1622
TheMaintenanceofFreeTrade，AccordingtotheThreeEssentiallPartsofTraffique；NamelyCommodities，MoneysandExchangeofMoneys，byBillsofExchangesforotherCountries。
OranswertoaTreatiseofFreeTrade，orthemeanestomakeTradefloushish，latelyPublished。
ContrariaiuxtasePofitamagisElucescunt。
byGerardMalynesMerchant。
London，PrintedbyI。L。forWilliamShefford，andaretobesoldathisshop，attheentringinofPopesheadAllieoutofLumbardStreet，1622。
ToTheMostHighandMightyMonarch，James，bythegraceofGod，KingofgreatBritaine，FranceandIreland，DefenderoftheFaith，etc。
Traffique，（MostDreadandgraciousSoueraigne）byNatureAdmirable；andbyArtAmiable；beingtheSolepeacibleInstrument，toinrichKingdomesandCommonweales:mayproperlybecalled，ThePraeheminentStudieofPrinces；therather，becausetheSacredwisdomehathapprouedthisAxiom:ThataKingismiserable（howrichsoeverhebe:）ifheRaignesoverapoorepeople；andthat，thatKingdomeisnotabletosubsist（howRichandPotentsoeverthepeoplebe:）iftheKingbeenotabletomaintainehisEstate。Bothwhich，（beingRelatives）aredependinguponTraffiqueandTrade，whichisperformedunderThreeSimplesorEssentiallparts，namely，Commodities，Moneys，andExchangeforMoneysbyBills。WhereuponhavinglatelyperusedaTreatiseintituledFreeTrade，or，ThemeanestomakeTradeflourish；
whereintheAuthor，eitherignorantlyorwillfully，hathomittedtohandleThePredominantPartofTrade，namely，theMysteryofExchange:whichisthePublikemeasurebetweenusandotherNations，accordingtowhich，allourCommoditiesareboughtandsoldinforraineparts:hisonlyScapebeing，tohavetheMoneyoftheKingdomeinhauncedinprice，andtheforraineCoynesmadeCurrantwithintheRealmeathighRates。（wherebygreatinconvenienceswillfollow:）Icouldnotbutbeemoved，bothbymyfaithfullalleagencedueuntoyourMajestie，andtheobservantdutyowingbymee，tothePublikegood:）TomakeanansweretothemateriallpointsofthesaideTreatise，bycomparingthingsbycontrariesforthebetterillustration；theratherforthatitwaspublishedinArticulotemporis，whenyourMajestiesvigilantPrincelyCare，hadbeenpleasedtoreferretheConsiderationofthisimportantbusinesseofState，totheLearned，LordVizcountMaundevile，LordPresidentofyourMajestiesmostHonourablePrivyCouncell，andotherpersonsofknowledgeandexperience:
amongstwhom（althoughunworthy）myselfewascalled，andouropinionswerecertifieduntoyourHighnesse。
FortheConsiderationofthisweightymatterofgreatConsequence，isabsolutelytobesubmitteduntoyourHighWisedomeandTranscendentjudgement，bymeanswhereof（accordingtothesayingofEpictetusthePhilosopher，HocestMaximeiudicis，AptareVniuersaliasingularibus，）AllCausesbothEcclesiasticallandCivill，areobserved，discernedandapplyedtotheirproperanddeterminateends。
YourMajestietherefore，maybeepleasedtovouchsafe（withagraciousaspect）thereadingofthissmallTreatise，which（likeuntothelittlefish，mentionedbyPlutarch，swimmingbeforethegreatWhale，givingnoticeofdangerousshallowplaces；）shallbeamplyexplainedinaVolume（almostimprinted:）
intituledLexMercatoria，ortheAncientLaweMerchant，which（inallhumility:）istobeepresenteduntoyourmostSacredMajesty；
whereininthedangerousRockes，（tobeavoydedintheCourseofTraffique，andthemeansthereuntoconducing:）aremanifestedforthepreservationandaugmentationofthewealthofyourHighnesseRealmsandDominions，tobeeeffectedbytheRuleofiusticegroundeduponAEqualityandAequityaccordingtoiusgentium，whichischieflymaintainedbytheLaweMerchant。Theknowledgewhereof，isofsuchmoment，thatallotherTemporallLawes（withoutit）arenotcomplete，butimperfect。
Worthyofcommendation，arethoseoffices，whocanbyProvidencepreservetheTreasureofKingsandCommonweales；
worthierarethosethatboth（byhonestandlawfullmeanes）canpreserveandaugmentthem:butworthiestofallimmortallpraise，arethese，whocananddoe（byeasie，just，andPolitikemeanes）
inrichKingdomesandCommon-weales，andtherebyfillthePrincesCofferswithstandingTreasure，toservealloccasionsinthetwoseasons，whichPrincesaretocarefor；（observedbytheEmperourIustinian，）namelytheTimeofWarre，whenArmesarenecessary，andthetimeofPeace，morefittingwholesomeLawes。IntheTheorickePartofwhichStudy，Ihavethesefortyyearesspentmuchtimeandchargesatthepleasureofgreatpersonages:andalbeitnothingdidencountermeebutingratitude，yetmyconstancytospendtheRemainderofmydayestherein，（inhopeofPractise，）isasimmoveableasthecontinuanceofmydailyprayers，totheGreatIehovah，tomultiplyyourMajestiesdayesasthedayesofheaven。
Londonthe25ofOctober，1622
YourMajestiesmostLoyallSubjectGerardMalynes。
TheMaintenanceofFreeTrade，AccordingtotheThreeEssentiallpartsofTraffique，namely，Commodities，Monyes，andExchangeofMonyesbybillesofExchanges，forotherCountries。
NaturalMotherwit，didteachman，beforeArtsorScienceswereinvented；thatofallthingsandinallhumaneactions:theBeginning，Progresse，ContinuanceandTerminationorEndistobeeobserved；whereuponPoliticiansorStatesmenhavenoted，thattheoftencomparingofathinguntohisPrincpleorOriginallproduceththelongercontinuance，shewing（bydigression）howthesameisdecayedandmaybeereducedtothefirstintegrityandgoodnesse。Fortherewasneveranythingbythewitofmansowelldevised，orsosureestablihed；whichincontinuanceoftimehathnotbincorrupted。
Theconsiderationwhereofismostrequisite，inthereformationofthecourseofTraffique，asamattereminentforthegoodandwelfareofCommonweales，andespeciallyforEngland。
Quiavitacivilisissocietatepositaest，Socretasauteminimperio&commercio。
Accordingtothisrule，letusobserve，thatalltheTraffiqueandTradebetweeneusandforrainenations，isperformedunderthreeSimples，whicharetheessentialPartstherefo，namely，Commodities，Monyes，andExchangeofmoneybyBillsforforraineParts；whichmaybeaptlycomparedtotheBody，SouleandSpiritofTraffique。
TheFirstastheBody，upheldtheworldbyCommutationandBartringofcommodities，untillmoneywasdevisedtobecoyned。
TheSecond，astheSoulsintheBody，didinfuselifetoTraffiquebymeansofEqualityandEquity，preventingadvantagebetweeneBuyersandSellers。
TheThird，astheSpiritandfacultyofthesoule（beeingseatedeverywhere）corroborateththeVitallspiritofTraffique，directingandcontrolling（byjustproportions）thepricesandvaluesofcommoditiesandmonyes。
NowevenasmonyeswereinventedtobeecoynedofthepurestmettalsofsilverandgoldtobeetheSquareandRuletosetapriceuntoallcommoditiesandotherthingswhatsoeverwithintheRealme，andthereforecalledPublicaMensura:evensoisexchangeofmonyesbyBills，ThePublikeMeasurebetweenusandforrainecountries，accordingtowhich，allcommoditiesareboughtandsoldinthecourseofTraffique；forthisexchangeisgroundedupontheweight，finenessandvaluationofthemoneyofeachcountrey:albeitthepricethereofinexchangedothriseandfallaccordingtoscarcityandplentyofmoney，andthefewormanydeliverersandtakersthereof。
ThesethreeessentialpartsofTraffiquearetobeeconsideredjoyntlyanddividedforthegoodofCommonwealesinthebenefitetobeprocuredforthegenerallwelfare，orfortheparticularprofitofsomefewpersons；foralbeitthatthegeneralliscomposedoftheparticular:yetitmayfallout，thatthegeneralshallreceiveanintollerableprejudiceandlosse，bytheparticularandprivatebenefiteofsome:These（inthisrespect）arenottoberegarded，especiallyiftheymaymakethelikebenefite（insomemeasure）withouthurtordetrimenttothegenerall。
SomeMerchantsdoedealeallforCommodities，othersforMonyes，andothersomealtogetherforExchangesorallthree，orthatwhichyeeldeththemmostgaine:andcommonlywithoutconsiderationhadofthegoodoftheCommonwealth，whichisthecausethatPrincesandGovernoursaretofitatthesternofthecourseofTradeandCommerce。
Fortospeakeingeniously，Merchantscannotenterintoconsiderationofthequantityofforrainecommoditiesimportedatdearerates，andthehomecommoditiesexportedatlesserratesRespecitivelyinformertime；bythedisproportionwhereofcommethanevidentoverballancingofcommodities。Merchantsdoenotregard，whetherthemonyesofaKingdomeareundervaluedinforraineparts，wherebyourmonyesareexported；whentheexchangedothnotanswerthetruevaluebyBilles，andthemonyesofothercountryescannotbeeimported，butwithanexceedinglosse，whicheverymanshunneth。Trueitis，thattheyobservewithintheRealmetokeepethepriceofmoneyataStand，accordingtotheKingsvaluation:butinforraineparts，theyrunnewiththestreame，headlongdownewithothernations，withoutconsiderationoftheirownehinderance。MerchantsdoenotknowtheweightandfinenesseofmonyesofeachCountrey，andtheproportionsobservedbetweeneGoldandSilver，northedifferenceofseverallStandardsofcoyne；amattersonecessaryforthemtoknow，tomaketherebyprofitablereturnesoftheprovenueofourhomecommodities，eitherinMoney，BullionorWares。FinallyMerchants（seekingtheirPrivatumCommodum）takenoticeonelyofwhatisprohibitedandcommanded，whereasitmayfalloutalso，thattorequiretheiropinionforthereformationofsomeabuses:
theymaybeethoughtmanytimesasunfit，astocalltheVintnertotheconsultationoflawestobeemadeagainstdrunkards。
KingsandPrincestherefore，whicharethefathersofthegreatfamiliesofCommonwealesaretobecarefullforthegenerallgoodsothattheexpencesdoenotexceedeorsurmounttheincombesandrevenuesthereof，accordingtothesayingofMarcusCato，OportetPatrem，familias，vendacemesse，nonemacem，HeemustbeeaSeller，andnotaBuyer。
Fortheeffectingwhereof，thereisaseriousstudytobeehadinthetrueunderstandingoftheThreeessentialPartsofTraffique，whereofthecourseofexchange（whichisthemostneglected）willbefoundtobeetheefficientCause，whichwithusisPraedominant，andoverruleththecourseofMonysandCommodities，asshallbedeclaredinthisdiscourse。FortheseThreepartsofTraffiqueconcurrejoyntlytogetherintheirproperfunctionandnature，byanorderlycarriage，accordingtotheirfirstinventionandinstitution。
ForastheElementsarejoynedbySymbolization，theAyretotheFirebywarmness；theWatertotheAyre，bymoisture；theEarthtotheWater，bycoldness:Soisexchangejoynedtomonyes，andmonyestocommodities，bytheirproperqualitiesandeffects。
AndeverasinaClocke，wheretherebemanywheeles，thefistwheelbeingstirred，driveththenext，andthatthethird，andsofoorth，tillthelastthatmoveththeinstrumentthatstrikestheclocke；evensoisitinthecourseofTraffique:forsincemoneywasinventedandbecamethefirstwheelewhichstirreththewheeleofCommoditiesandinforceththeAction。ButthethirdwheeleofexchangeofmonyesbetweeneCountreyandcountrey，beingestablishedandgroundeduponmonyes，is（ineffect）liketotheinstrumentthatstrikeththeClocke，beingthereinthethingActive，andCommodities&MonyesarebecomethingsPassive:
insomuchthattheSequelethereofmaybecompareduntoArchersshootingattheButtes，directingtheirArrowesaccordingastheBlankedothstand，highorlow；forsodoMerchantsbyexchangeinthesaleofcommoditiesandnegotiationofmonyes，withoutwhich，commoditiesliedeadinallmarkettes。SincetheAncientCommutationofcommoditiesinkinddidcease，andthebodyofCommoditiesdothnotworkewithouttheSpiritwhichisexchange，sothatthisobservationbeingneglected:thewholeinstrumentofTrademustneedesbeeoutoforder，anddiscompounded，likeadistempteredLock，whichwilneitheropennorshut。
WhentheArtofnavigationandshippinghadcontinuedmanyyeares，andmarrinersdidimitateeachothersobsrevation，beforetheScienceoftheMathematicswasinvented:IthapnedthattwogreatWhaleswithagreatvolubilityswimminginfuriousmanner，didapproachanEnglishshipofTraffiquewhichwasboundfortheCoastofBarbary，ladenwithdisversgoodCommoditiesandStaplewares。Themarriners（asthemannerwas:）didwithaldiligencecastoverboarddiversemptybarrelsforthewhalestoplaywithall，andtokeepethemfromtheship。Thewhalesnotpleasedtherewith，andasuddainestormarising，didendangertheirship，whichmadethemunawarestocastoverboardmanygoodwaresandrichCommodities，wherewithoneofthewhaleswasplaying。Buttheotherwhalemorefierce，strooktheShipmanytimeswithhisTaile，andatlastbroaketheRudderoftheShip，wherebytheyweremuchhinderedintheirSailing，andalltheshippesoftheirfleetetooketheStartofthemandarrivedtotheirdestinedports，theratherbecausetheylostalsotheirsaylingCompassebytheviolenceofthesaideStormywindandtempest。Andthemarrinershadleisure（withaCalme）todiscourseoftheAccidenttoquestionwhichwasthemostnecessaryandActivethingofTruesailing。
SomedidattributethesametothewindsandCurrantoftheSeas；Otherstothesailesandagitationsofthewindsinthem。
Andotherstothecompassemadebytheadmirablevirtueoftheloadstone。ButallofthemwereNovicesintheirprofession；
whereuponamerchantstandingby（beingapassengerinthatvoyage）usedtheseorthelikespeeches。Myfriendsandgoodfellows，Idoenotalittleadmiretoheareyouthusignorantinmatterofyourprofession:CannotthelosseoftheRudaerofourshipmakeyousensibletounderstand，ThattheActivePartofsaylingistobeeascribedthereunto，seeingitdriveththeshipaccordingtoallthepointsofthewindsandvariationoftheCompassebeingfastenedupontheParalelloftheKeeleofEquality？Shipwrightswilltellyou，ThatifitbenotRightlyplaced，itdothinterruptsayling:andifitbenotofCompententlength，butthattheupperbuildingoftheshipdoeswaythesame，itmakethashipunserviceable:ThatneitherthedirectionoftheCompasse，northeRecptacleoftheSailesforewind，canmakeherperformehervoyageasothershippesdoe。Iperceiveyouarelikeuntohimthatdidattributetothelettersofaclockediall，theshewingofthehoure，andnottothehandorIndex，whichistheActivethingtoshewyouthesame，albeititcannotdoethesamewithouttheother，whichtheThingPassive:youmustthereforetruelydistinguishandattributetheefficientCauseofSaylingtotheRudderofaShip，andtheotherarecalledSecondaryormeanCauses。Andtheyallagreedthatthisobservationwastrue。
IsnottheModerneMerchantofHackneyortheAuthoroftheTreatiseofFreeTradelikeuntotheseNovices？whoperceivingtwogreatwhalestohaveassultedtheEnglishshipofTraffique，ThecruellestbeingthewarresinChristendomeandthePirates，Theothermoregentle，beingthePolicyofPrincesandStatesintheCourseofTrade；hathpublishedintheyeareofGrace，1622。
TheCausesofthedecayofTradeinEngland，andthemeanstomakethesameflourish，withoutobservationoftheoperativepowerofexchange，whichistheRudderoftheShipofTraffiquefastenedupontheRuleoftheequalitieofMoneyesaccordingtotheirweithgandfineness，tobedenominatedbythevaluationofPrincesasamatterperculiarlyappertainingtotheirPraerogatives。
Andbecausethattherein，heehathlikeuntoEsopsJaycladhimselfwiththefeathersofotherBirds:Ihopeitwillnotbeimpertinent，Tounmaskehisdiscourse，andneverthelesstosupply（accordingtomyformerTreatises）ThemaintenanceoffreeTrade，wherinIendeavourtobeCompendiousandSubstantiall，andtofollowhisMethodandsomedistributionforthebetterunderstanding，asamostimportantbusinesseofState，whichisthecausethatsomanyStatutesandlaweshavebeenemadeconcerningmoneyesandexchanges。2。SomanyProclamationsforthedueexecutionthereofhavebinpublished。3。Lastly，somanyTreatisesandConferenceshavebeenehadhadfromTimetoTime，BothwithotherPrincesandwithinourselves，whichinthejudgementofthesaidAuthorareneglectedasunnecessary，orbyignorancenotmentioned；concludingwithhim，Thatastherearemanycausesdiscussedanddiscoursedof，atthistimeofthedecayofTrade:SoaretheremanyRemediespropounded，whereinifeitherthePrincipallCausesbemistaken（asheehathdone）ordefectiveRemediespropounded:ThepresentdiseaseofthisTrademayincreaseandcasttheBodyintoamoredangerousSicknes。FortheefficientCausebeingunknown，puttethoutthePhisitianseye，astheProverbeis。
Nowletuscometothehandlingoftheparticularsinorder，andafterwardtotheTrueRemedies，whichmustarisefromthematterofexchange，asshallbeeplainelydemonstratedtothejudiciousReader，voideofpartiality；fortheexchangeisthefacultyorSpiritofthesouleofmoneyesintheCourseofTraffique。
ChapterOneTheCausesoftheWantofMoneysinEngland。
ThisAssertionweshallnowbringtothehammer，theAnvelandtheTouchstone，namelytofirmeReason，byhisownefirstArgumentoftheimmediateCauseofthewantofmoneyinEngland，alleagedbyhimtobeetheundervaluationofhisMajestiesCoyne，wherehesaithbywayofinterrogation:
WhowillprocurelicenceinSpainetobringReallsintoEngland，tosellthemhereatTenneinthehundredGaine，whichislessethentheexchangefromthencewillyeeld，whenhemayhaveforthesame，fiveandtwentyinthehundredinHolland？
Hereinanobscuremanner，heobserveththeexchangefromSpaynetobeSixepencetheReall，asvalueforvalue，ortheParinexchange，wherebyitisless（asheesaith:）andheedothaccountthepriceof8。Realsat51StiversinHolland，andtheRateofexchangeat22shillings4penceFlemishtoanswerour20
shillingsStarlinasatParproPariforthoseparts，howbeitthat42shillings6penceFlemishpaydethereforthe5Reallsof8make25shillings6penceStarlinaccordingtothatComputation；howsoeverweeseethatthisisgroundedupontheexchange，whichistheefficientCausethereof，otherwisethe15
inthehundrethtobegotteninHollandmorethaninEngland:isaltogetherimaginaryandnotReall。ForexampleletfiveoftheseReallsof8beboughtherefor22shillingsStarlin，andbeetransportedintoHolland，andtherebuycommoditieswiththesame，accordingasthepriceofthem，isinhauncedthere；nomanmakethanydoubt，butthatthesaidCommoditiesarealsoraisedinprice，accordingtothemoneyinhaunced。Sothatthegaynebecommethuncertaine，fortheCommoditiesmaybesoldtolosse。
ButthemerchantstradinginSpaine，whichcausetheirReallstobesentfromSpainethither，ordoetransportethemfromtheDownes:Relywholyupontheloweexchange，wherebytheyareinabledtodelivertheirmoneythere，byexchangeatanundervalue，ingivingtherebut33shillings4penceandunder，tohave20shillingsStarlinpayedbyBillofexchangeinEngland，wherebythekingdomemakethgooduntothemthesaid15
uponthehundreth。ForthisReallof8wasvaluedbutat42
Stivers，whentheParofexchangewasmadetobe33shillings4
pence，intheyeare1586，whenRobertDudley，EarleofLeycester，wenttotakethegovernmentofthoseCountries；Andshalwenowreceiveinexchangethesaidpriceof8Realsfor51Stivers，whichisaboutfiveshillingsandonepenyStarlin，becausetheyhaveinhauncedthesametotheiradvantage，andcontinuetheParofexchangeat33shilling4pencebywhichComputationthesaid42Stiversmakebutfourshillingstwopencehalfpennyorthereaboutsintruevalue？Absitignorantia。Whereas，ifourmerchantsofSpaineshouldgivethesaidepricethereinexchangefor42Stivers，astheydidformerly，（andmaybedonebyorderofexchange:）TheyshallnotfindetherebyTeninthehundrethgaine，whichtheycanmakeheremorecertaineandcommodiously，wherebythismoneywillbeimported，withoutinhauncingofourCoyne。ThisissoplaineintheunderstandingofMerchants，thatthereneedethnootherexplanation，foritdemonstratethmanifestly，thatiftheloweexchangewerenot，ThisGaynewouldproovetobeImaginary，aswehavenoted。AndthiscauseththeseReallsofSpaynetobedivertedfromus，andmightelsbeimportedtothesaidMerchantsorothers，whichdoepracticeupontheBenefiteofmoneystobeemadebetweenetheexchangeandmoneys。