"He is no fool who gives what he cannot keep to gain that which he cannot lose."

     Jim Elliot, of course, as cited in some detail by the Archives of the Billy Graham Center at Elliot's alma mater, Wheaton College.
     But according to the Archives, as corrected by reference to the original, which has "that which" instead of "what", also Philip Henry (1631-1696):  "He is no Fool who parts with that which he cannot keep, when he is sure to be recompensed with that which he cannot lose." 
     Thus,

• 1949 October 28, and later in publication:  Jim Elliot:  "He is no fool who gives what he cannot keep to gain that which he cannot lose."
• 17th cent.:  Philip Henry, as quoted by his son Matthew Henry in 1698 (a 1712 printing of this being the earliest I've found online so far):  "He is no Fool who parts with that which he cannot keep, when he is sure to be recompensed with that which he cannot lose."

     I have not gone looking for anything earlier.