1Gold & silver haue a twofold estimation; In the extrin sick, as they are moneys, they are the Princes measures giuen to his people, & this a prerogatiue of Kings. In the Intrinsick they are commodities ualueing each other according to the plentie, or scarcitie, & so all other commodities by them; & that is the sole power of trade.

2The measures in a Kingdome ought to be constant. It is the Iustice & Honour of the King For if they be altered, all men at that instant are deceived in their precedent Con= tracts, either for Lands or Money & the King most of all: for no man knoweth then, either what he hath, or what he oweth.

3This made the Lord Treasurer Burghleigh in anno .73. when some Projectors had sett on foot a matter of this nature to tell them, they were worthy to suffer death, for attempting to putt so great a dishonour on the Queene, & detriment & discontent upon hir people.

4For to alter this publick measure, is to leaue all the Mar= ketts of the Kingdome vnfurnished: And what wilbe the mischeife, the Proclamation of 5to Edw. 6. 3o Maria et 4to Elizab: will manifest; when but a rumour of the 'like produced that effect so farre, that besides the faith of the Princes to the contrary delivered in their Edicts, they were enforced to cause the Magistrates in every shire respectively to constraine the people to furnish the Markets, to prevent a Mutiny.

5To make this Measure then at this time short, is to rayse all prices, or to turne the Money or Measure now currant into disuse & Bullion. For who will depart with any, when it is richer by seven in the hundred in the Masse, then the new Moneys, & yet of no more value in the markett.

6Hence of necessitie it must follow, that there will not in a long time be sufficient minted of the new to drive the exchange of the Kingdome: And so all Trade at one instant at a stand, & in the meane time the Marketts vnfurnished; which how it may concerne the quiet of the State is worthie care.

And thus farre as Money is a Measure

Now as it is a Commoditie, it is respected & valued by the Intrinsecall qualitie: and first the one mettall to the other

All commodities are prised by Plenty or Scarcitie; by dearnes or cheapnes, the one by the other. If then we desire our Silver to buy Gold, as it Late hath done, we must let it be the cheaper and September 1626 and lesse in proportion valued; & so contrary: For one equivalent proportion in both will bring in neither. We see the proofe thereof by the unusuall quantitie of Gold brought lately to the Mint, by reason of the price we rate it above all other Countries, & Gold may be bought too deere. To furnish then this way the Mint with both, is all together impossible

And at this time it was apparantly proved both by the best Artists & Marchants most acquainted with the Exchange in both the Examples of the Mintmasters in the Rex Doller & Ryall of 8, that Silver here is of equall value, & Gold aboue with the forraine parts in the Intrinsick. & that the Fallacy presented to the Lords by the Mintmasters is onely in the Nomination or the Extrinsicall qualitie.

But if we desire both, it is not the raising of the value that doth it, but the ballasing of Trade. For buy we in more then we sell of other Commodities, be the money never so high prised, we must part with it to make the disproportion even: If we sell more then we buy, the contrary will follow.

And this is plaine in Spaines necessities: For should that King advance to a double rate his Ryall of 8; yet needing by reason of the barrennes of his Country, more forraigne wares then he can countervaile by exchange with his owne, he must part with his money, & gaineth no more by in= hansing his Coine, but that he payeth a higher price for the Commodities he buyeth, if this worke of Raising be his owne. But if we shall make improvement of Gold & Silver being the Staple Commoditie of His State, we then advancing the price of His, abase him to our owne Commmodities.

To shape this Kingdome to the fashion of the Nether- landers, were to frame a Royall Monarchie by a Societie of Merchants. Their Country is a Continuall Faire, & so the price of Money must rise & fall to fitt their occassions: we see this by raising of the Exchange at Frankfort & other places at the vsuall times of their Marts.

The frequent & dayly Change in the Lowcountries of their Moneys is no such injustice to any there as it would be here; For being all either Mechanicks or Merchants, they can rate accordingly their labours or their wares, (whether it be Coine or other Merchandise,) to the present condition of their owne money in Exchange.