Chapter 11

Of the great increase of the Proportion between Gold and Silver,
and the things valued by them; by which there is grown a greater
want of Money in England than was in Antient times, and of the
Causes thereof, and of the Remedies which may be applied.

    Because this Title is of a very curious and perplexed Search,
I am inforced contrary to a Logical Method, to set down my
Conclusion first, and to explain by the cleerest Expressions I
can think of, what it is I intend to prove, and by what ways, and
then to prove that the price of all things, which is the
Proportion between Money and the things, which is the Proportion
between Money and the things valued by Money, at this present is
much encreased from what it was in antient times: and because I
will set down a time certain of Antiquity, I will take the 25th
year of Edward the Third, when a pound of Gold of sterling
standard made 15 l. sterling, and a pound of Silver of the same,
made 25s. sterling. I intend to prove that this increase of price
and Proportion is not meerly according to the raising of the
Money, which hath bin since that, and is about the rate of three
for one, as the Money hath been raised, for then the price and
proportion should be only nominally, and not really encreased,
for that if we pay now 3s. for that which in the 25th year of
Edward the Third cost but 1s. and if we pay now 3 Crowns for that
which cost then but one; yet if then there was as much fine Gold
in one Crown as now there is in 3, the price should only be
increased in name; but the proportion between gold and silver,
and the things valued by them, would remain the same. But I
intend to prove that this increase of Proportion hath bin real,
and that the price of things in general is now grown six times as
much or eight times as much as then they cost, in name of
Shillings, Crowns and Pounds and in reality of fine Gold and
Silver, to double, and almost treble the Proportion of all
things, valued by Gold and Silver, in respect of what it was in
the 25th year of Edward the Third. Then I intend to prove that
this real increase of Proportion, by which all things valued by
Money, are valued at more than double, almost treble, the
quantity of fine Silver and Gold, than then they were, is grown
principally, and in a manner solely, out of the great quantities
of Gold and Silver come into the Kingdom of Spain out of the West
and East-Indies, within this Hundred years or thereabouts, and
thence dispersed into other parts of the World, whereby it is
come to pass that the value of Gold and Silver is become more
vile and cheap; and generally all things valued by them, are
rated higher, at double and almost treble as much Gold and silver
as they were rated at in the 25th year of Edward III or
thereabouts; as one Scale pres't down doth necessarily make the
other rise higher: From those Proportions it will necessarily
follow that if the Kingdom of England should have at this day as
much Gold and Silver in fineness and weight, or peradventure half
as much more, as it had in the 25th year of Edward the Third; yet
because the increase of the Proportion between Gold and Silver
and the things valued by them is so much greater than it was
then, to wit, above double and almost treble; that the Kingdom of
England is so much poorer and more disabled than it was then, by
how much it wants of that quantity of Gold and Silver, which may,
in Proportion to things valued by them, countervail the quantity
which then was in England, and this great Mischief and Disability
doth not only hold in the present Stock, but in the Fruit and
growing Wealth of the Kingdom.
    Lastly, Having discovered this great Evil, the Danger whereof
is not apprehended as it deserves, together with the Causes of
it, I intend to set down what Remedies are propounded unto it.
    Now when I shall compare the Prices of things at this day
with those of antient times, if I should go to set down all
things particularly the Labour and Search were beyond measure,
and the variety of the Proportions of prices would not be very
great between several things, but the same things in several
seasons would exceedingly differ in price, and the proofs, would
be very disputable so as no certain conclusion would be drawn
from them: as for Example, of Corn, Cattel, and Fish, the
Proportions of price would not hold the same, and every of these
would differ in several seasons for several causes; as Corn
through unseasonable weather, Cattle through murraign, Fish
through Warr; and every one of these through many other accidents
are able to raise or draw down the price again: Cloth, Linnen,
Leather, and such like, would have the like variety of prices
through the same, and through other causes, as through
Impositions laid upon them, new Inventions, whereby the
Manufactures may be the more easily and speedily made, engrossing
of them, false making of them, want of work-men.
    And if these things, which are most necessary for man's life,
are subject to so many varieties of Prices through several
causes; how much more uncertain would those Materials prove,
which serve only to delights and magnificence, as precious
Stones, Pearls, Hangings, Pictures, Embroideries, and such like;
which are subject to so many causes of varieties of price, as
things necessarie, and are moreover subject to the Humours and
Fancies of the Times, by which their price is raised or abased.
    But there is only one thing, from whence we may certainly
track out the prices, and which carries with it a constant
resultance of the Prices of all other things which are necessary
for a Mans life; and that is the price of Labourers and Servants
Wages, especially those of the meaner sort. And as there is to be
found no other certain and constant Cause of the raising of the
Prices of all things, but two; viz. the one the raising of the
values of Moneys, the other the great abundance of Gold and
silver coming into these parts, in this latter age, out of the
Indies: And although the hire of Labourers did continually rise
(when Money was raised), yet it did rise so much and no more, as
its value was raised; but after the Discoverie of the Indies, you
shall finde the price of the Labourers wages raised in Proportion
far exceeding the raising of Moneys, and therefore, for my part,
I am certainly perswaded that as long as the values of Moneys are
raised, and the Indies do yield that abundance of Gold and Silver
which they do, that both the hire of Labourers, and generally the
price of all things, especially of things necessary for life,
will rise, although for a year, two or three, through uncertain
Accidents, sundry particulars may stand at a stay or abate: But
that the hire of Labourers and Servants carrieth with it a
resultance of the prices of all things generally necessary for a
mans life: Besides, that Reason doth convince that there must be
a convenient Proportion between their Wages and their Food and
Raiment, the Wisdom of the Statute doth confirm it, which doth
always direct the Rate of Labourers and Servants to be made with
a regard of Prices of Victuals, Apparel, and other things
necessary to their use. In the 25th year of Edward the Third, it
was provided that in time of Hay-making, none should pay above
our penny in the day; that for threshing of one quarter of Wheat
or Rye, none should pay above 2 1/2 d., and for threshing of a
quarter of Oats, Barly, Beans and Pease, above one penny half
penny; that a Master Carpenter shall have 3 pence, another
Carpenter but 2d. a day; a Master free-Mason but 4 pence, a Tyler
3 pence; but either of their servants, a penny half penny: all
this is in the summer time, for in the Winter wages lessened, and
without meat or drink, or any other courtesie, and that in the
Country, where Wheat was wont to be given, they shall take for
the Bushel ten pence, or Wheat at the will of the Giver.
    In the Twelvth year of Richard the Second these Rates did
still continue (so likewise the Money did still continue the same
in goodness) but there was further added like wise a yearly rate
for Servants wages; and there was allowed by the year for a
Bailiff 13s. 4 pence, with a Livery: a Master Hind was rated at
10s. a Carter at 10s. a Shepheard at 10s. an Ox-heard or
Cow-heard at 6s. 8d. a Driver of a Plough at 7s. at the most: and
all these but the Bailiff, without cloathing or other courtesie.
In the Thirteenth of Richard the Second, It was provided that the
Justices of the Peace might rate the Day-labourers according to
the dearth of Victuals, which seemed to have growth through some
accidental Dearth, which then happened: in the Thirteenth of
Henry the Fourth there was raising of Moneys to about the 6th
part more, by Advice in Parliament, but there was no new Rate for
Servants Wages, until the sixth of Henry the Sixth,the price of
things growing higher by reason of the raising of Moneys: It was
provided by Statute that the Justices of the Peace might rate as
well the Hire of day labourers as the Wages of Servants,as they
should find fit in the Sessions, notwithstanding the former
Statute of the 25th of Edward the Third, and 12th of Richard the
Second, and notwithstanding the Money had not been raised above a
sixth part, which I attribute to the great want of Servants and
Labourers, the Kingdom being then exceedingly exhausted by the
long continuance of the Wars in France: but in the 49th of Henry
the Sixth Money was exceedingly raised, so as a pound of Sterling
Gold made 22l. 10s. and a pound of Sterling Silver together was
half as much more as they were valued, in the 25th of Edward the Third.
    In the 11th of Henry the Seventh (c. 22) there was a new
Statute for the rating of Servants wages and the hire of
day-laborers, which in a manner doth agree with the 23rd of Henry
the Sixth: but I find this almost only difference between them,
that by the 23rd of Henry the Sixth, the Meat and Drink of the
Day-labourer is valued but three halfpence, but by the 11th of
Henry the Sixth, the Pound of sterling Gold being (then brought
from 16l. 13s. 4d. to 22 l. 10s. 0d. and the silver from 30s to
37 s 6d.: From the 11th of Henry the Seventh until the 6th of
Henry the Eight, there was no new Rate upon hire of Labourers or
Servants wages: but that year there was a new Statute, which
notwithstanding was little or nothing different in the Rates from
the former, except in some Particulars which are not pertinent to
this Inquiry.
    So likewise hitherto did the value of the King's Money remain
the same, and so continued until the 18th of Henry the Eight,
when the Commission was given for the Alteration of the Coins to
Cardinal Wolsey, which brought in great Confusions among the
values of Money, which together with the excessive quantities of
Gold and Silver, which about those times began to be brought into
Christendom out of the West Indies, were the occasion that the
Statutes for Labourers and Servants were no further observed
because the prices of all things being much inhansed, Labourers
and Servants could not live upon their Hire and Wages ordained by
the Statute: and this is acknowledged in the Preamble of the
Statute of the 5th of Q. Elizabeth (which is the next Statute for
the rating of Servants and Labourers wages, after the 6th of
Henry the Eighth) by which Statute all former Statutes for
Labourers and Servants are repealed, and an exact Course set down
how the Rates for the Wages of Servants, and Hire of Labourers
shall hereafter be set down by the Justices of Peace, in
Sessions, having regard to the price of victuals, and other
things for maintenance: so having thus deduced the Rates of
Servants and Labourers from time to time. It remaineth now only
that I examine some of the late Rates set down in the Counties
Adjacent, and compare them with those of the 25th of Edward the
Third, and 12th of Richard the Second, and that I do calculate
how much these later Rates do exceed the Ancient: and deducted
from the later Rates do exceed the Ancient: and deducting from
the later Rates so much as the values of the Moneys of Gold and
Silver hath been raised, which induceth rather a nominal than a
real Increase of the price, it will follow, That whatsoever
increase hath been more of the Rates, that it hath grown from the
great quantities of Gold and Silver brought into Spain out of the
Indies, within these Hundred years.
    In the Statute of 25th of Edward the Third, the threshing of
a Quarter of Wheat or Rye, is rated at ijd. ob. By the Rate, in
Middlesex, of the 17th of King James, which is the last Rate made
there, the Threshing of a quarter of Wheat is eighteen pence,
which is above seven times as much as in the old Statute; the
stone, either of Wheat or Rye in Essex by the rate now in force
is 16d which is above six for one, wherein it is to be observed
that in that they shall give more: and yet we know that the
Bushel, and consequently the Quarter in many of the remoter
sheirs containeth half as much more as in these Counties near
unto London. The threshing of a quarter of Barley, Oats, Pease,
or Beans, by the Statute of 25th of Edw. the Third, is rated at 1
1/2 d. ob; but by the said Rate in Middlesex the quarter of
Barley is rated at 10d and Beans and Peas at nine pence, which,
by a medium comes to be between six and seven times as much. And
by the said rate in Essex they are rated at ten pence and eight
pence which by a medium, comes to six times as much; and in this
likewise the aforesaid Observation of the difference of the
measure doth hold.
    By the said Statute of 25th Edward III it is provided that in
time of Hay making none shall pay above a penny for hay making,
but by the said rate in Middlesex, the hire of a man a day for
hay-making is 10 pence, for a woman viii pence, and by the same
rate in Essex, the hire of a man is rated at xii pence, and the
hire of a woman at ix pence, which, by the medium, is ten times
as much as the old rate. By the said Statute of 25th Edward III
the work of a master Carpenter is rated at iii pence a day, a
second Carpenter ii pence, a Tyler iii pence, and the Servant of
either of them one penny half penny, in the Summer time, without
meat or drink or any other courtesie. By the said rate of
Middlesex (17th James I) master Carpenters and Tylers are rated
at xx pence a day, which accounteth to near seven times the old
rate. The second sort of the said work men at 16 pence a day,
which amounteth unto 8 times the old; and Labourers of the best
sort at 12 pence a day, of the second sort at ten pence a day,
which, by medium, is neer eight times the old rate. By the said
rate in Essex, Master Carpenters and Tylers are rate at 16 pence
a day, which is not six times the old rate, their Servants 12
pence, which is eight times the old rate.
    It is said in the said Statute of 25th of Edward III that in
those Counties where wheat was wont to be given for work, they
should take ten pence for the bushel or Wheat at the will of the
Giver, by which clause it appeareth that 10 pence was then a
large price, even in those Counties where the Bushel was bigger,
or else it had been a great Rigour to leave it to the will of the Giver.
    By the Statute of the 12th Richard the Second, the yearly
wages of a Bayliff was rated at thirteen shillings and four
pence, and by the aforesaid rate in Essex the wages of a Bayliff
is rated at three pounds three shillings and eight pence, which
is (near) five times the old Rate. By the said Statute of 12 R. a
master Hind is rated at ten shillings, a Carter at ten shillings,
a Shepheard at ten shillings, an Ox-heard at six shillings and
eight pence, a Cowheard at six shillings and eight pence. By the
said Rate in Middlesex Carters are rated five pound wages, which
is ten times the old rate. By the said rate in Middlesex the best
sort of Plough-men, Carters, or Shepheards are rated at three
pound. The second sort of Hinds and all Servants in Husbandry at
two pound six shillings and eight pence, which amounteth in the
first, to six times the old rate, and in the second to seven
times the old rate; a woman labourer or Dairy woman by the said
Statute at Six shillings. By the said rate in Middlesex, the best
women servants are rated at forty shillings a year, the second
sort at thirty three shillings and fourpence, which by medium
amounts to six times the old rate, and somewhat more; and by the
said rate in Essex, the best women are rated at thirty three
shillings and four pence, the second sort at one pound six
shillings and eight pence, which by a medium amounts to five
times the old Rate.
    And if any many shall object, That the present rates will
not, generally through the whole Kingdome, hold thus high, though
they are thus rated in the parts near adjoyning to London:
    It may be answered. That by the old Statutes it was provided,
that in no place any higher rates than these should be given; but
they might give less, where less in former times had been used to be given.
    But on the other side it may be much more probably objected,
That the rates are now greater than they are here set down,
because it is not so strictly observed as it should be; whereas
when the old Statutes were first made it is probable that that
the Rates were with the largest, and were more strictly observed
than they now are: and although this computation of the wages and
hire of Servants and Labourers be (as I conceive) the most
certain way of comparison of the prices of all things between
that time of King Edward the third and this present; yet for
Confirmation I will add unto it another Observation, wherein we
shall find the same Proportion to hold in a Subject much more
general, and therefore so exactly calculated. But therein I must
appeal to the well grounded Judgment of my Reader, and that is
that I will set down the entire receipts as I find them by
undoubted Records of divers years of Edward the Third; and then I
will briefly represent the actions of War in the said years,
besides the ordinary expence and the said actions of War could be
now maintained, but by a Proportion so much larger as the rates
of wages are now encreased, which I compute between six and eight
times as much a they were in the 19th year of Edward the third.
    The whole receipts of the Kingdom, as appeareth by the Pell
of the Introitus amounted to 72,826 pound 11 shillings 5 pence;
in that year the King sent over six hundred men of Arms, and six
hundred Archers into Gascoign, under the Conduct of the Earl of
Derby, and divers other great Lords, who gathering unto them the
other Garrisons, did not only maintain a body of an Army in the
field a great part of that year, but recovered divers Towns by
Siege: all that year the King did likewise maintain some
auxiliary forces of good importance, the Number is not set down,
for the aid of the Duke of Brittany under the Command of Sir
Thomas Dayworth. And that Year the King likewise made a voyage in
great magnificence into Flanders, and continued there long in
Treaty with Jacques van Arteveld and the Flemings, to withdraw
them from the Homage of their Earl unto his Allegience. The 20th
year of Edward the Third, the whole Revenues of the Kingdom in
the Pell, amounted to 154,139 pound, 17 shillings 5 pence. This
year the same forces were maintain'd in Gascoign, which did
freely ransack and spoil all Xaintong and Poitou, by the favour
of the Kings great Victories elsewhere.
    And in July the King went over in person, and landed in
Normandy, and wasted a great part of that Province, and ransacked
many of the principal Towns: his forces transported thereto, are
by Hollingshead reckoned 4,000 men at Arms, and 10,000 Archers,
besides a great Number of Footmen, but not defined. In the end of
Summer he fought that famous Battel of Cressey; and in the
beginning of Winter did set his Siege before Calais. This Year
likewise was the King of Scots taken prisoner at the Battel of
Durham, by the Queen: The 21st year of his Reign his Receipts
amounted unto 226,113 pound, five shillings and five pence;
almost all this year the King continued his Siege before Calais,
having reinforced his Army, both out of England and Gascoign, and
kept the Sea by his own Shipping and the Easterlings; and in the
end of the year, notwithstanding that the King of France having
assembled all his Puissance, sought to rescue it, the Town was
yielded, and an English Colony transported thither, and Victuals
besides; all this year the King continued his auxiliary forces in
Brittany with great success.
    Now if King Edward the Third had with his Revenue furnished
out Money for these great actions of War, besides the
Magnificence of his own house and other necessary expences of his
Kingdom, I do appeal to the Judgment of the Reader whether the
ordinary expences of the King's house, and other necessary things
within his Kingdom, and the like actions of War could be
maintained (not speaking of the success) at this day with any
frugality without any other increase of comings in, equal in
Proportion to the increase of the hire of Labourers and Servants
wages; which I compute at six times or rather at 8 times as much
as then it was. And I am sure that whosoever shall exactly weigh
all Circumstances, shall find that of the two, this latter
comparison will exceed the former.
    Having thus, with as much exactness as possible I can, and I
conceive is incident to this subject, made proof of the
Proportion between Gold and Silver and the things valued by them,
as it now stands compared with what it antiently was; and namely
in the 25th year of Edward the Third; the next that I have
undertaken to prove, is, that the different Proportion which is
really grown between Gold and Silver, and the things valued by
them, doth principally and indeed solely arise of the grat
quantities of the said Mettals, which in these hundred years was
brought out of the East and West-Indies. Now although there be
many other causes which may produced this effect, as Scarcity or
Abundance of the things valued by Money, War, Depopulation, and
all other Accidents, by which, either these Mettals are
exhausted, or the things valued by them are consumed or made less
useful; yet, as before is shewed, all those are temporary and
subject to continual variety up and down, and therefore cannot be
the causes of a constant effect as this is. And, as for the
continual variety up and down, and therefore cannot be the causes
of a constant effect as this is. And, as for the continual
raising of the values of Moneys, it is formerly shewed, that
really that breeds no disproportion between Gold and Silver and
the things valued by them; but only it breeds an alteration in
the Proportion between the species of Money, so named, as Pounds,
Crowns, Shillings, etc. and the things valued by them; and
accordingly in the Examination of the Rates of the hire of
Servants and Labourers, it might be observed that it punctually
arises according to the raising of the value of Moneys, until the
discovery of the West Indies, and the navigation of the
East-Indies, which have brought in so great a glut of these
mettals. There is no other constant cause to produce the real
disproportion, but only the abundance of Gold and Silver, by
which of necessity they must grow cheaper and abased in their
value. A certain Author who wrote about the year 1620, doth
calculate, that in the space of 100 per year there was at that
time brought into Spain and Portugal 900 Milions of Pezoes, worth
six shillings and sixpence sterling a piece in Gold and Silver;
which calculation doth seem to be excessive amounting to nine
millions every year of Gold and Silver out of the Indies, of all
which infinite Summ, not one jot did come into these parts in
former times out of the West Indies, and very little or nothing
out of the East: how is it then possible but that it must abase
the value of the Mettals?
    And if it be said that we waste this excessive supply in our
excesses of Luxurie, as in Guildings, Embroideries, Inlayings,
and the like, so as the mass of the said Mettals increaseth not;
it is answered, That neither were former times exempt from those
vanities; neither are they now sufficient to consume the greatest
Proportion of this stock.
    And if it be objected that the greatest part of the Stock is
drayned away every year to the Eastern Countries:
    It is answered, That this is only true of Silver; and yet the
Silver cannot be so drained away, but that a great part doth
remain in Europe. Now if the Rate of things valued by Money be
six times as great as it was in 25th of Edward the Third,allowing
the values of Moneys to be raised to treble what they then were
by the same names, yet there will be a real Increase of a double
Proportion, yet there will be a real Increase of a double
Proportion, to what then was of gold and Silver in weight and
fineness, to things valued by them; and if the rate be raised to
eight times what it then was, the real increase of the Proportion
will be almost treble to what it then was.
    To understand the whether this Kingdom be now of the same
Wealth and Ability which then it was: We must find out whether
there be now double or treble the quantity of Gold and silver in
weight and fineness in this Kingdom which then was, and whether
the fruits and growing wealth of the Kingdom will produce double
and almost treble the quantity of Gold, in weight and fineness,
to what it then did. I am absolutely perswaded that we shall fail
of it very much, of which the most certain and assured proof were
to calculate for so many years together the quantity of Gold and
Silver coined in those days; and then by a medium to compare it
with so many years in these times; though this proof were not
demonstrative, but probable.
    But in those days the Mint was kept at Calais, as well as in
the Tower, and much more of the Money of this Kingdom was coined
there than here, the Records whereof are all lost and dissipated.
    But that our Wealth doth not answer that increase of
Proportion at this day, I will endeavour to satisfie the Reader
by two Arguments; the one drawn from the Abundance or Scarcity of
Gold and silver; the other from an Effect of it.
    For the first it is this, I have alwayes understood it to be
observed by all men intelligent and practised in matters of
Trade, that although all Commodities in general are raised in
price, in comparison of what they antiently were, yet in general
that our domestick Commodities are not raised answerable in
proportion to Forrein. Now we have a very small quantity of
Silver produced within our own Countrey, and of Gold none at all,
so that the Stock of these Mettals is in a manner raised wholly
out of the over-ballance of our domestick Commodities with
forrein: it then ours do not rise in price from what antiently
they did bear proportionable unto Forrein, it is a strong
Argument to prove that our Stock of these Mettals does not
increase in a Proportion answerable to the increase of the Price
of other things valued by Money.
    The second Argument is from the Effect; now one of the
greatest Effects of the abundance of Gold and Silver, is, the
Ability which the Kingdom hath to set forth and maintain great
actions of War in forrein parts: then let us set forth before our
eyes the many and great Armies which Edward the Third did raise
and maintain both of Strangers and his own Subjects in the first
year of his Warrs against France, and withal let us take into our
consideration the Calculation made, in Anno   by expert
Commissioners, of the charge of one Army to be raised,
transported, and maintained for one year, in Forrein Countries,
25,000 Foot and Horse, and proportionable Artillery, which doth
account unto    and then I doubt not but that every mans own
Conscience will convince him that at this day the Kingdom is not
able to maintain the like actions in forrein parts which then it
did: and yet at that time there were forces maintained against
Scotland; a great part of the Realm was imployed upon Monks and
Friers improfitable members; besides the substance of a great
part of the Wealth of the Kingdom (drawn of) by the See of Rome:
and the trade of the Kingdom was in no comparison so great as it
is now, and this is an undoubted Effect of this truth, That the
increase of our stock of gold and Silver is not in a Proportion
answerable to the increase of the price of other things valued by
Money; neither can there be any other analogical reason given of
the present disability but this, That although that we do draw
some drops of this Indian spring, whereof Spain is the Cistern,
yet we do draw them at the second hand, we draw them upon hard
terms and conditions, and we do not draw them neer in that
Proportion as the prices of all things do arise upon our hands,
by the great increase of those Mettals; and the consequence of
this hath more advanced the affairs of Spain in these times than
can be imagined, for that hereby all the other States of Europe
have bin abated half in half. I will propound France for Example,
which Kingdom notwithstanding draweth much more Money out of
Spain than we do, by reason that the French consume little of the
Spanish commodities, make the return of their own for a great
part in Gold and Silver.
    The Author of the Denier Royal undertaketh to prove that St.
Lewis in France, who was contemporary with Henry the Third of
England, whose whole Revenues in those days amounted not unto
300,000 French livres, did notwithstanding in Proportion to all
things valued by Money, raise more out his Kingdom than Lewis the
thirteenth who now reignth, and whose Revenue amounteth, unto
3,600,000 pound sterling.
    And although he bringeth such Arguments and Authorities for
his assertions, as for my part, I cannot see how they can be
answered: yet the difference is so great that I could hardly
assent to his Conclusion, were it not for this reason. In the
time of St. Lewis, Provence, Dauphiny, Gascoign, Brittany and
other parts were distracted from the Crown of France, and yet did
he transport such Armies and maintain them so long in the Holy
Land, Egypt and Affrick, besides the payment of an excessive
Ransom to the Mammalukes for his Liberty, as this present King
was not able to do the like, though his Revenue were three times
as much as it is, of which there can be no other cause answerable
to the effect, but the excessive increase of the price of all
things, more than the increase of Gold and Silver in the Kingdom.
And if these Kingdoms of England and France are so much impaired
in ability by this Means, how much more must those Kingdoms be
disabled which are more remote, and draw these Mettals from Spain
but at a second or third hand: I am perswaded that the
consequence of this hath more advanced the affairs of Spain in
these later times than the success of their Armys: neither can
any other Remedy be propounded to this Mischief but one, which is
to fetch these materials of Money from the fountain it self. And
for my part I do confidently believe that future times will find
no part of the Story of this Age so strange, as that all the
other States of Europe have endured this ruinous Inconvenience
with so great Indifference, or rather Stupidity, so long, and
that they have not combined together to enforce a liberty of
Trade in the West Indies; the restraint whereof is against all
Justice, Trade being de Communi Jure an appendant of Peace, and
against the Example of former Ages.
    It is true, that the Romans who of all other Nations were
most advantageous in their publick Contracts, did enjoyn the
Carthaginians, that they should not sail beyond certain
Promontaries with their vessels of War, but never debarred
Commerce and Trade into any parts.
    And the Muscovites and those of China, who forbid all Access
unto Strangers in their Dominions, do notwithstanding permit all
Fairs and Markets in their parts and entries of their Countries
for commerce with other Nations, with whom they have no
Capitualations of Peace.
    But the Spaniards and Portugals do not only forbid all access
and commerce to the West and East Indies within their Dominions,
but do define and bound their Dominions, in a manner unheard of
to all former Ages, and with an arrogancy more than humane; for
whereas all other Nations, since the World began, have claimed
and denominated their Dominions either from their own possession
or the possession of their Ancestors, the Spaniards and
Portugals, in a contrary way, draw certain imaginary Mathematical
lines through Heaven and Earth, and claim for theirs all that
lieth within the compass of these lines, as if they would
incroach upon God in Heaven, as well as upon Men on Earth.