Of the Remedie, for all the former causes of Decay of Trade.
Having hitherto observed the Methode of the said Author, inpart of his Distribution in the matter and forme of Trade, and therein shewed very great deformities: I am now to apply the True Remedies likewise in order, according to the cuases alleaged, which are noted by me to be tenne in number.
The Efficient cause of the Transformation of our Moneys is (Gaine), and this Gaine ariseth by the undervaluing of our moneys, in regard of the inhauncing and overvaluation of forraine Coyne; so that the cause is Extrinsike & comprised under the said exchange of moneys, andnot intrinsicke, in the weight and fineness of the Coyne, which are considered in the course of True exchange betweene us, and forraine Nations; and thereupon it followeth, that neither difference of weight, finenesse of Standard, proportion betweeen Gold and Sivler, or th proper valuation of moneys, can be any ture causes of the exportation of our moneys; so long as a due course is held in exchange, which is founded thereupon.
Hence ariseth the facilitie of the Remedie, by the Reformation of exchange, in causing the value of our money to be given in exchange, which cutteth off the said Gaine, had by the said exportation, and causeth (in effect) that the forraine Coyne beyond the Seas, shall not be received above the value, although the inhauncing therefore, or the imbasing by allay were altering continually. For take away the cause (Gayne) and the effect will cease.
All men of common understanding, when they doe heare of the raising of moneys beyond the Seas, are ready to say, we must doe the like; for they conceive the saying of Cato, Tu quoque fac similie, sic Ars deluditur Arte, to be a proper application hereunto: but they doe not enter into consideration, what Altherations it would bring to the State, and that the matter might runne, Ad infinitum, as shall be declared.
But let us suppose, that this will be a sufficient Remedy, to inhaunce our moneys, as they doe theirs, to imbase our Coyne, as they doe theirs, and to imitate overvaluation and undervaluation of Gold and Silver, as they doe, requiring a continuall laboure, charge, and innovation; is it not an excellent thing that all this can be done by the course of exchange, with great facilitie? And that without inhauncing of our moneys at home, or medling with the weight and finenesse of the Starlin Standard?
This is to be done only by his Majesties Proclamation according to the Statutes of exchanges, prohibiting that after three moneths next ensuing the same, no man shall make any exchanges by Bills or otherwise, for moneys to bee paied in forraine parts, or to be recharged towards this Realme under the true Par, or value for value of our moneys, and the moneys of other Countries in weight and finenesse, but at the said Rate, or above the same, as Merchants can agree, but never under the said Rate: which shall be declared in a paire of Tables publikely to be seene upon the Royall Exchanges in London, according to the said Proclamation, and the said Table shall be altered in price, as occasions shall be ministred beyond the Seas, in the generall Respective places of exchanges, either by their inhauncing of moneys by valuation, or by imbasing of the same by Allay; which by a vigilant eye may be observed, and will be a cause to make othr Nations more constant in the course of their moneys. And this will be executed more or course, then by Authority; becuase Gaine doth beare sway and command with most men.
The facilitie hereof putteth me in minde of the Geometricall Axiom or Maxime, observed in commedation of the invention of round Wheeles, Circulus tangit Planum, unico puncta, as a reason to draw and carry Loads with a small strength; whereas if they had been made square, or any other Poly-angle and proportion:
Forty horses would not so easily draw them, being laden, as two doth now, both with speed and ease. Unto which this Remedie may bee aptly compared, which (in a manner) comprehendeth all the other Remedies.
For the Merchant Stranger, being here the Deliverer of money generally: will easily bee induced to make the most of his owne, receiving by exchange more for the same beyond the Seas; and the English Merchant being the Taker of the said moneys, will not bee so injurious to the State, as to give lesse beyond the Seas, then the value of the money of the Realme in exchange, contrarie to the said Proclamation: and if hee would, the Deliverer will not let thim have it. Besides that the Takers occasions are enforced by necesssitie, and he can be no loser; for by this directio, he will sell his Commodities beyond the Seas accordingly.
English Merchants being the Deliverers of money beyond the Seas, and the price of exchange altering there accordingly, will have the like consideration, and the Merchant Stranger will provoke him thereunto. And if there be no Takers, the English Merchant may bring over the money in specie, wherein he shall become a Gayner.
This course is agreeable to Justice and the Law of Nations, and will not hinder th'exchange to rise and fall as formerly; but keepe all in due order, with those considerations, Cautions and preventions as shall be set downe to prevent all inconveniences, proceeding by the inhauncing of money; which fall generally upon all men, in the indearing of things, and particularly upon Land-lords and Creditours in their Rents and Contracts; and especially upon the Kings Majesties Lands.
Now before we come to answer some objections made against this Remedie, let us examine what Time the old observer, and experience the best Schoole-master of mans life, have manifestly touching the Raising of moneys in forraine parts, and within the Realme; it being one of the 34 defective remedies before declared.
