IF I should take vpon me to discourse vpon this Text, & make no other answer vnto all his Asser­tions, surely here is matter enough to conuince him of all his folly, which by the Prouerbiall Text in the Title of his Pampflet is quoted, but I intend to be briefe and substantiall.

All men of iudgement may easily perceiue, that the maine point in question concerning our diffe­rences, doth consist in the abuse of Exchanges, tou­ching the value of moneys of other Coūtries inhaū ­ced of late yeares, when the moneys of the Realme did remaine at a stād, & that there is an vnderualua­tiō of our moneys in Exchange, whereby the deno­mination of forraigne coine doth in some part an­swer vs, as if by exchange we did really receiue the value thereof, there is no man blinder then he that [Page 13] will not see, if he were in the Indies, where the inha­bitants call the Europians, Free Trade. 113 one Eudman, as he hath obserued out of Mafscius History, they would call him blind by his owne reasons. He saith that Mer­chants of experence doe diuide (as it were) their eyes, by casting the one vpon commodities, and the other vpon moneys, with a consideration of the in­ward value, and outward valuation thereof, if they did so, there is no difference betweene him and me in this principall point. So as the words Together with the course of Exchange, were also considered of, and that the price of Exchange did rise proportion­ally with the rising of the moneys, whereof we doe complaine: Shall this Merchant come home by weeping crosse that doth not the same? and shall not Exchange for moneys be the publike measure? you will buy cloth of a Draper by the yard at a certaine price, and yet the yard whereby it is measured must not be called the measure.

But some will say, why doe you take Missolden so short, doth not he say that Merchants of experience doe so, and herein he doth vse a little equiuocation, or rather prouidence in pondering of his words▪ well, I must craue pardon, and proue that Merchants doe not so, and then it must follow that experience is wanting: but howsoeuer the Maxime is true: That Exchange is the Publike Measure betweene vs and for­raine Nations, where we deale by Exchange, accor­ding to which all our domestike Cōmodities and forraine wares are bought and sold, The ground of Exchange. for the same is grounded vpon the moneys of the Realme, and the moneys of other Countries respectiuely, according to [Page 14] their inward value, truely to be expressed by out­ward valuation imposed vpon them, by the Autho­rity of Soueraigne Princes and States, which are to sit at the Sterne of Trade, for Merchants may com­mit great errors in Trade, seeking their priuat gaine, and the Common wealth doth receiue an incredible preiudice thereby, as shalbe made plaine hereafter.

To make this more euident, Generall Rules, consider we of these generall rules, euen as plenty of money maketh things deare, and Scarsity of money maketh things good cheape: euen so plenty or scarsity of commo­dities maketh the price thereof to rise and fall accor­ding to their vse more or lesse, which rule is not without exception, howbeit, Money must not be be­reaued of her function, as the right iudge thereof. And so it is in matters of Exchanges, whereby com­modities are dearer or better cheape, according to the Positiue Exchange, Positiue Ex­change. wherein the prices of commo­dities do perpetually follow the rates of Exchange: but the Exchange hauing also another course of ri­sing and falling in price, according to plenty or scarsity of moneys, and the few or many Takers or deliuerers of money, Currant Ex­change. which may be termed The cur­rant Exchange: hath not the like operation, to make dayly (as it were) the prices of commodities to rise and fall according to the said Exchange, for as the few or many takers or deliuerers of money doth proportionate this price of Exchange in all Coun­tries, according to the true value or aboue the same, grounded vpon the said Positiue Exchange, so doth plenty or scarsity of money doe the like, and the commodities so bought by moneys taken vp by [Page 15] Exchange, are calculated by Merchants of expe­rience in price to cost accordingly. So that euen as money doth still remaine the rule for commodities; so doth Exchange for money, remaine the rule of moneys, and consequently of commodities, Exchange doth rule Moneys. &c. with­out any such contradiction, as he vntruly allea­geth.

This caused me to obserue, that Exchange had two courses like vnto the Sunne, the one Annuall, which may properly be called Positiue: the other by dayly rising & declinatiō currant exchange as afore­said. But Misselden will no more vnderstand this, P. 20. then he doth the Simbolization of the elements, which (as it were) by striuing doe subsist and are agreeing by Concordi Discordia, and are not there­fore to be termed in this A Dissimilitude, should I carpe at euery word, and be rauished with a foolish admiration at the word ( vpheld) and make the same an Oratory, I might be as good a Rhetorition, as the Clarke was in calling a flocke of sheepe to be an Au­ditory, which I thinke was the man, that would needes goe in all hast to dwell in the immaginary flourishing common-wealth of Vtopia without mo­ney, so much by him extolled.

Misselden (changing his immodest stile in a more t [...]mperate maner) saith, P. 93. [...] That Exchanges in generall may be said to be Personall and Prouinciall: the Per­sonall Exchange is a plaine buying and selling of commodities and of moneys, and why not for ex­changes of moneys by bills of Exchanges or letters of credit? And here commeth in his former and lat­ter, the one is matter of Trade, the other is matter [Page 16] of State: and so all kingdomes and common-weales are made Prouinciall, and the money changers are brought in by ray [...]ing termes, because they were whipt out of the Temple for abusing the place, if it were onely for the place, surely himselfe for abusing the places of Scripture deserueth a worse punish­ment.

Leauing the name of Exchange, Par pro Pari. he bringeth in an other distinction of Naturall and Politike, and the Naturall Exchange, he will not call Par pro pari, but value for value, according to the inward finesse, which is knowne by the assay and melting, separa­ting the pure from the impure, the fine siluer and gold, from the allay or copper; and herein is no o­ther obseruation, but looke how much fine siluer or gold you receiue in one place, iust so much and no more you must pay and deliuer in another place. But you may not call this Parity nor Purity. This saith he, is a better direction then limitation of ex­changes; whereby you may vnderstand how he is mistaken, supposing that the price of the Currant exchange should be limited, and not rise and fall ac­cording to the nature of exchange, vpon plenty or scarsity of money, and the many or few takers or de­liuerers of the money, as hath beene declared. So that he maketh no difference betweene the Positiue exchange, and the Currant exchange, the Positiue ex­change is properly the matter of state, that concer­neth

[Page 17] HEre now he is fully perswaded to haue spoken both ingenously and effectually, for presently after (like a silly Hare) he insulteth ouer a dead Lyon, as the Prouerbe is: But we may say with the Fox that found a dead mans scull, O quale Caput & Cerebrum non habet, will any man of iudgement commend this Politique exchange, to secure the King and Kingdome, when there is a greater losse to both, by the abuse thereof in the deliuering of moneys by exchange, then by the transportation of the moneys inspecie, because when our moneys are vnderualued in exchange, the money is not onely exported, but all the commodities of the Realme are vndersold by so much also, and forraine commodities are (in the nature of moneys inhaunced) put vpon vs. If this man did heare me, he would cry out, P. 14. what is the man mad? hath he no lesse a crime to accuse our Mer­chants of then ignorance, as he doth the kingdome of Depudations: I leaue him and it to the iudgement of the State. It is pitty such stuffe as this should passe the Presse.

Good Sir haue patience, let not any strong im­magination preuent your iudgement. Tell me (I pray you) if the King or the Nobility and all other [Page 18] men should deliuer money by exchange at so low a price, vnder the true value of the moneys, that there were ten or twelue in the hundreth to be gotten in a moneths time, betweene the money inspecie and by exchange, whereby he that taketh the money, hath an ability giuen him to export that money by all secret conueyances: to pay his bill of exchange therewith beyond the Seas, and to put the ouerplus (of this incomparable gaine) into his purse, do not you thinke that the money will be exported by them that are the takers thereof? whereby the kingdome loseth the money, and you that are the deliuerers of the money: the benefit which they reape thereby, which you ought to haue giuen you by iust and true exchange? Are not the King and the Nobility great loosers hereby in deliuering of their moneys? hereunto he replieth, you are wide, there is no such matter, you mistake the busines, this cannot be proued, it is the maine pillar to sup­port that strange and perillous Proiect of the Par, the foundation whereof I haue rooted out, P. 101. for by taking that away, all Malines allegations are fallen to the ground, there is not any such vnderualuation of our moneys in exchange, P. 76. it is but foppery and delusion proceeding of a weake braine.

To this peremptory opinion, me must ioyne a peremptory issue, and come to the proofe, putting him neuertheles in minde, that he doth maintaine: that the low exchange for moneys is profitable for our Merchants, that are commonly the takers of [Page 19] moneys here in Engla [...]d, and so beyond the Seas where they are deliuerers, now how a low exchange can be imagined without the vnderualuation of our moneys in exchange, I referre to his deepe appre­hensions, come we therefore in the next place to proue this vnderualuation of our moneys in Ex­change, and then such as deserue the name of Moun­tebankes, Iugglers, or impostures of Trade, will be found out as easely by the Center of Commerce, P. 17. as the Cu'man Asse, was (wearing the Lyons skin) by the stranger that had seene a Lyon, who knew him by his eares and braying: maruell not therefore that I haue written of Merchants Lawes, which are extolled, and not disgraced thereby, or by such a fellow who willeth you to remember Maximilians Foole, telling the Emperour that if he would deriue his pettigree from Noahs Arke, whereas now he re­uerenced him like a God, if he came once to the Arke, he should be his fellow, for he was sure that he also descended from thence.

This vndervaluation being proued, will verifie the Prouerbe, who is the foole now: and Horace his Crow will be found to haue lost his Cheese by too P. 144. much Chattering: or Aesops Dog his Bone, by too much gaping, which similies himselfe hath vsed.

FIrst, when our moneys are vnderualued in ex­change, whereby there ariseth a gaine betweene the inward value of the moneys and the price of ex­change: then are our moneys continually expor­ted into forraine parts, for the like gaine can neuer be made by any Commodity.

2 This exportation of money, causeth not onely the lesse moneys to be employed vpon our natiue Commodities, and returneth in forraine wares, but taketh away also the Vitall spirit of Trafficque, and gi­ueth [Page 49] a great cause of ouerballancing of cōmodities.

3 The said vndervaluation of our moneys in ex­change doth the like, and causeth our natiue Com­modities to be sold better cheape beyond the Seas, for want of knowledge of the true value of our mo­neys and theirs: euen as the inhauncing of forraine coyne beyond the Seas, caused the forraine wares to be aduanced in price, according as the said money is inhaunced, whereby the said ouerballancing must needes come to passe of course.

4 It doth hinder the importation of Bullion and Dollers from the said places of Trade, which wee haue had in times past: for the said inhauncing coyne not being truly valued by exchange, cannot be imported but to an exceeding losse, and Merchant strangers will not take the same at a low exchange, so that our Merchants are compelled to make their returnes by forraine Commodities, thereby greatly increasing the said ouerballancing of Trade.

5 Young English Merchants are constrained to take vp a great part of the said money at a low ex­change, to maintaine their rechanges to their losse, or else must make quick sales of their commodities, whereby they spoile the markets of others, which causeth them to set ouer their bills obligatory (re­ceiued for their Clothes sold there) either for mo­ney, to pay the money taken vp heere by exchange, or for forraine Commodities at deere rates by the said inhaunced moneys and otherwise, which can­not but breed an ouerballancing of Commodities.

6 The said low exchange (whereby the Spanish Merchants make a diuersion of the Royalls of 8 vn­to [Page 50] to those parts finding there more gaine, when they can make ouer their moneys by a low exchange doth also diuert from vs a great Trade, by such im­ployments as are made there vpon forraine Com­modities, as Bayes, Sayes, and other new Draperies made in those parts, which might be employed vp­on our Commodities, and can this negotiation be without argumenting of the said ouerballancing?

7 If by occasion or accident moneys or Bullion is impotted: (which might be carried to the Mint, and the moneys made thereof would be deliuered by exchange to our Merchants, and so by them em­ployed vpon our Commodities, if the said were high or indiffetent:) it falleth out, that the said moneys or Bullion are exported againe by other Merchants, which bring in forraine wares for it, for gaine still beareth the sway.

Thus by buying forraine commodities (as it were) by forcible meanes of course, by reason of the said vndervaluation of our moneys by exchange: and selling our natiue Commodities by a false measure of exchange to our losse, The causes of ouerballancing and decay of Trade. at the pleasures of other Nations: and by conuerting their inhaunced coine into Starlin money by a low exchange, and the con­tinuall exportation of our moneys affording such great gaine, and being debarred to bring in moneys because of the losse had thereby, is our trade decay­ed: and would be so, although there were no more wares in Christendome, for these be the causes of ouerballancing, whereby the Realme is impoue­rished: which shalbe more amply declared. Sublata Causa, T [...]ll itur effectus.

[Page 51] Now albeit that the contrary hereof doth pro­duce the benefits to the Common-wealth, and doth properly belong to the remedies of the inconueni­ences of Trade, to be handled in the last Chapter: yet because it is more intelligible in this place, let vs declare the same.

FIrst, Meanes to pre­uent the ouer­ballancing of Trade, and to restore Trade. when the exchange doth answer the true value of our moneys, then there is no gaine to be made by exportation, which is preuented thereby.

2 The transportation of moneys being preuen­ted, will cause the greater employment to be made vpon our natiue Commodities, either by the Mer­chant stranger, or by English Merchants to whom the stranger will deliuer his money by exchange, for by the exportation he shall haue no gaine, and therefore he will expect the taker of it: by which plenty of money there will be a liuely Trade, and the cause of ouerballancing will diminsh.

3 The true value of our money or aboue being answered by a high exchange, causeth Merchants strangers to sell their Commodities according to the true value of the money, whereby the ouerbal­lancing must needs decrease of course,

4 The vndervaluation of our moneys, and the inhauncing of forraine coyne being met withall, and calculated in exchange, causeth moneys and Bullion to be brought into the Realme without [Page 52] losse, and most times with gaine, and sometimes with a little disaduantage, because our Merchants will rather then to buy forraine commodities deere▪ haue their money ready to be employed again. [...] this doth also meete with the said ouer ballancing.

5 Young English Merchants which are takers of moneys beyond the Seas, will receiue more by an high exchange there, and finding plenty of money, shall not be driuen to make rash sales or barters to their losse, and hinderance of others, which will al­so moderate the said ouer ballancing.

6▪ When the Spanish Merchants shall not be a­ble to deliuer their Royal [...]s of 8, or the money re­ceiued for them by a low exchange beyond the Seas, but according to the true value required by a iust and lawfull exchange: then they will find no more gaine there then here, which will cause them to import the said Royalls here, where the inward value will be answered vnto them: & the diuerted Trade by these meanes will returne into England, to employ the said Royalls or the moneys made thereof, vpon our Bayes, Sayes, and other Draperies, which of course wil quallify the said ouerballācing.

7 Thus moneys and Bullion will then be impor­ted by a necessitie of nature beyond all resistance, and the Dollers, Royalls of 8, and other coynes brought in vpon occasion or accidentally, will re­maine within the Realme, when there shall be no gaine by the exportatiō, because this true exchange ( Rising and falling neuerthelesse aboue the value, and not vnder) will answer the said value, and preuent that gaine, which is now procured in danger of the [Page 53] Lawes, aduenture of the Seas, and of lewd persons.

So that by comparing the precedent benefits with the former inconueniences, An application of the compari­son. euery man of iudgment may easily see how hurtfull the low ex­change and vnderualuation of our moneys is to the Common-wealth: and on the contrary, how bene­ficiall the true valuation or high exchange will be, concurring with equitie and true pollicy, whereup­on the Center of the Circle of Commerce is grounded.

Consider wee now this Center (Gaine) in euery particular vpon the premises, drawing from the Circumference all direct lines into it, and excluding all obliquie, curuey, and Helicall lines, and we shall find, that Nothing doth force Trade but Gaine.

Gaine had vpon moneys by vnderualuation in ex­change, and inhauncing of forraine coyne be­yond the Seas: causeth our moneys to be ex­ported.

Gaine had vpon moneys by exchange and true valu­ation, causeth moneys to be brought in.

Gaine vpon moneys being taken away and answered by true exchange, keepeth moneys within the Realme.

Gaine giuen vpon moneys imported heere, equall to the gaine made beyond the Seas: will pre­uent the diuersion of the Royalls of 8.

Gaine more made by our moneys, then by our com­modities exported: causeth lesse employment to be made vpon our Commodities, and grea­ter exportation.

Gaine made by a low exchange, vndervaluing our moneys, causeth them to be sold lesse beyond [Page 54] the Seas, and forraine wares deerer, to ouer­ballance vs.

Gaine made vpon our natiue Commodities, is Really imported by moneys and Bullion, when there is no losse by the importation of moneys.

Gaine had vpon forraine coyne within the Realme, being preuented by the value in Exchange, keepeth the coyne within the Realme and Mint.

Gaine vpon moneys being greater beyond the Seas then with vs in England, draweth moneys thither, and hindreth moneys to be imported, the want whereof maketh a dead Trade.

Gaine had by exchange vpon young Merchants of smal meanes, spoileth the vent of our commo­dities, by ouerthrowing the Market of others.

Gaine giuen by exchange of moneys by Bill, accor­ding to the true value or aboue the same: causeth forraine Commodities to be sold bet­ter cheape within the Realme, and giueth a direction ( Tacite) to sell our natiue Commo­dities with more gaine and reputation.

Gaine procured by our Commodities outwards, more then by forraine Commodities inwards, which meanes to import Bullion and moneys to be done by this true valuation in exchange as aforesaid, will preuent the ouerballancing of Trade, and bring all things in tune, when the Center (Gaine) findeth rest in Proprio Loco.

The consideration hereof excludeth all vniust, vn­lawfull, and priuate gaine, made to the preiudice of the Realme by the ouersight of Merchants, which [Page 55] seeme to steere the helme when Palynicrus was sleepie.

This is that Geometricall Axiom or Maxime, Cir­culus Tangit Planum vnico Puncto heretofore obser­ued, this is properly the Scope of Merchants, P. 104. all the Misteries of Personall and Prouinciall Exchanges are comprised in this Mistery, which Misselden will make to be no Mistery, and to vse his owne words neuertheles. All the knowledge of Commerce is pre­sented and represented in this History. All the riuers of Trade spring out of this source, P. 142. and empt them­selues againe into this Occean. All the waight of Trade falles to this Center, and comes within the circuit of this Circle. This is that Par pro Pari, that waighes downe Misseldens Ballance of Trade, which is without a Paralell: which to proue let vs now examine what is presented and represented by his vncertaine Ballance.

IF this Merchant should not looke to the Center. (Gaine) in the meane time, what will the taking of a Ballance auaile him, or to what end and purpose will this tend? Surely onely for a triall to find out whether he hath gained or lost, this is all a Ballance can doe. And although a Merchant can (in some sort) [Page 56] doe this: It followeth not that the Royall Merchant or a Prince can doe it, albeit he is the Fa­ther of the great familie of the Commonwealth, for the cause of Trade is not in his owne power, but Merchants doe manage the same, who (as hath bin shewed) may procure their priuate gaine, and yet impouerish the Kingdome. So that the Casting vp of this Ballance, P. 116. can neuer be an excellent and po­licique inuention to shew vs the difference of weight in the Commerce of one Kingdome with another, vn­les the three Essential parts of Trade be wisely direc­ted and obserued by the Prince, according to the said Center of Commerce, and not by this conceited Ballance.

Misselden hauing found an auncient worm-eaten Ballance vpon Record, which is said to be made in the 28 yeare of Edward the Third: might very well haue ouer past the same, seeing the imperfection thereof: P. 30. and that he found it in that Maniscript that he so little esteemeth, from which (as he saith) I haue stored my selfe. For therein diuers Commo­dities of the Kingdome, as Lead, Tinne, Butter, Cheese, Tallow, Hides, Skinnes, Iron, and other Staple Wares, are not mentioned, and yet concerne the said Ballance: so that his comparison betweene those auncient, P. 123. with these moderne times, is but vaine and a Superfluous tale. But he delighteth i [...] words for want of matter or substance.

Then he commeth to a Positiue constitution of the forme of a Ballance in the yeares of our Lord 1612, and 1621. And here lieth the Pot of Roses, to know whe­ther the natiue Commodities exported, and the [Page 57] forraine Commodities imported doe ballance or o­uerballance one another in the Scale of Commerce: P. 121. and if the natiue Commodities exported doe waigh downe and exceed in value the forraine Commodi­ties imported, P. 127. that ouerplus must either come in (as he saith) in money or Merchandise, P. 117. if not in money, then in Merchandise.

Surely he did not consider this without a night­cap, for it deserueth to be written in Capitall Letters. Moneys will not be imported so long as there is a losse by the bringing in of them: and if Commo­dities be brought in, it increaseth the said ouerbal­lancing, as a Deceptio Visus vpon your Scale of Com­merce, whereby you cannot discerne the truth: but you must of force find your Ballance false, The Ballance, A deceptio Visus. and your iudgement vncertaine: and herein is no more hope of a remedie, then there is to ouertake a man which runneth to the East, and you persue him towards the West, running from him.

But let vs come somewhat closer to the conside­ration of this Ballance, and suppose, that by increa­sing our Manifactures by foure or fiue hundreth thousand pounds yearely more to be exported, this ballance will be reformed, is not this like and feasible to be done? I answere, that although it were feasible to make and vent such a quantity of Manifactures yearely: yet is it not like to moderate the ouerbal­lancing. For all men of iudgement will say, that the proceed or returne of the said Manifactures will come vnto vs in forraine Commodities, because moneys and Bullion cannot be brought in but to losse, as the case standeth. So that still our ouerbal­lancing [Page 58] increaseth, for when more Commod [...] are imported, then the Kingdome spends: [...] must be exported againe for other places, and ot [...] Commodities are imported againe for the retu [...] thereof, to augment the said ouerballance, nay [...] force vs to weare more forraine wares through the aboundance of it, and to neglect the vse of our na­tiue Commodities.

But saith he, P. 123. the forme will illustrate this con­ceited course of Ballance: Tot sensus, quot capita: As many mindes, as men: euery man abounding in his owne sence: a maruelous grounded rule to build vpon where there is so many Cannons, must wee needs saile betweene Scylla and Charibays of an vn­certaine Ballance without a Paralell, Absurd to admit such vncertain­ties. when the Com­passe of our Center doth direct vs in the very nego­tiation, and nothing can be directed vnto vs by this Ballance without the said Center?

The vncertainty of this Ballance doth consist of many particulars, whereby it is so farre from vnder­standing, as conclusion is from order.

First. This Ballance cannot be certainly prescri­bed by one yeares time, The vncertain­ties of the Realme. or any certaine or limited time, for sometimes (and that vnexpected) some East India Ship or other rich lading may come in, or the Spices and other goods already come in, and to be exported, are not carried out, when the cal­culation of the Ballance is made.

Secondly for moneys secretly exported: the re­turne in Commodities may be yet to come, or if it be for gaine had by intrest money or exchanges, it neede neuer to returne for the Merchant stranger: [Page 59] as also for moneys taken vp by exchange to be em­ployed vpon Commodities and other meanes whereof the Ballance cannot be sensible, not com­ming to be Ballanced.

Thirdly, The profit made vpon our natiue Com­modities, as also for the forraine Commodities and the charges is incertaine, both in the exportation of the one, and the importation of the other, which he bringeth vpon the Ballance by estimate, and is meerely coniecturall.

Fourthly, The forraine Commodities are not vnderrated by one third part in the Custome Bookes, in comparison of our natiue Commodities.

Fiftly, The fine goods secretly conueyed inwards more then outwards, by one hundreth thousand pounds yearely, is but a supposition.

Sixtly, The payment of Customes being vncer­taine, and the concealing of Custome comming to be twenty for one in the calculation, maketh the ac­compt to be most incertaine.

Seuenthly and lastly, There may be so much gotten by Commodities exported & retransported, and for that gaine forraine Commodities brought in, that it may seeme to be an ouerballance, when it is not.

The premises considered, what Center is there in this Ballance? is it not like vnto those great Balloons, that men play with all fild with wind? for there is not any sollid substance, P. 126. but all is coniecturall and immaginary, neither is it practised by other Princes and Countries, as he vntruly alleadgeth. For o­ther Princes and States are carefull to augment [Page 60] Trade, by increasing of their Manifactures, and [...] sell them to benefit, as also to make their Territor [...] (as it were) Magazins for all Commodities, Gaines to be procured by Commodities, moneys, and Exchanges. and as they get by Commodities, so doe they also by mo­neys and exchanges, which cannot but preuent the ouerballancing.

We all agree that there is an ouerballance, which must be remeded by the redresse of the causes, and not by the study of Ballances, which demonstrate little in truth and certainty, but much in imagin [...]. on and conceit. It is Gaine that beareth the sway, and it is more then necessary to Tautologize and to repeate things of this nature, for they produce fear­full effects, we feele them, we complaine of them: and wofull experience sheweth vnto vs, that it is high time to reforme them. For Abyssus Abyss [...] inuocat.

By the aforesaid distinction, euery man of vnder­standing can discerne the particular & priuate gaine from the generall benefit, whereby he may the bet­ter perceiue the weaknes of Misseldens obiections.

THis Obiection is the first Pernitious Argument noted in this Chapter, (which representing vn­to [Page 61] vs the Equinoctiall Line) requireth equallity and equity in the valuation of Moneys and true Exchanges for the generall good, as before is demonstrated: the absurdity of which obiection let vs now declare.

Suppose that (notwithstanding the inhauncing of the forraine coyne beyond the Seas) the price of exchange were still at euen money, as it was a­bout 80 yeares past, as hath beene declared, namely at twenty shillings here with vs, which is a low ex­change vpon the Ballance of Trade. A Merchant stranger selling heere his forraine Commodities bought beyond the seas with the inhaunced coine, finding this low exchange to make his returne by, will resolue either to buy our Commodities, or to export our moneys, for by this low exchange he shall be a very great looser: so that our English Merchants shall find no money to be taken vp by exchange, to make their ready employment vpon our Commodities, and the Merchant stranger will buy them, or else the money will be conueyed away for the most part, notwithstanding the Statute of employment, which as it is a losse to the Realme: so is it to the English Merchants in particular, who might haue employed the same. So then è contrario.

[Page 62] VVHich bringeth an ouerballancing, and in­creaseth the transportation of our moneys: and is also a hinderance to the importation, because their moneys are inhaunced, whereby it is manifest, that one extremity enforceth another.

What is now the Medium, or rather, The generall benefit to be prefered before the particular. which of these extreames shall take place? The one conterneth the generall welfare of the Realme: The other concerneth priuate Merchants. Shall not the rule of iustice and equity be preferred, whereby the Common-wealth is inriched, and the priuate be a­bolished, which destroyeth the Kingdome? yes questionles.

But this reformation or Par of exchange, 2 [...] Obiect. threa­teneth the decay of Cloth Trade. For the exchange is that, P. 109. which representeth to our English Merchant, his whole estate beyond the Seas, for his ready vse and em­ployment thereof in England vpon all occasions. So that if there should be a stop in the course of exchange, Exchange the publike measure then either the English Merchant will for beare to take vp money by exchange; or else he will locke to recouer his losse of exchange, vpon his Cloth.

I answere. 2. Answ. That giuing more to the Merchant stranger by exchange then formerly, the Trade will be aduanced. For the English Merchant will finde more mony for his ready employment then before, and the money will not be transported. So that to surmise, that the English Merchant will forbeare to [Page 63] take vp moneys by exchange, or will be so in [...]urious to his Countrey to maintaine an [...] of our moneys in exchange, contrary to his Maiesties Proclamation, and the lawes of the Realme, is alto­gether without ground and sensles. The course of exchange rising and falling shall haue no stop, nei­ther will there be any stand in Blackwell Hall, where­by the remedy will be farre worse then the disease. As Misselden laboureth to proue.

But the English Merchant must needes recouer the 3. Obiect. loss [...] of the exchange vpon the Cloth, which must either be done in the buying of it at home, or selling of it abroad: But it cannot be done in the sale of Cloth abroad, for the Cloth Trade grones already vnder the burthen, as appeareth by the quantity and the price thereof which is diminished: and to bring it vpon the Ch [...]hier, is a matter of grieuous consequence.

Experience (as I haue said) maketh a full answer, 3. Answ. that as there wanted no takers of money, when the late inhauncing of money at Hamborough caused the exchange to rise from vnder 28 s. to aboue 35 s, which is farre more then the intended reformation, and Wooll was at 33 s. the Todd, which is now at 20 s. and vnder; so there will want no vent for our Cloth: for if there were sale for duble the quantity then, when Cloth was sold dearer by full one third part, wee neede not to doubt of vent, when other Nations are as willing to buy the same, as they are willing to vent their Commodities vnto vs: and it standeth with more reason to aduance the price thereof, when the same is good cheape, and to re­forme the price of exchange then when this deare. [Page 64] Albeit wee neuer heard any complaint of the deere­nesse of our Cloth.

Misselden will insinuate of many obiections that can be made against this reformation so much re­quisite: but they are but words, P. 11 [...]. as all former con­siderations doe manifest, the taker will be ruled by the deliuerer. For albeit that Trade requireth a naturall liberty, (which in no Countrey is so much restrained as in England) yet Gaine the true Center doth ouerrule all (as it were) by a voluntary com­mand, which maketh the voluntary contract by the mutuall consent of both parties by him alleageth: and when the Gaine of exportation of moneys fail­eth, P. 113. then the statute of employment is better obser­ued, and moneys are more plentifull by exchange.

For all these Arguments are as Lime Twiggs or Hops to keepe him still inclosed within his Circle. He replieth, that although there wanted not Takers of money by exchange for Hamborough, when the exchange rise from 28 s. to 35 s, yet it doth not fol­low, that therefore there would be Takers at the Par of Exchange, for it is a different case. Indeede he doth not vnderstand the case, P. 114. for the Takers did not gaine, neither did the deliuerer loose (as he saith) by the fast rising of exchange at Hamborough, onely he that was to take vp money backe againe to pay his Bills of exchanges taken vpon him, might there­in become a gainer, although by the buying of Commodities he might haue beene a looser by the induring of Commodities there, vpon the inhaun­cing of moneys. A Particular maketh no rule. These accidents are particulars, and make no generall rule.

[Page 65] That he vnderstandeth not himselfe in the Par of Exchange, (which I haue distinguished by the Posi­tiue Exchange from the Currant Exchange) appeareth also by his inferrence, That it may proue also another bar to Trade, and cause the Cloth Trade both in the Clo­thier and Merchants hands to be so much dearer to them, and cheaper to the stranger by how much the naturall course should be altered in exchange, when it should be answered by the price of exchange, to the great aduan­tage of forraine Nations, and losse of the Kingdome. This man seeketh a knot in a Bulrush, and conclu­deth, that all he hath alleaged is as cleare as the Sunne: and that vntill the Kingdome come to an ouerballance of Trade, P. 131. the causes of the decay of Trade cannot be taken away: for the decay of Trade, and the ouerballance cannot stand together. That is to say, a sicke body cannot be in health vntill it be cured: which is a sentence containing many sentences, when the ouerballance is the decay of Trade.

To speake ingeniously, can the making of a Bal­lance cause moneys and Bullion to be brought in, or hinder the transportation of moneys? or can the calculation of the said Ballance procure that our natiue Commodities exported, shall surmount in price and quantity the forraine Commodities brought in. And lastly, can the said Ballance bring to passe that Spanish Royalls of 8 (now diuerted from vs) shall be imported, and when the said Roy­alls and Dollers are brought in, that they shall not be carried out againe, but be brought to the Mint: as the said Center (Gaine) will doe by the true course of exchange, to the enriching of the Realme, and [Page 66] preuention of ouerballancing?

Questionles it cannot, for the end of the Ballance (by his owne confession) is last in place, but first and chiefest in purpose, P. 130. or in the beginning, which is nothing else but to make a triall of things past: so that put this Circle of Commerce into the Seals of the Ballance, and lay a feather against it, and it will weigh downe the same.

But some will say: Why doe you expostulate or make inquiry of the end of this Ballance, P. 132. hath not he contracted all the causes of our vnderballance in two words? Pouerty and Prodigallity grounded vpon Idlenesse and Excesse; and therein vsed such a Ciceronian stile, to exhort the learned Diuines and prouident Statesmen, that we may say Mouit Corni­cula risum, assuredly he hath: but this may not be ascribed to the Ballance of Trade, for riot and excesse may be knowne without such a Ballance, and Pouer­ty and want is not without feeling, neither ought to be without commiseration. For the transporta­tion of moneys to heauen is lawfull, by charitable giuing to the poore, which God himselfe hath pro­mised to reward, although men were neuer so vn­thankfull.

Here (according to Misseldens maner) I haue occasion offered me, to make a very ample discourse concerning his presumption aboue the wisedome of the City of London, his vncharitable dispositi­on to preuent tenne thousand pounds yearely cast away to the poore, and his peremptory and absolute conclusion in the gouernment of State-affaires, wherein he is a meere nouice. But my intention is [Page 67] to be briefe and substantiall.

To end therefore this matter of Ballance, it may be thought strange that some men would be sedu­ced thereby, Discourse of the East India Trade, by T. M. P. 49. 52. and giue bridle to the present course of Trade, expecting an ouerballance to happen on our side without remouing of the causes, after they had spoken well concerning exchanges: although they confessed to be a ground, as a matter much too high for their handling: saying, That the abuse thereof is very preiuditiall vnto this Kingdome in parti­cular, whilst in the interim the benefits doe arise vnto other Countries, who diligently obseruing the prices, whereby the moneys be exchanged, may take aduantage to carry away the gold and siluer of this Realme, at those times when the rate of our Starlin money (in exchange) is vnder the value of that standard, vnto which place they are conueyed, for in respect the prices of the ex­changes doe rise and fall according to the plenty and scar­city of money, which is to be taken vp or deliuered out: the exchange is hereby rather become a Trade for some great moneyed men, then a furtherance and accommoda­tion of Recall Trade of Merchants, as it ought to be in the true vse thereof: and thus many times money may be made ouer hither by strangers to a good gaine, and pre­sently carried beyond the Seas to a second profit. And yet the mischiefe ends not here: for by these meanes the Takers vp of money in forraine Countries must necessari­lie driue a Trade to those places from whence they draw their moneys and so do fill vs vp with forraine Cōmodi­ties, without the vent of our owne Wares▪ &c. And thus wee see how the ouerballance of Commodities is proceeding from the abuse of exchanges, which [Page 68] ouerrule moneys, and moneys ouerrule Commodi­ties, as heretofore is manifestly declared.

That the vnderualuation of our moneys in ex­change is the efficient cause of the ouerballancing of Trade, Vnderualuation of our moneys inexchange is the efficient cause of the ouerballancing. doth appeare vpon the consideration of the causes depending one vpon another, inforced by this Primum-Mobill, as followeth.

1. The vnderualuation of our moneys in exchange, 2. proceeding of the inhauncing of moneys beyond the Seas, which causeth 3. (by gaine) the transpor­tation of our moneys, 4. and debarred (by losse to be sustained) the importation of moneys and Bul­lion, 5. hindreth also the bringing of Royalls of 8. vnto vs, being otherwise diuerred. 6. The forraine Commodities are risen in price according to the moneys inhaunced. 7. The natiue Commodities are in price vndervalued according to the vnderva­luation of our moneys, all which are feareful effects. For the treasure is exhaunced, the Realme impoue­rished, and money is made a Merchandise. And this cannot be cured but by the contrary, as shall be de­clared in the remedies.

Hitherto wee haue obserued and manifestly pro­ued. First, That exchange is the publike measure betweene England, and all places where wee deale by exchange. Secondly, That the moneys of the Realme are vndervalued in exchange betweene vs and other Countries. And thirdly, That Gaine is the Center of the Circle of Commerce, and that the said vnderualuation is the efficient cause of the ouerbal­lancing of Trade: and withall we haue showed that [...] conceited Ballance of Trade proposed by Missel­den, [Page 69] can be but a Triall and Discouery of the ouerbal­lancing of Trade, without that it can produce any other benefit to the Common-wealth.

By his last Ballance wee may perceiue, that all the Commodities exported, and the Commodities im­ported yearely, doe amount vnto fiue Millions, or fifty hundreth thousand pounds, according to our obseruation in the Canker of Englands Common-wealth. Now if the losse by exchange were but ten vpon the hundreth, (which wee haue proued aboue three-score and tenne) it would amount to fiue hundreth thousand pounds yearely: P. 37. The losse whereof is greater to the Kingdome, then all the moneys employed to the East Indies commeth vn­to, An incredible losse. which Misselden affirmeth to be an abominable vntrueth, which I cannot but retort vpon him, be­cause he is vnfortunate to finde out the truth, as shalbe made more plaine in the following Chapter, for he is in league with equiuocation in all his refuta­tions, which challengeth to be Cusen Germaine to trueth, making his speeches a Centaure, halfe a man, halfe a horse: or like one of the broodes of Nilus, halfe earth, halfe froggs, a thing both shapelesse, and shaped in one mixture, which it thus distin­guished by the Equinoctiall in this place. [Page 68] [...] [Page 69] [...]

THere is not any such thing in my writings, nei­ther did I euer stand so much vpon the neces­sary vse of our Woolls: but I did insist vpon two principall points concerning the sale of Cloth, The aduantage of the sale of our Cloth. which was, that other Nations (buying heretofore our Clothes, when they were sold deerer by the one halfe in price then they be now sold) did ne­uer complaine that the Clothes were sold too deere, but they did alwayes complaine of the false making of Cloth: and againe, that other Nations are as willing to sell vnto vs their forraine Commodities, as we can be to sell our Clothes to them: for those that make Clothes in their Countries, haue no oc­casion to buy forraine Wares, or the Commodities of other Countries, but seeke to sell them for ready money, or to be paied at some times of payment: whereby England hath a great aduantage, and may enioy the benefit of it in selling their Cloth with reputation, which is euer accompained with re­quest, and causeth Commodities to be sold at good rates; whereas vilifying the price of Wares, can ne­uer establish a Trade, nor make Commodities more vendible, and this requireth great consideration.

[Page 80] HAd not this man beene one of his supporters, by whose mouth his pen speaketh: I would haue imagined, that he had beene in the Citty of Butus, and had consulted with the Oracle of Laton [...], where those that sleepe before her image can make a Prediction by the first word of them that next met them. Herodotus in Euterpe. I bare no malice to the man, nor to the Secre­tary of the said Company, in whose commendation he so much speaketh. P. 65. For I am assured, that vpon better consideration of the matters in question, they will willingly imbrace the true reformation of these great abuses.

Aspis a viper a venenum Mutuatur: Here Misselden▪ doth mount his great ordinance against the Mer­chants of the Staple and my selfe: for he stares as wildly vpon vs, P. 62. Metamor. 3. as Agane did vpon her Sonne Pen­theus, when shee tooke him from a Bore: Ille mihi seriendus Aper, &c. Accuseth vs both to be pro­fest aduersaries to the Merchants Aduenturers, for saying, that the Staplers haue obserued, that the Mer­chants Aduenturers haue an ineuitable oppertunity of combination, to set what price they please vpon Cloth to the Clothier, of Woole to the grower, and of all Commodi­ties exported and imported: and to make this to be but a Suggestion, he careth not to accuse the said Com­pany of an extraordinary discord, whereby they do more bid and out bid one another at the market, then any other Companies: surely his allegation that the Cloth Trade grones vnder the burthen & [Page 81] cannot recouer, is then most vntrue, P. 110. for Merchants will not striue to runne into an eminent danger of losse, but (as is noted before) they will be sure to impose all vpon the Clothier & the Wooll grower, to the disimprouing of the reuinew of Lands, and losse of the Kingdomes stocke: and on the other side, the Staplers would not be so desirous to deale in Cloth if they saw no meanes to make a benefit thereby, and that farre greater then now is done, which would deserue the name of Free Trade, especi­ally when we should be inable to make our choice, to returne the proceede of our Natiue Commodi­ties by all the three simples of Trade to our best aduantage, Commodities Moneys and Exchange. whereby they should not be subiect to my penne, neither to his defence that presumeth so much to haue deserued at their hands by extolling their wisedome and prouidence, which cannot be compleate, vnlesse the Commodities of the Realme were aduanced by them in price and sale for the generall good of the Kingdome, which he calleth the Dowry and the Axis of the Common-wealth, P. 64. whereon all the other Trades of the Realme doe seeme to turne and haue their reuolution, so that the Center must be found in the middle of this Axis. Againe, the stranger would not be desirous to deale in Cloth if there were no Center, nor the inhabi­tants of other Ports. Lastly, the Interlopers would be quiet if there were no gaine to be made, and the noyses of their songs would not be heard all in one tune, but these latter will be preuented and cut off: now that Misselden is employed beyond the Seas by the Merchants Aduenturors, who hauing [Page 82] the Art of discouery to giue information, will spy them out: I cannot but lament their case. For when Sixtus Quintus was Pope, he made such an extraor­dinary search in Rome for to discouer inueterated offences: that the image of Saint Peter standing on the one side of the portal of his Cathedrall Church, did expostulate with Saint Paul standing on the other side, concerning these strict proceedings, and was resolued to depart had not Paul diswaded him: not withstanding that he had good cause, for hauing cut off Malchus his eare; P. 74. For the like feare may be­fall the said Interloopers by Misseldens examinations of all their ancient and moderne offences. To con­clude this point of the Cloth Trade, which would be in danger to be wholy ouerthrowne. I say: that euen as there was a man, that bringing his Mare to drinke, thought that he saw the Moone drunke vp by his Mare, which indeede was onely hid and obscured in a cloud: the next day consulting with his neighbours of Gotham, after much laying of their Cods heads together, it was concluded, that they should rip the Mare and let out the Moone: and euer since these Goates of this Tropicke of Capri­corne, haue thought all the world beholding to them for the recouery of the Moone. Euen so are the Merchants Aduenturors: nay, all the Kingdome beholding vnto Misselden for the preseruation of the Cloth Trade.

By this time he is come to Monopolies, P. 66. and here he doth say: that there is not any worse Monopoly in the Kingdome, then I would make of the ex­change. And Monsieur Bodins allegation touching [Page 83] the French Prouerbe, Il entend le par, is no good phrase in French: here he will correct Magnificat, et nescit quid significat. The reformation of the abuse of exchange is to be done by all men, and therefore cannot be termed a Monopoly. And for the con [...]ide­rations requisite in Monopolies, I referre my selfe to the Chapter of Associations in Lex Mercatoria.

Now for his finding fault with a Sillogisme made before he was borne, P. 91. drawne from Negati [...]es: if I were but a Smatterer in any Science, and had knowne the vse of his Pill Panchreston, I would proue as good and skilfull in equiuocation, as he is found to be in altering the state of a question, which is no­thing but an equiuocation, as for example: Quite Animal dicit, verum praedicat, & quite Asinum idem et te Animal dicit ergo. The Elenches of Accidents secundum quid, are lurking: and yet withall the question is changed, for the reason is drawne (as his maner is) from a particular to an vniuersall, which is preposterous and retrograde. So where the question is begged, the streame of the disputation turnes his channell. And this will serue for an an­swer to his Paralogisme.

It followeth, P. 69. to make also some briefe answer to his exception of the comparison I made of things actiue and passiue, because hee will not vnderstand the application of it; for he replieth and confesseth

[Page 84] MAy it not be said, that the yard is actiue and the cloth passiue, P. 40 wit [...]out Pacius explication, as the bough proceeding from Aristotle the [...]oote? Let him remember that our famous Recorder of London made this distinctiō very perspicuous, whē Dunscomb had stricken Cox; did not he giue sentence that comb should be takē from Duns who was actiue, and be giuen to Cox to make him a Coxcomb, because he was passiue. If he wil not beleeue this, Staffords law may make him feele it, when he meeteth with im­patient men. It is enough for me to proue, that ex­change is actiue, and commodities and moneys are passiue, wise men do know it, and fooles will not vn­derstand it, though you bray them like Anaxarchus in an iron morter. And so much might be said for the difference betweene things done virtute officij & colore officij. P. 70. But this matter requireth a more ample exposition and answer: for when he meetes with my recitall of some short obseruations concer­ning the decay of trade, which I gathered out of notes that past from the Merchants of the Staple, and other Merchants at the last Session of Parlia­ment, hee seemes by his winsing to be somewhat galled, and that makes him turne and wriggle vp and downe, that he cannot containe himselfe within his circle, but breakes out into sundry contrarieties and contradictions, quarelling on the behalfe of the Merchants Aduenturers, at the multitude of their aforesaid aduersaries, whom he cannot name with­out enuie, nor let them passe his pen before he hath cast his As-pis and other his viperous venome vpon them, as aforesaid. And in his Oratiō to his Masters, [Page 85] the Merchants Aduenturers, he magnifieth them, and brayeth out: O ye Merchants Aduenturers, that haue worthily obtaine [...] honour of his Maiestie, P. 63. fauour of the Nobilitie, fame in the world, loue of strangers, good report of all. This proceeds from some distemper, and is worse then the wilde goose race he taxeth me with­all: P. 68. where (by the way) I obserue that this Omnibus visus, that hath such skill in canting, P. 52. quacksaluing, P. 91. and what not, hath here in this phrase of hunting mistaken his terme, as he often doth his matter. For if he read M ^r. Markham his booke of Huntmanship, and others Writers of that subiect, he may find dis­courses of a wilde goose chace, but the wilde goose race is his owne. Wherefore I will leaue him, and follow the chace, as he pursueth the forenamed supposed Aduersaries, of which I would haue spoken in or­der as he hath named them, but that according to the maner of wilde goose chace, he hauing got the lea­ding, I must follow, and that within distance. And first he leades me into a defence of that that I said, the Merchants Aduenturers had ingrossed into their hands by colour of their last Letters pattents, the sole power of exporting cloth, &c. this he saith is but my li­bertie of speech, and so he endeuours to refute it by extenuating (as it were) his Maiesties fauor towards them in point of exportation. For saith he, pag. 53. in point of exportation of white and coloured clothes, kersies, bayes, sayes, and other new draperies, there is no more power giuen them in the said later, then his Maiesty and his royall Predecessors haue honored them with in former Letters pattents, of which he recites the cata­logue, and begins but in the eighth yeare of Hen. 4. [Page 86] by which he saith the aforesaid trade of cloth, &c. was intrusted vnto them. Let that be taken for gran­ted, and it will plainly appeare that they haue no priuiledge at all in this behalfe, but onely power to assemble themselues to chuse a Gouerner to rectifie their owne abuses, and by way of iustice to punish one another for their misdemeanours; and to that purpose that foresaid grant was made vnto them, Power of the Merchants Ad­uentu [...]ers Let­ters patent. wherein one William Oueray was assigned to be their Gouerner, as by the said Letters pattents at large appeareth. And of this power and priuiledge, all Merchants and Mariners of England, Ireland and Wales are to be equally partakers without excep­tion, limitation or difference of person, countrey or commoditie. And whatsoeuer freedome of trade into the parts therein expressed, his Maiesties sub­iects are now barred of, is meerly vsurped. And if you aske me, what meanes he then to mention such large grants of Henry the 4. and other succee­ding Kings, with new titles and priuiledges granted vnto them, and that with prohibition of all other, as he relates? I answer, this man either hath not seen or not vnderstood the main of this matter, but hath dealt in it either ignorantly or concealedly: for the making plaine whereof, let vs obserue, that in that time of Hen. the 4. (which he mentioneth to be the beginning of the Merchants Adventurers) there was then, The antiquitie of the Mer­chants of the Staple. and long before that time setled (both in England and beyond the Seas) another famous So­cietie of English Merchants, called the Merchants of the Staple, as by sundry ancient records hereaf­ter specified appeareth; these were the Merchants [Page 87] then entrusted with the trade of exporting the Sta­ple commodities of the kingdome, whereof Wooll and cloth were the chiefe, which they exported in such abundance, that they being trusted by the State to collect the Kings Customes amongst themselues, they haue paid out of the Staple into the Exche­quer 68 thousand pounds starling per annum, as ap­peareth by record of 36 of Hen. 6. at which time an ounce of siluer was valued but at 30 d. which is now 5 s being iust double the said summe in value, or 136 thousand pounds. These were the Merchants that (before cloth was made in England) exported the materials of this Land, as Wooll, Lead, Tin, &c. and returned for the same Gold or siluer, either coin or bullion; and to that purpose they made worthy lawes and ordinances amongst themselues, still ex­tant, to which euery Merchant of that Societie was sworne, and they did likewise giue good bond to the Maior of the Staple (before their goods were suffered to passe) that they should not barter away the Staple cōmodities of the kingdome, but should returne a great proportion (if not the whole value) in coine or bullion, whereby this kingdome was at all times made rich and potent. And vnder these Merchants, trade was so managed, that cloth making began in England; and they exported cloth before the Merchants Aduenturers or the Leidges their predecessors had a name or being. And if you aske, how then came those Leidges and these Merchants Aduenturers to ship cloth, not being free of the Sta­ple? I answer, that the purpose of the State was then so bent to cherish the manufacture of cloth, [Page 88] that there was libertie giuen to all sorts of Mer­chants and Mariners (subiects of this Realme) for the exportation thereof. And though it was accoun­ted a Staple commoditie, and exported by the Mer­chants of the Staple, yet other Merchants were likewise permitted to export the same, though they did not at all times returne coine and bullion, ac­cording to the lawes of the Staple; whereupon ma­ny Merchants and Mariners of England, Ireland and Wales, not free of the Staple, did trade with English cloth in forrein parts: and then finding themselues encombred with many euils (which proceeded from want of gouernment) some of them procured of King Henry the 4. the aforesaid Letters pattents, granted (as before obserued) to all the Kings Leid­ges, trading beyond the Seas, into Holland, Zeland, Brabant, and other Countries in amitie with this Kingdome. This was the first originall and founda­tion of the now Merchants Aduenturers, and from that their beginning, there was not any other pow­er, priuiledge or proprietie of trade, or any other ti­tle or addition giuen vnto them, but a meere con­firmation of that first grant (as appeareth by Missel­den his owne booke) vntill the xx. yeare of Hen. 7. when (saith he) they were honoured with the title of Merchants, and had power giuen them to keepe their Courts at Callis. Herein he dealeth reseruedly; for though he sets forth the truth, yet he sets not forth the whole truth; and that which he concea­leth, is the chiefe direction of that which he expres­seth. He sets forth their authoritie to keepe their Courts in their Towne of Callis, but he conceales [Page 89] two matters of consequence contained in their Let­ters pattents, viz an Exception and a Command: An exception & a command of the Mer­chants Aduen­turers grant. the Exception, that if in their Courts they make a­ny law or ordinance contrary to the honour, dig­nitie royall or prerogatiue of the King, or to the di­minution of the common weale of the Realme, it is of no force. The Command: We streightly charge and command, that all and euery Merchant or sub­iect, any way vsing or exercising the art or feat of a Merchant Aduenturer, be obedient vnto the Go­uerner, and come into the said Fellowship of Mer­chants Aduenturers, and be free of them, paying the Haunce of ten marks sterling, according to a cer­taine Act of our high Court of Parliament made within the time of our reigne, &c.

And no maruel though he conceale it, for that the practise of the Merchants Aduenturers is so contra­ry vnto it: for, to say nothing of their orders, but of this disorder, they do not onely refuse to admit his Maiesties subiects to be free of their Companie, ac­cording to the said Command contained in their Letters patents, and according to that good and worthy law yet in force, as aforesaid, but (as I am in­formed) they haue vtterly reiected and of late dri­uen out of trade (by procuring the imprisonment of their persons, and seizing their goods, and other like vexations) such as haue been brought vp in the trade of merchandize most part of their liues, and so many as haue been obserued to trade for an hun­dred thousand pounds per annum and more; yea notwithstanding that some great ones (whom I thinke not fit for me to name) haue spoken, yea [Page 90] and written in some of their behalfes.

Now to proceed according to his booke. From this time the Merchants Aduenturers continued without any other addition or alteration vntill the sixt yeare of Queene Elizabeth, P. 34. at which time (saith he) they were inscribed by the name of Merchants Aduenturers of England, and had authoritie to ex­ercise their gouernment within this Kingdome; wherein is to be obserued, that the power and pri­uiledge giuen them by their former grants, was but for their gouernment and vse in forreine parts, wherin such abuse was cōmitted, y ^t they were at two seuerall times greatly complained of in Parliament, in the 36. of Hen. 6. for interrupting of the Staplers, and in the 12. of Hen. 7. for disturbing of other En­glish Merchants, vnder pretence of a particular re­lation that they seemed to haue to S. Thomas Becket, for redresse whereof there were at the same times two worthy and memorable lawes made, that are yet in force, wherein there is a large expression of the complaints and remedies. And whereas he re­lateth that in the 28. of Queene Eliz. these Mer­chants Aduenturers had a new grant for enlarge­ment of their trade into Germanie, with prohibition of all other her Maiesties subiects not free of their said Fellowship, to trade into any of their priuiled­ged places, which (he saith) he hath not by heare­say, but by his owne collection. I wish he had made a true collection, and expressed the especiall proui­so, that nothing therein contained should any way impeach or preiudice the Maior, Constables or So­cietie of the Merchants of the Staple, but that they [Page 91] and euery particular brother of that Companie should and might vse their trade and priuiledges, as formerly they had done, &c. And at that same time the Merchants of the Staple had as free trade and large priuiledges in the Low Countries and Germa­ny as the Merchants Aduenturers. And in his reci­tall of the Letters patents made vnto the Merchants Aduenturers by his Maiestie, he continueth his for­mer course, setting forth the tenor of the grant to the vtmost, but not a word of the limitation and ex­ception. For it likewise pleased his Highnesse into those Letters patents granted vnto the Merchants Aduenturers in the xv. yeare of his reigne, to insert a most gracious prouiso and large exception for the Merchants of the Staple. The prouiso followeth in haec verba, viz. Prouided alwayes, that these our Let­ters patents, or any thing in them contained, shall not in any wise be preiudiciall or hurtfull to the Maior, Consta­bles and Fellowship of Merchants of the Staple of En­gland, or to their successors, or to any particular Fellow of the said Fellowship that now is or hereafter shall be, but that they and euery of them shall and may haue and enioy all and euery such grants, liberties and priuiledges as heretofore haue bin granted vnto them by Vs or any o­ther our progenitors or predecessors as they or any of them haue lawfully vsed or had, in as large and ample maner and forme as they or any of them might or ought to haue had or enioyed before the date of these presents, any clause, article or restraint in these patents contained to the contrary notwithstanding. If they obiect that this prouiso was in respect of the trade of wooll, and not of cloth. I answer, that cannot be so: for that his Ma­iestie [Page 92] by his publique Proclamation had forbidden all exportation of Wooll three yeares before; so that there was nothing to be reserued to the Merchants of the Staple by this prouiso, but their trade of cloth. And whereas he saith, that the Merchants of the Staple neuer shipped any clothes at any time as Staplers, but as Merchants Aduenturers. I an­swer, that the Merchants of the Staple in their notes aforesaid, exhibited to the high Court of Parlia­ment at the last Session, did set forth that they had vsed the trade of shipping cloth before the Mer­chants Aduenturers or the Leidgers their predeces­sors had a name or being, as is before recited: and that they afterward exercised the same trade into the same Countries together with the said Mer­chants Aduenturers, as they affirmed they could proue by Indentures of composition made betwixt the said two Companies. They likewise signified, that they haue had their trade of exporting all Sta­ple commodities, whereof cloth was one, continued and confirmed vnto them by sundry Acts of Parlia­ment, viz. in the 27. of Edw. 3. and likewise in the 36. of Hen. 6. together with many other in the times of succeeding Princes, and also by diuers and sun­dry the gracious Letters patents of Edw. 2. Edw. 3. Ric. 2. Hen. 4. Hen. 5. Hen. 6. Edw. 4. Hen. 7. Hen. 8. Edw. 6. with a large and ample grant of new titles and priuiledges in the third yeare of Queen Eliz of famous memory, which she enlarged vnto them in the 26 yeare of her reigne; and that all these haue been effectually confirmed vnto them by his High­nesse gracious Letters patents. And for further [Page 93] proofe of their vse of the cloth trade, they exhibi­ted a report of three reuerend Iudges, viz. Sir Chri­stopher Wray Lord chiefe Iustice, The report of three reuerend Iudges in the behal [...]e of the Merchants of the Staple. Sir Gilbert Gerrard Master of the Rolles, and Sir Roger Manwood Lord chiefe Baron, vnto whom the examination of that businesse was referred by the right Honorable the then Lord high Treasurer Burleigh, about the 25 yeare of Queene Eliz. The report followeth in haec verba, viz.

Vpon these, together with many other weighty reasons concerning the conueniences and profit of this State, then tendered to their graue considerati­ons, the said house of Commons did passe a Bill for them, intituled. An Act restoring the Free Trade of the Merchants of the Staple, for the exportation of Cloth, and all other Manufactures made of Wooll in the parts beyond the Seas; as by the said Bill appeareth: so that whereas out of false premises Misselden makes this conclusion, whereby it is manifest saith he, that the Cloth and other the Manufactures of this king­dome, haue with the fauour of the State, beene conferred vpon the Merchants Aduenturers: not onely by their last Letters Patents, but by many o­ther former grants before recited. I answer, That by this reply it is most apparant, that the Mer­chants [Page 96] Aduenturers from their first Grant, made in the eight of King Henry the 4, vnto the last Grant made vnto them in the fifteenth yeare of his Ma­iestie: they neuer had any propriety or trust of Trade committed to them, but with exceptions and limitations as is before expressed. And it is also most manifest that the Merchants of the Staple might, and did from time to time Ship Cloth in their owne right into Holland, &c: as Staplers, and not as Merchants Aduenturers: wherefore the power which the Merchants Aduenturers now as­sume vnto themselues, to restraine the Merchants of the Staple from Trading with Cloth, as formerly they haue done, and the practise which they vse, to keepe out other Merchants being Subiects of his Maiestie from being free of their Company, is meerely by collour, and not by virtue of any of their Grants or Letters Patents whatsoeuer: and hereby Misselden may vnderstand what the diffe­rence is: P. 70. betweene Authority and the Princes Letters Patents, and find cause not to maruell, but to wonder at his exception.

And whereas he hath put another glosse, P. 56. saying: the Merchants of the Staple may Ship Cloth still, such of them as are free of the Merchants Aduen­turers, whereof (saith he) there are many. I answer, That of all the Merchants Aduentuers that are now Traders in Cloth, there are but o [...]ely three of them free men of the Staple.

Thus farre haue I followed him in his chace af­ter the Merchants of the Staple. And now I finde him persuing another of his supposed aduersaries [Page 97] viz. the Merchant Stranger, Concernin [...] the Trade of Mer­chant Strangers. and their losse or the lessening of their Trade he would salue with a dis­tinction of Cloth dressed and vndressed, affirming that the Merchant Stranger could neuer ship Cloth vndrest, by reason of certaine Statutes made against it: and for Cloth dressed, and other Manufactures he saith, they may ship them still paying Strangers Custome, and perhaps better cheape also. This point I thinke, and especially the ( perhaps) is worth the examining. It is true that there are Statutes against shipping Cloth vndressed aboue a certaine value, but there haue beene euer or for the most part meanes to dispence with the said Satutes, as the Lord of Cumberland his Lycence, and others of that kinde, for which busines there hath beene vsually heretofore an Officer in the Custome House ready to admit composition with Strangers aswell as with others, and so the Strangers paying Strangers Cu­stome, might ship Cloth vndressed aswell as the Merchants Aduenturers: but now the Merchants Aduenturers haue ingrossed the foresaid dispensati­ons into their owne hands, so that the Strangers are now preuented of shipping Cloth vndrest, as for­merly they haue done: by reason whereof, one other meanes whereby great quantities of Cloth haue beene heretofore vented, and the prices there­of aduanced, is by the Merchants Aduenturers wholly intercepted.

But now come to the ( Perhaps) the Merchants Strangers may now ship dressed Clothes, Karsies, and all other new Draperies, paying Strangers Custome: and ( Perhaps) better cheape saith he; [Page 98] How may this better cheape be? I answer, per­haps he may compound with some Merchant Ad­uenturer for the vse of his name, viz. to enter the Strangers goodes in the Merchant his name, pay­ing a certaine rate vpon euery parcell of goods, as vpon euery Karsey, Bay, Say, Parpetuana, and likewise vpon euery dozen of Stockings, which composition being paid, the Stranger shall ship his goods for English Custome. And for proofe that this is so, I referre my selfe to the Blanck Bills lately shewed forth in Parliament by certaine Merchants of London, with the Seale of the Merchants Ad­uenturers fixed, and their Deputie his name also subscribed: into which Bills being left blanck for the purpose, the goods of any other English Mer­chant not free of their Company might be entred without enquiry whether he were Probatae fidei, or an Interlooper, a Nouice, or a new Merchant, that for want of experience might betray the Trade in­to the hands of Strangers; and if any Strangers goods of any value whatsoeuer might haue beene entred in the said blanck Bills, and so shipped forth vpon English Custome, I leaue to Misseldens exami­nation, being not desirous to informe.

The third sort of those that he would chase out of trade, he calleth Interlopers. Of the Inter­lopers. This word of inter­loping is a Brat of their owne breed: for such of their Companie as will not obserue the shippings and Mart Townes appointed by their orders, but con­uay ouer goods in other ships and to other places, are vsually punished for interloping, and hence comes this terme of Interloper: but hauing worne it thrid­bare [Page 99] amongst themselues, they now put it as a note of ignominie vpon all other English Merchants not free of their Companie, if they haue any trade into their territories, whether they be Merchants of the Staple, or any other English Merchants residing in London or any other the ports of this Realme, whereof there haue been heretofore so many as haue vsually shipped forth most part of the colou­red clothes, kersies, and all other new Draperies of the kingdome. For vntil the 15 yeare of his Maiesty, that the Merchants Aduenturers obtained their new Letters patents, other English Merchants con­stantly and continually traded therein as well as the Merchants Aduenturers, as may appeare by the manifold entries daily made in al the Custom-books of this Kingdom; for which purpose the Merchants Aduenturers in their former Grants (as is before obserued) procured this clause to be inserted, viz. That other English Merchants that should trade into their territories, might be compelled to obserue the Mer­chants Aduenturers orders; whereby it appeares plain­ly, that though the Merchants Aduenturers haue procured a free licence of exporting certaine thou­sands of white clothes to themselues ( non obstante) the Statutes, yet the State neuer intended that they should also ingrosse the whole trade of all coloured clothes, kersies, bayes, and other new Draperies into their hands, to the vtter ruine and wearing out of all other Merchants that traded therein as now the Merchants Aduenturers would haue it. For they now challenge an absolute power and proprietie of trade into those parts, with all the foresaid English [Page 100] manufactures, and seek to exclude all other English Merchants from that trade, vnder this terme of In­terlopers: and haue of late (as aforesaid) brought so many vexations vpon them, that most of them are now constrained either to steale trade by secret means, to the preiudice of themselues and the trade of the kingdome, or else they must learne to trade by Misseldens perhaps.

The last sort of those that trouble him, are the Ports, Of the Mer­chants of the Ports. that is to say, all the Merchants of the out­ports of the Realme, who because they made a loud crie of late in the Parliament hou [...]e, he affirmes to beare a part also in this song, whereof (saith he) the Merchants Aduenturers are made the Burden; here he hath found a fit Epithete for his Masters. If he had been willing to set downe all the Singers, he might haue found a very large Quier; for at that time not onely those that he pickt out, as the Merchants strangers, the Merchants of the Staple, the Interlo­pers, and the Ports, but the Clothiers of all sorts from all parts of this Realme, and Wooll-growers Of the Clothi­ers and wooll-growers. of all Counties of England and Wales being there assembled did sing the same song, that they were all weary of this Burden, the Merchants Aduenturers, as at large appeareth by their seuerall petitions, rea­sons, repetitions, and continuall suites for reliefe and remedy in that behalfe; whereupon the Act for re­storing the free trade of the Staple was drawne for their reliefe, and passed the house of Commons, as is before related.

Thus haue I followed him to the end of this chace; and now I refer it to the iudgement of the Reader; [Page 101] whether the Merchants Aduenturers haue not in­grossed (and that by colour of their last Letters pat­tents) the trade of the Merchants strangers, the Merchants of the Staple, the Merchāts of the Ports, and of many other English Merchants, concerning the exportation of cloth and all other manufactures made of Wooll into Holland, Zeland, Brabant, and other parts of the Low Countries and Germany; and last of all I refer the remedy (as I am most bound in dutie) to the matchlesse wisedome of his most excel­lent Maiestie.

And now hee leades mee to the place where hee seemes to be angry for my saying, P. 59. if they had ingaged their trade for a summe of money, which I supposed was for the vse of their Companie; hee confesseth the action, but trauerseth the occasion, saying, it was borrowed for the seruice of the State, by which one word he hath barred my reply; but onely this I ob­serue, that his Masters whom he saith are probatae fi­dei, and trusted with that ( axis) of the Common­wealth, he freely confesseth they haue laid this axis to pawne, and presseth hard for help to redeem the same. And I cannot but wonder when I compare that small summe with the great losse, which others say they haue borne by their appropriating trade these six yeares to themselues, and with the great summes they haue raised by impositions vpon cloth and vpon other natiue commodities of that kind, I cannot but wonder I say, that they haue not long fithens fetched their axis home. Thus endeth Mis­seldens song, with my Contrator, concerning the cloth trade, wherein we find a center for the publik [Page 102] good in generall.

Come we now to the examination of the trade from England to the East Indies, The trade for the East Indies. by the said Center of Commerce, namely Gaine, where Misselden (accor­ding to his ordinary custome) thus chanteth against me; and we shall find that the said Trade is vnpro­fitable for England.

COncerning the first part, That I do insinuate, that the cause of the want of mony is the ready mony sent to the East Indies; I am so far from that, that although there were one hūdred thousand pounds sent yearly where there is onely appointed thirtie thousand, I would find no fault with it, if Trade were so caried, that moneys were imported; and that the returne of the East India commodities retransported, did procure moneys from other places; and more espe­cially if there were a center or gaine answerable to [Page 103] the aduenture; which caused me to say, If the dis­course of the trade from England into the East Indies be truly collected, no doubt the said Trade may be found very profitable hereafter, albeit it hath bin very difficult in the beginning.

But forasmuch as Misseldens words and constru­ctions haue moued me to examine the said discourse farther, and for that my opinion hath always been, That our excessiue charges would consume all; I haue thought conuenient to examine the said Dis­course, as it is laid downe. According to which, to frame our Arguments abeffectis, let vs lay our foun­dation vpon M ^r. Mun's Abstract of the accounts, collected out of the diuers volumes of the East In­dia bookes, of all the moneys and commodities sent thither from the beginning of the said Trade vntill Iuly 1620, being the space of 20 yeares or there­abouts, as appeareth pag. 39. which was done to sa­tisfie the Parliament concerning the imputation of the moneys exported by them.

All the ready money sent out of the Realme, and from all other places whatsoeuer beyond the Seas, he saith to be 548090 l starlin; and all the commo­dities both English and forreine wares which haue been sent thither during that time, amounteth in all but 292286. So the stocke of moneys and commo­dities sent in all is 840376 l.

Brought home in diuers sorts of wares within that time 356288 l. The losse sustained by the Hol­landers, and charges estimed at 84088 l. So there remaineth for both the ioynt stocks in the East In­dies 400 thousand pounds, which doth ballance this [Page 104] account, whereof diuers returnes are made.

The nature of the commodities is to be conside­red by way of Commutation called Negotiatiua, The nature of commodities to be conside­ted. whe­ther they be Naturall or Artificiall, or Both, wherein the Manufacture is much to be regarded; for the Rule of Polliticions requireth, that the commodities exported should be sold proportionably to the commodities imported, with a consideration of customs, charges, aduenture, shipping, and regard of time, persons and place, with the circumstances, &c.

The commodities imported being 356288 l. as aboue said, were sold (although the most part was transported for other places) for 1914 thousand and sixe hundreth pounds: according to which pro­portion, the commodities exported should pro­duce 1558 thousand 858 l: that is to say, fiue and one third part for one: whereas our commodities haue produced by this account but 22 pro cento in liew thereof, which is not one forth part of one, for they did cost 292286 l. as aforesaid, and there is in returne but employed 356288 l, which is but 64002 l. more: so that the principall is but come home, and the said 64 thousand pounds, which is but 22 pro 100 in three yeares time, with great ad­uenture, to the Kingdomes losse in stock, shipping, Mariners, and all things besides, to be gotten and saued otherwise.

This disproportion is farre greater, if we consider that the said goods were carried thither by our shipping, and we pay them greater Customes for their Commodities, then they pay without aduen­ture of the Seas, and the circumstances aforesaid.

COnsider we of the commodities returned and sold for 1914 Thousand 600 pounds, produ­cing fiue and one third part for one towards custom charges, and all other thiings as aforesaid: and we shall be rauished with admiration vpon examina­tion of the prices in particular, by the said Author declared. This calculation is to be made betweene the commodities bought in the East Indies, withall charges, and the sale of them in England without charges. P. 11 & 44.

Pepper at 2 d ½ the pound, sold for 20 d, is 8 for 1.

Cloues at 9 d, sold for 5 s, is 6 and two thirds for 1.

Nutmegs at 4 d. the l, sold at 3 s, is full 9 for 1.

Mace at 8 d. the pound, sold for 6 s, is full 9 for 1. Indico at 14 d. the l, sold for 5 s, is but 4⅓. for 1.

Raw-Silkes at 8 s. the l, sold for 20 s, is but 2 ½ for 1.

Wherein the quantity of each kind of commodities is much to be respected, to make a true calculation.

Hereupon any man of meane iudgement may easely perceiue, that the inferrence to make the East India Trade more profitable, by the employments to be increased of Indico and Silkes by the Persian P. 7. & 14. [Page 106] Gulfe, is altogether mist [...]ken. For if Spices which yeeld 7. 8. and 9. for one, haue procured but small gaines: how shall Silkes and Indico augment and increase the same, when they produce but 2½. for one and 4 ⅓? which is very deede breedeth a losse vpon the aforesaid employment, and decreaseth the same.

BVt some affectioned East India Merchant will say, that the generall account aforesaid to make fiue and one third part for one, is a great matter of benefit towards custome, charges, and all other things incident to trade. For the Author doth say, that 10 s. P. 13. employed in Pepper in the East Indies, will require but 35 s. for all charges whatsoeuer de­liuered in London, which is 3 ^•2. for one.

This Merchant cannot inforce his argument for want of a true iudgement; for he might haue made a better conclusion, to say Pepper doth cost but 2 d ½ the pound, and is sold for 20 d. which is 8 for one, as aforesaid. And if with all charges in London it co­meth but to 3 ½, then the benefit of 4 ½ for one is an admirable gaine to inrich himselfe and the com­mon wealth.

This iudgement vpon a particular, seemeth to [Page 107] proue a far greater gaine then the abouesaid gene­rall gaine of 5 ⅓ for one. But to find out the truth, there must be a nearer calculation made, by a true distinction of the managing of the Stock remaining at home, which was neuer adventured, and the a­foresaid stock of moneys and commodities sent in­to the Indies, and what both these did amount vnto. Next, if the goods taken from the Indians and Por­tugals be comprehended in the said returne, where­of the said sum of 1914 thousand 600 l was made, then the case is altered, and wil not produce the one halfe. Lastly, the building and repairing of Ships, Wharfes, houses, magazins, and the like emploi­ment of the stocke at home, together with the al­lowances of Officers, Mariners, and seruants wages, will come to an incredible summe.

But let vs come to the generall consideration of this Trade, respecting the weale publicke, by com­paring the same to the former trade maintained by the Portugals along the Cape of Good Hope; which is more proper then to compare the same to the trade betweene vs and Turkie and the said East In­dies: for the trade of Portugall made the Merchants trading Turkie, to sell the Spices brought from Alep­po to losse, because the Camels back could not passe the needles eye, without great charges & difficulty: neuerthelesse that trade was very profitable to the kingdome, The Trade for Turkey. selling our kersies, broad-clothes, tinne, and many other our natiue commodities with 60 pro cento gaine; and there is far more to be gotten by raw silkes bought at Aleppo at 12 s the pound, then to be brought from the East Indies at 8 s the [Page 108] pound, which is the difference which the said An­thor maketh, ascribing such happinesse to the trade of silke, whom Misselden doth imitate.

I may affirme by experience, that before the open warres with Spaine, the trade of Portugall and the Ilands was very profitable to the Realme: The Trade for Portugall and the Ilands. for wee made an ordinary gaine of 25 vpon the hundred, by Bayes, Sayes, Reding and Kentish clothes, Nor­therne and Westerne kersies, stockings, and diuers other commodities: and the debts being turned o­uer to the Contraction house, returne was made in Spices and Sugar in lesse then six months time, with little aduenture, fraught and charges, whereby the manufactures of the kingdome were aduanced, and moneys from time to time imported; and the life of Trade was felt by Merchants; Trades-men and the Mint did flourish: so that for matter of commo­dities, there is no comparison in the sale of them in­to Portugal with 25 pro cento in lesse then 6 months, and 22 pro cento for the East Indies in 3 yeares, be­sides the aduenture of the Seas and enemies. And it will be proued, that the natiue commodities of the Realme vented in Portugal and Spaine before the East India trade began, did amount to 300 thousand pounds worth more then since euery yeare, which is more then all the domestique and forreine com­modities come vnto, sent into the East Indies by the Companie those 20 yeares, to say nothing of the mortalitie of men and destruction of ships. And from Spaine we had the West India commodities, The Trade for Spaine. as Cutchenelle, Ginger, hides and other commodi­ties, with the wines, raisins, oyles and all other com­modities [Page 109] of their growth for returne of ours, espe­cially abundance of Royals of plate, now much hin­dred by the emploiment of Tobacco.

Let vs now examine the price of Spices in those dayes within the Realme, and we shall finde that Pepper was sold for 2 s the pound, Cloues 6 s, Mace 7 s, Nutmegs 3 s, and Indico 6 s; which small diffe­renc in price, for so much as is yearely spent in Eng­land, P. 44. may be declared by the proportion set down by the said Author, which being calculated at 4 d. vpon a pound of Pepper, and 12 d vpon Cloues, Mace and Indico, and 6 d vpon Nutmegs, amounteth but to 21166 l. 13 s 4 d.

This true account wil be proued by ancient Mer­chants bookes, and the weekly price currant of the Brokers bils, before the open warres with Spaine. But the said Author doth set downe the prices as they were in the time of warres, when Merchants charges, P. 45. aduenture and all things were increased; and herein he maketh his comparison with Turkie, and according to that computation hee affirmeth, that the trade in Spice and Indico onely, saueth the kingdome yearely 74966 l. 13 s. 4 d: and that lesse then one quarter of this summe shall buy in the In­dies the proportion of the yearely consumption thereof, being 400 thousand of Pepper, 40 thou­sand of Cloues, 20 thousand of Mace, 160 thousand of Nutmegs, and 150 thousand of Indico; which calculated by the prices of them, as they were sold coming from Portugal, wil amount to 128 thousand pounds, and not 183500 l, as hee reckoneth them coming from Turkie: so that the difference between [Page 110] Portugal and Turkie in this account is 55500 l, be­ing in truth but 21666 l. 13. 4. to be reckoned vpon the said allegation.

FRom the particular account of Spices and In­dico concerning England, come we to the ge­nerall account laid downe by him for all Christen­dome, P. 12. whereunto he hath added the raw silke va­lued at 400 thousand pounds; and thereupon he af­firmeth, that in comparison of the said Turky trade, there is saued yearely 953543 l. 4 s. 4 d. starlin in ready moneys, that heretofore hath been transpor­ted out of Christendome into Turkie.

Deduct the said 400 thousand pounds for silke from the generall emploiment of 511458 l. 5. 8. that the total summe amounteth vnto, and there remains but 111458 l. 5. 8. for Spices and Indico. Calculate now what the said proportion for England did cost in the Indies according to the said prices, and you shall find it to be 16749 l. 15. 0. which is almost the sixt part of all the Spices and Indico spent in Chri­stendome: and this being sold in England, produ­ceth 108333 l. 6. 8. Now deduct of the abouesaid 953543 l, the gaines of the silke being 200 thousand pounds, there remaineth 753543 l, whereof the sixt part saued for England, cometh neare to 108 thou­sand pounds, which is as much as all the Spices and Indico sold in one yeare in England cometh to, as [Page 111] aforesaid. Whereby it appeareth, that England sa­uing yearely that summe, there is (as it were) no­thing spent in Spices and Indico, which he may ve­ry well call to be incredible. So that

NOw if vpon the matter we do consider the Cu­stomes and Impost, the Factors, Officers and Mariners wages, without interest of moneys and assurances, all will proue but transmutations with­out increase, but with the great decrease of the Kingdomes stocke.

But to proue that the said accounts are made at random, P. 27. rouing at the matter, let vs consider of the proportion made by him of 100 thousand pounds in ready money to be employed yearely, whereof there are 52499 l in raw silks and Callicoes, and but 47501 l in Spices and Indico, which should produce 500 thousand pounds or thereabouts: he doth allot 120 thousand pounds to England, and 380 thou­sand pounds for transportation; and of this 120 thousand pounds there is 108333 [...]. 6. 8. in Spices and Indico named in the sequel of his discourse, which is now become one third part of all the Spi­ces and Indico to be brought in by the emploiment of the said 100 thousand pounds, amounting to [Page 112] 337083 l. 6. 8. Now if we take the like proportion of raw silks & Callicoes of 162916. 13. 4. to make vp the said 500 thousand pounds, which is one third, it will amount to 54305 l. 6. 8. which with the 108333 l⅓, maketh 162638 l. 13. 4. which is 42638 l. 13. 4. more then hee hath allotted to Eng­land to be spent in a yeare; which is a manifest con­tradiction.

The consideration hereof caused some Merchants of that Companie to be as craftie as Aesops Fox, who being desirous to drinke, found a Well with two buckets, and entring into one of the buckets, de­scended suddenly into the water; but hauing satia­ted his thirst, could not get out, vntill one of the Goates of this Tropick of Capricorne came to the said Well, Primum mihi, secundum tibi. whom he perswaded (by the goodnes of the water, and by making her beleeue that the Moone shining in the water was a Holland cheese to be di­uided betweene them) to enter into the other buc­ket, which done, downe came the Goate by reason of her weight, and vp came the Fox, leauing the Goate in the Well: euen so haue some Merchants done, by extolling the great gaine of this trade, vn­till they had drawne themselues out, by selling their aduentures, leauing the buyer to the hazard of the losse, which was (no doubt) to them well knowne. For to make the best construction hereof, we may conclude, that 400 thousand pounds lost by his ac­count in the said Indies, are since come home, and employed by the seuerall Factors in the said Indies, and most of it in Silks and Indico, and yet there is wanting 148 thousand pounds of the stock of 840 [Page 113] thousand aduentured, accounting the former re­turnes made, to proceed of the commodities & gain, as aforesaid, which is almost one sixt part of the stock aduentured to the Indies, whereof this account gi­ueth no satisfaction at all, vnlesse the 31079 l lost in six ships cast away, were parcell thereof.

The conclusion which the said Author maketh, is, That the East India trade alone (although it be driuen in no ampler maner then is afore written) is a meanes to bring in more treasure into this Realme then all the other Trades of this Kingdome (as they are now managed) be­ing put together. For if the rule be true, That when the values of our commodities exported doth ouer­ballance the worth of all those forrein wares which are imported and consumed in this kingdome, then the remainder of our stocke which is sent forth, must of necessitie returne to vs in treasure, we must ima­gine it will do so with vs in time.

Here you may see from whence Misselden drew his Ballance of Trade, which he neuer dutst vndertake to maintain before the aforesaid his Maiesties Com­missioners, who haue often called him by Warrants and otherwise; for he was not able to maintaine an other mans Proiect. We haue already shewed the incertaintie of the said Ballance, and in the Remedies wee shall intreate thereof further; neuerthelesse I cannot omit Obiter, to say that this Rule may serue for a Demonstration: but it can neuer be found true vntill it concurre with the Center (Gaine:) for so long as treasure cannot be imported without losse, we shall still receiue wares in returne, and augment the cause of ouer-ballancing. And which is more, sup­pose [Page 114] there were an ouer-ballancing of Trade [...] our side, whereby moneys should be forced vpon vs, yet should we find it would be to the incredible losse of the Commonwealth, by the inhauncing of the forreine coine beyond the Seas; and the vnder­valuation of our moneys in exchange, which may be demonstrated by a trifle, as well as by hundreds and thousands.

One buyeth a paire of Gloues for 5 s starlin, An example of losse by an ouer ballance on our side. and selleth them beyond the Seas for 5 s. 6 d. where he receiueth a Rickx Doller for 5 s. or 50 Stiuers: and moreouer, 5 single Stiuers taken to be worth 6 d. and so getteth 10 pro cento. Suppose now that the ouer­ballance is on our side, and this alledged necessitie shewed her operation, and that he that sold the said Gloues bringeth ouer this Rickx Doller and the 5 single Stiuers; and going to exchange them, no man wil giue him aboue 4 s. 6 d. for his Doller, and 4 d for his 5 Stiuers, which is the true intrinsique value. Where is now his gaine of 10 pro cento, when he lo­seth 2 d of his 5 s, besides his labour, charges and customes? But how shall this reuolution of ouer­ballancing euer come to passe, when wee vse no meanes thereunto, as other nations do, as shall be declared in the next Chapter?

To conclude then with the East India Trade, wherein we find no Center; let vs haue a care that the moneys proceeding of Spices and Silks, may be partly imported into the Realme to increase trea­sure. Trade for Russia.

The Trade for Russia was in times past very pro­fitable for the venting of our coloured clothes, and [Page 115] returning from thence very vsefull commodities, as Tallow, Wax, Hides, Furres and other wares, which for the most part being caried out againe for France & other places, made prouisiō for wines, canvas, &c. For heretofore the commodities of the Realme & other were vented in France in great quantities, Trade for France. and by deliuering one third part in ready money, and two thirds in cloth, kersies, stockin, and other na­tiue commodities; our Merchants made their em­ploiment in wines, which is now done with ready money; wherein the exchange is to be considered in a contrary course vpon their French crowne; but I will omit to handle the same, to auoide intricate­nesse, hauing declared the same in Lex Mercatoria.

The Trade for Eastland and those parts, Trade for Eastland. wanteth a center; for Merchants can hardly make returne in any commodities for their cloth: and vpon moneys inhaunced, without the reformation of exchange, they are great losers.

The Barbary Trade bringeth vs some Gold; Trade for Barbary. but our Cloth is there sold with so small profit, that it cannot quite charges and aduenture: nay it is come to that passe, that other nations can maintaine these trades for Russia, Eastland and Barbary, with our na­tiue commodities, better then we do.

Misselden (passing ouer all these serious considera­tions, replieth, that Malynes hauing runne himselfe out of breath, and ouerrunne Monopolium with telling tales) sheweth to be one of this Climate of Capricorne: for men of his humour are called by the Italian [...] I shall therefore conclude this enco [...]nter, and remember, Aristotle Oe­mund▪ Cap. 1. that they that came to Athens, the first [Page 116] yeare were wise men, the second yeare Philosophers, that is, louers of wisedome; the third yeare Rhetori­eians, that is, meere babblers: the meaning is, first they deemed themselues to be wise, casting vp mou­taines to heauen, like the sonnes of Aeolus; after fee­ling themselues puft with a Tympanie of Pride, Metamor. 11. they desired that to be in themselues which they admi­red in others; lastly, seeing the more they strayed, the lesse they could go backe, they found a haruest of wilde corne was left them, and that was between Athens and Thebes, P. 68. where I left Misselden with his hounds (about one yeare since) which haue lo [...]t their sent, not knowing whether the Deere is gone, East, West, North or South; for a wilde goose chace is fitting for him that hath lost his Game: and for his verses, I referre him to Taylor the Water-man to rime with him, who can furnish him with a paire of Oares, to transport him (with his Hebrew & Greek which hee hath learned at the greater South doore neare Christ Church in London, together with his Parrets and Buls) into the Iland of Antisera or Psit­tacorum Regio, to haue his braines purged with Heli­bon, and to reade there Historia Ventorum.

FOrasmuch as there are so great abuses of [...] yeares growne by the corrupt dealing of sundry Merchants and Brokers, as well Strangers [...], vpon bargaine of exchanges and rechange of moneys, to be paid both out & within this Realme, as not onely the good laudable and profitable vse of naturall Merchandising is greatly decayed, the true values of the moneys of this Realme much [...] ­based, and her Maiesties Customes and subsedies (that are the ancient inheritance of this Crowne▪ diminished and withdrawne, with sundry of [...] inconueniences, to the notable damage of [...] Realme; for the due remedy whereof, there [...] beene made heretofore sundry good Lawes and Statutes of this Realme, which doe still continue [...] their force. The Queenes Maiestie intending [...] haue such great enormities and mischiefes [...], doth giue all maner of Merchants, Broken, & all other persons vsing to bargaine by exchange and rechange, to vnderstand that her meaning [...] haue such Lawes and Statutes put in executi [...] haue beene prouided, and doe remaine in force for this purpose: and therefore warneth all maner of persons to haue hereafter due regard thereunto, [...] on such penalties as in the said. Lawes, Statures, [...] other ordinances remaning in their force is p [...] ­uided.

[Page 123] And for the lawfull satisfaction of all such as shal haue necessary cause to take or deliuer any money by exchange, there shall be certaine orders in [...] set vp in places conuenient declaring the rates thereof, as the same shall or ought to be paid to the vse of her Maiestie, or to her Ministers and Officers thereunto authorized. Giuen at Green-wich the 20 of September 1576, in the eighteenth yeare of the prosperous Raigne of the Queenes Maiestie.

The Noble and renowned the Baron of Elsmere, Lord Chancellour of England deceased, (vnto whom I owe perpetuall obligation) did at fouerall times aduise at the Councell: Table to publish the like Proclamation with some other good obseruati­ons, seeing therein is nothing required but equity and iustice, agreable to the Lawes of Nations; But the euill man sowing Thres in the night, made the weedes to grow so fast that the good feed could not prosper: so that inueterated diseases breaking forth at last, makes vs to feele the smart thereof. For some men (vpon priuate respects) will cast doubts be­yond the Moone. The nature of vnexperience. Others will propound more questions in an houre, then a wise man can answere in a yeare. And others are alwayes consulting, and neuer deliberating. So that the graue and discre [...]te Councellours of State are to determine these seri­ous businesses; And to the other I may say, Know you not that the s [...]ept the Doctrine of Pyrrh [...], Ariston, and Heri [...], hath beene long agoe hist out of the Schooles, or rather banisht and confined amongst the Barbarians? will you cause vs to doubt of all things: then shall wee doubt whether you doubt [Page 124] or no: it is possible you can carry bread in the [...] hand, and a stone in the other: neuertheles to [...] vnto these men some satisfaction, which make [...] whether the said his Maiesties Proclamation [...] obeyed here & beyond the Seas; I am to proue that the Center of Commerce will effect the same: for gaine will command effectually, The Center will Command. Por el Dinero, bay la [...] Per­ro, said the Spaniard, A Dog will d [...]unce for money.

The Merchant Stranger being here commonly the deliuerer of money (casting his eyes vpon the Center) will easely be induced to make the most of his owne, receiuing by exchange more for his mo­ney beyond the Seas: and if the English Merchant (being the taker of the said money) would be so in­iurious to the State, as to giue lesse beyond the Seas then the value of the money of the Realme by ex­change contrary to the said Procla [...]mation, the de­liuerer of the money will not let him haue it: be­sides that the takers occasions are (in a maner) en­forced by necessity, and he can be no loser, for by this direction he shall sell his commodities ac [...] ­dingly.

English Merchants being the deliuerers of mony beyond the Seas, and the price of exchange altering there accordingly, will haue the like consideration, and the Merchant Stranger will prouoke him there­unto by the Center (gaine) whereupon their eyes are fixed: and if there be no takers of Merchants Strangers, the English Merchants may bring [...] the money inspecie, wherein he shall become gainer when the exchange is rectified, where now he is a loser, which causeth him to import no mo­neys: [Page 125] although as Misselden saith, There gates stand wide open, P. 135. you may carry out as much mony as you will. So that vnlesse we haue are gard to the premisses by procuring importation of Bullion and moneys, and preuenting the exportation according to the said Lawes and Statues it were better for the Kingdome to set all at liberty, howbeit with [...] direct on in exchanges.

Now forasmuch as we haue already answered the obiections to be made against this remedy in the Equinoctiall. Let vs now examine the rem [...]dies propounded by Misseldens conceited Ballance, and whether the calculation of the same be more then a triall, as we haue declared.

The remedy, Misseldens Remedies. is in a word (saith he.) nothing else but to make our importation lesse, and our exp [...]ctation more, by the importation of superfluous things [...]o be restrained, and the exportation by Manufactures to be improued: but what can the casting of a Bal­lance effect herein? Iust nothing. There is a prac­tise required to set the people more on worke vpon the materialls of our owne growth, or of forreine growth: and therein examples is the best precept; And hereupon we are sent to the [...] to learne frugality; industry, and policy, in whose commendation he seemeth to speake: like vnto the Temporising Frier Cornelius of Bridges, (who (accor­ding to the euents of things) would in his Ser­mons speake of the Prince of Orenge, during the late war [...]es of the Low Countries, as the succes fell out, and call his auditory to witness that be ne [...]er spake [...] the Prince, when he [...] and [Page 126] railed of him beyond measure at other times [...], vntill some other accident falling out on the [...] trary. So this man moueth a question, and like him selfe, kicks downe all at once what he had spoken, saying, P. 37. And why not the Belgicke Grashopper? for the Grashopper hath no King, yet they march out [...] Troupes, they are a multitude by Sea and Land, and thy feede vpon Rootes and Herbes; as he saith in [...] the margent, P. 134. which is onely for the learned; as the said Fryer Cornelius was wont to say, when (speak­ing of Heritickes) he said there was a thousand burnt, Sed erant Cespites, they were [...] this a full Frenzie. Like vnto the Daughters of P [...] ­tus, that tooke themselues to be Kine: raging like Hercules and Aiax in the Tragedie? Thinke you that Endimion did euer dreame such dreames▪ Or the seuen Sleepers, that slept from the [...] Decius, to the dayes of Theodosius. But what will not nouelty and singularity bring forth? I leaue this Ianu [...] to his feeding of rootes in the Low Coun­tries, seeing he is fallen from a Gallum [...]frey [...] Hotchpotch of other mens Cookeries: P. 30. making [...] a doubt whether Her [...]litus teares were more see [...]ly to lament his [...] ignorance o [...] [...] laughter to reproue his foolishnes. Surely this [...] proceede of some deepespeculation; P. 142. Sitting (by imagination) which Sapor King of [...] in the Center of the Globe (of a Glasse, beholding the [...] reuolutions of Commerce represented [...] Ballance, acted by these Grashoppers, which [...] full for the winter (as the P [...]smire is) to [...] wealth: whereas the Grash [...]pper is a [...] [Page 127] Summer, and dieth in winner, and is found to be one of the plagues of Aegipt.

Being in this humor he falleth into timing: P. 138. The Persian trade will not let me passe, nor the fishing neither without a word of either. The Persian Trade for Silkes is of far lesse benefit then the Trades of Spices and other East India commodities; and the increase of the Manufactures thereof will decrease the indra­ping of our Woolls, and increase our ouerballance: vnlesse moneys were imported for the greatest part of the returne thereof. But the Fishing Trade (propounded so many yeares since by Mr. Iohn Keymer, with the assistance of the Noble Lord Shef­field, Sir william Cokaine Knight, and diuers other worthy persons of quallity, who haue promised to lay out great summes of money therein) will effectually improue our exportations, and afford much more benefit then any Persian or East India Trade can doe, if his Maiestie were pleased to en­courage them with preuiledges and immunities, as the [...] of the action deserueth. But the en­uious man sleepeth not, who is able (vpon one mans vndigested opinion sometimes) to ouerthrow the long industrous study of others that sincerely intend the common good. Shall we propound the example of other nations concerning their industry and pollicie▪ and shall we not be able to imitate them? Can they increase Manufactures vpon the materialls of other Countries?) And cannot we do the fame of our owne stuffes and materialls? Shall we runne into remote Regione and Countries for their Commodities to make a benefit, and neglect [Page 128] Gods blessings at home before their owne doores? Doe we feele the Politike Body of the Common wealth distempered and full of diseases, and [...] found out the efficient causes thereof) shall wee not be able to prouide the Remedies?

If things cannot be vnderstood in plaine terms it may be the Allegory following will make vs more sensible of naturall Remedies.

STates-men or Politicians (which are the Phisitians of Common-weales) hauing entred into serious consideration of the estate of the Politike Body of Trafficque, do finde that the externall parts thereof looke wan and pale, prognosticating a consumption of the liuer: ( Money) which causeth the decay of Merchants and Trades-men; hollow eyes and dim sighted, through the exhalation of the R [...]dicall Moisture of the Body, by the excessiue vse of Tabac [...], whereby the memory is decayed: and the sinowes of the ancient Statutes and Proclamations are de [...]i­litated: the ordinances for the gouernment of the braine, ( Exchange) and rectifying of the Liuer ( Money) to comfort the heart of ( our Natiue Com­modities) are put in obliuion; Tobacco is imported in the liew of Spanish Royalls and Pistolets, which causeth the prises ( the Hammers of the Mint) to be weake and faint: the Vrine they found to be of a cleere greenish colour, proceeding from weakne [...] [Page 129] and the vse of too much white Wine sophisticated into Claret, the Leggs full of dropsicke humors of consumption, by the immoderate wearing of Vel­uets, Silkes, Cambricks and Lawnes: engendring an ouerballancing ( or surfet) of forreine commodi­ties, so that the Vitall Spirits of Bullion and Monly doth languish with a continuall Flux of exporta­tion.

Considering the internal parts, they found the li­uer ( Money) obstructed, and the condinct pipes of Bullion and Moneys for importation stopt, whereby the Hepaties could not minister good bloud, with spirits sufficient to comfort the heart of ( our natiue commodities) by a naturall heate: for the gaule of Customes and impositions is ouerflown also, depriuing the stomacke of his appetie: hence the braine ( Ex­change, wanting sleepe) is distempered, whereby the body is ouertaken with a Trepidation or shaking, shewing the very Symptomes of death.

Hereupon some Empricke (being more forward then the learned Phisitians) did deliuer his opini­on, that the said body (by a surset, or ouerballancing of forreine commodities) is fallen into a consump­tion: yet that nature is so strong, that (without Phisicke) she will recouer againe her former health in progresse of time; But herein he shall finde him­selfe as much deceiued, as the Spaniard was (who be­ing to go a iourney on foote) resolued to go fasting, conceiuing he should go the lighter: but fainting by the way, cryed out, Aora hallo que las Tripas Ile­ [...]anel vientre, y no el vientpe las Tripas: now do I find that the Guts do carry the Belly, & not the Belly the [Page 103] whereupon he vsed afterwards meate and [...] for his sustenance vpon the like occasion: and found on the contrary, that the abuse thereof did [...] surfeits in the Body naturall: euen as the abuse of money and exchanges doth in the Body of Traffi­que, whereunto Phisicke must be ministred vpon necessitie, according to the disease.

Another Practitioner in Phisicke was of opinion; that the Flux of exportation should be diuerted and stopt by opening the Meridian Veyne, suffering mo­neys to be exported at the pleasure of Merchants▪ but vpon better consideration of the weaknes of the Body, (through the former profusion of Bloud) he did alter the said opinion: obseruing that Art giuen no facility, when nature wanteth ability for to in­crease Manufactures and Fishing, thereby to cu [...] the said surfeit or ouerballancing.

Whereupon the learned Phisitians of experience (hauing examined the causes of the diseases of this Body) did resolue to apply and vse proper Reme­dies.

First, That the continuall Flux of exportation of our moneys must be stopt by taking away the cause thereof, which is ( Gaine) had vpon moneys, proceeding of the vndervaluation of our moneys in exchange, and the inhauncing of moneys beyond the Seas.

Next, That the obstruction of the Liuer, ( Money, and the conduict Pipes of Spanish Royalls and Germaine Dollers) must be opened by the meanes of the Braine, ( Exchange) to minister good Bloud and Spirits to the Heart of our natiue Commodities, [Page 131] to make a liuely Trade, whereby Bullion brought to the Mint, will cause the hammers (as the [...] of the Body of Trade) to beate with temperate strokes, by meanes whereof the distemperature of the Braine ( Exchange) will be qualified: the bitter­nes of the Gaule shall prouoke appetie, when cu­stomes and impositions shall be moderated in the rates, without diminution of substance: the Sin [...]wes of the necessary ancient Statutes and Proclamati­ons for the gouernment of Trade will be corrobora­ted; the Eye sight will be illuminated when the ouer much smoake of Tobacco is vanished away: and the Complection will be liuely when Merchants shall be encouraged.

Wee shall not neede to vse Mechoacan or Indian Rootes against the Dropsie, or Prohibitions against the ouermuch importation of forreine Commodi­ties in the wearing of them (which will enforce the like vse in other Countries:) for the humors of the Leggs will be euacuated, and the convulsion of the face (by our natiue Commodities truely made and vented) will be extenuated: for plenty of mo­ney shal aduance the quantity and price of them, and abate the price of forreine Commodities, whereby the Surfit or ouerballancing will be remedded, if we preserue the good Bloud in the Body by the wise­dome of the Braine ( Exchange) where the seate of Iudgement is placed to increase the same for the comfort of the Heart, ( our natiue Commodities) which shall receiue thereby his tintered Chylus by his owne mouth and stomacke: and the bloud full of Spirits shall fill all the veines, and strengthen the [Page 132] Sinowes: by supplying the want of moneys, the easie course and recourse of whose Exchange (find­ing rest by the Basis of true valuation) shall supple the Ioynts and settle the bloud to serue all mens turnes, whereby the said shaking of the body will cease, the colour of the vrine will be rectified, the too much vse of white Wine shall not be so much offensiue, but in some measure reioyce the Heart, and take away the melancholike disease of the mind, which commonly procureth the disease of the Bo­dy. Finally, The Body will be cured of the said con­sumption, and grow fat againe by a true and law­full replection, of the generall good of the King and Common-wealth, through Gods blessings.

If this Allegory be truely considered, we shall find that therein is a liuely expression of the diseases of the Politike Body of Trade: and if a naturall Body had all the said diseases, there is no other remedy nor way to to cure the same but after the maner here declared, as the learned Phisitians of experience will confesse: for the reasons are plaine and euident, and without Phisicke it is impossible to cure it. Will any man of iudgement thinke that the Flux will be stopt of course by the strength of nature, so long as we minister such things which of themselues are laxi­tiue? Or shall we expect that the Veines will be fil­led with Bloud, when the Hepaties want their opera­tion? Or if Bloud did increase, shall the Body re­ceiue nutriment so long as there is a profusion of Bloud? Or shall the Heart be comforted with the liuely spirits of the Bloud? Shall the Braine receiue rest, vnlesse she doe finde meanes to strengthen the [Page 133] Heart: and that the Liuer, the Heart, and the [...] may all in one Simpathy performe their functions? The Stomacke cannot disgest, euery thing prouo­keth a surfet: the Gaule (by her ouerstowing) hin­dereth appetite, which bringeth a distemperature to the whole Body, and filleth the same with crude humours, engendring Dropsies and other diseases, which at last turne into a consumption: the Braine wanteth sleepe, for the spirits are fatigated and troubled.

To make application hereof to the Body Politike of Trade, we know that euen as in naturall Bodies the Heart (which is the Center of the Body) recei­ueth life first, and retaineth the same last; So Com­modities in Traffique are first, and moneys came afterwards, whereby Commutation or Barter was brought into a Trade: and to preserue that money, (as the Bloud in the Body) exchange was deuised as a spirit to quicken the same; and shall it be vsed to destroy the Body because the true vse of it is not vnderstood, and the same is made a Merchandise?

Shall we imagine that the exportation of our mo­neys shall be preuented, when by taking inhaunced coyne beyond the Seas aboue the true value in exchange, wee feede the causes of exportation? Or shall we expect that moneys shall be imported vnto vs, when there is a losse by the bringing of them, which losse is measured according to the price of exchange: which to auoide, compelleth vs to buy forreine Commodities? Or if any moneys are im­ported, (by accident or occasion) shall the Body of Trade be the better by it so long as they are carried [Page 134] out againe? Shall the Trade of our natiue Com­modities be liuely, when moneys are wanting? Can the exchange haue his due course, vnlesse the foun­dation thereof according to Parity and Equality be respected, howsoeuer the price thereof may rise and fall according to the occasions of Merchants, and the plenty or scarsity of moneys? Shall not the price of this true exchange impose a price vpon our na­tiue Commodities, so that Commodities, moneys and exchanges may (according to equitie and iu­stice) be gouerned in their proper natures accor­dingly? The Kingdome cannot consume the for­reine Commodities imported, but they cause an ouerballancing; the Customes and Impositions (which might be moderated in the rate, and yet not decrease in value by the greater employment of Trade) doth discourage Merchants, which bring­eth a distemperature in Trade: forraine wares are oueraboundantly brought in, in the liew of moneys, whereby the Realme doth swell with forreine Com­modities, which (being retransported) bring still other Wares in returne: so that moneys and bul­lion (the vitall spirit of Trade) is neglected, which is properly the decay of Trade; For the exchange (which ruleth Commodities and money) is ouer­ruled by other Nations. Let vs therefore practise the contrary, to finde a full remedy for Contraria con­trarijs curantur.

The Turke, The Policy of the Turke Per­sian and Russian. the Persian, and the Russians doe ex­ceeds in Policy, preuenting the exportation of their moneys, by maintaining the price of exchange a­boue the valuation of their moneys, causing Mer­chants [Page 135] thereby to make employment vpon their Commodities of course, and not by precept or com­pulsion, whereby they accumulate treasure.

The King of Ba [...]tan and other Princes in the East doe the like, selling their corruptible Wares for sil­uer to hoord vp the same; cannot this awake vs to imitate them, when it may be done by so easie meanes through the Center of Commerce so often re­peated? I say no more, but leaue it to the high wis­dome of the King and State to direct it, wherein Misseldens Ballance is as necessary as the first wheele in a Wagon.

To make an end therefore with his Copia Verbo­rum, P. 143. he much reioyceth that (by Acadnes thred) he is got out of the Labyrinth of the Little Fish and Great Whale; but this little Spawne will sticke so fast in his Throate, that he shall neede of Cranes to plucke it out: so that I might very well retort vpon him his conceited dismission and capritious farewel, borrowed of the ancient Fathers. But it is sufficient for me to shew that (as it is the fable of the Fox) he hath onely licked the out side of the Glasse of true iudgement of this matter of State, but could neuer come to the Pottage or Center, according to the olde obseruation: Lucians Dialog. shewing how Iupiter was fed with bones and fat, Promethius reseruing vnto himselfe the solid flesh: whereby is meant sound knowledge, by the fat, the fleeting shew of superficiary termes of Art, and by the bones are deciphered the inex­tricable and perplexed labour in the curiosities of euerstriuing contradictions: wherein he doth a­abound. Sed magna est veritas & praeualet: He did [Page 136] thinke once to haue made an Index [...] of my writings: but (finding that his durty broome had employment to clense the Stables at Hack [...]y and now to finde out the Interlopers beyond the Seas) he left it. I still do striue to be temperate, but publike slaunders cannot be washed off but by pub­like defences: sure I am that my Bookes are accep­table vnto wisemen, and Lex Mercitoria is translated into Spanish and French, and much respected be­yond the Seas; In the Conclusion of which Booke to the Indicious Reader I gaue notice long since, that Enuy would command Triple headed Cerberus to let loose the Satyres, Zoylus, Momus, and Mastix: for this latter was already come on a Hackney Horse with a Blattant tongue to carpe at the actions of any man▪ [...], To hurt. although it were as commendable as Homers lear­ning, or Hercules Acts, whereof Virgil the Prince of Helicon was not free: neither the worthy one of former ages, whose vertues darkened like the Moone with some blot are registred (with the point of Di­amond) in the Glasse of true History.

Thus hauing made his Circle vsefull in some re­spect by placing of a Center in it, P. 2. it will be more close and durable, for (himselfe saith in the Proeme) that it is slightly set vp and pinned together to try how the parts and ioynts thereof would trent and fit the square, for by his Apostrophe ad Regem (whose most iudiciall eyes can easely discerne wilfulnes and igno­rance) P. 14. 5 that of Horace is verified.

For Misselden hauing in his former Treatise (either ignorantly or willingly) omitted to handle The Pra­dominant Part of Trade, namely the Mistery of Ex­change, which is the Publike Measure between vs and other nations, as we haue poued now in this his Cir­cle of Commerce; he hath vndertaken (with the Ar­tificiall wings of his supporters set on with wax) to fly so high in the discourse thereof, that this hot cli­mate of the Antartike Circle or South Pole hath dis­solued the wax, and the splendant Beames of the Sunne of truth hath dispelled all foggy misteries of deceitfull fallacies as aforesaid: so that he is drowned (with his Ballance) in the Sea of Exchanges, accor­ding to Ouids Allusion. ‘Ipse Misseldemus nomina facit aquis.’