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in the return of his Commodities brings such a quantity of Silk
as he judgeth may be vented here； if he find an over value of his
Commodities exported； to those he doth import； he will rather；
instead of raw Silks； return Silks by which he shall loose。 As if
our Gold were as our Silver in prices； by which the Turkey
Merchant shall loose as much by bringing Gold from thence； as he
should if he brought Silver； is it not manifest； that instead of
Gold； which he now brings with his raw Silk； in return of his
Commodities； he would carry both Gold and Silk into Italy； and
imploy them in manufactured Silks； though he should sell them
here almost as cheap as he bought them； rather than return the
overvalue in Gold； by which he should loose？ And so though the
same Proportion in quantity were vented here in Silk； yet a
greater Proportion in value would be vented。
At the same time may be said of divers other Commodities： and
for confirmation of this； it is to be observed； That from Italy；
France and the Low Countries； and the East Indies； in all which
places the values of Money are as high or higher than with us； we
draw hardly any Commodities but fully manufactured； and they
receive none of our Commodities but either not manufactured at
all； or； but so much manufactured as the Severity and Penalty of
the Laws do otherwise prohibit to be exported： But in Spain where
the Moneys are yet of a lower value than with us； it is clean
contrary。
And although it may be Objected that this Observation doth
not hold in Turkey and Muscovie； though in Turky the Silver； and
in Muscovie both Gold and Silver be much higher valued than here
in England；
To that it may be answered； That these barbarous Countries
receive our Manufactures by Necessity； because they afford none
of their own。
Chapter 16
Examinations of the Reasons for the not raising of Money。
The first and main Reason against the raising of Money； is；
The INJUSTICE and OPPRESSION done to all those； who ar in place
of Creditors to receive； all which are forced to receive less in
Intrinsical value than is due unto them； and less in faculty and
extent to supply their own uses。 To which reason I never
understood any answer made that could have examination but only
this： That however the Creditors do receive less in intrinsical
value； and less in faculty and extent； to supplie their use by
reason that as the Extrinsical value of the Money is raised； the
price of the things do likewise rise with it； yet that price doth
not rise but by degrees and time； in which time all these
Creditors by renewing their Contracts do repair themselves； some
sooner； some later； according to the state of their Contracts。
But then it is manifest that all those who have any Rents or
other Rights which are defined to a certain sum in perpetuity；
and the King for the best part of his Revenue are extreamly
damnified by the raising of Moneys without Repair； except there
should a Law be mae that all those kind of payments should be
payable according to the values of Money current when they were
first created； which； though it were an innovation full of Danger
and Confusion；and Impracticable in this State； yet it seemeth to
have a foundation in Justice。
A second Reason； made against the raising of Money； is this；
If you do raise your Moneys out of the Misconceipt to draw you
more Gold and Silver； the other Nations out of the same
Misconceipt will raise the Money likewise； and so deprive you of
your end： but to this reason it may be answered； That we ought
not to raise our Moneys above our Neighbours； but only to a
parity with them； and then if they be obstinate to out raise us；
we must rather undergo the Prejudice of a continual raising to a
parity； thereby to keep our own； than to suffer other Nations by
imparity to rob us of what we have： so as this Argument in
effect； doth resort to that； which was formerly disputed； whether
truly and constantly more Gold and Silver be brought in by the
raising of Money。
The two Arguments that follow against the raising of Money
will both receive one clear answer。
The First； That in raising of Money you raise the King of
Spain's Commodities； and consequently enrich him。
The Second； That by raising of Money； you have less Silver
and Gold out of Spain in Intrinsical value for your Commodities；
the answer thereunto is very plain and clear； which is this； That
if the Position formerly laid down be true； which is； That as the
value of Money is raised； so the price of Commodities riseth with
it； Then it follows that neither the King of Spain shall be
enriched by the raising of Money； because the Commodities for
which he parts with his Money unto us； shall rise likewise in
price； nor shall we receive less of his Money in Intrinsical
value for our Commodities； because the Extrinsical value is
raised； that our Commodities will rise likewise so much the more
in Extrinsical value。
To the last Argument； of the Confusion which the raising of
Money doth bring both by the stopp of Commerce at the present；
and the fractions of Reckonings； it is answered； That no
alteration in this Subject of Money is without Inconvenience； But
if the position be true； that raising of Money is necessary to
preserve that which we have； and to bring in more； then are those
petty Inconveniences little considerable： and thus I have
examined as strictly as I can the Reasons alledged on both sides
for the raising and not raising of Moneys； but leave the Reader
to his own Conclusion。
I do now come to the Remedies； that by curious search I could
ever learn to have been propounded either in this Estate or any
forrein Estates； for the Inconveniences that may grow either by
raising of Money； or not raising； or both of them； which I do
mean likewise to examine； and shew as near as I can； the
Difficulties that may grow in settling of the several Remedies
propounded； and the evil Consequences that might grow of them； if
they were settled； and that so the Reader may more clearly judge
which is the best： for which purpose I intend to begin with the
Plainest and most easie； to the end that the more intricate may
afterwards be better comprehended。
Chapter 17
Of Contracting with forrein Nations by Ambassadors to keep their
Moneys at a certain standard。
Amongst all the Remedies propounded against the Alterations
of Moneys there is none more specious than this； nor more
frequent in mention； both in provisionall Edicts； which are made
for the Reformation of Moneys； and in Considerations held for the
purpose； for it is said to advance it： That if we contract with
other Nations for a certain and stable standard of Moneys which
may be equal； than we shall avoid all the Inconveniences that do
grow by the raising of Moneys； because we shall never raise them；
and we shall avoid all the Inconveniences that do grow by the not
raising of Moneys； because other Nations shall not raise theirs。
Besides for this Remedy there is alledged the example of former
Ages； wherein it appears that in many Treaties with forrein
Nations our Kings did contract for the mutual standard of their
Moneys。
But however the Proposition be specious and frequent； yet； of
all other Remedies； if it be throughly examined； it will appear
the most difficult； or rather impossible； to be effected； and if
it were effected； it would turn to no use； for thus stands the
state of this business； Almost all the Silver which is now drawn
out of the Earth； cometh from the West Indies； all which intirely
aboardeth first in Spain； whence it is dispersed into other
Countries Eastward； which do draw it unto them by setting an
higher price upon it： for； as if there were no Cloth in all the
World but in England； no other country could have cloth except
they did pay dearer for it than in England； and by so much dearer
by how much it were more remote from England； because to the
original price； there must of necessitie be added an increase in
regard of the time； the charge； and hazard of transporting it： so
fares it with Silver； that all Countries which will draw from
Spain； do necessarily set a greater price upon it； by how much
they are more remote from thence； and this is the Reason why the
sphear of Silver seemeth to roll from the West to the East； until
it come unto him； where it seemeth to fall into a Gulph。 But of
Gold it is not so； because that comes in as great abundance from
the East as from the West。
Now then it were a great Prejudice for England and France to
contract with Spain for a certain standard of Silver； except they
could likewise contract for the same standard with the Low
Countries； and Italy； who draw part of their Silver from them； as
they draw theirs from Spain； for otherwise； they should give a
stop to the coming in of their Silver； and should leave the issue
of it open。 Nor would Turkey contract； unless they could also
contract with Persia for the same； where Silver is yet higher
than in Turkey； and so forward into China； neither would the Low
Countrie men contract； except they could contract for the same
with Hanse Towns； where Silver is higher than in the Low
Countries； neith