England and East-India inconsistent in their Manufacturies.

Page 6. But before any argument should be enter'd upon which of these accounts is most justifiable, it is requisite to agree up­on matter of Fact and Principles, particu­larly what may be called the Riches or Trea­sure of a Nation, or what may be esteemed the most useful, after what is absolutely ne­cessary, to supply the necessities of Nature, some being of Opinion, that nothing deserves that name or to be so esteemed,, but Gold and Silver; because no other Metal is so lasting and durable, or so fit to receive the Royal Stamp, nor to be ascertained in va­lue, and divided into several denominations, nor so convenient to pay Fleets and Armies, and because it has a general esteem in all parts of Europe, as fit for such uses, and to be the Standard for the carrying on of Commerce, and to be bartered off for all o­ther Commoàities.

That Jewels, Lead, Tin or Iron, though durable, yet having not those other qualisicati­ons, do not so well deserve to be esteemed Treasure.

Our Author picks out of these Para­graphs the words he thought most pro­per for his purpose, and then asserts.

[Page 24]Page the 16. That in truth Money is at bottom no more than the Counters with which Men in their dealings have been accustomed to reckon. Suppose the Hollanders should lend to some foreign State upon Jewels, or the pledge of cautionary Towns, two thirds of all their Species, would they cease upon so do­ing to be a wealthy People; most certainly not, and such a security put into their hands, will be real and true Riches.

Page the 62. Gold and Silver are often a surfiting Dyet to a Nation, and there may be as well too much as too little of this kind of Treasure, if not turned to proper uses.

Where it flows in so fast as to choak indu­stry, or where it is suffered to Stagnate, it doth more hurt than good.

Page 64. These Metals then are so far from being as our Author would have it, the only or most useful Riches, that some­times they may be hurtful, and never at all useful, but when in motion, and ministring to Trade, and the other business of a People,

A Treasure therefore accidentally flowing in, interupts and choaks this Industry, may be prejudicial to the Publick.

It is not probable that these Assertions would have been published in a Book written with so much deliberation, but [Page 25]that the Author was at a great loss how to depreciate the use of Coin, and value of Gold and Silver, that we might be negligent of what we have, and careless in endeavouring to get more.

Counters are usually made of Ebony, Paper, Pasteboard, or of any base metal; Coin of the most valuable, when Coun­ters are used to keep Accounts or Reck­onings, it is to determine what may be owing from one person to another, in order to demand Coin for Payment, which in all Parts is taken in discharge of Debts, and here with us prescribed by Law, to be taken in discharge of all Specialities or Debts whatsoever.

If Money be no more valuable than Coun­ters which Men use only to reckon by, that it should have a general esteem with all Na­tions, that there should be such contending for it, who shall get most, and that so ma­ny should of late years be executed for adulterating and clipping of it, is unac­countable.

The instance there given, makes not for his purpose, for tho it should be, that the Hollanders do purchase their Jewels for two thirds of their Specie, which may deserve to be esteem'd Wealth, yet not having their va­lue ascertained, nor being capable to be di­vided [Page 26]into several denominations, they would not probabley be so useful for their defence, or carrying on of their Trade, as Money.

But if instead of this, he had given an Instance, when the Dutch, bought Jewels or Cautionary Towns with Counters, it should have been allowed as a good proof of his Assertion.

Tho Coin is that which passes from had to hand in Dealings, and there­fore (it may be said) it is much used as a pledge, yet still not as Counters to reckon by, because it is always taken as a Satisfaction and Payment: The deno­minations of Pounds Shillings and Pence, may resemble the use of Counters; but the Instance the Author gives, makes out, that he would not have this assertion so understood, and the expressions page 62. and 64, do confirm, that the Author is of opinion that Money ought not to be regarded more than as Counters to reckon by, which it is probable is grounded, on the semilitude and resemblance, which our new Money has to some Counters.

It naturally follows that when things are of no solid use, and of little value, and that dangers attend the having or keeping of them, that all persons will re­ject and despise such, and have no regard [Page 27]for them and approve of a lavish Consump­tion.

It is apparent to every one that we are not in danger at present, to be surfeited with Gold or Silver, or to have so much as to choak Industry, or too much for necessary uses, therefore whether these and many o­ther Notions in that Book, which have such a tendency to make us careless how to dispose of our Coyn, and to incline us to turn our real Treasure into what is but Artificial, and Fictitious, or to exchange it for Gugas and Toys, are proper to be dispersed at this time, the State of the Nation being consider'd in reference to our Trade, Debts, Paper-Credit, and Defence is left to better Judgments.

But since this Author has published page 432, That he has offered himself to go for the Indias with an honest design, and up­on principles that respect the Kingdoms ser­vice, it is hoped that if our Coin be at bottom, no more than Counters to reck­on with (seeing he may find Pebbles there for that use) that he will endeavour to prevent the carrying out of Coin, or Gold and Silver, in the Squadron that may Transport him to India, which as it would give great satisfaction to some of his Friends he may leave behind him, so [Page 28]it would prevent the danger of giving the Indians a surfeit, or choaking their In­dustry, and making his Voyage ineffectu­al, so well designed for the Kingdoms good, but if that should meet opposition, then that he would leave us a Scheme, (least our Coin should grow scarce) how to put in practice what he has as­serted.

Page 165. Tho Money has hitherto been called the measure of Trade, yet mankind may agree to set up any thing else in its room; and whatever it be, in the place where it universally takes, it may serve their turn as well as Gold and Silver.

It is supposed this may be taken as an­other Argument for the discrediting the use and value of Coin; but it would have carried more weight with it, if the Au­thor had told us, what this other thing should be, and how the various interests of Nations should be reconiled, and what probability there is, that all makind will agree in it, or that any such Project would universally take; but that none of his good Notions may be lost for want of endeavours to reduce them to practise, and because the Great Mogull ought to come in (as a part of mankind) for a Confedrate in this Affair, as well as all trading Na­tions. [Page 29]If while he is upon his Imply­ment in India, he can find means to adjust it with that Prince, that no more of our Coin may be carried to those parts, as it would be a good foundation for setling this new Measure of Trade, so he may justly expect that it should be reckoned as an addition to the great Services he may probably accomplish in this Voyage, for the Kingdoms good.

But tho Money be no more at botome than Counters to reckon with in this Au­thors Opinion, Page 16. yet Page 101. He says that the Species of Money is the life of Trade. Page 170. Moey is the Foundation of Credit, where there is none there can be no Credit. Page 171. That to support Credit it is necessary that there be as­surance: That there shall be kept in the Kingdom a sufficient quantity of the Species to turn in Trade, in the payment of Taxes and Rents; and in the Manufactures to keep the Wheels of the Machine in motion. And Page 7.15. That Gold and Silver is the measure of Trade.

These expressions give some hopes that the Author will in time agree, that Coin is also necessary for the Defence of the Nation, and more useful than Counters to reckon with, unless he find it impossi­ble [Page 30]to retract his opinion, because it is not a chance expression, but offered as his judgment, backt with reflections, in opposition to what had been asserted in the little Tract he mentions, That Gold and Silver is the only, or most useful Trea­sure of the Nation but if he cannot alter his opinion, that he would then in such case reconcile his own Opinions, about Coin, and explain his Objections made against Coin, by giving an account what other Treasure there is, or ever was in the Nation more useful, or by which we have had any greater advantage, if not turned to proper uses, or ever was fitter for Circulation, ministering to Trade, and the other business of the People, then Coin, and what danger we are in at this time to be surfeited with it, and how he will reconcile such Opinions with Xenophon, mentioned in a Discourse upon improving the State of Athens, Printed as an addition to his, Part 1. P. 23. A Master of a Family indeed when he is well provided with Furniture and Houshold Goods, buys no more; but no man was ever so over-stock'd with Silver, as not to desire a further encrease, if there are any who have more than their occasions require, [Page 31]they hoard up the rest, with as much plea­sure as if they actually made use of it.

And when a Nation is in a flourishing con­dition, no one is at a loss how to imploy his Money, the men lay it out in fine Armor and in magnificent Houses and Buildings; Women lay it out in great Equipage, costly Habits and rich Cloaths.

And in accidents of War when our Lands lie Fallow and Ʋncultivated, or in a publick Dearth, and Scarcity, what reserves have we left to apply to, but Silver, to purchase necessaries for Substance, or hire Auxiliaries for our Defence.

If it is objected that Gold is as usefull as Silver, I will not dispute it, but this I am sure off, that plenty of Gold always lowered its value and advanced the price of Sil­ver.

I have insisted the longer on these general Reflections to encourage adventurers of all kinds to employ as many hands as pssible in so advantagious a Trade, from these plain con­siderations that Mines can never be exhaust­ed nor can Silver lose its va [...]e.

Upon which Discourse of Zenophon's it may be observed that he was of Opi­nion.

That a Nation could not have too much Silver.

[Page 32]That it would be useful as a defence for a Nation against the accidents of War or in case of a Famine, to purchase ne­cessaries.

That Gold was not so usefull as Silver.

That Silver could never lose its Value.

If the Author's Expressions, P. 101.170, 171. must be taken as a Concurrence with Zenophon's Opinion; and that his assertion, That Money is at bottom no more than Counters, a choaking and sur­feiting Commodity may be justified, be­cause being money Generally passes in exchange for other Commodities, That therefore it has the Nature of a Com­modity, and may surfeit as well as others, and that it is not a contradiction to his other Expressions, yet if his ability to make such distinctions had been reserved for some other Subject, in which the Safety and Welfare of the Nation had been less concern'd, it would be more al­lowable, for if by such infinuations, we should be mislead to be careless in what refers to our Coyn, and longer permit a lavish Exportation according to the de­sign of the Book, and be thereby redu­ced to a want: such insipid Niceties will make us no amends for the great preju­dice we shall receive thereby.

[Page 33]The Second Proposition, That tho most Trades afford great conveniencies and ad­vantages, yet that it is difficult to get Treasure from foreign Natious, by Trade, and that we have diminished and not increas­ed our. Treasure, since the year 1666 by fo­reign Trade.

Tho it be hardly possible to pry into all the mysteries of Trade, and to give a true account of the several turnings and windings, steps and degrees, and progress of every particular Trade, yet by en­quiring into the Foundation and Conse­quences of Trade in general, and into the State of our Coin, or what else among us is esteemed Wealth or Treasure, and also by distinguishing what has been gotten by the Product of our Annual Crops, and Labour at Home, and what acquired by our foreign Trade, and by a due consideration of what Trades may really enrich or else impoverish a Nation, and how the Treasure of the Kingdom may be wasted and consumed by Trades, which yet may bring great gain to par­ticular persons. It may appear how diffi­cult [Page 34]it is to get Treasure from foriegners; and in what proportion it has been got­ten by such foreign Traffick: From all which some useful observations may be drawn for the directing of Trade for the future, that so we may not only pre­serve and improve the advantage and conveniences we at present enjoy by our Trade, but may likewise by our more prudent Negotiations, augment the Trea­sure and Wealth of the whole Body Po­litick.

Now as on the one side those opinions that all Trades or extended Traffick do bring in what may well be esteemed an addition of Treasure, and that we can­not fail of geting it by such Trade, may induce us to allow and encourage those Trades that will consume the Trea­sure we have, or may divert us from taking right methods to gain more. So the undervaluing the advantages we re­ceive by Trade may occasion a remissness to preserve and secure those Trades we are in possession of, and hinder the em­ploying our endeavours to advance and improve them.

[Page 35]An enquiry therefore to find out by what methods this Nation may get or lose by Trade, and what distinctions may be made between the conveniencies ac­cruing by Trade, and the gaining of Treasure; and between the gains of par­ticular persons, and the gains of a Nati­on, will not only be of use in all conside­rations refering to Trade; but also to discover that the conveniences and ad­vantages we have by Trade, are of so great importance, that the care of the Government will be well applyed to improve and incourage all Trades, that do not consume our Treasure, tho no addition to the Treasure of the Nation could be expected to be gotten from fo­reigners by them.

The Consumption of such of our pro­ducts as we cannot spend at home, the procuring from foreign Parts in return of them, what we want for the supply of our necessities, or to be improved by a further Manufacture, or to be rendered useful for the defence of the Nation: the increase of Ships or Seamen by the imployments given by our Exports and Imports: The support of great numbers who have their sole dependance on Trade for their livelihoods, and the incourage­ment [Page 36]that is given thereby to the multiplying of our People, and to Industry, by the expectation of gains to all those that have any part in the management of it, are advantages so extensive, that abstracted from the expectation of gaining Trea­sure to the Nation from foreigners, they may well deserve to be esteemed as ne­cessary to the Body Politick as Blood to the Body Natural.

Most of the advantages that attend Trade, and gains to the persons that car­ry it on, are the natural consequences of Trade, no Nation would allow, or de­sire a Trade with another Nation, nor encourage it among themselves, if they did not find some conveniency or advan­tage by it, and it cannot be expected that the particular persons that ingage in it, should imploy their time and For­tunes that way, if they were not indu­ced thereto by an expectation of pro­fit:

But the gaining of Treasure from fo­reign Nations will not appear to be a na­tural consequence, arising from the Bulk of Trade, nor to be procured, or obtain­ed without Art, and a prudent manage­ment of the advantages we have by Na­ture, which in many cases will need the [Page 37]help of the Government; for all Nations under well constituted Governments, are vigilant and careful to preserve what they esteem their Treasure, and in their Councils advise and concert, how to restrain and discourage such Trades as they suspect will exhaust their Wealth, not willingly permitting to any foreigners that advantage, whether the methods taken for that end have been effective or not, is not now the question, they are still at liberty to change their means, as they see cause, the Spaniards who above all Nations, are best supplyed with Gold and Silver, and have been most negli­gent in Concerns relating to Trade, yet by an establisht Law, it was a Capital Crime (till of late) for any person to Export it, that they might keep those Spe­cies to themselves; and others have taken and do observe a more infallible method to secure their Treasure, by good Hus­bandry in the Consumption of foreign Comodities at Home, sending to other Countries what they Import from abroad, as well as what they can spare of their own Products and Manufactures, to which they give all encouragement, that they may export much, and Import little to be consumed at home.

[Page 38]The Bulk or greatest part of our fo­reign Trade, hath been usually carryed on by Exportation of our Woollen Goods, and other Manufactures, Fish, Lead, Tin, Coals, Hides and Provisions, and by the Importation of Timber, Deals, Pitch, Hemp, Tarr, Iron, Wine, Bran­dies, Salt, Oyl, Reaisins, Currants, Lin­nen-Cloath, Paper, wrought Silks, Druggs, and by our Plantation-goods Imported and Exported, all which may amount to Nine parts in Ten of our foreign Trade, as well in Bulk as in Value: Yet when our Trade in these Goods, is car­ried on to an equality, and we take from another Nation in Goods to be consum­ed at home, to the full value of what they take from us, such Trades are so far from bringing us in Treasure, that they signifie no more than sending to an­other Country to be consumed, the over­plus we had over and above what was neceslary for our own Expence, which would have perished at home, or have been of no use, if they had not been Ex­ported. And the Woollen Goods, or what else we sent out, would as well have de­serv'd to be esteemed the Riches of the Nation, if they had been kept at home, as the Fruit, Wine, Sugar, or Tobaco [Page 39]brought in return of them, but tho such Trades carried on in equality, are in effect like bartering Goods for Goods, and we cannot by them get from foreign Nati­ons, any addition of Gold or Silver, or what else may in strictness deserve to be esteemed the Treasure of the Nation; yet when carried on by the exportation of our Product, or Goods purchased with them, such Trades afford great advan­tages, and give a great encouragement to all sorts of Improvements, by this con­sumption Abroad, added to our consump­tion at Home; for the Landed Men, have thereby opportunities to sell more of their Products, and encouragement to Manure more of their Lands, to encrease working in Mines, and to build Houses in hopes to advance their incomes, the Manufactures to work upon, and im­prove such Products and Materials to the highest Perfection, the Buyers, Sellers and Traders in such Commodities, and the labouring men, that give their help to the carrying on of such Trades, by taking and curing of Fish, working in Mines, or otherwise, are hereby enabled to live and to purchase, and consume the Products of the Earth, which is also a further advantage to the Landed Men; [Page 40]The Ships and Seamen, in which the safety of the Nation is particularly con­cerned, are thereby preserved, and in­creased by the imployments which such Trades afford them, when carried on by our own Ships. All which Trades as they have their original from the natural pro­ducts of the Earth and Sea, their improve­ments from the labour and industry of our People; their spring from an expectation of gain to particular persons, their continu­ance from the circulation of the Coin, as the principal and most necessary instru­ment or wheels to keep it in motion. So they have a tendency to the multiply­ing of people, in which the strength of the Nation doth much consist, to the increase of Riches to particular persons, which in many respects may be esteemed the Wealth of the Nation, and to the pro­curing for us what we want from abroad, without consuming our Coin, which would lie dead, and be of little benefit to us, nor the labour of our people, with­out such Trades, and when in the car­rying on of such Trades we put off cor­ruptible Goods for Goods more durable, lasting and serviceable for better purposes then the Nation may also have a further advantage.

[Page 41]Tho it be a question whether our having good materials, well manufactured, be the cause of Trade, or Trade the cause of improving and manufacturing our ma­terials; yet it being plain, that one has a dependance on the other, and that by the labour of our people Lands are improved, and Materials advanced in value, (some from 100 l, to 1000 l, or more) and that such Goods whether sold for Exportation or kept at home are esteemed according to those values, therefore what ever additi­on has been made to the Wealth of the Na­tion, by such Materials so improved, and the improvements of any foreign Materials; ought to be attributed to our labour and in­dustry, & not as gotten by foreign Traffick.

The gaining of Treasure from foreigners or by foreign Traffick, signifies the bring­ing into the Nation some Species and Commodities, valuable, durable, and ca­pable to be useful and serviceable to the Nation or Body Politick.

Tho when we get Gold or Silver or o­ther durable Species in exchange of our perishable Commodities sent out, it may be reckoned as treasure gotten by foreign traffick, yet the original of such riches is our products and labour, because Gold and Silver is procured in exchange for such goods sent out.

[Page 42]As we cannot get Treasure by the bulk of our foreign Trade, so it can on­ly change hands by that part of our Do­mestick Trade, which consists in buying and selling amongst our selves, and in mak­ing of handicraft Wares, or Goods, for our own use; but tho our Treasure can­not be encreased by such Trades, yet they also afford great conveniences, be­cause Corporations are chiefly supported by them, Families supplyed with what they want, and the encrease of people encouraged by the livelihood, such Trades afford to great numbers: And by that part of our Domestick Trade, which de­pends on improving and manufacturing the products of the Earth and Sea, we have yet much greater advantages arising from the labour of our people, by making such products useful, and by augmenting their value, by which we are not only stor'd with such Commodities as may be esteem­ed Riches and necessary to serve our own occasions, but also provided to send such abroad, as may procure us Treasure from foreign Nations.

And by such Trades we have also a farther conveniency, by the Revenues le­vied by Customs, and Excise, for the sup­port of the publick charge of the Govern­ment, [Page 43]which when laid on such Com­modities as may be Imported, in return of our products, and in such manner, as that they may be a means to encourage good Trades, and discourage bad; they have been found to be easie, equal, and convenient, all which advantages do na­turally arise, or may be had from Trades carried on by the Exportation of Goods of our own growth, and in some pro­portion by the goods of the growth of any other Country, if such be procured in return of our own products sent out, and such Trades ought also to be prefer­red, because they cannot do us any hurt, and have a firm foundation, by the con­stant supply we may have of such goods from within our selves.

But as these advantages may be expe­cted from Trades carried on by the Ex­portation of our goods, so great incon­veniencies may be feared from Trades carried on by the Exportation of our Coin or Bullion; for instead of yielding any advantages by the Exportation, such carry from us, what was most ne­cessary to give Spring and Life to all our Trades, and was in it self more va­luable as to the Nation, than what is u­sually brought in return of it, and being [Page 44]we have not any Mines of Gold or Sil­ver, Trades that are carried on by the Exportation of it, cannot have a sure de­pendence; for if little should be Impor­ted, which may be feared from the languishing state of our good Trades, and we should not have plenty of Coin at home, (which such a free and large Exportation may in few years occasion), we shall see an end of such Trades, and be at a great loss how to be reinsta­ted in those which had a good Founda­tion.

Gold and Silver, has so great an esteem in most parts, above all Commodities (those excepted that may be wanted for the support of Life, or absolutely necessary for the defence of a Nation) that nothing can make amends to a Nation for Bullion exported, but Bullion imported, there­fore the exportation of it should not be here permitted, unless we could be as­sured, that it should be brought in with an increase, by the same trades that carried it out; for tho particular persons may make great advantages by sending it out, because by its being so esteemed, they may obtain what goods they please for it, without loss of time, and that such trades may for a time give an imployment [Page 45]to some Ships; yet when perishable Com­modities are brought in return of it, and consumed at home, so much of the Trea­sure of the Nation must be diminished, as was sent out to purchase such Goods, for which no sufficient recompence can be made, by such temporary, and private advantages; such exportations may be good to buy Trade for the advantage of the particular Men concerned in it, but not to procure Treasure for the Nation.

If Coin be the Life of Trade, the chief support of Credit, so necessary for our Defence and Safety and that all Profes­sions, and Domestick Imployments have so great a dependence upon the circula­tion of it, as has been instanced; then the Arguments usually given, that it is as much for our advantage to export it for Trade, as any other Commodity ought not to be allowed, because it is so neces­sary for our Safety, and for the support of Trades, and Professions at home, above all other Commodities, that all will suf­fer if there be a scarcity of it; and as the sending it out to purchase goods has ad­ded much to our other importations; so by some of the goods brought in, our exportations of more profitable goods have been lessened, and the consumption of our [Page 46]Manufactures at home diminished, the gaining of Gold and Silver being that which upon an examination will appear to be, what is chiefly meant by the gain­ing of Treasure from foreigners by Trade; the sending it out again, amounts to a spending, or giving it away, assoon as got­ten, to get Treasure from foreigners by Trade, the Nation must act like Usurers, part with no more of their Gold and Sil­ver than their necessary occasions require, unless upon good Security or assurance that it shall be repaid them with in­terest.

Tho no trades would be driven for any long time, that did not make some re­turns of profit to those that are concern­ed in them, and it may therefore be said, that all trades are in some sort advanta­geous, or profitable, yet from thence to infer that all trade or extended traffick enriches the Nation, is a wide step, for some Trades may bring gain to particu­lar persons, which yet may consume and be destructive of the treasure of the Na­tion.

No true estimate can be made of any foreign trade with respect to the Nation in general, unless Consumption (in which all trade in Commodities must terminate) [Page 47]be considered as a part of Trade, and as that upon which getting or losing by Trade has its chief dependance, tho' the landed Man may make up his Accounts assoon as he has sold his Products, the Manufacturer assoon as he has sold his Manufacture; the Merchant as soon as he has sold, what he may bring from abroad in return of what he sent out; and the Shopkeeper, assoon as he has sold to the Consumer, what he has bought of the Merchant, yet such Computations can only discover what gain has been made by particular persons in those steps, and progress, which Trade has taken, and not what gains has accrued to the Nation, which can only be adjusted upon the con­clusion or making up of an Account, of the whole Trade, or considering it from the first Buyer to the last Vendor; for as none of the particular Trades can make a judgment whether they have got or lost, till they have sold their Goods, which is as consumption to them; so no exact Account can be made, whether a Nation get or lose by any Trade without taking in Consumption; whereby it may be known how the said Goods are finally disposed off; every sale is an alteration of property, and as such, is a Consumption [Page 48]to the several Buyers and Sellers, but the Na­tions property and concern still remains in such Goods till they are really and actually consumed.

A Trade carried on by the importation of such Commodities, which serve only to luxury, may be as advantageous to the Na­tion as any other, if such Commodities be again exported and consumed abroad, and durable Goods brought in the room of them, goods purchased with Bullion sent out, if re-exported and we receive by the product of them, more Bullion than we sent out, may likewise afford gains to the Nation, but if such Goods be consumed at home, it will have a quite contrary effect. 'Tis not the private gain of particular Tra­ders here among us, that doth necessarily increase the Publick Treasure, but this a­rises from the Species or sorts of Goods imported, being the subject of that Trade, as if it be Silver or Gold or durable Com­modities that are brought in: These, though they are sold and transferred from one hand to another, yet still remain as a durable Stock in the Nation, but if the Traffick consist of perishable Com­modities, tho' the Traders may get, that bring them in, and these through whose hands they pass, yet if consumed at home, [Page 49]home, they cannot make any Addition to the Treasure of the Nation.

Therefore in order to compute the Na­tions gain by any Trade, we must exa­mine and know, not only of what was sent out, but also of what was brought in, and how consumed, if Gold and Sil­ver or durable Commodities deserving the name of Treasure, be brought in re­turn of perishable Commodities sent out, then it may be concluded that the Nati­on gets; but on the contrary, if perisha­ble Commodities be brought in and spent at home, procured by Gold and Silver or durable Commodities sent out, then the Nation must lose, which cannot be known unless consumption be consider'd as a part of Trade, that the perisha­ble Commodities may be distinguish­ed from those that may remain to the Nation, as a lasting durable stock, de­serving the Name of Treasure, and if all dealings from the first buyer to the last vender may be properly called Trade then to make Computations of the Trade, of Eng­land, or whether the Nation have got or lost by any particular Trade, without tracing the consumption of the Goods brought in, so far as the last vender, is ont only contrary to the method that [Page 50]should be taken to make a true compu­tation; but also contrary to the meaning of the word as it refers to the Nation: whe­ther the consumption of Goods in the hands of the last vender, be in strictness of words a part of Trade, or only an Appendix is not worth disputing; for by the last ven­der it may be discover'd what is become of the Goods, and in this case the word Trade ought to be taken in the largest sense of Negation.

Tho' it may be presumed, that in the infancy and first beginning of Trade, no­thing more was designed than to pro­cure natural Conveniencies by a permu­tation of Commodities, yet since the in­crease of Gold, Silver and Industry, it is obvious, that all Trading Nations have applied their thoughts, some how to gain Treasure from Foreign Nations, and others how to preserve what they had, which, and how to inlarge their Trade by bartering of Goods, have been the oc­casion of the great struglings, and con­tests, we have seen about Trade, and the various methods Nations have taken to these Ends.

[Page 51]As this Kingdom is advantageously Si­tuated, well stored with Natural Products and with people Skill'd in artificial im­provements, so it must be our own fault if we do not make Trade as beneficial to us, as it is to any other Nation, and particularly as it relates to the gaining of Treasure from Foreigners, but it is as improbable, we should get such Treasure without agreeing upon methods that may be proper for those ends, and a Vigilant care to observe and pursue them, as that a Master of a Family should grow rich that leaves all his concerns to the manage­ment of his Servants: For if Industry be neglected, and Luxury promoted, it will have the same effect in the concerns of a Nation, as the Profuseness or ill Hus­bandry of Servants will have with the Master of a Family.

Tho Trade was always Subject to great Variations and Changes, occasion'd either by Laws and Regulations, made by Princes and States, or by the increase or decrease of People, Ingenuity, or Indu­stry, or by an alteration in the Humours, Judgment, or Interest of the Consumers, upon which Trade, ever had its great­est dependance, yet few instances can be given, when any Trading Nation did so [Page 52]far mistake their Interest, as to concur in such Variations or Notions, as had a ten­dency to a quite contrary effect to what they design'd and expected.

The Trade of this Kingdom was in­considerable, when the value of our Ex­ports consisted most in Wool unwrought, and we had few Manufactures. By the steps which our Ancestors took to make it more advantageous, it appears, that they thought it their true Interest, that all endeavours should be used to establish and improve the Manufacturing of Goods at home, and promote their Consumption: and that Foreign Trade should be car­ried on, by the Exportation of our Pro­ducts or Goods, procured in return of them, that the Gold and Silver, which with much Industry, and length of time, had been gotten by Foreign Traffick, should be retained and preserved, pro­hibiting for that purpose the Exportati­on of it, and discouraging the Importati­on and Consumption of unnecessary Fo­reign Commodities, that they might Ex­port in Goods to a greater value than they Imported, that all Temp­tations to Export Coin might be pre­vented, it appearing by some extracts of our Trade for some years. In the Reign [Page 53]of Edward III, and down to the Reign of King Charles II, that our Exports usually exceeded our Imports by one Third in Value, and the Gold and Silver we had lately in the Nation, Coin'd, and Un­coin'd, gotten from Foreigners in those Reigns, amounts to a demonstration, that our Treasure encreased while such Me­thods were observ'd, and that our Fore­fathers were so far in the right, as to the management of Trade, for the gaining of Treasure from Foreigners.

And tho' since the enlarging of our Trade, by Improving our own Products and Manufactures, and Exporting more of them, we have reaped more Conve­niencies and Advantages by Trade than when it was narrow and confined, for which Reason, all endeavours ought to be employ'd still to promote it, yet seeing the security and continuance of all our Trades doth in so great measure depend upon the Retaining of our Coin, and it is certain, that as our Gold and Silver was gotten by Foreign Trade, so it may like­wise be consumed by it. We ought there­fore to use all means and joyn all our endeavours, that we may not only pre­serve or increase these Conveniences and Advantages, but may improve and add to our Treasure also.

[Page 54]Since the year 1666 we have devia­ted from those ancient Rules and Me­thods formerly observed, and pursued o­thers quite contrary, for instead of send­ing out our Goods to purchase Coin, we have been more careful and Industrious to encourage Trades which have carried out our Coin or Bulion to purchase Goods, and by promoting the Consumption of Foreign Commodities at home, have al­tered the Balance, and occasioned the Im­portation of Goods to a much geater va­lue than we have Exported, by which we have not only consumed a great part of the Treasure we had, but all the Bul­lion that hath been brought in by our good Trades since that year.

This anno 1666, is fixt for the year of our declension, because the Exportation of our Gold and Silver did manifestly in­crease soon after that year, and was oc­casioned by the many materials we bought in Foreign parts for the Rebuil­ding of London and Goods for the finishing and furnishing of the New Built houses, as likewise by the encrease of Luxury, and the expensive way of living, that followed thereupon, and the enlarging of some Trades soon after that year, which were carried on by the Exportation of our [Page 55]Coin or Bullion. For the means where­by to know whether we have encreased or decreased our Treasure or Riches since that year, by our Foreign Traffick, must be by examining and making a Judgment on the Species and sorts of Commodi­ties which have been the Subject of Trade, and thereby to understand, whe­ther it has consisted of such Traffick, that the Products and Returns may be said to be the most useful Treasure of a Nation, the increasing of which is particularly meant by acquiring Rich­es by a Foreign Trade.

It is not expected that what may be said upon this Subject should receive a general approbation. Some will be un­willing to examine past miscarriages in the management of Trade, others may be careless to fix their thoughts upon remote and distant dangers: And indeed such thoughts as lead us to a discovery, that we are now growing poor, and in a decli­ning state, cannot be so pleasing and acceptable, as what would perswade us, that we are becoming rich: whatsoever sooths Men up and indulges them in their present, (if pleasing enjoyments, tho truly never so destructive,) usually [Page 56]finds better access, and more agree­able reception, than persuasion, to self denial and amendment: and whereas profit is the great Engine that moves in all matters relating to Trade, particular interests will always accompany, and consequently interpose in all inquiries re­lating to it, and where that prevails, no arguments have power enough to con­vince and subdue. None but such persons, as will consider Trade with an inqui­sitive, as well as impartial desire, to disco­ver the truth, can possibly make a true Judgment of it.

In all cases, where demonstration can­not be had, such methods ought to be taken, such Proof and Arguments admit­ted, as the matter under examination is capable to afford, the clearing the afore­mentioned Assertion will much depend upon a determination, by what ways and means, this Nation may get Trea­sure from foreigners by Trade; and if we have of late years taken such Me­thods, or Ways: and upon a calculati­on of the Coin we formerly had, and now have.

[Page 57]Tho the Ways and Means that parti­cular persons have to get Riches for their own use, and to consume the Treasure of the Nation, may be many, yet the ways that we can put in practice to make an addition to the Treasure of the Nati­on by getting it from foreign Nations by Trade, may be comprehended under a few Heads, viz.

By exporting to, and selling in foreign Countries, Goods which may yield more there, than the Goods we buy may cost. By the imployment of our Ships in the Service of foreigners; and by our Factors or Merchants, residing or trading with foreigners, such overplus on the Sales and Riches so gotten, being brought home in Gold or Silver, or what else by the being Durable and Valuable, may de­serve to be esteemed the Treasure of the Nation.

And as it is not obvious there are any o­ther ways and means by which we can pos­sibly get much from foreigners by Trade, so upon a further examination we may be convinced, that the contrary practices will have a quite contrary effect, and oc­casion a diminution of our Publick Store, by giving foreigners opportunities to drein us of what we have.

[Page 58]To examine whether we have taken such methods as could enable us to get Treasure from Foreigners by Trade, since the year 1666, Some use must be made of Calculations, grounded upon our Ex­ports and Imports, which tho they may be uncertain, as to particular Trades, because we do not only Export our own Products, but many Goods from our Plan­tations, and from other Countries; and that sometimes Goods purchased abroad, with the produce of such, are not all brought home, but sent to some other Country, and consumed there, and be­cause it may be difficult to adjust, how many of the Goods brought home are consumed here, or re-exported, or whe­ther the Goods Exported, are sent to the same place for which they are Entered: or what part of particular Trade is car­ried on by Exchange; yet no such di­stinctions of Goods, or Countries, Circu­lations, or mixtures can have any respect or make any such difficulty in calculati­ons upon our Exports and Imports in gross, or upon all our Trade, if such could be had truly stated, because where all is included, such Objections cannot have any Weight.

[Page 59]By such Extracts and Calculations as have been offered to publick view, it ap­pears, that the year 1668 our Importati­ons in Goods far exceeded our Exporta­tions, the year 1675 yet more, and that the year 1688, being the year before the War, we Imported the value of Six Mil­lions, but did not Export the value of Four Millions, and it also appears that we have Annually Exported since the year 1666, great quantities of Bullion.

It is agreed that these Extracts are li­able to Objections, for want of such At­testations, as are necessary to render them Authentick; but till others can be had that may carry more Authority; it not being apparent that any particular interest could induce any person to take such pains to deceive others, and on the contrary, it being notorious, that the Importation and Consumption of foreign Commodi­ties, and the Exportation of Bullion, hath much encreased upon us since that year; We may upon good reason believe that we did Import to a greater value than we Exported, whether much or little, is not material, as it relates to this particular examination, whether we could by such trading get any Treasure from fo­reigners.

[Page 60]As for the Arguments that have been frequently offered to make out that it was for our advantage to permit the Expor­tation of our Bullion, or Coin, to pur­chase Goods in foreign Parts, because we re-exported of the Goods brought home, such quantities as brought us in more Bullion from other Countries than we sent out, or that by spending such Com­modities at home, we have prevented the going out of more Bullion, to some o­ther Country, to purchase the like sorts of Goods at dearer rates, or that by spending such Goods at home, we have saved our own, and augmented our Ex­portations. Such Arguments (if the fact were true) can only be of weight to take off the blame from one Trade to lay it on some other, but not to excuse our Trade in general from having decreased our Treasure.

For if upon an Estimate of our Exports and Imports in gross, it be true, that we have all the years aforementioned, taken from foreigners, year by year, or upon the sum total of all the said years; Goods to greater value, computed upon their cost abroad, than all the Goods we have Exported and Sold to them have produ­ced, then notwithstanding the addition [Page 61]of the India or other Goods to our own Products exported, and all the pretended advantages by the Consumption of such Goods at home, it will appear, that we have been under an impossibility of get­ting Treasure from foreign Nations, since the year 1666.

As for the greatest part of Trade, which is carryed on by exchanging of Goods for Goods, it doth not appear that the Goods brought in, (however con­venient for our use) do more deserve to be esteemed the Treasure of the Nation, than the Lead, Tin, or what other goods we sent out, if such had been kept here, and as for the overplus which we have taken over and above what our goods produced, we sent out, unless we can be­lieve that the foreigners did give them to us, we must conclude, that our Gold and Silver was carried off to pay for them: and that we have thereby consumed our Treasure, unless we will suppose that such goods brought in, tho of no solid use, or long since consumed, or perished, do how­ever as well deserve to be esteemed the Treasure of the Nation, as Gold and Sil­ver. And as it is impossible we should get Treasure from foreigners, by the bulk of Trade, whilst our Imports exceed our [Page 62]Exports. So upon an examination of some particular Trades it will appear that we have consumed our Treasure.

The Trades that have had the greatest over Balance, and is well known have most occasioned the Exportation of Coin or Bullion, are those to Denmark, Swede­land, France and India: Assertions that we have re-exported so many of the goods purchased with our Coin exported, as have brought us in more Bullion than we sent out, if the said Trades be taken joyntly as they refer to the Nation, will not appear to be well grounded if it be considered, that the goods brought in from Denmark, Swedeland and France, are for our own Consumption, and that very few of them were ever re-exported, and that the general expence of those from In­dia at home, has prevented the Exporta­tion of great quantities of those brought thence also, and tho many are re-expor­ted, yet few to such Countries or Places, as can afford us Bullion in return; if not, and the returns be in goods, such can no more make us amends for the Bullion exported, than goods purchased with our Bullion sent direct to France, Swedeland or Denmark, for notwithstanding the circulation to India, such Trade termi­nates [Page 63]in exchanging our Gold and Silver for goods, and must have the same effect as to the consumption of our Gold and Silver (according to the quantity of Bul­lion sent out) as any of our European Trades that are carried on by the Ex­portation of it: for tho by the advance we make upon the goods we bring from India, we may have more European goods for our Money, than if we had sent our Bullion direct to such European Coun­tries, to buy them. Yet being the Bullion which was sent out of the Nation to pur­chase such goods remains in India, it is as much a diminution of our Treasure, as what is sent out direct to any Euro­pean Country, unless in such cases where such goods by a re-exportation bring us in our Bullion again.

As we have not got Treasure from Foreigners by our Trade in goods of late years, because we have imported to a greater value than we have exported. So not by letting out our Ships to Fo­reigners, for since the year 1666 we have not reaped the advantages we did for­merly by the imployments which our Ships had in the Service of the Venetians, Portuguezes, Genoueses, and other Na­tions. What has been gotten by Mer­chants [Page 64]or Factors, trading in foreign Countries, or from foreign Places, and has been brought home in Bullion or o­ther durable goods, cannot be distingui­shed nor compacted: But as it has al­ways been considerable, so such industry deserves all Encouragement and Protecti­on.

As it may thus appear, that we have not been in a way of getting since the year 1666. So upon an examination of the State of our Coin it will appear, that we have consumed a great part of the Treasure we had in the year 1666, and also, what has since been brought in by our Foreign Trades.

Tho the accounts of what Money was coined in former Reigns be perplext with a mixture of what was re-coin'd in those Times by Authority, and the accounts of later years, since the Act past for the encou­raging of Coinage, An. 1666, by what was Coin'd from our hammer'd Money mel­ted down for the advantage of the over­weight and from Clippings; and therefore it cannot be computed by such accounts, what Coin we had in the Nation, An. 1666, or what we have now, yet in this present conjuncture, a probable judgment may be made of our Silver Coin, from Observa­tions [Page 65]upon the late re-coinage, for notwith­standing that some of the old hammered clipt Money brought in to be re-coined was taken by weight, and not by tale; yet it is computed upon good grounds, that the hammer'd clipt Money brought in amoun­ted to ten Millions, which is demonstration that there was ten Millions of that Coin in the Nation before the year 1666, because no hammered Money was Coined by Au­thority after 1663, and the false Coins brought in were inconsiderable.

Soon after the year 1666, when the Bullion brought in by our good Trade, was not sufficient to answer the demands for Exportation, and the Act for incou­raging coinage was past, picking and culling for the melting Trade increased, and by some informations made with such as did usually cull and weigh, it appears that they found the old hammered Money the weightiest near one third for their purpose. For many of the old ham­mered half Crowns, had an over-weight of three pence or more, occasion'd by the method practised in the coining of that sort of Money from Barrs. Upon which it may be presumed that between the years 1666 and 1696, at least three Mil­lions of that Coin was melted down, [Page 66]which was also in the Nation before the year 1666, to which must be added, what was coined out of the Breeches Coin, and out of the Bullion brought in by Trade, and coined into mill'd Money before the year 1666, which is computed at one Million. Which three sums amount­ing to Fourteen Millions, it may be pre­sumed was in the Nation of good Silver Money in the year 1666, and it appear­ing by the Accounts of our late Coinage (tho much of our Plate has been melted down and Coined also) that we have re­duced all to Seven Millions of unclipt Money, which being but half so much as we had, we may conclude that we have consumed Seven Millions of our Silver Coin, since the year 1666.

And as it is probable, we have con­sumed so much of the Coin we had; So also, all the Silver Bullion that has been brought in by our Trade since that year, which may be computed at 500000 l. per an. and to the year 1688 (that the late War begun) is 22 year, and added to the Seven Millions consumed of what we had, makes Eighteen Millions.

Tho it be true that these Eleven Milli­ons was brought in by Trade, yet if it appear that since the year 1666 we have consumed of the Coin we had [...]ny great [Page 67]quantity: and also, the whole of what has been brought in since by all our Trades, it will corroborate the judgment that has been made upon our Exports and Imports, and that we have decreased our Treasure by Trade, since the year 1666.

The Advocates for a free Exportation of Bullion to India, usually affirm, that by that Trade more Bullion has been brought in, than carried out, (tho it is well known those Exportations have been very great) and they have depended on arguments grounded thereupon, to have that Trade encouraged. Others are as violent in de­fence of the French Trade, affirming by that Trade more Bullion has also been brought in than carried out; tho it be difficult to decide, what has been brought in by the one, or carried out by the o­ther; yet being it cannot be doubted, but that we have Annually brought in great sums of Bullion, by the Trades carried on by the Exportation of our Goods and Products, at least 500000 l. per an. it should be granted, that we have consum­ed by our bad Trades, what we have got by our good. Unless those that are of a contrary opinion can make out where such Bullion brought in by our good Trades, is to be found in the Nation.

[Page 68]As our Gold Money, has not been late­ly re-coined, so no good Judgment can be made, whether we have now more or less than we had before 1666. And be­ing the charge of coinage is paid by the Publick, it cannot be doubted, but that many of our Guineas have been Coined over and over, it being impossible to Coin them so exact, that they may not carry some small over-weight, which has proved a sufficient temptation to have them melted down and re-coyned, and probably has been the chief occasion of the coining so great a number, as appear by the Accounts of the Mint to have been coined since their Original, anno 1663. it not being probable that the Trade for Africa, nor others, or the old Gold that was melted down have afforded Gold for so great a Coinage; but if it be concluded that we have now more Guineas than we had in 1666, yet being our Gold Coin has not been found so useful to the Pub­lick, as that of Silver, Guineas seldom appearing in any great quantities for pay­ments, in the carrying on of Trade, un­less when they pass current beyond their due proportion, and in case of an exi­gency, not to be depended on to help the Government, because in such cases are [Page 69]most likely to be hoarded, therefore no little increase of Gold Coin can make amends for the great quantity of our Sil­ver Coin consumed, nor any small in­crease of Plate or Jewels.

The improvement of our Lands, and encrease of People, Quick-stocks, Houses and Ships, ought not to be allowed as Articles of Riches or Treasure gotten from Foreigners, for tho Foreign Traf­fick has given great encouragement to the encrease of such Riches and Advanta­ges, yet they deserve no more to be e­steemed Treasure gotten from Foreigners, than our Handicrafts Wares or Goods made by our own people, with our own materials. As Trade has encreased, so building of Ships, which, and the Houses built, and improvements made of Lands are made valuable, and brought to perfe­ction by an industrious improvement of our own, by the labour of our people: The materials which we have taken from Foreigners for such buildings, tho they have cost us dear, because they have of late been most purchased with our Coin, yet they cannot be esteemed to be of much value, after they are converted to such uses, therefore ought not to be reck­oned as a stock of Riches, or Treasure [Page 70]remaining in the Nation, gotten from Fo­reigners, but as useful and necessary con­veniencies or riches gotten by the im­provement of our own, by the labour of our People. The Foreign Materials be­ing inconsiderable compared with the va­lue we put upon our Lands, Houses and Ships.

The encrease of the Customs, may af­ford a good argument, that Trade has encreased, but not that we have therefore gotten Treasure from Foreigners by it, and the addition has been much occasi­oned by additional Duties, and new Im­posts, which if they were distinguisht or separated from the old Customs; and it should appear that the old Customs have encreased, yet it cannot be proof, that we have got Treasure by Trade, be­cause the Customs being highest on Goods Imported, and low on Goods Exported, the encrease of the Customs has been oc­casioned by large Importations, which as before mentioned, have been so far from encreasing our Treasure, that such have been the chief cause of decreasing it, because they have exceeded our Ex­ports.

[Page 71]Costly Furniture of Houses, Sumptu­ous Apparel and Equipage, may be good Arguments to prove that we once had plenty of Treasure, but as with private Families, the more they spend in such things, the less they lay up and retain, in what is more valuable; so with Na­tions, especially when such expences are generally attended with a high course of living, and supported by the Importa­tion of Foreign Commodities, purchased with our Coin or Bullion; and being the Consumption of these Foreign Commodi­ties by all Ranks and Degrees have oc­casioned that our Importations have ex­ceeded our Exports. Instead of afford­ing any argments that we are Rich, they demonstrate that we have gone on con­suming the Riches we had.

That we have a Stock of Iron, Lead, Tin, and of our own Manufactures, is owing to our industry, and is a proof that we are not all given up to idleness, nor to the promoting of Foreign Manu­factures, but not, that we have got Trea­sure from Foreigners by Foreign Trade, and it may be a question if we had an. 1688, a greater Stock of Goods of foreign growth, than we had 1666, and which of them, or to what value deserve to be [Page 72]esteemed the Treasure of the Nation. And if they could be distinguished and estima­ted, they would probably appear so inconsi­derable, compared with the Bullion and Coin we have consumed, as that they would not deserve the title of an Article in computations of our Riches.

That this Nation has lately man'd out great Fleets, and maintained great Armies, are good marks and signs, that we had Ships and People, and that we had not consum­ed all our Treasure, before the War, but such marks and signs of Strength and Power ought not to be taken as a proof that we had not consumed part of our Treasure, before the War, by Foreign Traffick: Or that we might not have managed the War with more advantage, and have been less in Debt, if we had been stored with more Coin to have circulated for the payment of the charge. Whe­ther we consumed more Bullion by the War, than was in those years brought in by Trade; or whether we should have consumed by those Trades which have usually carried out Coin, and were inter­rupted by the War, more Bullion, if they had not been interrupted, than was consumed by the War, may sooner be disputed than decided; therefore if it ap­pear, [Page 73]that we did consume our Coin or Bullion by Trade, before the late War, and there be a danger, that without some alte­rations in the course of Trade, we shall not replenish our Stores, but go on con­suming, not only the Stock we have, but all the Bullion that can be expected to come in by our good Trades hereafter, instead of disputing how it is gone, con­siderations how to prevent a further Con­sumption, and to recover what we have lost, will be most useful.

After a little more banding of Maxims and Notions refering to Trade, and Ob­servations of the Consequences that have or may attend our sending out Coin or Bullion to purchase Goods, it is proba­ble that we may at last come to agree in this Fundamental Position.

That of the Stock or Capital of the Na­tion, our Product and Manufactures, or Goods procured by them, are the only part or proportion that should be allowed to be sent out for the purchasing of Goods from abroad, and for the carrying on of Foreign Trade, for as long as our Ex­portations were confined to such, we were secure against having our Treasure consumed by Trade, and had it in our power to make additions, by good hus­bandry [Page 74]in the consumption of Foreign Commodities. But as all Exportations of Coin or Bullion for trade, must be, either to buy Goods in Foreign Parts, or for the payment of Debts contracted for Goods taken, so it was a project in its own na­ture dangerous, because it put us upon parting with what was most valuable and durable, to be exchang'd for Goods pe­rishable and not so useful, and the most pro­bable that could be invented to make us act the part of Prodigals, and consume our Trea­sure by spending more than our income.

Being one of the Ends designed by trade is the gaining of Gold and Silver, and the Landed-men or others, not imme­diately concerned in Foreign Traffick, (who make the greatest part of the whole Body) cannot reap any manner of advan­tage by the immediate Exportation of what we now have, nor by the Importation of any hereafter, unless it be retained and preserved in the Nation. The keep­ing it here being that only which makes it useful, for the promoting of our Dome­stick Trades, and of all Professions and Imployments, or for advancing or im­proving of Lands, Payments of Rents, as well as for a Stock of Wealth and Trea­sure always ready to be imployed for [Page 75]defence of the Nation: So these advan­tages may justly be expected as a reward, by those who by their Products or La­bour have furnished Materials, for the procuring of it.

As they must be deprived of all such advantages by such Exportations, and the safety of the Publick Peace, upon which all depends, endangered thereby: So it appears too much to be adventured, upon a bare affirmation or supposition that we Import, by those Trades that carry out Bullion, more than we Export, and that the giving up of such Benefits and Trea­sure, for the particular advantage of some few that may enrich themselves by the Exportation of it, will be prejudicial to the Landed-men, and all others not concerned immediately in Trade, if a want of Coin should ensue.

As there is a constant consumption of Gold and Silver at home, by wearing and losing, for gilding, of Fringes, Laces, &c. as well as by Exportation, for the purcha­sing of some Commodities which we ab­solutely want, and cannot other ways be had, and by private ways that cannot be prevented: So in case of a War, or ap­prehensions of it; a Famine, or other ac­cidental necessities, much larger sums will [Page 76]be Exported, for which as we ought al­ways to be provided, so it is probable we shall have occasion to exhaust so much of what may be brought in, from time to time hereafter, as that without any general encouragement, or permision to Export it, we shall not be in any danger of multiplying our Coin too fast.

The Coin that we must depend on, to circulate for the use of the Government, and Commerce, is the Stock of Silver Money which we may at any time have over and above what peoples particular occasions require for the payment of Rents, smaller Expences, and Marketing, and tho it be true, that there has been near seven Millions Coined, and that there is some old hammered Money, or some of the former milled Money, now in the Nation; yet on the other hand it ought to be considered, how much we are in­debted to Foreigners, for what was brought in upon the Million Lottery, Annuities, Publick Stocks, and Funds, and either has been carried out again in part, since the re-coining of our Mo­ney, or may in time be carried off in Specie, and how much has been melted down of the old or new Money, that it [Page 77]might have the priviledge of Bullion, or has been Exported to purchase Bullion of our Neighbours, to make provision to buy load­ing in India, for above forty Ships that have been dispatched since the late Peace, or are now going for those Parts, and also how much has been exported for the Northern Trades, or French smugling Trade, or to be exchanged for Gold at a losing rate, of which, tho no exact computation, can be made, yet as it may be concluded, that the extraordinary Rates given for Bullion, have afforded great Temptati­ons for the melting Trade, so that much of our old or new Coyn has been melt­ed down and exported, notwithstanding the late Act, and that much of our Coin has been also exported since the late re­coinage, and that we have not Seven Mil­lions of Silver Coin now in the Nation, computing Old and New.

If we have but three Millions of People, which may be presumed to have always some small stock of Money for the buying of conveniencies for their use, and one Million of House-keepers that are under some obligations to have some Stock by them, to buy Provisions and necessa­ries for their Families, and that what is so imployed, or in the Payments of [Page 78]Rents, must always circulate for those uses, impossible to be drawn off for the use of the Government, or Trade, (no not in case of an Exigency) and that such occasions may take up at least four Millions of the Silver Coin we have (Sir William Petty having computed much more to be necessary for those uses) then it will deserve a serious consideration whe­ther three Millions of Silver Money be sufficient for the Government and Com­merce, and in what time it may be con­sumed, if great Encouragement be given to Exportation by a Prodigal consumpti­on of Foreign Commodities at home, the increase and decrease of our Coin and Bullion, intirely depending on the ba­lance of Trade.

From the price of Bullion we may con­clude our Coin must decrease, unless some alterations be made in the course of Trade, that we may bring in more Bullion, or send out less; 4 d. to 6 d. per ounce which some Silver in Bullion is now worth more, than when Coined, must prevent (as long as that, or any little advantage is to be had) the bringing into the Mint to be Coin'd, any of the Bullion that may be Imported, and occasion the melting down the Silver we have, whether Coin­ed [Page 79]or in Plate, to be Exported, the pre­sent price of Bullion being of it self a suf­ficient demonstration that we now car­ry out more than we bring in, which cannot be prevented by any Law, unless the cause be removed,

That the price of Bullion now is much higher than it was before the re-coining of our Silver, has been occasioned by the now want of the Clippings and weighty Money that we had then, what was than given for Silver in Bullion more then it was worth when Coined, was only what those Traders could get as a reward to themselves for carrying on that unlawful Trade, as long as that stock continued, there was not only Bullion to make up what was brought from abroad, suffici­ent to answer all demands for Exportati­on, but to furnish the Mint for Coinage also, as it did appear by the great quanti­ties that were carried in, not of Foreign Coin since the year 1675, and the Gold brought in return of Silver sent out some years before our re-coinage, and therefore what was Coined in those years, was not a real increase of our Coin, but a melt­ing down of the Clippings of the old, and making it new Money for private lucre, and we may conclude that the melt­ing [Page 80]down of our Coin will not be totally extinguisht, as long as the Act for the incouraging of Coinage continues in force, for as neither Gold nor Silver can be so exactly Coined, but there will be some over-weight in some pieces, and those that carry Bullion into the Mint, are in­tituled to have out as much Coined as they carried in uncoined, any over-weight will afford a sufficient temptation to per­petuate, at least in some degree, that Trade.

As a slight information that a Mans house was in danger to be destroyed by Fire, would make the owner examine or cause a speedy enquiry whether it were true or not, so this matter is of so great importance, that whatever objections may otherwise be made to the uncertainty of these calculati­ons, yet they should not hinder the making a quick as well as just inspection into the present state of our Coin, for altho, as long as our Paper Credit keeps its repute, the want of Coin may not be so sensibly felt, yet whereas scarcity of Coin may in Time destroy that, and several ways endanger the common safety, as it ought and cannot but be foreseen, so it must well deserve a timely prevention.

[Page 81]And since nothing can better conduce and be more serviceable to that necessary end, and more effectually dispose us to the taking all due care to prevent the de­cay of our publick Treasure of Gold and Silver, than the acquiring and setling in our Thoughts, true and adequate Notions, in relation to our Trade, in order to a more prudent Conduct and Management of it, tho it may fall out, that particular men may vary in their opinions, and differ in the means and way to the same end: Yet good use may be made of such vari­ety of opinions, by those men whose bu­siness it is to judge of both, and whose ca­pacity may better qualifie them to dis­cern the Truth.

The Author of the Book entitled Dis­courses on the Publick Revenues and Trade, Part II. in opposition to what is here laid down, viz. That we have decreased our Riches by Trade, since the year 1666, after several Assertions tending to diminish the esteem and value of Gold and Silver, and use of Coin; and ha­ing endeavoured to represent how dan­gerous it may be, to abound therewith, has given long Catalogues of riches, and of marks and signs of being rich, which he begins Page the 17th in his usu­al [Page 82]imperill Style. WE shall therefore en­deavour to define what may properly be termed the Riches of the Nation: And before he has concluded his Catalogue, he gives himself an answer, to most of his Marks and Signs, page 20. But a Country may have all the outward marks of Wealth, which have been described, and yet its condition be bad and un­sound at bottom. And as for Buildings, Edifices, Improvements of Lands, new Foundations, increase of Quick-stock, and many other particulars he mentions in his Catalogue of Riches, as such have not been brought from Foreign Countries, so it cannot be presumed, that they have been gotten by Foreign Trade, and if not, then such have no relation to the matter, upon which he grounds his re­flections, for those accidental expressions in the Tract he mentions, as to our having decreased our riches since the year 1666 by Trade, could not have any reference to riches gotten by our Products and Labour at home, the whole Tract being in oppo­sition to the Authors affirmation of gains made by Foreign Trade.

And as the Author in his Arguments to confute that Assertion, has not kept to the matter in question, but has intermixt in his Catalogue of Riches, all manner of [Page 83]things we have, that are deemed riches, as if all were acquired by Foreign Trade: So he has spent many pages in Skirmish­ing with Positions of his own invention, for as the Author doth not quote any pages; so it doth not appear there were any passages in the Tracts he mentions, that represent the Nation to be poor, as he infers: But on the contrary, in that Tract, intituled, A Discourse of Trade and Coin, p. 152. it is Printed, It appear­ing by the coining of our Money, the Trade we yet drive, and great Fleets we have, that there is not only an ability in the Nation, but also a Spirit in the People, which if cal­culated, improved and encouraged by proper methods, might be sufficient to attain the End, (proposed) nothing can be more conve­nient, than that good resolutions, upon so­lid consultations should be taken, in order thereto, which with many other such like expressions in those Tracts, as they can­not be understood to represent the Na­tion to be so poor as this Author suggests; So the scope and design of those Tracts was to excite us to Industry, and good Hus­bandry in the Consumption of Foreign Commodities, that we might keep and increase our Coin, in order to grow rich, therefore all the Authors repeated reflecti­ons [Page 84]upon that score, have no Foundati­on, but his own fancy.

Neither do his Arguments p. 44. from the great Expences the Nation has been at to support the late War, make for his purpose; it being well known, that most of the Money collected to carry on the War, was raised by a Land, and Pole Taxes, Excise on Beer and Ale, Duties on Malt, Salt, Leather, Stamp-paper, Glass-windows, Births and Marriages, &c. which have no particular relation to Foreign Trade, because such Taxes were paid by the Landed-men, and con­sumers, the Traders only concerned in proportion with others. What was rais­ed by Customs and Duties upon Foreign Goods imported, is usually also paid by the Consumer at last, which Taxes, Du­ties and Importations, all have been ena­bled to pay by their Profits and Advan­tages arising to each respectively, accor­ding to their professions, or interest in Land, Trade, or by any Labour or Imploy­ment whatsoever. The circulation of our Coin occasioned by such Professions, and by the labour bestowed in improving our Annual Crops, affording a constant supply or nourishment to all such Imploy­ments and Professions, by promoting, buy­ing, [Page 85]Selling, labour, foreign Trade, &c. which several sorts of business did ena­ble the People to pay the Taxes collected for the Charge of the War.

As the Author agrees in his account of of Coinage, from p. 29, to 40, that we had in the Nation, an. 1688, at least Nine Millions of old hammer'd Money, and says, that one Million more had been lately melted down. So he will find that there was above one million melted and coined into Mill'd Money, between 1660 and 1666; and as he agrees there was much old hammered Money melted down. So up­on a further inquiry he may be satisfied, that it could not amount to less than Three Millions, and as he seems to be of opinion p. 39, that we have not now in the Nation as much Money as ever: So he must agree that all that has been brought in by Trade since that year has been carried out again, because there is no appearance that we have now any of it in the Nation, and then he will not find so much cause to wonder as he doth, p. 40. What should be the meaning of those that are of opinion, that the Exportation of Bullion is so destructive to the Nation. That Xenophon should so long ago agree with the Author's opinion, That the Ex­portation [Page 86]of Coin or Bullion, in the way of Traffick, could not be prejudicial to a Country, p. 360, 361, is rather a great Credit to the old Proverb, that good Wits Jump, than to the Authors assertion that it is convenient for England to Export Bullion, because it was good for Athens. The different circumstances of Countries make that convenient for one Country which may not be so for another; it ap­pears by Xenophon's discourse, upon im­proving the Revenue of that State, that Athens had Silver Mines, and that much of that Country was too barren to receive the common improvement of Husban­dry; as it is quite contrary with Eng­land, so we ought to be acted by different reasons. Xenophon concludes that Dis­course with his opinion, That the Athe­nians should consult the Oracle once more, that they might know to the protection of what Gods they might recommend the suc­cess of that enterprize: As the Author would not have Xenophon's opinion fol­lowed in that particular, though proper for the Athenians, so not his opinion as to the Exportation of Silver, because it was Xenophon's, unless it appeared that it is convenient now for England.

[Page 87]And the like reasons may be given to make out, that tho it may be convenient for Holland, Venice, Genoua and Leivorne, yet not for England. The Author also adds, to support his own, and Xenophon's opinion, That the Nations that have a way of bringing in Bullion to answer what is carried out, are in this sense upon the same foot, with Countries, that have Mines in their possessions, and that Bullion becomes there a Commodity like any other of its pro­ducts.

This Argument is grounded on a sup­position, that it is easie for us to get Gold and Silver enough from Foreigners by Trade, not only to serve our own occa­sions at home, but to Export also, which upon perusual of what has been already said, and will follow in the conclusion of this Discourse, it is presumed will not ap­pear to be true in Fact; and what he adds from observations on the Spanish Monarchy is grounded on a sort of rea­soning that contradicts it self. P. 362. That the Gold and Silver brought from Spain by stealth are the very Tools, where­with wiser Nations have wrought; as it is true, why may it not be feared, if we permit too much to be carried out, that we may in time want such Tools also, and find them [Page 88]in the hands of other Nations, that may use them to our prejudice; or rather, is it not plain, that what has been carried from us, has been already used in foreign parts, to imploy their people in work­ing on Manufactures, to the hindrance of ours. The Sweedes did not set up their Fabricks till they had got, not only our Wooll, (by the way of Scotland) but our Coin from hence also; and the French have much increased theirs, by the same me­thod: Not to mention what has been done with it in India, which has been often discoursed: That the Prohibitions in Spain to Export those Species, were a bar to their industry, and rendred their Treasure useless, is grounded on a supposition, That the words of a Law, can be effectual, tho' the Law be not at all observed. For he owns, and it is well known, that notwith­standing that Law, Gold and Silver has been constantly brought from thence, and therefore it is more probable that the want of coin there, and of Materials for Manufactures, and of plenty of Provisions to make Labour Cheap, and of indu­strious inclinations in the People, have contributed more to the poverty of that Monarchy, than a Law that was never observed.

[Page 89] P. 46. The Author suggests, that a Pa­ragraph, in his Essay on the East-India Trade, P. 16, was misunderstood.

It is admitted, that the words of that his Paragraph, are doubtfully penned, as to what year he intended that his two Millions gain should commence, or be extended, and therefore, as necessary in all cases where writing is obscure, what preceeded, and was subsequent to that Pa­graph, relating to the same matter was examined, to find out the Authors mean­ing: As it ought now again to make a judgment, whether the mistake (if any) were occasioned by the disingenuity of the Author, or want of Sense in the Rea­der; proceeding to that assertion, he told his Reader in that Tract

P. 14. By the best account I can have and from impartial hands, England before the War, for sometime, one year with another has exported for this Traffick, either in Bullion, or our Manufactures (of which our Manu­factures may be-one eighth) about 400000 l. per an.

P. 15. No one versed in Merchandize will deny that the return from India of 200000 l. sent out when exported to other Countries must increase the first cost, at least four fold, and produce 800000 l.

[Page 90]P. 16. Nothing can be a clearer gain to this Kingdom than the return of 200000 l. consumed at home, because treble that sum would otherwise be carried out for foreign Silks and Linens, which is hindred by the Importati­on of the East-India Commodities.

P. 16. I have many cogent reasons indu­cing me to believe that from about Anno 1656, to 1688, this Nation hath every year gradually increased in riches (by what degrees is needless here to insert) but upon mature con­sideration I may safely state that about An. 1688, the increase or addition to the Wealth and general Stock of England arising from foreign Trade, and home Manufactures was at least two Millions yearly.

P. 17. And after much thought and study on this Subject, and by consulting others versed in speculations of the like nature, I find that this increase to the Nations general stock did probably arise from the three following Ar­ticles.

The Act of Navigation, which regu­lated the Plantation Trade in favour of England, was made some years before 1656; and the Subscriptions for the East-India Trade, were underwrit a little af­ter 1656, which being the Trades to which he attributes most of his great gains, it was an inducement to believe that he did not intend that his word gra­dually should extenuate the force of his word yearly, and confine the two Millions increase of Wealth to a year or two, or reduce it to an uncertainty, upon which it was computed that from 1656, to 1688 was 32 years, upon which in the Tract he mentions, he was told, that if he had spent some thought and study, where the 64 Millions were to be found, he would have done the Nation a great kindness.

As the Author has expressed his an­ger at this question, in his last Book, p. 46, so in justice it might have been expected that he would now have ex­plained his meaning, as to point of time [Page 92]relating to his two Millions per an. which he might easily have done, if he knew, as he pretends,

P. 4. The general amount of our Expor­tations, and to set down in distinct articles, what is our yearly amounts of both our necessa­ry and luxurious Importations.

But seeing the Author (notwithstand­ing the said provocation) has here again left us in the dark, it shall be presumed, that it is for the same reason he gives for not publishing an account of the said Exports, and Imports, P. 4. That it may be a discovery and opening of the Kingdom's state and condition, that peradventure is not ad­visable. A politick caution, he probably forgot when he publisht to the World the debts of the Nation, in his discourse of the publick Revenues and Trade, Part the 1st.

Happily this Author was the more con­cerned at this inquiry about the 64 Mil­lions, because it carried with it a detecti­on of his being mistaken in his first at­tempt to calculate Trade by his Political Arithmetick, which now he ingeniously confesses; for in this Book he rectifies se­veral of his former mistaken Computa­tions and makes others far different.

[Page 93]Page 376. This tract may perhaps be read by some whose curiosity may not lead them to peruse the forementioned Discourse; upon which score, or to help the Reader's Memory, there shall again be inserted what (upon the best lights we can procure) we conceive might be the general state of Trade about 1688 to make up the two Millions National profits thence arising.

Page 377. That upon a better view of the East-India Trade, than we were able to make the last year, when the Essay was written, we find the Exports to India in Bullion and Wares might be about 500000 l. per ann. of which the returns might be about 1800000 l. whereof there might be consumed at home, to the value of 1300000 l. when it comes in­to the second, third, and fourth hand, as will be explained hereafter, and Re-exported to Europe at least 500000 l. per ann. which 500000 l. may be stated as the clear gains [Page 94]by that Trade, and the said 500000 l. per ann. Exported to Europe producing 680000 l. Leaves a gain of 180000 l. to the Trade of Europe.

And Pag. 381. To make it plain that the said 680000 l. per ann. is clear gains by that Trade.

By these last Computations which dif­fer from those in his Essay on the East-India Trade, it may be concluded that he published in his Essay what he did not understand himself, and therefore it should not be thought strange, that he was not well understood by others, in his former Computations he had reckon­ed some gains on the French Trade, which now upon better thoughts he has left out, alter'd his Computations on the East-India Trade, and reduced his 900000 l. gains on the Plantation Trade, to 600000 l. per ann. and to adjust his two Millions per ann. gains (which he was resolved to make up some way or other) he has in­creased his gain on the European, &c. and India Trade; which alterations, as they discover, that the Author was then mi­staken, as he has ingeniously own'd, so [Page 96]they give some hopes, that upon a fur­ther inspection into Trade, he may change his opinion again.

But tho' the Author would not be un­derstood by others, that his two Millions yearly gain should commence from 1656 yet he has by some expressions in this Book discover'd, that he understood it so himself.

Page 213. We are inclined to think that the profit arising from the European Trade was about 600000 l. per an. added to the National Stock, which in thirty years is eighteen Millions.

Page. 53. The two Millions addition of Wealth which we have mentioned became an­nually converted into National Stock, was the effect of a long Peace and a Flourishing Trade, and was seen in the extensiveness of our Traffick abroad, Richness of our Appa­rel, and houshold Furniture, variety of new Manufactures, and in the increase of our Cattle, Buildings, Shipping, Plate, Jewels, Bullion, and ready Money, and in the vast stores we had by us, of our own Native Goods, and of Foreign Commodities.

[Page 97]Here he not only ratifies the gains of two Millions per annum, but by his words long Peace and flourishing Trade makes it stronger, that it might be understood for many years, and gives an answer to the question, where it was to be found, or in what it consists: the examination of these particulars (which he notes as Riches gotten by Foreign Trade) may probably discover that the distinctions be­fore mentioned, as the getting of Riches or Treasure, are necessary to be observed and respected in all considerations refer­ing to Trade, and by affording some use­ful informations, make some amends for the time that has been lost, in answering his Reflections upon that Question.

It has been already asserted, that the gaining of Riches or Treasure from Fo­reigners by foreign Traffick, signifies the bringing into the Nation some Spe­cies or Commodities that by being valu­able and durable, and capable to be use­ful and serviceable to the Nation or Bo­dy Politick; and of more value than was exchanged for them, can only deserve to be esteemed the Riches of the Nation: Extensive traffick, which is here first nam­ed in these particulars, is no denomina­tion of Matter, or Species; but a general name, or notion, tho many Arguments [Page 98]may be drawn from it to prove we had Trade, yet none to prove that we got two Millions per annum in those years by Trade, and as it cannot be distinguish'd what part of extended Traffick is owing to our Products, Labour and natural advanta­ges, or to gains made by foreign traffick; so it cannot be computed what proporti­on of it is part of this two Millions an­nually gotten and converted into Natio­nal Stock.

Richness of Apparel and Furniture, doth indeed consist of several sorts of goods, some of our own make, and some procured from foreign Countries, in what proportion 'tis impossible to be distinguish­ed; but as such as are made of our own materials, and by our own people, can­not be reckoned as Riches gotten from Foreigners, or by foreign traffick, so such as are procured from abroad in exchange of our Goods, unless durable and lasting, do not deserve to be esteemed Riches. And if a Nation be run into an extrava­gant way of living, and purchase such by our Bullion sent out, then they will no more deserve to be esteemed as an ad­dition to the Riches of the Nation, or as true marks and signs, that a Nation has increased in riches, than that a young Spark is grown rich, or has [Page 99]added to his stock, because he hath laid out a good part of his Patrimony, in a gaudy Suit or sumptuous Equipape.

Variety of new Manufactures if he mean of our own make (as may be pre­sumed, because he mentions Foreign Commodities afterwards) they are most made of our own materials, improved by our labour, and cannot be reckoned as got­ten by foreign traffick, tho some of the materials be procured from abroad, and foreign Trade hath given a great help to the increase of such Manufactures, and they are convenient for uses at home, and abroad, yet it doth not follow that there­fore, these Manufactures must be made a part of his two Millions, additional Wealth gotten by foreign Traffick.

The increase of our quick Stock may with more reason be attributed to the care of our Landed-men, in permitting their Cattle, &c. to procreate, than to foreign Trade, for tho the Victualing of Ships for foreign Trade, gives a help to the con­sumption of our Provisions, yet neither the Cattle, nor the Lands on which they feed, nor the Improvements made on them, are brought in from abroad. The increase is owing to the length of time, the multiplying of people, and addition [Page 100]of industry at home, as well as the in­crease of buildings, which are also the produce of our labour, helpt by the cir­culation of our Coin; for tho many Houses, have been built by persons who have got Estates by Trade, yet as such Estates may be gotten at home, by gains made on our own people, so such buildings ought not to be reckoned as Riches gotten from Fo­reigners, and where Houses have been built by persons that have got their E­states by foreign Traffick, such buildings ought not to be reckoned as so gotten, but the Gold or Silver, or what else they brought in, that enabled them to build such Houses. And seeing our Ships are built with our own timber, and their value doth chiefly arise by that, and the labour of our people, by building, casting the Guns, &c. therefore they are lyable also to the same objections (some fo­reign materials excepted) and the like may be objected against stock in native growth.

And as for Stock in foreign Commodi­ties sometimes we have more, sometimes less, as the Markets may rise or fall, and it doth not appear that we had more in 1688 than in former years, unless brought in at that time upon prospect of the War [Page 101]and if so, then they ought to be reckon­ed as accidental, and not as a standing lasting Stock. But as the best that can be said in favour of such Stocks in foreign Commodities, is that they were purchased in exchange of our Products: so unless it appear, that what was brought in was much more durable, valuable, and ser­viceable for the Nation, than what was sent out, such Stock ought to be reckoned only as an exchange of Goods and not as an addition of Wealth to make up his Article of two Millions.

Plate, Jewels, Bullion and ready Mo­ney, should be agreed to be an ad­dition to the Wealth and Treasure of the Nation, and to be a good Article to make up his two Millions per an. gotten by foreign Traffick, if the Author had made out, that we had any increase of those Species in the years he mentions, but if it appear by what has been already offered upon that Subject, that we had decreased so much of our Coin and Bullion before the year 1688, and that our Jewels or wrought Plate (if we had then more than in for­mer times) cannot make any sufficient amends for it: then it must be agreed, that the particulars the Author has enume­rated, are so far from making out where [Page 102]we could have found an. 1688, 64 Mil­lions or 32 Millions, or what other sum he means, by the two Millions annually gotten by Foreign Traffick, in the Trades he mentions, converted into National Stock; that nothing considerable can be collected from those particulars, to an­swer or make amends for the Coin and Bullion we consumed in those years, and if not, then it must be concluded, that we have decreased our Riches by Trade since the year 1666.

But perchance this Author may be best convinced that his assertion is not well grounded (tho it be left to himself to de­termine, from what years his two Mil­lions shall commence) by arguments drawn from his own Computations.

Page 49. By the rules of that Political Arithmetick, which is our guide in all these matters it doth seem,

This Scheme is calculated upon a general view, and inspection into the Kingdoms state, and every Article of it may be made out and justified, by as plain demonstration as any thing of this nature is capable of.

By this Scheme which is confirmed by my Author, with very great assurance he makes the Stock of England to have increased 32 Millions, from an. 1660, to an. 1688, which being 28 years, is 1, 142, 857 l. 02 s. 10 d. ¼ per an. To make this up, he tells his Reader in the same page, that the matters comprehended in his account are coined Gold, coined Sil­ver, Bullion, wrought Plate, Rings, Jew­els, Furniture, Apparrel, stock for Trade, Consumption and live stock in Cattle, and for fear he should have forgotten to have enumerated any moveables that might be esteemed Wealth, Stock or Riches, four (boundless,) &c. are added and the word Consumption is crowd [Page 104]ed in, as a matter or thing that might be accounted Wealth.

It is an approved rule in common Arith­metick, that where the sum total is known, if the particulars differ from the sum to­tal, that the account cannot be true.

The sum total of all our increase of Wealth, by our Products, Labour, and all foreign Trades and ways whatsoever, by our Authors account, page 49, is as­serted to be 32 Millions, from 1660, to 1688, that is 1,142,857.02, 10¼ per an. which makes the said — 32,000000

It is convenient to see how his particu­lars agree with his Sum total, according to what may be gathered from them as they are scatter'd in his said Book, page 47, which is reform'd p. 376,

And if the Author should appeal from these particulars to his reserve, as to com­mencement of time, as he will not be able to make any material objection against the addition of Wealth proposed to arise from our products and labour and improve­ments at home, so he has bound him­self also up, page 213. (as to gains) on the European, African and Levant Trades, and it is well known, that the East-India Trade has been driven at a great height ever since 1673, and the Plantation Trade even from the year 1650, so that it will be very difficult for him to draw from [Page 107]thence any very good argument to sup­port his computing faculty.

If it be objected the gains of two Mil­lions per ann. placed made by Foreign Trade, is to be understood as arising from our Products sent out, and that therefore the other three Millions on our Wool­len Goods, Product, and Labour, ought not to be reckoned also, then it will fol­low, that we have made no addition to our Riches by the improvement of our Wooll, Products, or Labour, or else no­thing by Foreign Trade, whereas the Au­thor has asserted, Page 376. That there was two Millions gotten annually by the Foreign Trades he mentions, and Page 414 That we export yearly two Millions in Woollen Goods, and P. 3. That of those Commodities, viz. Woollen Manufactures, Tin, Lead, Leather, Fish, whatever we Ex­port yearly is a certain Wealth to the King­dom and is the foundation of all commerce: Therefore the mistake (if any) in this Computation of One Hundred and Fourty Millions, will be best detected by the Au­thor's giving in his next Book (accord­ing to the Ability he pretends to) an ac­count of the Wealth we got in those 28 years in distinct articles, how much by, [Page 108]

• The Plantation Trades.
• The East-India Trade.
• The European, African, and Levant Trades.
• By our Woollen Goods.
• By our Fishing Trades.
• By our Mines, Leather, Provisions, &c. Exported,
• And by our increase of quick Stock, and Improvements at home.

That he may see by his own accompt, so made up, how ill his Computations a­gree, which will be of much more use, than his Answer to the detection made of his loose Computations and Reckon­ings on the East-India Trade.

Page. 48. The Computations set down in our Essay have a better Foundation than our Merchant can comprehend, or have any Idea about, whose limited understanding and narrow mind, seems never to have had any o­ther object, than his own private Dealings from Port to Port.

Though such reflections may be agree­able to the Authors Education; yet they cannot be so serviceable to make a Judg­ment upon the matters contested as ar­guments or reasoning upon things.

[Page 109]If it be objected to the aforesaid Com­putation, that our Woollen Goods are pe­rishable, and that many of them, as well as our other Products were consumed at home, and that therefore they ought not to be Computed as an Addition of Wealth, it is answer'd, That only one quarter part of their value, is reckon'd as an Addi­tion to our Wealth, and the other three quarters, allowed to be consumed, but then it is expected that the same argu­ments shall be admitted as to perishable Goods brought in by Foreign Trade, and that in Computations of gain on Foreign Trade, only such shall be esteemed an Addition of Wealth or Treasure to the Nation, as remain and continue durable and useful for the whole Body, which are the Species of Gold and Silver, as that only which converted into Coin, becomes a publick Stock for the Service of all, for such other Commodities that have been brought in by Foreign Trade, that re­main for publick use, will appear to be inconsiderable in value, compared with those Species, therefore if we have con­sumed our Gold and Silver, it will justi­fie the assertion, that has occasioned much of this discourse, That we have decreased our Riches by Trade since the year 1666.

[Page 110]As from those instances it may be in­ferred that the Author's Computations are very uncertain, so upon a further con­sideration it will appear, that to take our informations as to what is past, or our measures for the management of our Trade or for the increase of our Wealth for the future, from such Computations will be dangerous.

What he pretends to make out, Pag. 3, as to the annual income of Land, Trade, the expence of the whole People, both in War and Peace, how much the Natio­al's Stock increased in time of Peace, and impairs in time of War; and what he asserts P. 27. as to the general rental, P. 49. as to the Stock of England from time to time, P. 106. the State of Holland as to debts, incomes, &c. P. 366. how people may be sustained by the Rents of Land, Trade, and Labour, in Eng­land, France, and Holland, and his several affirmations and accounts of Gains made by Trade.

As it appears upon the first view that such things are difficult if not impossible to be Computed, so it cannot be expect­ed, that any man in his senses, should give Credit to such Computations, with­out a sight of vouchers or proofs which [Page 111]would consist of so many Articles, and be so Voluminous, that few would think it worth their Labour to peruse them, and then either allow such Calculations to be true for much the same Reason, as some do strange stories told by Tra­vellers of Foreign Countries (because they will not take long journeys to disprove them) or rather not believe them at all, which will be found the safest way, and to judge of such things according to rea­son, or by what we see or find by Ex­perience.

Tho' it is not doubted, but that Mr. King's Schemes, upon which the Author sets up; have been perfected with great Labour, and deserve to be esteemed as great Curiosities, and that they may be of use in inquiries, about Rentals, Wealth, Stock, Trade, or Coin, and to make Con­jectures, where there is a necessity that some guess must be made, and that the Author has fairly quoted some parts of them, and that there is matter in them to be a Foundation for Writing large Volumes, and that they may serve as a means to bring those matters they con­tain under debate, yet they ought not to be admitted as a Rule to make Conclusions.

[Page 112]Therefore if we should follow the Authors Opinions which are most grounded upon these Schemes, because he gives them the lofty Title of his Political Arithmetick, we shall be in as much danger to be mislead as a man, that in a dark night follows A Will with a Wisp.

But tho' the Schemes and Computations from which he has taken his measures and his assertions grounded on them, are liable to these objections, yet some of his advertisements have a better Foundation, especially that, Pag. 68. and the Landed Gentlemen, should not be mislead by narrow minded Persons, who raise objections against particulars, and make conclusions in single in­stances, without having looked into the whole and considered how the general balance stands.

This being a very good caution, No­thing shall be added to it, but that as some men have narrow thoughts, so others have too wide, and are too apt to run up Castles in the Air without minding Foundations, and that tho' it be the interest of every Landed Man to encourage all Improve­ments at home and all Foreign Trades whatsoever, that are carried on or bottom­ed upon the Exportation of our Pro­ducts and Manufactures, or Goods pro­cured in Exchange for them. Yet to be careful how they encourage Trades that [Page 113]are carried on by the Exportation of Bul­lion) least, at last, they find their Pockets emptied of their Money, while a fair sto­ry is telling them to their face. When they send Money to the markets to pur­chase Goods that have been fabri [...] at home, with their own Wooll, or have been procured from abroad in return of our own Product, such Money sent to London, or any other Market, for that, or any such use, will circulate in a short time, and return to the Country again, to purchase more Wooll, or to carry on those Fabricks: But when it is sent out of the Country to be laid out in Goods that are purchased abroad with our Money, That Money will be exported to purchase more of the same sort of Goods abroad, and never return to them, and that if they depart from such Rules and Maxims, and accord­ing to the Authors two propositions laid down, in his Essay on the East India Trade, P. the 29. in order to have their Wooll sold cheap, they may soon see the price of their Wooll and Products brought low, and the people very poor for want of Coin to imploy them, and be at as great a loss to find out any Treasure gotten by such foreign Traffick, as the Author is [Page 114]to find out, his one hundred and fifty Mil­lions of the Bullion, that has come from the West Indies in his said Book, p. the 12. or the Executors and Legattees of Esquire Wickham, what was left them by that Famous Will.

B [...]t the Author, for fear this caution should not be sufficient to the Landed men, to se­cure them against being misled by wrong Notions, has thought good to press the mat­ter further, by Arguments grounded on Interest, to make this caution effectual.

Page 324. When the young Nobility and Gentry employ their time and thoughts care­fully to inspect and consider the Kingdoms foreign traffick, they will evidently see, how much their Land-interest depends upon it, they will find as Trade brought land from 12 to 25, and the general rental from 6 to 14 Millions, and the Kingdoms capital from 72 to 252 Millions (reckoning Lands, Tenements, Hereditaments and per­sonal Estates 18 years purchase at a medium) so it may bring Land from 25 to 50 years purchase, and Lands, Tenements and Here­ditaments, &c. from 18 to 36 years pur­chase, the general rental from 14 to 28 Millions, and the Kingdoms Capital from 252 to above 1000 Millions.

[Page 115]The Author did very wisely to direct this paragraph and others p. 322, to the young Nobility and Gentry, for the Assertions are such, that he had reason to prefume, they would not be believed by those that were of age, there being so many visible causes for the advance of Lands, and increase of the Kingdoms Capital, besides the advantages we have by foreign traffick, for without detracting from the just merits of foreign Trade, much of the cause must be attributed to the alterations made in our Coin, which has been altered in several Reigns, and ad­vanced; the Silver Money from the making of 20 s. 3 d. out of a pound troy, to be 62 s out of a pound troy, as it now stands; also to the increase of People, improvements by length of time, and the increase of Riches arising from our labour, and industry at home, for Riches so gotten, did of course occasion an increase of purchasers, and ma­ny bidders in all cases, will advance the price of any Commodity that is to be sold.

And what more particularly has been the cause of the advance of Lands and Rents, was the increase of out Coin, which is solely due to foreign Trade, but it was gotten when we exported in goods more than we imported, and there­by kept our Coin at home, instead of [Page 116]sending it out, but if we should now be mislead to go the contrary way, and by such methods decrease it, in a short time Lands and Rents as well as all o­ther concerns will soon find the effect of it.

By the Kingdoms Capital, it is not very clear, what he means in this Pa­ragraph. For,

Page 27, 28. Where he computes the Kingdoms Capital to be 252 Millions, he enumerates only Lands, Tenements or real Estates.

Page 49. He found by his Political A­rithmetick, that we had anno 1688, in Stock consisting of Gold, Silver and all other things usually reckoned, Personal Estates 88 Millions.

But now page 325, to make up his 252 Millions for the young Nobility and Gentry, he reckons, Lands, Tenements, Here­ditaments, Personal Estates, and computes all at 18 years purchase, whether our 88 Millions be not lost or sunk by those words, and all included in the 252 Millions, or whether we have 252 Millions and 88 Millions, in all 340 Millions, is not plain, nor how the Kingdoms Capital can be ad­vanced by his method from 252 Millions to one thousand Millions.

[Page 117]But it is supposed, the young Nobility and Gentry, will not conclude, that the increase from 72 Millions, to 252 Milli­ons, or to 340 Millions, or what he means to be the sum total of the Kingdoms stock, and Capital Stock, is all owing to foreign traffick, untill it be made out and ascer­tained, what Stock or Treasure, there is now, or was in the Nation 1688 of any considerable value that has been gotten from Foreigners, by Foreign Traffick, (excepting our Coin, wrought Plate or Jewels) and that they will wisely distin­guish between the help that Foreign Trade has afforded towards advancing the value of Lands, by the Consumption it has gi­ven to great quantities of our products abroad, and by Gold and Silver brought home, and what is owing to our natural advantages and improvements made by the labour of our people, and the care and industry of their Ancestors.

And being the Author has acquainted the Landed-men, page 168. after a long in­quiry into this matter we have reasons to think that the sums out upon land security, has for some years been about 20 Millions, and and that about one 15th part of the Lands, and other Hereditaments of England are in Mort­gage. Tho it be hoped that the Authors computing faculty has fail'd him in this [Page 118]at least three quarters of the sum men­tioned, yet the young Nobility and Gen­try whose Estates are in Mortgage should conclude, that if their Lands can only be discharged by the payment of Coin, that the best way will be to keep in the Na­tion what we have, unless the Author can give better assurance than he has yet proposed, that if it be sent out, it shall certainly be brought back again with an increase.

As the Author seems to conster every thing that tends to hinder the Exporta­tion of Bullion to be a dangerous Notion, and contrary to the Welfare of this Coun­try, so what tends to make out that we have decreased our Riches by Trade, since an. 1666, he would have it amount to an affirmation that we have always rather lost, than got by Trade, and as he makes no scruple to stretch, so not to misquote words.

The little Tract he mentions, after ha­ving enumerated the uses of Gold and Silver, says, p. 7. That Jewels, Lead, Tin, or Iron, (tho durable) do not (so well) deserve to be esteemed Treasure. The Au­thor prints and reflects p. 61. We can by no means agree with the principles our Lis­bon Friend would establish, That Lead, Tin, [Page 119]or Iron, (tho durable) do not deserve to be esteemed Treasure, which is grounded up­on a misquotation, so gross as that it shall not be imputed to the Author, but to some fault in the prints.

Page 435. The Author returns to the Book mentioned, intituled, A discourse of Trade and Coin, and taking notice of six pages, in which our good Trades, were only named, that they might be improved and encouraged, and omitting to take notice of fifty pages that immediately fol­lowed, where the same Subject is pursued upon such Trades, as were supposed to have an over balance, and that therefore they deserved more consideration, he in­sults p. 336. We have here from his own words set down the Map he has drawn of our Foreign Traffick, to shew, what an ill rising ground the City of Lisbon is to stand upon, for one who pretends to give a View of the whole Commercial World.

If the Author had pursued the 50 pages that followed, he would have found, that the Map was drawn larger; and also p. 153, that, nothing but short hints was design'd by that Tract, and no such thing pretended, as to give a Veiw of the Whole Commercial World.

[Page 120]As to the City of Lisbon, it is supposed that the City or the ground it stands up­on, is as good to take a view, or to make a judgment of Trade, as the Authors Clo­set (tho never so well furnished.) For as good [...]ooks cannot help some mens un­derstanding in any case: So neither all mens understanding in all cases; nor be made a security against all mistakes. A Famous Author gives an instance in Don Quixot, who after he had filled his head with Notions of Valour and a great opini­on of himself by reading Books of Chi­valry, yet in the pursuit of his Knight Errantry mistook Windmills for Gyants: The Authors Closet, it may be presumed by his writings, is best furnisht with History, and Books relating to Politicks and Government, which tho they may have enabled him (at least in his opinion) to correct and direct great Ministers, and all managers of the Publick Affairs. Yet as the crowding in of such matters with his discourses about Trade could not be, without perplexing his thoughts; so that may be the occasion he has made so ma­ny mistakes in his computations and opi­nions about Trade,

[Page 121]Tho learning ought to be admired as a great advantage to them that have it, yet as the reading of Books only never made a compleat Lawyer, or Physician, so not a compleat Merchant. There being in all professions, a practical or Mechanick part, which cannot be reached but by the help of Experience. Tho the Author takes notice of some books he has in his Closet upon the Subject of Trade, parti­cularly, Britannia Languens and Mr. Fortreys which have many good and true Notions and Observations, yet it appears that the Au­thor, has made little use of them, for they not agreeing with his opinions, he only picks out one weak passage of each, and passes by the Substantial part in Silence; despising all Information as well as Ex­pericence, and therefore, it should not be admired that there are such contra­dictions in his Notions; as they refer one to another, or to the practical part; or that he should in his computations run into Errors, and Mistake, Loss for Gain, or the Dr. side for the Creditor side.

[Page 122]Page 210.

We shall endeavour to shew that general­ly speaking, by whatever the returns are more worth than the Commo­dity exported, the Na­tion is so much a gain­er let the Commodi­ties be Perishable or not.

Page 219.

We agree so far with that Mr. P—when we speak of Trade in gene­ral, the gain is so much only, as the Nation doth not consume of the Imports, but either lays up in commodities in Specie, or converts into money or some such adequate Trea­sure.

These two Paragraphs are here taken notice off, not only because they stand in direct opposition, but to discover how his mistaken Notion, p. 210. hath lead the Author, into a way of reckoning Loss for Gain.

Supposing one Million of our Coin (af­ter converted into Bullion) be sent to In­dia, and laid out there in Silks and Mus­lins, another Million to Fraence, and laid out in Wines, another Million to Spain, and laid out there in Fruit: and that all [Page 123]these goods are brought home safe, and sold by the Importers to our own people at Cent per Cent profit, and afterwards by the Retailers, with good profit to them, and that none of the said Goods are re-exported, but all spent at home.

According to the Authors Notion, p. 210. and way of reckoning, here must be three Millions got to the Nation, which is so far on the contrary, that by such a Trade here would be three Millions loss; for the Gold or Silver, which would have been a lasting durable Stock to the Nati­on, if it had been kept here, will by such a Trade be consumed; and what brought in, be in the Dreyns, or on the Dunghill, in a short time, and not in being to make any amends for the decrease of our Gold and Silver.

The Author cannot object that this opinion of his p. 210, ought not to be extended to Gold or Silver exported, nor perishable Commodities spent at home, because he has ushered it in with a Para­graph, p. 209. which explains the matter, and p. 210. with a general condemnation of all opinions to the contrary.

[Page 124]And as he has in his Computations in several places mistaken Loss for Profit, so in other places, the Debtor side, for the Creditor side, in making up his Ac­counts, in computing the Stock of the Nation, and gain by foreign Traffick.

P. 167. That such Stock as was former­ly in Money, Plate, Jewels, &c. is gone a­way by degrees into other Countrys partly to maintain the War, and partly to pay what we have been over balanced in Trade, by rea­son of our Losses at Sea; and in its stead, we have here at home, Stock of another kind, that is Credits on the publick.

P. 168. So that there was a Sum existing only in Credit, publick or private, amounting to Thirty four Millions.

If there be 34 Millions owing (tho' it is hoped it is not now above half so much) the words existing in Credit pub­lick or private will not excuse its being a Debt either to Natives or Foreigners. And if so, then it stands on the wrong side, to be called a Stock or the Stock of the Nation, which with his mistakes in Computing the gain made by Foreign Traffick, and the Wealth of the Nation, already taken notice of, may sufficiently demonstrate, that the Author doth not go by any good rule in his Computa­tions.

[Page 125]His Reflections begun P. 327. have no Foundation; but upon conclusions made upon premises of his own Coin­ing: for in the tract he mentions, there are no such assertions as he inferrs, the Sums that are there put down, being but supposed, as ground for an inquiry, to find out what Bullion had been Impor­ted and Exported or Consumed at home; if they had been altogether Fictitious, yet being offered only in order to find out the truth, it had been no more than what is usually practis'd in the like Cases; but they are so far from being ridiculous as this Author represents them, that if out of the account he has stated, he a­bate 17,400,000 l. on his Article of the French Trade, which according to the Print should be but 12600000 l. at 700000 l. per an. for 18 years, whereas he reckons 30,000,000, which is from his own fancy, and abating more 3 Millions on the article for Silver-Lace, &c. there be­ing no time prefixt for that, and account the Importation of Bullion at 600000 l per an. for 40 years, as there mentioned; what will remain consumed of our old Stock is Nine Millions, which it may be feared, does not differ much from the truth of the Case, as for what he Col­lects [Page 126]from P. 84. That cannot justifie his Cal­culation of 30 Million, on the French trade, unless he can make out, that the words, Vast quantities of Gold and Silver, must sig­nifie a Million at least, and that nothing of the over balance of the Trade of one Country can be satisfied by any Exchange or Circulation of the Product of Goods sent to, or from another Country, which will strike at the root of the East-India Trade, and therefore it's supposed he will not offer to maintain that point, but de­pend on what he there adds to justifie his reflections.

P. 329. There is nothing here strain'd, and what we have laid down as an undeniable Conclusion from his own Premises.

From which it may be observed, That a miscomputation of 20 Millions is no stretch with the Author, and that he cannot forbear, running into a heat, when any thing comes in his way, that tends to make us sensible of the usefulness and state of the Nation in reference to our Coin, which cannot arise, from any con­cern he can have, that it is decreased, be­cause he has positively asserted, That Mo­ney is no more at bottom, than Counters to reckon with: therefore it must be from a fear, that the door should be shut to hin­der [Page 127]its Exportation, that we may not con­sume the rest that is left, for which finding himself at a loss for good arguments to Silence his opposers, he makes use of his Reflections, for which, as he doth not in­stance, so no provocations were given him in the tracts he mentions.

But the Author having given some in­stances in some Paragraphs, P. 215, and 380 onwards, that he has now at last stu­died something of the A B C of Trade, upon which a general knowledge may be better grounded, by reasoning from Matter, and Things, and what is usual­ly practised in the course of Trade, than from reasoning by Figures, or drawing conclusions from Schemes, Calculations, or Assertions, that have no good Foun­dations; therefore an Examination of some of those Paragraphs, may be of use to bring the matters in dispute nearer to an accommodation.

P. 215. That the bulk of this Nation's Trade, did amount to about 10 Millions per ann. and that to gain yearly two Millions there must be 20 per Cent. profit by Trade in general, whereas the Merchants think them­selves happy with with a Clear and Constant gain of 12 per. Cent.

[Page 128]The Author does not distinguish how much of the 10 Millions, should be rec­koned Exported, and how much impor­ted, therefore the proportions shall be taken to be, according to the Calculation mention'd in the preceeding part of this discourse 4 Millions Exported, 6 Milli­ons Imported an. 1688, in order to en­quire, whether this be a good argument, that two Millions were gotten the year 1688 as the Author would have it.

All Computations of gain on Foreign Trade, must be calculated upon the dis­bursment, or first cost of the Goods sent out, the 6 Millions brought home, is not a new disbursment, but a continua­tion of the first 4 Millions, in order to bring home returns to make profit by what was sent out. As the adventure cou'd not be over, nor the accounts adjusted till the returns were brought home, so the gain can only be computed upon the 4 Millions sent out, which at 20 per. cent. amounts to but 800000 l. and unluckily abates by the Author's own Calculation 1,200,000 l. of the two Millions, he would have understood, to be yearly gotten by Trade, unless the Author will alter his account, and reckon 43 per cent. gain to the Nation, on all their Exports, [Page 131]tho he seems to infer, that the Merchants got but 12 per Cent. as the Author makes out, p. 216. As for Example, a parcel of goods sent hence for Virginia, may fetch ten hogsheads of Tobacco, in which the Mer­chant may gain only at the rate of ten per Cent. but when this Tobacco, is Shipt again for Amsterdam, in the freight backward and forward, and outward gain, and in the Ma­nufactury of goods sent, when the last return comes to be made, all parties concern'd will be found to have got among them 20 per Cent. and much more reckoning from the prime Value of the Commodities exported.

This Paragraph intended to make out by example, how the Nation may get 20 per Cent. and the Merchant but 10 per Cent. only shews how Merchants, Owners, Seamen, &c. may get 20 per Cent. a­mongst them, by our Goods or Coin, changing of hands: But not that there was made any addition to the Stock, Wealth, or Riches of the Nation, which can­not be made by Foreign Trade, unless some Specie or Commodity from abroad be brought in, which may deserve to be e­steem'd Riches. And as this example does not justifie the assertion, so it is not comprehensive enough to discover where [Page 132]the mistake lies. Because it does not take in all the steps which fuch Trades take, therefore it shall be put a little larger, which may afford arguments from exam­ple, to confirm what has been said, That tho by the bulk of Foreign Trade we have had great conveniencies and advantages, that we have not made thereby any ad­dition to the Wealth, Riches or Trea­sure of the Nation.

Supposing 10 pieces of our ordinary Cloath, to be sent out to Virginia, which usually contain 32 yards, and take up about 90 l. of our Wooll each, which shall be (computed as some time it has been, worth) 2 d. per pound, which is 4 l. 10 s. The Wages of all sorts of People, through whose hands it passes before it is com­pleated, and comes to Blackwell-Hall, a­mounts to about 7 l. 10 s. which makes 12 l. those Cloaths may be justly esteem­ed the Owners Wealth, and an addition to the National Stock, all arising from our Products and Labour, (unless some inconsiderable foreign ingredient be used, which is usually also procured by our Products, and therefore doth not well deserve a distinction) these 10 pieces of Cloaths bing dyed, finished, Shipt off [Page 133]for Virginia, may cost or be valued in, with all charges, 150 l. and accordingly they are esteem'd, by the person that sends them out. Being arrived at Virginia, they are sold or truckt off for 50 Hogsheads of Tobacco, which being arrived in England, the Owner pays 50 l. to the Master for freight of his Cloath outward, and for his Tobacco brought home, and 400 l. for Custom, Imposts, Lighteridge, Whar­fadge, Cartage, Porterage, &c. before he can get his Tobacco into his Ware-house. If he sell his 50 Hogsheads for 750 l. he is not only re-imburst of his 600 l. disburst for Cost and Charges, but gets 150 l. to himself for his Adventure and Indu­stry. Then if the said Tobacco be spent at home, it goes from hand to hand to the last Consumer, to be reduced to Smoak.

By this it may appear as well as by the Instances produced by the Author, that the gains particular persons make by such Trades, is by our Riches changing hands, and not by any Riches gotten from Fo­reigners; and that tho such Trades do not afford any increase of Wealth, yet great conveniencies and advantages, by the incouragement such Trades give to [Page 134]industry & increase of people, because they afford a livelihood to multitudes al­so by the imployment given to Ships and Seamen, in which the strength of the Nation consists, and the support they afford towards the publick charge of the Government by Duties; and to the land­ed men by the consumption of their Wooll, which being over and above what we wanted for our own use, must have lain upon their hands and have perished at home, if exportation had not occasion­ed the taking it off, and working it up; these advantages make a sufficient amends to the Nation for the loss of the Cloath, which is turned into Smoak; by which example it may also appear that the spring of such Trades is from the hopes of gains expected by the particular persons that ingage in them; our Products, the Matter to work upon; our People, the Agents to improve and make such Pro­ducts valuable; our Coin, the principal and most necessary engine or instrument, by passing from hand to hand: In order to get that, the Materials are sold, the Manufacturers work, and the Merchants adventure.

[Page 135]If such Tobacco be not consumed at home but re-exported, unless Gold and Silver, or some durable Commodities be brought in returns of it, or for the freight, such Trades cannot make any addition to the Treasure of the Nation, by any thing gotten from foreigners.

Which example of Cloaths sent out, and Tobacco brought home, may be applyed to the bulk of our other Trades, and to most of the exportations and importa­tions to and from the Plantations; for though we have great advantages from the labour of the people in those parts, by the conveniency of exchanging Goods we can well spare, for others we more want or desire, and by the large an­nual income which is paid towards the support of the Publick Charge by the Du­ties on such Goods, and that by the re-ex­portation of many of those Products, we have an additional conveniency, by a fresh imployment given to our Ships and Peo­ple, and by exchanging such Goods abroad, for others, yet it doth not appear that we have, or can get Treasure by the Plantations, unless it be brought from a­broad in return of some of those Goods re-exported, or from Jamaica, or some o­ther [Page 136]Plantation when they have got it from the Spaniards; which it cannot be presumed, ever amounted to one quarter part of what the Author computes, but the conveniencies aforementioned are so considerable, that the Plantations and those Trades deserve all encourage­ment.

The rest of his long discourse under the Title, of the Plantation Trade, is made up of such variety of matter, that it looks like a collection out of all his Li­brary, as well as out of the Schemes he mentions. He did well to direct it to the young Gentlemen, p. 194. for his dire­ctions and instructions for the manage­ment of the Plantations are such, that it would require an age to make such alte­rations in the present Settlements there, as may be necessary to make room for the putting of them in practice, and ren­dering them feasible.

The Authors Computations of the Traffick to the East Indias are not only very confused and uncertain, but also ly­able to objections as to matter of Fact.

In his Essay on the East India Trade, p. 54. he says,

[Page 137] I have before divided the 400,000 l. prime cost sent into India, into two parts, viz. half for foreign Exportation, and the other half for home Consumption.

But we must take notice, that the 1200,000 l. profit supposed in time of Peace to arise from this Trade, did not all of it accrue to the adventurers in the company, but was Nati­onal, and divided amongst many thousands of the people; the Merchants who at the compa­nies Sales bought Goods for Exportation, had their share, and the Retailers here had their proportion in the gains, which this traffick in the whole might be computed to produce.

And particularly for their share in the 600000 l. supposed to be gain'd by our own Consumption, in time of Peace, by this Traf­fick: There came in to the King for his Cu­stoms, [Page 138]Owners of Ships, such as got by vi­ctualling them; Seamen for Wages, and lastly, Factors and Servants both abroad and at home.

The gain made abstractedly by the Compa­ny, has never been invidious. If their whole Stock be computed from the beginning to this day, it will be found by their Dividends, that they have not one year with another divided 20 per Cent. which, considering the length and hazard of their Voyages, is not a profit to be envyed.

Page 377, 388. The Author Para­phrases upon this Computation, and now says there was 500000 l. annually expor­ted, and that it brought back in Com­modities the value of 1800000 l. when it comes to the 2 d. 3 d. or 4th hands, and that he never meant that the Goods a­mounted to so much at the Sale, and therefore that he was misunderstood.

But it is more probable that he misunder­stood himself, for his whole discourse, be­ing to make out what a great addition of Wealth was made to the Nation by the East India Trade, the gain made by the Retailers or Venders of those Commodities to the 2 d. 3 d. or 4th. hand, or the thousands he mentions, can no more be reckoned an addition to the Stock or Wealth of the Nation, than the gain made by the Chand­lers [Page 139]in London, when they sell Coals to the poor people by the Peck, at such rates as make three pounds per chaldron, can be reck­oned an addition to the Stock or Wealth of the Owners of Coal Pits, when they have sold them under ten Shillings per Chaldron at their Pits.

It was never doubted, but that many particular persons have been concerned in this Trade, and that some have made great gains to themselves by it: The only question is, whether that Wealth so got­ten by them be an addition to the Wealth of the Nation, gotten from Foreigners, by Sales abroad, or out of our own peo­ple by high prizes on such Goods con­sumed at home, and whether the sending out of so much Bullion annually to pur­chase such goods, be not giving an ad­vantage to some particular persons to inrich themselves, by ways and means that are prejudicial to the Body Politick.

To which question the Authors com­putation, p. 385. is not a satisfactory an­swer, for it doth not make out how the 4500000 l. which he owns was annually carried out in Bullion, has been actually brought in again in Bullion, for notwith­standing all his arguments to depreciate the value of Gold and Silver, it is insisted upon as a good Maxim, and necessary to [Page 140]be observed, that nothing can make a­mends to the Nation for Bullion expor­ted, but Bullion imported, generally speak­ing as it refers to Trade; neither doth that computation make out, in what Species or Commodities his 680000 l. (to which he has now reduced his 1200000 l.) was brought into the Nati­on, or in what it now consists, where it is now to be seen, in Gold, Silver or Jew­els, or in what else may deserve to be esteemed the Treasure of the Na­tion, and therefore this as well as his other computations of the many Millions gotten per annum, by our several Trades, ought to be taken as dust thrown in our eyes, to prevent the making of a narrow inspection into that Trade; and so consequently to hinder the putting of some stop to the Exportation of Gold and Silver.

His computation p. 381. is so different from his former, that it is apparent he makes his estimate according to his fancy, or pre­sumption, and not from matter of Fact, or Proofs.

His two first Articles are grounded on a supposition, that we re-export 500,000 l. per an. of those Commodities, but not­withstanding the general knowledge he [Page 141]pretends to have, p. 4. to compute all Exportations, &c. he gives no account upon what information he grounds it, but taking it for granted that accordingly so much was sold at the Sale to persons, to be Shipt off, and that they were enter'd out at the Custom-house, to be exported, yet he cannot be ignorant, that there is a trade practised to make Entries of Goods, as if they were to be Shipt off and spent abroad, when in truth nothing is design­ed, but to get back the imposts, which being very considerable on the East India, and some other goods, when the repay­ment of them is secured by such Entryes and Shipping of, the goods are too often either not quite carried out of the Nati­on, or soon brought back again, notwith­standing the Law and all endeavours to prevent it; but if any such quantity of those goods be annually fent out and spent abroad, the Author must also make out, that such as were sold to Strangers, were purchased here with Gold and Silver brought in, or that the returns of such as we sent out, came home in Bullion or some such durable Commodity, or else still our 450,000 l. in Bullion sent out will re­main as a dead loss upon the Nation; for perishable goods can make no amends for the Bullion exported.

[Page 142]Neither can his three next articles groun­ded upon saving, make us amends by im­porting the 450,000 l sent out; for all that we can hope for by those, is according to the Authors own opinion, that we may by the expence of those India goods, save the going out of more Money to our neighbours for Silks, Linen, or what o­ther goods he means.

The expressions in these articles are so general, that no judgment can be made upon them. If he had specified what sorts of Silks, Linens, or other goods he means, and from what Countries they are brought, and for what use they did formerly serve, which he saith are now supplyed by these from India; and had made out, that those he means were usually purchased with our Money, and not obtained in return of our goods; then such inquiries might be made as would afford grounds for a determinati­on, whether we have saved any thing according to those articles; but till the matter be fairly stated, the Author having ingeniously and truely owned in his Es­say on the East India Trade, p. 33. That Bengalls and stained Callicoes, and other East India goods do hinder the consumption of Norwich-stuffs, Crapes, English Ratteens, Shal­loons, Says, Perpetuanos and Antherines, which are sorts of goods that consume a [Page 143]great deal of our Wool, and employ great Numbers of our People, it may be presumed, that tho' the use of some of these goods from India may be conve­nient to be allowed, yet that by the gene­ral Consumption of them, we have woun­ded our selves at the heart, by hindring the Consumption of our Wooll, and the imployment of our People, not only on the Woollen Manufacture but on the Silk and Linen also, and that the Author has here again run into his usual error of mistaking loss for gain.

His Fourth and last Article of saving is grounded upon his two propositions laid down in his Essay on the East-India Trade, P. 29.

First, That it is not the benefit or interest of England in general, that Wooll should bear a high price in our Markets at home.

Secondly, That by a great Consumption of the Wooll on Manufactures in this Kingdom, the publick will not reap such an advantage as some imagine.

The substance of his arguments to maintain these propositions are in effect, that it is the interest of England, that we should send out our Money to purchase Manufactured Goods in India, because they are there cheap, to spend them here at [Page 144]home in the room of our own, that the price of our Wooll and the labour of our people may be brought down, as a good method to make way for the Expor­tation and Consumption of more of our woollen goods abroad.

It was an over-sight in the Author, not to direct those propositions to the con­sideration of the very young Nobility and Gentry, it being unlikely that those past their minority, should be perswaded to pursue them; for upon the first view they appear to contradict all our ancient ap­proved Maxims; the Laws to prevent the Importation of all European Manufa­ctured goods, that could be imagined would hinder the Consumption of our own, being still in force, and those a­gainst the Exportation of Bullion were in force, till ann. 1663, and upon a fur­ther Examination the putting in practice such propositions would appear so con­trary to their Interest, that unless they were first convinced, that they ought to impoverish themselves by their own en­deavours, they would find no reason to advance them: for as by diminishing the price of Wool, they would make an abatement in their Rents, that depend upon the Sale of that Commodity, so by falling the price of Labour, occasion an u­niversal [Page 145]Poverty and inability in the peo­ple to buy their Corn, Cattle, &c. and as it would be impossible that the Gold and Silver sent out to purchase such goods, should be brought into the Na­tion again, by the immediate Consump­tion of such Goods here, so the low price to which the Author would have ours re­duced, that they may be sold Cheap in Foreign parts, would hinder the bring­ing in of any by their Sales abroad; for either he means that our Woollen Goods must be sold Cheap abroad, as well as bought Cheap here, or else his design would be imperfect; and if they should be sold so cheap, as he seems inclinable to have them, then their product will all be taken up there to purchase the Goods we want from Foreign Parts, and none will be reserv'd to come in in Bullion, which will not be brought, if other goods be likely to yield a better accompt.

If we should fall the price of our Wooll and Labour to one half of what the Rates are now, and by that means we should Export more, yet if we must not con­sume any of them at home (which this Author takes to be inconvenient,) but send them abroad to be sold at very low Rates, in hopes to beat out other [Page 146]Nations, (which is the specious pretence the Author gives for this Project) it would be a certain loss while it is putting in practice, (for little would in such cases be made of our annual Crops and La­bour) and it has been found by Experi­ence, that it is easier to fall the price of a Commodity, than to raise it again, and therefore it may be presumed that the annual loss by such low Sales would con­tinue for ever, If we should by any such method bring down the price of our Wooll.

As the Author has often asserted in the behalf of other Trades and Commo­dities, that they should be left to find out their own Channel, and not be Fet­tered by Tricks and Laws (as he expresses it) so certainly there is as much or more reason, why the price of our Woollen Goods, and Labour of our Manufacturers should not be Fetter'd by such a Trick, or by Law, as this proposed, but left to find out, its own price at the Markets, both at home and abroad, which will be better than to have them regulated, or brought low by this invention: which, to use the Author's words, P. 53. ought to be taken as a Whim: When the Author has discover'd where we can spend more [Page 147]of our Woollen Goods abroad than we now do, it will be easie to find out a way to Manufacture more at home, to sup­ply those Markets, which will be much better, than what the Author has proposed of sending over Money to India, to buy Manufactured Goods there: tho' many ingenious Men have been prevailed with to write several Treatises in favour of this Trade, yet none were ever so trans­ported with zeal, as to advance such pro­positions as these.

As for the 100000 l. the Author has charged as gain made by that Trade up­on this last saving Article, it ought not to be allowed, untill he has better justifi­ed his propositions, upon which he grounds it, and has shewed, what Woollen goods we sent out, that were saved here at home by the Consumption of those from India, to what places they were sent, and what Gold and Silver or durable Trea­sure was brought, in return of them, to make amends for that which was sent out to purchase the India Goods.

Pag. 363. The Author says, This No­tion, that our Bullion should be kept at home, runs throughiall Mr. P—'s Schemes of Trade, and it is the ground of all his rancour to the East-India Traffick.

[Page 148]That the Exportation of such great quanti­ties of Bullion to the East-Indies, which for many years, before the War, was at least 600000 l per an. computing what was sent by all the Traders thither, and that the Importation of such great quantities of Manufactured Goods that hinder the Consumption of our own, both abroad and at home, with the many handicraft Wares; that lessen the imployment of our People, is the ground upon which some Men have an ill opinion of some branches of this Trade, or Rancour (if the Author will have it so conster'd) is agreed.

But whereas the Author has by seve­ral scatter'd Expressions, represented such Notions to be new and singular, it is hap­pily, because he has not had time to get better informations.

As to the Exportation of Bullion as well as Coin: If he look into our Laws, he will find that our Parliaments were all a­gainst it, till the year 1662, and if upon a a further inquiry, he should be rightly in­form'd upon what considerations that Law was past, that permitted the Exportation of Bullion, even that Law will not be any great justification of his opinion, and least he should not think that the opinion of those former Parliaments ought to be put [Page 149]in the Balance with his, he may find al­so, that King Charles the II. and his Coun­cil were much of the same opinion, in the year 1660, when the first Charter for incorporating or confirming the Trade to the East Indies past, for he will find these Clauses and Restrictions in it.

That it shall and may be lawful to and for the said Governour and Company, and their Successors, to Ship and Transport out of this our Realm of England, or Domini­nions of the same, in any of their Voyages to or towards any of the Ports aforesaid; such foreign Coin of Silver, Spanish or other foreign Silver or Bullion, as they shall bring or cause to be brougt into the Realms of England, from Ports beyond the Seas, in the same Kind, Stamp or Fashion, which it shall have, when they bring it in, or other Form, Stamp or Fashion to be Coined in our Mints, within our Tower of London, at their Pleasure, so as that the whole quantity of Coin or Money by them to be transported in any of the said Voyages, do not exceed the value or sum of Fifty Thousand Pounds; at any one Voyage.

And the said Governour and Company of Merchants of London, trading into the East Indies, and their Successors in all and every such Voyage as they at any time or times [Page 150]hereafter shall make out of this Realm, by Vertue of this Grant, and Letters Patents, (the first Voyage only excepted) shall and will upon every return, which shall be made back again into this Realm, or within six months next after such return, bring into this our Realm of England, from the said Fast Indies, or from some part beyond the Seas out of our Dominions, as great or a greater value in Bullion of Gold or Silver respectively for every Voyage (the first Voyage only excepted) as shall, by force of these presents, be transported and car­ried out of this Realm, by them, or any of them, in any kind of Silver aforesaid what­sover, in any of the said Voyages, and that all such Silver, as by vertue of this our Grant and Letters Patents shall be Shipt or Loaden by the said Governour and Compa­ny, or their Successors, to be transported out of this Realm, in any of the said Voyages; shall from time to time at the setting forth of every such particular Voyage, be Shipt or Loaden at the Ports or Havens of London, Dartmouth, or Plimouth, or at some of the said Ports or Havens, and at no other Port or Haven whatsoever, within this our Realm or the Dominions thereof, and that all and every such Silver, as from time to time shall be Shiped or Loaden, in the said Ports of Lon­don, [Page 151]Dartmouth, or Plimouth, or any of them, to be by force of this present transported out of this our Realm, as is aforesaid, shall from time to time be duely entred by the Cu­stomer, Comptrouller, Collectors or any other Officers, to whom it shall appertain, at every such Port or Haven, where the same shall happen to be Shipt or Loaden in the Custom­house Books, belonging to the said Ports or Haven, before such time that the same shall be Shipped or Loaden to be transported as a­foresaid, without any Custom or Subsidies to be paid for the same, and that in like manner all and all manner of Gold and Silver what­soever, which shall be brought into this our Realm, or any of our Dominions, by the said Governour and Company, or any of them according to the true meaning of this present, shall likewise be from time, to time, duly en­tered by the Customers, Comptroullers, or Officers of every such Port, Creek or Places where the same Gold or Silver shall happen to be unshiped, or brought to Land: according to such orders as by our Treasurer of England for the time being, shall be taken for the entering of the same.

Which limitation of Fifty Thousand Pound, appears to be agreeable to what was Shipt of, by Licences granted in for­mer Reigns.

[Page 152]For it appears by a Manuscript of good Authority, of which the Author may be better informed at the East India-house (if the old Books be not lost) that there was Shipt off for the carrying on of this Trade.

And as for the opinion of particular persons he may be informed, that, when the alteration in the management of this Trade, was first attempted, which was soon after the year 1666. How Sir Wil­liam Thompson and others, that were much concerned in the Trade, did oppose it, then declaring their opinion, that the in­larging of the Trade by such methods would diminishour Coin, hinder the Con­sumption of our own Manufactures, and endanger a dissolution of the Company, by the Clamours they would bring up­on themselves.

[Page 153]And since it may be supposed that he admires the French Councils (for he says p. 60. Such as have not been bred Merchants are as competent Judges as any trading per­sons whatsoever, for it was to the deep Judg­ment of the Ministers of State, Richleiu and Colbert, and not to the Merchants, that France owes the prosperity, their Trade was lately in, and it was their Wisdom more than the Industry of the Merchants that laid the foundation of it.)

Now as to this Trade, the French East-India Company are under such rules and restrictions, as that they can neither send out any quantity of Gold and Silver, for India, nor bring in any Manufactured Goods, that can prejudice those made in France, and that no other Nation may bring in any such Goods, they either totally prohibit them, or lay such impo­sitions on them, as amounts to a Prohibi­tion, condemning to be burnt, what are found in any Mans Custody, contrary to such restrictions: As if they agreed with the Authors opinion in his Essay on the East-India Trade. Page 11. Europe draws from India nothing of solid use, Materials to supply Luxury, and only perishable Commo­dities; and sends thither Gold and Silver, which is there buried, and never returns. [Page 154]But not in his Project, to bring in those from India, or England, or from any place to be spent at home, that they may have the more of their own to Export. And for the States he mentions, their designs are also to increase their Coin, and incourage their own Manufactures, if they permit the Exportation of Coin, when they are se­cure, it shall be returned with an increase, it ought not to be admitted as a good ar­gument, that we should encourage the Exportation of it, when we have no such prospect; but being the Author suggests, p. 412. that the Consumption of our Wool­len Goods may be promoted in Tartary, Japan, China, and many other places: and says, p. 419. Not only our Draperies, course and fine may obtain in those Regions, but our other Manufactures and Commodities may be there introduced, with which we may purchase, the Goods of one Country for the use of another; and so carry on a Coast Traffick, till at last in the Circuit of Trade, a large part of the Goods brought from thence shall become the return of our own Exporta­tion.

It is hoped that the Author may have the glory to bring this about, and so by preventing the Exportation of more Bul­lion, put an end to all Rancour and Dis­putes [Page 155]about this Trade, but such pre­tensions have been formerly used as a blind, for many have not forgotten, how often some Members of the East India Company formerly told King Charles in Publick Auditories, viz. That the Compa­ny would ingage to spend as many Woollen Goods, in India, China, Japan, and those parts, as all the Weavers in England could make, if they might be protected in the ma­nagement of that Trade, according to the Con­tents of their Charter.

As we should not lose our hold in that Trade, nor the conveniency of fetching, in our own Ships, Salt-peter, Druggs, Spices, or what else, upon an examinati­on may be convenient for us, seeing the Trade is now setled agreeable to the Au­thors opinion. P. 423. It is upon these Grounds and Principles, that we offer to publick consideration, Whether it may not be adviseable, and for the interest of England, to settle the East India Trade, by the Legis­lative Authority for such a term of time, and upon such conditions, as shall be thought fair, equal and reasonable, by the united Wisdom of the Nation. It is hoped that such al­terations will be made in the management, as may render it most advantageous, for which there will be necessary (to con­clude [Page 156]this Subject with the Authors own words) p. 375. Sounder Heads than ei­ther of us are Masters of.

The Author having printed in his Essay on the East India Trade, p. 11. That we bring no­thing from India but materials to supply Luxu­ry and only perishable Commodities, he seems in all his Discourses to be at a great loss, what to say upon that Subject, and if he condemn it, in one page, he dispenses with it in the next, and all that can be collected from what he writes about that matter, seems to amount to this; That it has got such footing amongst us, that all that we must now do, is, to feed it at the cheapest rate, and with all the fruga­lity we can, and for that, proposes as our best way, the sending of our Money to India, to buy materials at the best hand; but this reasoning of his must rather pro­ceed from his affections for that Trade, than from considerations referring to the interest of England, because it is supposed that if we keep our Coin at home, and by the circulation of it do incourage indu­stry, and labour, that we shall have of our own Products sufficient to purchase from abroad, what Materials or Commodities we want to satisfie luxurious Appetites.

[Page 157]To determine what operation or effect, Luxury, or Frugality, will have upon Trade, and to discover how much gaining or losing depends upon it, the quality of such Goods as are the Subject of Trade, must be considered as well as the quanti­ties, for as a private man, by exchanging Gold and Silver for the like quantity of baser metals, must grow poor, so shall a Nation that will make it their business to exchange those Species, or any other va­luable, during and lasting Commodities, for such as are perishable, and of no con­tinuance: and as a private man must be­come indebted, and grow poor, that spends more than his income, so a Nation that by a lavish Consumption of Foreign Com­modities at home, occasion the Importation of Goods from abroad, that exceed in value the produce of what they send out.

Tho the various Tempers, Conditions and Appetites of Men, render it impos­sible to make a definition, what ought to be esteemed Luxury, or Frugality in par­ticular persons, or where to fix any true Bounds or Limits, because there are many reasons, why some persons should consume, and spend more than others, not only in value, but of some sort of Goods, [Page 158]that approach nearer to Luxury than others; yet that liberty should not be extended to what may endanger the consuming of the Treasure or Publick Stock of the Body Poli­tick: A mischief that might be prevented without putting an intolerable restraint up­on mens Appetites, by making a judicious distinction not only as to the sorts of Goods imported, but also as to the places from whence they come, and how pur­chased, as absolutely necessary to prevent trading upon uncertain losing, or destru­ctive terms. As imaginary necessities should not lead us into the inconveniencies and destruction that attend unbounded Lux­ury, so an ill grounded Frugality, should not lead us into the checking of any Trade, that can be carried on by a permutation of Commodities; for as we expect that o­ther Nations should take off our Goods, so they may rationally expect that we should take off theirs, and some Coun­tries cannot take off any Goods from us, unless we take others from them.

The greatest security that can be pro­posed against our spending too much in Commodities, and what is most likely to afford us the advantages expected by frugality, is the promoting the Consump­tion of our own Products and Manufa­ctures, [Page 159]for as the using of such at home, would prevent the importation of many Goods that are pernicious, and be con­ducive to settle the Balance of Trade in our favour, so it would encourage the ma­king of all sorts of Manufactures and han­dicrafts Wares by our own people, which is the surest way to encrease our Wealth, by our annual Crops, and what we have got out of the Bowels of the Earth, and Sea, improved by labour. As that gave birth to our Wealth, so the Treasure or Riches we now have, must thereby be preserved or increased; in which the Author, may probably be best convinced by observations grounded upon his own computation, p. 414. where he makes our Wooll impro­ved to amount to 8 Millions annually, to which adding 4 Millions by the improve­ments made by our Mines, of Tin, Iron, Lead, Coals, Allom, and by our fish­ing Trades, and by the Manufacturing of Silk, Cotten and Foreign Materials, and by the making of Handicraft Wares, which as it all amounts to 12 Millions, so it is divided of course amongst the Owners of Lands, Labouring Men, and such o­thers, throw whose hands such Goods do pass, in the way of Trade, Merchants, Shopkeepers, Manufacturers, Owners of [Page 160]Ships, Seamen, &c. to one more, and to another less according to their industry, skill, or good fortune, and what each lays up after his expences and out goings are discharged, they well esteem, as their Riches, and such part of that as they lay out and convert into any thing lasting and durable and valuable that remains in the Nation, ought to be esteemed an addition to the Riches or Wealth of the Nation, which it is visible by the im­provements of Lands, increases of buil­dings of Houses and Ships, and some du­rable Furniture for Houses, and other uses, has been annually considerable, and as thus our Products are the Original of such Riches, we have got at home; so it will appear they are the Original of the Riches that we get from abroad, for what we obtain from Foreigners (the gain made by Factors and Merchants got­ten from Foreigners in Foreign Parts, or by the imployment of our Ships excep­ted) is in exchange, or for the return of such Goods sent out, therefore Foreign Trade may rather be said to be a means to encourage and improve the advantages we make by our Labour at home, than the foundation of our Riches; and as it cannot be expected that those that buy, [Page 161]sell, or dispose of such Goods, or are o­therways concerned, should make it their business to struggle who shall get most for the Nation, so it may be concluded, That all such endeavours amongst the Traders or Individuals, is, who shall have the greatest share of the twelve Milli­ons; and that, as no addition can be made to the stock of the Nation by any part of the said twelve Millions that is Con­sumed at home, but only by such part as is converted into what is lasting and durable, so not by such part as is Ex­ported, unless when exchanged for Gold or Silver, or durable Commodities, and such be retained in the Nation, which cannot be expected, as long as by the Prodigal Consumption at home of pe­rishable Commodities, the Traders may reap more profit by importing them, than by bringing in Gold or Silver, or more profit by Exporting it again, than by Exporting of Goods; upon which it may be concluded, that we have a plain and safe way to make annual additions to our Wealth, without adventuring up­on any dangerous or new way of Trad­ing, therefore it is presumed that we had better depend upon our old Foundations and Maxims, and make it our business [Page 162]to retain our Gold and Silver, that it may circulate for the promoting of our home Trades, than send it abroad, with­out better assurance (than has yet been given) that it will be brought back in the same Species, with an increase, and also that neither the Government nor Trade shall suffer by the want of it, during its Progress and Circulation from Country to Country; for we may be assured that the want of Coin will have the same effect, and as certainly decrease tho' invisibly our home Trades and Professions, as the want of Tools, Utensils, Stock or Engines, will occasion a decrease in the Trades of particular persons.

But if the twelve Millions arising by our Crops and Labours, which by Pro­vidence is annually distributed, one quar­ter part (it may be supposed) amongst the Landed Men, and three quarters part amongst the Manufacturers, and Traders, be thought too little; though what ad­vantages the Landed Men make other­ways, by their Corn, Cattle, &c. nor what gains the Trading Men make by selling, retailing, and other dealings, doth not come within this Computation; and it be concluded that to increase our gain, we may do well to add to our Exportation [Page 163]of Goods, the Exportation of our Gold and Silver also, that by inlarging our Stock we may encrease our Trade, and have more of the advantages, and Conveniences, be­fore mentioned, according to our Author's Observations, P. 373. These Heads have been the longer dwelt upon, only to ex­pose their weak and narrow Notions, who would run all the Treasure procured by Trade into the Mint, from whence all, above just what is necessary, will of course, and according to late practices; be carried into the Ʋsurers Chest, where it is useless; whereas if what is more than necessary for the Kingdom's use, remain in Bulli­on, it might be a productive stock abroad, for as Money that Circulates at home, be­gets Money to private Men, so Bullion, Circulating abroad begets Bullion to a Country.

No Objection should be made to this Paragraph if any assurance could be given, that our Bullion Exported, would be a Productive Stock abroad, and to beget an increase of Bullion, as the Author af­firms; but that ought not to be Credited till the Author have writ another Book, to give a more probable demonstration from what places, or in return of what Goods, we have since the year 1673 [Page 164]brought in Bullion, to answer for the great quantities Exported, and where it is now to be seen, or how we may be sure it will come in hereafter, if a large Expor­tation be encouraged, for to give the Au­thor his due, tho' he has told us often of vast and great gains made by Trade, yet he has not adventured to make out, that we have of late got Gold and Silver, but rather owns it is decreased, so that there is not one line in this Book to that purpose, though many to under-value Gold and Silver, and to render the use of it insignificant, and to perswade us to be liberal of it.

By this the Author's last mentioned paragraph, it appears that the Author is very much afraid of having too much Bullion carried into the Mint, but if he had examined how little has been carri­ed in of Foreign Coins, or which we may be assured was Foreign Bullion, not on­ly of late, but many years before the War, or what prospect there is now, that the Mint will have too much, he would have found cause to have excused repre­senting his fears upon that Subject; and as the Author has discover'd his mistake in these matters, so in what he saith as to the Trade of Ʋsurers, who usually [Page 165]pine as much to have mony lockt up in their Chests, as others do, because they have none at their Command, therefore it is probable that he meant Monsters not Ʋsurers, of which it may be supposed there are very few of that kind, and that the Silver Coin hoarded up, is but little, what­ever Gold some men may keep by them; for what was lately practis'd, when our Coin was so clipt and abused, cannot well be supposed to be practised now, because the cause is removed.

Tho it may be difficult to understand what the Author means by what he has writ about the French Trade, page 347 onwards, for first he tells his Reader (as a piece of news,) that we had the Balance of our side, till the French begun to mind Trade, and that, after they laid high Duties and Prohibited the use of the East India Goods, that our dealings there, begun to grow very disadvantageous to this Na­tion. Then adds, tho by our Trade in general, we exported three Millions and a half, of which he owns, much was in Money, and imported 6 Millions and a half, as valued here, yet he concludes his long Paragraph, p. 348. If our whole Exports are about three Millions, and our Imports are six Millions and a half, it [Page 166]follows that tho our Imports do exceed our Ex­ports, three Millions, it is so far from being an argument that we lose three Millions yearly by the over Balance, that quite contrary, if three Millions and a half will purchase six Millions and a half, we are inriched by what is commonly reckoned an over Balance.

It is supposed that what has been already said, about making computations relating to Trade, may discover, how inconsistent these assertions are, with any true or safe Rules, for computing the gain on Trade as it refers to a Nation; and that no per­son but the Author can reconcile his own opinions about the French Trade, for in his computations in his Essay on the East India Trade, p. 17. he computes that we got by the French Trade, from the year 56, to the year 1688. Now he says that after Richlieu's Ministry, (which ended about the year 1657,) by the laying of high Duties on our Goods, our dealing grew ve­ry disadvantageous, and then in the end of the next Paragraph, That we were en­riched by what is commonly reckoned an over Balance against us.

[Page 167]But till the Author have explained his meaning, as to the French Trade, the opini­ons of others should be followed, which are, That the French had, for many years, an over Balance, of about one Million per annum, and that there was carried from us to Balance that Trade, and spent there by our Travellers, &c. in all about 700000 l. per annum in Bullion, and being the Au­thor has observed p. 138. That we took from the Sound, as many Goods as cost 400000 l. per an. and that for the most of them we sent out Money in Specie, or Bills of Exchange, which Bills upon an examination will be found inconside­rable, that were drawn for those parts, and at all times much the same thing as Money; and having also own'd, that we did usually send out 500000 l. to India (which others compute to be 600000 l. and that we consumed much Bullion for wrought Plate, Fringe, Lace, &c. and being it is supposed he will own, that some has always gone, and will in probability go ever out, for some other Trades, or occasi­ons; it is hoped that he will in his next Book apply his thoughts more particular­ly to shew from whence, and from what places, Bullion did formerly come in, or may hereafter, to satisfie any such Con­sumption [Page 168]and Demand, or such a Con­sumption as he may guess our Trades, as now carried on, may require, least by endeavouring to enlarge our Trade by sending out all the Bullion that may come in, we endanger the loss of the Good Trades, we have, by grasping at too much.

Page. 219. The Author says, We agree so far with Mr. P — when we speak of Trade in general, the gain is so much only, as the Nation did not consume of the Imports, but either lays up in Commodities, in Specie, or converts into Money, or some such adequate Treasure.

This condescention is not only, very ob­liging, but so material, that a short en­quiry what Species or Commodities are now in the Nation, or were anno 1688 brought in by foreign Trade, that may be esteemed durable Treasure, or adequate Treasure, and in what proportion such Treasure has increased, will very much conduce to resolve all disputes about riches gotten by foreign Trades.

All agree that our Gold and Silver, was brought in by foreign Trade, of which Species, the Author computes, p. 36, That we had in the Nation an. 1688, the sum of 18, 500, 000 l. of what was [Page 169]coined from the beginning of Queen Eliza­beth's Reign 1558, which makes about 130 years, and is in proportion to near 150000 l. per an. the stock that was in the Nation when that Princess began her Reign, and what she got from the Spaniards by force of Arms, being thrown in, to make it hold out to that proportion; and as for Bullion that was brought in and converted into wrought Plate; and Jewels, that may be presumed remain'd in the Nation, if half as much be reckoned, that is 75000 l. per an. than our annual gain by foreign Trade in those years, and in these Species that was laid up in the Nation and not consumed, amounts to 225000 l. per annum.

But if the Author will not go so far back, but would rather take his measures, from the year 1660 to 1688, which are his 28 years of our great and flourishing Trade. Page 33, 34, 35, He makes the coinage account in those 28 years to be of Gold and Silver. 10,700,000

Out of which he justly abates as not brought in by Trade, or decreased.

[Page 170]

Which 4500000 l. increase of our Coin in those 28 years, is near about the same proportion of 150000 l. per annum, as computed in the former Reigns, and ad­ding half so much more for the increase of Plate and Jewels as before, will make the same increase of 225000 l. per an. what other Commodities were brought into the Nation in those 28 years, or in the 130 years by Trade, and not consumed, but either laid up in Commodities, in Specie, or converted into Money, or some such ade­quate Treasure, that may come within the Authors own description of gain, can­not be exactly compted.

But upon the perusal of the Book of Rates, where it is supposed that all the Commodities we deal in, are enumerated (excepting some few that are entred ad [Page 171]valorem) and the Bills of Entries, from the Custom-house, where all that are im­ported are comprehended, there doth not appear any good reason to suppose that we ever did import into this Nation, of Iron, Brass, Copper, or of other sorts of Goods that were lasting and durable, or other ways adequate to Treasure, the value of 100000 l. per annum but (to make up even Money) 175000 l. per an. shall be computed, which with the Gold and Silver, and Jewels, makes 400000 l. per an. tho much of the Iron, Copper, Brass or the like is usually in a short time con­verted to such uses, as depreciates its ori­ginal value, and only a small proportion improved.

Most other sorts of Goods brought in from Foreign parts, as they are not ca­pable of duration, so they would not be brought in, but in Expectation of a sud­den Sale and Consumption, those for eat­ting and drinking are soon reduced to no­thing, and those for Apparel, have usual­ly but a short Existence, those for a fur­ther Manufacture, are soon apply'd to those uses; and if any Stock of such Goods have remained for any time in the hands of the Trader, it was not because they were kept for an addition to the Stock [Page 172]of the Nation, but because the Markets would not take them off, the gains of Trading men, not arising from keeping their Goods, but by buying, selling, chop­ping, and changing, wherefore there can­not be any Stock of such Goods in the Nation, but what lie for want of Sale, or Consumption, or to supply the Markets.

Tho' it be not doubted but that in most of those Twenty Eight years we proba­bly brought in 500000 l. in Silver and 100000 l. in Gold per an. by our good Trades, and that the Clippings of the ham­mer'd Money in those years, which was either Coin'd or Exported amounted to a considerable Sum, yet it appears by this ac­compt, that such was the Consumption of our Bullion before it came to the Mint, or soon after; that ann. 1688 there was no more but in proportion to 150000 l. per ann. remaining by the Author's account, and how our hammer'd Money was de­creased even in those years, has been al­ready offered to consideration, and that what thus remained was rather a turn­ing of old Money into new, than an ad­dition to our Stock.

[Page 173]As by these enquiries, which are most grounded on the Author's own Compu­tations, and therefore may the better con­vince him, it may appear that he was mistaken in this account of two Millions per ann. which he says was added, to the Stock of the Nation, by those Trades he mentions, so it may confirm what has been said, that, tho' we may easily consume our Coin, yet that it will not be regain­ed without a great deal of difficulty, and length of time; for which as good Coun­cils will be necessary to lay a Founda­tion by good Laws, so the industry of the Merchants, that such Laws may have a good effect: For, not withstanding the Author's Opinion, P. 69, the gaining of Gold or Silver by Trade, doth wholly depend upon their Skill, Industry, and Courage, by adventuring our Products or other Goods to procure it from abroad by their dealings with Foreigners in Fo­reign Parts, for all Buying, Selling, Bor­rowing, Lending, Trading, or Tricking at home, can only afford gains to parti­cular persons, by our Riches changing hands, and all new Projects, and new Discoveries, will be more liable to dis­appointments, than what can be feared from the Exportation of our Products, if [Page 174]Trade be so managed, as that we may not be under a necessity to send out our Gold and Silver as fast as it is brought in from abroad.

P. 375. The Author says That he has chosen all along to set up a different Structure (from Mr. P—) and to propose another Hy­pothesis, in which he has said what is true, for his Notions are not only very different from his, but from what has been for­merly practised, and also will be dange­rous to be now pursued.

It would take up too much time, to exa­mine all the strange Arguments he has offered to support this new structure there­fore only some few shall be taken notice of, as an addition to the observations al­ready made.

Pag. 415. That Wool should bear a good price is most certainly the interest of the Land­ed men, but then this must come in some na­tural course, for supposing that by a rot of Sheep its value should be advanced to two Shillings per Pound, would this make for the interest of Land? most certainly not; no more than to have Wheat brought from 30 s. to 3 l. per quarter, by Blights, or an ill Season, but it would be well for Land here, if a dearth abroad should occasion such a call for our Grain, as to bring it to that Price.

[Page 175]Certainly the Author doth think that the Landed Men, may be very easi­ly imposed upon, and that they do not understand what is their true in­terest, or how to find out a fallacy in an argument, or else it is not probable he would have offered them, what he doth in this Paragraph? How can a rot of Sheep, or a Blight of Corn, which may happen sometimes, and by the hand of Providence (if it do advance the price of Wooll and Corn for a year, or the like) be brought as an instance, to perswade the Landed Men, that it is their Inte­rest to send their Money to India to buy Manufactured Goods, to be spent here at home, in the room of their own, in order to bring down the price of Wooll and La­bour. Is there no difference between what may happen by Chance or Providence, and cannot be prevented, and what a Man does voluntarily, constantly, and freely, on a supposition that it is his interest so to do? If he will give an instance that may make for his purpose, in this case, he must shew the Landed Men, that it is their interest to be constantly sending their Mo­ney to Holland or Ireland, to buy Wool­len Goods or Corn to be frequently Im­ported here, in order to keep down the [Page 176]price of Wooll, Corn, and Labour, that we may be forced to Export our own Woollen goods, and Corn, and by beat­ing down the Markets abroad, to gain the whole Trade abroad to our selves, for the Objection that we had better inrich the In­dians, than our Neighbours may be an­swered, but it is supposed the Sophistry of this argument will plainly appear, and what is designed by it; by these hints.

In the same Page he saith, he is able to maintain, That the publick of this Coun­try can by no manner of means be under­stood to get so much by what Woollen Goods are consumed in the Nations as by what is carried to Foreign Markets. It is not doubt­ed but he may maintain this, for it has been all along owned, that we make no addition to our Riches, by what is con­sumed at home, but it does not therefore follow, that we must send out our Mo­ney to buy Goods to be spent here at home in the room of them, that we may spend none at all, which is his Topick, nei­ther can it be denied, but that if by good Husbandry we should make nine Thousand pieces of Cloath serve for our own Ex­pences, instead of Ten Thousand, that have been usually spent, but that the o­ther [Page 177]One Thousand pieces will be sent a­broad, and bring back something.

Page 417 the Author declares he has an ill Opinion of Crapes, Serges, Stuff, &c. by which &c. may be meant near half the Woollen Goods we make, and that it would be most advantageous for us to make only course Cloaths and Stuffs for the Markets abroad. By Stuffs it is supposed he means those that are very course, that they may not hinder the Consumption of India Goods, then adds, That it is un­doubtedly true, that a rise in its value of a penny per pound proceeding from Foreign ex­pence, does more inrich the body of the Na­tion, than a rise of three pence per pound oc­casion'd only by our own Consumption.

Tho' the truth of this assertion shall not be disputed at present, yet it ought not to weigh much with the Landed Men, before the Author has made out, where we shall spend more of our Wool­len Goods, than now we do, how we shall bring the people in Foreign parts, as well as at home, to be fond of these course Cloaths and course Stuffs, and oblige them to choose and spend them be­fore the Goods from India, because those may be much finer, and in time much cheaper, than such Cloaths or Stuffs, tho' [Page 178]the price of Wooll should fall to no­thing.

But to comfort the landed men, the Au­thor tells them in the same page, That Wooll is a Rich and Noble Material, capable of such improvements, that it may be turned an 100 ways to increase the wealth and Trade of England, and then gives an instance of one of those 100 ways grounded upon hopes: That they may spend great quantities of these Goods in India, if agood Settlement of that Trade were made, which being done ac­cording to the Authors own desire, page 423, it would be a great proof that these his Assertions are well grounded, if he would leave us our Bullion or Coin, and take with him as a Cargo for his intended Voyage, a good round quantity of our Woollen Goods; or if not, that, he would tell us, not only how our Wooll shall be consumed, but how the poor (who dai­ly increase upon us, shall be imployed, if all the sorts of stuffs, as well as the Silk and Linen Manufactures, as proposed in his Essay on the East India Trade, be laid aside? How then it will be in the power of Magistrates or Overseers, (or be it a Corporation set up with a stock, for the purpose, to give them imployment.) On what shall they be kept to work, when [Page 179]so many more shall be added, that were imployed in those Manufactures, to the great number we have already, in all Towns and Corporations.

But after all, the writer of these pa­pers, is sensible, that objections may be made to all computations, of the Coin, and Trade of the Nation, but however he can truly say for himself, that what he has writ, is grounded upon the best informations he could get, and with a good design, that such care may be taken in the managment of our Trade for the fu­ture, that we may increase our Coin, which seems to be absolutely necessary, least the Body Politick be reduced to an Hectick condition, while we are casting of Figures, or depending on the Authors Projects: And if after this fair and im­partial examination, he is constrain'd to differ in opinion, from the Author of Ways and Means; yet seeing his not affixing his name to his Book, is a sufficient intima­tion of his willingness to be concealed; all pointing at him, by Letters, or Care­cters, and all enquiries, where he was born, or bred, or how he has acquired the great knowledge he pretends to, and all unbe­coming or oblique descriptions, shall be industriously avoided, and notwithstand­ing, [Page 180]that he has not been sparing in his censures of narrow thoughts, and limited un­derstanding, &c. it shall not be doubted but on the contrary he is a person, of a greater reach, and larger compass of thought, and that his understanding is not confined, in any part of useful know­ledge, but only in this of Trade, in which the interest of the Community is so far concerned, that it is hoped the Author will agree, it ought not to be given up in a Complement; but that it is just, that what the Author himself, says, page 433, should be observed by others. In a general search after Truth, Errors (whatsoever the person be, who commits them) must be detected, which as it was chiefly designed, so it has been endeavoured and pursued thro' out this whole discourse, with decency and moderation, in which if the writer of this have prevailed, he is well content to be out done in the matter of Reflections, and ill Language.