The Maintenance of Free Trade [28]
Silver was worth 45 pence: and yet there was nothing effected thereby, the money still altering beyond the Seas; whereupon Cardinal Wolsey had to alter the Valuation of money from time to time, as he should see cause. Afterwards the said King in the 22 yeere of his Raigne, perceiving that divers Nations brought abunance of forraine Commodities into his Realme, and received money for it; which money they ever delivered to other Merchants by exchange, and never employed the same on the Commodities of the Realme, whereby his Majestie was hindered in his Customes, and the Commodities of the Realme were not uttered, to the great hinderance of his Subjects: as is there alleaged: His Majestie caused a Proclamation to be made, according to the aforesaid Statute, made in the time of King Richard the Second, That no person should make any exchange contrary to the true meaning of the said Act and Statute, upon paine to be taken the Kings mortall enemy, and to forfeite all that hee might forfeite; which tooke effect but for a short time, and no other was to bee expected, it not beeing of that moment, nor the principall meane to doe it. After this followed the imbasing of Moneys and then all the price of forraine Commodities did rise immoderately, which made the native Commodities to rise at the Farmors and Tenants hands, and thereupon Gentlemen did raise the rents of their lands, and tooke farmes to themselves, and made inclosures of grounds; and the price of every thing beeing deare, was made dearer through plenty of money and Bullion comming from the West Indies, as is already noted; and by these meanes, was the Office of the Kings Royall exchanges neglected, because upon the Base money no exchange was made, and other nations counterfeited the same, and filled the kindome with it, and so carried out the good Staple wares of the Realme for it. This raising of money was augmented afterwards by Queene Elizabeth of blessed memory, in the highest degree, by one full third part, from 45 pence the ounce, unto 60 pence or 5 shillings Starlin Standard: But the exportation did never ceasse, because the course of exchange for money did runne alwaies under the value of the money, still affoording a gaine betweene the said exchange and money, which caused the said exportation. And so will it bee stil, if this be not prevented by Direction in a paire of Tbles, much like unto the Tables kept at Dover in the time of King Edward the third, to receive the passengers money, and by exchange in specie for it beyond the Seas; which made them to leave their moneys within the Realme; and this course of exchange so directed, is the onely meane and way to restore Englands wealth by importation of money and Bullion, advancing the price of our native Commodities, and to prevent the Transporation of our moneys: and all other Remedies are Defective, as experience will proove and demonstrate, if good things can bee favoured. The Statue of employment must also bee observed, to make the Remedy more compleate with a Register also, to record the Moneys which forraine Marriners doe receive for fraight comming from Norway and other places, which are above one hundred voyages in one yeare; as also many other Ships, bringing corne into the Northerne and Westerne parts of the Realme, and exporting money for it. The Turke, Persian, and Russian have herein beene more Politicke then we, keeping the price of their exchanges high much above the Valuation of their moneys. So that they have no Trade by exchange, nor moneys, but onely for Commodities; whereby they prevent the over-balancing of forrain Commodities with theirs, as also the exportation of their moneys: albeit the use of our Commodities in those countreys, is very great. The Objections made by some against this Sole Remedy may easily be answered, for they are grounded upon Suppositions against assured experience. 1. Some make doubt, that the price of exchange being risen, there will be no takers of money, and then the deliverer is more thrust upon the exportation of moneys. 2.