they　bring　in：　but　onely　the　bringing　of　more　Commodities　into　the　Realme　then　they　carried　out。　The　undervaluation　of　our　moneys；　causeth　no　more　Commodities　to　bee　brought　into　the　Realme；　then　is　carried　out：　Ergo；　the　undervaluation　of　our　moneys；　causeth　not　more　money　to　be　carried　out　of　the　Realme；　then　is　brought　in。　But　lest　this　should　breede　a　Dilemma；　let　us　examine　his　words　concerning　exchanges。　　　　　　It　is　not　the　Rate　of　exchanges；　but　the　value　of　Monyes；　here　low；　elsewhere　high；　which　causeth　their　exportation；　nor　doe　the　exchanges；　but　the　Pleny　and　Scarcity　of　moneys　cause　their　values。　　　　　　There　are　three　waies　to　dissolve　an　argument；　Deniall；　Retorting　and　Distinction。　Deniall　is　too　hostile；　favouring　more　of　obstinacy；　then　of　Arte；　Retortion　is　more　witty；　then　profitable。　But　Distinction　is　like　to　mature　Remedies　compared　to　Purges；　which　clense　and　feede。　Now　the　said　Authour　taketh　the　course　of　Deniall；　and　prooveth　nothing。　　　　　　If　monyes　be　here　low；　and　elsewhere　high；　how　is　this　knowen　but　by　the　Valuation　of　exchange？　considering　the　diversity　of　moneys　of　severall　Standards；　wherein　the　exchange　is　like　to　the　Assay；　whereby　the　finenesse　of　Silver　and　Gold　is　knowne；　grounded　upon　the　quantity；　which　the　exchange　requireth　according　to　the　weight　of　fine　Silver　and　Gold；　contained　in　the　monyes　of　each　Countrey；　which　is　the　intrinsicke　valuation；　and　not　according　to　the　extrinsicke　valuation；　which　is　altered　by　Denomination；　for　the　name　of　a　thing　doth　not　alter　the　value　Really；　but　the　substance　doth　it；　if　it　be　altered；　much　lesse　doth　Plenty　or　Scarcity　of　moneys　cause　their　values；　it　being　contrary　to　the　nature　and　properties　of　money。　The　publicke　Measure；　the　yard　doth　measure　the　Cloth；　but　the　Cloth　doth　not　measure　the　yard。　To　illustrate　the　premisses　by　examples；　I　have　heretofore　shewed　the　consideration　incident。　　　　　　Suppose　that　some　Merchants　Strangers　doe　come　over　into　the　Realme；　to　buy　a　Packe　of　Tenne　Clothes　valued　at　80　pounds　starlin　which　they　are　to　pay　in　Gold　and　Silver；　and　yet　they　doe　not　know；　what　the　weight　and　finenesse　of　our　Starlin　money　is；　neither　doth　the　English　Merchants　know　the　weight　and　fineness　of　the　forraine　Coyne；　which　they　have　brought　over：　hereupon　to　content　both　parties；　the　moneyes　on　either　side　must　bee　tried　by　the　Subtill　Assay　according　to　their　finenesse；　calculated　upon　the　pound　weight　they　answer　each　other　accordingly；　and　so　this　negotiation　is　（in　effect）　but　a　Permutation　of　monyes　for　Commodities；　before　exchange　was　invented。　　　　　　This　being　not　well　observed；　might　cause　men　to　be　deceived；　as　the　Pewterer　（sometimes　an　Alderman　of　London）　was；　who　beeing　used　to　change　old　Pewter　for　new；　taking　a　consideration　for　the　fashion；　would　take　the　like　course　in　the　buying　of　Silver　Plate　of　a　Goldsmith；　delivering　his　money　by　weight；　whereby　he　sustained　a　losse；　because　hee　did　deliver　him　a　quanity　of　old　groates；　which　were　lighter　then　their　value；　as　also　other　Starlin　moneys；　which　were　worne　out　in　continuance　of　time；　and　much　under　their　true　weight。　And　boasting　of　his　good　bargaine；　hee　was　made　to　calculate　what　an　ounce　of　silver　did　stand　him；　and　he　found　that　by　these　meanes；　he　had　paide　6　shillings　the　ounce　of　that；　which　was　offered　unto　him　for　5　shillings；　6　pence。　Fallere　fallentem　no　est　fraus。　　　　　　The　lighnesse　of　this　Pewterers　money　may　be　compared　to　the　low　exchange　in　the　undervaluation　of　our　moneys；　by　exchange；　for　if　a　Merchant　Stranger　did　bring　over　money　in　specie　at　this　time；　to　buy　commodities　within　the　Realme；　and　deliver　the　same　here　according　to　the　very　value　in　payment　by　the　Assay；　and　thereupon　doe　looke　backe　how　his　mony　is　overvalued　in　regard　of　the　exchange；　wherby　he　might　have　made　over　the　same　by　a　bill　of　exchange；　he　shall　finde　a　farre　greater　losse　then　the　Pewterer　did；　not　of　6　pence　in　an　ounce；　but　above　nine　pence　in　every　ounce　of　Silver。　Great　are　the　gaines　to　be　made　by　exchanges；　without　ever　to　deale　or　meddle　with　any　Commodities　at　all。　　　　　　I　know　that　to　the　judicious　Merchants；　I　have　given　cause　of　offence；　to　have　written　so　much　in　the　defence　of　exchange；　But　knowing　that　many　grave　and　discreete　persons　have　given　over　this　Princely　Study；　imagining　therein　more　mystery　then　there　is；　rather　then　they　would　take　paines　to　understand　it：　I　have　bin　prolixe；　wishing　that　the　saide　Authour　had　the　Purity　of　understanding　to　know　the　Parity　of　so　many　exchanges；　as　have　been　divised　in　Italy；　Germany；　France；　Spaine；　The　Low　Countries；　Eastland；　Poland；　and　other　places；　at　large　declared　in　my　booke；　Lex　Mercatoria；　serving　all　Societies　and　Companies　of　Merchants　to　bee　mindfull　of　the　Common　Wel…fare；　wherein　Master　Hussy　Governour　of　the　Merchants　Adventurers　company　in　the　beginning　of　Queene　Elizabeths　Raigne　tooke　great　paines　with　others；　To　find　and　establish　the　True　Par　of　exchange；　which　was　examined　and　altered　in　the　yeares；　1564；　and　1576　as　also　in　the　yeares　1586　and　1600；　my　selfe　being　a　Commissioner　in　the　later：　But　the　true　Remedy　to　rule　the　course　of　exchange；　was　but　lately　found　out。　　　　　　Concerning　the　government　of　Trade；　wee　have　noted　heretofore；　that　in　all　Traffiques；　the　generall　doth　governe　the　particular。　some　would　have　other　nations　to　come　to　buy　the　Commodities　of　us；　within　the　Realme；　for；　say　they；　there　is　according　to　the　Proverb；　twenty　in　the　hundreth　difference　between　Will　you　buy？　and　Will　you　sell？　These　men　have　no　consideration　of　the　maintenance　of　navigation；　which　is　the　greatest　strength　of　the　Realme；　whose　defence　（next　under　God）　consisteth　most　of　Ships　and　well　experienced　Marriners。　Whereas　also　the　transporting　of　our　Cloth　to　certaine　places；　causeth　other　nations　to　resort　thither　to　buy　them；　which　may　bee　more　properly　called　to　be　Will　you　sell？　Seeing　that　those　nations　doe　bring　their　owne　Commodities　unto　our　Merchants　to　the　places　by　them　appointed；　as　Delf　and　Hamborough；　which　is　（in　effect）　as　much　as　Will　you　buy？　And　would　not　this　be；　Will　you　buy？　if　in　a　dispersed　and　stragling　manner；　our　Cloth　were　carried　to　all　markets　beyond　the　seas　in　severall　places；　which　would　take　away　the　desire　of　buying：　for　he　that　buyeth；　doth　it　in　hope　of　gaine　to　be　had　in　places　where　he　intendeth　to　carry　the　Commodities；　which　Commodities　if　hee　knoweth　to　bee　extant　in　most　places　to　be　vented；　will　quench　his　desire　of　buying：　and　hee　that　commeth　to　barter　other　Commodities　for　ours；　hath　the　like　consideration。　　　　　　But　let　us　admit；　that　our　Cloth　would　bee　advanced　in　price；　when　men　（should　by　multitudes）　run　to　the　markets；　or　into　the　countrey　in　al　places　to　buy　it：　what　would　be　the　event　of　it？　It　would　not　onely　bee　solde　beyond　the　seas　with　a　smaller　gaine　and　many　times　to　losse　（we　being　naturally　to　make　speedy　returne：）　but　we　should　also　pay　dearer　for　the　forraine　Commodities；　which　wee　should　obtaine　by　way　of　Permutation；　or　for　the　Billes　obligatory　of　the　Merchants　to　who　wee　sell　our　Cloth：　and　if　our　Merchants　were　cut　off；　and　that　other　nations　should　buy　the　Cloth　within　the　Realme；　and　so　advance　the　price　thereof：　（as　it　happeneth　most　commonly　in　France　and　Spaine　at　the　Vintage　time　with　their　Wines　&　Raisons：）　Then　forraine　Commodities　would　be　sold　dearer　unto　us　by　them　againe：　for　the　small　gaine　had　upon　our　Commodities　causeth　us；　and　would　cause　them　to　seeke　a　better　gaine　upon　the　forraine　Commodities　to　the　generall　hurt。　　　　　　Others　would　have　all　things　at　large　in　the　course　of　Traffique；　and　that　there　should　be　no　societies　or　corporations　of　Merchants　for　any　places　of　Trade　（terming　them　to　be　Monopolies）　but　that　by　way　of　partnership　Merchants　might　associate　themselves；　according　to　the　manner　of　some　other　Countries：　These　men　have　no　regard；　that　innovations　are　as　dangerous；　as　to　remoove　the　corner　stones　of　a　building；　neyther　doe　they　observe　a　momentary　difference　betwixt　the　Government　of　a　Monarchy；　and　that　especially　in　an　Iland：　and　the　government　of　a　Democracy　which　is　popular；　or　of　an　Aristocracy；　which　is　governed　by　the　better　sort　of　the　people；　these　seeking　by　all　meanes　to　make　their　Countries　populous　by　the　inhabiting　of　all　nations　for　the　increase　of　their　meanes　collected　by　impositions　and　Aczises；　and　that　upon　all　things　consumed　and　most　upon　victuals；　the　other；　namely　the　Monarchy；　avoiding　asmuch　as　they　can；　the　multitude　of　forraine　nations　to　inhabite　within　their　government；　and　holding　impositions　and　Taxes　to　bee　done　with　great　advisement。　And　that　the　overballancing　of　forraine　Commodities　with　the　native　Commodities　may　be　prevented；　which　by　the　other　is　not　regarded；　neither　can　it　bee　by　them　observed。　　　　　　The　Providence　of　the　State　hath　also　a　great　consideration　in　the　course　of　Trade；　under　government　in　appointed　places；　especially　in　that　of　the　Merchant　Adventurers　company；　（who　have　the　managing　of　the　creame　of　the　land；　the　maine　Trade　of　the　kingdome；　and　doe　expose　to　adventure　the　greatest　part　of　the　wealth　therof　with　forraine　nations　in　troublesome　times　of　wars：）　because　they　may　by　this　order　be　soone　remooved　or　called　home　upon　occasion；　which　cannot　be