34 REINHOLD PAULI, 



merchaunts dispitfuUy wold defame such yong merchaunts , sayng , they 

 Wold be merchaunts, bnt for a little while so to hurt ther credence rath- 

 er to undo them than help theym. And all straunge merchaunts in 

 Flaunders, perceyvyng the necessite of the seid yong merchaunts, sought 

 the Weys daily, how to bye ther clothis good chepe, Than hegan old 

 merchaunts to forsake occupieng of clothes to occupie ther money by ex- 

 chaunge, which is not only pleyn usary, but also it hath and yitt doth 

 helpe to distroye the welth of the kyng of bis lords and comons, for 

 that occupieng hynderith the reame bothe weys ovvtward and in ward. 



In exemplum the exchaunger owtward sekith either the stapler or 

 straunger, that hath any money beyend see payable, and lakkith money 

 here in England to be fayne to take money to bis losse, for an English 

 noble to giS a 4 or 5^ the more for a five or six wekes respit to be 

 paid ageyn at the mart of Flaunders. So dothe such exchaungers never 

 bestowe ther money upon no English clothe nor other thyngs , wherby 

 to wyne money as upon merchaundise owtward to pay any custome to 

 the kyngs profite or for any profite of the reame, but only to wyne lucre 

 as upon the loone and forberyng of bis money. After which money so 

 receyvid agayn in Flaunders with the gayn therof, sekith owt adventurers 

 of London, who will receyve that money agayn to bestowe it upon straunge 

 merchaundisez to bryng it in to England and for the loone of every noble 

 to giff as moche wynyng to the exchaunger ageyn. In such wise rieh 

 old merchaunts , many men seeng the price of clothe and the daunger 

 and trouble of byeng stränge merchaundises is so casuall for a more ease 

 and lesse labour, they thus occupie ther money by exchaunge, wynnyng 

 profite bothe inward and owtward, which is pleyne usary. Albeit they 

 say, it is non usary, by reason, they say, they putt ther money in adven- 

 ture, which adventure is not upon the see nor otherwise, but like as 

 usary is accowntid usary to wyne profite by lendyng of money, seeng 

 every such exchaunge for any some of money so lent by the name of 

 exchaunge hath two billes obligatory for payment therof. Oon bill is to 

 cary it over the see , wherby to receyve such money ageyn beyend see 

 at the marts, and that other bill the exchanger kepith it for bis sewertie 



