for
his labour.'[1] This is important in connection with what we have said
above as to property, as it shows that the trader was quite justified
in seeking to obtain more profits, provided that they accrued for the
benefit of the community. This justification of trade according to the
end for which it was carried on, was not laid down for the first time
by Aquinas, but may be found stated in an English treatise of the
tenth century entitled _The Colloquy of Archbishop Alfric_, where,
when a doctor asks a merchant if he wishes to sell his goods for the
same price for which he has bought them, the merchant replies: 'I do
not wish to do so, because if I do so, how would I be recompensed for
my trouble? but I wish to sell them for more than I paid for them so
that I might secure some gain wherewith to support myself, my wife,
and family.'[2]

[Footnote 1: II. ii. 77, 4.]

[Footnote 2: Loria, _Analysi de la proprieta, capitalista_, ii. 168.]

In spite of the fact that the earlier theory that no commercial gain
which did not represent payment for labour could be justified
was still maintained by some writers--for instance, Raymond de
Pennafort[1]--the teaching of St. Thomas Aquinas was generally
accepted throughout the later Middle Ages. Canonists and theologians
accepted without hesitation the justification of trade formulated by
Aquinas.[2] Henri de Gand,[3] Duns Scotus,[4] and Francois de Mayronis
[5] unhesitatingly accepted the view of Aquinas, and incorporated it
in their works.[6] 'An honourable merchant,' says Trithemius, 'who
does not only think of large profits, and who is guided in all his
dealings by the laws of God and man, and who gladly gives to the needy
of his wealth and earnings, deserves the same esteem as any other
worker. But it is no easy matter to be always honourable in all
mercantile dealings and not to become usurious. Without commerce
no community can of course exist, but immoderate commerce is rather
hurtful than beneficial, because it fosters greed of gain and gold,
and enervates and emasculates the nation through love of pleasure
and luxury.'[7] Nider says that to buy not for use but for sale at a
higher price is called trade. Two special rules apply to this: first,
that it should be useful to the State, and second, that the price
should correspond to the diligence, prudence, and risk undertaken in
the transaction.[8]

[Footnote 1: _Summa Theologica_, II. vii. 5.]

[Footnote 2: Ashley, _op.