An Italian merchant wrote this account of his calling in 1458.
The dignity and office of merchants is great and exalted in many respects, and most particularly in four. First, with respect to the common weal. For the advancement of public welfare is a very honorable [purpose], as Cicero states, and one ought [to be willing] even to die [for it].... The advancement, the comfort, and the health of republics to a large extent proceed from merchants; we are always speaking, of course, not of plebeian and vulgar merchants but of the glorious merchant of whom we treat [and who is] lauded in this work of ours. And with respect to mercantile business and activity [we may say] this: Through trade, that ornament and advancement [of republics], sterile countries are provided ,with food and supplies and also enjoy many strange things which are imported from places where [other] commodities are lacking. [Merchants] also bring about an abundance of money, jewels, gold, silver, and all kinds of metals. They bring about an abundance of gilds of various crafts. Hence, cities and countries are driven to cultivate the land, to enlarge the herds, and to exploit the incomes and rents. And [merchants] through their activity enable the poor to live; through their initiative in tax farming they promote the activity of administrators; through their exports and imports of merchandise they cause the customs and excises of the lords and republics to expand, and consequently they enlarge the public and common treasury.
Secondly, I exalt the dignity and office of merchants with respect to the useful and honorable management of their private properties and goods. As a matter of fact, a sparing, temperate, solid, and upright merchant increases and augments his wealth. This is why we observe that merchants abound in movable and immovable property, in the wealth of their homes and furniture, in the ornaments and clothing of their families, in the dowering of their sons and daughters, and consequently in the continuous improvement of their condition through intermarriage with ever higher [families]....
Third, the dignity of merchants is to be esteemed and appreciated with respect to association, both private and public. Private [association] means at home, where [the merchant] associates with an honorable family in continuous and virtuous activity. For you have to consider that where silver, gold, money, and other things of similar value are handled, there is no room for rogues, retainers, henchmen of all sorts, partisans, thieves, runaways, and gamblers such as are wont to live at the courts of princes, magnates, and lords.... Outside their homes, merchants associate with artisans, gentlemen, lords, princes and prelates of every rank, all of whom flock [to see] the merchants since they always need them. And very frequently great scholars come to visit merchants in their homes.... For no professional [man] understands or has ever understood the monarchies of this world and the states in regard to management of money--upon which all human states depend--as does a good and learned merchant....
We have left for the fourth [place] the dignity of merchants with respect to [good] faith.... Neither kings nor princes nor any [other] rank of men enjoy as much reputation or credit as a good merchant. Hence, a merchant's [reputation and credit] serve him readily for cash, while those of others do not: and if they [i.e. The credit and reputation of others] are given in payment, they carry a much higher interest [charge than the merchants']. And whereas a simple and plain receipt of a merchant is valid even without witnesses, the rulers and any other people are not believed without an instrument and strong cautions. Hence, and for the reasons [already] given, merchants ought to take pride in their outstanding dignity.
From R.S. Lopez and I.W. Raymond, Medieval Trade in the Mediterranean World. Records of Civilization, LII. (New York: Columbia University Press, 1955), pp. 416-418.