TAKES LESSONS IN POLITICAL ECONOMY.
“He showed me a very excellent argument, to prove that our importing less than we export does not impoverish the kingdom, according to the received opinion: which, though it be a paradox, and that I do not remember the argument, yet methought there was a great deal in what he said.” (Feb., 1664.)
“He also made me fully understand that the old law of prohibiting bullion to be exported is, and ever was, a folly and injury rather than good. Arguing thus, that if the exportations exceed the importations, then the balance must be brought home in money, which, when our merchants know cannot be carried out again, they will forbear to bring home in money, but let it lie abroad for trade, or keep in foreign banks; or, if our importations exceed our exportations, then to keep credit the merchants will and must find ways of carrying out money by stealth, which is a most easy thing to do, and is everywhere done, and therefore the law against it signifies nothing in the world.” (Jan., 1665.)