IN the first place then it behooveth to shew the composing of the weight of silver and gold; Silver weight is thus compo­sed: A pound Troy containeth twelve ounces; an Ounce containeth twentie pennie weight, a pennie weight containeth twentie foure graines of wheat, taken out of the middest of the wheat eare, et e converso, 24. graines taken out of the middst of the wheat eare doe make a penny weight; twenty penny weight doe make an ounce, and twelve ounces do make a pound Troy.

Where note, that a pound Taile is but foure ounces, which before King Henry the Sixt his time, was all one with the pound Troy, he then did raise it by preroga­tive to 30. pence the ounce, which caused the price of an ounce of silver to passe at that price in currant pay­ment betwixt man and man; and a pound weight Troy to passe at 30 ^s which before was but 20 ^s. Thus by di­viding the ounce Troy into so many more peeces, hee lost so much in his revenues, customes, and other du­ties belonging to him, as he had multiplied the pence in number, and this is called, raising the Coine in deno­mination.

And in successe of time, between Henry the Sixt, and the beginning of Edward the sixth his time, the ounce was raised to sixtie pence, and so it remained ever since constant, notwithstanding the raising of it in forraigne parts; for it was found by experience of our former raisings, that raising of the ounce weight, was but a temporarie remedy to keepe the monies at home, and stood no longer then they raised againe beyond Seas; This may suffice for the weight of silver, consisting [Page 3] now of sixtie pence the ounce, twelve ounces to the pound Troy.

The gold pound being the same in weight with the silver is otherwise composed in other termes; as thus, The Gold casteth away the name of penny weight, thus, A pound weight of Troy of pure Gold is said to bee 24. Carrats, and every Carrat containeth foure graines, two Carrats and an ounce are one weight, a graine and halfe a quarter of an ounce are one weight.

Next followeth in order to know the Composition of the mixture or finenesse of Gold and Silver; and first, of Silver, because it is the common market man both at home and abroad.

Here is to be noted that no monyes be made of pure Silver in no Mints, the reason is, because in its purenes and puritie the Silver is as flexable as lead almost, and therefore not so usefull in its purity, as when it is som­thing hardned with Copper; even so it is with Gold. There is no pure Gold minted in any place I know of, but hath some Allay or Copper, and if it hath beene heretofore, it is so ancient that no memory thereof re­maineth to us; and if it were at any time done so, the alteration began with some Prince that ment and did deceive others with so doing: for it is a powerfull meanes to fetch his neighbours Coines from them to bee minted in his mints; which being perceived, his neighbours did mix their Coines also, thinking there­by to fetch theirs home againe by the same meanes it went away; but (as it is before said of denomination;) so then and now it falleth out to bee the same in imba­sing the Coine, as it was or is in denomination; but a temporary remedy and to no purpose but hurt, as I shall [Page 4] tell you hereafter, when I come to speake of the incon­veniences of raising the Coine by denomination or de­basing of it by Allay or Copper, which be all one in effect and worketh alike.

So then you having the weights of silver and gold in your understanding and memory; it remaineth to let you know that almost all Princes coynes doe differ in finenesse or mixture, few do agree just together, in­somuch as Spaine having foure Mints or more under his command, two in the West Indies Mexico and Perue, and two in the Continent of Spaine, Lisbon and Sivile, yet all foure differ in finenesse one from the other something, for which there is some reason to be given in its proper time: So likewise there is some dif­ference in finenesse in other Princes Coines, as be­tween us and France, and the Low-Countries, Arch-Duches, and united Provinces, Lubecke, Hamborough, Stoad, and the Imperiall Cities of Germany.

And for this cause of differences, ours consisting of Eleaven ounces two penny weight fine, FRANCE of Eleaven ounces fine, Low-Countries of tenne ounces, and some of nine ounces-fine in the pound Troy.

It behoveth us who have the finest Standard or mix­ture of silver in our monyes, to beware that our fine monyes bee not drawne out from us to maintaine the baser mints; for if denomination have a power to work that effect; much more hath embasing of Coine being not so easily perceived as the other, and to watch over them in all places, least we be deceived by any of them.

But some will say; what neede wee bee put to [Page 5] trouble to watch others, cannot we more easilie doe as others doe?

To this I answer, if there were no harme in so doing at home, yet to alter with them that alter or may alter, requireth a continuall watch over all others with whom wee have commerce, or else, how should we know when they alter, or know what mynt it is that draweth our monyes from us? and if we should alter our mint as often as others may alter, wee should ever be altering and have no rest at home; this, perconse­quence must needs bring a confusion in short time, when once moving our mynt hath made great alterati­ons amongst us at home, and will ever doe so when we shall alter; It is the greatest harme to King and Sub­jects, as shall be shewed (God willing) hereafter.

In the meane time, give mee leave to let you know, that in or about the yeare of our Lord one thousand five hundred fiftie and five, we being in ami­tie with all Princes and neighbour-mynts, there was a generall consent amongst Princes and States to make a Treatie for the Concord in Mynt affaires, to keepe a paritie in Coynes, which treaties were frequent in el­der times, but now, (by reason of wars neere hand, in France, Low Countries, and Germany) is omitted.

And in King HENRY the eight, his time, there is mention made of a Treatise betweene the KING and the Arch-duches of Austria, wherein it was found that the difference of an halfe penny in an An­gell of Gold (which now is about three pence in the pound tale) it would be sufficient to exhaust his trea­sure out of his kingdome, and by no meanes would suffer it.

[Page 6] Then per consequence what doe they which at this time doe raise both Gold and Silver, twenty in the hundred above others?

The answer to this is, they doe breake the Law of Nations, which is a just cause of Warre amongst Prin­ces, to goe about to draw away their neighbours coine by inhancing, by denomination, or debasing the fine­nesse by Allay, for all make one effect as aforesaid.

But what care they to breake the law of nations that purpose to have Warre? then this is answered for that; and must we then of consequence have our moneys ex­hausted (as they are) or make Warre, and by the next consequence be undone, is there none other remedy? There is, but I referre the remedy till another time and place.

Now I have laid open the composing of the weight and finenesse of Gold and Silver, I am to shew the cause of exporting of our Gold and Silver, before are­medy can be applyed.

And this is a secret to most men to know the cause, and will be controverted by them that have profit ther­by; and if we believe them that controvert it, the cause is lost; herein is to be noted, what Ecclesiastes (as con­cerning Marchant Exchange saith: Trust not a Mar­chant in the businesse or touching Exchange, a Labou­rer, in the point of hyre, nor a souldier in the ending of warres.

Beare in remembrance the weight and finenesse of our owne Coyne especially, without which knowing and remembring, you cannot fall upon nor understand the true cause of exhansting of our monyes, which is the marchandizing Exchange, nor yet the remedy; [Page 7] Therefore I pray you pause upon that which hath been said a while, unlesse you have been versed or do under­stand the mint businesse, and composing of Gold and Silver, which hath beene declared in some mea­sure.

Also take this with you for a principle; moneys can neither bee advanced in denomination, nor a pound Troy or an ounce be made into more pieces of Silver, nor debased by putting in more Copper or Allay, without generall detryment to the Respublike: A pe­rillous thing to deale withall without doubt, and most especially in Land Common weales.

And wherefore more in land common wealths, then in maritime and Marchandizing Common Weales? I must tell you, or you will not beleeve.

Maritime and Marchants can immediately change with the Changer, without detriment; The Mar­chant can immediately set a price of his Marchandize, according to the worth of the money; and the Artifi­cer and Labourer set a price accordingly to his labour or hire; which cannot be done in terraine State, more especially in our Kingdome; which I forbeare for the present, till I shew the inconveniencies or mischiefes that would follow the alteration of our mynt, and will be most pernicious to undertake any such thing.

And for that I have already named the Marchant Exchange to bee the efficient cause of exhausting our moneys in generall, thus it is; Marchants Exchange was first invented for the saving of portage, and keep­ing of moneys at home in every kingdome, besides the hazard that might befall in carrying of Treasure (as luggage) from kingdome to kingdome, which other­wise [Page 8] upon every severall contract (made to be paid for­raignly) would be exported; And every traveller be­yond the Seas would carry his expending money with him.

But now, (if by equall or disadvantagoeus Ex­change) a man deliver an hundred pounds here, to bee paid so much like quantitie of Gold or Silver againe there beyond Seas; this both keepeth the money at home, and saveth the Traveller a labour and hazard in carrying the money over.

But if (by unequall Exchange) a gaine may be had by overvaluing our monies beyond Seas, as now they bee overvalued, especially in France; not only a Mar­chant making contract as aforesaid, or a Traveller (not knowing the mystery) shall lose tenne or twenty in the hundred: And the Marchant (observer of the myste­rie) will (for the gaine had thereby) export the same in specie, but more especially gold, when visibly without change of species, hee may retaine tenne or more of those peices; and there with Ninety (or lesse) of those peices, pay the hundred pounds or peices received here; and this is the overt or open fallacie by mutation of place, now too frequently used, by the denomina­tion of that Coine.

But there is another more secret, which is practised by exchangers, to be considered from the finenesse of the Coyne; wherein is to bee noted that all Princes Coynes are not alike, for some have more Allay or Copper mixt with the gold or silver, as before hath bin touched; there being onely two chiefe wayes of de­ceit; denomination, or open deceit; The second, intrin­secall or inward finenesse, consisting in the mixture of Copper more or lesse.

[Page 9] And because our Gold might not be seene too visi­ble, and make too great a shew in France; there is now an ordinance in France to bring the forraigne Gold (so fast as it commeth into his Exchequer,) into the myn [...] to bee there minted into French Crownes double and treble and quatreble peices, calling them Lowyzens, and minteth them after the proportion of fifteene to one of Silver, we holding in our proportion thirteene to one; which very Mynt is able by that meanes to draw all our gold away (even that which is left) so fast as it can be gleaned up, if remedy be not provided speedily.

And occasion now offereth it selfe to give us to un­derstand this observation following; that if dispropor­tion between Gold and Silver be not observed aright; gold may buy silver out of the Realme, and silver may buy gold out of the Realme, and the Realme deprived of the one by the other; The raising of the gold here, did cause more gold then silver to come to the Mynt; and by the same meanes, it is called from us into France; which plainely sheweth that the raising of Gold or Silver, or disproportioning one by another, is but temporary, and in the end proveth no better than a fallacy, as inhancing and debasing, and they all bee; And the truth is, no state stands sure that stands not of the rules of right.

Here is to be noted that silver prizes gold, and gold prizes not silver; The reason is, because silver is of more common use, though gold be more esteemed of rich men, according to the common adage, bonum quo communius, eo melius, it is also better for the kingdome, that more silver then gold bee minted, for silver is not [Page 10] so hastily nor easily exported, as gold will bee: and there will be alwayes some Canker wormes or money brokers to export silver or gold, so long as trade is; for remedy of which there must be some allowance made in the ballance of Trade.

But something else commeth to minde, that hin­dreth mee yet for speaking of the ballance a while, which is the inconveniences that befall this our state, when our monies are raised or made little; The mov­ing of our mynt must either be in imbasing the gold or silver, or advancing it in denomination, for back it can­not be brought when once it is raised, and hath obtai­ned Currancy; It is a dangerous thing to meddle with the Mynt, either in imbasing the money, or cutting it smaller with the Sheares; for if it be embased, first, it causeth counterfeiting; secondly, that part, or so much as is embased, will carry so much fine silver out of the Realme; and when it is perceived, the amends is as evill as the disease. All those in whose hands the base money shall bee, shall bee the loosers of so much as is minted within the Realme before it bee decryed, and what grievance would this bee? able even to cause the Commonalty hate the governement, and fall into up­roares, and unnaturall rebellions, as it hath beene in times past when the Commons rebelled and wrote these words in their banner or Standard, Rex est qui bene regit.

If the money bee made lesse, it giveth so much to the le [...]ye or borrower; the Kings revenue that stand­eth upon constant fees of his Crowne, ancient Crown lands lease, all rent charges, land of the Bishops or Church, and such like that bee leased, shall loose so [Page 11] much; the Noblemen, Gentlemen, and Vsurers shall part with so much in proportion as the mony is advan­ced, so commodities will be advanced accordingly; So whether monies be raised or debased, it maketh di­sturbance most miserable in effect.

Therefore there is no stirring of our mynt neither up nor downe, for the reasons aforesaid, no gaine to the kingdome but infallable losse to some part, heart burn­ing and discontentment fit to bring in a forraigne ene­my will ensue, the tampering with the Mynt.

Therefore I conclude this point, that there is no safe way, but to stand constant at home, and change with the changer abroad, to keepe our moneys at home.

And first to prove the Marchant Exchange un-e­qually carried, is the efficient cause of exporting our money, give me leave to know whether plenty of mo­neys make our prices to rise, and scarcitie of money make small prices, W ^ch no man (I think) will denie, and that commodities are prised according to the good­nesse of the coyne, or to what end serveth fine gold and fine silver, if it be not to prize all things?

And if in our commerce with other nations, we do give more fine Gold or Silver then we receive, or un­dertake our Coynes in commerce with others, It is a sufficient out-let or way to carry out our money or bul­lion; when thereby those that perceive the advantage to be had, shall leave the true use of trading in Mar­chandize, and turne mony Marchants, or exporters of bullion or monyes, for no lawes are prevalent against gaine; And if we do not carry an even hand with for­rainers in preserving and encreasing our moneys, as for­rainers doe, we shall in small time undervalue our com­modities [Page 12] for want of money, and consequently over­ballance our Trade in price or qualitie, and continuing the same course, send out our monyes in change for commodities, and have no more commodities then we had before; which course will infallibly impoverish the Realme exceedingly: when there is a want of mo­ney or wasting of bullion, the commodities of the Realme Wooll and woollen manufactors, will fall in price; the commodities falling, rents will fall accor­dingly; when rents doe fall by such a necessitie, the necessitie which spreads its selfe over the land: And (Tenants having taken leases) at inhanced prices, of Countrey commodities, not knowing the effi­cient cause of this change, will lay the cause upon the Land-lords and grow in hatred towards them, not knowing how to hold their farmes, nor what to doe if they give them over; this is a fearefull effect that followeth the want of a covenient stocke of mo­ney to maintaine the price, and to beat or main­taine our home Commerce, proceeding from for­raigne cause, and not from Land-owners or Tenants at home;

So it followeth, that those that looke to the home­cause; as evill making of our manifactures, or such like, doe not amend the matter nor raise the prices, so long as there is no more moneys to make the prices any greater; for it is infallably true, much money much price; little money little price; and it is as true that the inhancing of our Gold and Silver in France, will draw our money into France, if remedy bee not had; for the open reason aforesaid, namely, the inhancing of Gold and Silver beyond the Sea, and specially in [Page 13] France, and this is openly done to the view of all the world.

But there is a more secret way practised by Mar­chants and Bankers, which hath long continued a secret byting or Canker-eating Vsury, namely, the marchan­dizing Exchange, which at the first was devised for a good and moderate gaine to the lender and ready dis­patch in their affaires, and for avoyding of hazard in postage of monyes, which being abused is turned in­to inestimable losse and damage to the Prince and kingdome wherein it is not understood by the Mar­chants in generall that use it.

To avoyd the carrying of moneyes out of every Princes Realme, and that every Prince might have the sole use of their own monys within their dominions, & for the aforesaid causes, a certaine exchange was devi­sed; grounded upon the weight and finenes of the mo­neys of each Country, just value for value, the taker or borrower to give the lender usance for the time accor­ding to reason, and so might our exchange of England (grounded upon the same reason) bee continued; and the Law of the land commandeth the same.

And thereupon the true valuation of our mony mak­eth the price of exchange, for every place wheresoever we have to doe; and the want of knowing and putting into use this mystery of comparing our Coynes, with the Coynes of others, value, for value; bringeth in the abuse, and an inestimable damage to this king­dome; for wee ought to examine and compare our weight aforesaid with the weight of other Coun­tries; and the finenesse of our Standard afore­said, with the finenesse of the STANDARD [Page 14] of the moneys of other Countries; And if we differ not with them in the proportion betweene the Gold and Silver, then may our Exchange runne at one price both for the Gold and Silver, the valuation of each Countryes moneys being taken according to weight and finenesse as aforesaid.

And if the proportion of Gold and Silver of other monyes do differ from ours, then must wee have two distinct valuations, one for the Gold, the other for the Silver, as now there is difference in proportion in France, from ours in England; And hereby shall wee find how much fine silver or gold our pound Starling containeth, and how much of other moneys of Ger­many, France, the low Countries, the East Countries, or else-where, we are to have to countervaile the same in the like weight and finenesse answerable to ours, whether it be by the Pound, Crowne, Ducket, or Dol­ler, giving alwayes value for value, which amongst Marchants was and is called Parre.

This due and equitable course in Exchange being abused, and through the ignorance of Marchants of not examining the truth, but taking the price of Ex­change upon Trust, from the Bankers who rule the price of Exchange, this trade of Exchange is become very deceiveable and damageable to our kingdome; the Marchant making his account from the price of ex­change, as it goeth when he useth it, and not from the true parre or equality required; And from hence grow­eth the losse of our moneys, and the Exchange is be­come predominant over our moneys, as moneys doe rule commodities; and is the very efficient cause of this over ballancing of commodities in price before [Page 15] spoken of, and consequently of the decrease of our wealth, and exportation of our moneys, when we are driven thereby to give as much of our native commo­dities for forraigne commodities as we did before the abuse, and monies to boot to fulfill the same quantity.

This exchange is made properly by bills, when money is delivered simply here in England, and bills delivered or received againe for the payment thereof in some other Country beyond Sea, or when the like is done beyond the Seas, and money received here in England; And that upon a certaine price agreed upon betweene party and party, which is termed the price of Exchange, whereof the marchants, or rather the Ban­kers have 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 or inward value of the Exchange, but onely to the prefent object, which is to know how the price thereof goeth at the time when they have occasion to deale there with either in taking up or delivering out monyes by Exchange; whereas, if they will be true Exchangers indeed, they must know perfectly the weight and fitnesse of every Countries coyne, hereby to render every one his just and due proportion as a­foresaid; and this is, par pari referre, with considera­tion to the lender according to the time agreed upon.

And because I have heretofore attributed the ru­ling of the Exchange to the Bankers, rather then to the generall or comon Marchants; It behooveth me (for the enlightening of Your understanding, and illustration of the businesse of Exchange, to shew what a Banker is. [Page 16] A banke is properly a collection of a great quantity of the ready monyes of a Province, Common weale or City, into the hands of some persons, licensed and e­stablished therunto by publique authority, erected with great solemnity in the view of all the people and in­habitants, shewing great store of Gold and Silver, as belonging to the persons so established, which is to them an attractive to perswade and allure the common people to bring their monyes into these Bankers hands; So that these persons or Bankers, doe becom (as it were) the generall servants or Cassiers of that City, province, or common weale;

The Bankers have their factors or correspondency in the chiefe places in Christendome, and doe keepe account with every man of whom they have received any money into their Banke. And generally all men of wealth that be marchants, are desirous to please them, and to bring their monies into the Banke, in re­gard of double and treble credit they give to their compartners, which they doe by assignation without laying any out of the banke.

Such and greater devises have they and many o­ther too long now to recite; the money (still remain­ing in the Bankers hands) is imployed by them to other uses; as to the ingrossing of forraigne commodities, to Englands prejudice, and such like feats, making monies to ebbe and flow at their pleasure, when they please; And to that purpose, the heads of every banke doe set price and agree upon it by common consent at their Ferias or generall faire for monies onely: And still their eye or devises tend to the beating downe of our English, and raising their native commodities; [Page 17] which cunning our Marchants doe not countermand, as in old times, when the Staplers that were intrusted with our staple commodities, were sworne to advance our kingdomes commodities to their power; as also to bring into the Realme, a fifth part of their exitus in money.

But as concerning the point of Exchange, it is most certaine that neither difference of weight, finenesse of Standard, nor valuation of mony can be any true cause of exporting of our moneys, so long as a due course is holden in Exchange; But this due course being abused, causeth (as aforesaid) our moneys to be exported, and maketh scarcitie thereof, which abateth the price of our home commodities, and (on the contrary side) ad­vanceth the price of the forraigne commodities, by reason of plenty of money there, encreased by ours, sent thither.

But to this, may be objected; If this be true, as it is very likely, then it would follow that our commodi­ties would also be deare where the plenty of mony is; True it is, it would be so, but that they have two craf­ty devises to prevent the rising of our commodities; one is, our Marchants being takers of moneys here to pay there, they know they must sell, and do profer the price according to the goods in bought, which they know as well as they that bought them; And also they have Toleration of their moneys to passe farre above their value with them, and to the greater trans­portation of ours, and hinderance of importation of any to us.

Therefore, to conclude; There is no remedy but in the watch of the Exchange, to preserve our owne at [Page 18] home, and our ample trade of woollen commodities will advance the ballance.

An high Exchange hindreth moneys to come from the East, diverts the Rialls of eight that come from the West, and hindreth imployment at home.

A low Exchange exporteth our money in specie, for gaine; wherefore neither high, nor low Exchange is advantageous, but prejudiciall to us, only now a medi­um is the best; giving leave to plenty or scarcitie, as ne­cessity or plenty inviteth, and most agreeable to right and equity to all men; which otherwise carryed, they have three wayes of exportation; namely, by commo­dities, monyes, and exchange; But there are but two wayes of importation; namely, commodities, and Exchange, whereby commeth a notable over-ballan­cing of forraine commodities; and bee assured, the gaines to bee sought upon moneys, doth impeach the gaines to bee had upon our commodities, and beateth downe our prices at home, and our commodities being beat downe, it is a great cause of carrying out our mo­neys to fulfill, or equall the ballance.

The moneys exported (as they now bee) causeth a plenty of moneys beyond Sea, so that our Marchants buying deare, must sell deare; which bringeth a won­derfull overballancing, and causeth us to feed upon our native soyle, giving the benefit thereof to another na­tion; whereas wee should live by the gaines of our home commodities, being fold to other Nations: and now we are driven to seeke a gain upon forraigne com­modities, to the great prejudice of our owne Country, wherein, though the Marchants bee gainers, yet the king dome generally beareth the losse, and they feed [Page 19] still upon their Mothers belly; whereunto they are the more instigated through the immoderate use of for­raigne commodities, which doth not fall out altoge­ther in the quantity, but more in price; the forraigner growing daily in price, and encreasing upon us (with­in this fifty yeares) a fourth part, more than wee have encreased our moneys still being with us the selfe same, and herein consisteth the over ballancing aforesaid; for if the forraigne commodities, which are soone consu­med, and brought (as it were) to dung, shall amount in value, or cost as much or more, than the solid com­modities of our land; certes that land is very negli­gent and unprofitable in every mans judgment.

So then give mee leave to intimate this following, that followeth by the abuse or want of observing the true use thereof; That our home commodities are a­bated by the abuse of the Exchange foure manner of wayes.

First, by scarcitie of money (which causeth home commodities to bee good cheape) caused by the un­equall exchange.

Secondly, by the gaine sought upon moneys which otherwise would bee sought upon our com­modities.

Thirdly, by an high Exchange with us, which causeth men to deliver that money by Exchange, in nature of Trade, which otherwise, by them might bee imployed upon our commodities; likewise by a low Exchange which causeth exportation of our mo­neys.

Fourthly, by rash sale of our commodities by young Marchants, and others, that are driven to pay [Page 20] money taken up by exchange here in England, to keep them doing, thereby spoyling the market of others.

Forraine commodities (on the contrary) are ad­vanced foure manner of wayes.

First, through plenty of moneys in other Coun­tries, which maketh generally things deare; which plenty is encreased by our owne moneys, transported to our owne hurt every way.

Secondly, by a high Exchange beyond the Seas, whereby men are enclined to buy forraigne commo­dities, and by a low Exchange, when there are no ta­kers up of mony, and therein our excessive use of them, doth encourage them.

Thirdly, by the tolleration of moneys beyond Seas, to goe currant farre above their value; for by the alteration of moneys, the price of commodities doth alter also; And this tolleration being an hinde­rance, for the importation of monyes, causeth the grea­ter quantity of forraigne commodities to be brought over at a dearer rate.

Fourthly, for that the principall commodities of Silkes, Velvets, Fustians, and such like, are ingrossed by the bankers as aforesaid, that sell them at their plea­sure. These both wayes considered, must needs bring an over ballance in our trade, in value to the losse of 500000 a yeare, at least.

Thus we may consider how the Bankers, and every one of our felves do use or rather abuse the Exchange, making it a trade for moneys; and maketh that a byting usury, which was invented for speedy commutation, ease, safety, and moderate gaine to the lender, and Mar­chant borrower indifferently.

[Page 21] Thus you see, Marchandizing Exchange ruleth moneys, as moneys ruleth commodities; and that is fully proved when we shall finde visibly that one sum of mony of one sort and kinde of Coyne, hath two prices, and two valuations at one time, exchanging the place only, or Country, as for example.

You have a peece of twenty shillings, and beyond the Seas you may see the same species passe betweene man and man in some place for 22 ^s in some other place at 24 ^s, and in France at 26 ^s, at one and the selfe same time, and money willingly goeth where it is most made on, and whether they worke upon coyned mo­ny, or valuing the ounce or pound at an higher price or rate, then their neighbour Princes; If it bee not care­fully looked unto, it worketh the same effect, and one remedy preventeth both.

Wherefore (seeing our Marchants have no care nor regard of this) it behooveth our State (which you represent at this present) to have a speciall re­gard and care unto, which I most humbly present to your grave consideration; least the want of mo­neys (when you stand most need of it) now flying away from us doe still continue the fall of Woolls, yet lower, with all other commodities, and your Rents and lively-hood to fall, which will be the undoing of your Tenants (turning up your farmes) impoverishing all trades, and handy crafts, in the whole kingdome exceedingly in generall, which (in truth) is the mo­ther of Rebellion, procured through a generall decay of all estates, every man being ready to strike the next above him or about him; And these bee the fearefull effects that follow an unequall Exchange, [Page 22] and (for truth) the cunning course thereof unknowne to most Marchants, and almost all men else, except­ing some few that use it for their private and uncon­scionable gaine, to the kingdomes losse; like unto the Canker or disease called a Wolfe, eating and consu­ming the bosome that first bred it.

Give mee leave (before I explaine the conceived remedy) to informe you, that if any (to delude time) will oppose or contradict, that an unequall exchange is prejudiciall to our State; it is yeelded unto by com­mon assent of all hands, Marchants and others, that an unequall Exchange is prejudiciall to the State, when is was controverted and determined in King Iames his time; at what time he appointed certaine Commissio­ners for trade, to sit weekely in Haberdashers-HALL. Whereupon it followeth, that for the prevention of publike losse to the kingdome, a partie or equality of Exchange should be made knowne to all men that have occasion to use Exchange; having regard to the for­bearance, according to time and place; which is most just and equall for all men, both denizens and stran­gers.

To this exception will be taken, unlesse I doe ex­plaine my selfe, allowing and granting for truth that plenty or scarcity of moneys to be given or taken up, doth beare a sway, even as it is upon the statute made upon usury.

If there be plenty of monies, they will be lent under the Statute; and if there be scarcity, there will be more given for the Loane then the statute alloweth, by some covert meanes or other, for (in ttuth) the good use of marchandizing Exchange, is none other but a ready [Page 23] way of borrowing for marchants, without sureties, or delay to be executed; which moderately used, (with­out excessive, or biting Vsury) is both profitable and commendable for all marchants to use, as their occasion requireth. But if it be unequally and abusedly carried, may be justly called, the Canker of Englands common wealth.

And let no marchant thinke but that I am their friend in wishing them ease and remedy herein, that it be not carried at the will of the Banker, as it is; but that it may be used according to the ancient Lawes of the Kingdome extant for the same. And the practise of the time of Queene Elizabeth and her proclamation to that purpose; which Lawes and proclamation will ap­peare upon the debate of this businesse, if you please to take order therein.

As also the demonstration of the tables mentioned in the Law, one for Gold, and another for Silver; as I have seene the like made in King Edward the Sixt his time, respectively expressing the value of every piece of Gold or silver coyne, with whom we have commerce, severally compared with our pound star­ling, whereby the equality is demonstrated to every Marchant that will follow the table of Exchange, to avoyd the danger of the Law.

And because forraigne Coynes are daily subject to alteration in finenesse or valuation, after the computati­on is once made; It behoveth that there be (and it is no hard matter) an observant watch, or diligent eye set over those places of commerce and Mints, to send intelligence hither to the Guardian of the Tables, to alter the table immediately in that point, and to keepe [Page 24] constant at home; which will be a sufficient guide to defend us from forraigne wrong by any. This Table of demonstration once made, will be farre more easie to understand, then any pen or tongue can expresse.

This being done and observed, that the forraigne Banker or exchanger doe us no harme; in a small pro­cesse of time, our Ballance of Trade will recover it selfe againe; and we shall have (God willing) a constant thrift to attend our Kingdomes labours, and not be wrought upon by any biting vsury by Shufts or inter­vall of time, to wast, or exhaust our treasure, or consume our kingdomes stocke, that should maintaine the price of our kingdomes commodities, rents, and artizens, as sundry times (in my memory) it hath done; but what a kingdome or kingdomes exitus, have we, that is able to beare the losse of so much Coyne as we have lost this three or foure yeares, which amounteth neare to two millions of Gold, and undoubtedly our Silver will follow after, (and beginneth visibly to goe already) if remedy bee not had; to the unspeakeable losse of all the kingdome, as before hath beene declared.

These tables of Exchange being put in use for our safeguard; it followeth then (as good husbands use to doe) that we take account of our kingdomes thrift, to see yearly how we thrive, also to know by what waies we goe about it, and therein to distinguish what seve­rall Trade is beneficiall to our kingdome, or not; and to set redresse accordingly (if occasion require it;) which is no new thing, but an ancient practise, as might be manifested; To beginne with that in generall, which must bee Examined in every particular trade.

First then, that trade or Marchant that carrieth out [Page 25] our superfluities, or those commodities wee abound in, and bringeth in those commodities that we want, for them; is a good trade, or Marchant, and deserveth to be nourished, countenanced, and maintained therein, and those that do the contrary, better ordered.

Now, who knoweth not that we abound in Wooll, and woollen commodities, Tynne and lead, and some other things, which I name not? Who knoweth not, what we want of our own, but must have it from with­out us; namely, gold, silver, Iron, and steele, which for brevity I name not; per consequence it followeth, that those Marchants that bring in those said commo­dities we want, are most to be nourished and favoured before others that doe the contrary.

But how, or by what meanes is this trade, or Mar­chant discovered, but by the ancient way of ballance of trade, of late yeares almost growne out of use; but that it was discovered in the latter time of King Iames, and alwayes observed by the wise Lord Burley, Lord Treasurer of England. And to what other end was all the port books of the kingdome brought into the Cu­stome house of London; and from thence once a yeare transmitted into the Kings remembrancers office in the Exchequer; where one grosse sum of our kingdomes exitus and introitus might be knowne, of all the goods both inward and outward bound, and the value of both accompted; thereby to know whether we were buy­ers or sellers; for it behooveth a father of a family to be a seller, and not a buyer; And if it be found that we sell more than we buy, we doe well; if otherwise, it behooveth us to looke about us.

As in the generall a view may be had of our pub­like [Page 26] Thrift; so in every particular Trade, their walke being observed, it may be knowne what trade bring­eth in or forceth in money, or such things as we want, for therein lyeth a difference to bee observed, and ther­upon lyeth our kingdomes thrift. As also may be found what Trade is hurtfull or damageable; This publike Thrift or reformation (as I conceive) would not bee held in a mystery, but be made more common and ea­sie to every intelligent Gentleman, because hee is in some sort interessed in the same, for the advancement of the publike good, and therein, his owne particular also.

Therefore I am bold, and humbly commend the generall, or theoricall studies of the Marchandizing Exchange, and ballance of Trade, unto your wisdome to be regarded; and for these purposes, the keeping and the observance of the ballance of trade is usefull.

There be also many other things to be met with in the observation of the Marchant Exchange, and bal­lance of trade, which I forbeare to particularize for avoyding of tediousnesse and dispute that may arise by them that would endeavour to frustrate the businesse; for private gaine never wanteth colours, and pretexts, to stupisie or inveigle the understanding of such as have not beene versed herein.

Give me leave (lastly) to repeate one thing wice, though the same have in effect beene said before.

It is a sure Tenet or maxime, that it is necessary for our kingdome to keep constancy in our Mynt at home; So is it as necessary to change with the changer in all forraigne Coynes, either Gold or Silver, reducing all forraigne Coynes to a par or equality, with our con­stant [Page 27] coines; and to that end, in ancient times there was a paire of Tables set forth, expressing the same de­monstratively; The French Crowne to answer to fixe of our English shillings; Our unite, to containe three French Crownes, and a third; and so of the Dutch Ri­der; although it goe but for one and twenty shillings, it is of equall value to our unite; So all forraigne coines severally reduced to our coynes, did shew and expresse, what was to be given and allowed, betweene strangers and us, in accounts; which is called the Marchandize Exchange.

This equality being knowne and expressed, as afore­said, wee may bee deceived three manner of wayes;

First, (if wee watch not forraigne mints) by the sheares in coyning, whereby it may come to want in weight, though it were of equall finenesse.

Secondly, by putting in more Allay or Copper in­to their moneys, which is not perceived or discovered, but by Tryall in the fire, in melting some part, and re­fyning it, and comparing the remainder of pure silver, to the like quantity of our money refined as theirs was.

The third is without lessening or imbasing, to call any of their species higher up; a way commonly used in forraigne parts, called denomination, which must be watched and prevented by new expressions, as is aforesaid, (so often as there shall be cause) by such as the King shall depute for that purpose; most proper to the Mint master, or other skilfull in mint causes; This is a sure way of preserving our Coynes at home; with­out which the Bankers (both forraigne and domestick) have power to deceive our kingdome, and lessen our kingdomes stock of Gold and Silver, which will turne [Page 28] to a fearefull effect in time, and in few words not to be expressed, and most of all, when this ballance of trade is against us to our losse; and that Country that gaines the ballance, gets our money, be it friend or enemy; And if we loose in the totall ballance of our trade; how should we long subsist without home-poverty and con­sumption; and in the well governing of the Marchant Exchange, and ballance of Trade, consists our weale or woe, concerning Thrift or wasting poverty.