price　of　money　at　a　Stand；　according　to　the　Kings　valuation：　but　in　forraine　parts；　they　runne　with　the　streame；　headlong　downe　with　other　nations；　without　consideration　of　their　owne　hinderance。　Merchants　doe　not　know　the　weight　and　finenesse　of　monyes　of　each　Countrey；　and　the　proportions　observed　betweene　Gold　and　Silver；　nor　the　difference　of　severall　Standards　of　coyne；　a　matter　so　necessary　for　them　to　know；　to　make　thereby　profitable　returnes　of　the　provenue　of　our　home　commodities；　either　in　Money；　Bullion　or　Wares。　Finally　Merchants　（seeking　their　Privatum　Commodum）　take　notice　onely　of　what　is　prohibited　and　commanded；　whereas　it　may　fall　out　also；　that　to　require　their　opinion　for　the　reformation　of　some　abuses：　they　may　bee　thought　many　times　as　unfit；　as　to　call　the　Vintner　to　the　consultation　of　lawes　to　bee　made　against　drunkards。　　　　　　Kings　and　Princes　therefore；　which　are　the　fathers　of　the　great　families　of　Commonweales　are　to　be　carefull　for　the　generall　good　so　that　the　expences　doe　not　exceede　or　surmount　the　incombes　and　revenues　thereof；　according　to　the　saying　of　Marcus　Cato；　Oportet　Patrem；　familias；　vendacem　esse；　non　emacem；　Hee　must　bee　a　Seller；　and　not　a　Buyer。　　　　　　For　the　effecting　whereof；　there　is　a　serious　study　to　bee　had　in　the　true　understanding　of　the　Three　essential　Parts　of　Traffique；　whereof　the　course　of　exchange　（which　is　the　most　neglected）　will　be　found　to　bee　the　efficient　Cause；　which　with　us　is　Praedominant；　and　overruleth　the　course　of　Monys　and　Commodities；　as　shall　be　declared　in　this　discourse。　For　these　Three　parts　of　Traffique　concurre　joyntly　together　in　their　proper　function　and　nature；　by　an　orderly　carriage；　according　to　their　first　invention　and　institution。　　　　　　For　as　the　Elements　are　joyned　by　Symbolization；　the　Ayre　to　the　Fire　by　warmness；　the　Water　to　the　Ayre；　by　moisture；　the　Earth　to　the　Water；　by　coldness：　So　is　exchange　joyned　to　monyes；　and　monyes　to　commodities；　by　their　proper　qualities　and　effects。　And　ever　as　in　a　Clocke；　where　there　be　many　wheeles；　the　fist　wheel　being　stirred；　driveth　the　next；　and　that　the　third；　and　so　foorth；　till　the　last　that　moveth　the　instrument　that　strikes　the　clocke；　even　so　is　it　in　the　course　of　Traffique：　for　since　money　was　invented　and　became　the　first　wheele　which　stirreth　the　wheele　of　Commodities　and　inforceth　the　Action。　But　the　third　wheele　of　exchange　of　monyes　betweene　Countrey　and　countrey；　being　established　and　grounded　upon　monyes；　is　（in　effect）　like　to　the　instrument　that　striketh　the　Clocke；　being　therein　the　thing　Active；　and　Commodities　&　Monyes　are　become　things　Passive：　in　so　much　that　the　Sequele　thereof　may　be　compared　unto　Archers　shooting　at　the　Buttes；　directing　their　Arrowes　according　as　the　Blanke　doth　stand；　high　or　low；　for　so　do　Merchants　by　exchange　in　the　sale　of　commodities　and　negotiation　of　monyes；　without　which；　commodities　lie　dead　in　all　markettes。　Since　the　Ancient　Commutation　of　commodities　in　kind　did　cease；　and　the　body　of　Commodities　doth　not　worke　without　the　Spirit　which　is　exchange；　so　that　this　observation　being　neglected：　the　whole　instrument　of　Trade　must　needes　bee　out　of　order；　and　discompounded；　like　a　distemptered　Lock；　which　wil　neither　open　nor　shut。　　　　　　When　the　Art　of　navigation　and　shipping　had　continued　many　yeares；　and　marriners　did　imitate　each　others　obsrevation；　before　the　Science　of　the　Mathematics　was　invented：　It　hapned　that　two　great　Whales　with　a　great　volubility　swimming　in　furious　manner；　did　approach　an　English　ship　of　Traffique　which　was　bound　for　the　Coast　of　Barbary；　laden　with　disvers　good　Commodities　and　Staple　wares。　The　marriners　（as　the　manner　was：）　did　with　al　diligence　cast　overboard　divers　empty　barrels　for　the　whales　to　play　with　all；　and　to　keepe　them　from　the　ship。　The　whales　not　pleased　therewith；　and　a　suddaine　storm　arising；　did　endanger　their　ship；　which　made　them　unawares　to　cast　overboard　many　good　wares　and　rich　Commodities；　wherewith　one　of　the　whales　was　playing。　But　the　other　whale　more　fierce；　strook　the　Ship　many　times　with　his　Taile；　and　at　last　broake　the　Rudder　of　the　Ship；　whereby　they　were　much　hindered　in　their　Sailing；　and　all　the　shippes　of　their　fleete　tooke　the　Start　of　them　and　arrived　to　their　destined　ports；　the　rather　because　they　lost　also　their　sayling　Compasse　by　the　violence　of　the　saide　Stormy　wind　and　tempest。　And　the　marriners　had　leisure　（with　a　Calme）　to　discourse　of　the　Accident　to　question　which　was　the　most　necessary　and　Active　thing　of　True　sailing。　　　　　　Some　did　attribute　the　same　to　the　winds　and　Currant　of　the　Seas；　Others　to　the　sailes　and　agitations　of　the　winds　in　them。　And　others　to　the　compasse　made　by　the　admirable　virtue　of　the　loadstone。　But　all　of　them　were　Novices　in　their　profession；　whereupon　a　merchant　standing　by　（being　a　passenger　in　that　voyage）　used　these　or　the　like　speeches。　My　friends　and　good　fellows；　I　doe　not　a　little　admire　to　heare　you　thus　ignorant　in　matter　of　your　profession：　Can　not　the　losse　of　the　Rudaer　of　our　ship　make　you　sensible　to　understand；　That　the　Active　Part　of　sayling　is　to　bee　ascribed　thereunto；　seeing　it　driveth　the　ship　according　to　all　the　points　of　the　winds　and　variation　of　the　Compasse　being　fastened　upon　the　Paralell　of　the　Keele　of　Equality？　Shipwrights　will　tell　you；　That　if　it　be　not　Rightly　placed；　it　doth　interrupt　sayling：　and　if　it　be　not　of　Compentent　length；　but　that　the　upperbuilding　of　the　ship　doe　sway　the　same；　it　maketh　a　ship　unserviceable：　That　neither　the　direction　of　the　Compasse；　nor　the　Recptacle　of　the　Sailes　forewind；　can　make　her　performe　her　voyage　as　other　shippes　doe。　I　perceive　you　are　like　unto　him　that　did　attribute　to　the　letters　of　a　clocke　diall；　the　shewing　of　the　houre；　and　not　to　the　hand　or　Index；　which　is　the　Active　thing　to　shew　you　the　same；　albeit　it　can　not　doe　the　same　without　the　other；　which　the　Thing　Passive：　you　must　therefore　truely　distinguish　and　attribute　the　efficient　Cause　of　Sayling　to　the　Rudder　of　a　Ship；　and　the　other　are　called　Secondary　or　mean　Causes。　And　they　all　agreed　that　this　observation　was　true。　　　　　　Is　not　the　Moderne　Merchant　of　Hackney　or　the　Author　of　the　Treatise　of　Free　Trade　like　unto　these　Novices？　who　perceiving　two　great　whales　to　have　assulted　the　English　ship　of　Traffique；　The　cruellest　being　the　warres　in　Christendome　and　the　Pirates；　The　other　more　gentle；　being　the　Policy　of　Princes　and　States　in　the　Course　of　Trade；　hath　published　in　the　yeare　of　Grace；　1622。　The　Causes　of　the　decay　of　Trade　in　England；　and　the　means　to　make　the　same　flourish；　without　observation　of　the　operative　power　of　exchange；　which　is　the　Rudder　of　the　Ship　of　Traffique　fastened　upon　the　Rule　of　the　equalitie　of　Moneyes　according　to　their　weithg　and　fineness；　to　be　denominated　by　the　valuation　of　Princes　as　a　matter　perculiarly　appertaining　to　their　Praerogatives。　　　　　　And　because　that　therein；　hee　hath　like　unto　Esops　Jay　clad　himself　with　the　feathers　of　other　Birds：　I　hope　it　will　not　be　impertinent；　To　unmaske　his　discourse；　and　nevertheless　to　supply　（according　to　my　former　Treatises）　The　maintenance　of　free　Trade；　wherin　I　endeavour　to　be　Compendious　and　Substantiall；　and　to　follow　his　Method　and　some　distribution　for　the　better　understanding；　as　a　most　important　businesse　of　State；　which　is　the　cause　that　so　many　Statutes　and　lawes　have　beene　made　concerning　moneyes　and　exchanges。　2。　So　many　Proclamations　for　the　due　execution　thereof　have　bin　published。　3。　Lastly；　so　many　Treatises　and　Conferences　have　beene　had　had　from　Time　to　Time；　Both　with　other　Princes　and　within　our　selves；　which　in　the　judgement　of　the　said　Author　are　neglected　as　unnecessary；　or　by　ignorance　not　mentioned；　concluding　with　him；　That　as　there　are　many　causes　discussed　and　discoursed　of；　at　this　time　of　the　decay　of　Trade：　So　are　there　many　Remedies　propounded；　wherein　if　either　the　Principall　Causes　be　mistaken　（as　hee　hath　done）　or　defective　Remedies　propounded：　The　present　disease　of　this　Trade　may　increase　and　cast　the　Body　into　a　more　dangerous　Sicknes。　For　the　efficient　Cause　being　unknown；　putteth　out　the　Phisitians　eye；　as　the　Proverbe　is。　　　　　　Now　let　us　come　to　the　handling　of　the　particulars　in　order；　and　afterward　to　the　True　Remedies；　which　must　arise　from　the　matter　of　exchange；　as　shall　bee　plainely　demonstrated　to　the　judicious　Reader；　voide　of　partiality；　for　the　exchange　is　the　faculty　or　Spirit　of　the　soule　of　moneyes　in　the　Course　of　Traffique。
  Chapter　One
  The　Causes　of　the　Want　of　Moneys　in　England。
  This　Assertion　we　shall　now　bring　to　the　hammer；　the　Anvel　and　the　Touchstone；　namely　to　firme　Reason；　by　his　owne　first　Argument　of　the　immediate　Cause　of　the　want　of　money　in　England；　alleaged　by　him　to　bee　the　undervaluation　of　his　Majesties　Coyne；　where　he　saith　by　way　of　interrogation：　　　　　　Who　will　procure　licence　in　Spaine　to　bring　Realls　into　England；　to　sell　them　here　at　Tenne　in　the　hundred　Gaine；　which　is　lesse　then　the　exchange　from　thence　will　yeeld；　when　he　may　have　for　the　same；　five　and　twenty　in　the　hundred　in　Holland？　　　　　　Here　in　an　obscure　manner；　he　observeth　the　exchange　from　Spayne　to　be　Sixe　pence　the　Reall；　as　value　for　value；　or　the　Par　in　exchange；　whereby　it　is　les