It is recorded in an ancient booke, that the inhauncing of the Coynes beyond the Seas, was the cause that King Henry the sixt of England, did raise the ounce of Starlin Silver from 20pence to 30 pence: and King Edward the fourth from 30 pence to 40pence. And after him King Henry the eight, after many sendings to forraine Princes about Minte affairs and exchanges, (preceiving the price of money continually to rise beyond the Seas:) caused in the 18 yeere of his Raigne, The Angell Noble to be valued from 6 shillings 8 pence, unto seven shillings and four pence, and presently after to 7 shillings 6 pence; whereby every ounce of Starlin Silver was worth 45 pence: and yet there was nothing effected thereby, the money still altering beyond the Seas;whereupon Cardinal Wolsey had to alter the Valuation of money from time to time, as he should see cause.
Afterwards the said King in the 22 yeere of his Raigne, perceiving that divers Nations brought abunance of forraine Commodities into his Realme, and received money for it; which money they ever delivered to other Merchants by exchange, and never employed the same on the Commodities of the Realme, whereby his Majestie was hindered in his Customes, and the Commodities of the Realme were not uttered, to the great hinderance of his Subjects: as is there alleaged: His Majestie caused a Proclamation to be made, according to the aforesaid Statute, made in the time of King Richard the Second, That no person should make any exchange contrary to the true meaning of the said Act and Statute, upon paine to be taken the Kings mortall enemy, and to forfeite all that hee might forfeite; which tooke effect but for a short time, and no other was to bee expected, it not beeing of that moment, nor the principall meane to doe it.
After this followed the imbasing of Moneys and then all the price of forraine Commodities did rise immoderately, which made the native Commodities to rise at the Farmors and Tenants hands, and thereupon Gentlemen did raise the rents of their lands, and tooke farmes to themselves, and made inclosures of grounds; and the price of every thing beeing deare, was made dearer through plenty of money and Bullion comming from the West Indies, as is already noted; and by these meanes, was the Office of the Kings Royall exchanges neglected, because upon the Base money no exchange was made, and other nations counterfeited the same, and filled the kindome with it, and so carried out the good Staple wares of the Realme for it.
This raising of money was augmented afterwards by Queene Elizabeth of blessed memory, in the highest degree, by one full third part, from 45 pence the ounce, unto 60 pence or 5 shillings Starlin Standard: But the exportation did never ceasse, because the course of exchange for money did runne alwaies under the value of the money, still affoording a gaine betweene the said exchange and money, which caused the said exportation. And so will it bee stil, if this be not prevented by Direction in a paire of Tbles, much like unto the Tables kept at Dover in the time of King Edward the third, to receive the passengers money, and by exchange in specie for it beyond the Seas; which made them to leave their moneys within the Realme; and this course of exchange so directed, is the onely meane and way to restore Englands wealth by importation of money and Bullion, advancing the price of our native Commodities, and to prevent the Transporation of our moneys: and all other Remedies are Defective, as experience will proove and demonstrate, if good things can bee favoured.
The Statue of employment must also bee observed, to make the Remedy more compleate with a Register also, to record the Moneys which forraine Marriners doe receive for fraight comming from Norway and other places, which are above one hundred voyages in one yeare; as also many other Ships, bringing corne into the Northerne and Westerne parts of the Realme, and exporting money for it.
The Turke, Persian, and Russian have herein beene more Politicke then we, keeping the price of their exchanges high much above the Valuation of their moneys. So that they have no Trade by exchange, nor moneys, but onely for Commodities; whereby they prevent the over-balancing of forrain Commodities with theirs, as also the exportation of their moneys: albeit the use of our Commodities in those countreys, is very great.
The Objections made by some against this Sole Remedy may easily be answered, for they are grounded upon Suppositions against assured experience.
1. Some make doubt, that the price of exchange being risen, there will be no takers of money, and then the deliverer is more thrust upon the exportation of moneys.
2. Others say, that those merchants, which have sold their Cloth beyond the Seas shall receive a losse in the making over of their money from thence.
3. Others say, that they shall not be able to vent their Cloth, according to the high exchange, expecially now that the same is out of request; and would have the matter of reformation deferred untill an other time.
The first objection is answered before, That the taker is ruled by the deliverer, who will not give his money by exchange under the true value according to the Proclaimation to be made;and the deliverer being the Merchant stranger here, will sooner be thrust upon the Statute of employment; for by the exportation of money, he shall have no gaine, whereas some of the discreeter sort would not have that Statute too stricktly pressed upon the Stranger, because the Trade should not bee driven into their hands.
To the second, the Proclamation limiting a time for execution, giveth Merchants ability to recover their moneys, or to sell their billes of debt for money, or to buy Commodities for them, as the manner is.
