1622
　　TheMaintenanceofFreeTrade，AccordingtotheThreeEssentiallPartsofTraffique；NamelyCommodities，MoneysandExchangeofMoneys，byBillsofExchangesforotherCountries。
　　OranswertoaTreatiseofFreeTrade，orthemeanestomakeTradefloushish，latelyPublished。
　　ContrariaiuxtasePofitamagisElucescunt。
　　byGerardMalynesMerchant。
　　London，PrintedbyI。L。forWilliamShefford，andaretobesoldathisshop，attheentringinofPopesheadAllieoutofLumbardStreet，1622。
　　ToTheMostHighandMightyMonarch，James，bythegraceofGod，KingofgreatBritaine，FranceandIreland，DefenderoftheFaith，etc。
　　Traffique，（MostDreadandgraciousSoueraigne）byNatureAdmirable；andbyArtAmiable；beingtheSolepeacibleInstrument，toinrichKingdomesandCommonweales:mayproperlybecalled，ThePraeheminentStudieofPrinces；therather，becausetheSacredwisdomehathapprouedthisAxiom:ThataKingismiserable（howrichsoeverhebe:）ifheRaignesoverapoorepeople；andthat，thatKingdomeisnotabletosubsist（howRichandPotentsoeverthepeoplebe:）iftheKingbeenotabletomaintainehisEstate。Bothwhich，（beingRelatives）aredependinguponTraffiqueandTrade，whichisperformedunderThreeSimplesorEssentiallparts，namely，Commodities，Moneys，andExchangeforMoneysbyBills。WhereuponhavinglatelyperusedaTreatiseintituledFreeTrade，or，ThemeanestomakeTradeflourish；
　　whereintheAuthor，eitherignorantlyorwillfully，hathomittedtohandleThePredominantPartofTrade，namely，theMysteryofExchange:whichisthePublikemeasurebetweenusandotherNations，accordingtowhich，allourCommoditiesareboughtandsoldinforraineparts:hisonlyScapebeing，tohavetheMoneyoftheKingdomeinhauncedinprice，andtheforraineCoynesmadeCurrantwithintheRealmeathighRates。（wherebygreatinconvenienceswillfollow:）Icouldnotbutbeemoved，bothbymyfaithfullalleagencedueuntoyourMajestie，andtheobservantdutyowingbymee，tothePublikegood:）TomakeanansweretothemateriallpointsofthesaideTreatise，bycomparingthingsbycontrariesforthebetterillustration；theratherforthatitwaspublishedinArticulotemporis，whenyourMajestiesvigilantPrincelyCare，hadbeenpleasedtoreferretheConsiderationofthisimportantbusinesseofState，totheLearned，LordVizcountMaundevile，LordPresidentofyourMajestiesmostHonourablePrivyCouncell，andotherpersonsofknowledgeandexperience:
　　amongstwhom（althoughunworthy）myselfewascalled，andouropinionswerecertifieduntoyourHighnesse。
　　FortheConsiderationofthisweightymatterofgreatConsequence，isabsolutelytobesubmitteduntoyourHighWisedomeandTranscendentjudgement，bymeanswhereof（accordingtothesayingofEpictetusthePhilosopher，HocestMaximeiudicis，AptareVniuersaliasingularibus，）AllCausesbothEcclesiasticallandCivill，areobserved，discernedandapplyedtotheirproperanddeterminateends。
　　YourMajestietherefore，maybeepleasedtovouchsafe（withagraciousaspect）thereadingofthissmallTreatise，which（likeuntothelittlefish，mentionedbyPlutarch，swimmingbeforethegreatWhale，givingnoticeofdangerousshallowplaces；）shallbeamplyexplainedinaVolume（almostimprinted:）
　　intituledLexMercatoria，ortheAncientLaweMerchant，which（inallhumility:）istobeepresenteduntoyourmostSacredMajesty；
　　whereininthedangerousRockes，（tobeavoydedintheCourseofTraffique，andthemeansthereuntoconducing:）aremanifestedforthepreservationandaugmentationofthewealthofyourHighnesseRealmsandDominions，tobeeeffectedbytheRuleofiusticegroundeduponAEqualityandAequityaccordingtoiusgentium，whichischieflymaintainedbytheLaweMerchant。Theknowledgewhereof，isofsuchmoment，thatallotherTemporallLawes（withoutit）arenotcomplete，butimperfect。
　　Worthyofcommendation，arethoseoffices，whocanbyProvidencepreservetheTreasureofKingsandCommonweales；
　　worthierarethosethatboth（byhonestandlawfullmeanes）canpreserveandaugmentthem:butworthiestofallimmortallpraise，arethese，whocananddoe（byeasie，just，andPolitikemeanes）
　　inrichKingdomesandCommon-weales，andtherebyfillthePrincesCofferswithstandingTreasure，toservealloccasionsinthetwoseasons，whichPrincesaretocarefor；（observedbytheEmperourIustinian，）namelytheTimeofWarre，whenArmesarenecessary，andthetimeofPeace，morefittingwholesomeLawes。IntheTheorickePartofwhichStudy，Ihavethesefortyyearesspentmuchtimeandchargesatthepleasureofgreatpersonages:andalbeitnothingdidencountermeebutingratitude，yetmyconstancytospendtheRemainderofmydayestherein，（inhopeofPractise，）isasimmoveableasthecontinuanceofmydailyprayers，totheGreatIehovah，tomultiplyyourMajestiesdayesasthedayesofheaven。
　　Londonthe25ofOctober，1622
　　YourMajestiesmostLoyallSubjectGerardMalynes。
　　TheMaintenanceofFreeTrade，AccordingtotheThreeEssentiallpartsofTraffique，namely，Commodities，Monyes，andExchangeofMonyesbybillesofExchanges，forotherCountries。
　　NaturalMotherwit，didteachman，beforeArtsorScienceswereinvented；thatofallthingsandinallhumaneactions:theBeginning，Progresse，ContinuanceandTerminationorEndistobeeobserved；whereuponPoliticiansorStatesmenhavenoted，thattheoftencomparingofathinguntohisPrincpleorOriginallproduceththelongercontinuance，shewing（bydigression）howthesameisdecayedandmaybeereducedtothefirstintegrityandgoodnesse。Fortherewasneveranythingbythewitofmansowelldevised，orsosureestablihed；whichincontinuanceoftimehathnotbincorrupted。
　　Theconsiderationwhereofismostrequisite，inthereformationofthecourseofTraffique，asamattereminentforthegoodandwelfareofCommonweales，andespeciallyforEngland。
　　Quiavitacivilisissocietatepositaest，Socretasauteminimperio&commercio。
　　Accordingtothisrule，letusobserve，thatalltheTraffiqueandTradebetweeneusandforrainenations，isperformedunderthreeSimples，whicharetheessentialPartstherefo，namely，Commodities，Monyes，andExchangeofmoneybyBillsforforraineParts；whichmaybeaptlycomparedtotheBody，SouleandSpiritofTraffique。
　　TheFirstastheBody，upheldtheworldbyCommutationandBartringofcommodities，untillmoneywasdevisedtobecoyned。
　　TheSecond，astheSoulsintheBody，didinfuselifetoTraffiquebymeansofEqualityandEquity，preventingadvantagebetweeneBuyersandSellers。
　　TheThird，astheSpiritandfacultyofthesoule（beeingseatedeverywhere）corroborateththeVitallspiritofTraffique，directingandcontrolling（byjustproportions）thepricesandvaluesofcommoditiesandmonyes。
　　NowevenasmonyeswereinventedtobeecoynedofthepurestmettalsofsilverandgoldtobeetheSquareandRuletosetapriceuntoallcommoditiesandotherthingswhatsoeverwithintheRealme，andthereforecalledPublicaMensura:evensoisexchangeofmonyesbyBills，ThePublikeMeasurebetweenusandforrainecountries，accordingtowhich，allcommoditiesareboughtandsoldinthecourseofTraffique；forthisexchangeisgroundedupontheweight，finenessandvaluationofthemoneyofeachcountrey:albeitthepricethereofinexchangedothriseandfallaccordingtoscarcityandplentyofmoney，andthefewormanydeliverersandtakersthereof。
　　ThesethreeessentialpartsofTraffiquearetobeeconsideredjoyntlyanddividedforthegoodofCommonwealesinthebenefitetobeprocuredforthegenerallwelfare，orfortheparticularprofitofsomefewpersons；foralbeitthatthegeneralliscomposedoftheparticular:yetitmayfallout，thatthegeneralshallreceiveanintollerableprejudiceandlosse，bytheparticularandprivatebenefiteofsome:These（inthisrespect）arenottoberegarded，especiallyiftheymaymakethelikebenefite（insomemeasure）withouthurtordetrimenttothegenerall。
　　SomeMerchantsdoedealeallforCommodities，othersforMonyes，andothersomealtogetherforExchangesorallthree，orthatwhichyeeldeththemmostgaine:andcommonlywithoutconsiderationhadofthegoodoftheCommonwealth，whichisthecausethatPrincesandGovernoursaretofitatthesternofthecourseofTradeandCommerce。
　　Fortospeakeingeniously，Merchantscannotenterintoconsiderationofthequantityofforrainecommoditiesimportedatdearerates，andthehomecommoditiesexportedatlesserratesRespecitivelyinformertime；bythedisproportionwhereofcommethanevidentoverballancingofcommodities。Merchantsdoenotregard，whetherthemonyesofaKingdomeareundervaluedinforraineparts，wherebyourmonyesareexported；whentheexchangedothnotanswerthetruevaluebyBilles，andthemonyesofothercountryescannotbeeimported，butwithanexceedinglosse，whicheverymanshunneth。Trueitis，thattheyobservewithintheRealmetokeepethepriceofmoneyataStand，accordingtotheKingsvaluation:butinforraineparts，theyrunnewiththestreame，headlongdownewithothernations，withoutconsiderationoftheirownehinderance。MerchantsdoenotknowtheweightandfinenesseofmonyesofeachCountrey，andtheproportionsobservedbetweeneGoldandSilver，northedifferenceofseverallStandardsofcoyne；amattersonecessaryforthemtoknow，tomaketherebyprofitablereturnesoftheprovenueofourhomecommodities，eitherinMoney，BullionorWares。FinallyMerchants（seekingtheirPrivatumCommodum）takenoticeonelyofwhatisprohibitedandcommanded，whereasitmayfalloutalso，thattorequiretheiropinionforthereformationofsomeabuses:
　　theymaybeethoughtmanytimesasunfit，astocalltheVintnertotheconsultationoflawestobeemadeagainstdrunkards。
　　KingsandPrincestherefore，whicharethefathersofthegreatfamiliesofCommonwealesaretobecarefullforthegenerallgoodsothattheexpencesdoenotexceedeorsurmounttheincombesandrevenuesthereof，accordingtothesayingofMarcusCato，OportetPatrem，familias，vendacemesse，nonemacem，HeemustbeeaSeller，andnotaBuyer。
　　Fortheeffectingwhereof，thereisaseriousstudytobeehadinthetrueunderstandingoftheThreeessentialPartsofTraffique，whereofthecourseofexchange（whichisthemostneglected）willbefoundtobeetheefficientCause，whichwithusisPraedominant，andoverruleththecourseofMonysandCommodities，asshallbedeclaredinthisdiscourse。FortheseThreepartsofTraffiqueconcurrejoyntlytogetherintheirproperfunctionandnature，byanorderlycarriage，accordingtotheirfirstinventionandinstitution。
　　ForastheElementsarejoynedbySymbolization，theAyretotheFirebywarmness；theWatertotheAyre，bymoisture；theEarthtotheWater，bycoldness:Soisexchangejoynedtomonyes，andmonyestocommodities，bytheirproperqualitiesandeffects。
　　AndeverasinaClocke，wheretherebemanywheeles，thefistwheelbeingstirred，driveththenext，andthatthethird，andsofoorth，tillthelastthatmoveththeinstrumentthatstrikestheclocke；evensoisitinthecourseofTraffique:forsincemoneywasinventedandbecamethefirstwheelewhichstirreththewheeleofCommoditiesandinforceththeAction。ButthethirdwheeleofexchangeofmonyesbetweeneCountreyandcountrey，beingestablishedandgroundeduponmonyes，is（ineffect）liketotheinstrumentthatstrikeththeClocke，beingthereinthethingActive，andCommodities&MonyesarebecomethingsPassive:
　　insomuchthattheSequelethereofmaybecompareduntoArchersshootingattheButtes，directingtheirArrowesaccordingastheBlankedothstand，highorlow；forsodoMerchantsbyexchangeinthesaleofcommoditiesandnegotiationofmonyes，withoutwhich，commoditiesliedeadinallmarkettes。SincetheAncientCommutationofcommoditiesinkinddidcease，andthebodyofCommoditiesdothnotworkewithouttheSpiritwhichisexchange，sothatthisobservationbeingneglected:thewholeinstrumentofTrademustneedesbeeoutoforder，anddiscompounded，likeadistempteredLock，whichwilneitheropennorshut。
　　WhentheArtofnavigationandshippinghadcontinuedmanyyeares，andmarrinersdidimitateeachothersobsrevation，beforetheScienceoftheMathematicswasinvented:IthapnedthattwogreatWhaleswithagreatvolubilityswimminginfuriousmanner，didapproachanEnglishshipofTraffiquewhichwasboundfortheCoastofBarbary，ladenwithdisversgoodCommoditiesandStaplewares。Themarriners（asthemannerwas:）didwithaldiligencecastoverboarddiversemptybarrelsforthewhalestoplaywithall，andtokeepethemfromtheship。Thewhalesnotpleasedtherewith，andasuddainestormarising，didendangertheirship，whichmadethemunawarestocastoverboardmanygoodwaresandrichCommodities，wherewithoneofthewhaleswasplaying。Buttheotherwhalemorefierce，strooktheShipmanytimeswithhisTaile，andatlastbroaketheRudderoftheShip，wherebytheyweremuchhinderedintheirSailing，andalltheshippesoftheirfleetetooketheStartofthemandarrivedtotheirdestinedports，theratherbecausetheylostalsotheirsaylingCompassebytheviolenceofthesaideStormywindandtempest。Andthemarrinershadleisure（withaCalme）todiscourseoftheAccidenttoquestionwhichwasthemostnecessaryandActivethingofTruesailing。
　　SomedidattributethesametothewindsandCurrantoftheSeas；Otherstothesailesandagitationsofthewindsinthem。
　　Andotherstothecompassemadebytheadmirablevirtueoftheloadstone。ButallofthemwereNovicesintheirprofession；
　　whereuponamerchantstandingby（beingapassengerinthatvoyage）usedtheseorthelikespeeches。Myfriendsandgoodfellows，Idoenotalittleadmiretoheareyouthusignorantinmatterofyourprofession:CannotthelosseoftheRudaerofourshipmakeyousensibletounderstand，ThattheActivePartofsaylingistobeeascribedthereunto，seeingitdriveththeshipaccordingtoallthepointsofthewindsandvariationoftheCompassebeingfastenedupontheParalelloftheKeeleofEquality？Shipwrightswilltellyou，ThatifitbenotRightlyplaced，itdothinterruptsayling:andifitbenotofCompententlength，butthattheupperbuildingoftheshipdoeswaythesame，itmakethashipunserviceable:ThatneitherthedirectionoftheCompasse，northeRecptacleoftheSailesforewind，canmakeherperformehervoyageasothershippesdoe。Iperceiveyouarelikeuntohimthatdidattributetothelettersofaclockediall，theshewingofthehoure，andnottothehandorIndex，whichistheActivethingtoshewyouthesame，albeititcannotdoethesamewithouttheother，whichtheThingPassive:youmustthereforetruelydistinguishandattributetheefficientCauseofSaylingtotheRudderofaShip，andtheotherarecalledSecondaryormeanCauses。Andtheyallagreedthatthisobservationwastrue。
　　IsnottheModerneMerchantofHackneyortheAuthoroftheTreatiseofFreeTradelikeuntotheseNovices？whoperceivingtwogreatwhalestohaveassultedtheEnglishshipofTraffique，ThecruellestbeingthewarresinChristendomeandthePirates，Theothermoregentle，beingthePolicyofPrincesandStatesintheCourseofTrade；hathpublishedintheyeareofGrace，1622。
　　TheCausesofthedecayofTradeinEngland，andthemeanstomakethesameflourish，withoutobservationoftheoperativepowerofexchange，whichistheRudderoftheShipofTraffiquefastenedupontheRuleoftheequalitieofMoneyesaccordingtotheirweithgandfineness，tobedenominatedbythevaluationofPrincesasamatterperculiarlyappertainingtotheirPraerogatives。
　　Andbecausethattherein，heehathlikeuntoEsopsJaycladhimselfwiththefeathersofotherBirds:Ihopeitwillnotbeimpertinent，Tounmaskehisdiscourse，andneverthelesstosupply（accordingtomyformerTreatises）ThemaintenanceoffreeTrade，wherinIendeavourtobeCompendiousandSubstantiall，andtofollowhisMethodandsomedistributionforthebetterunderstanding，asamostimportantbusinesseofState，whichisthecausethatsomanyStatutesandlaweshavebeenemadeconcerningmoneyesandexchanges。2。SomanyProclamationsforthedueexecutionthereofhavebinpublished。3。Lastly，somanyTreatisesandConferenceshavebeenehadhadfromTimetoTime，BothwithotherPrincesandwithinourselves，whichinthejudgementofthesaidAuthorareneglectedasunnecessary，orbyignorancenotmentioned；concludingwithhim，Thatastherearemanycausesdiscussedanddiscoursedof，atthistimeofthedecayofTrade:SoaretheremanyRemediespropounded，whereinifeitherthePrincipallCausesbemistaken（asheehathdone）ordefectiveRemediespropounded:ThepresentdiseaseofthisTrademayincreaseandcasttheBodyintoamoredangerousSicknes。FortheefficientCausebeingunknown，puttethoutthePhisitianseye，astheProverbeis。
　　Nowletuscometothehandlingoftheparticularsinorder，andafterwardtotheTrueRemedies，whichmustarisefromthematterofexchange，asshallbeeplainelydemonstratedtothejudiciousReader，voideofpartiality；fortheexchangeisthefacultyorSpiritofthesouleofmoneyesintheCourseofTraffique。
　　ChapterOneTheCausesoftheWantofMoneysinEngland。
　　ThisAssertionweshallnowbringtothehammer，theAnvelandtheTouchstone，namelytofirmeReason，byhisownefirstArgumentoftheimmediateCauseofthewantofmoneyinEngland，alleagedbyhimtobeetheundervaluationofhisMajestiesCoyne，wherehesaithbywayofinterrogation:
　　WhowillprocurelicenceinSpainetobringReallsintoEngland，tosellthemhereatTenneinthehundredGaine，whichislessethentheexchangefromthencewillyeeld，whenhemayhaveforthesame，fiveandtwentyinthehundredinHolland？
　　Hereinanobscuremanner，heobserveththeexchangefromSpaynetobeSixepencetheReall，asvalueforvalue，ortheParinexchange，wherebyitisless（asheesaith:）andheedothaccountthepriceof8。Realsat51StiversinHolland，andtheRateofexchangeat22shillings4penceFlemishtoanswerour20
　　shillingsStarlinasatParproPariforthoseparts，howbeitthat42shillings6penceFlemishpaydethereforthe5Reallsof8make25shillings6penceStarlinaccordingtothatComputation；howsoeverweeseethatthisisgroundedupontheexchange，whichistheefficientCausethereof，otherwisethe15
　　inthehundrethtobegotteninHollandmorethaninEngland:isaltogetherimaginaryandnotReall。ForexampleletfiveoftheseReallsof8beboughtherefor22shillingsStarlin，andbeetransportedintoHolland，andtherebuycommoditieswiththesame，accordingasthepriceofthem，isinhauncedthere；nomanmakethanydoubt，butthatthesaidCommoditiesarealsoraisedinprice，accordingtothemoneyinhaunced。Sothatthegaynebecommethuncertaine，fortheCommoditiesmaybesoldtolosse。
　　ButthemerchantstradinginSpaine，whichcausetheirReallstobesentfromSpainethither，ordoetransportethemfromtheDownes:Relywholyupontheloweexchange，wherebytheyareinabledtodelivertheirmoneythere，byexchangeatanundervalue，ingivingtherebut33shillings4penceandunder，tohave20shillingsStarlinpayedbyBillofexchangeinEngland，wherebythekingdomemakethgooduntothemthesaid15
　　uponthehundreth。ForthisReallof8wasvaluedbutat42
　　Stivers，whentheParofexchangewasmadetobe33shillings4
　　pence，intheyeare1586，whenRobertDudley，EarleofLeycester，wenttotakethegovernmentofthoseCountries；Andshalwenowreceiveinexchangethesaidpriceof8Realsfor51Stivers，whichisaboutfiveshillingsandonepenyStarlin，becausetheyhaveinhauncedthesametotheiradvantage，andcontinuetheParofexchangeat33shilling4pencebywhichComputationthesaid42Stiversmakebutfourshillingstwopencehalfpennyorthereaboutsintruevalue？Absitignorantia。Whereas，ifourmerchantsofSpaineshouldgivethesaidepricethereinexchangefor42Stivers，astheydidformerly，（andmaybedonebyorderofexchange:）TheyshallnotfindetherebyTeninthehundrethgaine，whichtheycanmakeheremorecertaineandcommodiously，wherebythismoneywillbeimported，withoutinhauncingofourCoyne。ThisissoplaineintheunderstandingofMerchants，thatthereneedethnootherexplanation，foritdemonstratethmanifestly，thatiftheloweexchangewerenot，ThisGaynewouldproovetobeImaginary，aswehavenoted。AndthiscauseththeseReallsofSpaynetobedivertedfromus，andmightelsbeimportedtothesaidMerchantsorothers，whichdoepracticeupontheBenefiteofmoneystobeemadebetweenetheexchangeandmoneys。