This money is made daily more plentifull, by our Spanish Merchants, which doe divert the Realls of Spaine, as before hath beene declared: hence it proceedeth, that our home Commodities, are many times sold beter cheape beyond the Seas then here; for although Merchants doe lose thereby, they make account to gaine more, by the low exchange, delivering their moneys there, or taking of them up here by exchange, to pay their Bills of exchange at an undervalue: insomuch, that many Merchants having no commodities there, may take up money here, and sending over the same in specie, will pay there with their Bill of exchange, and Gaine (by dexteritie of wit) 15 in the hundreth in lesse than two moneths time. Thus when Gaine is practised by exchange, the Commodities of the Realme are less vented, and the moneys are exported, which causeth the lesse employment here to be made upon our Commodities: Even as the importation of moneys being hindered (by the inhauncing of the Coynes beyond the Seas:) compelleth our Merchants to make the greater employment upon forreine Commodities at deere Rates.
For the Commodities beyond the Seas, are in the hands of them that make sale of them, upon a certaine price (as it were)at their pleasure, having Plenty of Money, at a cheape Rate at interest, whereas also they have no man to undersell them, here and there, as our Merchants doe our Commodities, which (without all comparison:) are farre much fallen in price, then the forraine Commodities now somewhat abated in price.
Concerning other Commodities imported, As Wines, Raisons, Corints, Tobacco, and Spices of the East Indies: Let us briefely observe, that the Wines of France might be bought better cheap, if the money of the Realme were not undervalued in exchange; for wheras heretofore they gave us in payment their French Crowne of Gold for 64. Soulx, now they give us the same at 75 Soulx, which Crowne was then worth 6 shillings, 6 pence Starlin, and their quart d'eseu now paied for 16 Soulx and above, was then but 15Soulx, for which we gave here (accompting 4 to the Crowne of Silver) 69 pence and thereabouts, and now 72 pence and above.
And besides that, more of our native Commodities were vented with better profit, according to th'exchange; for the Rule is, that the lesse of Starlin money wee doe reckon in exchange with them, the more is the Gayne of our Commodities. The like may be applyed for the Trade of Corints, which is now provided by other means. But the limitations to restraine all men from importing them, then onely those of the Levant company, maketh no free Trade of this Commodity, nor other the like.
The immoderate Use of that weede Tobacco hath beene so effectuall in debarring us from Spanish Realls to be (as formerly) imported to a great value yearely: but the wisedome of the State hath so qualified the same, that our Merchants trading in Spaine doe now sell Perpetuanoes, Bayes, Sayes, and other our home Commodities to benefite, which before were sold to losse, to have moneys to buy this Tobacco, that the Spaniard did say, Todo te pagara in humo, All shall be paid with smoake.
The fourth cause of the want of Money in England, is (as the said Author saith) The great want of our East India stocke here at home, which he termeth the especiall Remote Cause; whereas most men would have expected that the ready moneys sent in Realls of Plate to make the employment of the said Trade, would rather have beene mentioned. My meaning is that to become a Trapez untia Flatterer. For AEsops Moral, That the Lyon could not be healed without the Apes Liver: that is, Princes can not be safe without the destruction of flatters: remaineth still fresh in memory; but in favour of truth and Policy, I am resolved to deliver my plaine and sincere opinion, concerning the said Trade, which began with us in England immediately after the great Jubile yeare, 1600.
In the Discourse made of the Trade from England into the East Indies be truely collected, no doubt the said Trade may be found very profitable hereafter, albeit it hath beene very difficult in the beginning, according to the Proverb, Omut principium grave; especially when the Controversies betweene us and the Hollanders shall be determined, and their agreements established.
For if Pepper doe but cost two pence halfe-penny the pound in the Indies, and that tenne shillings imployed therein will require but 35 shillings for all charges whatsoever, to deliver it in London; where it is usually sold for above 20 pence: It followeth by consequence, that there must be a very great gaine, which will increase, when the said parties shall be united in true Love, and buy the said Commodities better cheape; and so proportionably for all other Spices, drugges, silkes, indicoe's and Callecoes.
Againe, if one hundreth thousand pounds in money exported may import the value of 500 thousand pounds Starlin in wares of Commodities: albeit England do not spend above 120 thousand pounds, and 380 thousand pounds in exported unto divers forraine parts, and there sold for ready for ready money with great advantage.
