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         Cary, John, d. 1720?
      
       
         
           1696
        
      
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             An essay on the coyn and credit of England as they stand with respect to its trade by John Cary.
             Cary, John, d. 1720?
          
           [4], 40 p.
           
             Printed by Will. Bonny and sold by the Booksellers of London and Bristol,
             Bristol :
             1696.
          
           
             Reproduction of original in the British Library.
          
        
      
    
     
       
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         eng
      
       
         
           Coinage -- England.
           Credit -- England.
           Monetary policy -- England.
        
      
    
     
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           AN
           ESSAY
           ,
           ON
           THE
           Coyn
           and
           Credit
           OF
           ENGLAND
           :
           As
           they
           stand
           with
           Respect
           to
           its
           TRADE
           .
        
         
           By
           John
           Cary
           ,
           
             Merchant
             In
          
           Bristol
           .
        
         
           BRISTOL
           :
           Printed
           by
           
             Will.
             Bonny
          
           ,
           and
           Sold
           by
           the
           Booksellers
           of
           London
           and
           
             Bristol
             .
             October
             the
          
           22d
           .
           1696.
           
        
      
       
         
         
         
           To
           the
           Right
           Honourable
           ,
           the
           LORDS
           Spiritual
           and
           Temporal
           ,
           and
           to
           the
           Honourable
           the
           Commons
           of
           ENGLAND
           ,
           in
           Parliament
           Assembled
           .
        
         
           
             May
             it
             please
             Your
             Honours
             ,
          
        
         
           I
           Humbly
           present
           You
           with
           this
           little
           Tract
           ,
           the
           Design
           whereof
           is
           to
           set
           forth
           how
           Useful
           and
           Advantageous
           a
           Well
           Setled
           redit
           would
           be
           to
           the
           Nation
           ,
           which
           ,
           nothing
           but
           a
           Sence
           of
           the
           Calamity
           we
           labour
           under
           for
           want
           of
           it
           
           hath
           made
           me
           Undertake
           ;
           'T
           is
           a
           Subject
           I
           Confess
           deserves
           a
           better
           Pen
           ,
           but
           seeing
           it
           hath
           lain
           so
           long
           Neglected
           ,
           I
           have
           adventured
           to
           offer
           my
           Mite
           towards
           it
           ;
           If
           Your
           Honours
           agree
           it
           to
           be
           Necessary
           ,
           I
           doubt
           not
           but
           it
           may
           be
           rendred
           Practicable
           ;
           The
           setling
           the
           Coyn
           of
           this
           Kingdom
           (
           so
           happily
           effected
           in
           your
           last
           Sessions
           )
           hath
           given
           fresh
           Occasions
           to
           our
           
             Money
             Mongers
          
           to
           imploy
           their
           Corrupt
           Wits
           in
           finding
           out
           new
           Ways
           to
           elude
           your
           good
           Intentions
           ,
           who
           since
           they
           cannot
           get
           Thirty
           
             per
             Cent
          
           by
           
           ping
           our
           
             Old
             Money
          
           ,
           have
           endeavoured
           to
           get
           Twenty
           
             per
             Cent
          
           by
           Hoarding
           up
           our
           New
           ,
           Things
           equally
           prejudicial
           in
           themselves
           ;
           And
           so
           far
           have
           they
           already
           advanced
           in
           these
           their
           wicked
           Projects
           ,
           as
           to
           make
           near
           so
           much
           Difference
           between
           our
           Money
           and
           our
           Trade
           ;
           Which
           Evil
           ,
           if
           not
           speedily
           prevented
           ,
           will
           daily
           Increase
           ,
           and
           like
           a
           Leprosie
           over-spread
           this
           Nation
           ,
           so
           that
           the
           very
           Sence
           of
           its
           being
           a
           Crime
           will
           wear
           off
           ,
           and
           Time
           will
           make
           it
           familiar
           to
           those
           ,
           who
           now
           seem
           to
           startle
           at
           it
           ;
           
             Dulcis
             Odor
             
             Lucri
             ex
             re
             Qualiabet
             .
          
           Nor
           can
           a
           Stop
           be
           put
           thereto
           so
           well
           ,
           as
           by
           Establishing
           a
           Credit
           ,
           large
           enough
           to
           answer
           all
           the
           Occasions
           of
           the
           Nation
           ,
           both
           Publick
           and
           Private
           ,
           without
           which
           ,
           I
           humbly
           Conceive
           ,
           other
           Means
           will
           prove
           Ineffectual
           ;
           I
           pray
           God
           ,
           who
           is
           the
           Fountain
           of
           Wisdom
           ,
           to
           direct
           you
           Councels
           to
           his
           Glory
           ,
           and
           the
           Welfare
           of
           this
           Kingdom
           .
        
         
           
             Your
             Honours
             Most
             Obedient
             Servant
             ,
             John
             Cary.
             
          
        
      
    
     
       
         
         
           AN
           ESSAY
           ON
           Coyn
           and
           Credit
           :
        
         
           AS
           the
           Wealth
           and
           Greatness
           of
           the
           Kingdom
           of
           England
           is
           supported
           by
           its
           Trade
           ,
           so
           its
           Trade
           is
           carry'd
           on
           by
           its
           Credit
           ;
           this
           being
           as
           necessary
           to
           a
           Trading
           Nation
           ,
           as
           Spirits
           are
           to
           the
           Circulation
           of
           the
           Blood
           in
           the
           Body
           natural
           ,
           when
           those
           Springs
           (
           as
           I
           may
           so
           call
           them
           )
           Decay
           ,
           and
           grow
           Weak
           ,
           the
           Body
           languishes
           ,
           the
           Blood
           Stagnates
           ,
           and
           Symptoms
           of
           Death
           soon
           appear
           :
           Nor
           can
           a
           good
           Credit
           be
           more
           useful
           to
           any
           Nation
           then
           it
           is
           to
           this
           ,
           where
           our
           Trade
           hath
           at
           all
           times
           very
           much
           exceeded
           our
           Cash
           ;
           I
           mean
           the
           Species
           of
           Mony
           hath
           not
           in
           any
           Measure
           answer'd
           the
           
           transferring
           of
           Properties
           ;
           and
           though
           herein
           no
           Man
           can
           be
           at
           a
           Certainty
           as
           to
           the
           quantum
           ,
           yet
           such
           probable
           Conjectures
           Satisfaction
           that
           the
           Disproportion
           is
           very
           great
           .
           If
           we
           would
           make
           a
           Judgment
           of
           the
           Trade
           of
           England
           ,
           it
           cannot
           better
           be
           done
           ,
           then
           by
           considering
           what
           the
           annual
           Profits
           of
           that
           Trade
           may
           be
           supposed
           to
           amount
           unto
           ,
           and
           this
           cannot
           better
           be
           computed
           ,
           then
           by
           making
           a
           probable
           Conjecture
           of
           the
           Charge
           of
           its
           Expences
           ,
           and
           this
           by
           such
           Steps
           ,
           as
           may
           tend
           to
           make
           as
           naked
           a
           discovery
           thereof
           ,
           as
           the
           nature
           of
           the
           thing
           will
           bear
           .
           Suppose
           then
           the
           Number
           of
           People
           in
           England
           to
           be
           Eight
           Millions
           ,
           (
           which
           is
           the
           lowest
           Computation
           I
           have
           ever
           met
           with
           )
           and
           that
           each
           Person
           spends
           Eight
           Pounds
           
             Per
             Annum
          
           for
           his
           Support
           ,
           in
           Provisions
           ,
           Clothes
           ,
           and
           other
           Charges
           of
           living
           ,
           what
           any
           one
           pays
           short
           of
           this
           himself
           ,
           is
           paid
           by
           another
           ;
           he
           that
           is
           sed
           at
           another
           Man's
           Table
           ,
           or
           wears
           another
           Man's
           Cloaths
           ,
           must
           remember
           that
           those
           necessaries
           are
           paid
           for
           ,
           if
           not
           by
           himself
           ,
           yet
           by
           his
           Benefactor
           ;
           add
           to
           this
           the
           Charge
           of
           supporting
           the
           Government
           ,
           especially
           in
           this
           time
           of
           War
           ,
           
           and
           the
           amount
           will
           not
           be
           less
           then
           Seventy
           Millions
           
             per
             Annum
          
           ,
           though
           every
           Man
           lived
           but
           from
           Hand
           to
           Mouth
           ;
           add
           to
           this
           Thirty
           Millions
           
             per
             Annum
          
           for
           the
           Profits
           of
           Trade
           ,
           which
           is
           but
           Twenty
           Pounds
           to
           each
           Family
           ,
           supposing
           Six
           Persons
           to
           a
           Family
           ;
           this
           amounts
           to
           One
           Hundred
           Millions
           .
           Here
           it
           must
           be
           noted
           ,
           that
           I
           comprehend
           all
           transferring
           of
           Properties
           under
           this
           general
           Notion
           of
           Trade
           ;
           the
           Landlord
           ,
           the
           Tenant
           ,
           the
           Manufacturer
           ,
           the
           Shop-keeper
           ,
           the
           Merchant
           ,
           the
           Lawyer
           ,
           all
           are
           Traders
           ,
           so
           far
           as
           they
           live
           by
           getting
           from
           each
           other
           ,
           and
           their
           Profits
           arise
           from
           the
           Waxing
           or
           Waning
           of
           our
           Trade
           .
           We
           are
           next
           to
           consider
           how
           the
           Profits
           of
           our
           Trade
           stand
           in
           Competition
           with
           Trade
           it self
           ;
           and
           I
           believe
           it
           will
           be
           allowed
           ,
           that
           one
           with
           another
           ,
           they
           do
           not
           amount
           to
           above
           Ten
           
             per
             Cent.
          
           By
           this
           Scheme
           ,
           the
           Trade
           of
           England
           must
           be
           at
           least
           a
           Thousand
           Millions
           
             per
             Annum
          
           ;
           The
           Money
           of
           England
           hath
           generally
           been
           supposed
           to
           be
           about
           Seven
           ,
           some
           have
           thought
           Ten
           ,
           which
           ,
           at
           the
           highest
           Account
           ,
           stands
           in
           Competition
           no
           more
           then
           Ten
           doth
           to
           a
           Thousand
           ;
           this
           hath
           made
           Credit
           always
           so
           necessary
           
           our
           Trade
           ,
           that
           without
           it
           the
           other
           must
           have
           stood
           still
           .
        
         
           But
           the
           usefulness
           thereof
           hath
           never
           so
           much
           appeared
           ,
           as
           now
           it
           doth
           .
           Here
           it
           will
           not
           be
           amiss
           to
           consider
           the
           Original
           design
           of
           Mony
           ,
           how
           it
           came
           at
           first
           to
           be
           introduced
           into
           Trade
           ,
           and
           the
           Reason
           there
           was
           for
           mending
           our
           
             Silver
             Money
          
           ,
           and
           falling
           of
           Guineys
           .
           Our
           Fore-fathers
           ,
           whilst
           they
           kept
           themselves
           only
           to
           the
           use
           of
           things
           necessary
           for
           the
           Support
           of
           Life
           ,
           were
           content
           with
           what
           they
           could
           either
           provide
           for
           themselves
           ,
           or
           purchase
           from
           their
           Neighbours
           with
           such
           things
           wherewith
           they
           abounded
           ,
           and
           the
           others
           wanted
           ;
           but
           as
           Pride
           and
           Luxury
           grew
           into
           the
           World
           ,
           so
           Mens
           desires
           became
           more
           boundless
           ,
           and
           their
           Fancies
           prompted
           them
           to
           seek
           after
           things
           from
           a
           greater
           distance
           ,
           either
           to
           please
           their
           Palates
           ,
           or
           to
           set
           forth
           their
           Grandure
           ;
           This
           brought
           in
           the
           Trade
           of
           Buying
           and
           Selling
           ,
           whence
           arose
           a
           sort
           of
           People
           maintain'd
           by
           Traffick
           ,
           who
           soon
           put
           an
           end
           to
           the
           Trade
           of
           Barter
           .
           And
           indeed
           it
           must
           needs
           be
           so
           ,
           since
           't
           was
           impossible
           for
           them
           to
           fit
           every
           Man's
           occasions
           ,
           in
           such
           proportions
           as
           he
           required
           ,
           and
           at
           the
           same
           time
           to
           receive
           their
           Payments
           in
           the
           Commodities
           wherewith
           he
           did
           
           abound
           ,
           because
           these
           would
           not
           answer
           their
           ends
           in
           carrying
           on
           their
           Traffick
           ,
           therefore
           something
           must
           be
           made
           the
           Standard
           of
           Trade
           ,
           which
           might
           be
           of
           equal
           value
           in
           all
           Places
           ,
           and
           a
           measure
           to
           the
           worth
           of
           other
           Commodities
           ,
           the
           Excellency
           whereof
           was
           not
           to
           arise
           so
           much
           from
           any
           intrinsick
           value
           in
           its
           self
           ,
           as
           from
           the
           usefulness
           of
           it
           to
           answer
           that
           end
           .
           Silver
           was
           at
           last
           agreed
           on
           by
           a
           common
           consent
           ,
           whose
           worth
           arose
           from
           its
           Fineness
           and
           Weight
           ;
           not
           that
           this
           was
           esteemed
           the
           richest
           of
           all
           Mettles
           ,
           Gold
           standing
           in
           a
           very
           great
           Disproportion
           with
           it
           ,
           even
           as
           to
           its
           Weight
           ,
           but
           that
           being
           more
           scarse
           ,
           could
           not
           supply
           all
           the
           occasions
           of
           Trade
           ,
           nor
           indeed
           could
           it
           be
           divided
           into
           so
           small
           parts
           as
           Silver
           might
           ;
           On
           the
           other
           Side
           ,
           Lead
           ,
           Iron
           ,
           Tin
           ,
           Copper
           ,
           &c.
           being
           more
           common
           ,
           would
           have
           been
           too
           bulky
           to
           be
           made
           the
           Standards
           of
           Trade
           ;
           nor
           could
           Diamonds
           ,
           or
           other
           precious
           Stones
           answer
           the
           end
           ,
           for
           besides
           the
           abuse
           which
           might
           be
           put
           on
           the
           World
           by
           their
           Counterfeits
           ,
           their
           value
           arises
           only
           from
           Fancy
           ,
           and
           from
           such
           Rules
           that
           a
           common
           Eye
           cannot
           easily
           distinguish
           ;
           Silver
           being
           thus
           settled
           ,
           became
           by
           its
           Weight
           and
           Fineness
           a
           Standard
           to
           the
           value
           both
           of
           
           these
           and
           all
           other
           Commodities
           ,
           which
           were
           purchased
           by
           a
           quantity
           set
           out
           ,
           and
           measur'd
           by
           the
           Scale
           ;
           and
           this
           continued
           in
           the
           former
           Ages
           of
           the
           World
           ,
           till
           the
           vast
           increase
           of
           Commerce
           and
           Traffick
           made
           the
           several
           Princes
           ,
           who
           found
           their
           Advantages
           by
           Trade
           ,
           endeavour
           to
           render
           it
           more
           easie
           to
           their
           Subjects
           ;
           This
           was
           done
           by
           forming
           Silver
           into
           lesser
           parts
           ,
           and
           by
           their
           Stamp
           giving
           a
           Warrantie
           both
           to
           the
           Fineness
           and
           weight
           of
           each
           Piece
           ,
           which
           they
           guarded
           with
           Laws
           ,
           equally
           Sanguinary
           with
           those
           which
           secured
           their
           Crowns
           .
           The
           first
           was
           called
           the
           Standard
           ,
           which
           is
           a
           mixture
           of
           some
           Allay
           with
           the
           finest
           Silver
           ;
           and
           though
           it
           might
           be
           wished
           ,
           that
           all
           Trading
           Nations
           had
           agreed
           upon
           the
           same
           ,
           yet
           since
           they
           have
           not
           ,
           the
           Coyn
           of
           each
           Nation
           stands
           in
           Competition
           ,
           according
           to
           the
           true
           Weight
           and
           Fineness
           of
           the
           Silver
           in
           their
           Money
           ,
           without
           any
           respect
           to
           the
           Denomination
           ;
           which
           ,
           were
           it
           not
           for
           other
           Accidents
           that
           attend
           it
           ,
           would
           be
           the
           Par
           and
           Measure
           of
           all
           Exchanges
           .
        
         
           The
           Standard
           ,
           or
           Sterling
           Silver
           of
           this
           Kingdom
           ,
           is
           Eleven
           Ounces
           Two
           Penny
           Weight
           Troy
           of
           the
           Finest
           Silver
           ,
           
           mixt
           with
           Eighteen
           Penny
           weight
           of
           Fine
           Copper
           ,
           and
           according
           to
           this
           Proportion
           should
           all
           our
           Coyn
           and
           Standard
           Plate
           be
           mixt
           ,
           which
           Composition
           makes
           it
           more
           fit
           ,
           both
           for
           the
           Stamp
           ,
           and
           also
           for
           Utensils
           ,
           being
           else
           too
           soft
           to
           be
           wrought
           up
           of
           its
           self
           ,
           and
           if
           more
           allayed
           ,
           would
           become
           too
           Brittle
           ,
           and
           wear
           like
           Brass
           ,
           as
           our
           Workmen
           generally
           agree
           .
        
         
           But
           whatever
           might
           be
           the
           cause
           that
           perswaded
           our
           Kings
           to
           settle
           this
           Allay
           ,
           it
           hath
           continued
           to
           be
           the
           Standard
           of
           England
           ever
           since
           the
           Reign
           of
           King
           Richard
           the
           First
           ,
           being
           first
           contrived
           ,
           and
           brought
           hither
           by
           the
           Easterlings
           ,
           a
           Trading
           People
           living
           in
           the
           Eastern
           Parts
           of
           Germany
           ,
           who
           dealt
           with
           us
           for
           our
           Product
           .
           Many
           good
           Laws
           have
           been
           since
           made
           to
           keep
           it
           from
           being
           vitiated
           ,
           which
           were
           they
           as
           well
           put
           in
           Execution
           ,
           the
           deceits
           used
           by
           the
           Workers
           of
           that
           Commodity
           ,
           to
           the
           increase
           of
           their
           Private
           Estates
           ,
           by
           abusing
           the
           ignorant
           Buyers
           ,
           might
           soon
           be
           put
           to
           an
           end
           .
        
         
           Next
           ,
           to
           the
           finess
           ,
           the
           weight
           of
           our
           Money
           was
           to
           be
           secured
           ,
           and
           that
           to
           be
           done
           in
           such
           Parts
           ,
           that
           one
           Piece
           should
           answer
           another
           .
           Thus
           the
           English
           
           Crown
           ,
           as
           it
           comes
           out
           of
           the
           Mint
           ,
           weighs
           Nineteen
           Penny
           weight
           and
           Eight
           Grains
           ;
           the
           Half
           Crown
           ,
           is
           just
           one
           half
           of
           that
           Weight
           ;
           the
           Shilling
           one
           Fifth
           ;
           and
           the
           Six
           Pence
           one
           Tenth
           ;
           so
           that
           these
           pieces
           receive
           their
           values
           from
           their
           Weights
           ,
           not
           from
           their
           Names
           ,
           though
           some
           unthinking
           People
           have
           supposed
           otherwise
           ;
           which
           Error
           hath
           been
           the
           ground
           of
           many
           Disputes
           ,
           and
           given
           Opportunitys
           to
           cunning
           Knaves
           of
           abusing
           our
           Coyn
           ,
           both
           by
           adulterating
           the
           Standard
           ,
           and
           lessening
           its
           Weight
           ,
           and
           others
           finding
           Advantage
           by
           this
           Confusion
           ,
           have
           devised
           Arguments
           to
           maintain
           their
           false
           Propositions
           ;
           such
           as
           these
           ;
           that
           it
           hath
           made
           Trade
           to
           circulate
           ;
           That
           it
           past
           currantly
           from
           Man
           to
           Man
           ;
           That
           it
           hinder'd
           our
           Money
           from
           being
           carry'd
           abroad
           ;
           and
           such
           like
           ;
           never
           considering
           that
           the
           Kingdom
           of
           England
           may
           Trade
           till
           it
           becomes
           Bankrupt
           ;
           that
           it
           is
           not
           Buying
           and
           Selling
           amongst
           our Selves
           which
           makes
           this
           Nation
           Rich
           ,
           or
           able
           to
           support
           its
           Self
           ,
           but
           the
           Trade
           we
           drive
           with
           Forreign
           Nations
           ;
           particular
           Men
           may
           get
           ,
           whilst
           the
           Nation
           in
           general
           looses
           by
           the
           Trade
           it
           drives
           .
        
         
         
           It
           is
           a
           certain
           and
           undeniable
           Maxim
           ,
           that
           what
           is
           the
           true
           Interest
           of
           England
           ,
           is
           the
           Interest
           of
           every
           particular
           English
           Man
           ;
           for
           though
           private
           Men
           may
           seem
           to
           get
           by
           the
           ruine
           of
           the
           Publick
           ,
           this
           lasts
           but
           for
           an
           Age
           ,
           and
           their
           Posteritys
           will
           have
           cause
           to
           lament
           the
           ill
           Consequences
           a
           Trade
           so
           driven
           will
           produce
           .
        
         
           No
           doubt
           the
           badness
           of
           our
           Money
           was
           the
           cause
           of
           a
           great
           Circulation
           in
           our
           Home
           Trade
           ,
           but
           this
           arose
           from
           other
           Reasons
           then
           are
           commonly
           considered
           ,
           and
           the
           Consequence
           being
           the
           advance
           of
           Guinneys
           ,
           caused
           our
           Product
           and
           Manufactures
           to
           be
           sold
           to
           Foreigners
           at
           undervalues
           ,
           who
           would
           have
           been
           enabled
           thereby
           in
           a
           short
           time
           to
           have
           carryed
           on
           the
           Trade
           of
           Europe
           on
           better
           Terms
           then
           we
           could
           .
        
         
           Which
           things
           being
           duly
           considered
           by
           our
           Legislative
           Power
           ,
           't
           was
           thought
           fit
           the
           last
           Sessions
           to
           call
           in
           all
           the
           debased
           .
           Money
           then
           Currant
           ,
           and
           to
           reduce
           our
           Coyn
           by
           Degrees
           to
           the
           old
           Standard
           and
           Weight
           ,
           this
           gave
           fresh
           occasions
           for
           Clamours
           ,
           and
           the
           People
           were
           again
           furnish'd
           by
           the
           Money
           Jobbers
           ,
           with
           new
           Arguments
           against
           the
           Government
           .
           Trade
           't
           is
           true
           ,
           was
           hereby
           
           put
           to
           a
           stop
           ,
           and
           this
           could
           not
           be
           helpt
           ,
           nothing
           else
           could
           be
           expected
           when
           ever
           our
           Money
           should
           have
           come
           to
           be
           mended
           ,
           the
           most
           clamorous
           thought
           it
           necessary
           to
           be
           done
           ,
           only
           desired
           that
           it
           might
           be
           deferred
           some
           time
           longer
           ,
           or
           at
           least
           (
           to
           express
           it
           in
           their
           own
           Terms
           )
           that
           the
           Money
           might
           be
           raised
           ,
           and
           that
           the
           Crown
           might
           pass
           for
           Six
           Shillings
           ;
           this
           they
           did
           suppose
           would
           cause
           more
           Silver
           to
           be
           brought
           into
           England
           ,
           and
           less
           to
           be
           carry'd
           out
           ,
           because
           it
           would
           be
           worth
           more
           in
           England
           ,
           then
           in
           any
           other
           part
           of
           Christendom
           ;
           they
           argued
           in
           all
           Companies
           ,
           that
           the
           Trade
           of
           England
           was
           apparently
           slackened
           since
           the
           Small
           Money
           was
           made
           unpassable
           ,
           and
           Guineys
           reduc'd
           from
           Thirty
           Shillings
           to
           Two
           and
           Twenty
           ;
           whereas
           they
           did
           not
           consider
           ,
           that
           this
           was
           
             Non
             causa
             Pro
             causa
          
           ,
           't
           was
           the
           Fear
           and
           constant
           Expectation
           of
           the
           calling
           in
           and
           mending
           our
           Silver
           Money
           ,
           and
           as
           a
           Consequence
           thereof
           the
           falling
           of
           Guineys
           ,
           which
           made
           every
           Man
           willing
           to
           shift
           off
           the
           loss
           ,
           and
           to
           discharge
           himself
           of
           his
           Money
           ,
           as
           fast
           as
           he
           receiv'd
           it
           ,
           by
           turning
           it
           into
           some
           Commodities
           which
           he
           might
           part
           with
           at
           less
           loss
           to
           himself
           ,
           then
           he
           supposed
           the
           Money
           would
           be
           
           if
           he
           kept
           it
           by
           him
           ,
           so
           that
           had
           the
           Parliament
           gratified
           these
           Mens
           desires
           ,
           it
           would
           not
           have
           had
           the
           Consequence
           they
           expected
           ,
           because
           the
           Standard
           being
           once
           fixt
           ,
           that
           uncertainty
           had
           ceased
           ,
           I
           speak
           thus
           ,
           because
           I
           am
           obliged
           to
           Answer
           such
           Arguments
           in
           the
           Language
           of
           the
           Proposer
           .
           For
           my
           own
           Part
           ,
           I
           am
           of
           Opinion
           ,
           and
           I
           believe
           most
           unbyassed
           Men
           will
           agree
           with
           me
           ,
           that
           Silver
           cannot
           be
           raised
           or
           fallen
           in
           the
           Sense
           these
           Men
           would
           have
           it
           ;
           the
           true
           value
           of
           Silver
           consisting
           in
           its
           Weight
           and
           Fineness
           ,
           cannot
           properly
           be
           said
           to
           rise
           or
           fall
           ,
           or
           to
           be
           worth
           more
           in
           one
           place
           then
           in
           another
           ;
           if
           Silver
           rises
           ,
           it
           must
           be
           either
           with
           respect
           to
           its
           Self
           ,
           or
           to
           something
           else
           ;
           the
           former
           is
           absurd
           ,
           an
           Ounce
           of
           fine
           Silver
           cannot
           be
           worth
           more
           then
           an
           Ounce
           of
           the
           same
           Fineness
           in
           any
           part
           of
           the
           World
           ,
           nor
           will
           the
           Stamp
           make
           an
           Alteration
           ,
           especially
           in
           England
           ,
           where
           Silver
           in
           Bullion
           and
           in
           Coyn
           must
           be
           alike
           ,
           the
           Coynage
           here
           costing
           nothing
           ;
           and
           as
           to
           the
           latter
           ,
           its
           Rise
           and
           Fall
           with
           respect
           to
           other
           things
           ,
           this
           can
           never
           be
           limited
           by
           Law
           ,
           because
           the
           Buyer
           must
           pay
           for
           the
           Commodities
           he
           wants
           ,
           suitable
           to
           his
           Necessity
           ,
           
           and
           their
           Scarcity
           ;
           thus
           one
           Day
           a
           thing
           is
           worth
           an
           Ounce
           of
           Silver
           ,
           which
           at
           another
           time
           is
           not
           worth
           half
           so
           much
           .
        
         
           Besides
           ,
           I
           would
           ask
           these
           People
           ,
           whether
           they
           think
           that
           a
           Crown
           or
           Five
           Shilling
           piece
           as
           now
           Coyned
           ,
           can
           be
           worth
           any
           where
           ,
           either
           at
           Home
           or
           Abroad
           ,
           Six
           single
           Shillings
           of
           the
           same
           Coyn
           ,
           or
           to
           speak
           plainer
           ,
           Six
           pieces
           of
           Silver
           ,
           each
           one
           Fifth
           part
           of
           an
           Ounce
           of
           the
           same
           Standard
           and
           Fineness
           ?
           if
           they
           think
           it
           can
           be
           so
           at
           home
           ,
           they
           may
           soon
           ruine
           themselves
           by
           the
           Experiment
           ;
           and
           if
           it
           cannot
           here
           ,
           why
           should
           it
           be
           so
           Abroad
           ?
           Does
           any
           Man
           suppose
           that
           the
           Dutch
           or
           other
           Forreign
           Nations
           will
           make
           such
           a
           Change
           ?
           if
           they
           will
           ,
           't
           is
           our
           Interest
           to
           send
           our
           Coyn
           to
           them
           ,
           and
           this
           will
           be
           the
           way
           to
           augment
           ,
           and
           not
           to
           lessen
           the
           quantity
           of
           our
           Silver
           .
        
         
           But
           all
           this
           is
           a
           jest
           ,
           for
           no
           Nation
           esteems
           Silver
           but
           for
           its
           Weight
           and
           Fineness
           ;
           and
           though
           the
           Money
           of
           some
           Countreys
           may
           not
           agree
           with
           ours
           of
           the
           same
           Denomination
           in
           either
           ,
           yet
           the
           Exchange
           sets
           that
           right
           .
           Thus
           the
           French
           Crown
           (
           called
           there
           Six
           Shillings
           ,
           or
           three
           Livres
           )
           hath
           not
           usually
           been
           
           worth
           in
           Exchange
           above
           Fifty
           Six
           of
           our
           Pence
           ;
           now
           should
           any
           Man
           be
           so
           imprudent
           to
           bring
           it
           thence
           ,
           and
           expect
           to
           pass
           it
           here
           for
           Six
           Shillings
           ,
           because
           't
           is
           called
           so
           there
           ,
           he
           would
           soon
           see
           ,
           that
           neither
           our
           Goldsmiths
           nor
           Traders
           would
           take
           notice
           of
           the
           Denomination
           ;
           on
           the
           other
           side
           ,
           should
           any
           one
           carry
           the
           English
           Crown
           to
           France
           ,
           because
           't
           is
           there
           worth
           above
           Three
           of
           their
           Livres
           ,
           vulgarly
           Six
           Shillings
           ,
           he
           would
           find
           no
           more
           Advantage
           ,
           either
           in
           Buying
           of
           Goods
           ,
           or
           remitting
           it
           home
           again
           ,
           then
           he
           might
           have
           made
           by
           Exchange
           When
           our
           Coyn
           was
           Corrupt
           and
           Base
           ,
           all
           Exchange
           rose
           upon
           us
           ,
           but
           now
           it
           is
           return'd
           to
           its
           ancient
           Standard
           ,
           Exchange
           returns
           to
           its
           old
           Course
           ;
           not
           that
           the
           Standard
           of
           our
           Money
           is
           always
           the
           exact
           Rule
           of
           our
           Exchange
           ,
           the
           Ballance
           of
           our
           Trade
           often
           causes
           it
           to
           alter
           ,
           either
           to
           our
           Advantage
           ,
           or
           to
           our
           Loss
           ,
           besides
           the
           Charge
           of
           Management
           ;
           But
           this
           is
           little
           in
           Comparison
           with
           the
           other
           ;
           a
           familiar
           instance
           we
           have
           in
           the
           Case
           of
           Ireland
           ,
           where
           ,
           whilst
           our
           Coyn
           was
           Base
           ,
           Seventy
           Pounds
           was
           worth
           one
           Hundred
           Pounds
           here
           ,
           which
           was
           in
           some
           measure
           proportionable
           with
           the
           value
           of
           Pieces
           of
           Eight
           ,
           (
           which
           they
           
           took
           in
           Ireland
           by
           weight
           )
           to
           our
           Clipt
           Money
           ,
           and
           also
           to
           our
           Guinneys
           at
           Thirty
           Shillings
           per
           piece
           ;
           and
           how
           far
           this
           carried
           the
           Trade
           of
           England
           into
           that
           Kingdom
           ,
           the
           Traders
           to
           the
           West-Indies
           have
           been
           too
           sensible
           ;
           but
           since
           the
           Error
           of
           our
           Coyn
           hath
           been
           Corrected
           ,
           that
           very
           Exchange
           is
           so
           much
           varied
           ,
           that
           One
           Hundred
           Pounds
           here
           is
           worth
           One
           Hundred
           and
           Fifteen
           Pounds
           there
           .
        
         
           And
           since
           I
           have
           mentioned
           Guinneys
           ,
           I
           cannot
           let
           them
           pass
           without
           some
           Observations
           ;
           how
           eager
           was
           the
           contest
           for
           keeping
           them
           up
           to
           that
           exorbitant
           value
           ?
           and
           how
           unwillingly
           did
           the
           Money
           Changers
           ,
           and
           those
           whom
           they
           had
           deceived
           ,
           yield
           to
           the
           Alteration
           ?
           whereas
           it
           was
           well
           known
           that
           the
           reason
           why
           Guineys
           were
           so
           high
           was
           the
           badness
           of
           our
           Coyn
           ;
           Gold
           doth
           not
           receive
           a
           value
           from
           the
           Stamp
           ,
           but
           whether
           in
           the
           Mass
           ,
           or
           in
           the
           Coyn
           ,
           its
           Weight
           and
           Fineness
           are
           to
           be
           regarded
           ;
           the
           Standard
           of
           both
           in
           England
           is
           the
           same
           ,
           being
           Twenty
           Two
           Caracts
           of
           finest
           Gold
           ,
           One
           Caract
           finest
           Silver
           ,
           and
           one
           Caract
           finest
           Copper
           ;
           the
           Guinuea
           is
           Five
           Penny
           Weight
           and
           Eight
           Grains
           ,
           which
           at
           the
           price
           of
           Four
           Pounds
           per
           
           Ounce
           (
           when
           Money
           was
           at
           its
           full
           Standard
           and
           Weight
           )
           came
           to
           One
           and
           Twenty
           Shillings
           and
           Four
           Pence
           ,
           but
           when
           our
           Coyn
           was
           so
           Corrupted
           ,
           that
           Thirty
           Shillings
           contained
           no
           more
           Silver
           then
           Twenty
           One
           Shillings
           and
           Four
           Pence
           formerly
           did
           ,
           't
           was
           necessary
           Guineys
           should
           rise
           ,
           to
           put
           them
           on
           an
           equal
           Basis
           with
           Silver
           ;
           on
           the
           other
           side
           ,
           when
           the
           Currant
           Coyn
           of
           the
           Kingdom
           came
           to
           be
           rectifyed
           ,
           and
           One
           and
           Twenty
           Shillings
           and
           Four
           Pence
           contained
           the
           same
           quantity
           of
           Silver
           it
           formerly
           did
           ,
           Guinneys
           must
           as
           necessarily
           fall
           ,
           because
           their
           value
           did
           not
           arise
           from
           their
           Denomination
           ,
           but
           from
           a
           proportionable
           standing
           of
           their
           Weight
           in
           Competition
           with
           the
           Weight
           of
           Silver
           ;
           and
           by
           the
           way
           ,
           it
           is
           to
           be
           observed
           ,
           That
           Guinneys
           at
           Twenty
           two
           Shillings
           (
           as
           now
           allowed
           to
           pass
           by
           Act
           of
           Parliament
           )
           are
           worth
           Eight
           Pence
           per
           piece
           ,
           or
           Three
           
             per
             Cent
          
           ,
           more
           then
           Standard
           Gold
           in
           the
           Mass
           will
           yield
           at
           Four
           Pounds
           per
           Ounce
           .
        
         
           Here
           I
           would
           ask
           this
           Question
           ,
           suppose
           a
           Guiney
           were
           adulterated
           ,
           and
           mixt
           with
           one
           Sixth
           part
           Copper
           ,
           or
           being
           of
           perfect
           Standard
           ,
           were
           diminished
           one
           sixth
           part
           in
           its
           Weight
           ,
           whether
           
           such
           a
           Guinney
           would
           ever
           have
           yielded
           so
           much
           Silver
           as
           another
           of
           its
           full
           weight
           and
           Fineness
           ?
           if
           not
           ,
           why
           then
           should
           a
           good
           Guinney
           be
           sold
           for
           less
           then
           its
           value
           in
           Silver
           ,
           for
           the
           sake
           of
           the
           Stamp
           on
           our
           debased
           Money
           ?
           or
           now
           our
           Silver
           Money
           is
           rectifyed
           ,
           why
           should
           it
           not
           stand
           in
           the
           same
           Competition
           with
           Gold
           ,
           as
           formerly
           it
           did
           ?
           if
           it
           be
           answered
           ,
           that
           Gold
           is
           dearer
           in
           Forreign
           Parts
           then
           it
           is
           here
           ;
           I
           desire
           to
           know
           whether
           Gold
           stands
           in
           a
           greater
           Competition
           there
           with
           Silver
           as
           to
           its
           weight
           and
           Fineness
           ?
           I
           believe
           upon
           a
           strict
           Enquiry
           't
           will
           be
           sound
           quite
           contrary
           .
        
         
           I
           know
           it
           is
           objected
           ,
           that
           Guineys
           pass
           for
           Twenty
           Six
           Shillings
           in
           Ireland
           ,
           and
           that
           this
           advance
           on
           them
           there
           (
           being
           about
           Eighteen
           
             per
             Cent
          
           )
           will
           cause
           our
           Guineys
           to
           be
           carryed
           thither
           ;
           let
           those
           Gentlemen
           consider
           ,
           that
           Exchange
           between
           London
           and
           Ireland
           is
           at
           Fifteen
           
             per
             Cent
          
           in
           our
           Favour
           ,
           besides
           Insurance
           by
           Sea
           ,
           and
           risque
           of
           Carriage
           by
           Land
           ,
           which
           cannot
           be
           reckoned
           less
           then
           Six
           
             per
             Cent
          
           more
           ,
           and
           they
           will
           then
           find
           on
           making
           up
           the
           Accompt
           ,
           that
           they
           were
           better
           leave
           their
           Guineys
           in
           London
           ,
           and
           take
           Bills
           for
           their
           Money
           payable
           in
           Ireland
           .
        
         
         
           One
           thing
           more
           I
           would
           observe
           to
           these
           Gentelmen
           in
           their
           own
           Dialect
           ,
           that
           as
           our
           Coyn
           grew
           bad
           ,
           so
           Standard
           Silver
           rose
           in
           its
           Price
           ,
           those
           who
           had
           it
           demanding
           Six
           Shillings
           and
           Six
           Pence
           to
           Seven
           Shillings
           per
           Ounce
           of
           the
           then
           currant
           Coyn
           of
           the
           Kingdom
           ,
           the
           Reason
           of
           which
           is
           Plain
           from
           what
           hath
           been
           said
           before
           .
        
         
           But
           to
           return
           to
           the
           Arguments
           brought
           against
           settling
           the
           Standard
           of
           our
           Money
           as
           now
           't
           is
           happily
           done
           ;
           if
           Silver
           say
           they
           had
           been
           advanced
           to
           
             Six
             Shillings
          
           per
           Ounce
           ,
           this
           would
           have
           made
           it
           more
           plenty
           amongst
           us
           ,
           because
           that
           would
           have
           caused
           more
           to
           have
           been
           brought
           in
           ,
           and
           less
           to
           have
           been
           carryed
           out
           .
        
         
           Here
           I
           must
           beg
           leave
           to
           dissent
           from
           their
           Opinion
           ,
           and
           on
           the
           contrary
           to
           offer
           it
           as
           mine
           ,
           that
           if
           our
           Money
           had
           been
           advanced
           ,
           less
           Silver
           had
           been
           brought
           into
           England
           ,
           and
           more
           according
           to
           that
           Proportion
           carryed
           out
           .
        
         
           As
           to
           the
           first
           ,
           we
           must
           consider
           that
           Silver
           is
           not
           a
           Commodity
           of
           the
           growth
           of
           this
           Land
           ,
           nor
           of
           the
           Plantations
           belonging
           to
           it
           ,
           but
           of
           a
           Neighbouring
           Nation
           ,
           from
           whom
           we
           purchase
           it
           for
           our
           Product
           and
           Manufacturers
           ,
           and
           according
           to
           the
           price
           we
           make
           of
           them
           Abroad
           ,
           
           so
           much
           more
           Silver
           do
           we
           bring
           home
           for
           them
           ;
           now
           seeing
           Silver
           could
           not
           be
           advanced
           to
           
             Six
             Shillings
          
           per
           Ounce
           otherwise
           then
           by
           standing
           so
           in
           Competition
           with
           all
           Commodities
           both
           in
           Buying
           and
           Selling
           ,
           the
           Consequence
           of
           such
           an
           Advance
           had
           been
           this
           ,
           that
           our
           Manufactures
           would
           have
           been
           sold
           for
           so
           much
           less
           Silver
           in
           Forreign
           Markets
           ,
           as
           the
           Price
           of
           Silver
           was
           advanced
           at
           Home
           ;
           thus
           the
           piece
           of
           Bays
           ,
           which
           formerly
           yielded
           
             Twenty
             Ounces
          
           of
           Silver
           ,
           being
           
             Five
             Pounds
          
           whilst
           Silver
           stood
           at
           
             Five
             Shillings
          
           per
           Ounce
           ,
           would
           then
           have
           been
           Sold
           for
           
             Sixteen
             Ounces
          
           and
           two
           Thirds
           ,
           which
           ,
           at
           
             Six
             Shillings
          
           per
           Ounce
           ,
           is
           the
           same
           Sum
           ▪
           and
           the
           Exporter
           would
           have
           gained
           as
           much
           by
           his
           Trade
           ,
           because
           that
           quantity
           of
           Silver
           would
           have
           stood
           in
           the
           same
           Competition
           with
           any
           Commodities
           he
           was
           to
           purchase
           here
           for
           a
           
             New
             Adventure
          
           ,
           as
           
             Twenty
             Ounces
          
           formerly
           did
           ;
           but
           on
           the
           other
           side
           ,
           not
           
             one
             Ounce
          
           less
           would
           have
           been
           carryed
           Abroad
           then
           now
           there
           is
           ,
           which
           must
           have
           been
           so
           much
           the
           greater
           Grievance
           to
           the
           Nation
           ,
           as
           our
           Imports
           thereof
           had
           been
           lessened
           ;
           here
           we
           are
           to
           Consider
           ,
           what
           it
           is
           that
           causes
           the
           exporting
           ,
           of
           our
           Silver
           ,
           and
           upon
           a
           due
           
           Consideration
           we
           shall
           find
           ,
           that
           as
           nothing
           but
           the
           Ballance
           of
           our
           Trade
           brings
           it
           in
           ,
           so
           nothing
           but
           the
           Ballance
           of
           our
           Trade
           with
           particular
           places
           carryes
           it
           out
           ,
           neither
           of
           them
           proceeding
           from
           the
           choice
           of
           the
           Merchant
           ,
           who
           desires
           rather
           to
           Trade
           in
           any
           other
           Merchandize
           ,
           Silver
           neither
           answering
           Freights
           nor
           Insurances
           ;
           and
           therefore
           it
           is
           that
           our
           Merchants
           bring
           home
           from
           Spain
           ,
           all
           the
           
             Wines
             ,
             Fruit
             ,
             Wooll
             ,
             Iron
             ,
             Cochineal
             ,
          
           they
           can
           get
           ,
           and
           whatever
           else
           is
           fit
           to
           Load
           their
           Ships
           ,
           before
           they
           meddle
           with
           Money
           ;
           But
           the
           Ballance
           of
           our
           Trade
           with
           Spain
           being
           so
           much
           in
           our
           Favour
           ,
           that
           all
           the
           Product
           thereof
           cannot
           make
           it
           good
           ,
           we
           are
           oblig'd
           to
           bring
           home
           the
           rest
           in
           Bullion
           ;
           on
           the
           other
           Side
           ,
           there
           are
           some
           places
           that
           necessarily
           require
           Silver
           to
           be
           exported
           ,
           but
           let
           no
           Man
           think
           that
           the
           Denomination
           of
           Money
           will
           give
           it
           the
           greater
           value
           in
           those
           Countreys
           ,
           the
           Silver
           we
           send
           thither
           being
           valuable
           only
           by
           its
           Weight
           and
           Fineness
           ;
           As
           for
           our
           Trade
           with
           Holland
           ,
           That
           often
           varies
           in
           its
           Ballance
           ,
           some
           Years
           it
           may
           be
           for
           us
           ,
           and
           other
           Years
           against
           us
           ,
           as
           Accidents
           happen
           ,
           though
           I
           am
           of
           Opinion
           it
           hath
           generally
           
           been
           in
           our
           Favour
           ;
           This
           is
           certain
           ,
           that
           if
           we
           run
           in
           Debt
           more
           then
           we
           can
           pay
           by
           our
           Product
           and
           Manufactures
           ,
           the
           rest
           must
           be
           paid
           in
           Silver
           ,
           and
           the
           Receiver
           will
           take
           it
           at
           his
           own
           Price
           ,
           whatever
           value
           we
           may
           put
           on
           it
           here
           ;
           't
           is
           true
           ,
           Exchange
           is
           a
           Medium
           where
           the
           Ballance
           is
           variable
           ,
           and
           that
           likewise
           must
           rise
           upon
           us
           according
           to
           the
           Advance
           we
           make
           on
           our
           Money
           ;
           but
           where
           the
           Ballance
           is
           set
           against
           us
           ,
           there
           Exchange
           cannot
           keep
           our
           Silver
           at
           home
           ,
           because
           That
           also
           must
           be
           provided
           for
           by
           Shipping
           it
           out
           .
        
         
           And
           as
           the
           Ballance
           of
           Trade
           between
           us
           and
           Spain
           is
           in
           our
           Favour
           ,
           and
           thereby
           furnishes
           us
           with
           Silver
           ,
           so
           I
           am
           of
           Opinion
           ,
           that
           the
           Ballance
           of
           the
           General
           Trade
           we
           drive
           in
           Europe
           is
           likewise
           in
           our
           Favour
           ,
           otherwise
           't
           would
           be
           impossible
           to
           keep
           that
           Silver
           at
           home
           which
           we
           bring
           from
           Spain
           ,
           since
           we
           receive
           from
           abroad
           so
           great
           a
           supply
           of
           the
           Commodities
           we
           use
           ,
           which
           would
           necessarily
           draw
           it
           away
           ,
           were
           they
           not
           the
           purchase
           of
           our
           Product
           and
           Manufactures
           ;
           therefore
           it
           appears
           to
           me
           ,
           that
           seeing
           our
           Silver
           increases
           ,
           the
           Ballance
           of
           our
           General
           Trade
           increases
           likewise
           in
           our
           favour
           ;
           whoever
           
           will
           but
           consider
           the
           great
           Consumption
           of
           Plate
           in
           England
           ,
           by
           its
           being
           wrought
           up
           into
           Utenfils
           for
           private
           Families
           ,
           and
           the
           great
           quantities
           wherewith
           the
           Houses
           of
           our
           Nobility
           and
           Gentry
           do
           abound
           ,
           even
           in
           those
           common
           Masly
           things
           ,
           which
           our
           Fore-fathers
           made
           of
           
             Iron
             ,
             Tin
             ,
             Brass
          
           ,
           and
           Wood
           ,
           may
           rather
           wonder
           ,
           how
           our
           Trade
           supplies
           so
           much
           Silver
           ,
           then
           that
           it
           brings
           home
           no
           more
           ;
           hence
           comes
           our
           want
           of
           it
           for
           the
           Mint
           ;
           and
           till
           the
           People
           of
           England
           grow
           so
           wise
           ,
           as
           to
           set
           the
           same
           delight
           on
           seeing
           an
           Hundred
           Ounces
           of
           Silver
           in
           their
           Houses
           in
           the
           Coyn
           of
           the
           Nation
           ,
           as
           they
           now
           do
           in
           Plate
           wrought
           up
           ,
           we
           shall
           be
           ever
           complaining
           for
           want
           of
           Money
           ;
           though
           were
           this
           done
           ,
           and
           all
           the
           Plate
           of
           
             England
             Coyned
          
           up
           ,
           I
           am
           still
           of
           Opinion
           ,
           that
           there
           would
           not
           be
           sufficient
           to
           carry
           on
           our
           Trade
           without
           a
           Credit
           .
        
         
           'T
           is
           our
           Manufastures
           and
           Product
           which
           furnish
           this
           Kingdom
           with
           Silver
           ,
           and
           the
           more
           they
           yield
           Abroad
           ,
           the
           greater
           is
           our
           Supply
           ;
           whence
           't
           is
           plain
           ,
           that
           the
           Trade
           we
           now
           drive
           by
           means
           of
           Jamaica
           to
           the
           
             Spanish
             West-Indies
          
           ,
           is
           more
           profitable
           to
           us
           in
           the
           Sales
           of
           our
           Manufactures
           ;
           then
           when
           we
           sent
           them
           formerly
           
           to
           Cadiz
           ;
           in
           the
           One
           they
           yielded
           Twenty
           per
           Cent
           advance
           ,
           in
           the
           other
           they
           sell
           for
           Cent
           per
           Cent
           ,
           all
           paid
           in
           the
           same
           Specie
           .
        
         
           But
           let
           us
           duely
           consider
           what
           had
           been
           the
           Consequence
           of
           raising
           our
           Money
           at
           Home
           to
           
             Six
             Shilling
          
           the
           Crown
           ,
           as
           these
           Men
           desired
           it
           ;
           for
           either
           our
           Goods
           would
           have
           rose
           suitably
           with
           it
           ,
           or
           they
           would
           not
           ;
           if
           they
           had
           ,
           the
           raising
           of
           our
           Money
           would
           have
           done
           us
           no
           Service
           ,
           because
           it
           would
           have
           purchased
           no
           greater
           quantities
           of
           Commodities
           then
           before
           ,
           only
           it
           had
           been
           accompanyed
           with
           this
           ill
           Consequence
           ,
           that
           the
           Landlords
           of
           England
           ,
           the
           Poor
           ,
           the
           Vsurer
           ,
           and
           all
           who
           depend
           on
           standing
           Salaries
           ,
           would
           have
           had
           their
           Estates
           lessened
           a
           Sixth
           part
           at
           once
           ,
           because
           their
           House-keeping
           and
           other
           Necessaries
           would
           have
           cost
           them
           a
           Sixth
           part
           more
           then
           they
           did
           before
           ;
           But
           if
           
             Rents
             ,
             Wages
             ,
             Interest
          
           ,
           and
           Sallaries
           ,
           must
           rise
           suitable
           to
           the
           Money
           ,
           what
           fignifies
           its
           Advance
           ?
           On
           the
           other
           side
           ,
           if
           Goods
           do
           not
           rise
           as
           our
           Money
           is
           made
           less
           ,
           Forreign
           Nations
           will
           be
           supplyed
           with
           our
           Product
           and
           Manufactures
           for
           Five
           Sixths
           of
           their
           true
           value
           ,
           whilst
           we
           grow
           poor
           by
           our
           General
           Trade
           ,
           
           and
           yet
           the
           Expences
           of
           every
           Private
           Family
           be
           encreased
           ,
           so
           far
           as
           they
           make
           use
           of
           Forreign
           Commodities
           .
        
         
           Money
           cannot
           be
           raised
           ,
           it
           may
           be
           reduced
           into
           less
           Pieces
           ,
           and
           this
           hath
           been
           a
           great
           Stumbling
           Block
           to
           many
           People
           ,
           who
           have
           not
           well
           considered
           the
           Difference
           ;
           they
           tell
           us
           that
           a
           Penny
           in
           former
           days
           was
           the
           same
           with
           
             Three
             Pence
          
           now
           ;
           this
           must
           be
           granted
           ,
           and
           yet
           it
           makes
           no
           difference
           ,
           Twenty
           of
           those
           Pence
           made
           a
           Crown
           then
           ,
           and
           so
           they
           do
           now
           ,
           only
           for
           the
           Conveniency
           of
           our
           Trade
           ,
           later
           Reigns
           have
           thought
           fit
           to
           Coyn
           Pieces
           of
           Silver
           one
           Third
           part
           of
           their
           Weight
           ,
           and
           to
           call
           them
           by
           the
           same
           Denomination
           ,
           and
           yet
           those
           pieces
           receive
           no
           value
           from
           their
           Name
           ,
           but
           stand
           in
           an
           equal
           Proportion
           with
           the
           other
           ,
           Sixty
           of
           them
           making
           a
           Crown
           ;
           in
           like
           manner
           ,
           should
           the
           Crown
           be
           divided
           into
           Six
           Parts
           ,
           whatever
           Name
           we
           might
           call
           them
           by
           ,
           the
           true
           value
           of
           each
           would
           be
           but
           Ten
           Pence
           ;
           but
           this
           being
           already
           settled
           by
           Law
           ,
           't
           is
           to
           be
           hoped
           that
           the
           Parliament
           will
           not
           easily
           be
           prevailed
           with
           to
           alter
           it
           .
        
         
           The
           thing
           I
           chiefly
           aim
           at
           is
           still
           behind
           ,
           
           viz.
           to
           consider
           how
           a
           Credit
           may
           be
           settled
           in
           this
           Nation
           ,
           as
           good
           ,
           or
           rather
           much
           better
           then
           what
           hath
           been
           lost
           ;
           That
           Trade
           cannot
           be
           driven
           without
           it
           ,
           I
           have
           offered
           at
           in
           the
           beginning
           of
           this
           Treatise
           ,
           and
           that
           it
           cannot
           be
           supplyed
           by
           advancing
           our
           Money
           ,
           or
           any
           thing
           of
           that
           Nature
           ,
           seems
           to
           me
           out
           of
           douht
           ;
           we
           are
           next
           to
           consider
           ,
           what
           may
           be
           done
           ;
           all
           former
           Methods
           we
           see
           have
           failed
           ,
           and
           indeed
           they
           never
           had
           a
           Foundation
           fit
           to
           support
           the
           Building
           raised
           on
           them
           ;
           our
           Bank
           ,
           and
           Bankers
           had
           too
           much
           of
           self
           in
           them
           ,
           to
           be
           the
           Support
           of
           a
           National
           Trade
           .
        
         
           Credit
           I
           take
           to
           be
           That
           ,
           which
           makes
           a
           smaller
           Sum
           of
           Money
           pass
           as
           far
           as
           agreater
           ,
           and
           serve
           all
           the
           ends
           of
           Trade
           as
           well
           ,
           and
           to
           give
           Satisfaction
           to
           every
           one
           Concern'd
           ,
           that
           he
           is
           safe
           in
           what
           he
           doth
           ,
           for
           if
           the
           least
           Room
           is
           justly
           left
           for
           doubt
           ,
           so
           far
           is
           the
           Credit
           weakened
           ;
           It
           must
           be
           such
           a
           Credit
           ,
           as
           will
           answer
           all
           the
           occasions
           both
           of
           the
           Government
           ,
           and
           also
           of
           the
           Trader
           ;
           It
           must
           be
           so
           setled
           ,
           as
           to
           provide
           for
           those
           who
           are
           out
           of
           Trade
           ,
           such
           as
           
             Widdows
             ,
             Orphans
             ,
             Gentlemen
          
           ,
           and
           others
           ,
           who
           living
           by
           Usury
           ,
           care
           must
           be
           taken
           that
           their
           Money
           may
           never
           lye
           dead
           on
           their
           Hands
           ,
           and
           that
           their
           
           Security
           be
           unquestionable
           ;
           by
           which
           means
           ,
           though
           they
           lend
           cheaper
           ,
           yet
           their
           Ptofit
           at
           the
           end
           of
           Seven
           Years
           will
           be
           greater
           ,
           then
           it
           formerly
           was
           ,
           when
           the
           rate
           of
           Interest
           was
           higher
           ,
           but
           attended
           with
           Accidents
           ;
           It
           must
           be
           such
           a
           Credit
           ,
           that
           the
           Trader
           may
           have
           Money
           on
           such
           reasonable
           Security
           as
           he
           is
           able
           to
           give
           ,
           and
           for
           so
           long
           time
           as
           he
           shall
           have
           need
           to
           use
           it
           ,
           and
           yet
           That
           Security
           be
           made
           strong
           enough
           to
           answer
           the
           Sum
           borrowed
           ;
           by
           which
           means
           our
           Products
           will
           be
           increased
           ,
           our
           Manufactures
           incouraged
           ,
           and
           our
           Fishery
           ,
           with
           other
           Forreign
           Trades
           ,
           managed
           on
           Terms
           equal
           with
           our
           Neighbours
           ;
           It
           must
           be
           such
           a
           Credit
           ,
           that
           the
           Gentlemen
           of
           England
           may
           be
           furnish'd
           with
           Money
           at
           low
           Interest
           ,
           and
           be
           permitted
           to
           make
           their
           Payments
           by
           such
           Parts
           as
           they
           can
           best
           spare
           it
           ,
           the
           want
           of
           which
           is
           now
           a
           Clog
           on
           their
           Estates
           ,
           and
           eats
           up
           very
           good
           Families
           ,
           who
           when
           they
           are
           once
           gotten
           into
           the
           Usurers
           Books
           ,
           can
           find
           no
           way
           out
           :
           such
           unhappy
           Gentlemen
           have
           too
           often
           their
           Houses
           filled
           with
           Scriveners
           and
           Sollicitors
           ,
           who
           entertain
           them
           with
           the
           croaking
           Musick
           of
           Procuration
           and
           Continuation
           ,
           till
           they
           have
           devoured
           their
           Estates
           ;
           
           It
           must
           be
           such
           a
           Credit
           as
           shall
           have
           an
           esteem
           in
           Forreign
           Parts
           ,
           and
           make
           the
           Traders
           of
           Europe
           desire
           to
           house
           their
           Money
           here
           ;
           It
           must
           be
           so
           setled
           ,
           that
           the
           Nations
           Debts
           may
           be
           as
           punctually
           paid
           as
           Forreign
           Bills
           ,
           and
           all
           Men
           who
           trust
           the
           Government
           as
           well
           assured
           of
           their
           Money
           when
           due
           ,
           as
           they
           are
           now
           from
           the
           most
           reputable
           Merchants
           ;
           then
           the
           King
           will
           buy
           cheap
           ,
           when
           all
           who
           serve
           him
           are
           paid
           exactly
           ,
           and
           the
           meanest
           
             Trades
             Men
          
           will
           not
           be
           afraid
           to
           deal
           with
           the
           Publick
           ,
           when
           they
           are
           sure
           to
           be
           paid
           according
           to
           their
           Contracts
           ,
           which
           now
           none
           but
           large
           Stocks
           can
           adventure
           to
           do
           ,
           and
           therefore
           make
           their
           own
           Terms
           ;
           It
           must
           be
           so
           setled
           ,
           that
           he
           who
           hath
           Money
           in
           one
           place
           of
           England
           may
           have
           it
           in
           any
           other
           Place
           where
           he
           shall
           want
           it
           ,
           at
           an
           inconsiderable
           Charge
           ,
           which
           cannot
           now
           be
           done
           ,
           without
           locally
           altering
           the
           Species
           ,
           and
           carrying
           the
           Money
           to
           the
           place
           where
           't
           is
           wanted
           ;
           this
           will
           prevent
           many
           Robberies
           now
           committed
           ;
           It
           must
           be
           so
           setled
           ,
           that
           as
           on
           the
           one
           side
           it
           may
           answer
           the
           ends
           of
           the
           Borrower
           ,
           so
           on
           the
           other
           side
           it
           may
           likewise
           of
           the
           Lender
           .
           In
           a
           word
           ,
           It
           must
           be
           a
           Credit
           set
           ,
           led
           on
           an
           unquestionable
           Foundation
           ,
           
           which
           may
           be
           wound
           up
           to
           a
           perpetual
           Circulation
           ,
           like
           those
           Waters
           ,
           which
           being
           first
           drawn
           up
           from
           the
           Sea
           ,
           then
           shower'd
           down
           on
           the
           Earth
           ,
           and
           strained
           through
           its
           porous
           Cranies
           ,
           glide
           through
           the
           Rivers
           into
           the
           Sea
           again
           from
           whence
           they
           came
           ,
           where
           they
           become
           the
           Subject
           Matter
           for
           future
           Exhalations
           .
        
         
           A
           Credit
           thus
           fix'd
           must
           needs
           be
           of
           great
           Advantage
           to
           this
           Kingdom
           ,
           and
           should
           it
           cost
           an
           
             Hundred
             Thousand
             Pounds
             per
             Annum
          
           to
           carry
           it
           on
           ,
           yet
           the
           Nation
           would
           gain
           many
           Millions
           by
           it
           ,
           though
           if
           rightly
           setled
           ,
           It
           will
           not
           only
           support
           its
           own
           Charge
           ,
           but
           bring
           in
           a
           great
           advantage
           to
           the
           Publick
           ;
           such
           a
           Credit
           as
           This
           would
           make
           us
           the
           Envy
           of
           all
           our
           Neighbours
           ,
           who
           though
           they
           might
           desire
           it
           ,
           are
           not
           able
           by
           the
           Constitutions
           of
           their
           Governments
           to
           effect
           it
           .
        
         
           Nor
           are
           these
           all
           the
           Advantages
           the
           Nation
           will
           reap
           by
           a
           well
           setled
           Credit
           ;
           for
           besides
           ,
           that
           out
           of
           the
           Profits
           thereof
           new
           Stocks
           might
           be
           provided
           for
           industrious
           Men
           ,
           who
           ,
           having
           been
           bred
           up
           in
           Trades
           beneficial
           to
           the
           Nation
           ,
           and
           careful
           in
           those
           Imployments
           ,
           have
           yet
           been
           forced
           to
           stoop
           under
           the
           Load
           of
           their
           Cross
           Fortunes
           ;
           which
           Wheels
           
           being
           again
           set
           at
           Work
           ,
           will
           by
           their
           Circular
           Motion
           carry
           round
           many
           others
           ,
           and
           by
           these
           Means
           in
           time
           reimburse
           their
           Benefactor
           ;
           much
           like
           unto
           well
           manured
           Lands
           ,
           whose
           plentiful
           Crops
           do
           soon
           repay
           the
           Charge
           of
           Soiling
           laid
           out
           on
           them
           by
           their
           Proprietors
           ,
           with
           Advantage
           ,
           On
           the
           other
           side
           ,
           Rewards
           might
           be
           raised
           for
           those
           ,
           whose
           honest
           Heads
           have
           grown
           Gray
           in
           the
           Service
           of
           the
           Publick
           ;
           and
           herein
           we
           should
           imitate
           our
           Wise
           Neighbours
           ,
           who
           do
           the
           same
           out
           of
           the
           antient
           Demesn
           of
           Holland
           ,
           though
           in
           another
           way
           ,
           whereby
           they
           give
           Incouragement
           to
           those
           who
           pass
           through
           the
           Imployments
           of
           their
           State
           ,
           to
           serve
           it
           with
           Integrity
           ,
           by
           an
           expectation
           to
           obtain
           this
           Honourable
           and
           Profitable
           Retreat
           in
           their
           Old
           Ages
           .
        
         
           I
           say
           besides
           these
           ,
           many
           great
           things
           might
           be
           done
           for
           this
           Nation
           out
           of
           the
           Profits
           of
           this
           Bank
           ;
           as
           the
           Draining
           of
           Levels
           :
           Regaining
           Lands
           out
           of
           the
           Sea
           ;
           maintaining
           Lights
           for
           the
           Direction
           of
           Navigation
           ;
           providing
           Imployments
           for
           the
           Poor
           ;
           all
           which
           would
           more
           then
           pay
           the
           Expences
           laid
           out
           on
           them
           ,
           and
           are
           Works
           too
           great
           for
           common
           Stocks
           ,
           and
           fit
           only
           for
           Parliaments
           to
           undertake
           ;
           
           New
           Inventions
           might
           be
           rewarded
           ,
           according
           as
           they
           were
           found
           useful
           to
           the
           Publick
           ,
           which
           would
           be
           better
           then
           confining
           their
           use
           for
           Fourteen
           Years
           to
           the
           Inventor
           ;
           Committees
           or
           Councils
           of
           Trade
           might
           be
           erected
           ;
           and
           Courts
           Merchants
           settled
           for
           the
           more
           easie
           and
           quick
           deciding
           of
           Differences
           relating
           to
           Trade
           ,
           which
           after
           great
           expences
           in
           Westminister-Hall
           ,
           are
           now
           usually
           referred
           to
           the
           Determination
           of
           Those
           ,
           who
           understand
           them
           better
           then
           the
           Lawyers
           can
           pretend
           to
           do
           ;
           Ships
           of
           War
           might
           likewise
           be
           built
           ,
           fitted
           out
           ,
           and
           separated
           for
           the
           Security
           of
           our
           Trade
           ;
           and
           all
           this
           out
           of
           those
           Profits
           ,
           which
           formerly
           slid
           through
           private
           Channels
           into
           the
           Pockets
           of
           useless
           Men
           ,
           who
           must
           be
           then
           forced
           to
           betake
           themselves
           to
           Imployments
           more
           Serviceable
           to
           the
           Publick
           ;
           in
           this
           we
           should
           out
           do
           our
           industrious
           Neighbours
           the
           Dutch
           ,
           even
           in
           their
           own
           way
           .
        
         
           And
           since
           I
           have
           mentioned
           a
           Council
           of
           Trade
           ,
           I
           cannot
           let
           it
           pass
           without
           some
           Reflections
           ,
           (
           though
           I
           have
           shewn
           the
           Advantages
           thereof
           ,
           if
           well
           settled
           ,
           in
           another
           Treatise
           )
           we
           generally
           imploy
           Commissioners
           in
           the
           Management
           of
           things
           of
           much
           meaner
           Circumstances
           ,
           
           and
           believe
           they
           cannot
           be
           well
           carryed
           on
           without
           them
           ,
           who
           are
           supposed
           to
           understand
           what
           they
           undertake
           :
           whilst
           at
           the
           same
           time
           ,
           the
           general
           Trade
           of
           the
           Nation
           (
           which
           is
           the
           support
           of
           all
           )
           lyes
           neglected
           ,
           as
           if
           the
           Coggs
           which
           directed
           its
           Wheels
           did
           not
           require
           skill
           to
           keep
           them
           true
           ;
           Trade
           requires
           as
           much
           Policy
           as
           Matters
           of
           State
           ,
           and
           can
           never
           be
           kept
           in
           a
           regular
           Motion
           by
           Accident
           ;
           when
           the
           frame
           of
           our
           Trade
           is
           out
           of
           Order
           ,
           we
           know
           not
           where
           to
           begin
           to
           mend
           it
           ,
           for
           want
           of
           a
           Sett
           of
           Experienced
           Builders
           ,
           ready
           to
           receive
           Applications
           ,
           and
           able
           to
           judge
           where
           the
           defect
           lies
           ;
           't
           is
           not
           the
           twisting
           of
           Laws
           ,
           and
           forcing
           them
           beyond
           ,
           and
           sometimes
           contrary
           to
           their
           first
           Intentions
           ,
           under
           pretence
           of
           advancing
           His
           Majesty's
           Customs
           ,
           will
           answer
           that
           end
           ;
           nor
           worrying
           the
           Merchants
           with
           unnecessary
           and
           Groundless
           Suits
           ,
           wherein
           the
           King's
           Name
           and
           Purse
           are
           often
           made
           use
           or
           to
           screen
           the
           Ignorance
           of
           Self
           Conceited
           Officers
           ;
           Honesty
           ,
           Industry
           ,
           and
           good
           Judgment
           ,
           are
           three
           necessary
           Qualifications
           for
           such
           as
           are
           employed
           in
           the
           Publick
           Revenue
           ;
           if
           Reads
           vers'd
           in
           Trade
           were
           set
           at
           Work
           ,
           the
           King's
           Customs
           might
           be
           advanced
           many
           Thousand
           
           Pounds
           
             per
             Annum
          
           ,
           by
           such
           proper
           Methods
           ,
           as
           would
           at
           the
           same
           time
           promote
           Trade
           ,
           and
           enrich
           the
           Trader
           .
        
         
           'T
           is
           certain
           ,
           we
           cannot
           support
           our
           Trade
           long
           without
           a
           Substantial
           Credit
           ,
           every
           Man
           running
           daily
           in
           Debt
           ,
           and
           not
           knowing
           which
           way
           to
           get
           out
           of
           it
           ;
           the
           Species
           of
           Money
           will
           not
           answer
           the
           occasions
           we
           have
           to
           use
           it
           ,
           by
           which
           means
           there
           is
           a
           difference
           already
           of
           Fifteen
           
             per
             Cent
          
           between
           Money
           and
           Credit
           ,
           which
           must
           be
           paid
           ,
           where
           Mens
           necessities
           do
           require
           the
           former
           ,
           thus
           our
           Forreign
           Bills
           will
           become
           a
           Burthen
           on
           Trade
           ,
           when
           the
           Premio
           of
           raising
           Money
           to
           pay
           them
           shall
           be
           so
           great
           ,
           and
           consequently
           the
           Importer
           must
           advance
           it
           in
           his
           Sales
           ,
           which
           will
           be
           a
           heavy
           Tax
           on
           the
           Nation
           ;
           both
           Gentlemen
           and
           Traders
           who
           are
           engaged
           in
           Bonds
           ,
           must
           either
           make
           them
           a
           standing
           Charge
           on
           their
           Estates
           ,
           or
           pay
           them
           off
           at
           Fifteen
           
             per
             Cent
          
           loss
           ;
           and
           this
           is
           not
           likely
           to
           grow
           better
           ,
           but
           rather
           worse
           ;
           the
           Retailer
           will
           be
           the
           happiest
           Man
           ,
           who
           hath
           the
           Conveniency
           of
           raising
           Money
           ,
           wherewith
           he
           may
           purchase
           Bank
           Bills
           ,
           and
           pay
           his
           Creditors
           with
           them
           ,
           for
           which
           Opportunities
           will
           not
           be
           wanting
           in
           all
           places
           of
           England
           ,
           when
           the
           Cloathiers
           
           shall
           be
           forced
           to
           receive
           them
           in
           payment
           from
           their
           Factors
           in
           London
           ,
           under
           pretence
           that
           they
           had
           them
           for
           their
           Cloath
           ,
           which
           ,
           whether
           true
           or
           no
           ,
           they
           will
           have
           a
           fair
           Opportunity
           to
           put
           upon
           them
           ;
           these
           Bills
           not
           answering
           the
           Clothiers
           Occasions
           ,
           who
           must
           have
           Money
           to
           pay
           their
           Workmen
           ,
           will
           be
           sold
           to
           Shop-keepers
           in
           the
           Country
           ,
           who
           will
           return
           them
           thither
           again
           ,
           to
           answer
           the
           Credits
           they
           have
           received
           there
           ;
           This
           will
           suddenly
           be
           our
           State
           ,
           and
           the
           Trade
           of
           England
           Center
           in
           that
           great
           City
           ,
           to
           the
           prejudice
           of
           all
           other
           Sea-Ports
           ,
           unless
           some
           Care
           be
           taken
           to
           better
           our
           Credit
           ;
           for
           though
           our
           supply
           of
           Money
           may
           annually
           increase
           from
           the
           Mints
           ,
           yet
           there
           will
           be
           People
           ready
           to
           catch
           it
           up
           ,
           in
           order
           to
           make
           these
           Advantages
           ;
           and
           indeed
           every
           Man
           ,
           to
           whose
           Hands
           Money
           shall
           come
           ,
           will
           endeavour
           to
           do
           the
           same
           ,
           so
           that
           to
           what
           a
           Condition
           the
           King's
           Affairs
           will
           in
           a
           short
           time
           be
           reduced
           ,
           't
           will
           not
           be
           difficult
           to
           Guess
           ,
           when
           ,
           besides
           former
           Cloggs
           ,
           another
           addition
           of
           Fifteen
           
             per
             Cent
          
           shall
           be
           added
           to
           all
           the
           Money
           is
           taken
           up
           for
           the
           Occasions
           of
           the
           Nation
           .
        
         
         
           I
           am
           of
           Opinion
           that
           whatever
           Difficulties
           may
           seem
           to
           attend
           the
           settling
           of
           such
           a
           Credit
           ,
           yet
           it
           may
           be
           done
           ,
           and
           I
           humbly
           Conceive
           that
           Methods
           may
           be
           Proposed
           ,
           such
           as
           may
           answer
           all
           the
           Ends
           Intended
           by
           it
           ;
           but
           then
           it
           must
           be
           done
           with
           an
           Eye
           designing
           only
           the
           general
           Good
           ,
           Self
           must
           be
           clear
           shut
           out
           ,
           and
           had
           we
           more
           publick
           Spirits
           ,
           things
           which
           seem
           difficult
           would
           appear
           more
           easie
           ;
           Self
           Interest
           ,
           as
           it
           Byasses
           our
           Judgments
           ,
           so
           it
           perplexes
           our
           Designs
           ;
           a
           frank
           free
           Spirit
           for
           the
           common
           Good
           will
           go
           a
           great
           way
           in
           a
           generous
           undertaking
           ,
           and
           the
           Publick
           is
           able
           to
           reward
           such
           honest
           Endeavours
           ,
           which
           't
           was
           better
           they
           did
           ,
           then
           suffer
           the
           Treasure
           of
           the
           Nation
           to
           be
           eat
           up
           by
           Goldsmiths
           ,
           and
           other
           Harpies
           ,
           who
           prey
           upon
           our
           Vitals
           ;
           bv
           the
           one
           the
           generous
           undertaker
           is
           no
           Charge
           to
           the
           Publick
           ,
           but
           increases
           its
           Treasure
           ,
           whilst
           the
           other
           lessens
           it
           ,
           and
           destroys
           our
           Trade
           into
           the
           Bargain
           .
        
         
           The
           Face
           of
           our
           Affairs
           seems
           to
           look
           lowring
           with
           respect
           to
           these
           three
           Things
           ;
           the
           meanness
           of
           our
           Credit
           ;
           the
           laugnishing
           of
           our
           Trade
           :
           and
           the
           ill
           management
           of
           Publick
           Offices
           in
           relation
           to
           both
           ;
           I
           do
           not
           mention
           this
           to
           amuse
           
           the
           Nation
           ,
           but
           as
           deplorable
           as
           things
           seem
           to
           be
           ,
           I
           doubt
           not
           a
           Remedy
           may
           be
           found
           out
           to
           rectisie
           all
           ,
           if
           Men
           of
           quick
           and
           strong
           thoughts
           were
           set
           about
           it
           .
        
         
           I
           have
           already
           spoken
           to
           the
           first
           ,
           our
           Credit
           ;
           The
           next
           is
           our
           Trade
           ,
           which
           must
           be
           acknowledged
           to
           have
           laboured
           under
           the
           neglect
           of
           a
           tedious
           ,
           bnt
           necessary
           War
           ;
           and
           this
           is
           not
           our
           Case
           alone
           ,
           all
           Europe
           has
           felt
           the
           smart
           of
           it
           ,
           and
           France
           hath
           had
           little
           Cause
           to
           boast
           ;
           I
           am
           apt
           to
           think
           it
           hath
           lighted
           more
           severely
           on
           that
           Nation
           then
           any
           other
           ,
           it
           hath
           seized
           on
           the
           Vitals
           of
           her
           Trade
           ,
           which
           it
           hath
           not
           done
           on
           ours
           ;
           Here
           let
           us
           Consider
           what
           are
           the
           Vitals
           of
           the
           Trade
           of
           France
           ,
           and
           we
           shall
           find
           them
           to
           be
           ,
           
             Wines
             ,
             Brandy
             ,
             Paper
             ,
             Silks
             ,
             Salt
             ,
          
           and
           Linnens
           ,
           in
           all
           which
           both
           our Selves
           ,
           and
           other
           Nations
           ,
           have
           made
           such
           a
           Progress
           ,
           that
           the
           French
           ,
           who
           live
           by
           them
           ,
           will
           scarce
           ever
           recover
           the
           Blow
           they
           have
           Received
           ;
           On
           the
           other
           side
           ,
           the
           Vitals
           of
           this
           Kingdom
           are
           ,
           our
           Manufactures
           ,
           our
           Fishery
           ,
           and
           our
           
             Plantation
             Trade
          
           ;
           As
           to
           the
           first
           ,
           it
           must
           be
           confest
           our
           Losses
           at
           Sea
           have
           been
           great
           ,
           and
           lighted
           heavy
           on
           the
           Exporters
           ,
           but
           still
           the
           Manufactury
           it
           
           felf
           hath
           not
           suffered
           ,
           no
           other
           Nation
           hath
           beat
           us
           out
           of
           the
           making
           of
           them
           ,
           nor
           hath
           had
           occasion
           to
           disuse
           them
           for
           want
           of
           a
           supply
           ;
           and
           if
           our
           
             Woollen
             Manufactures
          
           sink
           not
           in
           their
           Reputations
           Abroad
           ,
           and
           Care
           be
           taken
           to
           secure
           our
           own
           Wooll
           from
           being
           carryed
           out
           ,
           and
           to
           get
           that
           of
           Ireland
           brought
           hither
           Unmanufactured
           ,
           farther
           Improvements
           may
           yet
           be
           made
           to
           the
           advantage
           of
           the
           Nation
           ;
           but
           having
           spoken
           largely
           to
           this
           Subject
           in
           my
           Essay
           on
           Trade
           ,
           I
           shall
           referr
           the
           Reader
           to
           it
           ,
           where
           I
           have
           likewise
           shewed
           how
           the
           Wool
           of
           Ireland
           may
           be
           secured
           hither
           ;
           I
           shall
           only
           now
           offer
           it
           as
           my
           Opinion
           ,
           that
           better
           Steps
           may
           be
           made
           towards
           keeping
           our
           own
           from
           being
           Exported
           then
           have
           yet
           been
           done
           ;
           I
           confess
           all
           the
           Laws
           I
           have
           yet
           seen
           about
           VVool
           seem
           to
           reach
           but
           half
           way
           ,
           they
           depend
           too
           much
           on
           Force
           and
           Penalties
           ,
           and
           too
           little
           on
           Policy
           ;
           we
           must
           begin
           deeper
           ,
           and
           secure
           the
           VVool
           from
           the
           time
           of
           its
           growing
           ,
           till
           't
           is
           wrought
           up
           into
           Manufactures
           ;
           This
           may
           be
           done
           by
           practicable
           Methods
           ,
           and
           nothing
           less
           then
           this
           can
           do
           it
           ;
           our
           Laws
           must
           be
           so
           framed
           ,
           that
           it
           shall
           be
           the
           Interest
           of
           every
           one
           concerned
           in
           Wool
           to
           put
           them
           in
           Execution
           ;
           
           Provision
           must
           be
           made
           to
           supply
           the
           Growers
           in
           all
           Countreys
           with
           Money
           to
           serve
           their
           Occasions
           ,
           and
           when
           they
           shall
           see
           it
           more
           their
           Advantage
           to
           sell
           their
           Wooll
           ,
           to
           be
           wrought
           up
           at
           Home
           ,
           then
           to
           be
           sent
           Abroad
           ,
           no
           doubt
           they
           will
           do
           it
           .
           Men
           are
           not
           apt
           to
           desire
           the
           ruine
           of
           their
           
             Native
             Countrey
          
           ,
           but
           when
           they
           think
           themselves
           neglected
           ,
           are
           often
           provoked
           to
           take
           such
           Courses
           ,
           as
           they
           would
           not
           otherwise
           do
           ;
           Those
           of
           
             Rumny
             Marsh
          
           complain
           of
           this
           ,
           that
           having
           few
           Clothiers
           ,
           their
           Wooll
           lyes
           on
           their
           Hands
           whilst
           other
           Counties
           have
           any
           to
           sell
           ,
           by
           which
           Means
           their
           Rents
           are
           unpaid
           ,
           whilst
           their
           Tenants
           have
           sometimes
           Three
           Years
           Wool
           on
           their
           Hands
           ;
           now
           say
           they
           ,
           let
           us
           be
           sure
           of
           our
           Money
           once
           in
           a
           Year
           ,
           we
           our Selves
           would
           take
           Care
           that
           none
           should
           be
           Exported
           ,
           't
           is
           not
           the
           Price
           but
           the
           Payment
           that
           prompts
           us
           to
           take
           these
           Courses
           ,
           which
           ,
           in
           our
           own
           Judgments
           ,
           we
           think
           destructive
           to
           the
           Nation
           ;
           This
           might
           easily
           be
           done
           if
           our
           Credit
           were
           well
           setled
           ,
           and
           Wool
           might
           be
           made
           a
           better
           Staple
           then
           now
           it
           is
           ;
           nor
           am
           I
           of
           Opinion
           that
           the
           beating
           down
           its
           Price
           is
           our
           Advantage
           ,
           't
           would
           bear
           a
           better
           Rate
           if
           we
           could
           keep
           it
           from
           being
           
           shipt
           out
           ;
           I
           belive
           this
           Malady
           might
           be
           soon
           Cured
           ,
           were
           the
           thing
           well
           Considered
           .
        
         
           The
           next
           Vital
           in
           Trade
           is
           our
           Fishery
           wherein
           we
           have
           had
           greater
           advantages
           then
           the
           French
           ;
           the
           Ports
           of
           Spain
           have
           been
           open
           to
           us
           ,
           which
           have
           been
           shut
           to
           them
           ;
           This
           might
           be
           improved
           very
           much
           to
           the
           Interest
           of
           England
           ,
           were
           a
           good
           Credit
           settled
           ;
           many
           Hundred
           Thousand
           Pounds
           might
           then
           be
           raised
           from
           these
           
             Northern
             Seas
          
           ,
           which
           would
           be
           all
           Profit
           to
           the
           Nation
           .
        
         
           Neither
           have
           we
           suffered
           in
           our
           
             Plantation
             Trade
          
           by
           this
           War
           so
           much
           as
           the
           French
           have
           done
           ;
           I
           do
           not
           say
           we
           have
           not
           suffered
           in
           our
           Navigation
           ,
           but
           our
           Plantations
           are
           not
           lessened
           since
           the
           War
           began
           ;
           and
           our
           Losses
           by
           Sea
           have
           in
           some
           Measure
           been
           made
           good
           to
           us
           by
           our
           Neighbours
           the
           Dutch
           ,
           and
           others
           ,
           who
           have
           depended
           on
           us
           for
           their
           Products
           ,
           to
           whom
           we
           have
           sold
           both
           our
           Sugars
           and
           Tobacco
           ,
           at
           higher
           Prises
           then
           we
           could
           have
           done
           ,
           if
           all
           our
           Ships
           had
           come
           home
           well
           ;
           These
           are
           our
           
             Golden
             Mines
          
           ,
           and
           have
           helpt
           to
           support
           the
           Ballance
           of
           our
           Trade
           during
           the
           War
           ,
           their
           Products
           being
           clear
           Profit
           to
           the
           Nation
           ;
           and
           might
           be
           yet
           more
           Serviceable
           ,
           were
           
           Laws
           made
           which
           might
           effectually
           secure
           all
           their
           Product
           to
           be
           brought
           hither
           ;
           especially
           Tobacco
           ,
           whereby
           we
           might
           as
           it
           were
           put
           a
           Tax
           on
           most
           parts
           of
           Europe
           ,
           and
           make
           them
           pay
           towards
           the
           Support
           of
           our
           Government
           ;
           'T
           is
           a
           mighty
           advantage
           to
           a
           Nation
           ,
           when
           it
           produces
           a
           Commodity
           ,
           so
           generally
           desired
           ,
           and
           so
           universally
           used
           ,
           as
           Tobacco
           is
           ,
           which
           ,
           Custome
           hath
           to
           some
           People
           made
           equally-necessary
           with
           Provisions
           ,
           so
           that
           they
           can
           as
           well
           be
           without
           the
           one
           ,
           as
           the
           other
           ;
           such
           a
           Trade
           as
           this
           ,
           ought
           to
           be
           guarded
           with
           a
           great-deal
           of
           Care
           ,
           and
           all
           our
           Laws
           should
           tend
           to
           make
           it
           easie
           ;
           where
           great
           Duties
           are
           laid
           ,
           endeavours
           should
           be
           used
           to
           have
           them
           equally
           paid
           ,
           else
           Men
           do
           not
           Trade
           alike
           ,
           but
           the
           honest
           Importer
           will
           be
           under
           sold
           by
           him
           ,
           that
           runs
           them
           ;
           I
           humbly
           Conceive
           ,
           a
           Modell
           might
           be
           proposed
           to
           make
           this
           Commodity
           much
           more
           advantageous
           to
           the
           Kingdom
           ,
           and
           to
           shut
           out
           Strangers
           from
           being
           concerned
           therein
           :
           ways
           may
           be
           found
           out
           to
           secure
           Tobacco
           from
           the
           time
           of
           its
           being
           cured
           in
           the
           Plantations
           ,
           till
           the
           Duties
           were
           paid
           in
           England
           ,
           and
           by
           such
           Practicable
           Methods
           ,
           that
           none
           should
           go
           besides
           the
           Mill
           ,
           or
           be
           Exported
           to
           
             Forreign
             Countries
          
           ,
           
           till
           it
           had
           first
           paid
           a
           Toll
           here
           ;
           If
           this
           were
           done
           ,
           we
           might
           set
           almost
           what
           Price
           we
           thought
           fit
           thereon
           to
           
             Forreign
             Parts
          
           ;
           such
           a
           Trade
           as
           this
           deserves
           all
           the
           Incouragement
           the
           Nation
           can
           give
           ,
           both
           to
           the
           Planter
           ,
           and
           also
           to
           the
           Importer
           ,
           which
           cannot
           be
           done
           by
           any
           Laws
           I
           have
           yet
           seen
           ,
           but
           new
           ones
           may
           be
           made
           ,
           whereby
           the
           former
           might
           be
           incouraged
           to
           raise
           greater
           quantities
           ,
           and
           the
           latter
           to
           fetch
           them
           Home
           ,
           and
           the
           Government
           might
           receive
           a
           considerable
           Revenue
           thereon
           ,
           both
           from
           the
           Retailer
           ,
           and
           the
           Exporter
           ,
           with
           very
           little
           Charge
           ,
           were
           a
           
             National
             Credit
          
           well
           settled
           .
        
         
           Lastly
           ;
           The
           Publick
           Affairs
           cannot
           be
           expected
           to
           be
           Managed
           well
           till
           a
           good
           Credit
           is
           setled
           ,
           and
           from
           hence
           do
           arise
           all
           our
           Miseries
           ;
           'T
           is
           a
           Shame
           to
           see
           how
           Its
           Debts
           are
           Compounded
           ,
           and
           those
           who
           trust
           It
           forced
           to
           make
           Provision
           accordingly
           by
           great
           Over-charges
           ,
           whilst
           the
           Nation
           pays
           the
           whole
           ,
           The
           rest
           being
           devoured
           by
           
             Agents
             ,
             Tally-Buyers
             ,
             Sollicitors
             ,
             Goldsmiths
             ,
          
           and
           others
           ,
           who
           raise
           great
           Estates
           on
           the
           ruine
           of
           the
           Publick
           :
           besides
           the
           excessive
           Rates
           the
           KING
           is
           now
           forced
           to
           pay
           for
           Money
           ,
           and
           the
           Chain
           of
           ill
           Consequences
           that
           
           attend
           the
           non
           payment
           to
           such
           as
           are
           imployed
           :
           Our
           Souldiers
           would
           fight
           more
           Couragiously
           ,
           and
           our
           Sailers
           serve
           more
           willingly
           ,
           were
           they
           paid
           more
           Punctually
           ;
           and
           I
           dare
           presume
           to
           say
           ,
           that
           if
           a
           Credit
           had
           been
           well
           setled
           at
           the
           beginning
           of
           this
           War
           ,
           it
           might
           have
           been
           carryed
           on
           with
           better
           Success
           ,
           and
           we
           appeared
           more
           formidable
           to
           the
           French
           then
           we
           have
           done
           ,
           for
           half
           the
           Charge
           it
           hath
           now
           cost
           the
           Nation
           .
        
         
           FINIS
           .
        
         
         
         
      
    
     
  

