3. Proposals for Free Exportation of Gold and Silver [McCulloch, Tracts on Money,1856, pp. 145], 1660.
Advice of his Majesty's Council of Trade, concerning the Exportation of Gold and Silver in Foreign Coins and Bullion.
[Concluded Dec. 11, 1660.]
... Supposing that it were of absolute necessity to restrain all money and bullion, once imported, to be kept within this kingdom. It then came under consideration whether either the laws hitherto made in that behalf are, or that it be possible to make a law, adequate to prevent the exportation thereof.
And here we were convinced, by experience, that the laws of this kingdom (hitherto made) have been of no effect to the end thereby designed; and looking abroad, as there are nowhere more strict and severe laws against the exportation of coin and bullion than in Spain and France, we found all to be to as little purpose.
We then, thirdly, enquired what loadstone attracted this metal by force of nature to itself, against all human providence or prevention; and soon found that it was alone the present course of trade and traffic throughout the world....
And therefore, in the fourth place, we discovered that, as it is impossible by any laws to restrain money and bullion against the use that traffic finds for the same; so also the adhering to this principle of restraining thereof discourageth, as well all natives as foreigners, to import any money or bullion—where the exportation thereof is forbidden them.
From whence, fifthly, the many advantages (thereby given away clearly to the stranger from the English) present themselves; for the stranger, knowing we must be furnished in one of these places for our occasions, make us pay dearly for our accommodation.
So that, to wind up all that has been said, the result of the several reasons and arguments herein summed up seemed to be this: that time and experience instruct, and the present state of traffic throughout the world require, that, for the increase of the stock of money in these your Majesty's kingdoms, some way of liberty for the exportation, at least of foreign coin and bullion, should be found out, and put in execution; which hath produced the humble advice offered in the preceding paper.
4. An Attack on the Navigation Act[384] [P.R.O. Colonial Papers, Vol. XXXVI, No. 88], c. 1663.