rom　Spayne　to　be　Sixe　pence　the　Reall；　as　value　for　value；　or　the　Par　in　exchange；　whereby　it　is　less　（as　hee　saith：）　and　hee　doth　account　the　price　of　8。　Reals　at　51　Stivers　in　Holland；　and　the　Rate　of　exchange　at　22　shillings　4　pence　Flemish　to　answer　our　20　shillings　Starlin　as　at　Par　pro　Pari　for　those　parts；　howbeit　that　42　shillings　6　pence　Flemish　payde　there　for　the　5　Realls　of　8　make　25　shillings　6　pence　Starlin　according　to　that　Computation；　howsoever　wee　see　that　this　is　grounded　upon　the　exchange；　which　is　the　efficient　Cause　thereof；　otherwise　the　15　in　the　hundreth　to　be　gotten　in　Holland　more　than　in　England：　is　altogether　imaginary　and　not　Reall。　For　example　let　five　of　these　Realls　of　8　be　bought　here　for　22　shillings　Starlin；　and　bee　transported　into　Holland；　and　there　buy　commodities　with　the　same；　according　as　the　price　of　them；　is　inhaunced　there；　no　man　maketh　any　doubt；　but　that　the　said　Commodities　are　also　raised　in　price；　according　to　the　money　inhaunced。　So　that　the　gayne　becommeth　uncertaine；　for　the　Commodities　may　be　sold　to　losse。　But　the　merchants　trading　in　Spaine；　which　cause　their　Realls　to　be　sent　from　Spaine　thither；　or　doe　transporte　them　from　the　Downes：　Rely　wholy　upon　the　lowe　exchange；　whereby　they　are　inabled　to　deliver　their　money　there；　by　exchange　at　an　undervalue；　in　giving　there　but　33　shillings　4　pence　and　under；　to　have　20　shillings　Starlin　payed　by　Bill　of　exchange　in　England；　whereby　the　kingdome　maketh　good　unto　them　the　said　15　upon　the　hundreth。　For　this　Reall　of　8　was　valued　but　at　42　Stivers；　when　the　Par　of　exchange　was　made　to　be　33　shillings　4　pence；　in　the　yeare　1586；　when　Robert　Dudley；　Earle　of　Leycester；　went　to　take　the　government　of　those　Countries；　And　shal　we　now　receive　in　exchange　the　said　price　of　8　Reals　for　51　Stivers；　which　is　about　five　shillings　and　one　peny　Starlin；　because　they　have　inhaunced　the　same　to　their　advantage；　and　continue　the　Par　of　exchange　at　33　shilling　4　pence　by　which　Computation　the　said　42　Stivers　make　but　four　shillings　two　pence　half　penny　or　thereabouts　in　true　value？　Absit　ignorantia。　Whereas；　if　our　merchants　of　Spaine　should　give　the　saide　price　there　in　exchange　for　42　Stivers；　as　they　did　formerly；　（and　may　be　done　by　order　of　exchange：）　They　shall　not　finde　thereby　Ten　in　the　hundreth　gaine；　which　they　can　make　here　more　certaine　and　commodiously；　whereby　this　money　will　be　imported；　without　inhauncing　of　our　Coyne。　This　is　so　plaine　in　the　understanding　of　Merchants；　that　there　needeth　no　other　explanation；　for　it　demonstrateth　manifestly；　that　if　the　lowe　exchange　were　not；　This　Gayne　would　proove　to　be　Imaginary；　as　we　have　noted。　And　this　causeth　these　Realls　of　Spayne　to　be　diverted　from　us；　and　might　els　be　imported　to　the　said　Merchants　or　others；　which　doe　practice　upon　the　Benefite　of　moneys　to　bee　made　betweene　the　exchange　and　moneys。　　　　　　For　the　Rule　is　infallible；　That　when　the　exchange　doth　answer　the　true　value　of　our　moneys　according　to　their　intrinsicke　weight　and　fineness；　and　their　extrinsicke　valuation：　They　are　never　exported；　because　the　Gayne　is　answered　by　exchange；　which　is　the　Cause　of　Transportation。　This　cause　being　prevented；　maketh　the　effect　to　cease；　and　this　is　engraffed　in　every　man's　judgement；　according　to　the　Maxima　often　noted　heretofore；　Sublata　Causa；　Tollitur　effectiu。　　　　　　So　that　exchange　still　hath　the　command　and　striketh　the　Stroake；　insomuch　that　albeit　the　price　thereof　riseth　and　falleth；　according　to　Plenty　or　Scarcity　of　money：　yet　moneys　are　overruled　thereby。　For　is　you　inhaunce　the　Coyne；　the　exchange　doth　controlle　it　and　rise　accordingly。　And　if　you　undervalue　the　same；　The　exchange　in　like　manner　doth　fall　in　price。　Wherein　note　the　operation　of　exchange　both　here　and　beyond　the　Seas；　in　places　where　exchanges　runne　upon　the　pound　of　20　shillings　Starlin。　If　the　inhauncing　of　Coyne　be　beyond　the　Seas；　and　the　exchange　be　not　made　accordingly：　Then　our　moneys　are　carried　out。　If　the　inhauncing　of　Coyne　were　made　here：　E　contra；　moneys　would　bee　imported。　But　the　merchant　Stranger；　who　observeth　the　rule　of　exchange；　and　（will　not　be　over…taken　as　wee　are；）　will　over…rule　the　same　ipso　facto；　and　give　you　so　much　less　in　exchange；　as　we　shall　inhaunce　our　Coine　by　valuation；　or　imbase　the　same　by　Allay。　In　like　manner　if　you　Cry　downe　moneys　beyond　the　Seas；　Th'exchange　will　alter　in　price　accordingly：　and　if　you　Cry　down　moneys　here；　or　undervalue　them　by　name；　Th'exchange　ought　to　Rule　and　to　make　the　denomination　accordingly　in　price；　and　still　remaineth　Predominant　over　moneys　and　commodities。　For　even　as　Commodities　being　the　Body　of　Trafficke；　draw　unto　them　moneys；　and　therein　may　seeme　to　be　Active；　yet　money　（being　the　right　judge　or　Rule　which　giveth　or　imposed　a　price　unto　Commodities：）　is　the　Thing　Active；　and　Commodities　become　the　thing　Passive：　Even　so；　although　money　is　the　Subject　whereupon　exchanges　are　made：　yet　still　th'exchange　is　made　to　Rule　moneys；　To　the　end；　that　the　value　thereof　should　bee　answered　by　the　Publike　Measure　of　exchange；　To　prevent　all　abuses　and　inconveniences　arising　by　the　price　of　Commodities；　and　the　valuation　of　moneys　in　exchange：　which　moneys　are　either　Reall　or　imaginary；　according　to　the　Custome　of　the　place　of　exchange　by
  the　device　of　Bankers。　　　　　　This　was　Seriously　observed　in　the　yeere　1576　by　divers　most　honourable　and　Grave　Counsellours　of　State；　Namely；　Sir　Nickolas　Bacon；　Lord　Keeper　of　the　great　Seale；　Sir　William　Burghley　Lord　Treasurour　of　England；　Thomas　Earle　of　Sussex；　Francis　Earle　of　Bedford；　Sir　Francis　Knowles；　Sir　James　Croft；　and　Master　Secretarie　Walshingham；　with　the　assistance　of　other　worthy　persons　of　experience；　namely　Sir　Thomas　Chamberlain；　Sir　Thomas　Gresham　Knight；　Master　Peter　Osborne；　Master　James　Altham；　Master　Thomas　Rivet；　and　Master　Richard　Martin；　Master　of　the　Mints：　for　they　found　that　the　following　inconveniences　were　practised；　by　Bankers　or　exchangers　for　their　Private　gaine　and　benefite；　for　the　advancing　of　some　Common…weales；　and　the　destruction　of　other　Common…weales。　　　　　　To　lay　their　money　with　Gaine　in　any　place　of　the　world；　where　exchange　lyeth。　　　　　　To　Gaine　and　waxe　Rich；　and　never　meddle　with　any　Princes　Commodity；　or；　　　　　　To　buy　any　Princes　Commodity　with　the　Subjects　money；　and　not　one　pennie　of　their　owne。　　　　　　To　understand　whether　money　employed　on　exchange　or　Commodities　is　more　profit。　　　　　　To　live　and　increase　upon　every　Princes　Subject；　which　take　up　moneys。　　　　　　To　winde　out　every　Princes　Treasure　out　of　his　Realme；　whose　Subjects　bring　in　more　Wares；　then　they　carry　out。　　　　　　To　make　the　Staple　of　money　Runne；　where　the　Rich　Prince　will　have　it。　　　　　　To　unfurnish　the　poore　Prince　of　his　provision　of　money　in　Warres。　　　　　　To　furnish　their　need　of　money；　that　tarry　the　selling　of　their　Wares　or　Commodities。　　　　　　To　take　up　money　to　engrosse　any　Commodity；　or　to　incorporate　any　Trade。　　　　　　To　hide　their　carrying　away　of　any　Princes　money。　　　　　　To　fetch　away　any　Princes　fine　money；　with　the　baser　money　of　other　Princes。　　　　　　To　take　up　Princes　base　money；　and　turne　it　into　fine；　and　pay　the　party　with　his　owne。　　　　　　To　get　all　Merchants　money　into　their　hands　and　gaine　thereby；　and　paying　them；　with　their　owne。　　　　　　To　make　that　Realme　gaine　of　all　other　Realmes：　whose　Subjects　live　most；　by　their　owne　Commodities；　and　sell　yeerely　the　over…plus　into　the　world；　and　both　occupie　that　increase　yeerely；　and　also　their　old　store　of　Treasure　upon　exchange。　　　　　　To　undoe　Realmes　and　Princes；　that　looke　not　to　their　Common…wealth；　when　the　Merchants　wealth　in　such　and　the　great　houses　of　one　Countrie；　conspire　together；　so　to　rule　th'xchange；　that　when　they　will　be　Deliverers；　they　will　receive　in　an　other　place　above　the　Standard　of　the　Minte　of　the　Princes　money　dilivered：　and　when　they　will　be　Takers；　they　will　pay　the　same　in　an　other　place；　under　the　Standard　of　the　Princes　money　taken　up。　　　　　　To　get　ready　money　to　buy　any　thing　that　is　offered　cheape；　and　to　raise　the　price　of　Wares。　　　　　　To　get　a　part；　and　sometimes　all　his　Gaines；　that　employeth　money　taken　up　by　exchanges；　in　Wares；　and　so　make　others　travell　for　their　Gaine。　　　　　　To　keepe　Princes　from　having　any　Customes；　Subsidies；　or　Taxes　upon　their　money；　as　they　employ　it　not。　　　　　　To　value　justly　any　Wares　they　carry　into　any　country；　by　setting　them　at　a　value；　as　the　money　that　bought　them；　was　then　at　by　exchange　in　the　Countrie；　whither　they　bee　carried。　　　　　　By　the　premisses　we　may　see；　of　what　importance　the　operation　of　exchange　is；　wherein　the　endeavours　of　Sir　Thomas　Gresham；　thinking　to　rule　th'exchange　of　England　by　plenty　of　money　proveth　fruitlesse；　and　might　have　beene　done　with　more　facilitie　by　direction；　as　shall　be　made　manifest。　　　　　　This　was　the　cause　that　the　French　King　Lewys　the　ninth；　and　Philip　the　faire；　did　Confiscate　the　Bankers　Goods；　and　so　did　Philip　de　Valois；　who　indited　them　as　Coozeners　of　the　Common…　wealth；　for　it　was　found；　that　in　a　short　time　（with　24；　thousand　pounds）　they　had　gotten　foure　and　twentie　hundred　thousand　pounds。　The　kingdome　of　England　would　have　beene　more　sensible　of　the　like　losse；　if　the　hostile　depredations　heretofore　made；　had　not　supplied　the　s