and two pennie weight of fine siluer and eighteene pennie weight of copper both one pound Troy
Baskets are one Load and foure Bales or 400 ll is reckoned for a Diars Triall and at London they take foure Quintalls of 112 ll for a Triall to know how many short Clothes of 24 yeards it will dye which is commonly of Ilands Woad from Saint Michael 7 Clothes And at Thouloze they account that Woad of 36 Frankes or about 4 pound sterling dieth 13 Clothes Cane in France they measure by a Tub containing 8 Measures or Sackes euery Measure 120 ll is the Coope at Antuerp 1050 ll accounted for a Triall but is farre inferiour in goodnesse to Thouloze Woad Eldfoord in Germany there one great Drifatt of 1200 ll is a Triall Hoppes were wont to be sold by the Measure but now it is done by weight namely the hundreth or by a Skippound of Amsterdam of 300 ll which comming much into England from the following places is worthy the obseruation albeit English Hopps are the best The Skippound of 300 ll of Amsterdam is Bridges 13 Hoett but now measured Gaunt 23 Halsters Delft 40 Achtelings Schoonhouen 37 Achtelings Vtrecht 13 Muddes Bolduc or Hertogenbosh 8 Hoet Harlem 2 Hoet Hamborough 1½ Wispell The Measure of Sea-Coale THis measure must of necessitie bee taken vpon the Chalder of New-castle where the greatest quantitie of Coales is found They measure there by the Chalder filled vp whereof 7½ Chalders make one Last and is measured with giuing twentie one for twentie the correspondence is The Last of New-castle of 7½ Chalders is London and Yarmouth 10 Chalders Roan 100 Barrels giuing 104 for 100. Bridges and Ostend 100 Measures for Oats Dort 12 Hoet also by Waighes of 144 ll of 24 Stones of 6 ll Gaunt 144 Sackes or 24 Muddes Alst 200 Muddes Antuerp 175 Vertels Condet 44 Muys the 80 make a Cherke Zealand 68 Herring Barrels Middleborough by Waigh of 180 ll Amsterdam 13½ Hoet of 38 Measures Rules to know the goodnesse of Sea-Coales 1 TAke your Coale and hold the same ouer a candle or rather ouer a flaming fire and if the Coale doe melt as it were drop or fry then it is vndoubtedly good Coale for this is an argument of his fattie and sulphurious nature which ministreth store of food for the fire But if the same grow hard and dry ouer the flame it is a signe of a leane and hungry Coale and such as will not cake or knit in the burning 2 The brightnesse and glistering of the Coale both within and without is some argument of his goodnesse albeit that some kind of bad Sea-coale newly digged out of the Myne and brought drie in Summer time will both shew and breake faire but most commonly if it breake in the colour or lustre of Pitch it prooueth a good Coale to the buyer But without all question if the same bee of a darke duskie and dead earthly colour it is vtterly vnprofitable for him that shall spend it 3 The best and most assured proofe except the making of a fire with them wherein no man of any sense can easily be deceiued is the lightnesse of the Coales in weight This weight as in many other bodies so especially in water doth either argue his purenesse or impuritie for the lighter and cleerer waters are euer held the better and more wholesome as least participating with earth now by the weight of halfe a Pecke of the good ones kept by you triall may bee made at all times for bad Coale is much displeasing to all men Of the Weights and Measures of England COncerning weights for difference in the ounces and the pounds wee are to obserue the Troy weight Troy weight which hath but twelue ounces to the pound and Auoirdupois weight which hath sixteene ounces to the pound which are lesser ounces for these 16 ounces make but 14 ounces and one halfe and two penny weight of the ounces Troy vsed in the Mint where 136 ll Auoirdupois Suttle weight is but 100 ll Suttle Troy weight So accounted in the last Copper monyes of pence and halfe pence made for Ireland Auoirdupois weight The Troy weight serueth onely for Bread Gold Siluer and Electuaries accounted eight pound to the gallon and so by computation sixteene pound to the Pecke 32 ll to the halfe Bushell and 64 ll to the Bushell The Auoirdupois weight serueth to weigh Butter Cheese Flesh Tallow Wax and euery other thing which beareth the name of Garbell and whereof issueth a refuse or waste So 7 ll of this weight to the gallon for Wheat is 14 ll the Pecke 28 ll the halfe Bushell and 56 ll the Bushell Correspondence of the said weight The 7 ll Auoirdupois weight are one hundreth and two ounces Troy weight according to which rate the quarter of Wheat must weigh 448 ll Auoirdupois and 14 ll Auoirdupois and 16 ll 11 ounces Troy doe iustly accord or 56 ll Auoirdupois and 67 ll 8 ounces Troy where note that one penny starling is the twentieth part of an ounce Troy the halfe penny and farthing accordingly And that 7 ll 12 s. starling is 84 ounces and one halfe and two penny weight of Troy And 6 ll 18 s. starling is 82 ounces 3 quarters of an ounce and one penny Troy From the which 2 Assizes the white wheaten and houshold breads are calculated and drawne The measure drawne from the Troy weight For the wet Measure is also drawne from the pound weight Troy both by land and within shipboord as also all manner of Corne and graine that is to say The weight of twelue ounces Troy in wheat doe make a concaue or hollow measure named a Pinte and eight of the same pintes make a gallon of Wine Ale Beere and Corne according to the Standard of his Maiesties Exchequer and the Acts of Parliament 11 and 12 H. 7. But for the water Measure within Shipboord there is allowed tenne gallons to the Bushell which containe fiue Peckes The content of Caske From this Troy weight and measure is drawne also the Assize for the quantitie and true content of all manner of Caske lawfull and vendible within the Realme of England that is to say Euery Hogshead to containe threescore and three Gallons euery Tierce foure score and foure Gallons euery Pipe 126 Gallons and euery Tunne 252 Gallons Salmon Herring Eeles Soap measure There is also a measure called Salmon Butt of 84 gallons so the Barrell of Salmon 42 Gallons the halfe 21. The Herring Barrell is 32 Gallons and the Eele Barrell 42 Gallons and the halfe and Firken of both these must hold accordingly the Soape Barrell 32 Gallons The weight of Cheese and Butter There is also the true weight of Cheese and Butter called the weigh which is 112 ll Auoirdupois to the hundreth so the two hundreth is 224 ll containing 32 Cloues and euery Cloue 7 ll so the weigh of Suffolke Cheese is 256 ll Auoirdupois weight but the weigh of Essex Cheese is 336 ll The Sacke of Wooll The Sacke
doth pay for it Factors therefore must bee very carefull to follow the Commissions giuen them very orderly and punctually and because Merchants are not able to prescribe euerie thing so exactly vnto their Factors as is conuenient it behooueth them to make good choice of the persons which they doe imploy for their welfare dependeth vpon Trafficke otherwise the Factor groweth rich and the Merchant poore because his gaine of Factoridge is certaine howsoeuer the successe of Merchants imployment doth prooue But hauing a good Factor which word Good implyeth all and more than an honest Factor who may bee honest and neuerthelesse simple in his proceedings and others also may be wise and not honest This Good Factor therefore may bee trusted Ample Commissions with an addition and all Commissions giuen vnto him may be ample with addition of these words Dispose doe deale therein as if it were your owne this being so found the Factor is to be excused although it should turne to losse because it is intended hee did it for the best according to his discretion which is and ought to be the truest director making a conscience to see their Masters losse if they can preuent it but being limited to the contrarie they can but grieue when their counsell and aduice doth not take place either in the selling of commodities in time foreseeing a greater losse or buying some commodities deere ouer hastily as also in keeping a commoditie without purloyning the same A Passionate Commission sometimes vpon a passionate humour as a Merchant of Amsterdam did of late yeares to his Factor in London for being a loser by some Spanish Wines by writing in these words My will is that vpon the receit of this my Letter you goe to the next Ironmonger and buy a Hammer and run into the Sellor and strike out the heads of all the Butts of Wine and let it run into the Sellors For seeing the deuill hath eaten the horse let him haue the bridle too The Factor did herein vse his discretion and kept the Wines which he afterwards sold to benefit for he remembred that losers haue leaue to speake Difference by Law betweene a Factor and a Seruant Factors doe deale most commonly for diuers men and euery man beareth the hazard of their actions but if a Seruant doe deale for others by his Masters direction and they breake the Seruant can be no loser for hee is taken to haue no other credit but his Masters which is the cause that Intimations Citations Attachments and other lawfull courses are executed against Seruants and take no place against Factors vnlesse they haue Procurations Now let vs set downe such obseruations as Factors ought to know Obseruations concerning Factors IF a Factor do sell at one time vnto one man seuerall parcells of commodities or goods belonging to diuers mens accounts to be paied iointly in one or more paiments without any distinction made by the buyer for what parcels he payeth any summe in part of payment of the said debt weekely or monethly as shop-keepers do then is the said Factor to make a proportionable distribution of the moneys so receiued vpon euerie mans account Commodities bought and sold. according to the summe that euerie mans parcell did amount vnto vntill all be paied and if any losse doth happen or that all be not paied the said losse is to be distributed vpon euerie mans account accordingly If a Factor do sell afterwards more goods to the said man or any other who is alreadie indebted for other commodities formerly bought as aforesaid bee it for his owne account or other mens accounts and in the Interim receiue some more monyes in part of payment and account between them then is the said Factor to distribute the said monyes as before vntil the said old and precedent debt be first payed vnlesse there were cause of controuersie for them or that the payment were indorsed vpon the Bill made for the later goods sold vnto that man for that Bill may bee transferred or set ouer vnto another man and so is not hee the receiuer of that money but the other man If a Factor doe sell goods to another man payable at time for his owne account and rcieveth the money for the same at the time of payment and in the meane time letteth other mens monyes remaine in that mans hands vnpayed for goods by him formerly sold this Factor is to be answerable for that money vnto those other men although hee should neuer recover one penny of it For hee cannot without fraud beare with the non-payment of other mens monies after they be due and procure the payment of his owne money to another mans losse and preiudice In like case if a Factor doe sell vnto a man certaine goods of another mans account either by it selfe or amongst other parcells and this Factor giueth not aduice to the owner or proprietarie of the sale of the said goods but afterwards hauing had more dealings with that man in selling of goods and receiuing of monyes this man becommeth insoluent The Factor is to make good that debt for the said goods so sold because hee gaue no aduice to the owner of the sale of the said goods at conuenient time euen as if he had sold those goods vnto a man contrarie to the Commission giuen vnto him for the Salarie of Factoridge bindeth him thereunto If a Factor by order or Commission of a Merchant doe buy any Commodities aboue the price limited vnto him by the said Merchant or that they bee not of that sort goodnesse or kind as he is willed to doe This Factor is to keepe the same for his owne account and the Merchant may disclaime the buying of them The like hee may doe if the Factor hauing bought a commoditie according to his Commission doe ship the same for another place than he hath Commission to doe If a Factor doe sell a commoditie vnder the price limited vnto him he is to make good the losse or difference of the price vnlesse he can giue a sufficient reason of his doing so wherein hee is to consider the disposition of the Merchant for whom hee dealeth as is before noted If a Factor buy commodities according to his Commission and afterwards the price of them riseth and thereupon fraudulently hee ladeth them for another place contrarie to his Commission to take the benefit thereof in this case the Merchant shall recouer damages against the Factor by the Custome of Merchants vpon proofe made thereof If a Factor by the aduice of a Merchant doe buy a commoditie for that Merchants account with the said Merchants mony or by his credit and the Factor giueth no aduice of the buying of it to the said Merchant but doth sell the same againe for his owne benefit and gaine the Merchant shall recouer this benefit of the said Factor by the Office of Prior and Consulls according to the Custome of Merchants and shall be moreouer amerced for
And to conclude concerning Fraightments and Charterpaâ—ties let vs obserue that equitie in all things is to be considered and especially in sea-fairing causes and cauillations are to be auoided as for example A Merchant fraighted a ship with all his furniture by the moneth and putteth into her the Master and Mariners and victualled the same at his charges and maketh a charterpartie with the owner promising to pay for the vse of the shippe and furniture twentie pound euerie moneth at her returne into the riuer of Thames and so ladeth in her for the Straits Equitie in sea-faring causes much to be regarded and to go from Port to Port in seuerall places with merchandise and after two yeares or thereabouts hauing taken her lading in Barbarie commeth for London and by storme and tempest the ship was cast away neere Douer and the goods were saued hereupon the Merchant denied to pay the fraight monethly to be reckoned because the ship did not arriue in the riuer of Thames according to the words in the charterpartie Herein the owner was much wronged for the money is due monethly and the place is named onely to signifie the time when the money was due to be paied for the ship deserueth wages like vnto a labourer or like a mariner which serueth by the moneth who is to be payed for the time he hath serued although he dies before the voyage be ended as we find daily that the East-Indies companie payeth to their wiues or friends The labourer is worthie of his hire The ship is not fraighted by the great to run that aduenture which is noted before neither was she wanting her furniture of Cables Anchors Sailes Ropes or any thing whereby she was disabled to performe the voyage and might be the cause of the casting away for if it were so then there were great cause giuen to denie the payment of the fraight Againe where it was alleaged that the said owner hath made assurance vpon the ship for more than the same was worth and did thereby recouer of the Assurors a benefit towards his losse this did not concerne the Merchant but the Assurors and if the assurance were orderly made the said Assurors haue paied the same duely that is to say If the pollicie or writing of assurance did declare That the owner did value his ship in such a summe whereof hereafter you may read in the proper place intreating of the nature of Assurances A Merchant valued one barrell of Saffroh at 1000 ll hauing priuately put so much in Gold in the same the Gold was taken but the Saffron was deliuered and the Assurors did pay for the Gold And the like is for Pearles or other things so valued Item when Coffers Packes or Pipes and other marked commodities or goods are deliuered close packed or sealed and afterwards shall be receiued open and loose the master is to be charged for it vntill a due triall and that consideration thereof be had he must also answere for the harme which Rats do in the ship to any merchandise for want of a Cat. The Merchant on the other side is to be bound by the said charterpartie to pay the fraight of the goods by him laden either by the Last Tunne or by the Packe and Fardel according to the agreement accounting for a Last Tunne or other thing after the rate of a Tunne lading wherein pesterable wares which take a great deale of roome are excepted and must be agreed for and the goods laden are liable for the paiment of the fraight The Merchant likewise doth couenant to pay Pilotage if a Pilot be vsed to bring the ship into the harbor also primage and petilodmanidge to the master for the vse of his Cables to discharge the goods Pilotage Primage Petilodmenidge and to the mariners to charge and discharge them which may be sixe pence or twelue pence for the Tunne lading with some other clauses and agreements made betweene the said Merchants and Master wherein it is not a misse to limit a good summe of money on either side to be paied for the performance of the charterpartie and to couenant the same by the said charterpartie whereof I do here prescribe but one forme considering the diuersities of conditions therein vsed as the Merchant and Master can agree which euery Scriuenor doth vsually make accordingly as in this Chapter is rehearsed * ⎠* CHAP. XXII Of the Master of the Ship his power and duetie of the Master to the Merchant Law of Oleron THe whole power and charge of the ship being committed to the Master requireth a staied man and of experience whereunto the Owners are to take great heed for his power is described partly by the Owner or setter forth of the Ship and partly by the Common-law of the sea by meanes and vertue whereof the Master may if need be borrow money in a strange countrie with the aduice of his companie vpon some of the tackle or furniture of the Ship or else sell some of the Merchants goods prouided that the Merchant be repaied againe at the highest price that the like goods are sold for at the market which being done the fraight of those goods so sold and repaied shall be also repaied by the Master to the Owner of the Ship aswell as the fraight of the rest of the Merchants goods except the Ship perish in the voyage in this case onely the price that the goods were bought for shall be rendred and for no other cause may the Master take vp money or sell any of the Merchants goods although it were in the danger of ship-wrecke The dueties of a Master of a Ship c. Such is the duetie of a Master of a Ship that is prouident that he ought not to make saile and put forth to sea without the aduice and consent of the most part of his companie especially when the weather is stormie otherwise he shall answere the damages that commeth thereby principally if he haue not prouided an expert Pilot or if the Ship happen to fall ouer in the harbour The Master shall be punished also by damages if the ouerloope of the Ship be vntyth or the Pumpe be faultie or a sufficient couering be wanting especially for Corne Victuall and such like commodities He is also before his departure to deliuer the names of all the persons which he is to transport and of his mariners which with vs is but lately established and at his returne he is to deliuer a true Inuentorie of the goods of any persons which shall happen to depart this life in that voyage not onely because his kindred and friends may haue intelligence of it but also because their goods may bee safe and forthcomming for one whole yeare of which goods in the meane time the bedding and appurtenances may bee taken by the Master and his Mate to their vses as also such clothing and other things then vpon his bodie may bee deliuered to the Boats-man and the
haue beene contented since Our comming to the Crowne to tollerate an indifferent and promiscuous kind of libertie to all Our friends whatsoeuer to fish vpon Our Streames and vpon any of Our Coasts of Great Brittaine Ireland and other adiacâ—â—t Islands so farre forth as the permission or vse thereof might not redound to the impeachment of Our Prerogatiue Royall nor to the hurt and damage of Our louing Subiects whose preseruation and flourishing estate We hold Our selues principally bound to aduance before all worldly respects so finding that Our coniuence therein hath not onely giuen occasion of ouer great encroachments vpon Our Regalities or rather questioning of Our right but hath been a meanes of much daily wrongs to Our own people that exercise the trade of fishing as either by the multitude of strangers which doe preoccupie those places or by the iniuries which they receiue most commonly at their hands Our Subiects are constrained to abandon their fishing or at the least become so discouraged in the same as they hold it better for them to betake themselues to some other course of liuing Whereby not onely diuers of Our Coasts Townes are much decayed but the number of Marriners daily diminished which is a matter of great consequence to Our estate considering how much the strength thereof consisteth in the power of Shipping and the vse of Nauigation Wee haue thought it now both iust and necessarie in respect that Wee are now by Gods fauour lineally and lawfully possessed as well of the Island of Great Brittaine as of Ireland and the rest of the Isles adiacent to bethinke Our selues of good and lawfull meanes to preuent those inconueniences and many others depending vpon the same In the consideration whereof as Wee are desirous that the world may take notice that Wee haue no intention to deny Our neighbours and allies those fruits and benefits of peace and friendship which may be iustly expected at Our hands in honour and reason or are affoorded by other Princes mutually in the point of Commerce and Exchange of those things which may not prooue preiudiciall to them So because some such conuenient order may be taken in this matter as may sufficiently prouide for all these important considerations which doe depend thereupon Wee haue resolued first to giue notice to all the world That Our expresse pleasure is that from the beginning of the moneth of August next comming no person of what Nation or qualitie soeuer being not Our naturall borne Subiect be permitted to fish vpon any of Our Coasts and Seas of Great Brittaine Ireland and the rest of the Isles adiacent where most vsually heretofore any fishing hath beene vntill they haue orderly demanded and obtained licences from Vs or such Our Commissioners as Wee haue authorised in that behalfe viz. at London for Our Realmes of England and Ireland and at Edenborough for Our Realme of Scotland Which licences Our intention is shall be yearely demanded for so many Vessells and Ships and the Tunnage thereof as shall intend to fish for that whole yeare or any part thereof vpon any of Our Coasts and Seas as aforesaid vpon paine of such chastisement as shall be fit to be inflicted vpon such wilfull offenders Giuen at our Palace of Westminster the sixth of May in the seuenth yeare of Our Raigne of Great Brittaine France and Ireland Anno Dom. 1609. By this Proclamation is his Maiesties Right and Dominion of the Seas expressed in two words by Lineall and Lawfull possession of an hereditarie Kingdome or Kingdomes whereunto those Seas are ioyned and appertaining It is not a Dominion obtained by an electiue Kingdome as Poland Hungarie and others neither is it had by any first discouerie wherein the Pope must be a mediatour as Alexander the sixth was between the King of Castile and Portugal vpon the discouery of the East and West-Indies by drawing a line vpon the Globe from the Island of the Canaries to make the diuision betweene them Neither is it like to the Whale fishing in Greeneland where some vpon their discouerie tooke neither possession much lesse had any occupation which maketh the stronger right Neither is it by gift or purchase as some Italian Princes in the Mediterranean Seas which doe neuerthelesse inioy both freedome and benefit thereby but it is vndoubted and indisputable as aforesaid To conclude this Argument The best mark of distinct dominions vpon the Seas the distinct dominion of a bordering Prince vpon the Seas is best seene by the Tribute or Taxe which hee taketh vpon fishing ships whereof we haue many presidents In Russia many leagues from the Maine Fishermen doe pay great taxes to the Emperour of Russia and in most places none but his subiects are permitted to fish and the Hollanders doe giue him the tenth fish The King of Denmarke taketh great tribute both at Wardhouse and the Sound The Kings of Sweathen haue done the like which is now continued by the King of Denmarke for Norway The Duke of Medina Sidonia taketh for Tunyne King Edward the third of England tooke six pence for euery Tun in his time which by inhauncing of the money is now 18 pence All the bordering Princes of Italy doe take tribute of the fish taken within the Mediterranean Seas for their seuerall Territories In Lappia Fishermen doe pay monyes in the Sound for passage to fetch it ouer and aboue the tenth fish The Earle of Orkney taketh the tenth fish for the Isles of Orcades vnder his iurisdiction as the Fishermen doe to the Lords of the Manors in the West parts of England for Pilchards Hake and Conger The States of the vnited Low Countries doe take an Imposition vpon fish taken within the Seas and Streames of other Princes as also neere their Coast and their subiects trafficking with the Russians as Haunce Noblett Haunce Van stracle Robert Englegraue and others do continually pay the tenth fish vnto the Emperour of Russia All which is requisite for Merchants to know to preuent troubles or losses for the pretence of ignorance doth not excuse as our Merchants of Kingstone vpon Hull haue found to their exceeding losse heretofore CHAP. XXXVI Of Customes Subsidies and Impositions payed vpon Commodities WHereas Customes Subsidies Impositions Toles Customes vpon commâ—dities due by the Law of Nations Accizes Imposts and other duties by the exemplarie actions of Princes and Common-weales are due by the Law of Nations as a matter inherent to their Prerogatiues because they are absolute Commanders in their Harbours Hauens and Ports where commodities are exported and imported euery Merchant is bound to take notice thereof and to obserue the same according to the ordinances and proceedings vsed therein in all countries respectiuely to auoid the danger of the losse and forfeiture of his commodities and to make a true calculation how to buy and sell to profit obseruing how much vpon the hundreth pounds in value of his commodities rated by the orders of diuers countries the same amounteth vnto and to adde the
and this wee call growne in finesse by the decrease of the masse or proportion and so two ounces eighteene pennie weight of Siluer commixed with nine ounces two pennie weight of Copper made into moneys How Siluer doth increase in finesse becommeth to be three ounces fine by the melting of the bullion remelting of brocage and scizell and by the working hammering often nealing and blaunching which alwaies in base moneys is verie great as experience hath proued call you this poketting vp of almost tenne thousand pounds Well I am content to ioyne my issue hereupon and to proue that the Mint-master hath not pocketted vp any benefit or gaine at all by this finesse of Siluer hid and vnreported in the bullion Aboue nine thousand pound but that he hath beene a looser of so much as hath beene taken from him by making him to answere Siluer for Copper The commixture of these two standerds are contraries and contraries to worke all one effect is strange vnto me with that he desired me to go with him to the Assay-house to see the assays made of our Siluer and Gold and there to end our discourse whereof he seemed vnto me to be verie desirous CHAP. VII Of the Assayes of Bullion and Moneys COmming to the Assay-house there we found diuers gentlemen desirous to see the manner of making of Assayes of Gold and Siluer as also diuers Gold-Smiths which brought some ingots of Gold but no Siluer at all and here we were all courteously welcome and our discourse was interrupted and the Assay-master desired me to haue patience vntil his businesse were ended with the Gold-smiths and so he would make the Assayes of our Siluer first and then come to the making of our Gold Assay which he would first teast before he should put some proportion of it to the triall of strong-water The little furnaces were fired and the Assay-master tooke foure copples or teasts which are made of Bone-ashes he did put them in the furnace quater corner wise with the bottomes vpwards and so let them remaine almost an houre vntill he had made an end with the Gold-smiths Assayes to the end they should be throughly drie to auoid the springing of the Siluer How to make the Assayes of Siluer and then he did turne them vpwards and so cutting off some Siluer of our ingots on both sides he did beate the same verie thin with a hammer and weighing iustly the quantitie of fifteene graines he diuided the same by euen portion of weight into halfe and thereunto he tooke fiue times so much in thin purged Lead and winding or inuoluing the Siluer therein he did put the same vpon the seuerall copples two to two and vpon the other two he did first put the Lead and the Siluer afterwards when the Lead was molten making no great difference in this then with coales he did stop the furnace indifferently neither too hot nor too cold vntill it began to driue and then he made it hotter and finding it to appeare bright hee brought the copples one after another to the mouth of the furnace there he let them smoake a little holding them out and in before he tooke them out Then taking off this Siluer he weighed them one against another and found them alike whereby he knew his Assay was well made and then he weighed them both together and what they weighed lesse than before was Copper wasted And he reported our Siluer to be eleuen ounces and foure pennie weight fine by the true proportion of the pound weight which is to be taken accordingly in the whole ingot weighing some fortie pound weight so that euerie pound of it did containe eleuen ounces foure pennie weight of fine Siluer and sixteene pennie weight of Copper making together twelue ounces for the pound Troy weight and so is finesse knowne by weight and is properly fine Siluer as aforesaid Hereupon I did aske him whether the copple had drunke vp some little quantitie of Siluer which might amount to two pennie weight in the pound weight of sterling Siluer by the computation of Siluer of seuerall finesse and he answered me it had without all doubt The other Siluer Assay he reported to be but eleuen ounces fine After this To make the Assayes of Gold he tooke in like manner fifteene graines of our ingot of Gold and putting the same to the teast as aforesaid to purge the Copper which he did with a hotter fire he did beaâ— the Gold with a hammer verie thin that he could wind it vpon a little sticke round to make it go through the necke of the glasse and to worke the better and hereunto he tooke twentie graines of verie fine Siluer in like manner and put them all together into the viall or glasse and hereupon he did poure some strong-water and put the same vpon coales and there it did smoake and stand vntill it did smoak no more and then it had wrought and separated the Siluer from the Gold which remained whole and the Siluer was turned into water then he did poure out that water into another glasse with raine-water To diuide Siluer from strong-water which diuided your Siluer from the strong-water againe and weighed the Gold againe reporting the same to be twentie and three Carrats fine by the calculation vpon the ballance of his subtle Assay and then we went vp to deliuer our Siluer and Gold to the Warden of the Mint whereof entrie was made in diuers and seuerall bookes of the Warden Comptroller Mint-master and Assay-master and the Mint-master did deliuer bills of the weight and finesse thereof vnder his hand to the Warden of the Mint where we stayed to see our siluer molten and cast into ingots for to be deliuered to the moneyers to sheire the same by weight into small peeces for twelue pences six pences for it was allayed according to the sterling standard and the Assay-master made another Assay of it called the pot Assay and found the same to be standard The Pot Assay whereupon we tooke our leaue and departed and here also he affirmed vnto me that the copple had drunke in the like small proportion of siluer The next weeke following I went to receiue my satisfaction in coyned moneys which were brought vp to the Warden and he perused them whether they were well coyned without crackes or flawes and as the Monyers brought them vp in trayes he tooke out some peeces not well made and cut them a sunder with a sheire and some peeces he weighed and then tooke some other peeces and put them through a hole into a box kept vnder seuerall keyes and some peeces he deliuered to the Assay-master to make triall of Assay of moneys And after I had receiued my money by weight for weight of my bullion I went to the Assay-master and saw him make an Assay of the said moneys in like manner as the other with fiue parts of lead and hereupon I tooke
to one of gold In France the marke of gold valued at seuentie foure Crownes and the siluer at 6 ⅓ Crownes maketh the proportion 11 11 19 parts but valuing the French Crowne at three Frankes is eleuen to one In England the Angel at ten shillings and the siluer at sixtie shillings the pound Troy of 12 ounces being that six Angels did weigh an ounce made also eleuen to one In Germany one marke of Siluer at 8 ½ Gold guilders maketh 11 ⅔ for 1 but the valuation of moneys being altered hath also altered the same In Rome the pound of siluer at 108 Carlini and the Ducat of gold 99 ¼ is 12 to 1. So at Millaine the Ducat 112 and the Teaston 28 is but 9 ⅓ for 1. The siluer being so in request there for the making of gold and siluer threed that is to say siluer threed guilt and white Now for all places of momentarie trafficke it is 12 to 1 and in England 13 ½ to 1 as hath beene declared The valuation of forreine coyne of gold and siluer published in the vnited Low Prouinces on the 21 day of Iulie 1622 with the orders established by the Estates of the said Countries for the better obseruation of the said valuation which neuer the lesse are continually infringed from time to time And the like is done in other countries so that to obserue our owne rule according to Equalitie and Equitie will be found the best and safest course of Politicke gouernment  Guilders Stiuers Flemish The great golden Ryder of the vnited Prouinces 11 6 or 37 s◠8 d The halfe of the said Ryder 5 13 18 10 The double Ducat of the said Prouinces with the Letters 8 10 28 4 The French Crowne 3 18 13 0 The Pistolet of Spaine of foure Pistolets 15 8 51 4 The double Pistolet of Spaine 7 14 25 8 The single Pistolet after the rate 3 17 12 10 The Albertins or ducats of Albertus of Austria 5 13 18 10 The double Rose Noble of England 18 12 62 0 The Rose Noble of Henricus Edward and Queene Elizabeth 9 6 31 0 The Henricus Noble 8 6 27 8 The Flemish Noble old and new of the vnited Countries 8 0 26 8 The old Angell of England 6 4 20 8 The new Ryder of Guelders and Freeseland 3 13 12 2 The gold Guilder of those Mints 3 2 10 4 All which coynes are to bee weighed with their accustomed weight and the remedie of two graines and no more with some little aduantage ouer or at the least being within the rest of the ballance Prouided alwaies that the coynes of their due finenesse although they be lighter shall be currant paying for euerie graine wanting two stiuers Siluer Coynes  Guilders Stiuers Flemish    ss d. The Lyon Doller of the Low Prouinces 2 0 6 8 The Rickx Dollers in generall 2 10 8 4 The Crosse Doller of Albertus 2 7 7 10 The Spanish Ryalls of 8 2 8 8 0 The Doller of Zealand and Frise with the Eagle 1 10 5 0 The Floren or Guilder of Friseland 1 8 4 8 The English Shilling and of great Brittaine 0 10 ½ 1 9 The Marke peece or Thistle of Scotland 0 12 2 0 The Harpe of Scotland and Ireland 0 8 1 4 And if any of the said peeces be found to want of their weight and the appointed remedy within the rest of the ballance or some little aduantage ouer they shall be currant paying for euerie graine wanting two pence Hollandts whereof 16 make one stiuer and the English groats are made bullion or shall not be currant Small Moneys for ordinarie payments THe Shillings of all the seuerall Prouinces respectiuely and of the Mints of Nimogen Deuenter Campen and Swoll 6 Stiuers The halfe Shillings after the rate 3 Stiuers The peeces called Flabs of Groninghen 4 stiuers the double 8 Stiuers The twintigst part of the great siluer Royall 2 ½ Stiuers The double and single stiuers of all these countries 2 1 Stiuer The tenth to be receiued in copper monies 1 Of all which small moneys for the payments of rents interest or abatement of the same as also of all manner of Merchandise exceeding in one parcell the summe of one hundreth Guilders no man shall be bound to receiue more than the tenth pennie 2 The Duyts according to the order of the Prouinces made in the Prouinciall Mints and none other are as yet tollerated for a Duyt and all other copper moneys of the Prouinciall Mints are also tollerated to be paied out for one pennie the peece the 16 whereof make one Hollandts Stiuer and not aboue whereas we do intend hereafter to prohibit the same to be currant for any price because wee will prouide our selues forthwith with so much copper mony as the commodiousnesse shall require 3 We do also prohibit from henceforth no copper moneys to be brought into these countries aboue two stiuers vpon paine often stiuers for euerie peece to be forfeited and whosoeuer shall issue any copper moneys aboue the said price shall incur the like penaltie of ten stiuers for euerie peece 4 And all the said coynes shall be currant in these Prouinces for the prices aforesaid declaring all other peeces for bullion All other coynes made bullion to be molten which by this Our proclamation are not valued prohibiting any of the said peeces to be offered or receiued as also to presse any of those which are valued to be paied at a higher price than they are valued and likewise offer to put forth other coynes of gold and siluer valued which are clipped washed broken mended neiled or otherwise augmented in weight vpon forfeiture of all the said coynes so to be offered at higher rates than this proclamation doth permit and if the fact be not instantly discouered to forfeit the value thereof and moreouer the quadruple or the value thereof or 24 guilders in liew thereof if the said coynes did not amount to sixe guilders for the first time the second time double and for the third time quadruple and moreouer arbitrable correction according to the qualitie of the fact 5 Without that any distinction shall be made whether the said coynes were instantly paied from forreine parts or sent from some one Prouince or Towne into another in which case if the receiuer thereof will be freed of the said forfeiture he is to giue notice of it within twentie and foure houres after the receipt thereof vnto the Magistrates or other Officers to be thereunto appointed to the end they may proceed therein against the sender of the said coyne as it shall or may appertaine 6 Yet shal the said Receiuer keepe the said coyns wholly to himselfe if the said moneys be sent vnto him in paiment of a former debt and neuerthelesse haue his action against the partie for so much as they shall want of the said valuation and if the said coynes be sent for any debt as yet not due or to be made the said
a dog vseth to bite or gnaw vpon a bone so that he that biteth not doth not commit Vsurie for Vsurie is none other thing than a biting as I said of the verie Etimologie and proper nature of the word otherwise it cannot be called Neshech as the Hebricians say According to the definition then of biting Vsurie we are to proceed in this discourse after that we haue briefely declared the Laws and Prohibitions against Vsurie wherein wee must begin with the holie Scripture obseruing these places God saith in the 22 of Exodus Holie Scripture If thou lend Money to any of my people that is poore by thee thou shalt not be an Vsurer vnto him neither shalt thou oppresse him with Vsurie In another place Leuit. 25. If thy brother be waxen poore and fall into decay with thee receiue him as a stranger or a soiourner Deut. 23. and let him liue by thee and thou shalt take no Vsurie of him nor yet aduantage but shalt feare thy God that thy brother may liue with thee Psal. 15â— Ezech. 18. Matt. 5. Luke 6. Thou shalt not lend him thy money vpon Vsurie or lend him of thy food to haue an aduantage by it Adde vnto this the places noted in the margine and so let vs come to the holie ancient fathers Saint Hierome saieth There is no difference betwixt Vsurie Fraud and violent Robbing Ancient Fathers Saint Augustine saieth An Vsurer is he said to be who doth demand more in money or any other thing else than he hath deliuered according to which the said Saint Hierome also saieth That some do thinke Vsurie to be onely in money but let them well vnderstand that Vsurie is an ouerplus in any thing aboue that which was lent Amb. de beno mortis Saint Ambrose likewise saieth If any man take Vsurie he doth commit extortion rapin and pillage and shall not liue the life as who should say he shall die therefore To omit many other of the said ancient fathers Saint Bernard saieth That the Vsuror is a theefe in law because the Ciuile Law telleth him before hand what it is that he must rob from others as who should say such Lawes as permit Vsurors are lawfull theeueries Canon Law Hereupon the Canonists haue made Vsurors to be defamed persons and if any man make by his last Will and Testament any goods vnto them the Testament may be broken neither are they to communicate with Christians or to enter into their congregation to offer any oblation and when they are dead they should not be buried in Christian buriall and if they be the doers thereof are excommunicated Decretals Decretals and Clementines made by diuers Popes are directly against Vsurie Alexander the Pope doth straightly forbid all Vsurie not onely vnto the Clergie but also vnto the Layitie In the booke Sextus Decretalium Gregorie the tenth Bishop of Rome of that name saieth We being desirous to stop the gulfe or whirlepooles of Vsurie committed which doth deuoure soules and vtterly wasteth wealth do command vpon the threatnings of Gods curse that the constitution of the latter Concile set forth against Vsurors be without any violation at all fully wholly obserued and therupon a prohibition is made That no Corporation Colledge or Vniuersitie shall let any house or dwelling place to any stranger Vsuror Ciuile Law Baldus the Ciuilian speaketh bitterly against Vsurors in his booke of Councells saying That Vsurie is a gainefull piracie contrarie to nature vpon the loane of any thing that consisteth vpon Number Weight and Measure Bartolus saieth That all Vsurie is vtterly forbidden and offensiue to God and man So doth Panormitane and diuers others learned in the Ciuile Law Aristotle Aristotle in his Politickes sayeth That such money as bringeth forth money through Vsurie is an ougly beast that bringeth forth monsters from time to time such as are not in nature The Romanes being in their most flourishing estate made a law by their twelue Tables that no man should put forth money vpon Vsurie but after one in the hundreth called Faenus vnciarium whereas before that time rich men might take at their pleasure Afterwards it was ordained at the intreating of the Tribunes to take an ounce and a halfe and that was thirtie shillings in one hundreth pounds after that it came to foure in the hundreth called Triens and last of all to six in the hundreth called Semissis And yet all these alterations and diuersities of suffering in Vsurie notwithstanding Genitius Law one Genitius a Tribune published a law That it should not be lawfull for any man to be an Vsurer at any hand or by any maner of meanes and so by all deuises that might be it was vtterly forbidden by diuers Edicts and Proclamations which being often repressed did yet notwithstanding breake out by wonderfull strange meanes Wherefore Tiberius Caesar to remedie this euill and that no Vsurie should be vsed he caused a maruellous masse of money to be laied in banke to the summe of two millions and an halfe of Crownes being fiue hundred thousand pounds English or sterling and tooke order that euery man should haue credit for three yeares without paying any Vsurie at all Cornelius Tacitus putting in suretie for the double value of that he borrowed And Cornelius Tacitus a renowmed Writer saith The canker of Vsurie is an old venimous sore and the chiefest head and cause of rebellion and variance in Countreys and Common-weales and therefore it was altogether banished in the old time when least corruption of life appeared amongst men Lucullus so hated the excessiue dealings of the Vsurers that wheras all Asia was ouerwhelmed with Vsurie he cleered the same vtterly from all Vsurers And so did Cato in Cicilia Anthoninus Pius Alexander Seuerus Claudius Vespasian Leo Emperours and diuers other Emperors did restraine the couetousnesse of Vsurers from time to time And the Emperor Charles the fifth of late yeares at an assembly at Augusta in Germanie did conclude with the assent of the whole Empire That no manner of contract that had any fellowship with Vsurie should be allowed but rather that all Vsurie should be auoided for euer and be neuer more vsed and if any were found to haue made any such contract the same man to forfeit to the Magistrate or ordinarie Iudge the fourth part of his principall summe Plato the Philosopher warneth among other things Philosophers and Orators in his fifth Booke of Lawes That no bodie whatsoeuer hee bee that will beare the face of an honest man doe let out his money for Vsurie or gaine The like saith Cicero and many other learned Philosophers and Orators as we haue noted of Aristotle So did diuers Law-makers banish Vsurie Law-giuers and vtterly suppresse the same as Licurgus in Sparta amongst the Lacedemonians Amasis in Egypt Solon in Athens Sergius Galba in Africa being gouernour vnder the Emperour Claudius and diuers others So that Vsurie
a regard to the qualitie of persons was duely obserued albeit the lender of the money could haue taken more when the borrower would giue it to serue his occasions without this precise obseruation of the qualitie of persons A matter considerable now adayes since the West-Indies haue beene discouered whereby the currant of moneys is diuided into many countreys and runneth also according to occasions and the Policie of States and Merchants Difference of the rate of Vsurie For the tolleration and permission to deliuer money at Interest doth differ in the rate in most countreys taking in one place more and in another lesse according to the trafficke and Merchants deuises A Policie by plentie of money In Poland Lituania Prussia and other countries adiacent when they do abound in corne money is commonly verie scarce and the price of corne thereby much abated at which time they will rather tollerate or proclaime the moneys to be inhanced in price or to be deliuered at interest after fifteene twentie and sometimes twentie and fiue vpon the hundreth for a yeare or a lesser time hereupon presently great store of money commeth from all places thither which maketh the price of money to rise Afterwards when many ships are laden and the fleet departed from Amsterdam and other places then the interest beginneth to fall accordingly In the Low-countries it is lawfull for a Merchant to take twelue vpon the hundreth for the yeare and after the rate for the longer or shorter time within the yeare But this rate may not be exceeded vnlesse it be vpon some conditions of casualties or aduenture The Romanes and Grecians made a difference as hath beene noted according to the law of Iustinian But the taking of one in the moneth was most vsuall because Merchants were the most lenders And this twelue pro centum is to be vnderstood also to be Interest vpon Interest wherein equitie is to be obserued Interest vpon Interest for this twelue pounds being deliuered out againe vnto another is pro rata as beneficiall as the 100 ll principall Albeit in case of damage when matters between men are growne litigious and depending in suits then the courts of Equitie will account the whole time for the forbearance of the money according to the yeres past without any Interest vpon Interest Polititians or states-men are to haue a serious consideration of the operation of this Vsurie politicke Vsurie a measure of mens actions as a propertie inherent vnto money because that according to the rate of Vsurie men do measure all their actions by trade and trafficke or purchase build plant and bargaine in all things accordingly And vsurie is so inherent and doth properly grow with the decay of trafficke The decay of trade increaseth Vsurie as pasturage doth increase with the decrease of tilling Whereupon the following considerations are to be handled as matters of moment especially in kingdomes and common-weales which haue no gold or siluer mines of great value but aboundance of forreine commodities returned for the great plentie and quantitie of their home commodities wherein the high continuall rate of Vsurie may proue more preiudiciall than the abouesaid policie of Poland Lituania or other countries can be beneficiall vnto them For we see that generally all Merchants when they haue gotten any great wealth with vs leaue trading and fall to Vsurie the gaine whereof is easie certaine and great whereas in other countries Merchants continue from generation to generation to inrich themselues and the state as we find diuers renowned families in Germanie Italie Spaine and other countries There was this last yeare a Tract against Vsurie presented to the high Court of Parliament of England Anno 1621. shewing the inconuenience of the high rate of Vsurie after tenne in the hundreth in comparison of the lesser rate of sixe in the hundreth taken in the Low-countries where money is so plentifull and vpon this difference is a certaine operation of Vsurie noted to be predominant ouer vs both in our trade and other affaires First it is alledged that by reason of the high rate of Vsurie Reasons against the high rates of Vsurie not onely rich trades-men giue ouer trade but a number of beginners are vndone and discouraged thereby their industrie seruing but to inrich others and begger themselues Secondly that many trades thēselues are decayed thereby because they cannot affoord so great a gaine as ten in the hundreth whereas if the rate of Vsurie were no higher than in other countries they had subsisted and flourished still and perhaps with as much aduantage to the publicke as those that do bring more to the priuate aduentures which ought to go together or else the common good of the State is seldome greatly aduanced Thirdly that by this disaduantage betweene six and ten in the hundreth other nations and especially our industrious neighbours do out trade and vndersell vs for they almost double the vse allowed which we cannot by paying ten in the hundreth wherby also all contributions to the war works of pietie and glorie of State are better cheape to them than to vs as also the buildings of ships or hiring of them and all other things Fourthly that aboue all the rest it maketh the land it selfe of smal value causing the same to be sold so good cheape that men doe not seeke by industrie any more to improue them which is plaine both by example and demonstration For we see in other countries where the vse of money is at a low rate lands are generally sold for thirtie fortie and some for fiftie yeares purchase being the best assurance and securest inheritance which men haue and therefore bearing still a rate aboue money which would increase if the rate of Vsurie did decrease and consequently labourers wages and other dependances thereupon which are therein more amplie declared the scope of all tending to haue a moderation in the price of Vsurie Obiections to the moderation of the rate of Vsurie Hereunto are certaine obiections also alledged and their answeres to maintaine the rate of Vsurie at ten in the hundreth with vs in England albeit other nations take but foure fiue and six in the hundreth or 6 ¼ which is called rent after the pennie sixteene for sixe times sixteene and one fourth maketh a hundreth after the manner of the Low-countries The obiections are few in number First The long continuance of ten in the hundreth and things are well enough Secondly That sodaine changes are dangerous Thirdly That money will sodenly be called in and the borrowers be much preiudiced Fourthly That money will be harder to come by and commerce much hindered And lastly That Merchant Strangers money now going here at vse will be carried away againe if the rate of Vsurie should be called downe Answere to the obiections The answere to the first and second obiection is That the practise of Vsurie hath not beene so generally vsed as it is now when mens
haue spent time labour and no small charges in hope that hereafter it may do good to the publicke Pawne houses if some Diuine be moued to further it The first is according to the manner of Amsterdam to which end the substance of the petition of honest and religious men his maiesties subiects is as followeth First that authoritie be giuen to A. B. to erect Pawne-houses in all conuenient places of the realmes of England Ireland and the dominions of Wales for and during the terme of one and twentie yeres vpon these conditions That all person and persons shall and may haue at all conuenient times moneys vpon pawnes of or vpon all moueable goods chattels and leases or any thing which shall be agreed vpon after the rate of ten vpon the hundreth by the yeare That the vndertakers may be authorised or licenced to take for the attendance labour and paines recompence of Officers and Seruants wages house-rent and all other charges incident thereunto as followeth For registring and keeping of all pawnes that do amount to fiftie pounds or more one farthing for euerie pound by the moneth For all pawnes that do amount to ten pounds or more vntill fiftie pounds for euerie pound one halfe pennie by the moneth For all pawnes that do not amount to ten pound for euerie pound one pennie by the moneth For euerie bill giuen for pawnes vnder ten pounds one pennie and being of ten pounds or aboue whatsoeuer it commeth vnto but two pence with such clauses conditions and cautions as shall be requisite for the securitie of the said vndertakers and agreeable with the laws of the realm of England paying vnto the Kings maiestie a reasonable summe of money yearely c. The said allowances are inferiour to the moderation of the Emperor Iustinian his Lawes and will be found verie reasonable considering that by the tolleration of Vsurie politicke men can deliuer their moneys in verie great summes at ten in the hundreth freely and without such trouble CHAP. XIII Of Mons pietatis or Banke of Charitie THe second meane to suppresse the biting vsurie of extortion vpon the common people is by prouiding a course that they may haue moneys vpon pawne without paying any interest or vsurie for the loane of it according to the manner of Bridges in Flanders which is more pleasing but it is not so vniuersall as the Pawne houses are where great summes are to be had to accommodate Merchants and all men to preuent the generall abuse albeit it cannot be denyed but that the extortion vpon the meaner sort of people is more haynous and detestable which was the cause that by the Lawes of the Romans he that tooke vsurie of the poore was more punished than he that did steale from the rich as is before declared In Italie there are Montes pietatis that is to say Mounts or Bankes of Charitie places where great summes of money are by legacies giuen for reliefe of the poore to borrow vpon pawnes and to pay onely after three or foure in the hundreth at the most to maintaine the officers and to beare the charges of such an erected Mount for euer But the manner of Bridges as aforesaid may be thought more reasonable paying the officers out of the contributions which by their means may be much increased according to the orders which are hereafter declared Moneys to be giuen to suppresse vsurie for euerie man is willing to giue for the suppression of intollerable and abhominable vsurie The rich that are charitably disposed will giue because vsurie politicke should not be biting the meaner sort of people will be contributarie because of the commodiousnes of it for who will not giue six pence or twelue pence euerie quarter of the yeare when he may borrow a reasonable summe of money without paying any vse for it for one yere or a longer time according to occasions I am sure of most mens inclinations by an attempt made of the practise hereof some yeares since for after the names taken of aboue 1500 persons that were willing to contribute yearely and some Diuines and others that would lend freely 50 ll 100 ll or more for some yeares and some 500 ll I made an alphabetical register of them which was deliuered into the hands of a great personage who as it seemeth was not worthie of the honour thereof but to my remembrance it amounted to some 2000 ll for moneys giuen and to be lent and aboue six hundreth pounds yearely during the liues of the benefactors so that no man hath cause to doubt of the collection of a great stocke for so godly a worke if authoritie were had when this was done vpon the onely hope and surmise thereof to the effecting whereof I will be willing still to doe my best endeauour Now the orders are as followeth Orders to be obserued for the gouernment of the Mount of Charitie consisting of two houses within the citie of London and the suburbes thereof and one house at Westminster where all men may borrow moneys in small summes without paying any vse or loane for the same vpon pawne to be deliuered for caution or securitie of the said moneys according to the manner of Bridges in Flanders and other countries 1 IMprimis That all men of what qualitie or condition soeuer they be being destitute of money shall haue money at all conuenient times without paying any vse or loane for the same but deliuering onely a pawne of any moueable thing so it be not aboue fortie shillings at any one time vntill a competent stock be raised for the maintenance of the said Mount of Charitie for euer 2 Item Whereas the said stocke is raised and to be increased by meanes of charitable and conscionable persons which either do freely lend moneys without taking interest for the same or do freely giue in money and yearely contributions according to their vertuous dâ—sposition which moneys may in progresse of time amount to a notable summe the Treasurer generall therefore shall be a man sufficient and of honest behauiour carefull to appoint sworne honest men vpon sureties to collect the said moneys and for keeping of the pawnes with their Clarkes and other attendants and the Surueior of accounts shall be a man diligent and skilfull in accounts all for the better incouragement of the said charitable giuers and free lenders for the aduancement of this charitable worke 3 Item Whereas the like House called Saint George was heretofore erected at Genoua in Italie by noble Knights bound in honour to see the people relieued from oppression biting vsurie and extortion which by all vertuous Knights is at all times approued and commended There shall be kept one paire of tables in euerie house containing the names of such honourable persons and vertuous Knights ' as shall be yearely contributaries by quarterly paiments during their naturall liues or lend any summe of money gratis for a time together with the names of such well disposed persons as by
of iurisdiction in the best manner that can be deuised Euerie person of this societie to be free and exempted of all Impositions Taxes Customes Subsidies lending of moneys any maner of waies or any charges as also masters of the counting houses which shall not be permitted to exercise any trafficke or trade particular but must wholy employ themselues to this businesse with such allowance and order as is prescribed vnto them All worldly things being subiect to mutabilitie euen the greatnesse and superioritie of Princes which may happen to be deposed for a time and afterwards to be restored againe It is prouided that of the gaines of the three parts allotted vnto them for three stakes in this couenant the two shall remaine to the Crowne and the third to the Prince vntill he be restored againe or dead which is onely to take place in all hereditarie kingdomes The said societie therefore not to purchase any land for the generalitie to endanger Princes estates but onely for their particular as occasion serueth Modells or Medalia to be worne by the said hundreth persons of the societie and the Masters of counting houses onely with emendation and augmentation of their armes and by their successors vpon true register and acknowledgement to be made and kept thereof The said Modells to containe on the one side the world concatenated together vnder a Crowne Imperiall assisted with the personages of Prosperitie Honour and Mercie enuironed round about with two inclosed hands and armes of Faith and Credit and on the other side the like with a Crosse and Inscription He doth crowne his owne workes in vs. All which persons shall be made noble Knights of this order accordingly with certaine other additions as shall be thought conuenient As by Faith and Credit it shall subsist or the like The aforesaid stocke and credit to be emploied by the said Masters of counting houses and assistants in fiue seuerall matters by Exchange Banke Mount of Charitie Mensa argentaria and Houses of Vendition without any aduenture or losse according to an instruction shewing the benefit and commodiousnesse which will arise thereby vnto all estates for the preseruation and augmentation of Honour and Wealth of the rich reliefe of the poore and welfare of the commons in generall hauing some gratuities bestowed vpon them The priuate person with whom all the aforesaid parties are to couenant is to be generall Master of all the counting houses and onely to keepe a generall booke of account without any administration of the stocke or to meddle in any trade of merchandise but to haue the honour of knighthood with a large allowance of charges expences had and to be had for to entertaine all the parties and correspondencies which might resort to the places of his habitation to which purpose he must be prouided of a stately house with all conuenient things necessarie and many seruants messengers and posts with the gaines of one hundreth thousand crownes that he doth furnish by many allowances and other meanes to the satisfaction of all the parties according to a particular agreement wherein the vnited Low Prouinces are named the chiefe place or Rendevous of this negotiation or intended contract whereunto diuers countries haue condescended The authors of this proiect vnder the said priuate name do desire for the aduancement hereof permission to execute the same safgarde to be protected from all iniuries and to repaire all dammages which might be done vnto them in hostile or peaceable manner freedome of all taxes and assurance for their persons and goods according to an instruction To which end the Master generall of the said counting houses if breach be made by any one of the parties in any article of this couenant is to receiue the complaint and to consult with his counsell of assistance and so to giue notice thereof vnto the next neighbour Prince or State of this societie to see the same redressed or amended If that Prince do denie to be ayding or be forgetfull therein he shall be accessarie and iudged as guiltie as the first offendor whereas on the contrarie the forfeiture of the reuenues of this first offendor for the time shall be his And the society may remoue their counting houses or change them into correspondencies if other Princes and States should also proue to be negligent and without respect had to their priuate gaine abandon so good an action losing their title or reuenue violating the law of nations wherewith no doubt most Princes shall find themselues agreeued and these Princes or persons transgressors will find the worse and endanger their estates to their great dishonour through all the world and disturbance of other neighbour Princes For the better aduancement hereof there is a place reserued for reward of two vnknowne persons which by their industrie labour and science shall be thought worthie thereof one bearing the name of it This princely contract requireth a serious consideration The Stocke or Capitall is 2 ½ Millions or 2500 thousand pounds sterling or ten millions Flemish which increased by nine hundreth correspondencies will make the stocke to be twenty and fiue millions oâ— one hundreth millions Flemish It being verie probable that through all the world there lyeth so much money dead without any vse or employment The calculation of tenne vpon the hundreth by the yeare doubleth yearely so that he who by gift employeth one hundreth pounds is to haue for it one hundreth pounds yearely for euer and this is supposed to be gotten by fiue seuerall means viz. by Cambium Banke Mons Pietatis Mâ—nsa Argentaria and Domus Commutationis whereof you may find the particulars in this Booke The proceeding of this matter of great consequence hath beene interrupted by Monsieur Olden Barneuelt lately executed at the Hague in Holland the sequell hereof time will discouer and we may say with the Poet Quid non mortalia Pectora cogunt c. CHAP. XVIII Of Moneys deliuered vpon Liues Annuities and Pensions HAuing intreated of Moneys deliuered at interest without casualtie and so termed Vsurie by reason of the contract of benefit without aduenture it is conuenient to handle of Moneys deliuered vpon Liues when Merchants do giue twelue vpon the hundreth without pawne called beyond the seas after the pennie 8 the moitie whereof with pawne is six vpon the hundreth or double eight according to the pennie 16 as aforesaid The pennie 8 is 12 ½ for eight times 12 ½ maketh one hundreth so the pennie 16 which is vsed for rents vpon houses or lands is 6 ¼ according to which pennie 8 vpon one life or double for one yeare so they all liue is equal vpon eight liues This is much vsed in diuers cities beyond the seas to draw moneys into their hands As for example One hundreth pounds is deliuered to haue two hundreth pounds for it at the yeares end vpon eight liues if they all liue you haue two hundreth pounds to buy a perpetuall rent or sometimes as it hath beene
that euerie Creditor may haue his Debitor It seemeth that William Sommers being a Iester to King Henrie the eight had some insight in this manner of Account for when the King told him that he had deliuered a good summe of money vnto a gentleman a follower of his Sommers answered That for doing so he had noted in his Booke that the King was a foole giuing his reason for it Because the gentleman would neuer returne backe againe and that the King was cosined but the King asked of Sommers What he would do in case the gentleman did returne with the money whereupon Sommers answered Then I wil put him in my booke for a foole and put you out Sic nugae seria ducunt To returne to our young Merchant by this time he hath taken an Inuentorie of his estate and caused his Clothes and Kersies to be valued and findeth that the hundreth clothes are worth some 1200 ll one with another and his two hundreth Kersies of Deuonshire 400 ll hereupon entring the yere moneth and day in the Iournall he maketh Debitor and Creditor as aforesaid Magazin or Warehouse oweth vnto Capitall or Stocke 1600 ll for one hundreth white Clothes of the markes following The manner of making Debitor and Creditor amounting to 1200 ll and for two hundreth Deuonshire Kersies at 40 ll the packe of twentie peeces which of mine owne estate I find in this my warehouse parcell of my patrimonie amounting together in wares 1600 ll and this summe is drawne out in the margine towards your right hand in the said Iournall Cash oweth vnto Capitall or Stocke you need not to say of me A.B. the summe of 1000 ll for so much readie money which I find this day in Cash proceeding of c. and this summe is likewise drawne out c. B. M. Mercer oweth vnto Capitall 300 ll which he owed by bill vnto my father deceased payable in two payments namely c. summe 300 ll N.W. Merchant oweth vnto Capitall 200 ll for so much owing by him vnto my father deceased which is payable the 25 of March next by bond c. The Manor of Latham in Lancashire oweth vnto Capitall 1500 ll Landâ— which was left my father by descent from c. containing c. of the yearely value of 66 ll now in the tenure occupation or possession of c. 1500 ll The lease of the house called the Golden Lyon scituate in Cheapside in London oweth vnto Capitall 200 ll Leasâ—â— for so much I haue paid vnto the companie of Mercers for a lease of the said house for 21 yeares with a reseruation of a rent of 20 ll yearely to be payed euerie six moneths now in the occupation of A.B. Gold-smith paying me sixtie pounds yearely rent for the same I say cost me two hundreth pounds Plate and houshold stuffe oweth vnto Capitall 200 ll Houshold stuffe for so much I haue bought and find to be in moueables of plate apparrell and houshold stuffe since my fathers decease wherewith I find all my estate to be worth 5000 ll the particulars of which plate and moueables are by Inuentorie to be seene in my Booke of Remembrances or Memoriall so for this parcell I draw out 200 ll Here you see that this young Merchant hath an estate of 5000 ll to begin the world withall consisting of the aforesaid seuen parcels Transferring of parcels to the Leidger These seuen parcels now are put ouer into the Liedger which some call posted ouer in so many seuerall Accounts of seuen Debitors and there is but one to be made Creditor for all these which is Capitall or Stocke which doth answere by correspondence all the seuen Debitors in their proper accounts amounting all to the summe of 5000 ll on the Debitors side and so is here 5000 ll on the Creditors side which doth ballance the other Ballancing of accounts being so termed of a paire of ballances wherein equall weight being laid on euerie side the ballance will be iust and euen and in like manner must all accounts kept by Debitor Creditor be euen ballanced whatsoeuer the remainder of the accounts are which falleth out by calculation vpon the account But the maine ballance of the whole booke may not differ one pennie and fractions of halfe pence and farthings are not vsed in Iournall parcells but accounted in the summaries at the first This Merchant now employeth his money and buyeth some other commodities to be sent beyond the seas namely one hundreth peeces of Perpetuanoes which cost him readie money fiftie shillings the peece more twentie fother of Lead at ten pound the fother fiftie peeces of Bayes of diuers sorts cost him two hundreth and twentie pounds and twentie Redding mingled colour clothes amounting in all to 870 ll Entring of parcels in the Iournall which he paied in readie money And all these commodities he doth enter into his Iournall in one parcell making the said Magazin Debitor for all and his cash Creditor because the said cash was made Debitor for the mony of one thousand pounds For commodities bought and money paied for â—hem as you see before and now being made eight hundreth and seuentie pounds Creditor there is but one hundreth and thirtie pounds more remaining in cash the rest is in commodities For money receiued and a debtor partly discharged By this time B.M. the Mercer who oweth three hundreth pounds payeth a hundreth pounds of it now Cash is made Debitor for that one hundreth pounds and B.M. is made Creditor for the same so he oweth now but two hundreth pounds and there is now in Cash two hundreth and thirtie pounds Substantiall wealth The three existant parcells by themselues for the Lands Lease and the Plate and Houshold stuffe remaine still in the bookes vntouched The Merchant beginneth to ship his commodities and sendeth his hundreth white clothes for Hamborough to a Factor or his seruant and payeth the kings Custome and all charges concerning the same and now he frameth an account of those clothes intituling the same voyage to Hamborough Accounts for voyâ—ges for Hamborough or clothes sent to Hamborough do owe vnto the Magazin one thousand and two hundreth pounds for one hundreth white clothes sent for my account to such a man in such ships c. Money paied for Custome and charges Then he doth charge this account of clothes with the Custome and charges he paied Clothes sent to Hamborough do owe vnto Cash sixtie pounds for Custome and charges paied for the same as in the Memoriall Booke appeareth For Seuill in Spaine he sendeth the hundreth peeces of Perpetuanoes which he bought Voyage for Spaine and fiftie peeces of Bayes and twentie fother of Lead which did cost him 670 ll and the Charges Custome and Impositions are fiftie pounds in toto For Lixborne in Portugall he sendeth two hundreth peeces of Deuonshire Kersies Voyage for Portugall and twentie Redding
merchandising by Bills of Exchanges and especially two other Exchanges which they named Cambio sicco and Cambio fictitio 3 Cambio sicco This Cambio sicco alias called drie Exchange is in this manner A Merchant hath occasion to vse Verbi gratia one hundreth pounds which they will deliuer him in London to be paied vnto their Factor at Stoad but hauing there no Factor of his owne the said Merchant is contented to make his Bill of Exchange vpon the Bankers Factor payable to him the said Factor with order and aduice that when the said Bill shall be due he shall charge him by Exchange againe and take vp the Money there and hee will pay the same with the rechange and charges of Factoridge and Brokeridge wherein they will be sure to make him pay verie great vse or interest of fifteene or twentie in the hundreth for the taking vp of this Money and to make it more drier Exchange they will be contented to take no Bill at all but the Merchants promise to pay it as other men doe at the same time dealing in Exchange for the said place of Stoad and in like maner for other places 4 Cambio fictitio Cambio fictitio is yet more pernitious and performed in this manner A Merchant to keepe his credit being driuen to buy goods for a shift when Money is not to be had and he will not be beholden vnto others comming vnto them as hauing store of commodities at all times they faine that they haue need of Money and must sell their commodities for readie Money Prouided alwaies say they with louing protestations we will pleasure you thus far looke what the goods come vnto we will take it vp for you by Exchange for Venice Lyons or some other place so as you will pay vs for Exchange Rechange or any other incident charges wherunto the merchant agreeing then shall he be sure to pay soundly for the vse of the Money and loose exceedingly vpon the wares These two biting manner of Exchanges being discouered were by an Act of Parliament prohibited in the third and fourth yeare of King Henrie the seuenth afterwards as is noted the Exchange being discontinued in the time of King Henrie the eight it happened that the former abuses came to bee rife againe in the raigne of King Edward the sixth Exchange was forbidden which caused the vse of Exchange to bee vtterly forbidden for a short time But as Ships cannot saile without water no more can trafficke subsist without Exchange in the accustomed places so that the inconueniences appearing it was restored againe in hope of good dealing and reformation promised by other Princes concerning the Royall Exchange But in the time of Queene Marie it was againe neglected who being married with King Philip the second of Spaine did conniue in those things because the dominion of the Low-countreys were esteemed to be vnder one degree In the beginning of the raigne of Queene Elizabeth Complaints of Exchanges new complaint were made of the new Exchanges by Master Hussey Courtmaster of the Companie of Merchants Aduenturers but no man could apply or find a remedie to moderate the inequalitie of Exchanges and to haue value for value as appeareth by Letters Pattents graunted to the old Lord Treasurer Burghley who did not execute the same in three and twentie yeares after for want of true direction to the great losse of the Realme as may bee seene by a Commission in Blanke returned by diuers Merchants albeit the Italian Merchants in those daies could not denie the abuses thereof being expostulated withall as by their politicke Letters appeareth vnder the hand of Acerbo Velutelli Suigo Caualcanti and others who wanted not some vpholders to maintaine their priuate benefit * ⎠* CHAP. II. Of the true calculation of Moneys in exchange by Bills of Exchanges according to Par pro pari The true ground of Exchanges THe true royall Exchange for Moneys by Bills of Exchanges is grounded vpon the weight finenesse and valuation of the Money of each countrie according to the Par which is value for value and so is our Exchange of England grounded vpon the weight and finenesse of our Monies aforesaid and the weight and finenesse of the Moneys of each other countrie according to their seuerall standards proportionable in their valuation which being truely and iustly made maketh the price of Exchange for euerie place according to the denomination of the Money wherupon all Exchanges are made These Exchanges do much differ in the name and proportion between the gold and siluer obserued in most countries so that we are to examine and compare our weight aforesaid with the weight of other countries and the finesse of the sterling standard with the finesse of the seuerall standards of the coynes of other countries and if we differ not with them in the proportion betweene the gold and siluer The maner to calculate Exchange then may our Exchanges run at one price both for gold and siluer taking the denomination according to the valuation of Monies of each countries and hereby shall we find how much fine siluer or gold our pound sterling containeth what quantitie of other Monies of Germanie Italie France the Low-countries Eastland and elsewhere we are to haue in Exchange to counteruaile the same in the like weight and finenesse answerable vnto ours be it by the Pound Doller Ducat Crowne Imaginarie and reall coyne or any other imaginarie or reall coyne giuing alwaies value for value and receiuing the like which is called Par. But this course of Exchange being of late yeares abused and as it were made a merchandise Par of Exchange doth ouerrule the course of Commodities and Moneys by rising and falling in price according to plentie and scarcitie of Money and in regard of discrepaunce and distance of time and place which made some Merchants by mistaking to compare the course of Commodities and Exchange to be a like as if the measure of a thing and the thing measured thereby were alone For euen as money is Publica Mensura or the publike measures within the Realme betweene man and man Exchange the the publike measure of nations c. so is Exchange for moneys the publike measure betweene vs and forraine countries for all commodities bought and sold which therefore requireth a certaintie in the calculation of the Par aforesaid admitting neuerthelesse an aduantage aboue the same vpon occasions on either side This Exchange is properly made by Bills The manner of the Royall Exchange when money is deliuered simply here in England and Bills receiued for the same to haue the payment thereof in some other countrey beyond the Seas or when the like is done beyond the Seas and the money is receiued here in England and that vpon a certaine price agreed vpon between partie and partie which is termed the price of Exchange whereof Merchants haue the onely and whole disposing and buy and sell
their commodities beyond the Seas accordingly without that few or none of them doe looke into the nature of Exchange as aforesaid but only to the present obiect which is to know how the price of Exchange goeth at the time when they haue occasion to deale therewith howbeit such Merchants as neuer or seldome deale for commodities but altogether for money by Exchange haue another obseruation therein and Merchants that will be Exchangers indeed must know perfectly the weight and finenesse of our English coyne and of the forraine coyne also and compare the same together to make the said calculation of Exchanges wherein they are not to be directed by the valuation which is vncertaine and inconstant Valuation of money beyond the Seas inconstant much lesse by the tolleration of moneys beyond the Seas to goe currant aboue the said valuation so that by authoritie they ought to bee gouerned and directed herein declaring the true value for value or Par pro Pari as the verie foundation of all Exchanges because this is not a fit studie for euerie Merchants capacitie and may be done neuerthelesse with great facilitie and without interruption of trafficke as shall be declared But to come first to the particulars concerning weight wee are to know that in all places beyond the Seas Weight of money in Exchanges they vse for their moneys both of Gold and Siluer the marke weight of eight ounces heretofore spoken of with the diuision of twentie pennie weight or twentie English so called beyond the Seas and the subdiuision of twentie and foure graines here or thirtie two azes or graines there These eight ounces compared vnto our pound weight Troy of twelue ounces are within a little all one ounce for ounce in weight But vpon the pound of twelue ounces as aforesaid which is one marke and a halfe marke weight of theirs it is found that in the said proportion of a pound our weight is heauier than the weight of Germanie and the Low-countries by three pennie weight and than the weight of France Italy Spaine and Scotland by foure pennie weight all which may be considered in the price of Exchanges in allowing more or lesse for the Par according as the foundation of the Exchange lyeth either vpon our twentie Shillings sterling or vpon their Crowne Ducat Doller Florin or other coyne which is properly the head or Radix Cambij The head of Exchanges or Radix Cambij whereupon Exchanges were made This weight is to bee considered in the weight of the peece of coyne and from the peeces to the number of them in the marke or pound weight aforesaid Concerning the finenesse of moneys to be calculated in Exchange the same is knowne by weight Finenesse of money in Exchanges for it must bee distinguished thereby that is to say We ought to know how much fine Siluer or fine Gold there is in the marke or pound weight of the sundrie coynes of the seuerall standards of moneys of all Countreys where Exchanges are vsed betweene vs and them and to calculate the same vpon the pound sterling for some places or vpon the Crowne Ducat Doller Florin and other imaginarie coynes for other places to the end wee may haue finenesse answered by weight To vnderstand the premisses let vs suppose that a Merchant stranger commeth into the Realm and bringeth with him many vnknowne and strange coynes to haue the coyne of the Realme for it according to value for value by weight and finenes and that the said Merchant hauing weighed the said coynes hath a sufficient knowledge of the quantitie of fine Siluer and Gold which is contained in the said weight The manner to examine the weight and finenesse of money and his desire is to haue the same answered vnto him by the like weight and by the like finenesse in weight in moneys of this Kingdome Herein no doubt he will be assured what finenesse or fine Siluer and Gold there is in our moneys and that he may haue the same by weight in the said quantitie of coynes whereupon after the weight of our moneys hee will calculate distinctly what quantitie of Siluer and Gold there is in the said moneys and what quantitie of Copper and so will require the full quantitie both of the Siluer and Gold and of the Copper accordingly So is it with the matter of Exchange grounded vpon the verie value of coynes if there were no valuation whereby the price of coynes is baptized and receiueth a name which giueth a denomination of price vnto the said coynes or vnto the Exchanges of the said coynes which in the manner aforesaid maketh the said price of Exchange But so long as the calculation remaineth vpon weight and finenes without respect had to the valuation Definition of Bullion and Allay so long may wee esteeme the said coynes to bee in the nature of Materialls or Bullion that is to say Prohibited moneys to bee currant which forraine Nations call Bullion as it were vnlawfull and sit to be molten down from whence the word Bullion is deriued or which other nations call to be Materialls or Masse of Gold and Siluer euen as Copper is called Allay or mixture thereunto Valuation of moneys in Exchange Concerning the Valuation of moneys wee haue alreadie in the Second Part intreated thereof compendiously and substantially so that in this place we are to obserue the denomination which giueth a rate or price vnto Exchanges Proportion between Gold and Siluer in Exchanges made in England euen as it doth vnto the seuerall Species of money in their kind Concerning the proportion betweene the Gold and Siluer in the said Exchanges wee are to obserue That when the proportion betweene the Gold and Siluer was 12 to one or one pound of Siluer to an ounce of Gold which is now 13 ½ to one then the ensuing calculation in Exchange was true namely to account eight Carrats of fine Gold or foure ounces of fine Siluer for twentie shillings sterling reseruing in the said rate a reasonable gaine for the Merchants towards their gaines and charges But now that the said proportion is altered and that thirteene ounces and ⅓ part or foure pennie weight is appointed to be giuen for one ounce of necessitie it followeth that the Siluer is vnderualued and the Gold aduanced so that in matter of Exchange there ariseth a twofold consideration the one to bee established in Par according to the Gold coynes and the other after the Siluer coynes And this measure of Exchange betweene vs and forraine Nations is verie tender and delicate yet Merchants occasions in the course of trafficke doe exceed the said limitation vpon plentie or scarsitie of money and the many deliuerers or takers vp of the said moneys according thereunto which is proper to confirme the mutabilitie of Exchanging aboue the said Par but neuer vnder the same for it is like vnto the Needle of the Compasse which hath beene touched vpon the fixed
plentie the price thereof deare or by scarsitie better cheape as hath beene noted but Exchange hath a contrarie meane of working for plentie of money maketh a low Exchange and scarsitie of money maketh a high Exchange and the price to rise which is of great consideration because it ouerruleth money and commodities which neuer entred in the politicke studies of Aristotle Seneca or Cicero who were but in the infancie of Trade And Ciuilians can tell vs that Commercium is quasi Commutatio Mercium but went no further in this iust and princely studie of State affaires to augment by all lawfull meanes of Ius gentium the wealth of their Kingdomes and Territories as also to preuent the diminution thereof by the carrying away of their moneys and treasure True it is that the Statute Lawes of England haue had a care heereof but the remedies haue beene hitherto defectiue by mistaking the Efficient cause thereof which remedies may be distinguished three manner of wayes 1 First the Statute of imployment for Merchant strangers Commodities made for three especiall causes 1 For the aduancing of the price and sale of our natiue commodities 2 To preuent the ouerballancing of forraine commodities 3 To preserue the moneyes within the Realme 14. R. 2. 2 The lodging of Merchants strangers with free hoasts who had an inspection in their negotiations for commodities and moneys 3 The keeping of Staples for Woolls Woolfels and other commodities beyond the Seas with their Correctors and Brokers to register Merchant strangers dealings 4 To cause Denizens to pay strangers Customes inwards and outwards 5 The sundry treaties and conferences with the Commissioners of other Princes about Merchandise Moneys and Exchanges 6 The seuere Proclamations for the obseruation of the Statutes made for and 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 goods in strange Bottomes 10 The transportation of money made Felonie by Act of Parlement Moneys 11 The attendance of Searchers Waiters and other Officers 12 The strict information in the Exchequer and other Courts 13 The swearing of the Masters of Ships for exportation of moneyes 14 The reformation of the ouerheauinesse of our pound weight Troy in the Tower 15 The ouerrichnesse of our sterling standard of moneys 16 The alteration of the proportion betweene Gold and Siluer 17 The making of more prices out of the pound Troy by the Sheyre 18 The inhauncing of Siluer and Gold Coynes in price 19 The imbasing of moneys by Allay or Copper 20 The vse of many standards of money and reduced to two againe 21 The increasing of coynage money to hinder the exportation 22 The prohibition to cull out heauy peeces to melt or transport 23 The banishing of light Spanish money and Gold to bee molten 24 The giuing more for Bullion in the Mint 25 The prohibition for Goldsmiths to buy Gold or 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 vnto Merchant strangers 29 The prohibition to take gaines vpon Coynes 30 The Bullion in the Mint to be deliuered by weight to restore by tale 31 The inhauncing of Gold and vndervaluing of Siluer 32 The punishment of transporters in the Starre-chamber by Fines 33 Exchange The prohibition by Act of Parlement to make Exchanges for moneys for forraine parts without the Kings especiall license 34 Money deliuered to Sir Thomas Gresham Knight out of the Exchequer to rule the course of Exchanges by Bills 35 The Office of the Kings Royall Exchanger neuer put in practise since the merchandising Exchange beganne erected by King Edward the first in the eleuenth yeare of his raigne by an Act made at Acton Burnell as aforesaid Heere wee are to obserue the Statute of employment to bee defectiue when Merchants both English and strangers haue an abilitie 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 the money in specie and bee a great gainer thereby insomuch that if I receiue here one hundreth peeces of twentie shillings I can send nintie peeces to pay my Bill of Exchange and put ten peeces in my pocket for an ouerplus and gaine The like may bee done by making ouer money from beyond the seas to be payed here by Exchange which being receiued I can transport with 15 vpon the hundreth gaines in two moneths and lesse and aduance a hundreth vpon the hundreth in one yeare which exceedeth all the benefit to be made by commodities wherewith I need not to intermeddle neither can the said statute be any helpe herein to remedie the same This gaine ariseth by the vnderualuation of our moneys in regard of the inhancing and ouerualuation of forreine coynes so that the cause is extrinsique and comprised vnder the said Exchange of money and not intrinsique in the weight and finenes of moneys which are considered in the course of true Exchange betweene vs and forreine nations and thereupon it followeth that neither difference of weight finenesse of standard proportion betweene gold and siluer or their proper valuation of moneys can be any true cause of the exportation of our moneys so long as a due course is held in the Exchange which is grounded thereupon Hence ariseth the facilitie of the remedie by the refoâ—mation of the Exchange in causing our moneys to be truely answered by Exchange according to the verie value or aboue the same which cutteth off the said gaine had by the exportation of moneys and causeth also in effect that the forreine coynes beyond the seas are not taken in payment aboue their values although they be receiued at a higher rate because the commodities of the realme are sold according to the price of Exchange which counteruaileth the same according to their inhauncing of coynes or imbasing of the same by allay or copper All men of common vnderstanding when they do heare of the raising of moneys beyond the seas are readie to say We must do the like For they conceaue the saying of Cato Tu quoque fac simile sic Ars deluditur Arte to be a proper application hereunto But they do not enter into consideration what alterations it would bring to the State and that the matter might run ad infinitum as shall be declared But let vs suppose that this will be a sufficient remedie to inhance or moneys as they do theirs to imbase our coynes as they do theirs and to imitate ouerualuation of gold and siluer as they do which requireth a continuall labour charges 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 twelue ounces in weight making the sterling standard and yet my moneys made thereof shall be but tenne ounces fine In like manner I will melt downe tenne ounces of siluer and two ounces of copper and more to make a standard of tenne ounces fine and yet my moneys made thereof shall be eleuen ounces fine or sterling To vnderstand this mysterie or Paradox wee are to note that in the making of a standard of moneys three things must concurre and haue an equalitie proportioned vpon the pound weight of twelue ounces Troy namely Finenesse Allay and Weight of the peeces made out of a pound which is the ground worke of the subtile assay according to which all Assaymasters make their calculation by the marke of eight ounces or the pound of twelue ounces making one marke and one halfe Suppose now that as in ancient time of King Edward the third one pound weight being diuided into twelue ounces euerie ounce was diuided into twentie peeces or is now diuided into sixtie peeces or three pound making sixtie shillings which then made but twentie and that these twentie peeces or sixtie shillings were diminished by the sheyre and there is made twentie two peeces in regard of the twentie or sixtie six peeces in the liew of sixtie peeces which is tenne in the hundreth that the said peeces are lighter than before considering peece by peece Now an Assaymaster receiued one of these peeces to make an assay thereof in manner by vs declared in the Second Part of this Booke in the seuenth Chapter of the assayes of Bullion and Moneys and hauing weighed the same he calculateth how many of these peeces doe make or weigh one pound and hee findeth twentie two or sixtie six peeces or thereabouts because of the vneuennesse of the sheyre which being tried hee maketh report of the finenesse accordingly so that wanting in regard of the pound tenne in the hundreth by weight there must needs be wanting so much in finenes and so eleuen ounces molten downe is found to be but tenne ounces fine and in like manner c. All which in matter of exchange can be considered of and preuented as it shall please the Kings Maiestie and his Highnesse priuie Councell Ebbing and flowing of waters compared to the falling and rising of exchange The predominant Power of exchange rising and falling in price may bee compared to the ebbing and flowing of the Seas whereof no reason can be rendred albeit wee find the course thereof to concurre with the increase and decrease of the Moone which borroweth her light from the Sunne whereunto we may attribute a naturall Primum Mobile of mouing This motion is not so perceptible in the maine Ocean Seas as visible in the riuers streames and branches thereof Euen so in the seas of exchanges we are to ascribe the first motion of rising and falling in the price of exchange vnto the Bankers albeit the operation of it be not so apparant in those maine exchanges as vpon the bankes of the course of trafficke by commodities and moneys subiect to inundation in the particular exchanges of some countreys which runne into the maine ocean of exchanges as a riuer or branch of the same As this ebbing and flowing is aggrauated by accidentall causes of raine snow and the like by the alteration of weather so doth the rising and falling of exchange increase and decrease by the alteratiof State affaires betweene contending Princes according to the vse of moneys And euen as the seas are girt in by Gods commandement that they cannot ouerflow the mayne bankes of the earth so the course of the rising and falling of exchange in price may bee girt in by the Kings commandement A great consideration beyond the common capacitie of men that it shall not ouerflow the course or bankes of trafficke to the inundation of our home commodities and moneys This Simile putteth me in mind to remember the Poeticall fixion of the serpent Hidras with many heads whereof one being cut off by Hercules forthwith another did appeare alluding therein to the riuer Nilus which had many branches whereof the one being stopt in one place caused another to ouerflow in another place augmenting Hercules Labours being therein like vnskilfull Phisitians which to cure a disease doe many times cast the bodie into a more dangerous sicknesse whereas the learned Physitian will find an easie cure knowing the efficient cause of the disease without which conceited remedies are but meere shifts and extremities Aristophanus hath painted forth the agonie of an aged man altogether shipwracked by vsurie who thinking to haue found out the way to be eased of his slauerie did propound vnto Socrates this demand That if he should by the inchantment of a witch of Thessalia fetch the Moone out of heauen and bring it away and afterwards inclose it in a case of glasse and so keepe it as if hee would keepe a flye in a boxe Socrates demanding what good that would do him he answered if the Moone doe neuer rise againe I being constrained to pay money by the new Moone shall be freed of that trouble A strange shift that this poore man was driuen vnto apprehending a shadow for a reason to plucke by violence the Moone out of heauen for his helpe for in truth the witch did her best and began to charme the Moone which when the vsuror vnderstood did put him in such a pelting chafe as was wonderfull to behold for accusing this poore man of enchantment at last hee went himselfe to another witch not onely to keepe the Moone from comming out of heauen but also to hasten the course of her faster to recouer his vsurie the sooner Good God what a trouble was the Moone put vnto betweene these two witches What stormes and tempests did arise What horrible wind did blow What great raine did fall What floods ensued euerie where So that countreys were almost drowned and vnder water in many places The morall of these Metaphores concurring with our former comparison doth not onely shew vnto vs the operation and coniunction betweene the Moone and waters but also the folly of vaine conceited remedies The propounded remedie therefore for the reformation of the abuse of exchanges is grounded vpon the rule of Equalitie and Equitie whose Antitheta are inequalitie and iniquitie which euerie man ought to suppresse Equalitie is amiable and accompanied with ease and facilitie but inequalitie is hated and associated with trouble and difficultie The difference whereof is like vnto this Geometricall Axiome in commendation of the inuention of round wheels to draw and carrie loads with a small strength Circulus tangit planum vnico puncto For if the wheeles should haue beene made square or in any other polyangle and proportion fortie horses would not so easily draw them being laden as two doth now with speed and ease what easier thing can there be than to set and command a price in exchange to be obserued according to the value
of the sterling standerd this is to be done onely by his maiesties proclamation according to the statut of Exchanges Prohibiting that after three moneths next insuing the same no man shall make any Exchanges by Bills or otherwise for moneys to be paied in forreine 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 by the meanes of Brokers or amongst themselues The way to restore Englands wealth but neuer vnder the said rate which shall be declared in a paire of tables publickely to be seene vpon the royall Exchange in London according to the said proclamation and the said tables shall be altered in price as occasions shall be ministred beyond the seas in the seuerall respectiue places of Exchanges either by their inhauncing of moneys by valuation or by imbasing of the same by allay as hath beene noted 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 than by authoritie because gaine doth beare the sway and commaund with most men For the Merchant Stranger being here the deliuerer of money generally will easily be induced to make the most of his owne receiuing by Exchange more for our moneys beyond the seas and the English Merchant being the taker of the said moneys will not be so inâ—urious to the State as to giue lesse beyond the seas than the value of our money in Exchange contrarie to the said proclamation and if he would the deliuerer will not let him haue it Besides that the takers occasions are inforced by necessitie and he can be no looser for by direction he will sell his commodities beyond the seas accordingly because the price of Exchange doth still gouerne the sale and buying of commodities as aforesaid English Merchants being the deliuerers of the moneys 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 againer The course is agreeable to justice and the law of nations or ius gentium and will not hinder the Exchange to rise and fall as formerly but keepe all in due order with these considerations cautions and preuentions as shall be set downe to preuent all inconueniencies proceeding by the inhauncing of moneys which fall generally vpon all men in the endearing of things Inconueniencies of the inhauncing of coynes particularly vpon land-lords and creditors in their rents and contracts and especially vpon the king maiesties lands The statute of Imployment must also be obserued to make the remedie more compleate with a Register to record the moneys which forreine mariners do receiue for fraight comming from Norway and other places making aboue one hundreth voyages yearely as also many other ships bringing corn into the Northerne and Westerne parts of the real me and exporting moneys for it The pollicie of the Turke and Russian The Turke Persian and Russian haue herein surpassed vs in true policie by keeping the price of their Exchanges high much aboue the valuation of their moneys so that they haue no trade by Exchange nor moneys but onely for commodities whereby they preuent the ouerballancing of forreine commodities with theirs as also the exportation of their moneys albeit the vse of our commodities is in those countries verie great Obiections to the remedie The obiections made by some against this sole remedie are easily to 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 moneys from thence by deliuering more there in Exchange than now they do 3 Others say that they shall not be able to vent their clothes according to the high Exchange especially now that cloth is out of request and would haue the matter of reformation deferred vntill another time in their opinions more commodious Answeres The first obiection is answered before That the taker is ruled by the deliuerer who will not giue his money in 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 the said statute too strictly pressed vpon the stranger because the trade should not be driuen into their hands Mediocria firma To the second the Proclamation limiting a time for execution giueth Merchants abilitie to recouer their moneys or to sell their Bills of debts for money or to buy commodities for them as the manner is To the third experience maketh a full answere to both that there did not want takers when the late inhauncing at Hamborough caused the Exchange to rise from vnder twentie and eight shillings to aboue thirtie and fiue shillings which is more than the present alteration will be and Wooll was at thirtie and three shillings the Tod which is now fallen vnder twentie shillings so that the vent of our Cloth was not hindered when it was sold deerer by one full third part but there was aboue eightie thousand Clothes sold yearely where there is now sold but fortie thousand Clothes The time is also to be thought more conuenient to aduance a commoditie being vnderualued than to do it when the price is high for this plurisie of the common-wealth is dangerous and admitteth no time of curing like the fire in a citie which permitteth not any inquiries to examine how the same began but requireth euerie mans help to quench the same And wheras it is alledged in the defence of the inhancing of coine Treatise of Free trad E.M. That which is equall to all when he that buyes deere shall sell deere cannot be said to be iniurious vnto any This opinion is without consideration of the alteration of Weights and Measures betweene vs and other nations that is Exchange for moneys and what the same may produce to the losse of the common-wealth albeit that betweene man and man it may proue alike in some respects To make this euident Suppose two Merchants the one dwelling in London and the other dwelling at Amsterdam doe contract together that the Londoner sending Clothes to bee sold at Amsterdam the Merchant of Amsterdam sendeth him Veluets and Silkes to bee sold at London and in the account to be kept betweene them