pledged his own credit for payment, and he wrote earnestly to Northumberland, through whom bargains of this kind could be best conducted, to save the country from shame. It was 'neither honourable nor profitable,' he said, to put off money-lenders with a high hand. The credit of England would 'fall as low as the credit of the Emperor,' who was at that moment 'offering 16 per cent, for money, and could not obtain it.' 'The King's father, who first began to take up money upon interest, did use to take his fee penny in jewels, coppery gunpowder, or fustian, and wares had been taken ever since, when the King had made any prolongation.' So long as the loans could not be repaid the system must be continued. Thus much, however, Gresham undertook to do. Lead was fetching a high price in Antwerp. If the export of lead from England was forbidden, the price would rise still higher, while at home it would fall. The Government might take possession of the trade and make its own profits; while he would himself remain on the Continent, and would watch the exchanges, and if he could be supplied with 1200l. a week he would clear the Crown of its foreign debts in two years.[1]
Northumberland listened to the advice upon the lead trade. He stopped the exports, and in two months learnt to his sorrow that 'princes' affairs in the Government of realms and merchants' trades were of two natures.'[2] The City of London extricated the Crown
