Of Trade and the Stock, or Wares of Trade.

TRADE is the Making, and Selling of one sort of Goods for another; The making is called Handy-Craft Trade, and the ma­ker [Page 2] an Artificer; The Selling is called Merchandizing, and the Seller a Merchant: The Artificer is called by several Names from the sort of Goods he makes. As a Clothier, Silk-weaver, Shoo-ma­ker, or Hatter, &c. from Mak­ing of Cloth, Silk, Shooes, or Hats; And the Merchant is distinguished by the Names of the Countrey he deals to, and is called, Dutch, French, Spanish or Turkey Merchant.

The chief End or Business of Trade, is to make a pro­fitable Bargain: In making of a Bargain there are these things to be considered; The Wares to be Sold, the Quantity and Quality of those Wares, the Value or Price of them, the Money or Cre­dit, by which the Wares are bought, the Interest that relates to the time of performing the Bar­gain.

The Stock and Wares of all [Page 3] Trade are the Animals, Vegitables, and Minerals of the whole Uni­verse, whatsoever the Land or Sea produceth. These Wares may be divided into Natural and Ar­tificial; Natural Wares are those which are sold as Nature Produ­ceth them; As Flesh, Fish, and Fruits, &c. Artificial Wares are those which by Art are Changed into another Form than Nature gave them; As Cloth, Calicoes, and wrought Silks, &c. which are made of Wool, Flax, Cotten, and Raw Silks.

Both these Sorts of Wares are called the Staple Commoditys of those Countreys where they chief­ly abound, or are made. There are Different Climates of the Hea­vens, some very Hot; some ve­ry Cold, others Temperate; these Different Climates produce Dif­ferent Animals, Vegitables, & Mine­rals. The Staples of the hot Coun­trey, [Page 4] are Spices; the Staples of the Cold, Furrs; but the more Tem­perate Climates produce much the same sorts of Commoditys; but by difference of the Quality or Conveniency of place where they abound, they become the Staple of each Country, where they are either best or easier acquired or exchanged: Thus, Herrings, and o­ther Fish are the Staples of Hol­land; the Dutch living amongst the Water, are most naturally inclined to Fishing: English Wool being the best in the World, is the Staple of England, for the same reason. Oyles of Italy, Fruits of Spain, Wine of France, with several other sorts of Commoditys, are the Staples of their several Countrys.

Staple Commodities may be divided into Native or For­reign; the Native Staple is what Each Country doth Naturally and best produce; Forreign Sta­ple, [Page 5] is any Forreign Commodity, which a Country acquires by the sole Trade to a Forreign Place, or sole possession of a particular Art; as Spices are the Staple of Holland; and the making of Glass and Pa­per, were the Staple of Venice.

From the Stock, or Wares of Trade, these Three Things are Observable:

1. The Native Staple of each Country is the Riches of the Country, and is perpetual, and never to be consumed; Beasts of the Earth, Fowls of the Air, and Fishes of the Sea, Naturally In­crease: There is Every Year a New Spring and Autumn, which produceth a New Stock of Plants and Fruits. And the Minerals of the Earth are Unexhaustable; and if the Natural Stock be Infi­nite, the Artificial Stock that is made of the Natural, must be In­finite, as Woollen and Linnen [Page 6] Cloth, Calicoes, and wrought Silk, which are made of Flax, Wool, Cotton, and Raw Silks.

This sheweth a Mistake of Mr. Munn, in his Discourse of Trade, who commends Parsimony, Fru­gality, and Sumptuary Laws, as the means to make a Nation Rich; and uses an Argument, from a Simile, supposing a Man to have 1000 l▪ per Annum, and 2000 l. in a Chest, and spends Yearly 1500 l. per Annum, he will in four Years time Waste his 2000 l. This is true, of a Person, but not of a Nation; because his Estate is Finite, but the Stock of a Nation Infinite, and can never be consum­ed; For what is Infinite, can nei­ther receive Addition by Parsi­mony, nor suffer Diminution, by Prodigality.

2. The Native Staple of Each Country▪ is the Foundation of it▪s Forreign Trade: And no Na­tion [Page 7] have any Forreign Com­modities, but what are at first brought in by the Exchange of the Native; for at the first be­ginning of Forreign Trade, a Na­tion hath nothing else to Ex­change; The Silver & Gold from Spain; the Silks from Turkey, Oyls from Italy, Wine from France, and all other Forreign Goods are brought into England, by the Exchange of the English Cloth, or some other Staple of England.

3. That Forreign Staples are un­certain Wealth: Some Countries by the Sole Trade to another Country, or by the Sole Possession of some Arts, gain a Staple of Forreign Commodities, which may be as profitable as the Native, so long as they enjoy the Sole possession of that Trade or Art. But that is uncertain; for other Nations find out the way of [Page 8] Trading to the same place: The Artists for Advantage, Travel in­to other Countries, and the Arts are discover'd. Thus Portugal had the Sole Trade of India; af­terwards the Venetians got a great Share of the Trade, and now the Dutch and English, have a greater share than both: The Arts of making several sorts of Silks, were chiefly confined to Ge­noa, & Naples; afterward Travel­led into France, since into Eng­land and Holland, and are now Practised there in as great per­fection as they were in Italy; So have other Arts wander'd, as the making of Looking-Glasses from Venice into England, the making of Paper from Venice in­to France and Holland.

Of the Value and Price of Wares.

THE Value of all Wares arise from their Use; Things of no Us, have no Value, as the English Phrase is, They are good for nothing.

The Use of Things, are to sup­ply the Wants and Necessities of Man: There are Two General Wants that Mankind is born with; [Page 14] the Wants of the Body, and the Wants of the Mind; To supply these two Necessities, all things under the Sun become useful, and therefore have a Value.

Wares, useful to supply the Wants of the Body, are all things necessary to support Life, such are in Common Estimation; all those Goods which are useful to supply the Three General Neces­sities of Man, Food, Clothes and Lodging; But if strictly Examin­ed, nothing is absolutely necessa­ry to support Life, but Food; for a great Part of Mankind go Naked, and lye in Huts and Caves; so that there are but few things that are absolutely necessary to supply the Wants of the Body.

Wares, that have their Value from supplying the Wants of the Mind, are all such things that can satisfie Desire; Desire implys Want: It is the Appetite of the [Page 15] Soul, and is as natural to the Soul, as Hunger to the Body.

The Wants of the Mind are infinite, Man naturally Aspires, and as his Mind is elevated, his Senses grow more refined, and more capable of Delight; his De­sires are inlarged, and his Wants increase with his Wishes, which is for every thing that is rare, can gratifie his Senses, adorn his Body, and promote the Ease, Plea­sure, and Pomp of Life.

Amongst the great Variety of things to satisfie the Wants of the Mind, those that adorn Mans Bo­dy, and advance the Pomp of Life, have the most general Use, and in all Ages, and amongst all sorts of Mankind, have been of Value.

The first Effects that the Fruit of the Tree of knowledge wrought upon the Parents of Mankind, was to make them cloath themselves, and it has made the most Visible [Page 16] Distinction of his Race, from the rest of the Creation: It is that by which his Posterity may write Man, for no Creatures adorn the Body but Man: Beside, the deck­ing of the Body, doth not onely distinguish Man from Beast, but is the Mark of Difference and Su­periority betwixt Man and Man.

There was never any part of Mankind so wild and barbarous, but they had Difference and De­gree of Men amongst them, and invented some things to shew that Distinction.

Those that Cloathed with Skins, wore the Skins of those Beasts that are most difficultly taken; thus Her­cules wore a Lyons Skin; and the Ermins and Sable, are still Badges of Honour. The Degree of Qua­lity amongst the Affricans, is known by the waste Cloth, and amongst those that go naked, by adorning their Bodies with Co­lours, [Page 17] most rare amongst them, as the Red was the Colour most in Esteem amongst the Ancient Britains.

And the most Ancient and best of Histories, the Bible, shews, That amongst the Civilized Peo­ple of the World, Ear-Rings, Brace­lets, Hoods and Vails, with Chan­geable Suits of Apparel, were then worn: And the same Ornaments for the Body are still, and ever since have been Worn, only dif­fering in Shapes and Fashions, ac­cording to the Custom of the Country.

The Shapes of Habits are much in use, to denote the Qualities of several men; but things rare and difficult to be obtained, are General Badges of Honour: From this Use, Pearls, Diamonds, and Precious Stones, have their Value: Things Rare are proper Ensigns of Honour, because it is [Page 18] Honourable to acquire Things Difficult.

The Price of Wares is the pre­sent Value; And ariseth by Com­puting the occasions or use for them, with the Quantity to serve that Occasion; for the Value of things depending on the use of them, the Over-pluss of Those Wares, which are more than can be used, become worth nothing; So that Plenty, in respect of the occasion, makes things cheap; and Scarcity, dear.

There is no fixt Price or Value of any thing for the Wares of Trades; The Animals, and Vege­tables of the Earth, depend on the Influence of Heaven, which sometimes causes Murrains, Dearth, Famine, and sometimes Years of great Plenty; therefore, the Value of things must accordingly Alter▪ Besides, the Use of most things being to supply the Wants of [Page 19] the Mind, and not the Necessitys of the Body; and those Wants, most of them proceeding from imagination, the Mind Chan­geth; the things grow out of Use, and so lose their Value.

There are two ways by which the value of things are a little guessed at; by the Price of the Merchant, and the Price of the Artificer: The Price that the Mer­chant sets upon his Wares, is by reckoning Prime Cost, Charges and Interest.

The Price of the Artificer, is by reckoning the Cost of the Materials, with the time of working them; The Price of Time is according to the Value of the Art, and the Skill of the Ar­tist. Some Artificers Reckon Twelve, others Fifteen, and some Twenty, and Thirty Shillings per Week.

Interest is the Rule that the [Page 20] Merchant Trades by; And Time, the Artificer, By which they cast up Profit, and Loss; for if the Price of their Wares, so alter ei­ther by Plenty, or by Change of the Use, that they do not pay the Merchant Interest, nor the Artificer for his Time, they both reckon they lose by their Trade.

But the Market is the best Judge of Value; for by the Concourse of Buyers and Sellers, the Quanti­ty of Wares, and the Occasion for them are Best known: Things are just worth so much, as they can be sold for, according to the Old Rule, Valet Quantum Vendi potest.

Of Mony, Credit and Interest.

MOny is a Value made by a Law; And the Difference of its Value is known by the Stamp, and Size of the Piece.

[Page 21] One Use of MONY is, It is the Measure of Value, By which the Value of all other things are reckoned; as when the Value of any thing is expressed, its said, It's worth so many shil­lings, or so many Pounds: Ano­ther Use of Mony is; It is a Change or Pawn for the Value of all other Things: For this Reason, the Value of Mony must be made certain by Law, or else it could not be made a certain Measure, nor an Exchange for the Value of all things.

It is not absolutely necessary, Mony should be made of Gold or Silver; for having its sole Va­lue from the Law, it is not Ma­terial upon what Metal the Stamp be set. Mony hath the same Va­lue, and performs the same Uses, if it be made of Brass, Copper, Tin, or any thing else. The Brass Mony of Spain, the Cop­per Mony of Sweeden, and Tin [Page 22] Farthings of England, have the same Value in Exchange, accor­ding to the Rate they are set at, and perform the same Uses, to Cast up the Value of things, as the Gold and Silver Mony does; Six Pence in Farthings will buy the same thing as Six Pence in Silver; and the Value of a thing is well understood by saying, It is worth Eight Farthings, as that it is worth Two Pence: Gold and Silver, as well as Brass, Cop­per and Tin Mony, change their Value in those Countries, where the Law has no Force, and yield no more than the Price of the Metal that ▪bears the STAMP: Therefore, all Foreign Coins go by Weight, and are of no certain Value, but rise and fall with the Price of the Metal. Pieces of Eight, yield sometimes 4 sh. 6 d. 4 sh. 7 d. and 4 sh. 8 d. as the Va­lue of Silver is higher or lower: [Page 23] And so doth Dollars, and all For­reign Coin, change their Value; and were it not for the Law that fixeth the Value, an English Crown Piece would now yield Five Shil­lings and Two Pence, for so much is the Value of it, if it were melted, or in a Foreign Country. But the chief Advantage of making Mo­ny of Silver and Gold, is to pre­vent Counterfeiting; for Silver and Gold, being Metals of great Value, those who design Profit by Counterfeiting the Coin, must Counterfeit the Metals, as well as the Stamp, which is more diffi­cult than the Stamp. There's a­nother Benefit to the Merchant, by such Mony; for Gold and Sil­ver being Commodities for other Uses, than to make Mony; to make Plate, Gold & Silver Lace, Silks, &c. And Coins of little Bulk, in re­spect of their Value, the Mer­chant [Page 24] transmits such Mony from Place to Place, in Specie, accor­ding as he finds his Advantage, by the Rise of Bulloin; though this may be a Conveniency to the Merchant, it often proves a Prejudice to the State, by making Mony scarce: Therefore, there are Laws in most Countries, that Prohibit the Transportation of Mony, yet it cannot be prevented; for in Spain, though it be Capi­tal, yet in Two Months after the Gallions are come home, there is scarce any Silver Mony to be seen in the Country.

Some Men have so great an E­steem for Gold and Silver, that they believe they have an intrin­sick Value in themselves, and cast up the Value of every thing by them: The Reason of the Mistake, is, Because Mony being made of Gold and Silver, they do not distinguish betwixt Mony, [Page 25] and Gold and Silver. Mony hath a certain Value, because of the Law; but the Value of Gold and Silver are uncertain, & varies their Price, as much as Copper, Lead, or other Metals: And in the Pla­ces where they are dug, consider­ing the smalness of their Veins, with the Charges of getting them, they do not yield much more Profit than other Minerals, nor pay the Miners better Wages for digging them.

And were it not for the Waste, made of Gold and Silver, by Plate, Lace, Silks, and Guilding, and the Custom of the Eastern Princes, to lay them up and bu­ry them, that Half which is dug in the West, is buryed in the East. The great Quantities dug out of the Earth, since the Discovery of the West-Indies, would have so much lessened the Value, that by this time, they would not have [Page 26] much exceeded the Value of Tin, or Copper: Therefore, How greatly would those Gentlemen be disappointed, that are search­ing after the Philosopher's Stone, if they should at last happen to find it? For, if they should make but so great a Quantity of Gold and Silver, as they, and their Pre­decessors have spent in search af­ter it, it would so alter, and bring down the Price of those Metals, that it might be a Question, whe­ther they would get so much O­ver-plus by it, as would pay for the Metal they change into Gold and Silver. It is only the Scarci­ty that keeps up the Value, and not any Intrinsick Vertue or Qua­lity in the Metals; For if the Ver­tue were to be considered, the Af­frican that gives Gold for Knives, and Things made of Iron, would have the Odds in the Exchange; Iron being a much more Useful [Page 27] Metal, than either Gold or Sil­ver. To Conclude this Ob­jection, Nothing in it self hath a certain Value; One thing is as much worth as another: And it is time, and place, that give a difference to the Value of all things.

Credit is a Value raised by Opinion, it buys Goods as Mo­ny doe's; and in all Trading Ci­tys, there's more Wares sold upon Credit, then for present Mony.

There are Two Sorts of Cre­dit; the one, is Grounded upon the Ability of the Buyer; the o­ther, upon the Honesty: The first is called a Good Man, which im­plys an Able Man; he gene­rally buys upon short Time; to pay in a Month, which is ac­counted as ready Mony, and the Price is made accordingly. The other is accounted an Honest Man; He may be poor; he Generally [Page 28] buys for three and Six Months or longer, so as to pay the Mer­chant by the Return of his own Goods; and therefore, the Seller relys more upon the Honesty of the Buyer, than his Ability: Most of the Retail Traders buy upon this Sort of Credit, and are usual­ly Trusted for more than double they are worth.

In Citys of great Trade, there are publick Banks of Credit, as at Amsterdam and Venice: They are of great Advantage to Trade, for they make Payments easie, by preventing the Continual Trou­ble of telling over Mony, and cause a great Dispatch in Busi­ness: Publick Banks are of so great a Concern in Trade, that the Merchants of London, for want of such a Bank, have been for­ced to Carry their Cash to Gold-Smiths, and have thereby Raised such a Credit upon Gold-Smiths [Page 29] Notes, that they pass in Payments from one to another like Notes upon the Bank; And although by this way of Credit, there hath been very Vast Sums of Mony lost, not less then too Millions within five and Twenty Years, yet the Dispatch and Ease in Trade is so great by such Notes, that the Credit is still in some Mea­sure kept up.

Therefore, it is much to be won­dered at, that since the City of Lon­don is the Largest, Richest, and Chiefest City in the World, for Trade; Since there is so much Ease, Dispatch, and Safety in a Publick Bank; and since such vast Losses has Happened for want of it; That the Merchant and Traders of London have not long before this time Addressed themselves, to the Government, for the Establishing of a Publick Bank.

The Common Objection, that [Page 30] a Publick Bank cannot be safe in a Monarchy, is not worth the Answering; As if Princes were not Governed by the same Rules of Policy, as States are, To do all things for the Well-fair of the Subjects, wherein their own In­terest is concerned.

It is True, in a Government wholly Dispotical, whose Sup­port is altogether in it's Millita­ry Forces; where Trade hath no Concern in the Affaires of the State; Brings no Revenue, There might be a Jealousy, That such a Bank might tempt a Prince to Seize it; when by doing it, he doth not Prejudice the Affairs of his Government: But in England, where the Government is not Dispotical; But the People Free; and have as great a Share in the Soveraign Legislative Power, as the Subjects of any States have, or ever had; where the Customs [Page 31] makes great Figures, in the Kings Exchequer; where Ships are the Bullworks of the King­dom; and where the Flourish of Trade is as much the Interest of the King as of the People, There can be no such Cause of Fear: For, What Objections can any Man make, that his Mony in the Bank, may not be as well secured by a Law, as his Property is? Or; Why he should be more a­fraid of Losing his Mony, than his Land or Goods?

Interest is the Rent of Stock, and is the same as the Rent of Land: The First, is the Rent of the Wrought or Artificial Stock; the Latter, of the Unwrought, or Natural Stock.

Interest is commonly recko­ned for Mony; because the Mo­ny Borrowed at Interest, is to be repayed in Mony; but this is a mistake: For the Interest is [Page 32] paid for Stock: for the Mony borrowed, is laid out to buy Goods, or pay for them before bought: No Man takes up Mony at Interest, to lay it by him, and lose the Interest of it.

One use of Interest: It is the Rule by which the Trader makes up the Account of Profit and Loss; The Merchant expects by Dealing, to get more then Inte­rest by his Goods; because of bad Debts, and other Hazards which he runs; and therefore, reckons all he gets above Inte­terest, is Gain; all under, Loss; but if no more than Interest, neither Profit, nor Loss.

Another use of Interest, is, It is the measure of the Value of the Rent of Land; it sets the Price in Buying and Selling of Land: For, by adding three Years Interest more than is in [Page 33] the Principle, Makes the usual Value of the Land of the Coun­try; The difference of three Year is allowed; Because Land is more certain than Mony or Stock. Thus in Holland, where Mony is at three per. Cent. by reckoning how many times three is in a Hundred Pounds, which is Thirty Three; and Adding three Years more; makes Thir­ty Six Years Purchase; the Va­lue of the Land in Holland: And by the same Rule, interest be­ing at six per Cent. in England, Land is worth but Twenty Years Purchase; and in Ireland, but Thir­teen; Interest being there at Ten per Cent: so that, according to the Rate of Interest, is that Value of the Land in the Country.

Therefore, Interest in all Coun­trys is setled by a Law, to make it certain; or else it could not [Page 34] be a Rule for the Merchant to make up his Account, nor the Gentleman, to Sell his Land By.

Of the Use and Benefit of Trade.

THe Use of Trade is to make, and provide things Neces­sary: Or useful for the Sup­port, Defence, Ease, Pleasure, and Pomp of Life: Thus the Brewers, Bakers, Butchers, Poul­terers, and Cooks, with the A­pothecaries, Surgeons, and their Dependencies provide Food, and Medicine for the support of Life: The Cutlers, Gun-smiths, Powder-makers, with their Com­pany of Traders, make things for Defence; The Shoomakers Sad­lers, Couch, and Chair-makers, [Page 35] with abundance more for the Ease of Life: The Perfumers, Fidlers, Painters, and Booksellers, and all those Trades that make things to gratifie the Sense, or delight the Mind, promote Plea­sure: But those Trades that are imploy'd to express the Pomp of Life, are Infinite; for, besides those that adorn Mans Body, as the Glo­ver, Hosier, Hatter, Semstriss, Tay­lor, and many more, with those that make the Materials to Deck it; as Clothier, Silk-Weaver, Lace-Maker, Ribbon-Weaver, with their Assistance of Drapers, Mer­cers, and Milliners, and a Thousand more: Those Trades that make the Equipage for Servants, Trap­pings for Horses; and those that Build, Furnish, and Adorn Houses, are innumerable.

Thus Busie Man is imployed, and it is for his own Benefit; For by Trade, the Natural Stock of [Page 36] the Country is improved, the Wool and Flax, are made into Cloth; the Skins, into Leather; and the Wood, Lead, Iron and Tin, wrought into Thousand use­ful Things: The Over-plus of these Wares not useful, are tran­sported by the Merchants, and Exchanged for the Wines, Oyls, Spices, and every Thing that is good of Forreign Countries: The Trader hath One Share for his Pains, and the Land-Lord the Other for his Rent: So, that by Trade, the Inhabitants in general, are not only well Fed, Clothed and Lodged; but the Richer sort are Furnished with all things to pro­mote the Ease, Pleasure, & Pomp of Life: Whereas, in the same Country, where there's no Trade, the Land-Lords would have but Coarse Diet, Coarser Clothes, and worse Lodgings▪ and nothing for the Rent of their Lands, but the [Page 37] Homage and Attendance of their Poor Bare-footed Tenants, for they have nothing else to give.

Trade Raiseth the Rent of the Land, for by the Use of several sorts of Improvements, the Land Yield­eth a greater Natural Stock; by which, the Land-lord's Share is the greater: And it is the same thing, whether his Share be paid in Mony, or Goods; for the Mony must be laid out to Buy such Good's: Mony is an Imma­ginary Value made by a Law, for the Conveniency of Exchange: It is the Natural Stock that is the Real Value, and Rent of the Land.

Another Benefit of Trade, is, That, it doth not only bring Plenty, but hath occasioned Peace: For the Northern Nati­ons, as they increased, were for­ced from the Necessities of their Climates, to Remove; and used to [Page 38] Destroy, and Conquer the Inha­bitants of the Warmer Climates to make Room for themselves; thence was a Proverb, Omne Ma­lum ab Aquilone: But those Nor­thern People being settled in Trade, the Land by their In­dustry, is made more Fertile; and by the Exchange of the Nations-Stock, for Wines and Spices, of Hotter Climates, those Countries become most Habitable; and the Inhabitants having Warmer Food, Clothes, and Lodgings, are better able to endure the Extreamitys of their Cold Seasons: This seems to be the Reason, That for these Seven or Eight Hundred Years last past, there has been no such Invasions from the Northern part of the World, as used to destroy the Inhabitants of the Warmer Countries: Besides, Trade Allows a better Price for Labourers, than is paid for Fighting: So it is become [Page 39] more the Interest of Mankind to live at home in Peace, than to seek their fortunes abroad by Wars.

These are the Benefits of Trade, as they Relate to Mankind; those that Relate to Government, are many.

Trade Increaseth the Revenue of the Government, by providing an Imploy for the People: For e­very Man that Works, pay by those things which he Eats and Wears, somthing to the Govern­ment. Thus the Excise and Cus­tom's are Raised, and the more e­very Man Earns, the more he Consumes, and the King's Re­venue is the more Increased.

This shews the way of Deter­mining those Controversies, about which sort of Goods are most bene­ficial to the Government, by their Making, or Importing: The sole difference is from the Number of hands imploy'd in making them; Hence the Importation of Raw [Page 40] Silk, is more Profitable to the Go­vernment than Gold, or Silver; Be­cause there are more Hands im­ployd in the Throwing, and Weav­ing of the First; than there can be in working the Latter.

Another Benefit of Trade is, It is Useful for the Defence of the Government; It Provides the Magazines of Warr. The Guns, Powder, and Bullets, are all made of Minerals, and are wrought by Traders; Besides, those Minerals are not to be had in all Coun­tries; The great Stock of Salt­peter is brought from the East Indies, and therefore must be Imported by the Merchant, for the Exchange of the Natives Stock.

The last Benefit is, That Trade may be Assistant to the Inlarging of Empire; and if an Universal Empire, or Dominion of very Large Extent, can again be rais­ed [Page 41] in the World, It seems more probable to be done by the Help of Trade; By the Increase of Ships at Sea, than by Arms at Land: This is too large a Sub­ject to be here Treated of; but the French King's seeming At­tempt to Raise Empire in Europe, being that Common Theam of Mens Discourse, has caused some short Reflections, which will ap­pear by Comparing the Difficul­ty of the one, with the Probabi­lity of the other.

The Difficulties of Raising a Do­minion of very Large Extent; especially in Europe, are Many.

First, Europe is grown more Populous than formerly, and there are more Fortified Towns and Cities, than were in the time of the Roman Empire, which was the last extended Dominion; and therefore, not easily Subjected to the Power of any one Prince.

[Page 42] Whether Europe be grown more Populous, Solely by the Natural In­crease of Mankind; There being more Born than Dye, which first Peopled the World?

Or, Whether, since the Inhabi­tants of Europe being Addicted to Trade, the ground is made more Fertile, and yields greater Plenty of Food; which hath prevented famine, that formerly destroy'd great Numbers of Mankind: So that no great Famines, has been taken Notice of by Historians, in these Last Three Hundred Years?

Whether by Dreining Great Bogs, Lakes, and Fens, and Cut­ting down vast Woods, to make Room for the Increase of Man­kind, the Air is Grown more Healthy; So that Plagues, and other Epidemical Diseases, are not so destructive as formerly? none so violent, as Procopius and Wallsingham Report, which de­stroyed [Page 43] such Vast Numbers in Italy, that there were not left Ten in a Thousand; and in o­ther Parts of Europe, not enough alive to Bury the Dead. Where­as, the Plague in (1665) the Greatest since, did not take away the Hundredth Person in England, Holland, and other Countries, where it Raged?

Whether, since the Invention of Guns and Gun-Powder, so many Men are not slain in the Wars as formerly? Xerxes lost 260000 in one Battle against the Grecians; ALEXANDER, destroyed 110000 of Darius's Army; Marius, slew 120000 of the Cimbri; and in great Battles, seldome less than 100000 fell: But now 20000 Men are accoun­ted very great Slaughter.

Whether, since the Northern People have fallen on Trade, such [Page 44] vast Numbers, are not destroyed by Invasions?

Whether, by all those Ways, or by which of them most, Eu­rope is grown Populous, is not Material to this Discourse: It is sufficient to shew, That the Mat­ter of Fact is so, which does appear by comparing the Anti­ent Histories of Countries with the Modern?

In the Antient Descriptions, the Countries are full of Vast Woods, wild Beasts; the Inhabi­tants barbarous, and as wild, with­out Arts, and the Governments are like Colonies, or Herds of Peo­ple: But in the Modern, the Woods are cut down, and the Lyons, Bears, and wild Beasts de­stroyed; no Flesh-Eaters are left to inhabit with Man, but those Dogs and Cats that he tames for his Use: Corn grows where the Woods did, and with the Timber [Page 45] are built Cities, Towns and Vil­lages; the People are Cloathed, and have all Arts among them; and those little Colonies and Fa­milies, are increased into Greàt States and Kingdoms; and the most undeniable Proof of the In­crease of Mankind in England, is the Doom-Day-Book, which was a Survey taken of all the Inha­bitants of England, in the Reign of William the Conquerour; by which it appears, that the Peo­ple of England are increased more than double since that time: But since the Mosaical Hypothesis of the Increase of the World, is generally believed amongst the Christians. And the late Lord Chief Justice Hales, in his Book of the Origi­nation of Mankind, hath endea­voured to satisfie all the rest of the World. It would be mis­spending of Time, to use any o­ther Topick for the further Proof [Page 46] thereof, than what naturally fol­lows in this Discourse, which is from the Different Success of Arms, in the Latter and Former Ages.

In the Infancy of the World, Governments began with little Families and Colonies of Men; so that, when ever any Govern­ment arrived to greater Heighth than the rest, either by the great Wisdom or Courage of the Gover­nor, they afterwards grew a pace: It was no Difficulty for Ninus, that was the oldest Government, and consequently, the most Po­pulous, to begin the Assyrian Empire; nor for his Successors to continue and inlarge it: Such Vast Armies of Cyrus, Darius, Hystospis and Xerxes, the least of their Forces amounting to a­bove 500000, could not be Re­sisted, when the World was but thin Peopled.

[Page 47] These great Armies might at first sight, seem to infer, That the World was more Populous than now; because the Armies of the greatest Princes, seldom now exceed the Number of Fifty, or Sixty Thousand Men: But the Reason of those great Num­bers, was, They were not so well Skilled in Military Arts, and shew that the World was in the In­fancy of its Knowledge, rather than Populous; for all that were able to bear Arms, went to the Wars: And if that were now the Custom, there might be an Ar­my in England of above Three Million, allowing the Inhabitants to be Seven Millions; and by the same Proportion, the King of France's Country, (being four Times bigger) might raise Twelve Millions; such a Num­ber was never heard of in this World.

[Page 48] The next Difficulty against the inlarging of Empire by Arms, is, That since Printing, and the Use of the Needle hath been discove­red, Navigation is better known, and thence is a Greater Com­merce amongst Men, the Coun­tries and Languages are more un­derstood, Knowledge more dis­persed, and the Arts of War in all Places known; so that, Men fight more upon equal Terms than formerly; and like two Skil­ful Fencers, fight a long Time, before either gets Advantage.

The Assyrians & Persians Con­quered more by the Number of Souldiers, than Discipline; the Grecians and Romans, more by Discipline than Number; as the World grew older, it grew wi­ser: Learning first flourished a­mong the Grecians, afterwards a­mong the Romans; and as the Lat­ter succeeded in Learning, so they [Page 49] did in EMPIRE. But now both Parties are Equally Disci­plin'd and Arm'd; and the Suc­cesses of War are not so great; Victory is seldom gained without some Considerable Loss to the Conquerour.

Another Difficulty to the in­larging of Dominion by Arms, is, That the Goths Overcoming the greatest Part of Europe, did by their Form of Government, so settle Liberty, and Property of Land, that it is difficult for a­ny PRINCE to Change that Form.

Whether the Goths were Part of the Ten Tribes, as some are of Opinion, and to Countenance their Conjectures, have Compa­red the Languages of the Inha­bitants, Wales, Finland and Orcha­dis, and other Northern Parts (lit­tle frequented by Strangers, which might alter their Language) and [Page 50] find them to agree with the He­brew in many Words and Sound, all their Speech being Guttural. This is certain, their Form of Go­vernment seems framed after the Examples of Moses's Government in the Land of Canaan, by divi­ding the Legislative Power, ac­cording to the Property of Land, according to that Antient Max­im, That Dominion is founded up­on Property of Land. There Mo­narchy seems to be made by an easie Division of Land into Thirds, by a Conquering Army, setting down in Peace; the General be­ing King, has one Third; the Co­lonels being the Lords, another Third; and the Captains, and o­ther Inferiour Officers being Gen­tlemen, another; the Common Souldiers are the Farmers, and the Conquered are the Villains: The Legislative Power is divided amongst them, according to their [Page 51] Share in the Land; it being ne­cessary that those that have Pro­perty of Land, should have Po­wer to make Laws to Preserve it.

There seems to be but two settled Forms of Government; The Turkish, and Gothick, or English Monarchy: They are both found­ed upon Property of Land; in the First, the Property and Le­gislative Power is solely in the Prince; In the Latter, they are in both the Prince and People: The one is best fittted to raise Dominion by Armies; for the Prince must be Absolute to give Command, according to the Va­rious Fortunes of Warr: The o­ther is Best for Trade; for men are most industrious, where they are most free, and secure to in­joy the Effects of their La­bours.

All other Sorts of Government, [Page 52] either Aristocracy, or Democra­cy, where the Supream Magi­strate is Elective, are Imperfect, Tumultuous, and Unsettled: For Man is Naturally Ambitious.; he inherits the same Ruleing Spirit that God gave to Adam, to Go­vern the Creation with: And the oftner that the Throne is Empty, the oftner will Contenti­ons and Struggles Happen to get into it: Where deter digniori is the Rule, Warr always Ensues for the Golden Prize. Such Govern­ments will never be without such Men as Marius and Scilla, to disturb them; nor without such a Man as Caesar to Usurp them; notwithstanding all the Contri­vance for their Defence by those Polititians who seems fond of such Formes of Government.

The Gothick Government being a well fixed Form, and the People so free under it, is great hinde­rance [Page 53] to the Enlarging of Domi­nion; for a People under a good Government do more Vigorously Defend it: A free People have more to lose than Slaves, and their Success is better Rewarded than by any Mercenary Pay, and therefore, make a better Resi­stance: It was the Freedom of the Grecians and Romans that rais­ed their Courage, and had an e­qual Share in raising their Em­pires, with their Millitary Disci­pline: The free City of Tyre put Alexander to more Trouble to Conquer, than all the Citys of Asia.

The People of Asia, living un­der a Dispotick Power, made lit­tle Resistance; Alexander subdued Libia, Phaenicia, Pamphilia, with­out much Opposition in his Jour­ney to meet Darius; Egypt came under Subjection without Fight­ing, and so did many Countries, [Page 54] being willing to Change the Per­sian Yoak: Besides, he Fought but two Battles for the whole Persian Empire; and the Resistance of those slavish People was so weak, that he did not lose 500 Grecians in either of the Battles, tho' Dari­us Number far exceeded his; the one being above 260000, and the other not Forty; And there was as great Disproportion in the Slaughter; for at the Battle in Ci­licia he slew 110000, and that at Arbela 40000; whereas, the Spartan, a Free People, about the same time, fought with Antipa­ter his Vice-Roy of Macedon; and in a Fight, where neither Army exceeded 60000, slew 1012 of the Macedonians, which was more than Alexander lost in both his Battles: So great is the Diffe­rence of fighting against a Free, and a Slavish Effeminate People.

For the same Reasons, That the [Page 55] World is grown more Populous, That the Arts of War are more known. That the People of Europe live under a Free Government. It is as difficult to keep a Coun­try in Subjection, as to Conquer it. The People are too Numerous to be kept in Obedience: To destroy the greatest Part, were too Bloody, and Inhuman; To Burn the Towns, and Villages, and so force the People to re­move, Is to lose the greatest share in Conquest; for the People are the Riches and the Strength of the Country, And it is not much more Advantage to a Prince, to have a Title to Lands, in Terra Incognita, As to Countries with­out People.

Besides, Countries and Langua­ges being more known; And Man­kind more acquainted than for­merly: The Oppressed People re­move into the next Country they [Page 56] can find Shelter in, & become the Subjects of other Governments. By such Addition of Subjects, those Governments growing stronger, are better able to Resist the In­croaches of Empire: So that, every Conquest makes the next more difficult, from the Assistance of those People before Conquer­ed; To Transplant the Conquer­ed into a Remote Country, as formerly, Is not to be Practised; There is now no Room, the World is so full of People.

To Conquer, and leave them Free, only paying Tribute and Homage, Is the same as not to Conquer them: For there is no Reason to expect their Submissi­on longer, than till they are able to Resist; which will not be long before they make the same Op­position, if they continue in the same Possession; and therefore, though the Romans in the Infan­cy [Page 57] of their Government, did leave several Countries Free, as an As­sistance to other CONQUEST; yet, when they grew stronger, they turned all their Conquest in­to Provinces, being the surest way to keep them from Revolting.

These are the Difficulties of in­larging Dominion at Land, but are not Impediments to its Rise at Sea: For those Things that Obstruct the Growth of Empire at Land, do rather Promote its Growth at Sea. That the World is more Populous, is no Prejudice, there is Room e­nough upon the Sea; the many Fortified Towns may hinder the March of an Army, but not the Sailing of Ships: The Arts of Navi­gation being discover'd, hath added an Unlimited Compass to the Na­val Power. There needs no Change of the Gothick Government; for that best Agrees with such an Empire.

[Page 58] The Ways of preserving Con­quests gain'd by Sea, are diffe­rent from those at Land. By the one, the Cities, Towns and Vil­lages are burnt, to thin the Peo­ple, that they may be the easier Governed, and kept into Subjec­tion; by the other, the Cities must be inlarged, and New ones built: Instead of Banishing the People, they must be continued, in their Possession, or invited to the Seat of Empire; by the one, the Inhabitants are inslaved, by the other, they are made Free: The Seat of such an Empire, must be in an Island, that their Defence may be solely in Ship­ping; the same way to defend their Dominion, as to inlarge it.

To Conclude, there needs no other Argument, That Empire may be raised sooner at Sea, than at Land; than by observing the Growth of the Ʋnited Provinces, [Page 59] within One Hundred Years last past, who have Changed their Style, from Poor Distressed, into that of High and Mighty States of the United Provinces: And Amsterdam, that was not long since, a poor Fisher-Town, is now one of the Chief Cities in Europe; and within the same Compass of Time, that the Spaniard & French have been endeavouring to Raise an Universal Empire upon the Land; they have risen to that Heighth, as to be an equal Match for either of them at Sea; and were their Government fitted for a Dominion of large Extent, and their Country separated from their Troublesome Neighbour the Con­tinent, which would Free them from that Military Charge in de­fending themselves, they might, in a short Time, Contend for the Soveraignity of the Seats.

But England seems the Properer [Page 60] Seat for such an Empire: It is an Island, therefore requires no Milita­ry Force to defend it. Besides, Mer­chants and Souldiers never thrive in the same Place; It hath many large Harbours fitting for a large Dominion: The Inhabitants are na­turally Couragious, as appears from the Effects of the Climate, in the Game Cocks, and Mastiff Dogs, be­ing no where else so stout: The Monarchy is both fitted for Trade and Empire. And were there an Act for a General Naturalization, that all Forreigners, purchasing Land in England, might Enjoy the Freedom of Englishmen, It might within much less Compass of Time, than any Government by Arms at Land, arrive to such a Dominion: For since, in some Parts of Europe, Mankind is har­rassed and disturbed with Wars; Since, some Governours have in­croached upon the Rights of their [Page 61] Subjects, and inslaved them; Since the People of England en­joy the Largest Freedoms, and Best Government in the World; and since by Navigation and Let­ters, there is a great Commerce, and a General Acquaintance a­mong Mankind, by which the Laws and the Liberties of all Nations, are known; those that are oppressed and inslaved, may probably Remove, and become the Subjects of England: And if the Subjects increase, the Ships, Excise and Customs, which are the Strength and Revenue of the Kingdom, will in Proportion in­crease, which may be so Great in a short TIME, not on­ly to preserve its Antient Sove­raignty over the Narrow Seas, but to extend its Dominion over all the Great Ocean: An Empire, not less Glorious, & of a much lar­ger Extent, than either Alexander's or Caesar's.

Of the Chief Causes that Promote Trade.

THE Chief Causes that Pro­mote Trade, (not to men­tion Good Government, Peace, and Scituation, with other Ad­vantages) are Industry in the Poor, and Liberality in the Rich: Liberality, is the free Usage of all those things that are made by the Industry of the Poor, for the Use of the Body and Mind; It Relates chiefly to Man's self, but doth not hinder him from being Liberal to others.

The Two Extreams to this Vertue, are Prodigality and Co­vetousness: Prodigality is a Vice that is prejudicial to the Man, but not to Trade; It is living a pace, and spending that in a Year, that should last all his [Page 63] Life: Covetousness is a Vice, prejudicial both to Man & Trade; It starves the Man, and breaks the Trader; and by the same way the Covetous Man thinks he grows rich, he grows poor; for by not consuming the Goods that are provided for Man's Use, there ariseth a dead Stock, called Plenty▪ and the Value of those Goods fall, and the Covetous Man's Estates, whether in Land, or Mony, becomes less worth: And a Conspiracy of the Rich Men to be Covetous, and not spend, would be as dangerous to a Trading State, as a Forreign War; for though they themselves get nothing by their Covetous­ness, nor grow the Richer, yet they would make the Nation poor, and the Government great Losers in the Customs and Ex­cises that ariseth from Expence.

[Page 64] Liberality ought Chiefly to be Exercised in an equal Division of the Expence amongst those things that relate to Food, Cloaths, and Lodging; according to the Portion, or Station, that is allotted to every Man, with some allowance for the more refined Pleasures of the Mind; with such Distributions, as may please both sect of Philo­sophers, Platonist and Epicureans: The Belly must not be starved to cloath the Back-Part.

Those Expences that most Pro­mote Trade, are in Cloaths and Lodging: In Adorning the Body and the House, There are a Thou­sand Traders Imploy'd in Cloath­ing and Decking the Body, and Building, and Furnishing of Hou­ses, for one that is Imploy'd in providing Food. Belonging to Cloaths, is Fashion; which is the Shape or Form of Apparel.

[Page 65] In some places, it is fixt and certain; as all over Asia, and in Spain; but in France, England, and other places, the Dress alters; Fashion or the alteration of Dress, is a great Promoter of Trade, be­cause it occasions the Expence of Cloaths, before the Old ones are worn out: It is the Spirit and Life of Trade; It makes a Cir­culation, and gives a Value by Turns, to all sorts of Commodi­ties; keeps the great Body of Trade in Motion; it is an Inven­tion to Dress a Man, as if he Liv­ed in a perpetual Spring; he ne­ver sees the Autum of his Cloaths: The following of the Fashion, Is a Respect paid to the Prince and his Court, by approving his Choice in the shape of the Dress. It lyes under an ill Name amongst many Grave and Sober People, but without any Just Cause; for those that Exclaim against the [Page 66] Vanity of the New Fashion, and at the same time, commend the Decency of the Old one, forget that that every Old Fashion was once New, and then the same Ar­gument might have been used against it. And if an Indian, or Stranger, that never saw any person Cloathed before, were to be Judge of the Controversy, and were to Determin upon seeing at the same time a well Drest-Cour­tier in the New Fashion, and ano­ther in the Old, which is accoun­ted Decent; and a third in the Robes of an Officer, which by common Esteem, had a Reverence: It will be Two to One, against any One of the Grave Fashions; for it's only Use and Custom by which Habits become Grave and Decent, and not any particular Conveniency in the shape; for if Conveniency were the Rule of Commendation, there would arise [Page 67] a Question not Easily to be De­termined, Whether the Spanish Garb made strait to the Body, or the loose Habit of the Turks, were to be Chosen? And therefore since all Habits are equally handsome, and hard to know which is most Convenient: The Promoting of New Fashions, ought to be En­couraged, because it provides a Livelihood for a great Part of Mankind.

The next Expence that chiefly promotes Trade, is Building, which is natural to Mankind, being the making of a Nest or Place for his Birth, it is the most proper and vi­ble▪ Distinction of Riches, and Greatness, because the Expences are too Great for Mean Persons to follow. It is a Pleasure fit to enter­tain Princes; for a Magnificent Structure doth best represent the Majesty of the Person that lives in it, and is the most lasting and [Page 68] truest History of the Greatness of his Person.

Building is the chiefest Pro­moter of Trade; it Imploys a greater Number of Trades and People, than Feeding or Cloath­ing: The Artificers that belong to Building, such as Bricklayers, Carpenters, Plaisterers, &c. im­ploy many Hands; Those that make the Materials for Building, such as Bricks, Lyme, Tyle, &c. imploy more; and with those that Furnish the Houses, such as Ʋpholsterers, Pewterers, &e. they are almost Innumerable.

In Holland, where Trade hath made the Inhabitants very Rich, It is the Care of the Govern­ment, to Incourage the Builder, and at the Charge of the State, the Grafts and Streets are made. And at Amsterdam, they have three Times, at great Expence, Thrown down the Walls of their [Page 69] City, and Dreined the Boggs, to make Room for the Builder: For Houses are the Places where the Artificers make their Goods, and Merchants Sell them; and with­out New Houses, the Trades and Inhabitants could not Increase.

Beside, There is another great Advantage to Trade, by Enlarg­ing of Cities; the Two Benefi­cial Expences of Cloathing and Lodging, are Increased; Man be­ing Naturally Ambitious, the Liv­ing together, occasion Emulation, which is seen by Out-Vying one another in Apparel, Equi­page, and Furniture of the House; whereas, if a Man lived Solitary alone, his chiefest Expence, would be Food. It is from this very Custom; If the Gentry of France Living in Cities, with the In­vention of Fashion; That France, tho' a Country no way fitted for Trade, has so great a share [Page 70] of it: It is from Fashion in Cloaths, and Living in Cities, That the King of France's Reve­nues is so great, by which he is become troublesome to his Neigh­bours, and will always be so, while he can preserve Peace with­in his own Country; by which, those Fountains of Riches, may run Interrupted into his Exche­quer.

Of the Chief Causes of the De­cay of Trade in England, and Fall of the Rents of Land.

THE Two Chief Causes of the Decay of Trade, are the many Prohibitions and high Interest.

The Prohibition of Trade, is the Cause of its Decay; for all For­reign Wares are brought in by the Exchange of the Native: So that the Prohibiting of any Foreign Commodity▪ doth hin­der the Making and Exporta­tion of so much of the Native, as used to be Made and Ex­changed for it. The Artificers and Merchants, that Dealt in such Goods, lose their Trades; and the Profit that was gained by such Trades, and laid out amongst other Traders, is Lost. The Na­tive Stock for want of such [Page 72] Exportation, Falls in Value, and the Rent of the Land must Fall with the Value of the Stock.

The common Argument for the Prohibiting Foreign Commo­dities, is, That the Bringing in, and Consuming such Foreign Wares, hinders▪ the Making and Consuming the like sort of Goods of our own Native Make and Growth▪ therefore Flanders-Lace, French Hats, Gloves, Silks, West­phalia-Bacon, &c. are Prohibited, because it is supposed, they hin­der the Consumption of English-Lace, Gloves, Hats, Silk, Bacon, &c. But this is a mistaken Rea­son, and ariseth by not consider­ing what it is that Occasions Trade. It is not Necessity that causeth the Consumption, Na­ture may be Satisfied with little; but it is the wants of the Mind, Fashion, and desire of Novelties, and Things scarce, that causeth [Page 37] Trade. A Person may have En­glish-Lace, Gloves, or Silk, as much as he wants, and will Buy no more such; and yet, lay out his Mony on a Point of Venice, Jessimine-Gloves, or French-Silks; he may desire to Eat Westphalia Bacon, when he will not English; so that, the Prohibition of For­reign Wares, does not necessarily cause a greater Consumption of the like sort of English.

Besides, There is the same wants of the Mind in Foreigners, as in the English; they desire Novelties; they Value English-Cloth, Hats, and Gloves, and Foreign Goods, more than their Native make; so that, tho' the Wearing or Consuming of For­reign Things, might lessen the Consuming of the same sort in England; yet there may not be a lesser Quantity made; and if the same Quantity be made, it [Page 70] [...] [Page 71] [...] [Page 74] be a greater Advantage to the Nation, if they are Con­sumed in Foreign Countries, than at Home; because the Charge, and Imploy of the Freight, is Gained by it, which in bulky Goods, may be a Fourth Part of the whole Value.

The particular Trades that ex­pect an Advantage by such Pro­hibition, are often mistaken; For if the Use of most Commodities depending upon Fashion, which often alters; The Use of those Goods cease. As to Instance, Suppose a Law to Prohibit Cane-Chairs; It would not necessarily follow, That those that make Turkey-Work Chairs, would have a better Trade. For the Fashion may Introduce, Wooden, Lea­ther, or Silk Chairs, (which are already in Use amongst the Gen­try, The Cane-Chairs being grown too Cheap and Common) [Page 75] or else, they may lay aside the Use of all Chairs, Introducing the Custom of Lying upon Car­pets; the Ancient Roman Fashi­on; still in Use amongst the Turks, Persians, and all the Eastern Princes.

Lastly, If the Suppressing or Prohibiting of some sorts of Goods, should prove an Advan­tage to the Trader, and Increase the Consumption of the same sort of our Native Commodity: Yet it may prove a Loss to the Nation. For the Advantage to the Nation from Trade, is, from the Customs, and from those Goods that Imploys most Hands. So that, tho' the Prohibition may Increase, as the Consump­tion of the like sort of the Na­tive; yet if it should Obstruct the Transporting of other Goods which were Exchanged for them, that Paid more Custom, Freight, or lmployed more Hands in [Page 76] making; The Nation will be a lo­ser by the Prohibition: As to In­stance, If Tobacco or Woollen-Cloth were used to Exchange for Westphaly-Bacon, The Nation loseth by the Prohibition, tho' it should increase the Consump­tion of English-Bacon; because the First, Pays more Freight, and Custom; and the Latter, Imploys more Hands. By this Ruse it appears, That the Prohibi­ting of all unwrought Goods, such as raw Silk, Cotton, Flax, &c. and all Bulky Goods; such as Wines, Oyls, Fruits, &c. would be a Loss to the Nation; be­cause nothing can be sent in Ex­change that Imploys fewer Hands than the First, or Pays greater Freight than the Latter.

It doth not alter the Case, If the Ballance of the Account, or all the Foreign Goods, were bought by Silver or Gold; For [Page 77] Silver and Gold, are Foreign Commodities; Pay but little Freight, and Imploy but few Hands in the Working; And are at First brought into England, by the Exchange of some Na­tive Goods, and having Paid for their coming hither, must Pay for the Carriage out. It is true, That if our Serge, Stuffs, or Cloth, are Exchanged for Unmanufactu­red Goods, it would be a greater Advantage to the Nation, be­cause of the difference in Num­ber of Hands in the making of the First, and the Later.

But all Trading Countries Stu­dy their Advantage by Trade, and Know the difference of the Profit by the Exchange of wrought Goods, for unwrought: And therefore, for any Nation to make a Law to Prohibit all Foreign Goods, but such only as are most Advantageous; Is to put other [Page 78] Nations upon making the same Laws; and the Consequence will be to Ruine all Foreign Trade. For the Foundation of all For­reign Trade, is, from the Ex­change of the Native Commo­dities of each Country, for one another.

To Conclude, If the bringing in of Foreign Goods, should hin­der the making and consuming of the Native, which will very seldom happen; this disadvan­tage is not to be Remedied by a Prohibition of those Goods; but by Laying so great Duties upon them, that they may be always Dearer than those of our Coun­try make: The Dearness will hinder the common Consumpti­on of them, and preserve them for the Use of the Gentry, who may Esteem them, because they are Dear; and perhaps, might not Consume more of the En­glish [Page 79] Growth, were the other not Imported. By such Duties, the Revenue of the Crown, will be Increased; And no Exceptions can be taken by any Foreign Prince, or Government; Since it is in the Liberty of every Government, To Lay what Duty or Imposi­tion they please. Trade will con­tinue Open, and Free; and the Traders, Enjoy the Profit of their Trade: The Dead Stock of the Nation, that is more than can be Used, will be Carried off, which will keep up the Price of the Native Stock, and the Rent of the Land.

The next Cause of the De­cay of TRADE in England, and the Fall of Rents, is, That Interest is higher in England, than in Holland, and other places of great Trade: It is at Six per Cent. in England, and at Three in Hol­land; For all Merchants that [Page 80] Trade in the same sort of Goods, to the same Ports, should Trade by the same Interest.

Interest is the Rule of Buy­ing and Selling: And being higher in England, than in Hol­land; The English Merchant Trades with a Disadvantage, be­cause he cannot Sell the same sort of Goods in the same Port, for the same Value as the Dutch Merchant. The Dutch Merchant can Sell 100 l. worth of Goods, for 103 l. And the English Mer­chant must Sell the same sort, for 106 l. to make the same Ac­count of Principal and Interest.

When Sir Thomas Gresham had almost the sole Trade of Spain, and the Turky-Company the sole Selling of Cloth into Turky, and several other places; The Difference of Interest was then, no prejudice to Trade, tho' Inte­rest was then in England, at Eight [Page 81] per Cent. Because, whoe're has the sole Trade to a place, may set what Price he pleaseth upon his Goods: But now, Trade is dispersed, the same sort of Manu­facture, is made in several Coun­tries. The Dutch and English Merchants, Trade in the same sort of Goods, to the same For­reign Parts, and therefore they ought to Deal by the same Inte­rest, which is the Measure of Trade.

Besides, And the English Mer­chant hath the same Disadvan­tage in the Return of the Goods he Buys; for the Dutch Mer­chant making his Return in the same sort of Goods, can under-Sell him.

By this Difference of Inte­rest, Holland is become to be the great Magazine, and Store-House of this Part of Europe, for all sorts of Goods: For they may be laid up Cheaper in [Page 82] Holland, than in England.

It is impossible for the Mer­chant when he has Bought his Goods, To know what he shall Sell them for: The Value of them, depends upon the Dif­ference betwixt the Occasion and the Quantity; tho' that be the Chiefest of the Merchants Care to observe, yet it Depends upon so many Circumstances, that it's impossible to know it. There­fore if the plenty of the Goods, has brought down the Price; the Merchant layeth them up, till the Quantity is consumed, and the Price riseth. But the English Merchant, cannot lay up his, but with Disadvantage; for by that time, the Price is risen so as to pay Charges and Interest at Six per Cent. the same Goods are sent for from Holland, and bring down the Price: For they are laid up there, at Three per Cent, and [Page 83] can therefore be Sold Cheaper.

For want of Considering this, in England, many an English Merchant has been undone; for, though by observing the Bill of Lading, he was able to make some Guess of the Stock that was Imported here; and there­fore, hath kept his Goods by him for a Rise: But not knowing what Stock there was in Holland, hath not been able to sell his Goods to Profit, the same Goods being brought from thence be­fore the Price riseth high enough to pay Ware-House-Room, and Interest.

So that, now the great part of the English Trade is driven by a quick Return, every Day Buying and Selling, according to a Bill of Rate every day Prin­ted. By this Means, the English Trade is narrowed and confined, and the King loseth the Revenue [Page 84] of Importation, which he would have, if England were the Maga­zine of Europe; and the Nation loseth the Profit, which would arise from the Hands imploy'd in Freight and Shipping.

Interest being so high in Eng­land, is the Cause of the Fall of Rents; for Trade being confined to a Quick Return: And the Merchant being not able to lay up Foreign Goods, at the same Interest as in Holland, he Exports less of the Native; and the Plen­ty of the Native Stock Brings down the Rent of Land; for the rest of the Land that produceth the Stock, must fall, as the Price of the Stock doth.

Whereas, if Interest were at the same Rates as in Holland, at Three per Cent. it would make the Rent more certain, and raise the Value of the Land.

This Difference of Three per [Page 85] Cent. is so Considerable, that many Dutch Merchants Living in Holland, having Sold their Goods in England; give Order, to put out their Stock to Interest in England; thinking That a better Advantage than they can make by Trade.

It will raise the Rent of some Estates, and preserve the Rent of others: For the Farmer must make up his Account, as the Merchant doth; the Interest of the Stock, must be reckoned, as well as the Rent of Land: Now if the Farmer hath 300 l. Stock, upon his Farm, that is so easily Rented, that he Lives well up­on it; he may add 9 l. per Annum more to the Rent, when the In­terest is at Three per Cent. and make the same Account of Pro­fit from the Farm: As he doth now Interest, is at Six per Cent. And those Farmers that are hard [Page 86] Rented, having the same Stock, will have 9 l. per Annum Ad­vance in the Account, towards the Easing the Rent: For altho' the Farmer gets nothing more at the Years end, yet in making up of Account, there must 9 l. add to the Value of Land, and taken from the Account of the Stock. If Interest were at Three per Cent. there would always be a Magazine of Corn and Wooll in England, which would be a great Advantage to the Farmer, and make his Rent more certain; for there are Years of Plenty, and Scarcity; and there are more Farmers undone by Years of great Plenty, than Recover themselves in Years of Scarcity; for when the Price is very low, the Crop doth not Pay the Charge of Sowing, Farming, and Carrying to Market; and when it is Dear, It doth not fall to all Mens For­tune [Page 87] that were losers by Plenty, to have a Crop: Now if Inte­rest were at Three per Cent. Corn and Wooll in Years of great Plenty, would be Bought and Laid up to be Sold in Years of Scarcity. The Buying in Years of Plenty, would keep the Price from Falling too Low; and the Selling in Years of Scarcity, would prevent it from Rising too High; by this means, a mode­rate Price, being best upon Corn and Wooll; the Farmers Stock and Rent of the Land, would be more certain.

But now Holland being the great Magazine of Corn, Man will Lay up any considerable Quantity in England at Six per Cent. when he may always Buy as much as he wants, that was Laid up at Three per Cent. and may bring it from thence, as Soon, and as Cheap, into any Parts of [Page 88] England, as if it were Laid up here.

Thirdly, If Interest were at Three per Cent. the Land of En­gland, would be worht from Thirty Six, to Forty Years Pur­chase; for Interest, sets the Price in the Buying and Selling of Land.

The bringing down of Interest, will not alter the Value of other Wares; for the Value of all Wares, arriveth from their Use; and the Dearness and Cheapness of them, from their Plenty and Scarcity: Nor will it make Mony more Scarce. For if the Law allow no more Interest, than Three per Cent. they that Live upon it, must Lend at that rate, or have no Interest; for they cannot put it forth any where else to better Advantage. But if it be supposed, That it may make Mony scarce, and that it [Page 89] may be a Prejudice to the Go­vernment, who want the Advance of the Mony; It may be provi­ded for, by a Clause, that all that Lend Mony to the King, shall have 6 l. per Cent.; such Advantage would make all Men Lend to the Government: And the King will save two per Cent. by such a Law.

The seeming Prejudice from such a Law, is, It will lessen the the Revenue of those who live up­on Interest: But this will not be a General Prejudice; for ma­ny of those Persons, have Land as well as Mony, and will get as much by the Rise of one, as the by the Fall of the other. Besides, many of them, are Persons that live Thriftily, and much within the Compass of their Estates; and therefore, will not want it, but in Opinion. They have had a long Time, the Advantage of [Page 90] the Borrower; for the Land yield­ing but 4 l. per Cent. and the In­terest being at 6 l. per Cent. a new Debt is every Year contracted of 2 l. per Cent. more than the Va­lue of the Debt in Land will pay, which hath Devoured many a good Farm; and eat up the E­states of many of the Ancient Gentry of England.

Moses, that Wise Law-Giver, who designed, that the Land, divi­ded amongst the Jews, should con­tinue in their Families; forbid the Jews to pay Interest, well know­ing that the Merchants of Tyre, who were to be their near Neigh­bours, would, by Lending Mony at Interest, at last get their Lands: And that this seems to be the Rea­son, is plain; For the Jews might take Interest of Strangers, but not pay; for by taking Interest, they could not lose their Estates.

The Lawyers have invented In­tails, [Page 91] to preserve Estates in Fami­lies; and the bringing down of Interest to Three per Cent. will much help to continue it; be­cause the Estates being raised to double the Value, will require double the Time, after the same Proportion of Expence to Con­sume it in.

The raising the Value of Land, at this Time, seems most necessa­ry, when the Nation is Engaged in such a Chargeable War: For the Land is the Fund that must support and preserve the Govern­ment; and the Taxes will be les­ser and easier payd; for they will not be so great: For 3 sh. in the Pound, is now 133½ Part of every Mans Estate in Land, reckoning at Twenty Years Purchase. But if the Value of the Land be dou­bled, it will be the 226 Part of the Land, which may be much easier born.

[Page 92] Campinella, who Wrote an 100 years since, upon considering of the great Tract of the Land of France; says That if ever it were United under one Prince, it would produce so great a Revenue; It might give Law to all Europe.

The Effect of this Calculation, I since, seen by the Attempts of thi present King of France: And there­fore, since England is an Island, and the Number of Acres cannot be In creased; It seems absolutely necessary▪ That the Value of them, should be rais­ed to Defend the Nation against such a Powerful Force: It will be some Re­compence to the Gentry, whose Land must bear the Burthen of the VVar to have the Value of their Estates Raised; which is the Fund and Sup­port of the Government; Is a great Advantage to the whole Nation; and it's the greater, because it doth not Disturb, Lessen, nor Alter the Value of any Thing else.