statute of Henry VII.; which, by correcting some abuses that
attended that practice, gave indirectly a sanction to it.

*** 3 Henry VII. cap. 5.

**** 3 Henry VII. cap. 6.

v 7 Henry VII. cap. 8.

But so far was the anxiety on this head carried, that merchants alien,
who imported commodities into the kingdom, were obliged to invest in
English commodities all the money acquired by their sales, in order to
prevent their conveying it away in a clandestine manner.[*]

It was prohibited to export horses; as if that exportation did not
encourage the breed, and render them more plentiful in the kingdom.[**]
In order to promote archery, no bows were to be sold at a higher
price than six shillings and fourpence,[***] reducing money to the
denomination of our time. The only effect of this regulation must be,
either that the people would be supplied with bad bows, or none at all.
Prices were also affixed to woollen cloth,[****] to caps and hats:[v]
and the wages of laborers were regulated by law.[v*] It is evident,
that these matters ought always to be left free, and be intrusted to
the common course of business and commerce. To some it may appear
surprising, that the price of a yard of scarlet cloth should be limited
to six and twenty shillings, money of our age; that of a yard of colored
cloth to eighteen; higher prices than these commodities bear at present;
and that the wages of a tradesman, such as a mason, bricklayer, tiler,
etc., should be regulated at near tenpence a day; which is not much
inferior to the present wages given in some parts of England. Labor and
commodities have certainly risen since the discovery of the West Indies;
but not so much in every particular as is generally imagined. The
greater industry of the present times has increased the number of
tradesmen and laborers, so as to keep wages nearer a par than could be
expected from the great increase of gold and silver. And the additional
art employed in the finer manufactures has even made some of these
commodities fall below their former value. Not to mention, that
merchants and dealers, being contented with less profit than formerly,
afford the goods cheaper to their customers. It appears by a statute of
this reign,[v**] that goods bought for sixteenpence would sometimes be
sold by the merchants for three shillings.

* 3 Henry VII cap. 8.

** 11 Henry VII. cap. 13.

*** 3 Henry VII. cap. 12.

****