Page:Mun - England's treasure by forraign trade.djvu/75
What kinds of plenty or scarcity of mony make the Exchange high or low.us, but also by this means mony being plentiful here to be delivered by exchange, it is therefore undervalued by the takers, as I have before declared; And contrariwise if we carry more wares to Spain, and other places than we consume of theirs, then do we bring away their treasure, and likewise in the Merchants exchange we overvalue our own money.
Yet still there are some who will seem to make this plain by Demonstration, that the undervaluing of our money by Exchange doth carry it out of the Kingdom: for, say they, we see daily great store of our English Coins carried over, which pass current in the Low-Countries, and there is great advantage to carry them thither, to save the loss which the Low-Countrymen have in the Exchange; for if one hundred pounds sterling delivered here, is so much undervalued, that ninty pounds of the same sterling money carried over in specie shall be sufficient to make repayment and full satisfaction of the said hundred pounds at Amsterdam: Is it not then (say they) the undervaluing of our Mony which causeth it to be carried out of the Realm?
To this Objection I will make a full and plain Answer, shewing that it is not the undervaluing of our money in exchange, but the overballancing of our trade that carrieth away our treasure. For suppose that our whole trade with the Low-Countries for wares brought into this Realm be performed onely by the Dutch for the value of five hundred thousand pounds yearly; and that