English Economic History: Select Documents

by Unknown

The true causes, that it is transported, be these with others:

1. Some is carried into the Low Countries, because the exchange hath been high and the gold of greater prices there than here.

2. These dear years much hath been carried out to buy corn with, wherein somewhat endeavour hath been, because the return paid no custom.

3. Very much hath been transported to provide foreign commodities, because this realm spendeth more of them, than the same commodities transported amount unto, as it is supposed and as may be perceived by the wines, silks, lawns, gold-lace, silver-lace and such like here spent.

4. Much is conveyed by strangers, that bring in their country commodities and will not employ the price in English commodities, because their customs be great.

5. The like is sometimes done by English merchants for the paying of debts or providing of foreign commodities, for the saving of custom outward being also great.

6. Much bullion hath been transported, because the merchants and goldsmiths could not of long time have it coined and delivered in due time out of the mint.

7. Some by captains, soldiers and others, that might not be searched.

8. Some by the help of the mintmen in thirty-shilling-pieces upon pretence to make great gain thereof to her Majesty.

The second cause will now cease of itself; the fourth, fifth, sixth and eighth may be removed by good orders to be taken; the seventh by peace amongst princes; the first will never be taken away further than shall please the bankers and rich merchants of the Low Countries, who joining with the rich Flemings dwelling will be able with their money and cunning to make the exchange to rise and fall, as they shall think good for their gain or our loss. And the governors there, finding by their mint-masters and merchants the alteration of the English standards and values of gold, being more vigilant, provident and skilful in such matters than the English, will at their pleasures cry up and down the currency of English coin, be it never so base, at such times and in such manner as [the]y will, draw it from home to their ... lnes and melt it or return it back at their pleasures for their own gain and our loss, unless they will agree and take order, that it shall be always current there at the same value that it is here, without alteration.