Neither maketh this any rule for merchants in places of Trade, otherwise then that they may take knowledge of the publike valuation thereof, to sell their Commodities accordingly, by rating the price of exchange, upon their former observation;which being neglected or done in part, causeth the undervaluation of our monyes in exchange. And this is the immediate Cause by him first alleaged and treated of, wherein the Commodities are no more Active, then Tenderdon Steeple in Kent, was the Cause of the decay of Dover haven.
To make this to appeare, let us note, that this Rieckx Doller being the maine and most usuall Coyne in Germany, Eastland, the United and Reconciled Countries under both Governments, and many other places, was valued at 2 marks Lubish, every marke being 16 shillings Lubish, or 16 Stivers; for the yeare 1575, the saide Doller was still coyned in the Empire for 32 Stivers. And was so currant by Valuation in the Low Countries, wherby the said shilling Lubish and the Stiver Flemish were al one, but the wars in the Low Countries hath bin the cause of the inhauncing of this Doller, which was brought to 35 Stivers, and the yeare 1586, to 45 Stivers by intermissive Times and Valuations howbeit at Stoade, Hamborough and other places in Germany, the said Doller did remaine still at 32 Stivers or two markes. And as the said Doller did inhaunce in price: so did they coyne new Stivers accordingly, sometimes lighter in weight, and at other times imbased by Allay or Copper. And yet in accompt, the Stiver did and doth remaine the ground of all their monyes.
But the said Doller holdeth his Standard agreeable to the first Doller, which is called the Burgundian Doller with the crosse of Saint Andrew coyned in the yeare 1575 which is in fineness tenne ounces, and twelve penny weight of fine silver, and four and one halfe of these Dollers, were there made equivalent to our 20shillings Starlin, as a Publicke measure in exchange betweene us, and the Low Countries, Germany and other places where this Doller was currant, which made the Par or price of exchange to be 24 of their shillings, for 20 shillings of ours, according to which computation, exchanges were made, alwaies above that price, both here and beyond the seas; and the Stiver of the Lowe Countries was not in value answerable thereunto, for bieng but two ounces 17 pence with fine, their 32 Stivers for the said Doller, (which is foure pieces and one halfe 144 Stivers:) did not containe so much fine silver in them, as the said Doller proportionably. But there wanted above 3 shillings Flemish in the pound of 20shillings Starlin.
Those Dollers have since beene imitated and made by the States of the united Low Provinces in their severall Mintes, as also by the Archduke Albertus in the reconciled Provinces. And the price of them at Hamborough, Stoade, and other places was inhaunced but one Stiver; that is to say, at thirty three Stivers, where the said Dollers, went in the Low Countries by valuation for 45 Stivers in the yeare, 1586, at which time the Par of exchange was found to bee twenty foure shillings nine pence for those parts, and for the Low Countries at thirty three shillings 4 pence; which was so agreed upon to our disadvantage, for according to the saide 4 1/2 Dollers, at forty five Stivers, it maketh thirty three shillings nine pence; but our twenty shillings valued at tenne Stivers for the shilling, was the cause that it was put to thirty three shillings four pence. My selfe being there, a Commissioner appointed by the Councell Table, with Sir Richard Martin Knight, and Monsieur Ortell, Monsieur Coase, and Monsieur Valcke, Commissioners for the States of the united Provinces.
This Doller is since that time inhaunced to fifty two Stivers in the Lowe Provinces, which maketh the price of exchange above thirty eight shillings, or rather thirty nine shillings: and shall we suffer this, and not alter our price of exchange accordingly, but be contented to take thirty foure shillings or thirty five shillings, and after that rate undersell all the Commoditis of the kingdome, and suffer also, (because of this gaine) our monyes to be exported, the Realls of 8 to bee debarred from us to bee brought in and carried to other Countries, for bringing a losse to the importer, which by inhauncing of the price of our exchange (and not by inhauncing of our monyes:) can bee easily prevented? as heereafter shall be declared.
This Doller is likewise since that time, more inhaunced in Germany from time to time, and leaving the excessive alteration in Remote places, let us note the Valuation of Hamborough, where it hath beene at fifty foure Stiners the Doller, which maketh the exchange above forty shillings of their money for our twenty shillings. And although we have raised the price of exchange from twenty foure shillings nine to thirty five shillings or thereabouts: shall we rest here and go no further? have we reason to doe it in part, and not in the whole, according to justice, equality, and true Policy. And shall we bee like a man, that by halting in jest, became lame in earnest? I say againe, Absit ignorantia. Thus much Obiter.
