England's treasure by forraign trade/Chapter 5
Chap. V
Forraign Trade is the only means to improve the price of our Lands.
It is a common saying, that plenty or scarcity of mony makes all things dear or good or cheap; and this mony is either gotten or lost in forraign trade by the over or under-ballancing of the same, as I have already shewed. It resteth now that I distinguish the seeming plenties of mony from that which is only substantial and able to perform the work: For there are divers ways and means whereby to procure plenty of mony into a Kingdom, which do not enrich but rather empoverish the same by the several inconveniences which ever accompany such alterations.
As first, if we melt down our plate into Coyn (which suits not with the Majesty of so great a Kingdom, except in cases of great extremity) it would cause Plenty of mony for a time, yet should we be nothing the richer, but rather this treasure being thus altered is made the more apt to be carried out of the Kingdom, if we exceed our means by excess in forraign wares, or maintain a war by Sea or Land, where we do not feed and cloath the Souldier and supply the armies with our own native provisions, by which disorders our treasure will soon be exhausted.
Again, if we think to bring in store or money by suffering forraign Coins to pass current at higher rates than their intrinsick value compared with our Standard, or by debasing or by enhancing our own moneys, all these have their several inconveniences and difficulties, (which hereafter I will declare) but admitting that by this means plenty of money might be brought into the Realm, yet should we be nothing the richer, neither can such treasure so gotten long remain with us. For if the stranger or the English Merchants bring in this money, it must be done upon a valuable consideration, either for wares carried out already, or after to be exported, which helps us nothing except the evil occasions of excess or war aforenamed be removed which do exhaust our treasure: for otherwise, what one man bringeth for gain, another man shall be forced to carry out for necessity; because there shall ever be a necessity to ballance our Accounts with strangers, although it should be done with loss upon the rate of the money, and Confiscation also if it be intercepted by the Law.
The conclusion of this business is briefly thus.How we must get Treasure to make it our own. That as the treasure which is brought into the Realm by the ballance of our forraign trade is that money which onely doth abide with us, and by which we are enriched: so by this plenty of money thus gotten (and no otherwise) do our Lands improve. For when the Merchant hath a good dispatch beyond the Seas for his Cloth and other wares, he doth presently return to buy up the greater quantity, which raiseth the price of our Woolls and other commodities, and consequently doth improve the Landlords Rents as the Leases expire daily: And also by this means money being gained, and brought more abundantly into the Kingdom, it doth enable many men to buy Lands, which will make them the dearer. But if our forraign trade come to a stop or declination by neglect at home or injuries abroad, whereby the Merchants are impoverished, and thereby the wares of the Realm less issued, then do all the said benefits cease, and our Lands fall of price daily.