The Maintenance of Free Trade [21]
as also other Starlin moneys, which were worne out in continuance of time, and much under their true weight. And boasting of his good bargaine, hee was made to calculate what an ounce of silver did stand him, and he found that by these meanes, he had paide 6 shillings the ounce of that, which was offered unto him for 5 shillings, 6 pence. Fallere fallentem no est fraus. The lighnesse of this Pewterers money may be compared to the low exchange in the undervaluation of our moneys, by exchange; for if a Merchant Stranger did bring over money in specie at this time, to buy commodities within the Realme, and deliver the same here according to the very value in payment by the Assay; and thereupon doe looke backe how his mony is overvalued in regard of the exchange, wherby he might have made over the same by a bill of exchange; he shall finde a farre greater losse then the Pewterer did, not of 6 pence in an ounce, but above nine pence in every ounce of Silver. Great are the gaines to be made by exchanges, without ever to deale or meddle with any Commodities at all. I know that to the judicious Merchants, I have given cause of offence, to have written so much in the defence of exchange; But knowing that many grave and discreete persons have given over this Princely Study, imagining therein more mystery then there is, rather then they would take paines to understand it: I have bin prolixe, wishing that the saide Authour had the Purity of understanding to know the Parity of so many exchanges, as have been divised in Italy, Germany, France, Spaine, The Low Countries, Eastland, Poland, and other places, at large declared in my booke, Lex Mercatoria, serving all Societies and Companies of Merchants to bee mindfull of the Common Wel-fare, wherein Master Hussy Governour of the Merchants Adventurers company in the beginning of Queene Elizabeths Raigne tooke great paines with others, To find and establish the True Par of exchange, which was examined and altered in the yeares, 1564, and 1576 as also in the yeares 1586 and 1600, my selfe being a Commissioner in the later: But the true Remedy to rule the course of exchange, was but lately found out. Concerning the government of Trade, wee have noted heretofore, that in all Traffiques, the generall doth governe the particular. some would have other nations to come to buy the Commodities of us, within the Realme, for, say they, there is according to the Proverb, twenty in the hundreth difference between Will you buy? and Will you sell? These men have no consideration of the maintenance of navigation, which is the greatest strength of the Realme, whose defence (next under God) consisteth most of Ships and well experienced Marriners. Whereas also the transporting of our Cloth to certaine places, causeth other nations to resort thither to buy them, which may bee more properly called to be Will you sell? Seeing that those nations doe bring their owne Commodities unto our Merchants to the places by them appointed, as Delf and Hamborough; which is (in effect) as much as Will you buy? And would not this be, Will you buy? if in a dispersed and stragling manner, our Cloth were carried to all markets beyond the seas in severall places; which would take away the desire of buying: for he that buyeth, doth it in hope of gaine to be had in places where he intendeth to carry the Commodities, which Commodities if hee knoweth to bee extant in most places to be vented, will quench his desire of buying: and hee that commeth to barter other Commodities for ours, hath the like consideration. But let us admit, that our Cloth would bee advanced in price, when men (should by multitudes) run to the markets, or into the countrey in al places to buy it: what would be the event of it? It would not onely bee solde beyond the seas with a smaller gaine and many times to losse (we being naturally to make speedy returne:) but we should also pay dearer for the forraine Commodities, which wee should obtaine by way of Permutation, or for the Billes obligatory of the Merchants to who wee sell our Cloth: and if