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 [Page 2] 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, [Page 3] 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 [Page 4] 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 'twas 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 [Page 5] 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 [Page 6] 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, [Page 7] 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 [Page 8] 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.

[Page 9] 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, 'twas 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 'tis true, was hereby [Page 10] 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, 'twas 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 [Page 11] 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, [Page 12] 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, 'tis 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 [Page 13] 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 'tis 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 'tis 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 [Page 14] 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 [Page 15] 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, 'twas 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 [Page 16] 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 'twill 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.

[Page 17] 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 'tis 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, [Page 18] 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 [Page 19] 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 [Page 20] 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; 'tis 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 'twould 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 [Page 21] 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.

'Tis our Manufastures and Product which furnish this Kingdom with Silver, and the more they yield Abroad, the greater is our Supply; whence 'tis 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 [Page 22] 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 Ʋsurer, 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, [Page 23] 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, 'tis to be hoped that the Parlia­ment will not easily be prevailed with to alter it.

The thing I chiefly aim at is still be­hind, [Page 24] 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 [Page 25] 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; [Page 26] 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 'tis 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, [Page 27] 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 [Page 28] 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; [Page 29] 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, [Page 30] 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; 'tis 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 [Page 31] Pounds per Annum, by such proper Me­thods, as would at the same time pro­mote Trade, and enrich the Trader.

'Tis 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 [Page 32] 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, 'twill 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.

[Page 33] 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 'twas 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 [Page 34] 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 [Page 35] 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 'tis 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; [Page 36] 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, 'tis 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, 'twould bear a better Rate if we could keep it from be­ing [Page 37] 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 [Page 38] 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; 'Tis 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, [Page 39] 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; 'Tis 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 [Page 40] 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.