"What becomes of our profits now?" said Heins. "Must we let them be swallowed up by the premium which I suppose bills on England now bear in the market?"
"Only your extraordinary profits. You are not going to be rich so soon as you dreamed you should be: but neither are you going to be impoverished."
"By the variation in the exchange," added Vanderput, gravely. "If Mr. Snoek is to be impoverished, it will be by other accidents."
Before Heins had time to ask the meaning of this, Mr. Visscher went on.
"You should see the bustle of the exporters on our quays. There are Toll and Co., who so lately stood enviously watching the briskness of your doings, you remember, Mr. Snoek; their time is now come. You and your brethren imported at such a rate that you made bills on England scarce in the market. Toll and Co., of course, got such a premium on those which they held, as to be able to ship off many more kinds of goods than they could have ventured upon while they had to part with their bills at a discount. They have been lading ship after ship; and you may now have time to see them clear out; for I conclude you will not go on to import as you have done of late."
"To be sure not," said Vanderput. "Our profits on many articles are not such as to afford the premium on bills made necessary by the present scarcity. We must, for the present, confine our business to exporting only those articles which will afford the usual profits, after the premium is paid."
Heins sighed deeply at the prospect of his grand schemes remaining in abeyance at the very time that he fancied he should be making all Amsterdam stare at the magnificence of his importations. The cool, sagacious Vanderput rebuked the sigh.
"You must have known," he said, "that things would take this turn. If it answered well to us to import largely while bills were cheap, it must have answered in the same way to others; and the extent to which importation was consequently carried, must turn the balance, rendering it necessary for us to pay our excess of debt either by sending metal money, or by bidding against one another for bills. You must be quite as certain that the balance will turn again when these busy exporters have brought down bills to a discount in our exchange market."
"Hear, all ye rulers who tremble on your thrones when the balance is not even!" cried Visscher. "All ye rulers, from the Keiser of the Russias to the worshipful burgomasters of Amsterdam!"
"Neither the Keiser you speak of, nor our burgomasters entertain the horror you suppose," observed Vanderput. "They leave it to the legislators of Great Britain, France, and Spain to dread that either scale of a self-rectifying balance can kick the beam. They leave it to the children of their nation to be particularly happy when the exports of their merchants exceed the imports;--happy because they suppose the money owing to the country to be so much additional wealth; so much pure gain. The Russian Keiser knows too well the toil and outlay by which his subjects prepare their tallow and hides, to suppose that the money they fetch from abroad is more than an adequate exchange. He knows the wants of his people too well not to think that the commodities which are brought them from other countries are not worth more to them than any money that ever was coined. The reason why he is anxious to improve the commerce of his empire is, that its inhabitants may gather more and more wealth from abroad; and he looks on exportation only as a means to importation, as the desirable end."