Itcannotbedenied，butthattheDraperyofforraineNations（notonlythemakingofClothintheLowCountries，butoflateyeeresinItalyandSpainealso:）theTradeofClothismuchdiminished，bothinthenumbermade，andinthepricethereof，whichisaCankertotheCommon-wealth。ButthisisnottobeecuredbyabatingthepriceofourClothcontinually（asitwere）strivingtoourundoing，toundersellotherNations；forSatancannotcastoutSatan，asthesaidAuthoralleageth:whichmichhereuntobebetterapplied，iftheSimileweregrounded；forinPhisickeonedeletoriouspoison，ishardlytempred，butbyoneofequallstrength。FortheundersellingofourClotheswillnotmakethemmorevendible，whentheAccidentsofgreatWarresdothhinderthesame:whereinweearetonotetwoprincipallpoints。
First，thatotherNations（buyingheretoforeourClotheswhentheyweresolddeerer，bytheonehalfeinpricethentheybenow）didnevercomplainethattheClothesweresoldtoodeere，buttheydidalwaiescomplaineofthefalsemakingofourCloth。
Secondly，thatotherNationsareaswillingtoselluntoustheirforraineCommodities，aswecanbetosellourClothestothem；forthosethatmakeClothesintheirCountries，havenooccasiontobuyforraineWares，ortheCommoditiesofothers，butseeketosellthemforreadymoney，ortobeepayedatsomethimes:wherebyEnglandhathagreatadvantage，andmayenjoythebenefitofit，insellingtheirClothwithReputation，whichiseveraccompaniedwithRequest，andcausethCommoditiestobesoldatgoodrates；whereasvilifyingthepriceofWares，canneverestablishaTrade，andmakeCommoditiesmorevendible；forthiscourseisviolent，andNullumviolentumperpetuum。
Andinthisplaceitmaybeethoughtconvenienttomakeananswer，totheimputationandfalseinterpretationwhichthesaidAuthormaketh，inthelastchapterofhisTreatiseuponthewordsmentionedintheCankerofEnglandsCommon-wealth，wishingtheamendmentoftheabovesaidfault，ThatourClothmightbesoldatsodeereaRAte，andaccordingtothepriceofforraineCommodities，thattherebyotherNations，shouldtakeuponthem，tomakeourCloathes。AndtheRemedieisadded，bysellingourWoolesdeerer，whereoftheymustmakethem；forinthosedayesofthelattertimeofQueeneElizabethofblessedmemory，anduntillthesecondyeereofourmostGraciousLordKingJames，WoolswerepermittedtobeTransportedbytheStaplersandothers。AndonemakersofClothbeyondtheSeas，mustneedshavethemtocovertheirWoollesintheIndraping，whichisnowprohibited，andtheCaseisaltered；hereuponthisModerneMerchantoutofhisdeepeSpeculation；saith，whichseemestohaveinit，muchmoreDutchthenEnglish，todeprivethisKingdomeofsoRoyallaManufacture，wherebysomanythousandsofpooreFamiliesaremaintained:imitatinghereintheButchersflye，bytingupononeplace，whichseemethtobeegawld，ashesaith，andleavingallthesoundbodyuntoucht。FormyWritingswhichareextantinPrintandManuscripts，doeshew，thatmycontinuallstudiehathbeenetoseekethewelfareofthisKingdome，whichcausedforraineNationstosay，thatIdidsavouroftoomuchEnglish，andhadmademyselfeodiousthereby，sothatImayjustlyChallengethemisappliedexampleofthegreatCommanderoftheRomansBelizarius，alledgedbythesaidAuthor；forEnvie（lookingasquint，asifsheewereborneunderSaturne:）havingdeprivedmeeofthesightofoneeyewithforraineNations；dothnowendeavourtomakemeeblinde，tobringmetosay，DateobulumBelizario，queminvidia，nonculpacaecavit。Thelikepartsheeplaidwithme，fortheinventionofFarthingtokens，byaccusation，thattherewasanintentiontobringtheuseofCoppermoneyswithintheRealme；whichTokensarefoundtobeeverycommodiousandnecessary，wherebythewasteofmuchSilverisprevented，themeerepoorereleeved，andmanyoftheirlivessaved，andtheCommon-wealthcannotbewithoutthem，unlesseLeadenTokesweremadeagaineinderogationofhisMajestiesPraerogativeRoyall。Wisemenhavenoted，thatthedueobservationofvertue，makethaStrangergrownaturallinastrangeCountrie，andtheviciousameereStrangerinhisownenativeSoile:andtotheirjudgementsIshallalwaiesappealewiththedivineassistance，andalsoprayforUnitieandConcordwherenoneis，especiallywheretheSpiritsofneighbouringfriendssholdbeunitedbytrueReligiontomakeJusticeflourish；towhichend，WisdomedothconstruethingsinthebestSense。ForiftheyhadwithPatroeliusputonAchillesArmour，andridonhisHorseanddurstnevertouchAchilleshisSpeare:
SurelyourAchillesSpearedothbothwoundandheale，ashisdid，andlikeuntothewaterofDodona，bothextinguishandlightenTorches，whosecontinuallvigilantcarebymanyNocturnallLucubrations，hathnoneedtobeeremembredbythesightofhisSubjectsbloudinsheetes，writtenwithinandwithout，proceedingof？？？？？？/？？？aRevengingeye。
ReturningtotheClothTradeandtheClothier；withaconsiderationofthemerchantsAdventurours，Eastlandmerchants，RussiaMerchants，andothers，andtheWoollGrower，ortheGentleman；letuscarefullyobservetheminparticularandingenerall，supposingtheircomplaintswereallheardatoneinstanttogether，asalsodividedly，wherebyTruthdothbetterappearebyobservingtheirPollicies，partlydeclaredintheneglectofthefishingTrade。ThemerchantsAdventurourshavingingrossedintotheirhandsbycolouroftheirlastLettersPatents，ThesolePowerofexportingallwhiteClothes，colouredClothes，Kersies，Baies，Sayes，Serges，Perpetuanoes，andallothernewDraperies，intoHolland，Zealand，Brabant，andotherpartsofthelowandhigherGermany，hathabatedtheTrade。
ForallMerchantsStrangers，mightanddidheretoforeexportwhiteClothesoutoftheKingdome，payingdoubleCustome，whichtheynowmaynot。
TheMerchantsoftheStaple，fromalltheStaplePorts，AsLondon，Westminster，Bristol，South-hampton，Hull，Boystone，andNew-castle，haveheretoforeexported，eitherClothorWooll，orboth，whichnowtheymaynot。
AllotherMerchantsatlarge，aswellasLondon，asofallotherpartsoftheKingdomehaveusuallyheretoforeexported，colouredClothes，Kersies，Bayes，Sayes，Serges，Perpetuanoes，&c。whichnowtheymaynot。SothatalltheTradeoftheMerchantsoftheStaple，ofthemerchantStrangers，andofallotherEnglishMerchants，concerningth\'exportationofalltheCommoditiesmadeofWoollintothoseCountries，wherethesameareexpeciallytobeevented，isinthePoweroftheMerchantsadventuroursonly；anditiscometobemanagedby40or50
personsofthatCompany，consistingofthreeorfourethousand。
Nayonemanalone，hathcompassedintohishands，thewholeTradeofcolouredClothesandKersiesfortheseparts，bythemeanesofexchanges，andmoneystakenupatInterest。Itisimpossiblethatthesamenumberwiththesameability，canmanagethesameTrade，astothebestprofitinTimesofwarres，asinTimesofPeace:
Thenmuchlessecanalessernumber，withlesserabilitiemanageagreaterTrade，inmostTroublesometimes，especiallyiftheyhaveborrowed50or60thousandpoundsatuse，fortheserviceoftheCompany，andtherebyengagedtheTrade，andsetthemselvesindebt；whichcausethmanyofthebestmerchantAdventurourstogiveoverTrade，andarebecomepurchasers，orlendersofmoneyatInterest。ManyothersofthemhaveengagedthemselvesintheEastIndianCompany，whichdidcarryawaytheirmoney，andlefttheCloth。
ThissmallnumbertomanagesogreataTradeincourageththeClothiertoadventuretomakefalseCloth，becauseitisimpossible，thatsofewMerchantscansearchandvisiteveryCloth，asitoughttobeedone，andtheClothiersconscienceissatisfied。ForhesaiththatthefalsestClothisanswerabletothebestprice，becausenonemayexportbutthey，andthereforetheywillgivewhatpricetheypleaseforthisdeceitfullClothhathcausegreatiarresanddifferencesbetweenetheEnglishMerchantsandtheforraineNationsforTareorRebatements，andthegenerallReportofthefalsenesseofEnglishManufactures，hathcausedawonderfulldecayofthesalethereof。
TheTradethuslimitedtoasmallnumberofaCompany，residingforthemostpartatLondon，isagenerallprejudicetothewholeKingdome，whichthoughithavemadeLondonrich，ithatmadeallthePortsandotherpartsoftheKingdomepoore；foritenforcethneedlesseandchargeablecarriageandRecarriageofdiverscommodities，wherebytheyareendeareduntous，andithindersallthePorts（beingtheWallsoftheKingdome）fromhavingeitherforraineordomestickeCommoditiesbroughtuntothematthebesthand，whichcauseththemtobealmostdesolateandforsaken:andithindereththeClothiersandnewDrapers，（whichdwellinremoteparts:）fromsellingtheirClothandStuffesattheirnextajoyningPorts，forhowcantheysell，whentherearenoMerchants？
ItcausethallChapmentogivepooreandfaintpricesforWool，becausewhenitisindraped，itmaynotmorefreelybeexportedtothebestadvantage。SothattheGrowerishinderedinthepriceofhisWooll，foreverylosseandprejudicethatcomesuponclothandtheClothier，dothfallupontheWooll，andtheWoollGrower。AndtheClothiersaith，heeispreventedofhisbestChapmenforhisCloth，forthatmerchantsStrangers，orotherEnglishmerchantscannotworkeupontheadvantageofMarketsandtheClothiersnecessitie，whichbeatesdownethepriceofCloth；thepriceofClothbeatethdownethepriceofWooll；thepriceofWoollbeatethdownethepriceofLandswhichcannotbeimproved；andforraineCommoditiesarefreelytakeninBarterfortheReturneofourhomeCommodities；whenmoneysnorBullioncanbeimported，asthatbeenedeclared:sothattheHammersattheMinte，wherethepulsesofthecommon-wealthshouldbefelt，arethelifeandmoving。AnditiscometosuchextremitiewiththeEastlandmerchants，thattheycannotventtheirClothinBarterofotherWarestomakeReturne，andbymoneytheirlossewouldbeincredible。
ShallthisbeProclaimedaFreeTrade，whenwithinourselves，weareinBondage，andhavelostthebenefitoftheTwoessentialPartsofTrafficke，namelytheRuleofmoneyandexchanges？Leteverymanjudge。
TodaynothingofthedependancesofTrade，astheincreaseofNavigationandNavigators，whenMerchantsheretoforehadmorefreedome，andthePortswerefurnishedandfrequented，withgreatstoreofshipping；whichalthoughtheywerebutsmallofburden:
yeteveryonehadtheirseverallPilotandMariners，whichdiddailysupplietheLand，withplentyofSea-men。
TheMerchantsStaplershaveobserved，thattheMerchantsAdventurers，haveaninevitableopportunityofCombination，tosetwhatpricetheypleaseuponclothtotheClothier，ofWoolltotheGrower，andofallCommoditiesexportedandimported；andlikewisetolaywhatprivateimpositionstheyplease，uponanyofthesaidCommodities，sothatwhethertheydoewellorillfortheCommon-weale，therecanbenoapparanttriall:forhavingpowertobarreallothersfromTrade，butthemselves，theyarelikeaCommoditieweighedinaBallance，thathathbutoneend，wheretherecanbenoCounterpoize，andthenitseemestobeegreatweight，althoughitbeneversolight。SothatthisingrossingofTradeintofewmenshands，hathcausedourhomeTradestodecay，ourManufacturestodecrease，andourhome-bredCommoditiestolieuponourhandsunsold，ortobesoldatalowprice，totheutterundoingofallsortsofpoorepeopleinEngland，andthegreatdamageofallhisMajestieslovingSubjects；andwhilestourmerchantshinderoneanotherfromTrade，otherNationsincreasetheirownManufactures，andenlargetheirTrade；notonlyforthesaidCountriesofhighandlowGermany，butalsoforRussia，Eastland，Polandandotherplaces。
ForthemakingofgoodandtrueCloth，manyexcellentLaweshavebeenemadeandenacted，especiallyinthefourthyeereofhisMajestieshappyRaigne；whereuponIhaveheretoforemadeaDemonstrationwhichwasexhibitedtotheRightHonourabletheLordsofthePrivieCouncell，shewingtheweight，lengthandbreadthofallsortsofClothes，andthatWeightandMeasuredothcontrolleeachother，wherebytheMerchantthatbuyeththeCloth，maybeenabledtofindeoutthefraudanddeceitoftheClothier:
butthisshouldbeedonebeforethesellingofthem，andthatbyhonestOfficersorMagistrates，accordingtothesaidActe，whereofourgreatBooke（nowunderthePresse，）intituledLexMercatoriaortheLawMerchant，dothintreatofmoreparticularly。
TheeightcauseofthedecayofTrade，isTh\'exportationofthematerialsofWools，andWooll-fells，fromtheSea-coastsofEngland，andtheKingdomeofScotland，andtheCustomesandImpositionslaiduponClothesathomeandabroadinotherCountries，especiallythegreatImpositionintheLowunitedProvincescalledConsumptionMoney，payedbytheRetaileofClothorDrapery，onlyuponourEnglishClothes，andnotuponClothinthoseparts，wherebytheirClothismorevented，andEnglishClothinlessRequest。
TouchingtheexportationofMaterials，thereisaprovidentordertaken，topreventthesameinEngland，byalatedirectionandProclamation，prohibitingtheexportationofWoolls，Woollfells，Wool-yearne，Fullersearth，andWoodashes。AndthelikewillbedoneinScotland；andforthebetterexecution，thereisaCommitteeappointedofcertaineselecteddiscreetpersonsunderthegreatSealeofEngland。
TheninthCauseofthedecayofTrade，aretheWarresinChristendome，asalsoinotherCountriesoutofthesame，whereourClothandManufactureshavebeentransported，increasedbythedailylossessustainedbyPirats，andcontinuallbreakingofMerchantsandTradesmen；allwhichismeerelyHeteroclitonoroppositetoTraffique，andtheyconcurreallinnature，totheinterruptionandoverthrowingofTrade；andthiscanneverbedivereted，prevented，norremedied，bysellingourClothesorManufacturescheape，toundersellotherNations，whomeetwiththesaidhinderancesandinterruptionaswellaswedoe，intheTradeoftheClothesmadebythem:ButTimeandquietnessemustbeexpectedinsomemeasure。ThepriceofWoolbeingfallenfrom33shillingstheTodde，to18shillingsandunderdisimprovingtheRevenueoflands，canneverincreaseTrade，butimproverishtheKingdomeandalllandedmen。
Aristotlesaith，thatRichesiseitherNaturalorArtificiall。ThenaturalRiches，aslands，vinesforrests，meddowes，etc。TheArtificiall，asMoney，Gold，Silver，Cloth，andallthingsmetallineormineral，andmanufactures，proceedingoftheNaturallRiches。Andasboththesedoereceivetheirpriceandestimationbymony（astheRuleandsquare）soreasonrequirethacertaineEqualitybetweenethemintheestimationofthevaluethereof，whichdaylydecreasethbyabatingthepriceofourCommodities，andforthewantofmoneys；whichinsomeunskilfulmerchantsaremuchtobeeblamedinmakinginconsiderateBartersforourClothesbeyondtheSeas，wantingvente，andbeing（bytheabuseofexchange）deprivedtoimportmoneysandBullione。Toconcludethispoint，letusremember，thattheProtectionofPrincesinwarresandagainstthePirates，istobemaintainedtopreventthedecayofTrade。
ThetenthandlastCauseofthedecayofTrade，istheimmoderateuseofforraineCommodities，andthelesseuseofourhomeCommodities:foralbeitthatbytheSuperfluityofournativeCommodities，Tradeisprocured；yetifthatSuperfluitydoaboundso，thattherebythepriceofitbecommethabated:TheforraineCommoditiesbeingmoreusedandworne，comeintheliewthereofandareadvanced，whichbringethanevidentoverballancingofComodities。
ThiscausesomeStatesmeninFrance，toinventmeaneshowtheTrademightbecutoff，andthatnoCommoditiesshouldbetransportedoutoftheRealme，makingaccount，thattheycouldlivepeaceablywithinthemselvesandverygoodcheape，withoutgivingorreceivinganythingofothernations。ThiswasmuchcontradictedbyMonsieurBodinethegreatPolititianofFrance，asisnotedinEnglandsView，whoshewedthattheyhadneedeoftheStranger，andmostespeciallyoftheTraffiquewiththem:
Insomuch，thatalthoughtheycouldhavelivedwithouttheminregardofCommodities:yetcharity，humanity，andPolicywillethustomaintainefriendshipwithourneighbours，andratertogivethempartofourblessings，thennottodealeorCommunicatewiththem。Trueitis，thatitcannotbeedenyed，thatifanykingdomeundertheSunne，cansubsistofitself，nonehathmorecauseofthankgivinguntoGod，thentheKingdomesofGreatBrittaineandIreland，sorichlyreplensihedwithallthingsservingandVictum&Vestitum，fortheBackeandBelly，aswetermeit，notonleyforourownemaintenance，butalsoforthesupplyofothers。ButGodcausednaturetodistributeherbennefites，orhisblessingstoseverallClimates，supplyingthebarrennesseofsomethingsinonecountrey，withthefruitfulnesseandstoreofothercountries，totheendthatinterchangeablyoneCommon-wealeshouldlivewithanother。AndthereforeisTraffiqueandTradesomuchtobeemaintainedanddefended，whereinallmannerofrashnesseinthesaleofwaresistobeavoided，butbyPolicytobepreventedandupholden，accordingtothePolicyofthatvaliantCaptaineSertorius，whodidpreferrethesamebeforestrengthbysettingthefeebleSouldiortopulloutthehorsestaile，whichthemightiestmanofhiscampecouldnoteffect，usingviolance:whenthefeeblemandidperformethesamebypullingoutthehairesbylittleandlittle。MerchantscanusethelikePolicie，whentheywantnotmonyes，anddoeexpectaconvenienttimetoselltheirClotheswithreputation。
ChapterIII
OfGovernedTrade，andthereinofMonopoly。
Hitherto（saiththesaidAuthour:）thematterofTradehathbeenconsideredinMoneyandMerchandize，andtheexchangeofmonyesispastoverbyhim，asamatternotworthytheconsideration:indeeditwasgoodforhimtosailebetweenthetwoRocksofScyllaandCharybdis，withoutfurtheradventure，andnottosufferShipwrackeuponthedangerousRockeofexchanges。
Butdiversmerchantshavemuchdistasted，thatamanoftheirprofessionshouldneglectoneoftheEssentiallPartsofTraffique，andthemostoperativeinTrade，beingtheonlymeasurebetweeneusandforrainenations，withoutwhich，allhisdiscourseiswithoutRimeorReason。SothathecannotfindeanyParitynorPurityinexchanges；likeuntoaficklebody，whobyreasonofthebitternesseofhistongue，cannotrelish。
MonsieurBodinesaith，thatwhenamanisnotedtobeofexperience，andtounderstandmatters，whereinheissurpassingothers:theProverbeis，IlentendlePar，hedothunderstandhisParorEquality；whichcannotbeeapplyeduntohimthatdothnotunderstandthematterofexchange:forallhisargumentsarefram\'dbetweeneCommoditiesandmoneys，fromwhencethisSyllogismemaybeedrawneagainsthim，tomaintainetheundervaluationofourmoneyinspecie。
NothingcausethMerchantstoexportmoremoneyoutoftheRealme，thentheybringin:butonelythebringingofmoreCommoditiesintotheRealmethentheycarriedout。Theundervaluationofourmoneys，causethnomoreCommoditiestobeebroughtintotheRealme，theniscarriedout:Ergo，theundervaluationofourmoneys，causethnotmoremoneytobecarriedoutoftheRealme，thenisbroughtin。ButlestthisshouldbreedeaDilemma，letusexaminehiswordsconcerningexchanges。
ItisnottheRateofexchanges，butthevalueofMonyes，herelow，elsewherehigh，whichcauseththeirexportation，nordoetheexchanges，butthePlenyandScarcityofmoneyscausetheirvalues。
Therearethreewaiestodissolveanargument，Deniall，RetortingandDistinction。Deniallistoohostile，favouringmoreofobstinacy，thenofArte；Retortionismorewitty，thenprofitable。ButDistinctionisliketomatureRemediescomparedtoPurges，whichclenseandfeede。NowthesaidAuthourtakeththecourseofDeniall，andproovethnothing。
Ifmonyesbeherelow，andelsewherehigh，howisthisknowenbutbytheValuationofexchange？consideringthediversityofmoneysofseverallStandards，whereintheexchangeisliketotheAssay，wherebythefinenesseofSilverandGoldisknowne，groundeduponthequantity，whichtheexchangerequirethaccordingtotheweightoffineSilverandGold，containedinthemonyesofeachCountrey，whichistheintrinsickevaluation，andnotaccordingtotheextrinsickevaluation，whichisalteredbyDenomination；forthenameofathingdothnotalterthevalueReally，butthesubstancedothit，ifitbealtered；muchlessedothPlentyorScarcityofmoneyscausetheirvalues，itbeingcontrarytothenatureandpropertiesofmoney。ThepublickeMeasure，theyarddothmeasuretheCloth，buttheClothdothnotmeasuretheyard。Toillustratethepremissesbyexamples，Ihaveheretoforeshewedtheconsiderationincident。