The Maintenance of Free Trade [30]
1000 lib. of the Merchants money sent to Amsterdam, which doth not onely procure the want of money in England, whereof every man hath a feeling to his losse: but also it causeth the native Commodities to be undersold, and the forraine Commodities to be advanced in price beyond the Seas, by plenty of money; and hindereth the importation of money and Bullion, as aforesaid. To prevent this, the Question is now, whether it be better and more expedient, to raise the price of exchange, or the price or valuation of our moneys; Surely all men or judgement wil say, that the raising of exchange breedeth not that alteration, which the inhauncing of moneys doth, namely to make every thing deere, and to cause Landlords and Creditors to lose in their Rents and Contracts. And Merchants of experience doe know, that wee cannot doe as they doe. For the inhauncing of moneys here, will be countermined by other Nations, who still will undervalue them in exchange betweene us, unlesse it be prevented by our own true valuation to be made knowne as aforesaid, which by the Law of Nations, cannot be contradicted; whereby we shall also bee enabled to meet them upon all Alterations and practices, to direct our course accordingly, sooner then a Milner can turne his Winde-mill, to grinde Corne with the variation of all windes. It followeth (saith the said Author) that the Raising also of the Coyne, would raise the price of Plate, To lessen the superfluitie, or to bee turned into Coyne. It is worthy the observation, that (by reason of the want of money:) the price of Plate is fallen from 6 shillings 6 pence guilt, to 5 shillings 6 pence; and white Plate from 5 shillings 8 pence to 5 shillings 2 pence. And if the moneys were inhaunced ten in the hundreth, that is to say, an ounce of Starlin Silver to 5 shillings 6 pence: the Plate and all other things would rise accordingly. Whereby if a man that spendeth two or three hundreth pounds by the yeere, should spare one hundreth pounds worth of his Plate, and bring the same to be Coyned, might thereby get once tenne pound, and pay ever after (for all other things) twenty and thirty lib. dearer yearely. And the moneys made thereof, would neverthelesse be transported, unless the exchange did prevent the same. In this place, we are to remember, that the Silver used for divers manufactures and Plate, doth much differ in finenesse, whereby many of his Majesties Subjects are deceived: It may therefore be thought convenient, that no silver made into manufactures be sold, unlesse it bee tried by an Assay master, and marked accordingly, especially the silver Threed comming from beyond the Seas: some beeing but eight ounces fine, which is offered to be solde accordingly: or els to make it finer, as shall be thought convenient to serve the kingdome, and to become bound to make Returne in the manufacture of our Wooll for their manufacture of Silver and Silke; which may bee thought a very reasonable Permutation. The want of mony coming by the consumption of forraine Commodities, may properly be tearmed overballancing of Commodities, which are more worne and used, because of the quantity of them, imported: proceeding also of the abuse of exchange, as the efficient Cause thereof, as aforesaid. The excessive Use of Tobacco for so much as concerneth the importation thereof in liew of Treasure, will be much diminished by the late limitation of a quantity of Spanish Tobacco lately established; to the end that the Plantation of Virginia and the Bermodaes may be advanced thereby; and it is to be wished that the moneys to bee employed in Spanish Tobacco were likewise made over by exchange, and delivered to the Merchants adventurers and others, to be bestowed upon the Commodities of the Realme to make benefite of our owne; for if such forraine Commodities, shal vanish away in smoake, or be consumed and brought (as it were) unto doung, and surmount the price of the Commodities, or fruits of the land: Certes, that land is unprofitable in every mans judgement. For lands (being the Naturall riches so much desired