continually to rise beyond the seas caused the angell noble being the sixt part of an ounce and taken for two ounces of siluer to be valued from sixe shillings eight pence vnto seuen shillings foure pence and presently after vnto seuen shillings sixe pence whereby euery ounce of siluer was worth forty fiue pence and yet there was nothing effected thereby the money still altering beyond the seas whereupon Cardinall Wolsey had a patent graunted him by the king to alter the valuation of money from time to time as he should see cause Afterwards the sayd king in the two twentith yeare of his raigne perceiuing that diuers nations brought abundance of forreine commodities into his realme and receiued therefore ready mony which money they euer deliuered to other merchants by exchange and neuer employed the same on the commodities of the realme whereby his Maiesty was hindred in his customes and the commodities of the realme were not vttered to the great hinderance of his subiects as it is there alleadged his Maiestie caused a proclamation to be made according to an olde Statute made in the time of king Richard the second That no person should make any exchange contrary to the true meaning of the same Act and Statute vpon paine to be taken the kings mortall enemy and to forfeit all that he might forfeit which tooke effect but for a short time and no other was to be expected it not being of that moment nor the principall cause as hereafter shall be declared After all this followed the embasing of mony and what happened then we haue already declared so much as is thought conuenient All which notwithstanding and as it were in derogation of the credit of experience yet some men will attribute the cause of transportation to the finenesse or vnder valuation of our monies and would haue our monies inhaunced in price or embaced by allay without that they haue any cōsideration that in some sort our exchange shall be made accordingly and that the matter would remaine still in substance although it were altered in name whereof the base monies daily exported out of Fraunce and the inhancing of monies in Turky and Barbary do giue vs an instance And it followeth that neither difference of weight finenesse of standard proportion betweene the monies or valuatiō thereof can be any true causes of exportation of our monies so long as a due course is holden in the exchange which is founded thereupon as before hath bene shewed Hauing found out the efficient cause the remedy is easie and most commonly great matters are cured by easie remedies And by that which hath bene sayd euery man of iudgement may easily gather that the exchange for all places ought to be kept at a certaintie in price according to value for value and that according to the value of our money and the tolleration of the price of the mony in each countrey where we find that a certaine proportion is obserued from time to time to which end there must be a vigilant eye for the obseruation thereof vpon all alterations and to make our price of exchange accordingly both for the gold and siluer either in aduancing our gold and making the porportion to be betweene the gold and siluer 12. to 1. or else making the price of exchange according to the gold If we do make our gold to be worth twelue of siluer as is vsed in most places then must our angels and other gold be called in if so be that we will not thinke conuenient that the weight and price should be altered and new angels may be coyned of crowne gold holding still their price and weight or else if we will alter the valuation then our angels should bee at ten shillings ten pence and the French crowne sixe shillings sixe pence for there is as much difference betweene the proportion of eleuen to one and twelue to one as there is difference in the price of angell gold and crowne gold But altering neither of these the exchange might qualifie the same the rather because that for places where we haue no ordinary exchange our gold and siluer monies are transported in nature of bullion especially the siluer being more worth in some mintes beyond the seas then by valuation as we haue noted before For the keeping of the price of exchange at a certaintie according to value for value some are of opinion whereas these exchanges are most commonly made by certaine persons sworne to deale honestly betweene partie and partie commonly called brokers that euerie merchant exchanging should be bound vpon a penalty not to make any exchanges without them and according to their direction to which end they should haue a certaine prescription specified in a paire of tables how to make these exchanges and should become bound with sureties to make them accordingly in the course whereof there should be no other difference betweene the deliuerer and taker vp of monies but after ten vpon the hundreth for the yeare and to make them payable at some short time to cut off the merchandizing of the same both here and beyond the seas Others that do not like to enter into bonds do allow of the opinion of those that do affirme the same would be more exactly done by certaine skilfull and substantiall men thereunto authorised by her most excellent Maiestie to be the generall exchangers with whom all men should be commaunded to make their exchanges here in England and in the like manner our merchants onely in the chiefe places of trafficke beyond the seas with these Exchangers deputies also in manner aforesayd wherein would be litle restraint for he that would not deliuer his money here by exchange might if he would employ the same vpon our commodities and rather then to transport any in specie he would deliuer it by exchange when vpon a simple bill he might haue as much giuen him by the meanes of the exchange as the same would yeeld him beyond the seas being caried in specie with great aduenture and in danger of the losse with treble the value according to the statute On the contrary he that would not deliuer his money beyond the seas by exchange he might bring ouer forrein commodities being at a reasonable rate or else the money in specie prouided alwayes that in bringing monies there be no permission any other to be currant but such as are already proclaimed and all other to bee brought into the mint or to these exchangers deputies which should giue presently other ready money for it according to the statute 20. E. 3. whereby of course also that might be effected which heretofore was commanded by the statute of 8. H. 5. 2. whereby the Staplers were to bring a good part of the returne of their woolles in bullion The most noble kings of this realme Edward the third Richard the second Henry the fourth Henry the fift Henry the sixt and especially Henry the seuenth made most noble statutes against the abuses
peny weight fine siluer and eighteene peny weight of copper or allay And our Angell gold is twenty three carats three graines and one halfe and halfe a graine of allay And the Crowne gold is twenty two carats of fine gold and two carats of allay and the proportion betweene the gold and siluer is eleuen of fine siluer to one of fine gold or eleuen of starling siluer to one of crowne gold Omitting now to speake of the finenesse weight and proportion of the mony of other countries let vs consider the property of the money or the effects thereof which is that plentie of money maketh generally things deare and scarcitie of money maketh likewise generally things good cheape Whereas things particularly are also deare or good cheape according to plentie or scarcitie of the things themselues or the vse of them According to the plentie or scarcitie of the monie then generally things became dearer or good cheape whereunto the great store or abundance of monie and bullion which of late years is come from the west Indies into Christendom hath made euery thing dearer according to the increase of monie which like vnto an Ocean deuiding her course into seuerall branches in diuerse countries hath caused a great alteration and inhauncing of the price of euery thing and most especially because the monie itselfe was altered in valuation in some countries so that the measure being altered and made lesser there went more number to make vp the tale and of necessitie other things went accordingly For monie must alwaies remaine to be the rule and therefore is called Publica mensura Some perceiuing the forraine coÌ„modities of late yeares to be more risen in price then our home commodities did attribute the same to the vnder valuation of our monie in regard of the monies of other countries and wold haue had our monies inhaunced wherein they were so farre from the marke that if our coines were inhaunced all the forraine commodities and our home commodities would be inhaunced in price accordingly and the forraine commodities most of all by the course of things as they are now vsed The like would happen if the monie were embased by allay as we haue seene by the sequele of things yet fresh in memorie during the most victorious raigne of king Henry the 8. Yet hereby we may perceiue that in substance of the matter they seemed to ayme at the maine point of this ouerballancing of inequalitie And that the Prouerbe is true That the vnknowne disease putteth out the Phisitions eye This ouerballancing consisteth properly in the price of commodities and not in the quantitie or qualitie and to counteruaile the same our treasure must of necessitie be exhausted and spent to the great impouerishing of the Realme and the transportation of our monies Whereby it commeth to passe that we find the contrary of our former obseruation for as in countries where scarcitie of monie is things are good cheape so on the contrarie in countries where things are deare as the forraine commodities are with vs mony should be â—â—â—â—tifull which plentie we must consider not in comparison of a lesser quantity which was in times past but according to the present abundance now found in all countries which doe duely participate by the â—â—urse of trafique a competent share â—â— the whole farre otherwise then we â—â—e Neither was monie more plentie â—â—retofore wheÌ„ an ounce of siluer was worth but 20. pence iudging of mony 〈◊〉 we do of commodities either deare 〈◊〉 good cheape according to the â—â—ice Whereas money must be still â—â—e measure and is valued by publike authoritie at a certaintie whereby it doth not onely giue or set a price vnto all other mettals but receiued as it were by repercussion a price in it â—â—â—fe and ruled at all times the course 〈◊〉 commodities For albeit that plenteousnesse or scarcitie of commodities in particular doth alter the price 〈◊〉 commodities yet with monie it is otherwise notwithstanding the course 〈◊〉 vsury or exchange deuised therupoÌ„ whose operation falleth in effect vppon the commodities And the valuation or alteration of money concerneth only the soueraignty and dignity of the Prince or gouernour of euery countrey as a thing peculiar vnto theÌ„ To auoide the cariage of money a certaine exchange was deuised grounded vpon the weight finenesse and valuation of the money of each countrey according to value for value And so is our exchange of England grounded vppon the weight and finenesse of our mony aforesaid the weight finenes of the mony of each other contrey And thereupon the valuation of money maketh the price of exchange for euerie place according to the denomination of the money whereby we ought to examine and compare our weight aforesaid with the weight of other countries and the finenesse of our standard aforesayd with the finenesse of the standards of the monies 〈◊〉 other countries And if we differ not with them in the proportion betweene the gold and siluer then may our exchange runne at one price both for the gold and siluer taking the denomination according to the valuation of the monies of each countrie And hereby shal we find how much fine siluer or gold our pound starling containeth and what quantitie of other monies of Germany France the low countries the East countries or elsewhere we are to haue to counterualue the same in the like weight and finenesse answerable vnto ours whether it be by the pound crowne ducket or dolâ—r giuing alwaies value for value which therefore was called Par. This course of exchange being abused and of late years become as it were a trade 〈◊〉 rising and falling in price according to plentie or scarcitie of monie and in regard of discrepance and distance of time and place is become predominant or doth ouer-rule the course of commodities and money and is the very efficient cause of this ouerballancing of commodities before spoken of and consequently of the decrease of our wealth exportation of our monies as by demonstratiue reasons shal be prooued hereafter which efficient cause being taken away by the remedie hereafter declared will make the effects to cease and these generall benefits will ensue Losses of at the least fiue hundreth thousand pounds which the Realme sustaineth yearely shall be auoided Transportation of ready mony shal be preuented The commodities of the Realme shall be aduanced in sale and price The forraine commodities shall be brought into the Realme better cheap The Queenes Customes shal much increase yearely Money will be imported againe vnto vs in ample manner The Queene shall haue a great gain by the Mint and not onely poore monyers but also all other artificers and workemen shall be set on worke to auoide idlenesse which is the root of all mischief when through plenty of money and gaines merchants shall be encouraged to seeke out new trades whereby the Realme wil more flourish through Gods blessings Wherefore concluding with this first part of our treatise let vs
is he a loser because his commodities were not sold accordingly and if it be payed by the prouenue of goods which are sold for the purpose then is not he only a small gainer or a great loser but by his rash sale he ouerthroweth another mans market to the generall losse And in conclusion the gaine sought vpon money doth impeach the gaines to be sought vpon our home commodities And albeit that in regard therof one might inferre that the greater gaine wold also be sought by our merchants vpon the forraine commodities which should turne to the preiudice of the Realme yet that is not so for the forraine commodities are generally sold payable at some short time without any regard hereof and if they be sold for readie money vpon such an occasion the better cheape by merchants straungers for to enioy the benefite of exchange it falleth still vpon our merchants neckes that are the takers vp of money generally with vs. If the price of exchange be high beyond the seas where generally our merchants are the deliuerers of mony then must they giue much to haue their monies made ouer whereby the gaine of their commodities being sold formerly is clipped And yet they giue no more most commonly then the value of our mony is for the mony which they deliuer there is according to the tolleratiō by them receiued at a higher rate farre aboue the value and in the same manner payed out But when the exchaunge goeth high our merchants are inclined to buy forraine cōmodities or to barter their commodities for the same which oportunitie is not onely obserued by the Bankers but also procured To which end they follow by the meanes of their factors our merchants at all places euen as the Eagle followeth her pray be it at Stoade Hamborough Embden Middelborough or elsewhere where they will haue an especiall care to be furnished with the commodities wherein they deale as Veluets Satine Silkes Fustians Venice gold or such like and that against the arriuall of any quantitie of cloth and kerseis out of England For albeit that they do not buy the greatest quantity of our English commodities yet they know that when our merchants haue made sale of their cōmodities payable at some short time and receiued bils for the same that the buyers of cloathes do pay the old debts make new debts againe then the exchange riseth wherby our merchants rather then to make ouer monies by exchange at a high rate the rising whereof they will also increase by plentie of money deliuered by them will make their returne both for the money and billes of debts in forraine commodities the price whereof is rated by them at their owne pleasure So that our merchants buying deare must sell deare which bringeth a wonderfull ouerballancing and causeth vs to feede vpon our natiue soile giuing the benefite thereof vnto other Nations Whereas we should liue by the gaines of our home commodities being sold vnto other nations and now we are driuen to seeke a gain vpon forraine commodities to the great preiudice of our owne countrey and that is also a cause that many of our merchants perceiuing a small gaine and sometimes none at all to be had vpon our home commodities do buy seek their gaines vpon forraine commodities making ouer money from hence at a high exchange for that purpose or causing at a high exchange beyond the seas money to be taken vp wherein although they may be gainers yet the Realme generally beareth the losse and they feede still vpon their mothers belly wherein they are the more instigated through the immoderate vse of forraine commodities Albeit that we do not find so great an inconuenience in the wearing of the forraine commodities as we do in the price of thē being within this fiftie yeares risen farre otherwise then our home commodities are the money still being with vs the selfe same herein consisteth the ouerballancing aforesaid for if the forrain commodities which are consumed and brought as it were vnto doung shall amount in value or cost more then the commodities or fruite of the lande certes that lande is vnprofitable in euery mans iudgment much more if we do consider that the people of other countries doe very much enrich themselues by their industrie and handiwork vpon the stuffe of other countries And it were to be wished that our cloth were sold at so deare a rate according to the price of forraine commodities that thereby other nations would take vpon them to make our clothes themselues which might easily be remedied by selling our woolles the dearer whereof they must make them Now returning to our Bankers let vs note againe that vpon the sale and expedition of the greatest part of our commodities beyond the seas most monies being made ouer and commodities returned then the exchange beginneth with them to fall which falling they can also helpe by withdrawing their monie for a time And heretofore they would make ouer monie as a low exchange for England to be entertained here at interest after ten pro cento vntill they could haue it made ouer againe at a high exchange And likewise such commodities as they could not conueniently sell they send into England where they can affoord the same better cheape then our merchants which turneth still to the losse of the Realme And most especially if the exchange come low from beyond the seas then is it made presently here accordingly and then vpon the low exchange our money is transported in specie as before is declared If any man will obiect that if a low exchange is the cause of transportation of our monies in nature of trade then on the contrarie a high exchange beyond the seas must haue the like operation whereby money might be imported for if for example in foure Philip dollers or two hundred stiuers I shall haue as much fine siluer as in 20. shil starling whereas the exchange though erroniously is taken therevpon at 33. shillings 4. pence to be Par or value for value should be but at 32. shillings sixe pence which is low and therefore the money caried in specie wil yeeld more so when the exchange is beyond the seas at 34. shillings sixe pence or 35. shillings as being high should cause money to be brought ouer Hereunto we answere that it wold be so were it not for the tolleration of the monies to go currant farre aboue their value beyond the seas for if this Philip doller which in valuation according to this rate is at 50. stiuers be receiued by you in paiment for 52. stiuers who seeth not that herein you are abused And so consequently in other kinds of coines What shall we say to these Bankers which commonly are in league with the financiers of the low countries and others that are as it were belonging to their exchequer mints and haue all the dealings for the coyns with whose aduice they can hoord vp monies whē by publike
pound tale wherfore our merchāts ought to haue a singular regard thereof and alwayes looke rather to haue somewhat more then the value of our currant money as for example One buyeth a packe of clothes which cost him 50. pound or one hundreth angels the packe to be payd in angels which hold 24. carats fine saue halfe a graine of allay or 11. ounces 2. peny weight in siluer mony The same packe of clothes is to be sold beyond the seas and to be rated at so many peeces of plate of 8. rials or dollers pistolets ducats or french crownes as hold the same carrats and ounces in gold or siluer aforesayd And in making sale of these clothes moreouer to take so much ouer and aboue these carrats and ounces as both may beare the charges and a reasonable gaine And whereas the finenesse of gold is 24. carrats and the finenesse of siluer 12. ounces if our marchants after the rate of 4. ounces fine siluer and 8. carrats fine gold for twenty shillings sterling did compare the value of the forrein coyne and thus take somewhat more ouer and aboue keeping this proportion the realme should more flourish and both it and they be stored with mony abundantly This may be vnderstood the better if we do suppose that some merchants straungers doe come ouer into the realme to buy such a packe of clothes for the which we haue payd one hundreth Angels holding 23. carrats 3. graines and one halfe and these merchants do bring some strange coyne of gold or siluer not knowne in the realme and do tell vs that the same is worth so much in their countrey or holdeth so many carrats or ounces in finenesse and will giue the same in payment vnto vs we neither beleeuing them nor knowing the value of their coyne are not contented therewith but we will go vnto the mint to haue an assay made thereof and accoūting what our monies do hold together with a reasonable gaine will be contented to accept of the merchants strangers money as it shall be found worth in substance And then if we do compare the same to the price of the exchange for the place whence these merchants came we shall find whether it goeth currant and according to the valuation thereof or whether the valuation be more or lesse then the exchange is especially then the marchandizing exchange which is the cause of the vnnaturall alteration of the coyne In the like manner will other nations deale with vs if we do buy any commodities of them beyond the seas and which is more haue already done euen within the realm as experience hath taught vs for albeit that with vs it was neuer conuenient or expedient that our monies should be exported and therefore one would thinke it made no matter of what mettall our money were made of so long as for the same all commodities might be had within the realme yet men will haue such stuffe as is worth so much in substance in other places elsewhere or else they will sell their commodities accordingly howbeit that if hauing sold their commodities and not being desirous to export any commodities of the realme for their returne homewards they will not greatly weigh what the monies are made of if they may be sure to haue the value thereof payd them by bils of exchange into their owne countrey And then in a manner there might be dealing and negotiation without money and the exchange will qualifie the same for the operation thereof is wonderfull But what is a kingdome without mony being since the inuention thereof rightly called Nerui bellorum And if any Prince wold call in al the good mony and deliuer base mony for it which by his authority should be valued and proclaimed at such rates as the good mony was the matter wold be of small importance for so much as concerneth the course of things amongst his subiects so as by way of exchange as aforesayd the merchant stranger had his turne serued and that the Prince were sure that other nations should not draw that good money from him or deceiue him with the like base money and that those that had the managing thereof did execute their charge for his benefit But euery thing considered we shall find that the richer the coyne of a kingdome is the better is the estate and gouernement thereof so long as it is not bereaued of the money Thus much Obiter Now to answer vnto those that say what needeth a man to make so neare a calculation I can giue a gesse at the matter reckening the exchange charges and a reasonable gaine in a Summa totalis and make sale of my commodities accordingly what losse is there in this or wherereunto serueth this distinction First we haue already shewed you that generally this merchandizing exchange either being high or low here or beyond the seas is preiudiciall to the realme in the transportation of our monie And next in the abating of the price of our home commodities and aduancing of the price of the forrein commodities And now to answer this particularly we say that in processe of time there is a great and incredible losse both to the realme and your selfe for whereas you say to haue a regard to the exchange it is not such a regard as you ought to haue but you do marke the exchange onely according as the price thereof is at the time when you sell your commodities or do deale therwith or somtimes according as you imagine the price thereof will be whereas you haue a secrete losse or might gaine more if you go neare to the reckning as aforesayd whereby though at that instant you loose but little which you might haue gotten the realme will feele the smart of it in the end You might as well say the matter of exchange is but by bils which are but paper and inke there can be no hurt done by them whereas if you consider how the selling and buying of cōmodities is ruled according to the price of exchanges contained in the bils you shal find the matter before spoken of nay therealm generally doth feele it for this canker of marchandising exchange is like to the cruelty of the Planet Saturne which maketh his sphericall course in thirty yeares with great operation although we do not so sensibly perceiue his motion This may be illustrated by a similitude for concerning the sale of our commodities we do as much in effect as if some draper did sell his cloth at a certaine price the yeard and suffered the buyer to measure out the same by the buyers owne false yeard Or like a grocer that selleth out his pepper by the pound at a price agreed vpon and is contented that the buyer shall weigh it out by a weight which vnknowne vnto him is false and so looseth vnawares or getteth lesse then he made account of because the fraud vsed in the weight and measure is vnknowne vnto him Euen so is the cūning course of
aboue their value beyond the seas but those that will take this benefit of our gold neede not to bring siluer for that purpose hauing forrein commodities ready at hand in returne whereof the gold is very commodious and profitable which is the cause of buying vp of the same when the price of the exchange is low as before is declared We haue already declared the general course of exchāges now let vs yet enter into some particulars concerning exchanges monies and of forrein cōmodities comming from the places with whō we haue ordinary exchanges For Roane Paris Lyons Bourdeaux and other places in Fraunce we haue an ordinarie exchange made according to their crowne of 60. soulz The standard of their siluer monies being 11. ounces fine albeit their base money as their soulz and other is but three ounces and a halfe or somewhat better Their crowne gold 22. carrats and the proportion betweene the gold and siluer is by valuation 11. to one but by tolleration 12. to one and many times more the crowne of exchange being at 60. soulz in specie 63. 64. and 65. soulz And here let vs note the wonderfull operation of the course of exchange and that whereas the tolleration of monies in other countries is a hinderance of the importation of monie vnto vs yet it is not so with France because money is brought ouer sometimes from thence Albeit the same be receiued aboue the value as the French crownes and pistolets because the course of exchange is contrarie For plenty of mony with them maketh a low exchange and scarcitie of mony maketh a high exchange with them and on the contrarie a low exchange with vs whereas for other places plentie of monie maketh a low exchange with vs. So that the one being a cause of importation of money the other is a cause of exportation yet the Realme by the course of monies receiueth not any benefite at all in the vent of our commodities as other countries do For this French crowne being valued at 10. shillings 10. pence flemish maketh the right exchange to be aboue 36. shillings for the low countries where in specie the same is caried and in the like maner for other places The obseruation whereof may be applyed to the good of the Realme the merchandizing exchange being takē away will aduaunce the price of our home commodities The rather for that we find that by our French merchants there is as great a quātity of our home commodities and such as are brought vnto vs from Russia and elsewhere sold into Fraunce as doth counteruaile the employment of wines and other commodities from thence the fraight and impost of wines redounding to her Maiesties benefite and of her subiects not being reckened The like may be said concerning our exchange for Venice other places in Italy which particular exchanges are as in all traffiques gouerned by the vniuersall euen in places where little or no trade of commodities is vsed as at Madrill Lyons and Bizanson where money is made a merchandise and bereaued of the naturall course whereunto it was first deuised This vniuersall or generall exchange made according vnto our 20. shillings sterling as is supposed hath his course in manner aforesaid for all such places where most of our home commodities are sold by the merchants aduenturers be it at Embden Middleborough Amstelredam Stoade or Hamborough where our commodities of Clothes Kerseis Bayes Tinne Lead or such like are sold and bartered for such forrain commodities as are Veluets Satine Silkes Venice gold Fustians and such like purposely engrossed and brought to the aforesaid places sold by the factors of the Bankers to our merchants at so deare a rate that euen other nations must buy the like commodities the dearer for our sake which is the cause that our merchants selling the said cōmodities deare accordingly vnto vs are notwithstanding small gainers although generally the realm loseth greatly All which commeth to passe by the meanes of the exchange being abused as before is shewed both for the transportation of our monies which for a long time we haue giuen to contervalue the price of the forrain cōmodities with the price of our home commodities according to the ouerballancing before spoken of which during the trade with Spaine frō whence mony was continually brought ouer could not so sensibly be felt as it is now notwithstanding the great purchasses of reprisall goods So that the effect of it is like vnto the barter of two merchants the one deliuering commoditie and money and the other commodities only he that deliuereth commodities onely doth ouerset the same in price and the other that deliuereth commodities and money doth ouerset his commodities also somewhat accordingly but doth not consider that he cannot ouerset his money whereby it commeth to passe that he hath forraine commodities at a deare rate for his home commodities and money yet because he findeth through the excessiue vse of those forrain commodities present sale with a reasonable gaine he thinketh to haue made a very good match whereas by his meanes the Realme is not onely depriued of the ready money but sustained a great losse besides in paying too deare for those commodities as we may easily perceiue if we do consider both the prices of the aboue named forraine commodities and our home commodities altered within these fiftie years We are like vnto him that did not ouerset his mony as aforesaid because we do esteeme our monies by way of exchange lesse in value then they be and doe receiue the money of other countries farre aboue their value according to their tolleration especially they holding the proportion between the gold and siluer thereby continually twelue to one At Hamborough and Stoade the ordinarie reckening is takē to be 9. marks 4. shillings for our 20. shillings sterling euery of their markes being sixteene shillings Lups making 148. shillings which is 24. shillings 8. pence of their mony for our poūd The Rickx doller is 33. shillings so that 4. Rickx dollers and one halfe make 148. shillings ½ or 24. shillings 9 pence without reckening the discrepance of the time of 2. moneths for their vsance the consideration is at the least taken after ten vpon the hundreth for the yeare At Embden this Rickx doller being currant in payment after Flemish money at 47. or 48. stiuers and the Angell at 11. gilderen and one halfe what merchant is he that cannot calculate this exchange to be abused and that 36. shillings flemish cannot answere our money If any man would thinke that vpon admonition giuen to the States of the low countries this might be reformed and the like reformation would follow in other countries especially those of Hamborough and other places adioyning holding their monies alwaies as it were at a stand yet all would be to small purpose if it were by a generall consent reformed and established so long as the exchange shall be suffered to rise and fall from time to
time vpon all occasions The States of the vnited lowe Prouinces hauing made it fellony by the lawe and deuised all the courses and meanes to effect the same could neuer do it Albeit that in Anno 1594. they kept their mintes without worke for the space of a veare and more For they are not onely interrupted by the seuerall mintes of other Princes adioyning vnto their countrey but also for not hauing so absolute a gouernment the body thereof being compounded of equall parts euery one claiming as absolute power as the other Howbeit we shall find that generally by them all there is a kind of proportion kept both betweene the gold and siluer and in the valuation of them Neither were it conuenient for the States to cry downe their monies whilest the 17. low Prouinces are separated albeit they haue suffered of late and still do without any alteration of their monies that the Archduke Albertus of Austria doth value certaine ducats which he caused to be coined at a higher rate then they be worth as hauing occasion to vse siluer for the East Indies which they obtained for the gold which they had from vs and elsewhere But omitting many other particular matters let vs conclude with the second part of our treatise wherein we haue shewed how the course of exchange being abused doth ouer-rule the course of commodities and money Also that the transportation of mony for places from whence we haue necessarie commodities by way of permutation for our money can not be preiudiciall to the Realme as the abuse of the exchange is for those places where our merchants haue the vtterance of our chiefe and principall commodities which exchange both of course and by practise is ruled by other nations the Realme receiuing thereby an incredible losse through the ouerballancing of the forraine commodities with our home commodities in nature before alleadged which to supply draweth away our money and treasure and bringeth such inequalitie between the naturall riches and the artificiall riches that husbandmē are many times when the haruest faileth vnable to pay their rents and poore artificers to liue by their handy worke as hauing nothing but from hand to mouth For the course of forrain commodities vpon the alteration of mony bringeth withall an alteration in the gouernment of a commonweale Euery man knoweth that by reason of the base money coyned in the end of the most victorious raigne of king Henry the eight all the forrain commodities were sold dearer which made afterwards the commodities of the Realme to rise at the farmers and tenants hands and thereupon gentlemen did raise the rents of their lands and take farmes to themselues and made inclosures of groundes and the price of euery thing being deare was made dearer through plentie of money and bullion comming daily from the West Indies by reason whereof and especially for that the ounce of siluer was aduaunced by the said king Henry the 8. from 40. pence vnto 45. pence and afterwards in processe of time came to be aduanced to 60. pence the price thereof could no manner of waies abate albeit the money was afterwards restored to her former purity and finenesse and so would it be to small purpose if according to some mens opinions that wold haue things good cheape as heretofore the valuation of anounce of siluer were reduced againe at 20. pence For let vs consider how all these things haue driuen one another as in a presse going in at a streight examine them by a retrogradation if we require gentlemen to abate their rents giue ouer farmes breake vp inclosures it may be they would doe so if they might haue all their prouisions at the price heretofore wherunto the farmers tenants as I suppose would easily condescend if they might haue all things else at the merchant strangers hands or others at the same rate as they were wōt to haue heretofore And the merchant might say againe that he will sell his wares as he was wont to do if he may haue the like money answerable in value and finenesse as he was wont to haue heretofore and that with great reason seeing that permutation of commodities did cease with vs and that money was now to measure or value things and that the same must haue his value according to weight and finenesse as may go currant in most places Now the money being reduced to her former puritie and finenesse had not that effect because the valuation was altered and aduanced to sixtie pence which if it had bene abated to twenty pence would only haue altered the price of things by denomination and not in effect so long as we giue still the quantitie in weight and goodnesse in finenesse of our monies But I pray you to what purpose would this be and that your exchange grounded thereupon should be made accordingly if you would suffer the price thereof to rise and fall to the great preiudice of the realme as before is alleaged which being reformed will be the only way of preseruation and augmentation of the wealth of the realme and a great qualification of the things aboue mentioned by bringing plenty of money within the realme and staying that which will further passe whereby our home commodities will be aduanced in price which will increase the quantitie of them and set not onely more people on worke to make our home commodities but also other commodities now imported hauing within the realme fit matter or stuffe thereunto The due consideration of all which will make vs to imitate the custome of good citizens which seeing their citie on fire loose no time to enquire how and when the fire began but endeuor themselues with engins buckets of water and other necessaries to quench the flame thereof wherefore let vs without loosing any more time runne to the remedy following THE THIRD PART A REMEDIE AGAINST the Canker of Englands Common wealth BY that which hath bene declared we see how one thing driueth or enforceth another like as in a clocke where there be many wheels the first wheele being stirred driueth the next and that the third and so foorth till the last that moueth the instrument that strikes the the clocke Or like as in a presse going in at a straight as we haue sayd where the formost is driuen by him that is next him and the next by him that followes him and the third by some violent and strong thing that driues him forward which is the first and principall cause of putting forward all the rest afore him if we were kept backe and stayed all they that go afore wold stay withall this is therefore called Causa efficiens which not being rightly discerned from the meane causes made that many men were neuer the neare to remedy the thing they went about The Chronicles do record that to preuent the transportation of money king Henry the eight like a politicke Prince in the eighteenth yeare of his reigne perceiuing the price of money
A TREATISE OF THE CANKER OF ENGLANDS COMmon wealth Deuided into three parts Wherein the Author imitating the rule of good Phisitions First declareth the disease Secondarily sheweth the efficient cause thereof Lastly a remedy for the same By GERRARD DE MALYNES Merchant Sublata causa tollitur effectus Imprinted at London by Richard Field for William Iohnes printer dwelling in Red-crosse-streete in ship Allie 1601. THE FIRST PART CONCERNING THE DISEASE OF THE English Common wealth PLato the Philosopher perceiuing that equality would be the cause that euery man should haue enough was of opinion and willed all things in a common wealth to be common whom sir Thomas Moore in his Vtopian common weale seemeth to imitate to the end that an infinite number of lawes already made and the making of so many new lawes as daily are made might be abolished whereas all of them are not sufficient for euery man to enioy defend and know from another mans that which he calleth his owne proper and priuate goods But this equality cannot be established neither was there any such euer vsed in any age or commaunded by the word of God but that possessing these worldly goods we should so vse them with charity towards others as though we did not possesse them at all Neuerthelesse as a commonwealth is nothing else but a great houshold or family yet the Prince being as it were the father of the family ought to keep a certaine equality in the trade or trafficke betwixt his realme and other countries not suffering an ouerballancing of forreine commodities with his home commodities or in buying more then he selleth For thereby his treasure and the wealth of the realme doth decrease and as it were his expences become greater or do surmount his incomes or reuenues This is the vnknowne disease of the politicke body of our weale publicke before mentioned the efficient cause whereof must be found out before any remedy can be applied or deuised Sublata causa Tollitur effectus sayth the Philosopher which is graffed in euery mans iudgement that the cause of any thing being taken away the effect is taken away withall Hereuppon let vs note that properly the wealth of the realme cannot decrease but three manner of wayes which is by the transportation of ready money or bullion out of the same by selling our home commodities too good cheape or by buying the forreine commodities too deare wherein chiefly consisteth the aforesayd ouerballancing which is the cause of inequality we giuing in effect both mony and commodities to haue forreine commodities for them To proue our assertion we can hardly make this inequality appeare in the application thereof to euery member of our common-weale albeit we do find the want of treasure and monies exported for the same For it be falleth vnto vs concerning monies and wealth as it doth vnto a Generall of a campe of ten thousand supposed armed men whereof muster being taken at seuerall times and vpon seuerall dayes yet all of them generally are found to be armed because one lendeth his armour vnto another whereas if they were all mustered in a day and at one instant a great part of them would be found to want armor the like want of monies and wealth should we find if the matter were duly examined Yet for an instance let vs consider how much the price of lands is risen with vs of late yeares euen within the memorie of man and that this their estimation or value is in regard of money or other things mony-worth and compare the same thereunto and we shall very well perceiue that we ought to ballance the value of things vpon this beame laying the lands on the one side and the money or things mony-worth in value on the other side to finde out this inequalitie Aristotle saith that riches is either naturall or artificiall The naturall riches as lands vines forrests meddowes and such like The artificiall as money gold siluer wooles cloth and all other moueables and houshold stuffe Nowe as this artificiall riches is proceeding of the naturall riches and that both these doe receiue their price and estimation by money which is the measure and rule to set a price to euerie thing so reason requireth a certaine equalitie betweene the naturall riches of lands and the artificiall riches of commodities proceeding of the same Hereupon let vs note further that all the trade and trafficke of the realme is performed vnder three simples namely commodities money and exchange and examine the originall beginnings of them and their present course seeing that God caused nature to distribute her benefits or his blessings to seuerall climates supplying the barennesse of some things in our countrey with the fruitfulnesse and store of other countries to the ende that enterchangeably one common-weale should liue with another First we find that when commodities began much to abound in the world all manner of mettall as gold siluer copper tinne lead and yron grew into greater estimation as being fit and more durable to preseruation and so the purest and finest mettall most esteemed at which time the riches of men was notwithstanding described to consist of cattell commodities and other moueables and there was a permutation of things which was very combersome and did require much cariage of wares vp and downe and from one countrey into another By reason whereof money was deuised to bee coyned of the finest and purest mettals to be the rule or square whereby all other things should receiue estimation and price and as a measure whereby the price of all things might be set And to maintaine a certaine euenhood or equality in buying selling and the same to haue his standing valuation onely by publicke authority to the end that all things might equally passe by trade from one man to another The Standard of the starling money of England was first coyned at a place so called by Osbright a Saxon king of England aboue seauen hundreth yeares past at which time an ounce of that siluer was diuided into twentie peeces and so esteemed twentie pence which so continued vntill King Edward the first his time and vntill King Henry the sixt and then by the kings publicke authoritie was valued at thirtie pence and continued vntill king Edward the fourth and then at fortie pence vntill King Henrie the eight and then at fortie fiue pence vntill King Edward the sixt and so vntill her Maiesties most happie raigne at fiue shillings the sayd ounce of twelue ounces to the pound Troy weight and twentie peny weight to euerie ounce and twentie foure graines to euerie pennie weight Now as the finenesse of siluer is twelue ounces and euery ounce also twenty peny weight in finenesse And the finenesse of gold is twenty foure carats and euery carat foure graines likewise in finenesse so all monies of gold and siluer do participate of this finenesse according to their substance and the standard starling mony of this realme is eleuen ounces two
England running as a riuer or branch must needs be gouerned by the former currant which is not perceiued of our merchants that commonly follow this rule if the exchange do come high from beyond the seas presently they will make it higher here in regard of discrepance and distance of time and place before mentioned I say and intreat still of the generall exchange for those places whereof we haue the head and thereby might command if the course thereof were not abused by the bankers and those that haue made it become as a trade to Englands great preiudice As by the application thereof either here or beyond the seas to the course of trafficke may be manifested both concerning monies and commodities If the exchange with vs here be low so that more will bee giuen for our money being caried in specie then by bill of exchange can be had then our money is transported whereas otherwise no man would aduenture the money and stand in danger of the law to loose treble the value if by a simple bill of exchange he might haue as much payde him beyond the seas for in truth gaine is the cause of exportation of our monies which gaine doth not consist in the substance of the money for as the right exchange is grounded vpon the weight and finenesse of our money and the weight and finenesse of the money of each other countrey and thereupon the valuation of the money maketh the price of exchange it followeth that neither difference of weight finenesse of standard or valuation of monies can be any true cause of transportation of our money so long as a due course is holden in the exchange But this due course being abused causeth as before our monies to be transported and maketh scarsitie thereof which abated the price of our home commodities and on the contrary aduanceth the price of the forreine commodities beyond the seas where our mony concurring with the monies of other coūtries causeth plenty whereby the price of forrein commodities is aduanced so might it fare with the price of our home commodities being transported to those places were we not hindred by the tolleration of their monies to go currant far aboue their value with them and to the greater trāsportation of ours and hinderance of importation of any vnto vs. This tolleratión of the price of mony beyond the seas must be distinguished from the valuation which is done by publike authority of the Prince or gouernour of euery countrey whereas the tolleration is brought in by particular men as the marchants are that contrary to the commaundement of Princes or states do receiue and pay the mony at a higher rate aduancing the price of their commodities But if we will looke vnto the proportionable course of this tolleration we shall easily perceiue that men of vnderstanding haue the handling thereof and that superiours will winke at priuate mens faults for their owne benefite First those that hold with vs in proportiō between the gold siluer 11. to 1. by valuation suffer all the gold to go currant after 12. to 1. wherby our angel is worth aboue 18. sh. flemish with thē not being otherwise worth 17. shillings So the 2. angels making our poūd sterling wil make by exchange at the most but 34. shil and being caried in specie do make aboue 36. shillings our exchange still holding his course according to the siluer which by the par is esteemed at 33. shillings 4. pence albeit therein is also an error and so for Hamborough at 24. shillings eight pence or twenty fiue shillings either or for France at sixe shillings the crowne all which calculations are vncertaine and preiudiciall to the realme And yet my meaning is not to enter into these particulars as not being the efficeint cause but onely accidentally may be meane causes the due course of the exchange not being obserued Secondly for the siluer monies we shall also find a great difference if we compare our money of 11. ounces two peny weight fine to their Ricx dolor esteemed at 10. ounces 12. peny weight or the Philip dolor of 10. ounces fine or rather 9. ounces 18. peny weight as we find the same Much more if we do consider that our siluer mony yeelded the greatest profit being caried to the mints beyond the seas where of late since the East Indies trade it hath bene made equal with the valuation of gold and rather more wherby in effect they held the proportion of 11. to 1. with vs. But then the par of exchange ought to be aboue 36. shillings with the Low-countries or aboue 25. shillings with the East countries or else the realme euery subiect thereof looseth a great matter our monies both of gold and siluer are continually exported by the meanes of a low exchange If the exchange with vs here be high so that more money will be receiued beyond the seas by bill of exchange for our monies then the same would yeeld if it were caried in specie then euerie man is desirous to make ouer money by exchange and that money which should be employed vpon the commodities of the realme is deliuered by exchange to the great hinderance of the vent and aduancement of our home commodities and yet the forrein commodities not any way therefore sold the better cheape And herein we must consider two especial points first that both here and beyond the seas all commodities generally are sold payable at some short time vnlesse it be some small part for ready mony Secondly that generally our merchāts are here the takers vp of mony and the merchants strangers are the deliuerers of mony and the contrary is in some sort beyond the seas So that the course of exchange hath an easie cōmand still to Englands great preiudice For the scope of our merchants to make returne homewards implyeth at all times a necessity and so it doth not with the other for they do take their aduantage either by exportation of our monies or by making of it ouer at a high exchange And albeit that the transportation of mony is prohibited very straitly yet there is alwayes 3. wayes of exportation namely by cōmodities mony exchange But there is but two wayes of importation namely commodities and exchange whereby commeth a notable ouerballancing of forrein commodities with our home cōmodities And whereas it might be thought that those monies taken vp by exchange at a high price should be employed by English merchants vpon our home cōmodities or that the forren cōmodities are sold accordingly it is altogether contrary for he that taketh vp money at a high exchange doth it vpon necessitie must pay the same againe of the prouenue of his cloth or commodities alreadie sold or to be sold or must maintaine that money running vpon exchange wherein he shall be a notable loser pay treble interest If it be paid by the prouenue of commodities sold before and which is owing in debts then
the exchange vnknowne vnto vs. Hauing thus briefly and substancially set downe the course of money generally and the operation of the marchandizing exchange and omitting to speake of the diuersitie of exchanges of the like nature vsed in other countries because in handling them we should exceed the bounds of a treatise and but rehearse that which by other mens writings may be seene we must now a little consider the course of commodities in regard of bartering or permutation before money was deuised the rather for that our merchantes beyond the seas are much inclined thereunto howbeit in an other manner for it is according to the rule of money considering that thereby euery man doth rate or value his commodities in bartering of the same and that money being differing in weight finenesse and valuation according to the denomination is againe ruled by the exchange founded thereupon and commeth in effect all to the former matter which to auoide prolixitie we do not reiterate but do leaue to the consideration of the wise as euery man is taken to be in his profession And as we find other nations to be which by the way for the better vnderstanding of our subiect shall be declared We haue already described riches to be either naturall or artificiall and that both these are valued by money and that for as much as the artificiall riches doth proceede of the naturall therfore reason requireth a certaine equality in the estimation therof Hereupon this consideration is incident that as there are three temporal things for the behoofe of man namely foode houses and apparell so must we account all the things seruing thereunto according to the vse of them and the scarcity or plenty of those things according to the same vse hauing alwayes a regard and care not to pay too much for the things seruing for the belly especially such as in some sort may be spared or forborne and not to sell too good cheape the things seruing for the backe or in effect to barter them for superfluous things alwayes admitting ciuility which albeit that men account that ciuill which is accorto the manner of euery countrey as the Prouerbe is Countries fashion countries honor yet reason must rule herein with a due consideration of Gods good creatures and gifts which cannot be done without an vnfatigable industrie both in discerning the variety of them and in obseruing their infinite number and pure creation in which regard precious things haue their estimation So that the same ciuility must be reduced to the good of the common-weale and for the vpholding thereof liuing together in Christian society giuing so farre place vnto reason that euery man may endeuor himselfe to the preseruation of the weale publicke and conceiue generally that other nations not indued with so much reason are alwayes inferiour vnto vs in that regard euen considering all men alike in an estate of politicke gouernement Who seeth not then that without any cause of admiration some men do wonder as it were at the simplicity of the West Indians Brasilians and other nations in giuing the good commodities of their countries yea gold siluer and precious things for beades bels kniues looking-glasses and such toyes and trifles Nay that we our selues are guilty of the like simplicity if herein the premises considered yet an error were committed For giuing our good commodities or the treasure which chiefly from the West Indies is receiued for our sayd commodities vnto them of the East Indies and paying ten or twelue for that which heretofore did not cost in the sayd Indies aboue one as it did in the beginning of the raigne of Philip the second king of Spaine when pepper was sold for 120. fanans or ten French crownes the bahar which is foure hundreth London weight and is not much more then three halfe pence the pound cloues accordingly at sixe pence the pound cinamon three pence and so foorth we shall not need to speake of other dainties and delicacies of superfluous things so long as a moderation is vsed neither is our meaning that the mony or treasure in euery countrey should be buried but if we will not preuent the generall transportation thereof that at the least we should seeke to enioy by the course of trafficke the benefite thereof as other nations do and to haue the same also imputed vnto vs. In Poland Lituania Prussia other countries adiacent when they abound with corne money is very scarce and the price of corne thereby much abated at which time they will either tollerate or proclaime the monies to be inhaunced in price and moreouer the same to be deliuered at interest after 15. 20. and sometimes 25. vpon the hundreth for a time presently great store of ready money commeth from all places thither which maketh the price of corne to rise the mony also being risen to a great value and yet our English commodities do rather fall with them in price or remaine vnsold the monies being transported thither onely for the employment of corne And although we haue not an ordinarie exchange with any of those countries which sometimes is made according to the Florin of thirty grosses and therefore some ready money one would thinke might be brought ouer in returne of our commodities yet the same is not done for that the tolleration of monies to go currant with them farre aboue their value hindreth the same in regard whereof our commodities might be sold accordingly and then shall we not onely with aduenture make returne in very needfull and necessarie commodities of pitch tar deales clapboords cables ropes and such like but also in ready money if occasion shall so serue more profitably for the generall good then to make ouer monies by exchange by the way of Amsterdam Hamborough or other places as vpon the reformation of the exchāge might effectually be found And I dare vndertake that in times of scarcitie when we shall or might haue neede of corne the same may be prouided vnto vs farre better cheape and more commodiously then heretofore in the like occasions hath bene vsed In Russia because their monies are not onely inhaunced but also embased by allay therefore are our monies by way of trade in nature of bullion caried thither sometimes and our commodities sold accordingly and their necessarie commodities brought vnto vs in returne thereof as are the aboue named There is no ordinary exchange betweene vs and them but sometimes according to the Roble exchanges are made to our losse when we pay aboue 13. sh. 4. pence for the roble with consideration of the time after 10. vpon the hundreth their principall mony being both small base as their Nouogroatcos or Copecos whereof 20. make some 8. pence sterling The trade being otherwise very necessary and profitable for the vtterance of our home commodities maintenance of nauigation diuers of their commodities as tallow hides being by vs vented againe into France and other countries In Turky where great store of
forreine coyne is currant at a high rate commodities are sold accordingly in so much that their base money of Aspers and Shahes cannot go currant in any quantitie but that the commodities will rise to double the price in value in regard of their price being sold by the ducat of 40. Medines payd in Checknis or Sultaneus as also dolors of al sorts or roials of 8. for of late years they know perfectly the finenes of monies can discerne the good from the counterfeit and make their aduantage accordingly in the sale of their cōmodities so that the transporting of any thither is not so much vsed as heretofore much lesse doth any come from thēce back againe because of their tolleration also And we haue no ordinary exchange with thē especially our ships requiring stil their lading homewards whereby their commodities do stand vs in more then otherwise they should and so much are the gaines the greater which are procured vpon the sayd commodities by how much our home cōmodities are sold too good cheape which partly are abated in price by such kersies cloth and other commodities as some of our merchants aduenturers sell with a smal gaine into other places from whence they are caried into Turky by the way of Venice which is preiudiciall to the realme In Barbary the money being also much inhanced and we hauing no ordinary exchange with them albeit our merchants did sell their commodities somewhat accordingly yet they haue made a nearer calculation when they wanted sugars to make their returne and haue bene constrained to their losse to bring ouer gold in regard of which losse they had more then reason to sell their commodities the dearer to the good of the realme whereas otherwise if they had found sugars to make their returne by they would haue brought them were it at neuer so deare a rate to the preiudice of the same And surely not only these Barbarians haue a due regard of the goodnesse and course of monies but euen that barbarous people of Guinea and thereabouts haue of late yeares learned to esteeme their gold at a farre higher rate then they were wont to do obseruing the course of trafficke And to conclude with such places where we haue no ordinary exchange let vs remember Spaine and Portugall seeing that since these troubles and interruption of trade we are not onely barred from the greatest importation of money of rials of plate and pistolets which in a manner did supply our exportation and were daily brought ouer from thence but also that by the meanes of other nations all Spanish wares are bought so deare and accordingly sold vnto vs that the small gaines of our clothes cannot counteruaile the same whereas heretofore all our gaines were procured vpon our home commodities being thither transported and we were very well contented if of their commodities we could make our principall as they costed vs with some small gaine towards the aduenture and charges The summe of all is concerning all the aforesaid countries where we haue no ordinarie exchanges that neither the exportatiō of our monies is preiudiciall to the realme if we bring for it againe needfull and necessary commodities into the same neither is the importion of money beneficiall to the realme to any great purpose if we do giue our good and necessarie commodities for the same being both wayes but a kind of permutation or barter and those countries that by inhancing the coyne do draw money vnto them gather but an imaginatiue wealth consisting in the denomination and not in substance whereas the abuse of the exchāge causeth vs for such places where it is vsuall ordinary to loose and giue our treasure with our home commodities to obtaine only forrein commodities for it as we haue already shewed and will yet make more apparant But first least any man should find fault that we do not declare what the finenesse of the standard of the monies is which are vsed in the aforesaid countries neither their weight or proportiō which they do hold betweene the gold and siluer we must desire him to note that we endeuor to be in al this treatise cōpendious substātial that hauing no ordinary exchange for these places the matter is of no great momēt especially also for that the most part of the coins currāt with thē are incidently to be hādled in their proper places folowing The rather when the proportiō beweene the gold siluer albeit the sāe do differ in som coūtries bringeth not any inconuenience at all if there be no quātity of cōmodities in those coūtries to establish any traffick between thē as betwixt Spaine Portugal Spaine holding 12. to 1. and Portugal but 10. to 1. In Scotland where they hold 12. to 1. in proportion betweene the gold siluer there is smal store of cōmodities to be had to make any returne by which is the cause that although we hold but eleuen to one yet it breedeth no inconuenience vnto vs that therefore our monies should be transported thither in any quantity for all the aduancing of the price of their coyne and their standard of siluer being but 11. ounces fine which is inferiour vnto ours and likewise their weight lesser then ours by foure peny weight fully vpon the pound troy which otherwise would be of importance considering that we haue not with them any ordinary exchange which should qualifie the same the rather for their copper monies vsed in abundant manner as their Hardheads Bodwels Plackx Atchisons Nonsunts and Turnouers the course of such monies and the like being by diuerse taken preposterously as though the siluer monies should take their beginning in valuation from these copper monies which maketh them to incline to the imbasing of monies whereas by the authority of Princes these kind of coines do receiue their valuation answerable vnto the good siluer money as experience maketh manifest in Turky with their Aspers and Shahes Neither is there any proportion obserued betweene the copper monies and the siluer as there is betweene the siluer and gold as Numa Pompilius the king of the Romanes did by obseruing ten of copper for one of siluer and ten of siluer for one of gold but we shall find that since that time it hath bene diuersly taken in diuerse countries according to the vse and quantity of the one or other mettall vppon all ocasions For places where we haue ordinarie and continuall exchanges it is of great importance for either we must make 2. prises of exchanges the one for the gold and the other for the siluer or else our gold is continually trāsported our exchanges commonly hauing their course according to the siluer Now if any māshal receiue beyond the seas for our gold after 12. of siluer for one of gold we holding but 11. to one in proportion who seeth not an euident gaine of one in eleuen if the siluer monies do not counteruaile the same by way of tolleration being receiued for