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They valued nothing in comparison of their money: the members had no connection with the court; and the very idea which they conceived of the trust committed to them, was, to reduce the demands of the crown, and to grant as few supplies as possible. The crown, on the other hand, conceived the parliament in no other light than as a means of supply. Queen Elizabeth made a merit to her people of seldom summoning parliaments.[*] No redress of grievances was expected from these assemblies: they were supposed to meet for no other purpose than to impose taxes.
Before the reign of Elizabeth, the English princes had usually recourse to the city of Antwerp for voluntary loans; and their credit was so low, that, besides paying the high interest of ten or twelve per cent., they were obliged to make the city of London join in the security. Sir Thomas Gresham, that great and enterprising merchant, one of the chief ornaments of this reign, engaged the company of merchant-adventurers to grant a loan to the queen; and as the money was regularly repaid, her credit by degrees established itself in the city, and she shook off this dependence on foreigners.[**]
In the year 1559, however, the queen employed Gresham to borrow for her two hundred thousand pounds at Antwerp, in order to enable her to reform the coin, which was at that time extremely debased.[***] She was so impolitic as to make, herself, an innovation in the coin; by dividing a pound of silver into sixty-two shillings, instead of sixty, the former standard. This is the last time that the coin has been tampered with in England.
* Strype, vol. iv. p. 124. ** Stowe’s Survey of London, book i. p. 286. *** MS. of Lord Royston’s, from the paper office, p. 295.
Queen Elizabeth, sensible how much the defence of her kingdom depended on its naval power, was desirous to encourage commerce and navigation: but as her monopolies tended to extinguish all domestic industry, which is much more valuable than foreign trade, and is the foundation of it, the general train of her conduct was ill calculated to serve the purpose at which she aimed, much less to promote the riches of her people. The exclusive companies also were an immediate check on foreign trade. Yet, notwithstanding these discouragements, the spirit of the age was strongly bent on naval enterprises; and besides the military expeditions against the Spaniards, many attempts were made for new discoveries, and many new branches of foreign commerce were opened by the English. Sir Martin Frobisher undertook three fruitless voyages to discover the north-west passage: Davis, not discouraged by this ill success, made a new attempt, when he discovered the straits which pass by his name. In the year 1600, the queen granted the first patent to the East India Company: the stock of that company was seventy-two thousand pounds; and they fitted out four ships, under the command of James Lancaster, for this new branch of trade. The adventure was successful; and the ships returning with a rich cargo, encouraged the company to continue the commerce.
The communication with Muscovy had been opened in Queen Mary’s time by the discovery of the passage to Archangel: but the commerce to that country did not begin to be carried on to a great extent till about the year 1569. The queen obtained from the czar an exclusive patent to the English for the whole trade of Muscovy;[*] and she entered into a personal as well as national alliance with him. This czar was named John Basilides, a furious tyrant, who, continually suspecting the revolt of his subjects, stipulated to have a safe retreat and protection in England. In order the better to insure this resource, he purposed to marry an English woman; and the queen intended to have sent him Lady Anne Hastings; daughter of the earl of Huntingdon: but when the lady was informed of the barbarous manners of the country, she wisely declined purchasing an empire at the expense of her ease and safety.[**]
The English, encouraged by the privileges which they had obtained from Basilides, ventured farther into those countries than any Europeans had formerly done. They transported their goods along the River Dwina in boats made of one entire tree, which they towed and rowed up the stream as far as Walogda. Thence they carried their commodities seven days’ journey by land to Yeraslau, and then down the Volga to Astracan. At Astracan they built ships, crossed the Caspian Sea, and distributed their manufactures into Persia. But this bold attempt met with such discouragements, that it was never renewed.[***]
* Camden, p. 408. ** Camden, p. 493. *** Camden, p. 418.
After the death of John Basilides, his son Theodore revoked the patent which the English enjoyed for a monopoly of the Russian trade: when the queen remonstrated against this innovation, he told her ministers, that princes must carry an indifferent hand, as well between their subjects as between foreigners; and not convert trade, which, by the laws of nations, ought to be common to all, into a monopoly for the private gain of a few.[*] So much juster notions of commerce were entertained by this barbarian than appear in the conduct of the renowned Queen Elizabeth! Theodore, however, continued some privileges to the English, on account of their being the discoverers of the communication between Europe and his country.
The trade to Turkey commenced about the year 1583; and that commerce was immediately confined to a company by Queen Elizabeth. Before that time, the grand seignior had always conceived England to be a dependent province of France;[**] but having heard of the queen’s power and reputation, he gave a good reception to the English, and even granted them larger privileges than he had given to the French.
* Camden, p. 493. ** Birch’s Memoirs, vol. i. p. 36
The merchants of the Hanse Towns complained loudly, in the beginning of Elizabeth’s reign, of the treatment which they had received in the reigns of Edward and Mary. She prudently replied, that as she would not innovate any thing, she would still protect them in the immunities and privileges of which she found them possessed. This answer not contenting them, their commerce was soon after suspended for a time, to the great advantage of the English merchants, who tried what they could themselves effect for promoting their commerce. They took the whole trade into their own hands; and their returns proving successful, they divided themselves into staplers and merchant adventurers; the former residing constantly at one place, the latter trying their fortunes in other towns and states abroad with cloth and other manufactures. This success so enraged the Hanse Towns, that they tried all the methods which a discontented people could devise, to draw upon the English merchants the ill opinion of other nations and states. They prevailed so far as to obtain an imperial edict, by which the English were prohibited all commerce in the empire: the queen, by way of retaliation, retained sixty of their ships, which had been seized in the River Tagus with contraband goods of the Spaniards. These ships the queen intended to have restored, as desiring to have compromised all differences with those trading cities; but when she was informed, that a general assembly was held at Lubec, in order to concert measures for distressing the English trade, she caused the ships and cargoes to be confiscated: only two of them were released to carry home the news, and to inform these states, that she had the greatest contempt imaginable for all their proceedings.[*]
Henry VIII., in order to fit out a navy, was obliged to hire ships from Hamburgh, Lubec, Dantzic, Genoa, and Venice, but Elizabeth, very early in her reign, put affairs upon a better footing; both by building some ships of her own, and by encouraging the merchants to build large trading vessels which, on occasion, were converted into ships of war.[**] In the year 1582, the seamen in England were found to be fourteen thousand two hundred and ninety-five men;[***] the number of vessels twelve hundred and thirty-two; of which there were only two hundred and seventeen above eighty tons. Monson pretends, that though navigation decayed in the first years of James I., by the practice of the merchants, who carried on their trade in foreign bottoms,[****] yet, before the year 1640, this number of seamen was tripled in England.[v]
