SupposethatsomeMerchantsStrangersdoecomeoverintotheRealme，tobuyaPackeofTenneClothesvaluedat80poundsstarlinwhichtheyaretopayinGoldandSilver，andyettheydoenotknow，whattheweightandfinenesseofourStarlinmoneyis，neitherdoththeEnglishMerchantsknowtheweightandfinenessoftheforraineCoyne，whichtheyhavebroughtover:
hereupontocontentbothparties，themoneyesoneithersidemustbeetriedbytheSubtillAssayaccordingtotheirfinenesse，calculateduponthepoundweighttheyanswereachotheraccordingly；andsothisnegotiationis（ineffect）butaPermutationofmonyesforCommodities，beforeexchangewasinvented。
Thisbeingnotwellobserved，mightcausementobedeceived，asthePewterer（sometimesanAldermanofLondon）was，whobeeingusedtochangeoldPewterfornew，takingaconsiderationforthefashion，wouldtakethelikecourseinthebuyingofSilverPlateofaGoldsmith，deliveringhismoneybyweight，wherebyhesustainedalosse，becauseheediddeliverhimaquanityofoldgroates，whichwerelighterthentheirvalue；asalsootherStarlinmoneys，whichwereworneoutincontinuanceoftime，andmuchundertheirtrueweight。Andboastingofhisgoodbargaine，heewasmadetocalculatewhatanounceofsilverdidstandhim，andhefoundthatbythesemeanes，hehadpaide6
shillingstheounceofthat，whichwasoffereduntohimfor5
shillings，6pence。Fallerefallentemnoestfraus。
ThelighnesseofthisPewterersmoneymaybecomparedtothelowexchangeintheundervaluationofourmoneys，byexchange；
forifaMerchantStrangerdidbringovermoneyinspecieatthistime，tobuycommoditieswithintheRealme，anddeliverthesamehereaccordingtotheveryvalueinpaymentbytheAssay；andthereupondoelookebackehowhismonyisovervaluedinregardoftheexchange，wherbyhemighthavemadeoverthesamebyabillofexchange；heshallfindeafarregreaterlossethenthePewtererdid，notof6penceinanounce，butaboveninepenceineveryounceofSilver。Greatarethegainestobemadebyexchanges，withoutevertodealeormeddlewithanyCommoditiesatall。
IknowthattothejudiciousMerchants，Ihavegivencauseofoffence，tohavewrittensomuchinthedefenceofexchange；
ButknowingthatmanygraveanddiscreetepersonshavegivenoverthisPrincelyStudy，imaginingthereinmoremysterythenthereis，ratherthentheywouldtakepainestounderstandit:Ihavebinprolixe，wishingthatthesaideAuthourhadthePurityofunderstandingtoknowtheParityofsomanyexchanges，ashavebeendivisedinItaly，Germany，France，Spaine，TheLowCountries，Eastland，Poland，andotherplaces，atlargedeclaredinmybooke，LexMercatoria，servingallSocietiesandCompaniesofMerchantstobeemindfulloftheCommonWel-fare，whereinMasterHussyGovernouroftheMerchantsAdventurerscompanyinthebeginningofQueeneElizabethsRaignetookegreatpaineswithothers，TofindandestablishtheTrueParofexchange，whichwasexaminedandalteredintheyeares，1564，and1576asalsointheyeares1586and1600，myselfebeingaCommissionerinthelater:
ButthetrueRemedytorulethecourseofexchange，wasbutlatelyfoundout。
ConcerningthegovernmentofTrade，weehavenotedheretofore，thatinallTraffiques，thegeneralldothgovernetheparticular。somewouldhaveothernationstocometobuytheCommoditiesofus，withintheRealme，for，saythey，thereisaccordingtotheProverb，twentyinthehundrethdifferencebetweenWillyoubuy？andWillyousell？Thesemenhavenoconsiderationofthemaintenanceofnavigation，whichisthegreateststrengthoftheRealme，whosedefence（nextunderGod）
consistethmostofShipsandwellexperiencedMarriners。WhereasalsothetransportingofourClothtocertaineplaces，causethothernationstoresortthithertobuythem，whichmaybeemoreproperlycalledtobeWillyousell？SeeingthatthosenationsdoebringtheirowneCommoditiesuntoourMerchantstotheplacesbythemappointed，asDelfandHamborough；whichis（ineffect）
asmuchasWillyoubuy？Andwouldnotthisbe，Willyoubuy？ifinadispersedandstraglingmanner，ourClothwerecarriedtoallmarketsbeyondtheseasinseverallplaces；whichwouldtakeawaythedesireofbuying:forhethatbuyeth，dothitinhopeofgainetobehadinplaceswhereheintendethtocarrytheCommodities，whichCommoditiesifheeknowethtobeeextantinmostplacestobevented，willquenchhisdesireofbuying:andheethatcommethtobarterotherCommoditiesforours，haththelikeconsideration。
Butletusadmit，thatourClothwouldbeeadvancedinprice，whenmen（shouldbymultitudes）runtothemarkets，orintothecountreyinalplacestobuyit:whatwouldbetheeventofit？Itwouldnotonelybeesoldebeyondtheseaswithasmallergaineandmanytimestolosse（webeingnaturallytomakespeedyreturne:）butweshouldalsopaydearerfortheforraineCommodities，whichweeshouldobtainebywayofPermutation，orfortheBillesobligatoryoftheMerchantstowhoweesellourCloth:andifourMerchantswerecutoff，andthatothernationsshouldbuytheClothwithintheRealme，andsoadvancethepricethereof:（asithappenethmostcommonlyinFranceandSpaineattheVintagetimewiththeirWines&Raisons:）ThenforraineCommoditieswouldbesolddeareruntousbythemagaine:forthesmallgainehaduponourCommoditiescausethus，andwouldcausethemtoseekeabettergaineupontheforraineCommoditiestothegenerallhurt。
OtherswouldhaveallthingsatlargeinthecourseofTraffique，andthatthereshouldbenosocietiesorcorporationsofMerchantsforanyplacesofTrade（termingthemtobeMonopolies）butthatbywayofpartnershipMerchantsmightassociatethemselves，accordingtothemannerofsomeotherCountries:Thesemenhavenoregard，thatinnovationsareasdangerous，astoremoovethecornerstonesofabuilding；neytherdoetheyobserveamomentarydifferencebetwixttheGovernmentofaMonarchy，andthatespeciallyinanIland:andthegovernmentofaDemocracywhichispopular，orofanAristocracy，whichisgovernedbythebettersortofthepeople；theseseekingbyallmeanestomaketheirCountriespopulousbytheinhabitingofallnationsfortheincreaseoftheirmeanescollectedbyimpositionsandAczises，andthatuponallthingsconsumedandmostuponvictuals；theother，namelytheMonarchy，avoidingasmuchastheycan，themultitudeofforrainenationstoinhabitewithintheirgovernment，andholdingimpositionsandTaxestobeedonewithgreatadvisement。AndthattheoverballancingofforraineCommoditieswiththenativeCommoditiesmaybeprevented；whichbytheotherisnotregarded，neithercanitbeebythemobserved。
TheProvidenceoftheStatehathalsoagreatconsiderationinthecourseofTrade，undergovernmentinappointedplaces，especiallyinthatoftheMerchantAdventurerscompany，（whohavethemanagingofthecreameoftheland，themaineTradeofthekingdome，anddoeexposetoadventurethegreatestpartofthewealththerofwithforrainenationsintroublesometimesofwars:）becausetheymaybythisorderbesooneremoovedorcalledhomeuponoccasion，whichcannotbedoneconvenientlyotherwise:
wherethereisnovigilanteyetotakecareforthegenerallwealthoftheRealme，fornonationofChristendomeTraffiquessomuchinBulkeofStapleCommodities，astheRealmeofEngland；
whichBoters（thoughaltogetherSpanishintimespast，andnofriendtoEngland）confesseth，thattwoyearesbeforethetakingofAndwarpe，allthewaresofChristendomebeingvalued，andsummedbytheofficesofthatCity，（whichwereventedthereinoneyeare。）Thewholebeingdividedintosixeparts:theEnglishamountedtofourepartsthereof。
ButwemustnotseemetoflatterCompaniesorSocieties，whenitisfoundthattheydealeunadvisedly，orthatbytheirmeanes，thingsareoutoforderinthecourseofTrade；forthentheKingsauthorityortheRoyallMerchantofgreatBrittaine，mustbethetruePalynurus，andsitattheRudderoftheShipofTraffique，toreformeabuses。ForaSocietymaybecometobeA
Monopolyineffect，whensomefewMerchantshavethewholemanagingofaTradetothehurtofaCommon-wealth，whenmanyothersmightalsoTraffiqueandnegotiatefortheCommongood，havingtheirStockesemployedthereintoselltheCommoditiesoftheRealmewithreputationatconvenienttimes，andnotuponasuddainetopayBillesofexchangesormoneystakenupatinterest。
TomakeaDefinitionofaMonopoly，weneedenotusemanywords，fortheabuseofMonopoliumhathmadethesameswelltobeunderstoodasthewordofUsura，ImeanebitingUsury。Thepartsofitaretobeconsidered。
TheRestraintofthefreedomeofcommercetosomeoneorfew，andthesettingoftheprice，atthepleasureofoneorfew；
totheirprivatebenefits，andtheprejudiceoftheCommon-
Wealth。Andasthismaybedonebyauthority，somaytheabove-
saidcoursealsobecommittedunderthecolorofauthoritybythePrincesgrantorlettersPatents。
CommendableisthecustomeoftheCityofNorenboroughinGermany，wheretomaintainethepeopleonworke，theyreceivealltheirmanufacturesandpaythemweekely，&afterwardsellthemforareasonableprofit，whichtherebybecomedispersedinallcountreys；wherebytheyhavemadeagreatTradefortheWestIndies，&theymaintainetherbytheirCommon-wealthasanAristocratickgovernment:andthisisneitherAMonopoly，norproperlyAnengrossing，beeingdomebypublikeauthority。SuchthereforeasseltheCommoditiesoftheRealmeuntoforrainenationswithadvantageofprivatebenefite，（albeitwithintheCompasseofaMonopoly:）aremoretobetoleratedthenthosethatunderselltheCommoditiesofthekingdome，andprocuretheirGainesbytheCommoditiesofothernationstobeesoldedearewithintheRealme。
HereIcalltomindourformerobservationofthatRoyallCommodityTinne，whichaboveonehundredyearespast，wassoldfor40shillingsthehundreth，whenthebestvelvetsweresoldfor10shillingstheyard:howtheMerchantstradingTurkyfoundfaultofhisMajestiesPraemption，andcausedthesametobeabolished，tokeepethepriceat55shillingsthehundred；andbringinginCorints，Levantwines，Spices，andIndicoe（atdearerates:）usedallmeanestosuppressetherisingthereof:whichcausedforrainenationstofallintoconsiderationthereof，andusingmeanestoincorporatethesame，itbroughtthatCommoditiyinestimationagaine。AndthesaidePraemptionwasreestablishedagaine，whichhathadvancedthepricetodoubletherate；wherebythestockeorwealthofthekingdome，hathbeensinceincreased600thousandpoundsStarlin，andhisMajestiehathreceivedforhisbenefite150thousandpounds，whichwasgottenbyforrainenations，whojustlypaidthesameaccordingtothevalue；thepriceofforraineCommoditiesconsidered。Onthecontrary，anotherCommodityminerall，namelyCopperas，whichwassoldfor10and12poundtheTunne，andwhereofagreatTrademighthavebeenemadeforotherCountries:hathbeenesoillgovernedbyworkmensundersellingoneanother，andforwantofgoodorder，thatthesameissoldfor3poundstheTunne，andisbecomeoutofrequestinallcountreys。Forthebestthingsmaybemarr'dinhandling，whichbythewisedomeoftheState，istobeforeseenebymeanesofMerchantsofexperience，whomighthavemaintainedthesame。
InlikemannerthesoleimportationofSpanishTobacco，dothgaineandsavethekingdomemanythousandpoundsyearely。ForBayes，Sayes，Perpetuanoes，andthelikeCommodities，whichthesetwoyeareshavebeensoldeinSpainewith15uponthehundredlossetoprocuremoneytobuythesame，arenowsoldtosomuchprofite，besidesthebenefiteofhisMajestiesimpositionandadvancementoftheVirginiaandBermodaesPlantation:thelikemaybeepractiseduponotherCommodities，withoutincurringtheinconvenciencesofMonopolie。
ConcerningCompaniesorSocietiestodealeinajoyntStockeorapart:itmaybethoughtconvenienttohavejoyntStockesforRemoteplaces，astheEastIndiesandPersia。Andalbeitthatsomewouldhavethesametobeonlyoutwardintheemployment，butinReturnetobeedividedinkindeorSpeciesoftheCommoditieswhichtheyReceive:yetthemannerofthePortugals，is（byexperience）foundbettertosellaslojoyntly，consideringweselluntootherNations，whopayforit，althoughsomepartthereofissolddeerertherebywithintheRealmetotheSubjectsandinhabitants。Butforotherplacesneerer，theMerchantstodealeapartundersomeGovernment，mayseemeconvenient。
ThegenerallintentionofallGrantsbyLettersPatents，forthemakingofanykindeofManufactureshathRelationtosetthepeopleonworke，torecompencetheInventorforsomeyeareswithapriviledge:butmostespecially，thattherebythesaidManufacturesorCommoditiesmaybesoldbettercheapetotheSubjects。WhatshallweesaythenofthoseGrants，whichmaketheCommoditiedeerertotheSubject，andsellthesamebettercheapetotheTransporterorStranger？Surelytheymaybethoughttobe，fortosetthepeopleonworkeuponthecommonPurse，butotherwisethereisbutlittlepollicieinit；muchlikeuntotheSilverMinesoftheDukeofBrownswicke，whichhemaintainedtohischarges，calledtheWildeman:whichcausethhimtocoyneDollers，havingontheonesidehisArmes，andontheothersideaSavageman，holdingaburningCandleinhishandwithaninscription，Alijsinserviendo，Consumor。
Toendthispoint，whereinthesaidAuthorhathmadegooddistinctions，Ishallonelyaddemoreover，thatwhennewinventionsarefoundout，forthegoodoftheCommon-wealth:Thatthenextis，toaugmentthembyTradeinforraineparts。Andtopreventthatthesamebenotoverthrownebytheknowledgeoftheirservantsorothers，butthatbysomegoodpriviledgesandmeanes，theymaybemaintainedtotheincreaseofTrade，fortheGenerallwelfareoftheKingdome。
ChapterIIII
OfwantofGovernmentinTrade。
Wisemenhavenoted，thatADistinctiononly，dothdispellthefoggymisteriesofdeceitfullfallacies:astheSundrivesawaytheWindeandCloudes。ThereforetoomanydistinctionsinalittleTreatisemayseemesuperfluous，especiallywhentheyaregroundeduponmanyRepetitions:sothathavingintheformerChapters，observedtheDefectivePartsofTrade，andtaciteansweredsomeobjections，Iwillomit，thecommendationofalltheSocietiesofMerchants，handledbythesaidAuthorinhisfourthchapter，asalsotheeffectsoftheformerCauses，astheymayconcernetheKingsMajestieandtheCommon-wealthmentionedinthefiftandsixtChapters，toavoydthecrammingofamanwithlearning，aspromisesdoewithhope；andsocometohispropoundedRemedies。
ButlestthisTitleofthewantofGovernmentinTrade，shouldseemetobemisapplyed:Ihavethoughtgoodtodeclare，whereinMerchantsmayeasilycommiterrors，totheprejudiceoftheCommon-wealth，albeit，itmakethfortheirprivatebenefit，namely；
InthesellingoftheirClothgoodcheapebeyondtheSeasingreaterquantitie，whentheyhavebeatendownethepricewiththeClothier，wherebytheClothierisforcedtodoethelikewiththeWooll-grower，whichdisimproveththeRevenueoflands；buttheMerchantemployeththelesserStocke，andhathnottherforethelessebenefit；theWool-growerandtheClothierbearingthelosse。
TomakeovertheirmoneysfrombeyondtheSeas，atalowpriceofexchange，ingivinglessemoneythere，tohavethesamepaiedherebyBillofexchangeinStarlinmoney，receivingthemoneysthereatsuchprices，astheycannotimportthem，buttotheirexceedinglosse:wherebyitcommethtopasse，thattheexportationofourmoneys，givethanexceedinggaineonthecontrary，andourClothistherebymoreundersoldasaforesaid。
ToconniveorwinkeatthefalsemakingofCloth，andafterwardstoabatethegreaterTare，forthefaultsupontheClothier。
TomakecontinuallReturnesofourClothinforraineCommodities，andtherebyprocurethemoregaine，becauseofthesmallgaineorlosseeither，hadupontheirClothes，wherebytheCommon-wealthisimpoverished。
TosellourClothsogoodcheapebeyondtheSeas，thatotherNationsmaymakeaTradetherebyforRussia，Eastland，Barbary，andotherCountries，tothegreathinderanceoftheMerchantsofthoseSocieties。
ToabatetheCustomesandImpositionsherelaiduponClothes，totheend，theymaysellthembettercheape，byundersellingothers。
ToundersellourClothessomuchinprice，thatincomparisonoftheClothmadebeyondtheSeas，theDraperytherebeegivenover，withoutregardhad，howtoReturnesomemoneyandBullion，butbytranferringoftheirBillsofdebtforforraineCommodities，toover-ladetheKingdomewiththematdeereRates，accordingtotheinhauncingoftheirCoynes；allwhichmayprovebeneficialltotheminparticular，butwonderfullprejudicialltothewholeKingdome。
Now，beforewecometointreatoftheRemediesforalltheafore-saidinconveniencies，itismostnecessarytoexaminetheDefectiveMeanesandRemedies，whichhavebeenetried，these350
yeeres。Andthesemaybedistinguishedintheirproperandseverallnatures，threemannerofwaies；forthewealthofaKingdomecannotproperlydecreasebutbysellingournativeCommoditiestoogoodcheape，bybuyingtheforraineWarestoodeere，andbytheexportationofourmoneysinspecie，orbywayofexchangeformoneysbyBills。
1。First，theStatuteofEmploymentmadeforMerchantsStrangers，for33spciallcauses。1。TheadvancingofthepriceandsaleofournativeCommodities。2。Topreventtheover-
ballancingofforraineCommoditiesAnd3。TopreservethemoneyswithintheRealme。
2。ThelodgingofMerchantStrangerswithfreehoasts，whohadaninspectionoftheirnegotiationsforCommoditiesandmoneys。
3。ThekeepingofStaplesforWoolls，Woolsels，andotherCommoditiesbeyondtheSeas，withtheCorrectorsandBrokerstoRegisterthebuyingandsellingsofStrangers。
4。TocauseDenizonstopayStrangersCustomes。
5。TheSundayTreatiesandConferences，withtheCommissionersofotherPrinces，aboutmerchandisemoneysandexchanges。
6。thesevereProclamationsfortheobservationoftheStatutesmade，concerningthesame，andtheArticlesofentercourse。
7。TheprohibitiontoexportCommodities，butatgreatPorts。
8。TheprohibitionforStrangerstosellWaresbyRetaille。
9。TheprohibitionforEnglishMerchantstoshipinstrangebottomes。
10。TheTransportationofmoney，madefellonybyActofParliament。
11。TheattendanceofSearchers，WaitersandotherOfficers。
12。Theinformaitonsinth'ExchequerandotherCourts。
13。TheSwearingoftheMastersofShips，aboutmoneys。
14。TheReformationoftheover-heavinessofourpoundTroyof12ounces，intheTowerofLondon。
15。TheReformationoftheover-richnesseofourStarlinStandard。
16。TheAlterationofthepropositionbetwixtGoldandSilver。
17。ThemakingofmorepricesoutofthepoundTroy。
18。TheinhauncingofSilverandGoldCoynesinprice。
19。TheimbasingofmoneybyAllayofCopper。
20。TheuseofseveralStandards，andtheReducingofthemagainetoTwoStandardsofGoldandSilver。
21。TheincreaseofCoynadgemoneytohinderexportation。
22。Theprohibitiontoculloutheavypiecestoexport。
23。ThebanishingoflightSpanishmoneyoutoftheRealme，andlightGoldtobemoltendowne。
24。ThegivingmoreforBullionintheMinte。
25。TheprohibitionofGoldsmithstobuyBullion。
26。ThemakingoftheprincipallforraineCoyne，currantinEngland。
27。ThebindingofMerchantstobringinBullion。
28。TheprohibitiontopayGoldtoMerchantStrangers。
29。TheprohibitiontotakeGaineuponCoyne。
30。TheBulliondeliveredintheMintebyweight，toberestoredinCoynebyTale。
31。TheinhauncingofGold，andundervaluingofSilver。
32。ThepunishmentoftheTransportersofmoney，bygreatFinesintheStar-chamber。
33。TheprohibitionbyActsofParliament，tomakeexchangeformoneybyBillsforforrainepartswithouttheKingsLicence。
34。MoneydeliveredtoSirThomasGreshamKnightoutofth'ExchequertoRulethecourseofexchanges。
35。TheOfficeroftheKingsRoyallexchanger，neverputinpractise，sincethemerchandisingexchangebegan，whereoftherewastwoOffices，namely，CustosCambijRegis，erectedbyKingEdwardthefirstinthe11yeereofhisRaigne；andCustosCambijinfraTurrim:whichwerebothputintoonemanshands，byaLawmadeintheTimeofK。HenrytheSixt:sothatalltheprecedentmeanes，havebeenefounddefective&fruitlesse，asmoreparticularlymaybeproved，bydiversRecordsandobservations:
TheCoppieswhereofaareinmycustodie，todoehisMajestiealldutifullandacceptableservice。
Herewearetoobserve，thattheStatuteofemploymenttobeDefective，appearethmoremanifestlyatthistime，whenMerchantsaswellEnglishasStrangers，haveanabilitygiventhembyexchange，totakeupmoneyhere，andtodeliveraBillofexchangeforit，payablebeyondtheSeas，andcansendoverthatmoneyinspecie，andbecomeagreatGaynerthereby；insomuch，thatifIreceivehereonehundrethPiecesof20shillings，Icansend90PiecestopaybyBillofexchange，andput10PiecesinmyPocketforanoverplusandgaine。Thelikemaybedone，bymakingovermoneyfrombeyondtheSeas，tobepaiedherebyexchange；whichbeingreceived，IcanTransportwith15uponthehundreth，gainesintwomonethsandless，advancingtherebyanhundrethuponthehundredinayeere:whichexceedethallthebenefittobemadebyCommodities，wherewithIneednottoentermeddle，neithercanthesaidStatutebeanyhelpeherein，toavoidethesame。
Concerningmoneys，whichdoeconsistofweight，fineness&
Valuation；itisevident，thatGoldandsilverarebutmaterials，andinthenatureofBullion；butValuationistheSpiritwhichgivethlife。ThisValuationistwofold；theonebythePublickeAuthorityofKingsandPrinces，theotherbytheMerchantsinthecourseofexchange；andthisisPredominantandover-ruleththeKingsValuation:forwhentheKinghathvaluedtheshillingpieceofStarlinmoneyat12pence，theydoeundervaluethesameat11
pencehalfepennie，or11pence；whichundervaluationcauseththecontinuallexportationofourmoneys，andisthehindreranceofimportationofmoneysandBullion，asweehavesoofteninculcated，tomakethemotivestrongertoproduceasufficientRemedy，asfolloweth。
ChapterV
OftheRemedie，foralltheformercausesofDecayofTrade。
HavinghithertoobservedtheMethodeofthesaidAuthor，inpartofhisDistributioninthematterandformeofTrade，andthereinshewedverygreatdeformities:IamnowtoapplytheTrueRemedieslikewiseinorder，accordingtothecuasesalleaged，whicharenotedbymetobetenneinnumber。
TheEfficientcauseoftheTransformationofourMoneysis（Gaine），andthisGainearisethbytheundervaluingofourmoneys，inregardoftheinhauncingandovervaluationofforraineCoyne；sothatthecauseisExtrinsike&comprisedunderthesaidexchangeofmoneys，andnotintrinsicke，intheweightandfinenessoftheCoyne，whichareconsideredinthecourseofTrueexchangebetweeneus，andforraineNations；andthereuponitfolloweth，thatneitherdifferenceofweight，finenesseofStandard，proportionbetweeenGoldandSivler，orthpropervaluationofmoneys，canbeanyturecausesoftheexportationofourmoneys；solongasaduecourseisheldinexchange，whichisfoundedthereupon。