20. Judgment in the Star Chamber against an Engrosser of Corn [Camden Society. Cases in the Courts of Star Chamber and High Commission, edited by S.R. Gardiner], 1631.

One Archer of Southchurch in Essex was brought ore tenus, being then charged by Mr. Attorney-General for keeping in his corn, and consequently for enhancing the price of corn the last year, which offence Mr. Attorney affirmed to be of high nature and evil consequence, to the undoing of the poor and malum in se, and then desired his examination taken before the Lord Keeper might be read. His examination purported that he had seen at the time of his examining a presentment that was made against him by the Grand Jury at the last Assizes in Essex before Justice Vernon for the said offence of keeping in his corn and enhancing; and for that he had made a bargain to sell the poor of the town where he dwelled rye for 7s. a bushell, and afterwards refused to perform his bargain unless he might have nine shillings a bushell: he denied his bargain, but for his excuse said, he sold to the towns about him for the poor, wheat at 7s. and 8s. a bushell, and at the latter end of the year for 5s., and rye for 7s. and 6s., etc., and some for 3s. and 6d. the bushell. He confessed he kept in his corn till June, and that he had 8 quarters of wheat, 60 quarters of rye, and 100 quarters of oats, and that his family were himself and his wife and daughters, two maids, and a man; he confessed that he sold none or very little of his corn in Rochford hundred where he dwelt, though he were commanded so to do by the Earl of Warwick; yet for his defence he further alleged that his barn was not visited by any justices or officers according to his Majesty's late proclamation and orders for that purpose, and that he had no notice of the said proclamation and orders; lastly, he confessed he sold most of his corn at London and Chelmsford, and that he bought his seed corn out of market, etc. His examination aforesaid was shewed to him and he confessed it to be true, and acknowledged his hand thereunto subscribed before it was read in court; and it being read, the Lord Keeper demanded of Archer what he could there say for himself, and what answer he would make to this accusation. The said Archer saith that he could make no other answer than he had made in his examination, and submitted himself to the mercy of the Court.

Mr. Attorney desired that their Lordships would proceed to sentence the said Archer according to his desert, and withall prayed that a precedent of a sentence given in the Star Chamber in the 29 and 30 of Queen Elizabeth against one Framingham of Norfolk in the like case might be read before their Lordships gave their sentence in this cause; and it was read. The said Framingham was accused upon his own confession in this Court ore tenus for destroying of husbandry in making cottages of his tenants' houses, taking away the land and letting it lie to pasture in his own hands, and letting the cottages at dear rates, and forstalling the markets, and enhancing the prices of corn, whereupon he was fined 500l. to the Queen, and ordered to pay 40l. to the poor, and to stand upon a stool in Cheapside with a paper on his head declaring his offence, and to lay his land again to the cottages, and to let them at reasonable rates.

Justice Harvey delivered his opinion, that whereas it hath pleased God to send a plentiful year, and yet the price of corn continued very high, himself and the rest of the Justices of the Peace that were in the last Quarter Sessions in Hertfordshire assembled, did advise among themselves how they might deal with the country to bring down the price, but they were afraid to meddle with any thing upon experience of their ill-taking what was so well intended by his Majesty, that by the late orders, thereupon taking occasion to go on and raise the prices of corn higher; he was of opinion that this man's punishment or example will do a great deal more good than all their orders which they might have made at the Sessions; and therefore he declared his offence to be very great, and fit to be punished in this Court; and adjudged him to pay 100 marks fine to the King, and 10l. to the poor, and to stand upon the pillory in Newgate Market an hour with a paper, wherein the cause of his standing there was to be written, put upon his hat, "For enhancing the price of corn"; and then to be led through Cheapside to Leadenhall Market, and there likewise to stand upon the pillory one hour more with the same paper upon his hat, and after this to be sent to Chelmsford, and there likewise in the market to stand upon the pillory.

Sir Thomas Richardson affirmed this offence to be an offence at the common law long before the King's proclamation and orders, and also against some statutes, that his keeping in his corn and not bringing it into the next markets by little and little as he ought to have done, and selling it at other markets when the price was as high as he would have it, was an enhancing the price of corn, and that the Justices in Essex did at the common law inquire of such enhancing the price of any victuals, and corn was certainly victual, bread the staff of man's life, and that keeping in of his corn in this manner was enhancing the prices of corn, which is punishable by the statute as well as forestallings, and approved of his Majesty's pious and honourable care for his people. Also he observed in the defendant's confession that he was guilty of forestalling the market, in buying seed corn out of market and not bringing so much of his own to supply the same in the next market. He therefore condemned the said Archer to be guilty of the said offences, and agreed in his said fine to the King, and would have him pay as much to the poor as the 100 marks wanted of 100l.

The Bishop of London[302] observed with Mr. Attorney that this was malum in se, and that this Archer was guilty of a most foul offence, which the Prophet hath in a very energetical phrase, "grinding the faces of the poor." He commended highly that speech of Justice Harvey, that this last year's famine was made by man and not by God, solicited by the hard-heartedness of men, and commended this observation as being made by his Majesty. And thereupon undertook to clear the wisdom of the Church, in ordaining to pray to God that he would be pleased to turn his scarcity and dearth, which cruel men (but He never) made, through His goodness and mercy into cheapness and plenty. He said that God taketh away the hardness and cruelty of men's hearts, which was the cause of the famine or scarcity, and He only; and therefore the Church hath very wisely ordained as aforesaid. He is glad to hear it declared to be an offence against the common law of this realm; and, therefore, seeing it had pleased God to load the earth so richly, and also to send so dry a time for the inning the same in the harvest, for, if that had wanted, all that abundance had been but an uncomfortable load, as we by our sins had deserved and was threatened, and yet for all this plenty corn was at an extreme rate, and they boast among themselves now they can keep their corn as long as they list and no fear of moulding, he thinks fit this man be made an example that others may fear to offend in the like kind. And assenteth to his fine to be 100 marks, and thinks fit, seeing he hath ground the faces of the poor, he should therefore help to seal them again, and pay 10l. to the poor; and the rest of the former sentence he assented unto. The Earl of Danby consented to the sentence in all, adding that he should pay but 10l. to the poor, and to stand likewise upon the pillory at the Palace, because some of all countries might take notice thereof.

The Earl of Dorset concurred in his sentence with the Earl of Danby, and commended my Lord Keeper and Mr. Attorney for their care and pains in bringing him to justice, and wished that inquiry should be made if the Justices of the Peace had made default in not visiting the said Archer's barns. But as for the Earl of Warwick, Sir Thomas Richardson had well declared that Lords and Peers of the Parliament were exempted from the services of the said orders, and yet that the Lord of Warwick out of his care had admonished him, etc.

Lord Privy Seal gave his sentence in few words, that Archer was guilty by his own confession of a very great offence, and well worthy the sentence aforesaid, and in full consented to it.

The Lord Keeper did affirm that it was indeed a good work to bring this man forth to be here sentenced, but that it was brought about by means of Justice Vernon, who informed him of the said Archer as being the only man presented in all his circuit for offending in this kind, and that to him this was to be attributed. He was of opinion, that the said Archer was guilty of enhancing the price of corn by keeping in his corn, as is confessed, in this time of scarcity, which was not a scarcity made by God (for there was enough to be had at dear prices and high rates). He affirmed the same to be an offence as well against the common law as against some statutes, and also he would not leave out against his Majesty's proclamation and orders, for his Lordship held there was an aggravation to his offence. And his Lordship declared further (and wished it might be taken notice of, as well as of what had already been spoken, for that much had been said that day of singular use and benefit for the commonwealth), that these were no new opinions. And to that purpose showed that in the old charge to the quest of inquiry in the King's Bench, this enhancing the prices, not only of corn but of any other commodities, was inquirable and to be there punished; also [he] cited a statute whereby those that agree to keep up the price of any commodities, agreeing to sell all at one price, and those that raise false news to bring down the price of any commodities from what they are justly worth, are punishable; as those that raised news that there were great wars beyond sea, and there would be no vent for cloth, and told the same in the country at Coxsall, for that the prices of wools fell there, and they were punished for it. And his Lordship vouched a precedent of one for procuring the raising the price of a certain commodity, for which he was informed against in the King's Bench, and though his Counsel alleged that he had done nothing, he had but spoken, and his offence was in words only, yet he was adjudged an enhancer for but advising the same. And [he] vouched a statute or proclamation in the time of H. 8 for setting the prices on corn, and the like orders and proclamations in the times of E. 6, Queen Eliz. and King James, and agreed it to be well spoken by the Earl of Dorset, that if any shall do any thing tending to depopulation, over and besides his punishment, he shall be enjoined to populate as much, as the said Framingham was: and vouched a book case, where one complaining against another for letting down a sea wall, so that not only his, but diverse other men's grounds were surrounded, the judgment was given in the common pleas that the plaintiff should recover his damages, and the defendant should also make up the said wall at his costs and charges. And thereupon his said Lordship consented to the highest censure against the said Archer for his forestalling the market and keeping in his corn to the enhancing of the price, to the great hurt of the common people, especially the poor labourer: and committed Archer to the Fleet from whence he came.

SECTION V

THE ENCOURAGEMENT OF INDUSTRY AND COMMERCE

The attempts made between 1405 and 1660 to develop industry and commerce are usually known as "the Mercantile System." But the name is an unfortunate one. The mercantile system was not specially mercantile; for, as preceding sections have shown, government interference was not confined to matters of commerce; nor was it a system, but a collection of opportunist expedients, nearly all of which had been tried in preceding centuries. It is true, however, that after the accession of Elizabeth, the efforts already made under Henry VII and Henry VIII to foster commerce (see Schanz, Englische Handelspolitik gegen Ende des Mittelalters) were carried on with greater persistency and deliberation. It is from this period, therefore, that the documents in this section are principally drawn.

The most pressing economic problem in the middle of the sixteenth century was the fall in the value of money, caused, principally, by the influx of silver from America, but to a less extent by the debasement of the currency, which led to a rise in prices (No. 3), and a disturbance of the foreign exchanges (Nos. 4 and 5), and which could be met to some small extent by calling in the base coin (Nos. 4 and 5). This the government did in 1560. In 1570, in its anxiety to prevent the efflux of bullion, it took steps to impose a special tax on all exchange transactions, but such a tax was really a tax on banking, and its consequences, according to the business houses concerned, were disastrous (No. 6). The most certain way, however, of securing adequate supplies of bullion was thought to consist in checking imports and encouraging exports (Nos. 3 and 5); and the policy was strengthened by other considerations (No. 3). The general policy under Elizabeth was to discourage imports in order to prevent unemployment at home (Nos. 3 and 7), to encourage corn-growing by allowing the export of wheat, except in times of scarcity, on payment of a small duty (Nos. 3 and 10), and to encourage the export of manufactured articles rather than of raw materials, especially the export of dyed and finished cloth (Nos. 3, 8, 11 and 12), any interruption of which caused distress (No. 13). The policy which had been pursued under Henry VIII threatened the vested interests of the Merchants Adventurers, who complained that they could not find markets for finished cloth (No. 2). In the reign of James I a more ambitious attempt was made in the same direction, and in 1614, when the abrupt dissolution of Parliament had left the government in financial difficulties, a plan was initiated for preventing the exportation of cloths not dyed and dressed in England. As the Merchant Adventurers refused to be a party to it, a new company was established to carry on the desired trade, and was granted a charter in 1616 (No. 16). The result of this policy was a tariff war with the Netherlands and acute distress at home, and, after various suggestions for reviving trade had been made (No. 17), the abandonment of the undertaking. The political motives of mercantilism, as well as its economic aims, are illustrated by Strafford's account of his policy in Ireland (No. 21). Of more enduring importance, perhaps, than mercantilist schemes were the development of Joint-Stock Companies (No. 9), the expansion of commercial enterprize (No. 11), and the attempts to establish colonies (No. 12).

Among the methods for fostering industry, and incidentally for raising an unparliamentary revenue, the granting of patents and monopolies holds an important place. These patents ranged from grants of the sole conduct of important industries (Nos. 14 and 18) to grants of trifling offices of profit and pensions (Nos. 14 and 22). The reaction against the interference of the Crown with trade is excellently expressed in the report of the Committee on "the Bill for Free Trade" (No. 15), a document which, in spite of the fact that the Bill was dropped, is of the highest economic and constitutional importance (see Gardiner, Vol. I, pp. 188-190). It is concerned primarily with monopolies enjoyed by trading companies, such as the Company of Merchant Adventurers, the Eastland Company, and the Russia Company. But its arguments apply a fortiori to patents granted to individuals, and throw much light on the nature of the economic opposition to the Stuarts. The effect of the attitude of Parliament was seen later in the Act abolishing internal and local restrictions on the trade in woollen cloths (No. 20), in the Statute of Monopolies (No. 19), and in the revocation by Charles in 1639 of patents granted during the period of personal government (No. 22). The place occupied by monopolies in the Stuarts' fiscal system was later, when the Civil War began, partially filled by the Excise (No. 23).

AUTHORITIES

1. Letters Patent Granted to the Cabots by Henry VII [R.O. Pat. 4 Ed. VI, p. 6], 1496.

The King to all to whom, etc., greeting. It is manifest to us by inspection of the rolls of our Chancery that the lord Henry the Seventh, late King of England, our dearest grand father, caused his letters patent to be made in these words:

Henry by the grace of God King of England and France and Lord of Ireland, to all to whom the present letters shall come, greeting. Be it known and manifest that we have given and granted, and by these presents we do give and grant for us and our heirs to our beloved John Cabot, citizen of Venice, and Lewis, Sebastian and Sanctus, sons of the said John, and the heirs and deputies of them and every of them, full and free authority, faculty and power to sail to all parts, regions and gulfs of the sea, east, west and north, under our banners, standards, and ensigns, with five ships or boats of whatsoever portage or kind they be, and with as many sailors and men as they wish to take with them in the said ships at their own and the others' costs and expenses, to find, discover and search out any isles, countries, regions or provinces of heathens and infidels whomsoever set in any part of the world soever, which have been before these times unknown to all Christians. We have granted also to the same and to every of them and to the heirs and deputies of them and every of them, and given licence for them to affix our aforesaid banners and ensigns in any town, castle, isle or solid land soever newly found by them; and that the aforenamed John and his sons or heirs and the deputies of the same may subjugate, occupy and possess any such towns, castles and islands found by them which can be subjugated, occupied and possessed, as our vassals and governors, lieutenants and deputies of the same, acquiring for us the lordship, title and jurisdiction of the same towns, castles, islands and solid land so found; so, nevertheless, that of all fruits, profits, emoluments, commodities, gains and obventions arising from such voyages, the aforesaid John and his sons and heirs and their deputies be held and bound to pay to us for every voyage, as often as they touch at our port of Bristol, at which alone they are held and bound to touch, after deducting the necessary costs and expenses made by them, a fifth part of their capital gain made whether in wares or in money; giving and granting to them and their heirs and deputies that they be free and immune from all payment of customs on all and singular goods and wares which they bring back with them from those places so newly found. And further we have given and granted to the same and to their heirs and deputies that all lands, farms, isles, towns, castles and places whatsoever found by them, as many as shall be found by them, may not be frequented or visited by any other our subjects soever without licence of the aforesaid John and his sons and their deputies, under pain of loss as well of the ships or boats as of all goods whatsoever presuming to sail to those places so found; willing and most straitly commanding all and singular our subjects set as well on land as on sea that they give good assistance to the aforesaid John and his sons and deputies and show all their favour and aid as well in manning the ships or boats as in provision of equipment and victuals to be bought for their money and all other things to be provided for them to be taken for the said voyage. In witness whereof we have caused these our letters patent to be made. Witness myself at Westminster, 5 April in the 11th year of our reign.

And we, because the letters aforesaid have been lost by mischance, as the aforesaid Sebastian, appearing in person before us in our Chancery, has taken a corporal oath, and that he will restore those letters to us into the same our Chancery to be cancelled there, if he shall find them hereafter, have deemed fit to exemplify by these presents the tenour of the enrolment of the letters aforesaid, at the request of the same Sebastian. In witness whereof these our letters, etc. Witness the King at Westminster, 4 June.

2. The Merchant Adventurers' Case for Allowing the Export of Undressed Cloth [Br. M. Cotton MS. Tib. D. VIII, f. 40[303]], 1514-1536.

Considerations alleged by the governor and fellowship of merchant adventurers to prove how it were more for the universal wealth of the realm of England to convey and send over the sea to the markets accustomed cloths of all prices, not dressed nor shorn, than cloths dressed and shorn.

First it is to be noted, marked and considered, that in few years after the act of Parliament made, that no sort of cloths draped and made within the realm of England being above the price of five marks sterling the piece should be conveyed over the sea undressed and unshorn, the same sort of cloths, which at that day were bought for five marks, be now at this present day by the industry of the said merchants uttering the said cloths sold within the realm for four pounds sterling, which is a great enriching of the whole realm, so that the said merchants think it to stand with reason and conscience, that those sort of cloths, of four pounds the piece, ought to be reputed and taken, in regard of the act, after cloths of five marks the piece.

Item the merchants of those parts buying English cloths will in no wise meddle with any cloths, that be dressed, unless they may have them at a price far under the foot; for it is in experience daily, that the merchants of England conveying over the sea a sort of cloths every of them being of like length and goodness, whereof the one half of them have dressed and shorn and the other half undressed and unshorn, the said merchants shall sell those cloths being undressed five shillings dearer in every cloth, than those that be dressed; also those cloths undressed be meet and ready for every man and the other dressed but only for one man, so that against one cloth dressed the merchants of England shall sell five hundred undressed, whereby it appeareth, that it were for the common weal and great enriching to the realm of England to send over into those parts all sorts of cloths undressed and but a singular and private wealth to dress any such cloths; for there be many more in number, that live by making of cloths and selling of the same, than there be that live by dressing of cloths.

Item the common people of those parts, by whom the most part of those cloths be consumed, do use in their garments sundry colours not accustomed to be worn here in England, which colours cannot be made, unless they buy their cloths undressed; for the dressing of cloths here and there vary and alter so much, that the dressing will take in manner none of their colours. And in case the merchants of England should bring over such cloths dressed, they should not only be undone in the sale of them, but also it were to be doubted, that in brief time after they would wholly relinquish the buying and wearing of any English cloths in those parts, which God defend.

Item there be certain coarse cloths named long Glemsters, and notwithstanding their coarseness the King's Grace is paid for a cloth and a third part in his custom; and if the buyer will cut off 6 or 8 yards of the said cloth, he may lawfully convey it over notwithstanding the act, which should be a great loss in the sale and an occasion that the strangers should not buy them, wherefore the said governor and merchants say, that the said cloths ought of right to pass for cloths under five marks the piece.

Item at this present day, our Lord be thanked, there is shipped and conveyed out of England into those parts more number of cloths of all sorts and there uttered sold and consumed, than ever hath been in memory of man; and considering, cloth is now there in such high estimation and hath so good vent, the said merchants think, under correction, that it were not necessary, but an utter peril and danger, to attempt them to any other purpose to alter them out of this good trade, which our Lord continue.

Item the inhabitants of those parts by the make of English cloths in frieze consume, waste and spend a great quantity and number of them, which frieze undoubtedly after their using and wearing cannot be made of English cloths dressed here, so that by the only means thereof it should be a great diminution and decay to the common weal of this realm, if the said act for dressing of cloths should take place or effect.

Item the inhabitants of the realm of England have the buying and selling of the wool, one with another, they have also the carding, spinning, weaving, fulling and the first sale of such cloths, and the inhabitants of those parts have only the dressing and shearing of certain of the said cloths, whereby the inhabitants there been a little relieved and a few number of them for a time set to work; yet by means thereof the rulers and honest burgesses of the towns be desirous to have the nation of England to haunt their said towns, and entertain them with much familiarity and friendship. And it is much to be feared and doubted, that if the realm of England should all covet and they to have no relief nor comfort by the same, that they of Antwerp and other places, studying their common weal, would not only find means ways and occasions to expel the nation from them, but also that no English cloths should be there consumed nor sold, which our Lord defend.

3. The Rise in Prices, the Encouragement of Corn-growing, and the Protection of Manufactures [The Commonweal of this Realm of England], c. 1549.

Knight. How can that be? What maketh it the matter what sort of coin we have amongst ourselves, so it be current from one hand to another, yea, if it were made of leather?

Doctor. Ye see, men commonly say so; but the truth is contrary; as not only I could prove by common reason, but also that proof and experience hath already declared the same. But now we do not reason of the causes of these griefs, but what state of men be grieved indeed by this dearth of things; and albeit I find every man grieved by it in one thing or other, yet considering that, as many of them as have wares to sell, do enhance as much in the price of all things that they sell as was enhanced before in the price of things that they must buy; as the merchant, if he buy dear, he will sell dear again. So the artificers, as cappers, clothiers, shoemakers and farriers, have respect large enough, in selling their wares, to the price of victual, wool and iron, which they buy. I have seen a cap for 14d., as good as I can get now for 2s. 5d.; of cloth ye have heard how the price is risen. Then a pair of shoes costeth me 12d. now, that I have in my days bought a better for 6d. Then I can get never a horse shod under 10d. or 12d. [now], where I have seen the common price was 6d. for shoeing of a horse round, yea, and 8d. (at the most) till now of late. I cannot, therefore, understand that these men have greatest grief by this common and universal dearth, but rather such as have their livings and stipends rated at a certainty, as common labourers at 6d. the day, journeymen of all occupations, serving men [at] 40s. the year, and gentlemen whose lands are let out by them or their ancestors either for lives or for term of years, so as they can not enhance the rent thereof though they would, and yet have the price enhanced by them of every thing that they buy. Yea the King's Highness, whereof we spake nothing all this while, as he hath most of yearly revenues and that certain, so hath he most lost by this dearth, and by the alteration especially of the coin. For like as a man, that hath a great number of servants under him, if he would grant that they should pay him [pins] weekly where [before] they paid him [pence], I think he should be most loser himself. So we be all but gatherers for the King's Majesty, that be his subjects; we have but every man a poor living; the clear gains cometh for the most [part] to the King's grace. Now if his Grace do take of us the overplus of our getting in this new coin, where he was wont to be paid in other good coin, I report me to you whether that will go as far as the other, in proportion of his necessaries and of the Realm. I think plainly no; for though his Highness might, within his own realm, have things at his own price, as his Grace can not indeed without great grudge of his magistrates and subjects; yea, since his Majesty must have from beyond the seas many things necessary not only for his Grace's household and ornaments, as well for his grace's person and family, as of his horses, which [percase] might be by his Grace somewhat moderated, but also for the furniture of his wars, which by no means can be spared; as armour, and all kinds of artillery, anchors, cables, pitch, tar, iron, steel, handguns, gunpowder, and many other things more than I can reckon, which his Grace must needs buy from beyond the seas, at the price the stranger will set him them at. I pass over the enhancement of the charges of his Grace's household, which is common to his grace with all other noble men. [Therefore], I say, his Majesty hath most loss, by this common dearth, of all other; and not only loss, but danger to the Realm and all his subjects, if his Grace should want treasure to purchase the said habiliments and necessaries for war, or to find soldiers in time of need, which passeth all other private losses that we spake of.

Capper. We hear say, that the King's Majesty maketh up his losses that way by the gains which he hath by the mint another way. If that be too short, he supplieth that lack by subsidies and impositions of his subjects, so as his Grace can not lack, so long as his subjects have it.

Doctor. You say well there. So long as the subjects have it, so it is meet the King should have it; but what and they have it not? for they cannot have it, when there is no treasure left within the realm. And as touching the mint I account the profit much like as if a man would take his wood up by the roots, to make [the more profit thereof at one time, and ever after to lose] the profit that might grow thereof yearly, or to pull the wool of his sheep by the root. And as for the subsidies; how can they be large when the subjects have little to depart with? and yet that way of gathering treasure is not always most safe for the prince's surety; for we see many times the profits of such subsidies spent in appeasing of the people that are moved to sedition partly by occasion of the same....

f. 31b-f. 34.

Doctor. Mary, the first way [sc. to equalize the profits of tillage and pasture-farming] is to make that wool be of as base a price [to] the breeder thereof as the corn is; and that shall be, if you make alike restraint of wools, for passing over the sea unwrought, as ye make of corn. Ye have a law made that no corn shall pass over and it be above a noble a quarter; if it be under ye give free liberty for it to pass over; let wool be restrained likewise, for passing over, so long as it is above 12s. 4d. the tod; and when it is under let it have free passage; that is one way. Another is, to increase the custom of wool that passeth over unwrought; and by that the price of it shall be based to the breeders, and yet the price over the sea shall be never the less. But that is increased in the price thereof [on] strangers shall come unto the King's Highness; which is as profitable to the Realm as though it came to the breeders, and might relieve them of their subsidies. Thus far as touching the bringing down the price of wools; now to the enhancing of the same price in corn, to be as equivalent to the husbandman as wool should be. And that might be brought to pass if ye will let it have as free passage over sea at all times, as ye have now for wool.

Merchant. By the first two ways men would send less wool over sea than they do now; and, by that way, the King's customs and profits of his staple should be minished; by your latter way, the price of corn should be much enhanced, wherewith men should be much grieved.

Doctor. I wot well it would be dear at the first; but if I can persuade you that it were reasonable it were so, and that the same could be no hindrance to the Realm universally, but great profit to the same, then I think we would be content it should be so; and as touching the King's custom, I will speak afterward.

Merchant. I will grant, if you can show me that.

Doctor. I will essay it, albeit the matter be somewhat intricate, and as I showed you before, at the first face will displease many; for they will say, Would you make corn dearer than it is? Have you dearth enough else without that? Nay I pray you find means to have it better cheap, if it may be, it is dear enough already; and such other like reasons would be said. But now let the husbandman answer such men again. Have not the grazers raised the price of your wools and pelts? and you merchant men, clothiers and cappers, raised the price of your merchandize and wares over it was wont to be in manner double? Is it not as good reason then I should raise the price of my corn? What reason is it that you should be at large, and I to be restrained? Either let us all be restrained together, or else let us all be at like liberty. Ye may sell [your wool] over the sea, your fells, your tallow, your cheese, your butter, your leather, which riseth all by grazings, at your pleasure, and that for the dearest penny ye can get for them. And I shall not send out my corn, except it be at 10d. the bushel or under. That is as much to say, as we that be husbandmen should not sell our wares, except it be for nothing, or for so little we shall not be able to live thereof. Think you that if the husbandman here did speak these words, that he did not speak them reasonable?

Husbandman. I thank you with all my heart; for you have spoken in the matter more than I could do myself, and yet nothing but that is true. We felt the harm, but we wist not what was the cause thereof; many of us saw, 12 years ago, that our profits was but small by the ploughs; and therefore divers of my neighbours that had, in times past, some two, some three, some four ploughs of their own, have laid down, some of them [part, and some of them all] their teams, and turned either part or all their arable ground into pasture, and thereby have waxed very rich men. And every day some of us encloseth a [plot] of his ground to pasture; and were it not that our ground lieth in the common fields, intermingled one with another, I think also our fields had been enclosed, of a common agreement of all the township, long ere this time. And to say the truth, I, that have enclosed little or nothing of my ground, could [never be able] to make up my lord's rent were it not for a little breed of neat, sheep, swine, geese, and hens that I do rear upon my ground; whereof, because the price is somewhat round, I make more clear profit than I do of all my corn; and yet I have but a bare living, by reason that many things do belong to husbandry which now be exceeding chargeable over they were in times past.

Capper. Though this reason of master doctor's here doth please you well that be husbandmen, yet it pleaseth us that be artificers nothing at all, which must buy both bread, corn and malt for our penny. And whereas you, master doctor, say it were as good reason that the husbandman would raise the price of his corn, and have as free vent of the same over sea as we [do and have of our wares], I cannot greatly deny that; but yet I say, that every man hath need of corn, and so they have not of other wares so much.

Doctor. Therefore the more necessary that corn is, the more be the men to be cherished that reared it; for if they see there be not so much profit in using the plough as they see in other feats, think you not that they will leave that trade, and fall to the other that they see more profitable? as ye may perceive by the doings of this honest man's neighbours, which have turned their arable land to pasture, because they see more profit by pasture than by tillage. Is it not an old saying in [Latin], honos alit artes, that is to say, profit or advancement nourisheth every faculty; which saying is so true, that it is allowed by the common judgement of all men. We must understand also that all things that should be done in a common wealth be not to be forced, or to be constrained by the straight penalties of the law; but some so, and some other by allurement and rewards rather. For what law can compel men to be industrious in travail, and labour of their bodies, or studious to learn any science or knowledge of the mind? to these things they may be well provoked, encouraged, and allured, if they that be industrious and painful be well rewarded for their pains, and be suffered to take gains and wealth as reward of their labours. And so likewise [they] that be learned, if they be advanced and honoured according to their forwardness in learning, every man will then study either to be industrious in bodily labour, or studious in things that pertain to knowledge. Take this reward from them, and go about to compel them by laws thereto, what man will plough or dig the ground, or exercise any manual occupation wherein is any pain? Or who will adventure over seas for any merchandise? or use any faculty wherein any peril or danger should be, seeing his reward shall be no more than his that sitteth still? But ye will percase answer me, that all their rewards shall not be taken away, but part of it. Yet then you must grant me, that as if all their rewards were taken from them, all these faculties must needs decay; so if part of that reward be minished, the use of those faculties shall minish withall, after the rate; and so they shall be the less occupied, the less they be rewarded and esteemed. But now to our purpose; I think it more necessary to devise a mean how husbandry might be more occupied, rather than less, which I cannot perceive how it may be brought to pass, but as men do see the more gains therein, the gladder they will occupy the feat. And this to be true [that] some things in a common wealth must be forced with pains and some by rewards allured [may appear] by that that the wise and politic senator Tully writeth, saying, that it was the words of Solon, which was one of the seven men of Greece, and of those seven the only man that made laws, that a common wealth was holden up by things chiefly, that is, by reward and pain; of which words I gather that men should be provoked to good deeds by rewards and price, and [to] abstain from evil doings by pains. Trow you, if husbandmen be not better cherished and provoked than they be to exercise to plough, but in process of time so many ploughs will be laid down (as I fear me there be already) that if an unfruitful year should happen amongst, us, as commonly doth once in seven years, we should then not have only dearth, but also such scarceness of corn, that we should be driven to seek it from outward parts, and pay dear for it....

f. 34b-f. 38.

Doctor. You have heard that by the free vent and sale of corn, the husbandman's profit is advanced. Then it is showed how every man naturally will follow that wherein he seeth most profit. Therefore men will the gladder occupy husbandry. And the more do occupy husbandry, the more plenty of corn must needs be; and the more plenty of corn there is, thereof better cheap; and also the more will be spared over that that shall suffice the realm; and then, that may be spared in a good year shall bring us again other corn, or else the commodities of other countries necessary for us. Then the more husbandry is occupied, the more universal breed should be of all victuals, as of neat, sheep, swine, geese, eggs, butter, and cheese, for all these are reared much of corn.

Knight. If men should sell, when a good reasonable year is, all that is overplus when the realm is served, what should we do if a barren year should happen, when no store of corn is left of the good year before?

Doctor. First, you must consider that men be sure they will keep enough to serve themselves within the realm, or they sell any forth of the same; and having liberty to sell at their pleasure, doubt ye not, but they had liefer sell their corn 2d. or 4d. better cheap within the realm, than to be at charges with carrying, and peril of adventure, in sending it over the sea, and sell it dearer (except it be for much more gains). And thus men, being provoked with lucre, will keep the more corn, looking for a dear year in the country, whereby must need be the greater store. And though they did not so, but should sell over the sea all that they might spare over that serveth the realm when the year is plentiful, yet by reason that, through the means aforesaid, more ploughs are set to work than would suffice the realm in a plentiful year, if a scarce year should fall after, the corn of so many ploughs, as in a good year would be more than enough, in [an unfruitful] year at the least should be sufficient to serve the realm. And so should the realm be served with enough of corn in a scarce year, and in a plenteous year no more than enough, which might be sold over the sea for great treasure or other commodities; where now, in a plentiful year, we seek to have as much as may suffice the realm. Then if a scarce year should happen, we must needs lack of our own to serve, and be driven to buy from beyond the sea. And then, if they were as envious as we are, might they not say, when we required any corn of them, that seeing they could get none from us, when we had plenty, why should they let us have any corn when we have scarcity? Surely common reason would that one region should help another when it lacketh. And therefore God hath ordained that no country should have all commodities; but that, that one lacketh, another bringeth forth, and that, that one country lacketh this year, another hath plenty thereof the same year, to the intent that one may know they have need of another's help, and thereby love and society to grow amongst all the more. But here we will do as though we had need of no other country in the earth, but to live all of ourselves; and [as] though we might make the market of all things as we list ourselves; for though God is bountiful unto us and sendeth us many great commodities, yet we could not live without the commodities of others. And, for an ensample, of iron [and] salt, though we have competently thereof, yet we have not the third part to suffice the realm; and that [can] in no wise be spared if we will occupy husbandry. Then tar, resin, pitch, oil, steel, we have none at all; as for wines, spices, linen cloth, silks, and collars, though we might live so without them, yet far from any civility should it be. As I deny not [but many things we might have here sufficiently that we buy now beyond the seas, and] many things we might spare wholly; whereof, if time shall serve, I will talk more hereafter. But now to return to the first point that I spake of before, to be one of the means to bring husbandry up, that is by abasing the estimation of wool and fells; though I take not that way to be as good as the other, for I do not allow that mean that may base any of our commodities except it be for the enhancement of a better commodity, but if both commodities may be enhanced together, as by the last device I think they might be, I allow that way better; nevertheless whereas you, brother merchant, showed before that either by restraining of wools or other commodities, till they were equivalent within the realm after the rate of the corn, or by enhancing the custom of wool and other the said commodities, were brought like to the corn in proportion, the King's Highness' custom should be minished, I think not so. For the one way, as much as he should have for the more wool vented over, so much should he have for the less wool at a greater custom vented over. And the other way is, as much as his Grace should lose by his custom of wool, so much or more should his Grace win by the custom of clothes made within the realm. But one thing I do note by this latter device, that if they should take place, we must do; that is, if we keep within us much of our commodities, we must spare many other things that we have now from beyond the seas; for we must always take heed that we buy no more of strangers than we sell them [for so we should empoverish ourselves and enrich them]. For he were no good husband that hath no other yearly revenues but of husbandry to live on, that will buy more in the market than he selleth again. And that is a point we might save much by of our treasure, in this realm, if we would. And I marvel no man taketh heed unto it, what number first of trifles cometh hither from beyond the seas, that we might either clean spare, or else make them within our own realm, for the which we pay inestimable treasure every year, or else exchange substantial wares and necessary for them, for the which we might receive great treasure. Of the which sort I mean glasses, as well looking as drinking, as to glass windows, dials, tables, cards, balls, puppets, penhorns, inkhorns, toothpicks, gloves, knives, daggers, pouches, brooches, agletes, buttons of silk and silver, earthen pots, pins, points, hawk's bells, paper both white and brown, and a thousand like things, that might either be clean spared, or else made within the realm sufficient for us. And as for some things, they make it of our own commodities and send it us again; whereby they set their people on work, and do exhaust much treasure out of this realm. As of our wool they make cloth, caps, and carses; of our fells they make Spanish skins, gloves, girdles; of our tin, salts, spoons and dishes; of our broken linen cloth and rags, paper both white and brown. What treasure, think you, goeth out of this realm for every of these things? And then for all together it exceedeth my estimation. There is no man that can be contented with any other gloves than is made in France or in Spain; or carse, but it must be of Flanders dye; nor cloth, but it must be of French dye or fresadow; nor brooch nor aglet, but of Venice making or Milanese; nor dagger, sword, nor girdle, or knife, but of Spanish making; no, not so much as a spur, but it must be fetched at the milliner's hand. I have seen within these twenty years, when there were not of these haberdashers that sell French or Milan caps, glasses, as well looking as drinking, yea, all manner vessels of the same stuff; painted cruses, gay daggers, knives, swords, and girdles that is able to make any temperate man to gaze on them, and to buy somewhat, though it serve to no purpose necessary. What need they beyond the sea to travel to Peru or such far country, or to try out the sands of the river Tagus in Spain [Pactolus] in Asia and Ganges in India, to get amongst them small sparks of gold, or to dig the bowels of the earth, for the mine of silver and gold, when they can of unclean clay, not far sought for, and of [pebble] stones and fern roots make [good] gold and silver more than a great many of gold mines would make. I think not so little as a hundred thousand pound a year is fetched of our treasure for things of no value of themselves, but only for the labours of the workers of the same, which are set on work all of our charges. What grossness be we of, that see it and suffer such a continual spoil to be made of our goods and treasure, by such means and specially, that will suffer our own commodities to go, and set strangers on work, and then to buy them again at their hands; as of our wool they make and dye carses, fresadows, broadcloths, and caps beyond the seas, and bring them hither to be sold again; wherein note, I pray you, what they do make us pay at the end for our stuff again, for the stranger custom, for the workmanship, and colours, and lastly for the second custom in the return of the wares into the realm again; whereas, with working the same within our realm, our own men should be set on work at the charges of strangers; the custom should be borne all by strangers to the king, and the clear gains to remain within the realm....

f. 53b-f. 55.

And now, because we are entered into communication of artificers, I will make this division of them. Some of them do but bring money out of the country; some other, that which they do get, they spend again in the country; and the third sort of artificers be they that do bring treasure into the country. Of the first, I reckon all mercers, grocers, vintners, haberdashers, milliners, and such as do sell wares growing beyond the seas, and do fetch out our treasure of the same. Which kind of artificers, as I reckon them tolerable, and yet are not so necessary in a commonwealth but they might be best spared of all other; yet if we had not other artificers, to bring in as much treasure as they bring forth, we should be great losers by them. Of the second sort be these: shoemakers, tailors, carpenters, masons, tilers, butchers, brewers, bakers, victuallers of all sorts, which like as they get their living in the country, so they spend it; but they bring in no treasure unto us. Therefore we must [cherish] well the third sort; and these be clothiers, tanners, cappers, and worsted makers only that I know, [which] by their misteries and faculties, do bring in any treasure. As for our wool, fells, tin, lead, butter and cheese, these be the commodities that the ground bears, requiring the industry of a few persons; and if we should only trust to such, and devise nothing else to occupy ourselves, a few persons would serve us for the rearing of such things, and few also [it would] find; and so should the realm be like a [grange], better furnished with beasts than with men; whereby it might be subject to the spoil of other nations about. Which is the more to be feared and eschewed, because the country of his own kind is apt to bring forth such things, as is said before, for the breed of cattle, than for such things as [be] for the nourishment of men, if Pomponius Mela be to be believed, which describing the island, saith thus: plana, ingens, fecunda, verum iis que pecora quam homines benignius alunt. That is to say, it is plain, large and plentiful, but of those things that nourisheth beasts more kindly than men. So many forests, chases, parks, marshes and waste grounds, that be more here than most commonly elsewhere, declare the same not to be all in vain that he affirms; that hath not so much arable ground, vines, olives, fruits, and such as be most necessary for the food of men. And as they require many hands in the culture, so they find most persons food; as France, Spain and divers other countries have. Therefore as much ground, as here is apt for those things, would be [turned] (as much as may be) to such uses as may find most persons. And over that, towns and cities would be replenished with all kinds of artificers; not only clothiers which as yet were our natural occupation, but with cappers, glovers, paper makers, glasiers, pointers, goldsmiths, blacksmiths of all sorts, coverlet makers, needle makers, pinners and such other; so as we should not only have enough of such things to serve our realm, and save an infinite treasure that goeth now over for so many of the same, but also might spare of such things ready wrought to be sold over, whereby we should fetch again other necessary commodities and treasures. And thus should be both replenished the realm of people able to defend it, and also win much treasure to the same. Such occupations alone do enrich divers countries, that be else barren of themselves; and what riches they bring to the country where they be well used, the country of Flanders and Germany do well declare; where, through such occupations, it hath so many and wealthy cities, that were incredible in so little ground to be. Wherefore in my mind they are far wide of right consideration, that would have none or less clothing within the realm, because it is sometimes occasion of business or tumults, for lack of vent. There is nothing every way so commodious or necessary for men's use, but it is sometime by ill handling occasion of displeasure; no, not fire and water, that be so necessary as nothing can be more.

4. Sir Thomas Gresham on the Fall of the Exchanges [Burgon's Life and Times of Sir Thomas Gresham, Vol. I, Appendix No. XXI, pages 483-486]. 1558.

Now, for redress of these things, in an. xvcli [1551] the King's Majesty, your late brother, called me to be his agent, and reposed a more trust in me, as well for the payment of his debts beyond the seas, as for the raising of the exchange, being then at xvs. and xvis. the pound; and your money current, as it is at this present, being not in value xs. First, I practised with the King and my lord of Northumberland to overthrow the Steelyard, or else it could not be brought to pass, for that they would keep down the exchange by this consideration; whereas your own merchants payeth outwards xivd. upon a cloth custom, they pay but ixd.; and likewise, for all such wares as was brought into your realm, your own mere merchants payeth xiid. upon the pound, the Steelyard paid but iiid. upon the pound, which is vs. difference upon the hundredth: and as they were men that ran all upon the exchange for the buying of their commodities, what did they pass to give a lower price than your own merchants, when they got vl. in the hundred by your custom? Which in process of time would have undone your whole realm, and your merchants of the same.

Secondly, I practised with the King's Majesty, your brother, to come in credit with his own mere merchants: and when time served, I practised with them at a set shipping, the exchange being still at xvis., that every man should pay the King xvs. upon a cloth in Antwerp, to pay at double usage xxs. in London; which the King's Majesty paid them royally, which did amount to the sum of lxml. And so, vi months after, I practised the like upon their commodities for the sum of lxxml. [£70,000] to pay for every pound sterling xxiis.: so by this means, I made plenty of money, and scarcity, and brought into the King's hands, which raised, the exchange to xxiiis. ivd. And by this means I did not only bring the King's Majesty, your brother, out of debt, whereby I saved him vi or viis. upon the pound, but saved his treasure within the realm, as therein Mr. Secretary Cecil was most privy unto.

Thirdly, I did likewise cause all foreign coins to be unvalued, whereby it might be brought into the mint to his Majesty's most fordle[304]; at which time the King your brother died, and for my reward of service, the Bishop of Winchester sought to undo me, and whatsoever I said in these matters I should not be credited: and against all wisdom, the said Bishop went and valued the French crown at vis. ivd., and the pistole at vis. iid., and the silver royal at vid. ob. Whereupon, immediately, the exchange fell to xxs. vid. and xxis., and there hath kept ever since. And so consequently after this rate and manner, I brought the Queen's Majesty, your sister, out of debt of the sum of ccccxxxvml. [£435,000].

Fourthly, by this it may plainly appear to your Highness, as the exchange is the thing that eats out all princes, to the whole destruction of their common weal, if it be not substantially looked unto, so likewise the exchange is the chief and richest thing only above all other, to restore your Majesty and your realm to fine gold and silver, and is the mean that makes all foreign commodities and your own commodities with all kind of victuals good cheap, and likewise keeps your fine gold and silver within your realm. As, for example to your Highness, the exchange being at this present at xxiis., all merchants seek to bring into your realm fine gold and silver; for if he should deliver it by exchange, he disburses xxiis. Flemish to have xxs. sterling: and to bring it in gold and silver he shall make thereof xxis. ivd.—whereby he saves viiid. in the pound: which profit, if the exchange should keep but after this rate of xxiis. in few years you should have a wealthy realm, for here the treasure should continue for ever; for that all men should find more profit by vl in the hundred to deliver it per exchange, than to carry it over in money. So consequently the higher the exchange riseth, the more shall your Majesty and your realm and common weal flourish, which thing is only kept up by art and God's providence; for the coin of this your realm doth not correspond in fineness not xs. the pound.

Finally, and it please your majesty to restore this your realm into such state, as heretofore it hath been; first, your Highness hath no other ways, but when time and opportunity serveth, to bring your base money into fine of xi ounces fine, and so gold after the rate.

Secondly, not to restore the Steelyard to their usurped privileges.

Thirdly, to grant as few licences as you can.

Fourthly, to come in as small debt as you can beyond seas.

Fifthly, to keep up your credit, and specially with your own merchants, for it is they must stand by you at all events in your necessity. And thus I shall most humbly beseech your Majesty to accept this my [poor writing in good] part; wherein I shall from time to time, as opportunity doth serve, put your Highness in remembrance, according to the trust your Majesty hath reposed in me; beseeching the Lord to give me the grace and fortune that my service may always be acceptable to your Highness; as knoweth our Lord, whom preserve your noble Majesty in health, and long to reign over us with increase of honour.

By your Majesty's most humble and faithful obedient subject,

Thomas Gresham, Mercer.