第6章

HenceariseththefacilitieoftheRemedie,bytheReformationofexchange,incausingthevalueofourmoneytobegiveninexchange,whichcuttethoffthesaidGaine,hadbythesaidexportation,andcauseth(ineffect)thattheforraineCoynebeyondtheSeas,shallnotbereceivedabovethevalue,althoughtheinhauncingtherefore,ortheimbasingbyallaywerealteringcontinually。Fortakeawaythecause(Gayne)andtheeffectwillcease。

Allmenofcommonunderstanding,whentheydoeheareoftheraisingofmoneysbeyondtheSeas,arereadytosay,wemustdoethelike;fortheyconceivethesayingofCato,Tuquoquefacsimilie,sicArsdeluditurArte,tobeaproperapplicationhereunto:buttheydoenotenterintoconsideration,whatAltherationsitwouldbringtotheState,andthatthemattermightrunne,Adinfinitum,asshallbedeclared。

Butletussuppose,thatthiswillbeasufficientRemedy,toinhaunceourmoneys,astheydoetheirs,toimbaseourCoyne,astheydoetheirs,andtoimitateovervaluationandundervaluationofGoldandSilver,astheydoe,requiringacontinualllaboure,charge,andinnovation;isitnotanexcellentthingthatallthiscanbedonebythecourseofexchange,withgreatfacilitie?Andthatwithoutinhauncingofourmoneysathome,ormedlingwiththeweightandfinenesseoftheStarlinStandard?

ThisistobedoneonlybyhisMajestiesProclamationaccordingtotheStatutesofexchanges,prohibitingthatafterthreemonethsnextensuingthesame,nomanshallmakeanyexchangesbyBillsorotherwise,formoneystobeepaiedinforraineparts,ortoberechargedtowardsthisRealmeunderthetruePar,orvalueforvalueofourmoneys,andthemoneysofotherCountriesinweightandfinenesse,butatthesaidRate,orabovethesame,asMerchantscanagree,butneverunderthesaidRate:whichshallbedeclaredinapaireofTablespublikelytobeseeneupontheRoyallExchangesinLondon,accordingtothesaidProclamation,andthesaidTableshallbealteredinprice,asoccasionsshallbeministredbeyondtheSeas,inthegenerallRespectiveplacesofexchanges,eitherbytheirinhauncingofmoneysbyvaluation,orbyimbasingofthesamebyAllay;whichbyavigilanteyemaybeobserved,andwillbeacausetomakeothrNationsmoreconstantinthecourseoftheirmoneys。Andthiswillbeexecutedmoreorcourse,thenbyAuthority;becuaseGainedothbeareswayandcommandwithmostmen。

ThefacilitiehereofputtethmeinmindeoftheGeometricallAxiomorMaxime,observedincommedationoftheinventionofroundWheeles,CirculustangitPlanum,unicopuncta,asareasontodrawandcarryLoadswithasmallstrength;whereasiftheyhadbeenmadesquare,oranyotherPoly-angleandproportion:

Fortyhorseswouldnotsoeasilydrawthem,beingladen,astwodothnow,bothwithspeedandease。UntowhichthisRemediemaybeeaptlycompared,which(inamanner)comprehendethalltheotherRemedies。

FortheMerchantStranger,beingheretheDelivererofmoneygenerally:willeasilybeeinducedtomakethemostofhisowne,receivingbyexchangemoreforthesamebeyondtheSeas;andtheEnglishMerchantbeingtheTakerofthesaidmoneys,willnotbeesoinjurioustotheState,astogivelessebeyondtheSeas,thenthevalueofthemoneyoftheRealmeinexchange,contrarietothesaidProclamation:andifheewould,theDelivererwillnotletthimhaveit。BesidesthattheTakersoccasionsareenforcedbynecesssitie,andhecanbenoloser;forbythisdirectio,hewillsellhisCommoditiesbeyondtheSeasaccordingly。

EnglishMerchantsbeingtheDeliverersofmoneybeyondtheSeas,andthepriceofexchangealteringthereaccordingly,willhavethelikeconsideration,andtheMerchantStrangerwillprovokehimthereunto。AndiftherebenoTakers,theEnglishMerchantmaybringoverthemoneyinspecie,whereinheshallbecomeaGayner。

ThiscourseisagreeabletoJusticeandtheLawofNations,andwillnothinderth\'exchangetoriseandfallasformerly;butkeepeallindueorder,withthoseconsiderations,Cautionsandpreventionsasshallbesetdownetopreventallinconveniences,proceedingbytheinhauncingofmoney;whichfallgenerallyuponallmen,intheindearingofthings,andparticularlyuponLand-

lordsandCreditoursintheirRentsandContracts;andespeciallyupontheKingsMajestiesLands。

NowbeforewecometoanswersomeobjectionsmadeagainstthisRemedie,letusexaminewhatTimetheoldobserver,andexperiencethebestSchoole-masterofmanslife,havemanifestlytouchingtheRaisingofmoneysinforraineparts,andwithintheRealme;itbeingoneofthe34defectiveremediesbeforedeclared。

Itisrecordedinanancientbooke,thattheinhauncingoftheCoynesbeyondtheSeas,wasthecausethatKingHenrythesixtofEngland,didraisetheounceofStarlinSilverfrom20

penceto30pence:andKingEdwardthefourthfrom30penceto40

pence。AndafterhimKingHenrytheeight,aftermanysendingstoforrainePrincesaboutMinteaffairsandexchanges,(preceivingthepriceofmoneycontinuallytorisebeyondtheSeas:)causedinthe18yeereofhisRaigne,TheAngellNobletobevaluedfrom6shillings8pence,untosevenshillingsandfourpence,andpresentlyafterto7shillings6pence;wherebyeveryounceofStarlinSilverwasworth45pence:andyettherewasnothingeffectedthereby,themoneystillalteringbeyondtheSeas;

whereuponCardinalWolseyhadtoaltertheValuationofmoneyfromtimetotime,asheshouldseecause。

AfterwardsthesaidKinginthe22yeereofhisRaigne,perceivingthatdiversNationsbroughtabunanceofforraineCommoditiesintohisRealme,andreceivedmoneyforit;whichmoneytheyeverdeliveredtootherMerchantsbyexchange,andneveremployedthesameontheCommoditiesoftheRealme,wherebyhisMajestiewashinderedinhisCustomes,andtheCommoditiesoftheRealmewerenotuttered,tothegreathinderanceofhisSubjects:asistherealleaged:HisMajestiecausedaProclamationtobemade,accordingtotheaforesaidStatute,madeinthetimeofKingRichardtheSecond,ThatnopersonshouldmakeanyexchangecontrarytothetruemeaningofthesaidActandStatute,uponpainetobetakentheKingsmortallenemy,andtoforfeiteallthatheemightforfeite;whichtookeeffectbutforashorttime,andnootherwastobeeexpected,itnotbeeingofthatmoment,northeprincipallmeanetodoeit。

AfterthisfollowedtheimbasingofMoneysandthenallthepriceofforraineCommoditiesdidriseimmoderately,whichmadethenativeCommoditiestoriseattheFarmorsandTenantshands,andthereuponGentlemendidraisetherentsoftheirlands,andtookefarmestothemselves,andmadeinclosuresofgrounds;andthepriceofeverythingbeeingdeare,wasmadedearerthroughplentyofmoneyandBullioncommingfromtheWestIndies,asisalreadynoted;andbythesemeanes,wastheOfficeoftheKingsRoyallexchangesneglected,becauseupontheBasemoneynoexchangewasmade,andothernationscounterfeitedthesame,andfilledthekindomewithit,andsocarriedoutthegoodStaplewaresoftheRealmeforit。

ThisraisingofmoneywasaugmentedafterwardsbyQueeneElizabethofblessedmemory,inthehighestdegree,byonefullthirdpart,from45pencetheounce,unto60penceor5shillingsStarlinStandard:Buttheexportationdidneverceasse,becausethecourseofexchangeformoneydidrunnealwaiesunderthevalueofthemoney,stillaffoordingagainebetweenethesaidexchangeandmoney,whichcausedthesaidexportation。Andsowillitbeestil,ifthisbenotpreventedbyDirectioninapaireofTbles,muchlikeuntotheTableskeptatDoverinthetimeofKingEdwardthethird,toreceivethepassengersmoney,andbyexchangeinspecieforitbeyondtheSeas;whichmadethemtoleavetheirmoneyswithintheRealme;andthiscourseofexchangesodirected,istheonelymeaneandwaytorestoreEnglandswealthbyimportationofmoneyandBullion,advancingthepriceofournativeCommodities,andtopreventtheTransporationofourmoneys:andallotherRemediesareDefective,asexperiencewillprooveanddemonstrate,ifgoodthingscanbeefavoured。

TheStatueofemploymentmustalsobeeobserved,tomaketheRemedymorecompleatewithaRegisteralso,torecordtheMoneyswhichforraineMarrinersdoereceiveforfraightcommingfromNorwayandotherplaces,whichareaboveonehundredvoyagesinoneyeare;asalsomanyotherShips,bringingcorneintotheNortherneandWesternepartsoftheRealme,andexportingmoneyforit。

TheTurke,Persian,andRussianhavehereinbeenemorePolitickethenwe,keepingthepriceoftheirexchangeshighmuchabovetheValuationoftheirmoneys。SothattheyhavenoTradebyexchange,normoneys,butonelyforCommodities;wherebytheypreventtheover-balancingofforrainCommoditieswiththeirs,asalsotheexportationoftheirmoneys:albeittheuseofourCommoditiesinthosecountreys,isverygreat。

TheObjectionsmadebysomeagainstthisSoleRemedymayeasilybeanswered,fortheyaregroundeduponSuppositionsagainstassuredexperience。

1。Somemakedoubt,thatthepriceofexchangebeingrisen,therewillbenotakersofmoney,andthenthedelivererismorethrustupontheexportationofmoneys。

2。Otherssay,thatthosemerchants,whichhavesoldtheirClothbeyondtheSeasshallreceivealosseinthemakingoveroftheirmoneyfromthence。

3。Otherssay,thattheyshallnotbeabletoventtheirCloth,accordingtothehighexchange,expeciallynowthatthesameisoutofrequest;andwouldhavethematterofreformationdeferreduntillanothertime。

Thefirstobjectionisansweredbefore,Thatthetakerisruledbythedeliverer,whowillnotgivehismoneybyexchangeunderthetruevalueaccordingtotheProclaimationtobemade;

andthedelivererbeingtheMerchantstrangerhere,willsoonerbethrustupontheStatuteofemployment;forbytheexportationofmoney,heshallhavenogaine,whereassomeofthediscreetersortwouldnothavethatStatutetoostricktlypressedupontheStranger,becausetheTradeshouldnotbeedrivenintotheirhands。

Tothesecond,theProclamationlimitingatimeforexecution,givethMerchantsabilitytorecovertheirmoneys,ortoselltheirbillesofdebtformoney,ortobuyCommoditiesforthem,asthemanneris。

Tothethird,experiencemakethafullanswertoboth,thattheredidnotwanttakers,whenthelateinhauncingofmoneyatHamborough,causedtheexchangetorisefromunder28shillingstoabove35shillings;whichismorethenthepresentalterationwillbe,andWoollwasat33shillingstheTodde,whichisnowfallenunder20shillings。SothattheventofourClothwasnothinderedwhenitwassoldedearerbyonefullthirdpart:Buttherewasabove80thousandClothessoldyearely,wherethereisnotsoldnow40thousandClothes。ThetimeisalsotobeethoughtmoreconvenienttoadvanceaCommoditiebeingundervalued,thentodoeitwhenthepriceishigh。ForthisPleurisieoftheCommon-wealthisdangerous,andadmittethnotimetobeecured;

likethefireinaCity,whichpermittethnotenquiriestoexaminehowthefirebeganne,butrequiretheverymanshelpetoquenchthesame。

AndwhereasitisalleadgedindefenceoftheinhauncingofourCoyne,Thatwhichisequalltoall,whenheethatbuyesdeare,shallselldeare,cannotbesaidetobeinjurioustoany。

Thisopinionseemestobeeiusdemfarina,astheformer,andhathnoconsiderationwhatthealterationofWeightsorMeasuresbetweeneusandforrainenations,mayproducetothelosseoftheCommon-wealth,albeitthatbetweenemanandman,itmayproovealikeinsomerespects。

Tomakethisevident,supposetwoMerchants,theonedwellinginLondon,andtheotherdwellingatAmsterdam,docontracttogether;thattheLondersendingClothestosellatAmsterdam,themerchantofAmsterdamsendethhimVelvetsandSilkestobeesoldeatLondon;andintheaccounttobekeptbetweenethemtheyagreetoreckonthemoneysinexchangebutat30shilingsflemishfor20shillingStarlin,andsomakereturneeachtootherfromtimetotimeasmoneyshallbereceived,both,hereandbeyondtheSeas。Wheruponputthecase,thatthereisreceivedatAmsterdam1500lib。flemishforCloth,andatLondonthereisreceived1000lib。StarlinforVelvetsandSilkes,whichbythesaidrate&calculationisallone(ineffect)betweenthem,andmightbywayofRescounteranswereachotherinaccount。ButtheMerchantofAmsterdam,(knowingthatbyreasonofthemoneysinhauncedthere)hecanmakeagreatgainetohavethesaid1000lib。sentuntohiminspecie:)desireththeLondonertosendhimthis1000libStarlininsilver&goldcoyns,ReallsofeightorRieckxDollers,wherbyheshalprofite15uponthe100,bythemeanesaforesaid,whichamountethto150

libgaines。TheLondonerhavinghis1500lib。flemishor1000

lib。StarlinatAmsterdam,cannotdoethelike,becausethemoneysareinhauncedandreceivedabovethevalue,sothathismoneymustbedeliveredbyexchangethereatalowrate,orat33

shillings4pence,wherebyhedothreceiveherethesaid1000

lib。withnogaineatall。Thustheaccountbetweenethemismadeeven;butbythesemeans,theKingdomeisdeprivedofthe1000

lib。oftheMerchantsmoneysenttoAmsterdam,whichdothnotonelyprocurethewantofmoneyinEngland,whereofeverymanhathafeelingtohislosse:butalsoitcauseththenativeCommoditiestobeundersold,andtheforraineCommoditiestobeadvancedinpricebeyondtheSeas,byplentyofmoney;andhindereththeimportationofmoneyandBullion,asaforesaid。

Topreventthis,theQuestionisnow,whetheritbebetterandmoreexpedient,toraisethepriceofexchange,orthepriceorvaluationofourmoneys;Surelyallmenorjudgementwilsay,thattheraisingofexchangebreedethnotthatalteration,whichtheinhauncingofmoneysdoth,namelytomakeeverythingdeere,andtocauseLandlordsandCreditorstoloseintheirRentsandContracts。AndMerchantsofexperiencedoeknow,thatweecannotdoeastheydoe。Fortheinhauncingofmoneyshere,willbecounterminedbyotherNations,whostillwillundervaluetheminexchangebetweeneus,unlesseitbepreventedbyourowntruevaluationtobemadeknowneasaforesaid,whichbytheLawofNations,cannotbecontradicted;wherebyweshallalsobeeenabledtomeetthemuponallAlterationsandpractices,todirectourcourseaccordingly,soonerthenaMilnercanturnehisWinde-mill,togrindeCornewiththevariationofallwindes。

Itfolloweth(saiththesaidAuthor)thattheRaisingalsooftheCoyne,wouldraisethepriceofPlate,Tolessenthesuperfluitie,ortobeeturnedintoCoyne。Itisworthytheobservation,that(byreasonofthewantofmoney:)thepriceofPlateisfallenfrom6shillings6penceguilt,to5shillings6

pence;andwhitePlatefrom5shillings8penceto5shillings2

pence。Andifthemoneyswereinhauncedteninthehundreth,thatistosay,anounceofStarlinSilverto5shillings6pence:thePlateandallotherthingswouldriseaccordingly。Wherebyifamanthatspendethtwoorthreehundrethpoundsbytheyeere,shouldspareonehundrethpoundsworthofhisPlate,andbringthesametobeCoyned,mighttherebygetoncetennepound,andpayeverafter(forallotherthings)twentyandthirtylib。

deareryearely。Andthemoneysmadethereof,wouldneverthelessebetransported,unlesstheexchangedidpreventthesame。

Inthisplace,wearetoremember,thattheSilverusedfordiversmanufacturesandPlate,dothmuchdifferinfinenesse,wherebymanyofhisMajestiesSubjectsaredeceived:Itmaythereforebethoughtconvenient,thatnosilvermadeintomanufacturesbesold,unlesseitbeetriedbyanAssaymaster,andmarkedaccordingly,especiallythesilverThreedcommingfrombeyondtheSeas:somebeeingbuteightouncesfine,whichisofferedtobesoldeaccordingly:orelstomakeitfiner,asshallbethoughtconvenienttoservethekingdome,andtobecomeboundtomakeReturneinthemanufactureofourWoollfortheirmanufactureofSilverandSilke;whichmaybeethoughtaveryreasonablePermutation。

ThewantofmonycomingbytheconsumptionofforraineCommodities,mayproperlybetearmedoverballancingofCommodities,whicharemoreworneandused,becauseofthequantityofthem,imported:proceedingalsooftheabuseofexchange,astheefficientCausethereof,asaforesaid。

TheexcessiveUseofTobaccoforsomuchasconcerneththeimportationthereofinliewofTreasure,willbemuchdiminishedbythelatelimitationofaquantityofSpanishTobaccolatelyestablished;totheendthatthePlantationofVirginiaandtheBermodaesmaybeadvancedthereby;anditistobewishedthatthemoneystobeeemployedinSpanishTobaccowerelikewisemadeoverbyexchange,anddeliveredtotheMerchantsadventurersandothers,tobebestowedupontheCommoditiesoftheRealmetomakebenefiteofourowne;forifsuchforraineCommodities,shalvanishawayinsmoake,orbeconsumedandbrought(asitwere)

untodoung,andsurmountthepriceoftheCommodities,orfruitsoftheland:Certes,thatlandisunprofitableineverymansjudgement。Forlands(beingtheNaturallrichessomuchdesiredofallmen)aremuchdisimproovedbythewantofmoneyandthesellingofournativeCommoditiesistoogoodcheapeinregardofthepriceofforraineCommodities;ThisbeeinganevidenttokenofthepovertyofaCommonwealth,which(likeanunweildyElephantikeBody)hathaslowemotion,andthereforemoredangerousandsubjecttodestruction,whichbythewantofmoney,ismadevisibleandsensible。

ThereturneslatelyhadfromtheEast-Indies,wilinpartasswagethesame,ifMerchantsinthedispersingofthoseCommodities,willprocureimportationofmoneyandBullion,as(nodoubt)theywilldoe。Andthiswillfurtherbeeincreased,whentheHollandersandourMerchantsshallbeatanendoftheirpresentcontroversies,whichbyhisMajestieshighwisedome,willsoonebedetermined。

TouchingthewarresofChristendome,forsomuchasconcerneththewantofmoneys:Ihavealreadyshewedhowthesameisalsocomprisedinthereformationoftheabuseofexchange,procuringtherebymoneys,whichareNeruiBellorum。Buttotakeuponmeetodiscourseofwarres,mightmakemesubjecttoApelleshisreprehension,NesutorultraCrepidam。OnelyIhopethatthefamousexampleofAugustusCaesartheEmperourmayberemembered,whoperceivingtheforcesofthegreatPirateCrocataestoincreasedailybytheconcourseofmanynations,whilestheewasinSpaine,causedaProclamationtobemade,thatwhosoevershouldbringhimtheheadofthesaidPirate,hewouldrewardhimwith20thousandcrownes;whereuponthesaidPiratewasbroughtindangerofthehumorsofthesaidenations,whosesuspectedinconstancyandlucrebredaresolutioninhim,toofferhisownheadtotheobedienceofjustice,anddemandingthesaid20

thousandcrownes,hadthesamepayeduntohim,wherebyallhisassociateswereovercomeanddispersed。InlikemannerdidSixtusQuintusdealewiththeBanditiinItaly,andmadethemtocutoneanothersthroats。ThisPolicyofrewarddrawethasforciblyastheAdamantorLoade-stone,whichcausedtheSpanaiardtosay,DadiuasquebrantanPennas,GiftsdoebreakestonyRockes。

FromthePrecedentcausesofthewantofmoneyinEngland,comewetothecausesofthedecayofTradeinorder,whereofthisistheefficientCause,whereuntotheonelyRemedyhathbeenedeclaredalready。

UsuryPolitike,ismadethenextcauseofthedecayofTrade,whichmustberemediedbythePlentyofmoneytobeprocuredasaforesaide,whereinthatlaudableCustomeofthetransformatingorsettingoverofbillesofdebtfrommantomanistoberemembred,whichbyhisMajestiesPraerogativeRoyallorbyActofParliamentmightbeestablished;fortherebygreatmattersareeffectedasitwerewithreadymoney。Butourlawrequirethamoreprecisenessintheexecutionthereof,theninGermanyandtheLowCountries,itnotbeingChosesinAction,astheLawyersspeake。Butthenecessarineshereof,issourgent,thatnomanisliketocontradictthesame;forweedoefindebyexperience,thatthingswhichareindeede,andthingswhicharenotindeede,buttakentobeindeed(asthisisforpaymentofmoneys)mayproducealloneeffect。AndforthebitingUsurybeforementioned,therewillbestockefoundtoerectpawne-

houses,bymeanesasshallbemoreamplyhereafterdeclared;andhereistobewished,thattheCityofLondon,andeveryprincipalltowneofaShiereorthemostpartofthem,wouldtakeuponthemtotakemoneycasuallyatthehandofsuchaswilldeliverthesameupontheadventureoftheirorothermenslives。

AsatVenice,whereamanforthesummeofthreeorfourehundrethpoundsoncegiven(asinlikemanneratAmsterdam)shallbesuretohaveonehundrethpoundsayeare,duringhislife;

wherbyagreatStockemightberaisedforthegenerallgoodofallparties,andespeciallytosetthepoorepeopleonworke,andtotaketheirmanufacturesofthemtobesoldwithareasonablegaine:forexperiencehathtaughtinallplaces,wherethelikeisused,thattheCitybecommethalwayesaGaynerbythedeceaseofthepartiesthatdoedelivermoneyinthisnature。Butitisconvenienttoprescribecertaineruleshereuponinthemakingofallmanufactures,whichcommonlyisbesteffectedbyCorporations。

ThelitigiousSuitsinLawbeingnotedasthethirdcauseofthedecayofTrade,canhardlyberemediedforthereasonsbeforedeclared,butmusthavetheircourse;andhereintherecanbenoshortercoursedevisedbythewitteofman,thentheCommon-

wealthdothuseuponproofeandspecialties,ifthepleadingsandissues(althoughPeremptory:)beejoynedaccordingtothefirstinstitution,wherebytheMatteroffactnakelyappearebeforetheJuryoftwelvemen,whoaretojudgethereofaccordingtotheevidenceofwitnessesproducedbeforethem;fortouchingthematterofLaw,thesamebeeingseparatedfromthematterofFact,makethaDemurrertobedeterminedbytheJudge。IhavegreatcausetoenterintoCampumSpatiosumaboutthisLawWarfare,havingbyexperienceandstudyspentmuchtimetherein。ButI

thinkefitonelytocommenttheordersusedinGermanytotakedownethelitigioushumoursofsomepersons:TomakethempayaFineoftwelvepenceuponthepoundormoretotheEmperorsorMagistrates,forsomuchastheyclaimemoreofthedefendant,thentheycanjustlyproovetobedueuntothem;besidesafurthercharge,ifheebeefoundinhisproceedingstodoethingsforaRevenge,whichtheycallanunlawfullimprisonment,althoughbythelawehehavecommencedhisSutelawfully:andthisistearmedPaenaPlusPetentium。

Forallothermeanes,wherebythedifferenceshappeningbetweenMerchantsaredetermined,ImustreferrethesameuntomybookeofLexmercatoria,asamatterrequiringalargeexplanation。

ThelikeImustdoeconcerningthefishingTrade,whichisthefourthCausenotedbefore,whichhathareferencetothewantofmoney,ortospeakeingeniously,isachiefecauseofthewantofmoney,whichmightbeeprocuredthereby;wherebyboththeTradeofClothandfishingmightflourishtogether,contrarytotheopinionoftheseverallsocietiesofMerchantsbeforealleadged:foralthoughtheybeofseverallcompanies,yetsuchordersmaybedevisedbythecorporationtobemadeoffishingMerchants,asshallnotinfringetheirseverallpriviledgesanyway:andallobjectionsmaybeansweredbytrueandjustprevention,observingothernations,Faciliusestaddere,quamconstituere。

ThefiftcauseofthedecayofTrade,bymakingClothinforraineCountries,hathbeeneconsideredof,whereuponthelateProclamationwasmade,prohibitingTh\'exportationofWooll,Wooll-fells,Wooll-yearne,Fullersearth,andWoodashes,andallmaterials,servingforthemakingofCloth。TheRulesalsotobedescribedofthetruemakingofCloth(whereinthesaidAuthorhathbeenagoodobserver)maybe(withavigilanteyeoftheOfficierstobeimployedthereinbytheCorporation,andtheincreaseofMerchantstomanageTrade:)aRemedietotheseventhcauses:asalsototheeightCauseofthedecayofTrade:butthesixtcauseconcerningthePolicyofMerchants,isnottobeomitted,whoseordersalreadymade,andhereaftertobeemade,maybethoughtconvenienttobeSurveyedbyaCommittie,who(uponcomplaintsofthepartiesgrievedinallSocieties:)maytakeorderbywayofapprobationordeniall,toexecutethingsforthegenerallgood,andnotfortheparticular:asIhavenotedinallthisDiscourse。SothatotherMerchantsuponreasonableconsiderations,maybeadmitted(uponthisespecialloccasion)tobeofthesaidSocietiesorCompanies;forotherwiseitmayseemesomewhatdissonantfromreason,toprohibiteallMerchants,aswellEnglishasStrangers,tobringinanyoftheCommoditiesofTurkieoroftheLevant,andnowlatelyfromEastlandandthoseCountries:buttoprohibitetheimportationofCommoditiesinStrangersBottomesconcurrethwiththeLaw。

TheninthcauseofthedecayofTrade,consistingoftheinterruptionthereofbyWarres,PiratesandBankrupts,IhavepartlyhandledinthefifthCause。Andalthoughdecayedmenarefoundatalltimes,yetthewantofmoneyhathcauseddiversMerchantsandTradesmentoBreake,whomighthavemaintainedtheircredits,butthatbeingoutoftheirmoneys,andthemoneysoutoftheKingdome,makeththemtogoeoutoftheircredits;forNecessitasParitTurpia。TheRemedyhereofdothmostdependuponplentyofmoneyormeanesintheliewofmoney,asthesettingoverofBillsofdebtbeforespokenof。FortheStatuteagainstBankcrupts,cannotprodueanygreateffect,butbeameanetoundoethepartyforever,ifitdoedependlonguponhim,contrarytotheintentionthereof;forwhereasallsuchasareCreditors,oughttocomeinwithinfouremonethstotaketheirpart,ofwhatmayappeareoftheStateoftheBankcrupt,tobeeexaminedbyalllawfulmeanes:thesameisprotractedfortenne,twenty,andmoremoneths;andallthosethatcomeinthesaidInterimareadmittedwiththeformer,andagreatpartoftheestateisspentincharges。ThismaybeeremediedbytheAuthorityoftheChauncerytotheCommissionersappointedforth\'executionofthesaidStatute。

TheRemedytothelastandtenthCauseofthedecayofTrade,(beingtheimmoderateuseofforraineCommodities:)doth(asIhaveshewedbefore)consist,partlybytheabundanceofthoseCommoditiesimportedbytheabuseofexchange,andpartlybythewearingofthoseCommodities,affectedbythevulgarsortorCommonpeople。MonsieurBodinedothobservewithPlato,thatasthePrinceis,soaretheSubjects,who(byimitation)followhisexample,whichsoonerentrethintotheireyes,thenintotheireares:AndthegreatertheirAuthorityis,themoreaffectionateistheirimitation。Alexandercasthisheadaside,andalltheCourtheldtheirnecksawry;DeniswasPurblinde,andhisCourtiersstumbledateverystepandjustledeachother,asiftheyhadbeeneevillsighted:andsoofotherPrincesintheirapparell,preciousstonesandotherthings,whichismadetobeethefashion。HencetheProverbetookebeginning,Countriesfashion,Countrieshonour。Andtheeffecthereof,ismanytimesgreaterthentheLawescanbringtopasse,unlesseitbeuponsomeRemarkableoccasion,asthelateCommandmayproveforthewearingofBlackesatFuneralls,inClothandStuffesmadeofEnglishWoollwithintheRealme。

HereIhaveomitted,tospeakeofCustomes,Impositionspublikeandsecret,layeduponCommodities,especiallyuponCloth,bothhereandbeyondtheSeas;becausethesamerequirethgreatconsideration,andtheabolishingthereof(beingoncelaiedon)willhardlybeebroughtabout,unlesseitbee,withtheconsentofbothparties,wheretheonehathprovokedtheothertoimposethem。

ForaConclusionthereforeletusnote,ThatallthesaidcausesofthedecayofTradeinEngland,arealmostallofthemcomprisedinone,whichisthewantofmoney;whereofweefindetheabuseofexchange,tobeetheefficientCause,whichmakethustofindoutsoeasieaRemedie,wherebytheKingdomeshallenjoyallthethreeessentiallpartsofTraffiqueundergoodandPolitikeGovernment,whichwillbeeFreeTradeeffectuallyorindeed。AndthiswillalsobeeadmirableintheeyesofotherPrinces,findinghisMajestieswisdometobeeTranscendentinGoverningofhisowne,which(bysomanysendingsandremissionsofAmbassadoursuntoforrainePrincesandStatesbyhisNoblePredecessours:)couldneverbeeeffected,asbydiversRecordsappeareth;albeittherewasnothingrequiredofthem,butwhatdidstandwiththeRuleofEqualityandEquitie,whichcannoterre:ButvelutAriadnecaecaregensfilovestigia,nonmodonoserrarenonfinit,sedetiamefficit,utaberrantesinRectamviamdeducamur。

SoliDeoGloriaFINIS