The Causes of the Decay of Trade in the Merchandize of England.
The Moneyes of Christendome, which have their ebbing and flowing, doe shew their operation upon commodities, ****** by Plenty, the price thereof deare, or by Scarcity better cheape.
And on the Contrary, by exchange we finde that plenty of money maketh a Low exchange; and the price of monyes to fall in exchange: and that Scarcity of money maketh a fhigh exchange, and the price to rise, overruling both the price of moneys and Commodities, which beeing observed by the great exchangers or Bankerers; caused them to invent all the means to compasse the fame, and to rule the course thereof at their pleasure, having the maine sea of exchange, wherein the exchange of England runneth like a River or Branche, and is overruled by the generall Currant; which may be prevented: for we have the head of exchange of 20 shillings Starlin for the places where most of our Commodities are sold, which will command all the parts & members of the body of Traffique, and procure plenty of money, whereby the other cuases of the want of monyes in England (as the waste of the treasure and the like;) will not be so sensible as now they are, especially when needfull Commodities of Trade, shal be imported from some places, which shall supply (as in times past)the exportation of much money, when the Commodities of Russia, being Tallow, Waxe, Hides, retransported into France and Spaine, did by exchange furnish the Realme with Wines, Corints, Raisons and the like Commodities.
The Want of Money there, is the first cause of the Decay of Trade, for without money, commodities are out of request. And when they fall againe into Permutation or Barter, Traffique is subject to the necessity of Merchants, which tendeth to the destruction of ne commonweale, and to the inriching of an other.
And this is effected by the exchange, as the grave and wise Cousellors of State before mentioned, have very well observed, whereof Aristotle and Seneca could take no notice in the infancy of Traffique, which maketh me to forbeare to alleadge their opinions and definitions; howbeit Commercium is quasi Commutatio Mercium, which the said Author would turne againe by a change of wares for wares, and ot money for wares. No marvell therefore that hee doth invert things and runneth into a Labyrinth without distinction, betweene the thing Active, and the Passive, by approoving Money to bee the rule and square, whereby things receive estimation and price. And yet commending the Commutation before Money was devised to be coyned.
Aristotle saith, That Action and Passion are meerely Relatives, and that they differ no more, then the way from Thebes to Athens, and from Athens to Thebes. We will therefore leave this Merchant to walke betweene both untill hee can discerne the one from the other. And then he shall finde, that as the Liver (Money) doth minister Spirits to the heart (Commodities,) and the heart to the Braine (Exchange:) so doth the Brayne exchange minister to the whole Microcosme or the whole Body of Traffique.
Let the heart therefore by the liver receive his Tinctured Chilus by his own mouth and stomacke, and the blood full of Spirits, shall fill all the Veines, and supply the want of monyes. The easie course and recourse of whose exchange, shall bring all things in time, and serve all mens turnes. For even as there are two Courses observed of the Sunne: the one Annual, and the other by dayly declination, rising and going under: even so much wee observe in exchange two Courses, the one according to Par pro Pari, or value for value: the other rising and falling from time to time, as wee have already declared.
The second Cause of the decay of Trade, saith he, is Usury, meaning Usury Politicke, wherein he is prevented to speake, because of a Treatise made against Usury by an unknowne Authour, and presented to the last Parliament, for whom he taketh great care, that hee be not abused as Virgill was by proclaiming too late, Hos ego versiculos feci, tulit alter honores. True it is that the said Authour doth not attribute unot himself the makeing of verses: but taketh the whole substance of his discourse out of other mens workes, published above twenty yeares since. Turpe est Doctori, dum culpa redarguit ipsum. Cato.
Usury in a Common-wealth is so inherent, and doth properly grow with the decay of Trade, as Pasturage doth increase, with the decrease of Tilling. Albeit in some respects, Trade is increased by monyes delivered at use or interest upon occasions, when the Usurer is glad to finde a taker up of his monyes, and doth pray him to doe the same, by reason of the abundance of money; which maketh the price of Usury to fall, more then any Law or Proclamation can ever doe. So that to abate the Rate of Tenne upon the hundred to eight (as the saide Tract against usury would have had the Parliament to do:) will be effected or course, which alwaies hath the greatest command.
This doth also much prevent, that the Rule of Concord and Equality is not so soone broken and overthrowne in Common-weales, some growing very rich, and others extreame poore, not able to live in their vocation: The most pregnant cause of discord, causing many times civill warres, as Corvelius Tacitus hath noted, and appeareth in another Treatise where the operations of Usury are described.
