FortheRuleisinfallible，Thatwhentheexchangedothanswerthetruevalueofourmoneysaccordingtotheirintrinsickeweightandfineness，andtheirextrinsickevaluation:
　　Theyareneverexported，becausetheGayneisansweredbyexchange，whichistheCauseofTransportation。Thiscausebeingprevented，makeththeeffecttocease；andthisisengraffedineveryman'sjudgement，accordingtotheMaximaoftennotedheretofore，SublataCausa，Tollitureffectiu。
　　SothatexchangestillhaththecommandandstrikeththeStroake，insomuchthatalbeitthepricethereofrisethandfalleth，accordingtoPlentyorScarcityofmoney:yetmoneysareoverruledthereby。ForisyouinhauncetheCoyne，theexchangedothcontrolleitandriseaccordingly。Andifyouundervaluethesame，Theexchangeinlikemannerdothfallinprice。WhereinnotetheoperationofexchangebothhereandbeyondtheSeas，inplaceswhereexchangesrunneuponthepoundof20shillingsStarlin。IftheinhauncingofCoynebebeyondtheSeas，andtheexchangebenotmadeaccordingly:Thenourmoneysarecarriedout。IftheinhauncingofCoyneweremadehere:Econtra，moneyswouldbeeimported。ButthemerchantStranger，whoobserveththeruleofexchange，and（willnotbeover-takenasweeare；）willover-rulethesameipsofacto，andgiveyousomuchlessinexchange，asweshallinhaunceourCoinebyvaluation，orimbasethesamebyAllay。InlikemannerifyouCrydownemoneysbeyondtheSeas，Th'exchangewillalterinpriceaccordingly:andifyouCrydownmoneyshere，orundervaluethembyname，Th'exchangeoughttoRuleandtomakethedenominationaccordinglyinprice，andstillremainethPredominantovermoneysandcommodities。ForevenasCommoditiesbeingtheBodyofTrafficke，drawuntothemmoneys，andthereinmayseemetobeActive；yetmoney（beingtherightjudgeorRulewhichgivethorimposedapriceuntoCommodities:）istheThingActive，andCommoditiesbecomethethingPassive:Evenso，althoughmoneyistheSubjectwhereuponexchangesaremade:yetstillth'exchangeismadetoRulemoneys；
　　Totheend，thatthevaluethereofshouldbeeansweredbythePublikeMeasureofexchange；TopreventallabusesandinconveniencesarisingbythepriceofCommodities，andthevaluationofmoneysinexchange:whichmoneysareeitherReallorimaginary，accordingtotheCustomeoftheplaceofexchangebythedeviceofBankers。
　　ThiswasSeriouslyobservedintheyeere1576bydiversmosthonourableandGraveCounselloursofState，Namely，SirNickolasBacon，LordKeeperofthegreatSeale；SirWilliamBurghleyLordTreasurourofEngland，ThomasEarleofSussex，FrancisEarleofBedford，SirFrancisKnowles，SirJamesCroft，andMasterSecretarieWalshingham，withtheassistanceofotherworthypersonsofexperience，namelySirThomasChamberlain，SirThomasGreshamKnight，MasterPeterOsborne，MasterJamesAltham，MasterThomasRivet，andMasterRichardMartin，MasteroftheMints:fortheyfoundthatthefollowinginconvenienceswerepractised，byBankersorexchangersfortheirPrivategaineandbenefite，fortheadvancingofsomeCommon-weales，andthedestructionofotherCommon-weales。
　　TolaytheirmoneywithGaineinanyplaceoftheworld，whereexchangelyeth。
　　ToGaineandwaxeRich，andnevermeddlewithanyPrincesCommodity；or，TobuyanyPrincesCommoditywiththeSubjectsmoney，andnotonepennieoftheirowne。
　　TounderstandwhethermoneyemployedonexchangeorCommoditiesismoreprofit。
　　ToliveandincreaseuponeveryPrincesSubject，whichtakeupmoneys。
　　TowindeouteveryPrincesTreasureoutofhisRealme，whoseSubjectsbringinmoreWares，thentheycarryout。
　　TomaketheStapleofmoneyRunne，wheretheRichPrincewillhaveit。
　　TounfurnishthepoorePrinceofhisprovisionofmoneyinWarres。
　　Tofurnishtheirneedofmoney，thattarrythesellingoftheirWaresorCommodities。
　　TotakeupmoneytoengrosseanyCommodity，ortoincorporateanyTrade。
　　TohidetheircarryingawayofanyPrincesmoney。
　　TofetchawayanyPrincesfinemoney，withthebasermoneyofotherPrinces。
　　TotakeupPrincesbasemoney，andturneitintofine，andpaythepartywithhisowne。
　　TogetallMerchantsmoneyintotheirhandsandgainethereby，andpayingthem，withtheirowne。
　　TomakethatRealmegaineofallotherRealmes:whoseSubjectslivemost，bytheirowneCommodities，andsellyeerelytheover-plusintotheworld，andbothoccupiethatincreaseyeerely，andalsotheiroldstoreofTreasureuponexchange。
　　ToundoeRealmesandPrinces，thatlookenottotheirCommon-wealth，whentheMerchantswealthinsuchandthegreathousesofoneCountrie，conspiretogether；sotoruleth'xchange，thatwhentheywillbeDeliverers，theywillreceiveinanotherplaceabovetheStandardoftheMinteofthePrincesmoneydilivered:andwhentheywillbeTakers；theywillpaythesameinanotherplace，undertheStandardofthePrincesmoneytakenup。
　　Togetreadymoneytobuyanythingthatisofferedcheape，andtoraisethepriceofWares。
　　Togetapart，andsometimesallhisGaines，thatemployethmoneytakenupbyexchanges，inWares，andsomakeotherstravellfortheirGaine。
　　TokeepePrincesfromhavinganyCustomes，Subsidies，orTaxesupontheirmoney，astheyemployitnot。
　　TovaluejustlyanyWarestheycarryintoanycountry，bysettingthematavalue，asthemoneythatboughtthem，wasthenatbyexchangeintheCountrie，whithertheybeecarried。
　　Bythepremisseswemaysee，ofwhatimportancetheoperationofexchangeis，whereintheendeavoursofSirThomasGresham，thinkingtoruleth'exchangeofEnglandbyplentyofmoneyprovethfruitlesse，andmighthavebeenedonewithmorefacilitiebydirection，asshallbemademanifest。
　　ThiswasthecausethattheFrenchKingLewystheninth，andPhilipthefaire，didConfiscatetheBankersGoods，andsodidPhilipdeValois，whoinditedthemasCoozenersoftheCommon-
　　wealth；foritwasfound，thatinashorttime（with24，thousandpounds）theyhadgottenfoureandtwentiehundredthousandpounds。ThekingdomeofEnglandwouldhavebeenemoresensibleofthelikelosse，ifthehostiledepredationsheretoforemade，hadnotsuppliedthesame，nothwithstandingthattheCoffersofQueeneElizabethofblessedmemory，werestoredwithsevenhundredthousandpoundsStarlin，beforetheWarreswiththeEarleofTyroneinIreland，whereinmorethandoublethatSummehathbeenespent，asIfoundbytheaccompts。Forthisdisordredcouseofexchange（asIhavesaid）isliketothecrueltyofthePlanetSaturne，whichmakethhisSphericallcoursein30yeerswithgreatoperation，anditisnotmanyyeereslesse，sinceIhaveobservedthisinconvenienceforthegoodoftheRealme，albeitEnvyhathcrossedthesame，byignorantmendenyingPrinciples，andbyothermeanesherenottobementioned。
　　ThesecondcauseofthewantofMoneysinEngland，is（saiththesaidAuthor）theSuperfluityofPlategenerallyinprivatmenshands。Herehehathomitted，toNotethegreatquantitieofSilverconsumedinthemakingofSilverThread，Spangles，Purles，Oaes，andthelike，whichuponlateexaminationoftheRightHonourableHenryVizcountMandevilleLordPresident，arefoundtoamount80thousandpoundsandupwardsyeerely；whereasthePlatemadeinLondon，isonlybut50or60thousandpoundsworth，whichremainethasastandingTreasure，whenth'otherisworneandconsumed，leavingbutsomeparttobemoltenagaine:andifthePlatewereconvertedintomoneys，withoutalldoubt，itwouldmoreeasilybeTransported，havinghisweightandfineness，andaffording12inthe100。Gaineabovetheexchangeintwomonethsandlessetime。
　　Anexchangehereof，weehaveyetfreshinmemorie，duringtheRaigneoftheFrenchKingCharlestheninth，whoaftertheMassacreofParis，findingtheTreasureoftheRealmeexhausted，nadhisSubjectswealthtoconsistmoreofPlatethenofreadyMoney，wasadvisedbysome，thatundercolouroftheSupressingofPride，itweregoodtoprescribeeveryman，whatstoreofPlateheshouldkeepe，accordingtohisdegree&qualitie，&theresttobeturnedintomoneys:otherswereofopinion，thatitwouldntoonlybreedadiscontentuntohisSubjects，butalsoaderogatinanddishonourtotheKingsReputationwithforraineNations:Seeing，ThattheStateofaPrince，dothasmuchconsistbyreputation，asbystrength，ThereforelikegoodPolitians，advisedtheKingsomewhattoimbasehismoneyundertheStandardofthePlate，whichwouldcausethelesseexportation，andthePlate（ofcourse）tobeeturnedintomoney:andthiswasdoneaccordingly，andhadalsothesameeffect，savingthatwheretheythoughtmoney，wouldnotbeTransported；theyfoundthemselvesdeceived，forthecourseofexchangewasnotlookedinto，which，notbeingansweredaccordingtothetruevaluesofthemoneys，madeaGainebytheundervaluationoftheminexchange，andsolongastheGaineremained，itwascontinuallyTransported，wherebyatlastthePlateoftheRealme（turnedintomoney）waslost；aswellashelosthismoneybeforethattime:andsoitcametopasseinEngland，duringtheRaigneofKingHenrytheeight，whoGrantedseveralLettersPatents，orAuthoritiestodiversofhisNoblestomakebasemoneysoftheirownePlate，whichdidfalloutotbethegreaterprejudicetotheCommon-
　　wealth，andtohimselfebutapresentshiftforthetime。
　　ConcerningtheGoldandSilverthread，IhaveheretoforeendevouredtohavetheManufacturethereofinEngland，uponplentyofmoneyandSilvertobeeprocuredfromforrainepartsbymeanesofth'exchange。ButfindingoflatesuchunreasonableConsumptionofsilverthereinspentaftertherefiningthereof，andtheuncertaintyingoodnnessebytheWier-drawers:itpleasedhisMajestiewiththeadviceofhismostHonourableprivyCouncell，toforbidthesamelatelybyProclamation，andtoadmittheforrainesilverThreadtocomein；wherebyourSilverisnotonlypreserved，butthequantityalsoisincreased，becauseafterthewearingagoodpart，remainethinburntSilve，whereastheSilkelaceisconsumedtonothing。AndsuchistheGaineofSilverbeyondtheSeas（inregardoftheloweexchangebyBills，undervaluingourmoneys，）thatPurles&Oaeses（insomesortpreparedhere）havebeen（bywayofMerchandise）Transportedofpurposetomeltthesamedownethere，forthemakingofmoneys，asIhaveseenebydiversCertificatesfromDortinHolland。
　　ThethirdCauseoftheWantofMoneysinEngland，istheConsumptionofforraineCommodities，whichIhavealwayescalled，TheoverballancingofthoseCommodities，withthenativeCommoditiesoftheKingdome，inPrice，andnotsomuchinthequantitie。Andthecomparisonhereofis，principallytobemadeintheTradeofcloth，andtheReturneofit，madebyForraineCommodities，AtSilkes，Linnencloth，Cambrickes，Lawne，andotherthelikeCommoditiesbroughtinbytheMerchantsAdventurourswhichhavetheMaineTrade，andbuytheseCommoditis（proportionably）dearerthentheysellourhomeCommodities；
　　whichIhaveproved，bymanyreasonstoproceed，bytheabuseofexchange，accordingtowhich，theyarebothwaiessoldandbought。Isthereanymanofjudgement，whoseethnot，ThatthisoverballancingdothexpellourmoneysoutoftheRealme，andwhichare（ineffect）asitweregiventobootetootherNationstoCountervailethisinequalitie？LetthemconsideroftheReasonsfollowing。
　　First，moneysbeingundervaluedinexchange，causeththepriceofourhomeCommoditiestobeabated，andtobeesoldbettercheapeinforraineparts，&isalsothecausethatourmoneysarecontinuallyTransported。
　　Secondly，themoneysbeingTransported，takethawaythelivelycourseofTraffiqueofoursaidCommodities，andcausethyoungmerchantstoRunnebyexchangesuponBillstomaintainetheirTrade，payinggreatInterestformoney，whichtheycannottakeupatUseupontheirsingleBond，astheycandoebyaBillofexchange，withoutSureties。
　　ThiscauseththesaidyoungMerchantsandotherstomakerashSalesoftheirCommoditiesbeyondtheSeas，topaytheirBillsofexchanges，wherebytheyoverthrowtheMarketsofothers，andmakethemtoSellgoodcheape。
　　Soonthecontrary，theCoynesbeingover-valuedinexchange，andalsoinhauncedbeyondtheSeas，causeththepriceofforraineCommoditiestobeincreasedmorethenourhomecommodities，andourMerchantsarecompelledofcourse，tomakeReturnethereby。Fortheycannotimportthoseovervaluedmoneys，buttotheirexceedinggreatlosse；andbyexchange，theyfindefewTakers，unlesseitbeouryoungMerchants，whichdoeconsumetheirEstatesbyexchanges&Rechanges:ForoftheThreeEssentialPartsofTraffique，wehavebuttheuseofone，whichisthebuyingofforraineCommoditiestomakeReturneshomewards，anddothincreasetheconsumptionofthesaidWares。
　　MoneysremainingherebyplentifullbeyondtheSeas，theratherforthattheymakeBillsobligatory，serveasreadyMoney，whichtheyTransferreandsetoverbetweenemanandmanforthepaimentofMoneysorWares；causeththerealivelycourseofTrade，wherebytheirCommoditiesareadvancedinprice&sale，neitheraretheycompelledtoselthem，butattheirprice，becausetheyfindemoneyatinterestat5and6inthehundred。
　　Thismoneyismadedailymoreplentifull，byourSpanishMerchants，whichdoediverttheReallsofSpaine，asbeforehathbeenedeclared:henceitproceedeth，thatourhomeCommodities，aremanytimessoldbetercheapebeyondtheSeasthenhere；foralthoughMerchantsdoelosethereby，theymakeaccounttogainemore，bythelowexchange，deliveringtheirmoneysthere，ortakingofthemupherebyexchange，topaytheirBillsofexchangeatanundervalue:insomuch，thatmanyMerchantshavingnocommoditiesthere，maytakeupmoneyhere，andsendingoverthesameinspecie，willpaytherewiththeirBillofexchange，andGaine（bydexteritieofwit）15inthehundrethinlessethantwomonethstime。ThuswhenGaineispractisedbyexchange，theCommoditiesoftheRealmearelessvented，andthemoneysareexported，whichcauseththelesseemploymentheretobemadeuponourCommodities:Evenastheimportationofmoneysbeinghindered（bytheinhauncingoftheCoynesbeyondtheSeas:）compellethourMerchantstomakethegreateremploymentuponforreineCommoditiesatdeereRates。
　　FortheCommoditiesbeyondtheSeas，areinthehandsofthemthatmakesaleofthem，uponacertaineprice（asitwere）
　　attheirpleasure，havingPlentyofMoney，atacheapeRateatinterest，whereasalsotheyhavenomantoundersellthem，hereandthere，asourMerchantsdoeourCommodities，which（withoutallcomparison:）arefarremuchfalleninprice，thentheforraineCommoditiesnowsomewhatabatedinprice。
　　ConcerningotherCommoditiesimported，AsWines，Raisons，Corints，Tobacco，andSpicesoftheEastIndies:Letusbriefelyobserve，thattheWinesofFrancemightbeboughtbettercheap，ifthemoneyoftheRealmewerenotundervaluedinexchange；forwherasheretoforetheygaveusinpaymenttheirFrenchCrowneofGoldfor64。Soulx，nowtheygiveusthesameat75Soulx，whichCrownewasthenworth6shillings，6penceStarlin，andtheirquartd'eseunowpaiedfor16Soulxandabove，wasthenbut15
　　Soulx，forwhichwegavehere（accompting4totheCrowneofSilver）69penceandthereabouts，andnow72penceandabove。
　　Andbesidesthat，moreofournativeCommoditieswereventedwithbetterprofit，accordingtoth'exchange；fortheRuleis，thatthelesseofStarlinmoneyweedoereckoninexchangewiththem，themoreistheGayneofourCommodities。ThelikemaybeapplyedfortheTradeofCorints，whichisnowprovidedbyothermeans。Butthelimitationstorestraineallmenfromimportingthem，thenonelythoseoftheLevantcompany，makethnofreeTradeofthisCommodity，norotherthelike。
　　TheimmoderateUseofthatweedeTobaccohathbeenesoeffectuallindebarringusfromSpanishReallstobe（asformerly）importedtoagreatvalueyearely:butthewisedomeoftheStatehathsoqualifiedthesame，thatourMerchantstradinginSpainedoenowsellPerpetuanoes，Bayes，Sayes，andotherourhomeCommoditiestobenefite，whichbeforeweresoldtolosse，tohavemoneystobuythisTobacco，thattheSpaniarddidsay，Todotepagarainhumo，Allshallbepaidwithsmoake。
　　ThefourthcauseofthewantofMoneyinEngland，is（asthesaidAuthorsaith）ThegreatwantofourEastIndiastockehereathome，whichhetermeththeespeciallRemoteCause；whereasmostmenwouldhaveexpectedthatthereadymoneyssentinReallsofPlatetomaketheemploymentofthesaidTrade，wouldratherhavebeenementioned。MymeaningisthattobecomeaTrapezuntiaFlatterer。ForAEsopsMoral，ThattheLyoncouldnotbehealedwithouttheApesLiver:thatis，Princescannotbesafewithoutthedestructionofflatters:remainethstillfreshinmemory；butinfavouroftruthandPolicy，Iamresolvedtodelivermyplaineandsincereopinion，concerningthesaidTrade，whichbeganwithusinEnglandimmediatelyafterthegreatJubileyeare，1600。
　　IntheDiscoursemadeoftheTradefromEnglandintotheEastIndiesbetruelycollected，nodoubtthesaidTrademaybefoundveryprofitablehereafter，albeitithathbeeneverydifficultinthebeginning，accordingtotheProverb，Omutprincipiumgrave；especiallywhentheControversiesbetweeneusandtheHollandersshallbedetermined，andtheiragreementsestablished。
　　ForifPepperdoebutcosttwopencehalfe-pennythepoundintheIndies，andthattenneshillingsimployedthereinwillrequirebut35shillingsforallchargeswhatsoever，todeliveritinLondon；whereitisusuallysoldforabove20pence:Itfollowethbyconsequence，thattheremustbeaverygreatgaine，whichwillincrease，whenthesaidpartiesshallbeunitedintrueLove，andbuythesaidCommoditiesbettercheape；andsoproportionablyforallotherSpices，drugges，silkes，indicoe'sandCallecoes。
　　Againe，ifonehundreththousandpoundsinmoneyexportedmayimportthevalueof500thousandpoundsStarlininwaresofCommodities:albeitEnglanddonotspendabove120thousandpounds，and380thousandpoundsinexporteduntodiversforraineparts，andtheresoldforreadyforreadymoneywithgreatadvantage。
　　Andlastly，iftheveryCommoditiesoftheRealmeexportedintotheEastIndies，willbuysomuchasEnglandusethoftheirCommodities，andtheemploymentismadeforforraineCoyneorReallsof8procuredfromotherplaces，whatmanofunderstandingcanjustlyfindefaultwiththatTrade？Iftreatisewereimportedtherebyuntous，astheirfinallend，astheDiscoursesaith，butthatotherTradesdodivertthesame？ForwhenthesaidIndianCommoditiesaresentfromEnglandintoTurkie，Ligorne，Genoway，theLowCountries，Marselleisandotherplaces，andaresoldforreadymoney:ThesameisimployedagaineuponGorints，Wines，Cotton-WoollandYearne，GallesanddiversotherCommodities，wherewiththeShipsbeeingreladen:yetagreatproportionremainethtobebroughtoverinmoneys，whicharedivertedfromus，bythecourseofexchangeinundervaluingourmoneys，ashathbeenedeclared。Thelossewhreofisgreatertothiskingdome，thanallthemoneysemployedyearelyfortheEastIndies，comethunto，whichwithoutdueconsideration，seemethtobeeimpossible。
　　Sothatweemayverywellaffirme，thatbythisTradetheTreasureoftheRealmecangreatlybeincreaseduntoustheuseofforraineCommoditiesatreasonablerates。Andthereforeisthesamebyallmeanestobecontinued，theratherforthattheHollandershavedeclared5especiallReasonsforthecontinanceoftheirEastIndieTrade，whicharenottobeneglected，butaretobeeponderedbyallPolitiansandStatesmen。
　　1。BecausetheRight，Power，andfreedomeoftheTraffiqueandTradebelongethuntothem（iuregentium）aswellastoanynationoftheworld；whichtheSpaniardsdidcallinquestion。
　　2。FortherevengeofanyinjuriesdonetotheHollander，maybeerecompencedinthoseCountries；whichwasheretoforewithoutbreachofTruce。
　　3。ForthemaintenanceoftheirMarrinersandShipping，ofwhichtwo，theyaboundaboveallnations。
　　4。FortheincreaseofCustomesandmeanesraisedbytheBuyingofthesecommodities，theirCountreybeingaStorehouseforallwaresandmerchandizes。
　　5。BecausethatbythecontinuanceofthesaidTrade（althoughitshouldprooveunprofitable:）Theymaintaineacertainepeaceandassuranceinthecourseoftheirgovernmentwhichconsisteththereby。