To the third, experience maketh a full answer to both, that there did not want takers, when the late inhauncing of money at Hamborough, caused the exchange to rise from under 28 shillings to above 35 shillings; which is more then the present alteration will be, and Wooll was at 33 shillings the Todde, which is now fallen under 20 shillings. So that the vent of our Cloth was not hindered when it was solde dearer by one full third part: But there was above 80 thousand Clothes sold yearely, where there is not sold now 40 thousand Clothes. The time is also to bee thought more convenient to advance a Commoditie being undervalued, then to doe it when the price is high. For this Pleurisie of the Common-wealth is dangerous, and admitteth no time to bee cured;like the fire in a City, which permitteth not enquiries to examine how the fire beganne, but requireth every mans helpe to quench the same.
And whereas it is alleadged in defence of the inhauncing of our Coyne, That which is equall to all, when hee that buyes deare, shall sell deare, cannot be saide to be injurious to any.
This opinion seemes to be eiusdem farina, as the former, and hath no consideration what the alteration of Weights or Measures betweene us and forraine nations, may produce to the losse of the Common-wealth, albeit that betweene man and man, it may proove alike in some respects.
To make this evident, suppose two Merchants, the one dwelling in London, and the other dwelling at Amsterdam, do contract together; that the Londer sending Clothes to sell at Amsterdam, the merchant of Amsterdam sendeth him Velvets and Silkes to bee solde at London; and in the account to be kept betweene them they agree to reckon the moneys in exchange but at 30 shilings flemish for 20 shilling Starlin, and so make returne each to other from time to time as money shall be received, both, here and beyond the Seas. Wherupon put the case, that there is received at Amsterdam 1500 lib. flemish for Cloth, and at London there is received 1000 lib. Starlin for Velvets and Silkes, which by the said rate & calculation is all one (in effect) between them, and might by way of Rescounter answer each other in account. But the Merchant of Amsterdam, (knowing that by reason of the moneys inhaunced there) he can make a great gaine to have the said 1000 lib. sent unto him in specie:) desireth the Londoner to send him this 1000 lib Starlin in silver & gold coyns, Realls of eight or Rieckx Dollers, wherby he shal profite 15 upon the 100, by the meanes aforesaid, which amounteth to 150lib gaines. The Londoner having his 1500 lib. flemish or 1000lib. Starlin at Amsterdam, cannot doe the like, because the moneys are inhaunced and received above the value, so that his money must be delivered by exchange there at a low rate, or at 33shillings 4 pence, whereby he doth receive here the said 1000lib. with no gaine at all. Thus the account betweene them is made even; but by these means, the Kingdome is deprived of the 1000lib. of the Merchants money sent to Amsterdam, which doth not onely procure the want of money in England, whereof every man hath a feeling to his losse: but also it causeth the native Commodities to be undersold, and the forraine Commodities to be advanced in price beyond the Seas, by plenty of money; and hindereth the importation of money and Bullion, as aforesaid.
To prevent this, the Question is now, whether it be better and more expedient, to raise the price of exchange, or the price or valuation of our moneys; Surely all men or judgement wil say, that the raising of exchange breedeth not that alteration, which the inhauncing of moneys doth, namely to make every thing deere, and to cause Landlords and Creditors to lose in their Rents and Contracts. And Merchants of experience doe know, that wee cannot doe as they doe. For the inhauncing of moneys here, will be countermined by other Nations, who still will undervalue them in exchange betweene us, unlesse it be prevented by our own true valuation to be made knowne as aforesaid, which by the Law of Nations, cannot be contradicted; whereby we shall also bee enabled to meet them upon all Alterations and practices, to direct our course accordingly, sooner then a Milner can turne his Winde-mill, to grinde Corne with the variation of all windes.
It followeth (saith the said Author) that the Raising also of the Coyne, would raise the price of Plate, To lessen the superfluitie, or to bee turned into Coyne. It is worthy the observation, that (by reason of the want of money:) the price of Plate is fallen from 6 shillings 6 pence guilt, to 5 shillings 6pence; and white Plate from 5 shillings 8 pence to 5 shillings 2pence. And if the moneys were inhaunced ten in the hundreth, that is to say, an ounce of Starlin Silver to 5 shillings 6 pence: the Plate and all other things would rise accordingly. Whereby if a man that spendeth two or three hundreth pounds by the yeere, should spare one hundreth pounds worth of his Plate, and bring the same to be Coyned, might thereby get once tenne pound, and pay ever after (for all other things) twenty and thirty lib. dearer yearely. And the moneys made thereof, would neverthelesse be transported, unless the exchange did prevent the same.
In this place, we are to remember, that the Silver used for divers manufactures and Plate, doth much differ in finenesse, whereby many of his Majesties Subjects are deceived: It may therefore be thought convenient, that no silver made into manufactures be sold, unlesse it bee tried by an Assay master, and marked accordingly, especially the silver Threed comming from beyond the Seas: some beeing but eight ounces fine, which is offered to be solde accordingly: or els to make it finer, as shall be thought convenient to serve the kingdome, and to become bound to make Returne in the manufacture of our Wooll for their manufacture of Silver and Silke; which may bee thought a very reasonable Permutation.
