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,25,000Foot 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 300,000French 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 3,600,000pound 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.
