This Assertion we shall now bring to the hammer, the Anvel and the Touchstone, namely to firme Reason, by his owne first Argument of the immediate Cause of the want of money in England, alleaged by him to bee the undervaluation of his Majesties Coyne, where he saith by way of interrogation:
Who will procure licence in Spaine to bring Realls into England, to sell them here at Tenne in the hundred Gaine, which is lesse then the exchange from thence will yeeld, when he may have for the same, five and twenty in the hundred in Holland?
Here in an obscure manner, he observeth the exchange from Spayne to be Sixe pence the Reall, as value for value, or the Par in exchange, whereby it is less (as hee saith:) and hee doth account the price of 8. Reals at 51 Stivers in Holland, and the Rate of exchange at 22 shillings 4 pence Flemish to answer our 20 shillings Starlin as at Par pro Pari for those parts, howbeit that 42 shillings 6 pence Flemish payde there for the 5 Realls of 8 make 25 shillings 6 pence Starlin according to that Computation; howsoever wee see that this is grounded upon the exchange, which is the efficient Cause thereof, otherwise the 15 in the hundreth to be gotten in Holland more than in England: is altogether imaginary and not Reall. For example let five of these Realls of 8 be bought here for 22 shillings Starlin, and bee transported into Holland, and there buy commodities with the same, according as the price of them, is inhaunced there; no man maketh any doubt, but that the said Commodities are also raised in price, according to the money inhaunced. So that the gayne becommeth uncertaine, for the Commodities may be sold to losse. But the merchants trading in Spaine, which cause their Realls to be sent from Spaine thither, or doe transporte them from the Downes: Rely wholy upon the lowe exchange, whereby they are inabled to deliver their money there, by exchange at an undervalue, in giving there but 33 shillings 4 pence and under, to have 20 shillings Starlin payed by Bill of exchange in England, whereby the kingdome maketh good unto them the said 15 upon the hundreth. For this Reall of 8 was valued but at 42 Stivers, when the Par of exchange was made to be 33 shillings 4 pence, in the yeare 1586, when Robert Dudley, Earle of Leycester, went to take the government of those Countries; And shal we now receive in exchange the said price of 8 Reals for 51 Stivers, which is about five shillings and one peny Starlin, because they have inhaunced the same to their advantage, and continue the Par of exchange at 33 shilling 4 pence by which Computation the said 42 Stivers make but four shillings two pence half penny or thereabouts in true value? Absit ignorantia. Whereas, if our merchants of Spaine should give the saide price there in exchange for 42 Stivers, as they did formerly, (and may be done by order of exchange:) They shall not finde thereby Ten in the hundreth gaine, which they can make here more certaine and commodiously, whereby this money will be imported, without inhauncing of our Coyne. This is so plaine in the understanding of Merchants, that there needeth no other explanation, for it demonstrateth manifestly, that if the lowe exchange were not, This Gayne would proove to be Imaginary, as we have noted. And this causeth these Realls of Spayne to be diverted from us, and might els be imported to the said Merchants or others, which doe practice upon the Benefite of moneys to bee made betweene the exchange and moneys.
For the Rule is infallible, That when the exchange doth answer the true value of our moneys according to their intrinsicke weight and fineness, and their extrinsicke valuation: They are never exported, because the Gayne is answered by exchange, which is the Cause of Transportation. This cause being prevented, maketh the effect to cease; and this is engraffed in every man's judgement, according to the Maxima often noted heretofore, Sublata Causa, Tollitur effectiu.
So that exchange still hath the command and striketh the Stroake, insomuch that albeit the price thereof riseth and falleth, according to Plenty or Scarcity of money: yet moneys are overruled thereby. For is you inhaunce the Coyne, the exchange doth controlle it and rise accordingly. And if you undervalue the same, The exchange in like manner doth fall in price. Wherein note the operation of exchange both here and beyond the Seas, in places where exchanges runne upon the pound of 20 shillings Starlin. If the inhauncing of Coyne be beyond the Seas, and the exchange be not made accordingly: Then our moneys are carried out. If the inhauncing of Coyne were made here: E contra, moneys would bee imported. But the merchant Stranger, who observeth the rule of exchange, and (will not be over-taken as wee are;) will over-rule the same ipso facto, and give you so much less in exchange, as we shall inhaunce our Coine by valuation, or imbase the same by Allay. In like manner if you Cry downe moneys beyond the Seas, Th'exchange will alter in price accordingly: and if you Cry down moneys here, or undervalue them by name, Th'exchange ought to Rule and to make the denomination accordingly in price, and still remaineth Predominant over moneys and commodities. For even as Commodities being the Body of Trafficke, draw unto them moneys, and therein may seeme to be Active; yet money (being the right judge or Rule which giveth or imposed a price unto Commodities:) is the Thing Active, and Commodities become the thing Passive: Even so, although money is the Subject whereupon exchanges are made: yet still th'exchange is made to Rule moneys; To the end, that the value thereof should bee answered by the Publike Measure of exchange; To prevent all abuses and inconveniences arising by the price of Commodities, and the valuation of moneys in exchange: which moneys are either Reall or imaginary, according to the Custome of the place of exchange by
the device of Bankers.
This was Seriously observed in the yeere 1576 by divers most honourable and Grave Counsellours of State, Namely, Sir Nickolas Bacon, Lord Keeper of the great Seale; Sir William Burghley Lord Treasurour of England, Thomas Earle of Sussex, Francis Earle of Bedford, Sir Francis Knowles, Sir James Croft, and Master Secretarie Walshingham, with the assistance of other worthy persons of experience, namely Sir Thomas Chamberlain, Sir Thomas Gresham Knight, Master Peter Osborne, Master James Altham, Master Thomas Rivet, and Master Richard Martin, Master of the Mints: for they found that the following inconveniences were practised, by Bankers or exchangers for their Private gaine and benefite, for the advancing of some Common-weales, and the destruction of other Common-weales.
To lay their money with Gaine in any place of the world, where exchange lyeth.
To Gaine and waxe Rich, and never meddle with any Princes Commodity; or,
To buy any Princes Commodity with the Subjects money, and not one pennie of their owne.
To understand whether money employed on exchange or Commodities is more profit.
To live and increase upon every Princes Subject, which take up moneys.
To winde out every Princes Treasure out of his Realme, whose Subjects bring in more Wares, then they carry out.
To make the Staple of money Runne, where the Rich Prince will have it.
To unfurnish the poore Prince of his provision of money in Warres.
To furnish their need of money, that tarry the selling of their Wares or Commodities.
To take up money to engrosse any Commodity, or to incorporate any Trade.
To hide their carrying away of any Princes money.
To fetch away any Princes fine money, with the baser money of other Princes.
To take up Princes base money, and turne it into fine, and pay the party with his owne.
To get all Merchants money into their hands and gaine thereby, and paying them, with their owne.
To make that Realme gaine of all other Realmes: whose Subjects live most, by their owne Commodities, and sell yeerely the over-plus into the world, and both occupie that increase yeerely, and also their old store of Treasure upon exchange.
To undoe Realmes and Princes, that looke not to their Common-wealth, when the Merchants wealth in such and the great houses of one Countrie, conspire together; so to rule th'xchange, that when they will be Deliverers, they will receive in an other place above the Standard of the Minte of the Princes money dilivered: and when they will be Takers; they will pay the same in an other place, under the Standard of the Princes money taken up.
To get ready money to buy any thing that is offered cheape, and to raise the price of Wares.
To get a part, and sometimes all his Gaines, that employeth money taken up by exchanges, in Wares, and so make others travell for their Gaine.
To keepe Princes from having any Customes, Subsidies, or Taxes upon their money, as they employ it not.
To value justly any Wares they carry into any country, by setting them at a value, as the money that bought them, was then at by exchange in the Countrie, whither they bee carried.
By the premisses we may see, of what importance the operation of exchange is, wherein the endeavours of Sir Thomas Gresham, thinking to rule th'exchange of England by plenty of money proveth fruitlesse, and might have beene done with more facilitie by direction, as shall be made manifest.
This was the cause that the French King Lewys the ninth, and Philip the faire, did Confiscate the Bankers Goods, and so did Philip de Valois, who indited them as Coozeners of the Common- wealth; for it was found, that in a short time (with 24, thousand pounds) they had gotten foure and twentie hundred thousand pounds. The kingdome of England would have beene more sensible of the like losse, if the hostile depredations heretofore made, had not supplied the same, nothwithstanding that the Coffers of Queene Elizabeth of blessed memory, were stored with seven hundred thousand pounds Starlin, before the Warres with the Earle of Tyrone in Ireland, wherein more than double that Summe hath beene spent, as I found by the accompts. For this disordred couse of exchange (as I have said) is like to the cruelty of the Planet Saturne, which maketh his Spheri call course in 30 yeers with great operation, and it is not many yeeres lesse, since I have observed this inconvenience for the good of the Realme, albeit Envy hath crossed the same, by ignorant men denying Principles, and by other meanes here not to be mentioned.
The second cause of the want of Moneys in England, is (saith the said Author) the Superfluity of Plate generally in privat mens hands. Here he hath omitted, to Note the great quantitie of Silver consumed in the making of Silver Thread, Spangles, Purles, Oaes, and the like, which upon late examination of the Right Honourable Henry Vizcount Mandeville Lord President, are found to amount 80 thousand pounds and upwards yeerely; whereas the Plate made in London, is only but 50 or 60 thousand pounds worth, which remaineth as a standing Treasure, when th'other is worne and consumed, leaving but some part to be molten againe: and if the Plate were converted into moneys, without all doubt, it would more easily be Transported, having his weight and fineness, and affording 12 in the 100. Gaine above the exchange in two moneths and lesse time.
An exchange hereof, wee have yet fresh in memorie, during the Raigne of the French King Charles the ninth, who after the Massacre of Paris, finding the Treasure of the Realme exhausted, nad his Subjects wealth to consist more of Plate then of ready Money, was advised by some, that under colour of the Supressing of Pride, it were good to prescribe every man, what store of Plate he should keepe, according to his degree qualitie, the rest to be turned into moneys: others were of opinion, that it would nto only breed a discontent unto his Subjects, but also a derogatin and dishonour to the Kings Reputation with forraine Nations: Seeing, That the State of a Prince, doth as much consist by reputation, as by strength, Therefore like good Politians, advised the King somewhat to imbase his money under the Standard of the Plate, which would cause the lesse exportation, and the Plate (of course) to bee turned into money: and this was done accordingly, and had also the same effect, saving that where they thought money, would not be Transported; they found themselves deceived, for the course of exchange was not looked into, which, not being answered according to the true values of the moneys, made a Gaine by the undervaluation of them in exchange, and so long as the Gaine remained, it was continually Transported, whereby at last the Plate of the Realme (turned into money) was lost; aswell as he lost his money before that time: and so it came to passe in England, during the Raigne of King Henry the eight, who Granted several Letters Patents, or Authorities to divers of his Nobles to make base moneys of their owne Plate, which did fall out ot be the greater prejudice to the Common- wealth, and to himselfe but a present shift for the time.
Concerning the Gold and Silver thread, I have heretofore endevoured to have the Manufacture thereof in England, upon plenty of money and Silver to bee procured from forraine parts by meanes of th'exchange. But finding of late such unreasonable Consumption of silver therein spent after the refining thereof, and the uncertainty in goodnnesse by the Wier-drawers: it pleased his Majestie with the advice of his most Honourable privy Councell, to forbid the same lately by Proclamation, and to admit the forraine silver Thread to come in; whereby our Silver is not only preserved, but the quantity also is increased, because after the wearing a good part, remaineth in burnt Silve, whereas the Silke lace is consumed to nothing. And such is the Gaine of Silver beyond the Seas (in regard of the lowe exchange by Bills, undervaluing our moneys,) that Purles Oaeses (in some sort prepared here) have been (by way of Merchandise) Transported of purpose to melt the same downe there, for the making of moneys, as I have seene by divers Certificates from Dort in Holland.
The third Cause of the Want of Moneys in England, is the Consumption of forraine Commodities, which I have alwayes called, The overballancing of those Commodities, with the native Commodities of the Kingdome, in Price, and not so much in the quantitie. And the comparison hereof is, principally to be made in the Trade of cloth, and the Returne of it, made by Forraine Commodities, At Silkes, Linnen cloth, Cambrickes, Lawne, and other the like Commodities brought in by the Merchants Adventurours which have the Maine Trade, and buy these Commoditis (proportionably) dearer then they sell our home Commodities; which I have proved, by many reasons to proceed, by the abuse of exchange, according to which, they are both waies sold and bought. Is there any man of judgement, who seeth not, That this overballancing doth expell our moneys out of the Realme, and which are (in effect) as it were given to boote to other Nations to Countervaile this inequalitie? Let them consider of the Reasons following.
First, moneys being undervalued in exchange, causeth the price of our home Commodities to be abated, and to bee sold better cheape in forraine parts, is also the cause that our moneys are continually Transported.
Secondly, the moneys being Transported, taketh away the lively course of Traffique of our said Commodities, and causeth young merchants to Runne by exchanges upon Bills to maintaine their Trade, paying great Interest for money, which they cannot take up at Use upon their single Bond, as they can doe by a Bill of exchange, without Sureties.
This causeth the said young Merchants and others to make rash Sales of their Commodities beyond the Seas, to pay their Bills of exchanges, whereby they overthrow the Markets of others, and make them to Sell good cheape.
So on the contrary, the Coynes being over-valued in exchange, and also inhaunced beyond the Seas, causeth the price of forraine Commodities to be increased more then our home commodities, and our Merchants are compelled of course, to make Returne thereby. For they cannot import those overvalued moneys, but to their exceeding great losse; and by exchange, they finde few Takers, unlesse it be our young Merchants, which doe consume their Estates by exchanges Rechanges: For of the Three Essential Parts of Traffique, we have but the use of one, which is the buying of forraine Commodities to make Returnes homewards, and doth increase the consumption of the said Wares.
Moneys remaining hereby plentifull beyond the Seas, the rather for that they make Bills obligatory, serve as ready Money, which they Transferre and set over betweene man and man for the paiment of Moneys or Wares; causeth there a lively course of Trade, whereby their Commodities are advanced in price sale, neither are they compelled to sel them, but at their price, because they finde money at interest at 5 and 6 in the hundred. This money is made daily more plentifull, by our Spanish Merchants, which doe divert the Realls of Spaine, as before hath beene declared: hence it proceedeth, that our home Commodities, are many times sold beter cheape beyond the Seas then here; for although Merchants doe lose thereby, they make account to gaine more, by the low exchange, delivering their moneys there, or taking of them up here by exchange, to pay their Bills of exchange at an undervalue: insomuch, that many Merchants having no commodities there, may take up money here, and sending over the same in specie, will pay there with their Bill of exchange, and Gaine (by dexteritie of wit) 15 in the hundreth in lesse than two moneths time. Thus when Gaine is practised by exchange, the Commodities of the Realme are less vented, and the moneys are exported, which causeth the lesse employment here to be made upon our Commodities: Even as the importation of moneys being hindered (by the inhauncing of the Coynes beyond the Seas:) compelleth our Merchants to make the greater employment upon forreine Commodities at deere Rates.
For the Commodities beyond the Seas, are in the hands of them that make sale of them, upon a certaine price (as it were) at their pleasure, having Plenty of Money, at a cheape Rate at interest, whereas also they have no man to undersell them, here and there, as our Merchants doe our Commodities, which (without all comparison:) are farre much fallen in price, then the forraine Commodities now somewhat abated in price.
Concerning other Commodities imported, As Wines, Raisons, Corints, Tobacco, and Spices of the East Indies: Let us briefely observe, that the Wines of France might be bought better cheap, if the money of the Realme were not undervalued in exchange; for wheras heretofore they gave us in payment their French Crowne of Gold for 64. Soulx, now they give us the same at 75 Soulx, which Crowne was then worth 6 shillings, 6 pence Starlin, and their quart d'eseu now paied for 16 Soulx and above, was then but 15 Soulx, for which we gave here (accompting 4 to the Crowne of Silver) 69 pence and thereabouts, and now 72 pence and above.
And besides that, more of our native Commodities were vented with better profit, according to th'exchange; for the Rule is, that the lesse of Starlin money wee doe reckon in exchange with them, the more is the Gayne of our Commodities. The like may be applyed for the Trade of Corints, which is now provided by other means. But the limitations to restraine all men from importing them, then onely those of the Levant company, maketh no free Trade of this Commodity, nor other the like.
The immoderate Use of that weede Tobacco hath beene so effectuall in debarring us from Spanish Realls to be (as formerly) imported to a great value yearely: but the wisedome of the State hath so qualified the same, that our Merchants trading in Spaine doe now sell Perpetuanoes, Bayes, Sayes, and other our home Commodities to benefite, which before were sold to losse, to have moneys to buy this Tobacco, that the Spaniard did say, Todo te pagara in humo, All shall be paid with smoake.
The fourth cause of the want of Money in England, is (as the said Author saith) The great want of our East India stocke here at home, which he termeth the especiall Remote Cause; whereas most men would have expected that the ready moneys sent in Realls of Plate to make the employment of the said Trade, would rather have beene mentioned. My meaning is that to become a Trapez untia Flatterer. For AEsops Moral, That the Lyon could not be healed without the Apes Liver: that is, Princes can not be safe without the destruction of flatters: remaineth still fresh in memory; but in favour of truth and Policy, I am resolved to deliver my plaine and sincere opinion, concerning the said Trade, which began with us in England immediately after the great Jubile yeare, 1600.
In the Discourse made of the Trade from England into the East Indies be truely collected, no doubt the said Trade may be found very profitable hereafter, albeit it hath beene very difficult in the beginning, according to the Proverb, Omut principium grave; especially when the Controversies betweene us and the Hollanders shall be determined, and their agreements established.
For if Pepper doe but cost two pence halfe-penny the pound in the Indies, and that tenne shillings imployed therein will require but 35 shillings for all charges whatsoever, to deliver it in London; where it is usually sold for above 20 pence: It followeth by consequence, that there must be a very great gaine, which will increase, when the said parties shall be united in true Love, and buy the said Commodities better cheape; and so proportionably for all other Spices, drugges, silkes, indicoe's and Callecoes.
Againe, if one hundreth thousand pounds in money exported may import the value of 500 thousand pounds Starlin in wares of Commodities: albeit England do not spend above 120 thousand pounds, and 380 thousand pounds in exported unto divers forraine parts, and there sold for ready for ready money with great advantage.
And lastly, if the very Commodities of the Realme exported into the East Indies, will buy so much as England useth of their Commodities, and the employment is made for forraine Coyne or Realls of 8 procured from other places,what man of understanding can justly finde fault with that Trade? If treatise were imported thereby unto us, as their finall end, as the Discourse saith, but that other Trades do divert the same? For when the said Indian Commodities are sent from England into Turkie, Ligorne, Genoway, the Low Countries, Marselleis and other places, and are sold for ready money: The same is imployed againe upon Gorints, Wines, Cotton-Wooll and Yearne, Galles and divers other Commodities, wherewith the Ships beeing reladen: yet a great proportion remaineth to be brought over in moneys, which are diverted from us, by the course of exchange in undervaluing our moneys, as hath beene declared. The losse whreof is greater to this kingdome, than all the moneys employed yearely for the East Indies, cometh unto, which without due consideration, seemeth to bee impossible. So that wee may very well affirme, that by this Trade the Treasure of the Realme can greatly be increased unto us the use of forraine Commodities at reasonable rates. And therefore is the same by all meanes to be continued, the rather for that the Hollanders have declared 5 especiall Reasons for the continance of their East Indie Trade, which are not to be neglected, but are to bee pondered by all Politians and Statesmen.
1. Because the Right, Power, and freedome of the Traffique and Trade belongeth unto them (iure gentium) aswell as to any nation of the world; which the Spaniards did call in question.
2. For the revenge of any injuries done to the Hollander, may bee recompenced in those Countries; which was heretofore without breach of Truce.
3. For the maintenance of their Marriners and Shipping, of which two, they abound above all nations.
4. For the increase of Customes and meanes raised by the Buying of these commodities, their Countrey being a Storehouse for all wares and merchandizes.
5. Because that by the continuance of the said Trade (although it should proove unprofitable:) They maintaine a certaine peace and assurance in the course of their government which consisteth thereby.
This Trade of the Hollanders for the East Indies began upon the Embargoes made in Spain of their goods and interruption of their Trade, wherein they did associate themselves with the Germanes to disperse and vent their said India commodities better and speedier.
To this Argument appertaineth, the consideration of the Trades out of Christendome, maintained for the most part with ready moneys. As for Turkie and Persia, wherein the abundance of Silver and Gold come into Europe, since the West Indies were discovered, is to be noted, which hath made every thing dearer according to the increase of money, which like unto an Ocean, dividing the Course into several branches in divers Countries, hath caused a great alteration. But England doth not participate by the Course of Traffique a proportionable Competent share of the said aboundance of moneys, as other nations doe: albeit not many yeares since, we had more moneys then in times past, before the saide discovery of the West Indies: But we must now measure things according to the said abundance, which is much diminished by the continuall exportation of moneys for the East Indies from all places of Traffique.
The fifth Cause of the Want of Money in England, hee saith, are the Warres of Christendome, causing exportation of moneys, and the Pirates hindering importation of money. The latter is meerely a Prevention or Robbing of our moneys, which are supposed, might be brought in. But if Pirates did not take some of our moneys, it followeth not, that the same should come unto us in specie. For experience, by the example of the Spanish Merchants, diverting the Realls of 8 from us (for Gaine to be made in forraine parts:) prooveth unto us the contrary. Gayne beeing alwaies the Scope of Merchants: and to proove that this Gayne, is made Really onely by the abuse of exchange (which otherwise would be but Imaginary), wee have already declared.
Now touching the exportation of monyes by the wares of Christians, where he declareth an urgent instance: That the Riecks Doller, is raised (two markes Lubish making the said Doller:) to twenty markes Lubish in many places of Germany, whereby abundance of money is drawen unto the Mintes of those Countries, from all the Mines and Parts of Christendome: herein he is much mistaken; for when moneys are inhaunced, they never are carried to the Mintes for to be converted into other Coyne. But they remaine currant, betweene man and man, running like a Poste-horse, every man fearing to receive a losse by the fal. Neither maketh this any rule for merchants in places of Trade, otherwise then that they may take knowledge of the publike valuation thereof, to sell their Commodities accordingly, by rating the price of exchange, upon their former observation; which being neglected or done in part, causeth the undervaluation of our monyes in exchange. And this is the immediate Cause by him first alleaged and treated of, wherein the Commodities are no more Active, then Tenderdon Steeple in Kent, was the Cause of the decay of Dover haven.
To make this to appeare, let us note, that this Rieckx Doller being the maine and most usuall Coyne in Germany, Eastland, the United and Reconciled Countries under both Governments, and many other places, was valued at 2 marks Lubish, every marke being 16 shillings Lubish, or 16 Stivers; for the yeare 1575, the saide Doller was still coyned in the Empire for 32 Stivers. And was so currant by Valuation in the Low Countries, wherby the said shilling Lubish and the Stiver Flemish were al one, but the wars in the Low Countries hath bin the cause of the inhauncing of this Doller, which was brought to 35 Stivers, and the yeare 1586, to 45 Stivers by intermissive Times and Valuations howbeit at Stoade, Hamborough and other places in Germany, the said Doller did remaine still at 32 Stivers or two markes. And as the said Doller did inhaunce in price: so did they coyne new Stivers accordingly, sometimes lighter in weight, and at other times imbased by Allay or Copper. And yet in accompt, the Stiver did and doth remaine the ground of all their monyes. But the said Doller holdeth his Standard agreeable to the first Doller, which is called the Burgundian Doller with the crosse of Saint Andrew coyned in the yeare 1575 which is in fineness tenne ounces, and twelve penny weight of fine silver, and four and one halfe of these Dollers, were there made equivalent to our 20 shillings Starlin, as a Publicke measure in exchange betweene us, and the Low Countries, Germany and other places where this Doller was currant, which made the Par or price of exchange to be 24 of their shillings, for 20 shillings of ours, according to which computation, exchanges were made, alwaies above that price, both here and beyond the seas; and the Stiver of the Lowe Countries was not in value answerable thereunto, for bieng but two ounces 17 pence with fine, their 32 Stivers for the said Doller, (which is foure pieces and one halfe 144 Stivers:) did not containe so much fine silver in them, as the said Doller proportionably. But there wanted above 3 shillings Flemish in the pound of 20 shillings Starlin.
Those Dollers have since beene imitated and made by the States of the united Low Provinces in their severall Mintes, as also by the Archduke Albertus in the reconciled Provinces. And the price of them at Hamborough, Stoade, and other places was inhaunced but one Stiver; that is to say, at thirty three Stivers, where the said Dollers, went in the Low Countries by valuation for 45 Stivers in the yeare, 1586, at which time the Par of exchange was found to bee twenty foure shillings nine pence for those parts, and for the Low Countries at thirty three shillings 4 pence; which was so agreed upon to our disadvantage, for according to the saide 4 1/2 Dollers, at forty five Stivers, it maketh thirty three shillings nine pence; but our twenty shillings valued at tenne Stivers for the shilling, was the cause that it was put to thirty three shillings four pence. My selfe being there, a Commissioner appointed by the Councell Table, with Sir Richard Martin Knight, and Monsieur Ortell, Monsieur Coase, and Monsieur Valcke, Commissioners for the States of the united Provinces.
This Doller is since that time inhaunced to fifty two Stivers in the Lowe Provinces, which maketh the price of exchange above thirty eight shillings, or rather thirty nine shillings: and shall we suffer this, and not alter our price of exchange accordingly, but be contented to take thirty foure shillings or thirty five shillings, and after that rate undersell all the Commoditis of the kingdome, and suffer also, (because of this gaine) our monyes to be exported, the Realls of 8 to bee debarred from us to bee brought in and carried to other Countries, for bringing a losse to the importer, which by inhauncing of the price of our exchange (and not by inhauncing of our monyes:) can bee easily prevented? as heereafter shall be declared.
This Doller is likewise since that time, more inhaunced in Germany from time to time, and leaving the excessive alteration in Remote places, let us note the Valuation of Hamborough, where it hath beene at fifty foure Stiners the Doller, which maketh the exchange above forty shillings of their money for our twenty shillings. And although we have raised the price of exchange from twenty foure shillings nine to thirty five shillings or thereabouts: shall we rest here and go no further? have we reason to doe it in part, and not in the whole, according to justice, equality, and true Policy. And shall we bee like a man, that by halting in jest, became lame in earnest? I say againe, Absit ignorantia. Thus much Obiter.
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