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 our Merchants were cut off, and that other nations should buy the Cloth within the Realme, and so advance the price thereof: (as it happeneth most commonly in France and Spaine at the Vintage time with their Wines & Raisons:) Then forraine Commodities would be sold dearer unto us by them againe: for the small gaine had upon our Commodities causeth us, and would cause them to seeke a better gaine upon the forraine Commodities to the generall hurt.
Others would have all things at large in the course of Traffique, and that there should be no societies or corporations of Merchants for any places of Trade (terming them to be Monopolies) but that by way of partnership Merchants might associate themselves, according to the manner of some other Countries: These men have no regard, that innovations are as dangerous, as to remoove the corner stones of a building; neyther doe they observe a momentary difference betwixt the Government of a Monarchy, and that especially in an Iland: and the government of a Democracy which is popular, or of an Aristocracy, which is governed by the better sort of the people; these seeking by all meanes to make their Countries populous by the inhabiting of all nations for the increase of their meanes collected by impositions and Aczises, and that upon all things consumed and most upon victuals; the other, namely the Monarchy, avoiding asmuch as they can, the multitude of forraine nations to inhabite within their government, and holding impositions and Taxes to bee done with great advisement. And that the overballancing of forraine Commodities with the native Commodities may be prevented; which by the other is not regarded, neither can it bee by them observed.
The Providence of the State hath also a great consideration in the course of Trade, under government in appointed places, especially in that of the Merchant Adventurers company, (who have the managing of the creame of the land, the maine Trade of the kingdome, and doe expose to adventure the greatest part of the wealth therof with forraine nations in troublesome times of wars:) because they may by this order be soone remooved or called home upon occasion, which cannot be done conveniently otherwise: where there is no vigilant eye to take care for the generall wealth of the Realme, for no nation of Christendome Traffiques so much in Bulke of Staple Commodities, as the Realme of England;which Boters (though altogether Spanish in times past, and no friend to England) confesseth, that two yeares before the taking of Andwarpe, all the wares of Christendome being valued, and summed by the offices of that City, (which were vented there in one yeare.) The whole being divided into sixe parts: the English amounted to foure parts thereof.
