554 A. D. 1354: 



This great balance, the exports amounting to almofl fix times the 

 vakie of the imports, (and, as juft obferved, they probably amounted 

 to much more) has been held out as a proof of the moderation and 

 fobriety of the age. But when we look at the articles, and find that, of 

 raw materials for manufadures which conftitute fo great a part of the 

 modern imports, there was not one fingle article imported, and that, 

 on the other hand, the exports conlifted almofl entirely of the moft 

 valuable raw materials, and of cloths in an upfinifhed ftate, which may 

 therefor alio be clafled among raw materials, we mufl; acknowlege that 

 it affords only a proof of the low flate of manufa6lures and of com- 

 mercial knowlege among a people, who were obliged to allow foreign- 

 ers to have the profit of manufa6luring their own wool, and finifhing 

 their own cloths, and afterwards to repurchafe both from them in the 

 form of finifhed goods. 



1355, January 20'" — I have already related the purchafe of the Ro- 

 man empire by Didius Julian, and that of the kingdom of Mann and 

 the Ifles by Alexander 111 king of Scotland : and I have now to relate 

 the purchafe of the kingdom of Scotland by Edward III king of Eng- 

 land, who for the abfolute fovereignty and property of it gave Edward 

 Balliol * five thoufand marks together with an annuity for his (Balliol's) 

 life of two thoufand pounds. [F^dera, V. '^,pp. 832-842.] But, though 

 Edward purchafed a whole kingdom for fo fmall a price, yet, with all 

 his prudence, he made a very bad bargain ; for the feller was not able 

 to ^ii;^' him pofl'effion ; and he, with all his power and great military- 

 talents, was not able to take pofi"efllon. 



March 12"" — At this time the warden of Scotland (the king was a 

 prifoner in England) urged by the exigency of the public affairs, and 

 imitating the pernicious and miflaken policy of the king of England, 

 appears to have coined money, which, both in weight and quality, was 

 inferior to that of England. King Edward thereupon informed the 

 Ihirref of Northumberland, that the new money of Scotland, though 

 of the fame figure with the old, was not, like it, of equal weight and 

 quality with the llerling money of England, and therefor ordered him 

 to make proclamation within his jurifdidtion, that the new Scottifh mo- 

 ney fhould be taken only for its value as bullion, and carried to the 

 proper of^ce to be exchanged for current money ; but that the old mo- 

 nsy of Scotland (which fince the year 1 344 was confiderably better than 

 that of England) fhould flill be current as former-ly f . \Fcedera, V. v, p^ 



813] 



* Balliol had been fupported by Edward in die of England and Scotland, apparently laflcd but a 

 title of king jf Scotland, as his feudal vafial, fincc very Ibort time ; and the money nuill have been 

 the year 1332, and had aclcd as king of that Tcry little below the llandard of the Enjflilh, as it- 

 country a few weeks. required a proclamation to put the people on thei; 



f This deterioration, unknown to the hiftorians guard againft it . 4 



