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A35196 An essay on the coyn and credit of England as they stand with respect to its trade by John Cary. Cary, John, d. 1720? 1696 (1696) Wing C729; ESTC R24728 16,917 49

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AN ESSAY ON THE Coyn and Credit OF ENGLAND As they stand with Respect to its TRADE By John Cary Merchant In Bristol BRISTOL Printed by Will. Bonny and Sold by the Booksellers of London and Bristol October the 22d 1696. To the Right Honourable the LORDS Spiritual and Temporal and to the Honourable the Commons of ENGLAND in Parliament Assembled May it please Your Honours I Humbly present You with this little Tract the Design whereof is to set forth how Useful and Advantageous a Well Setled redit would be to the Nation which nothing but a Sence of the Calamity we labour under for want of it hath made me Undertake 'T is a Subject I Confess deserves a better Pen but seeing it hath lain so long Neglected I have adventured to offer my Mite towards it If Your Honours agree it to be Necessary I doubt not but it may be rendred Practicable The setling the Coyn of this Kingdom so happily effected in your last Sessions hath given fresh Occasions to our Money Mongers to imploy their Corrupt Wits in finding out new Ways to elude your good Intentions who since they cannot get Thirty per Cent by ping our Old Money have endeavoured to get Twenty per Cent by Hoarding up our New Things equally prejudicial in themselves And so far have they already advanced in these their wicked Projects as to make near so much Difference between our Money and our Trade Which Evil if not speedily prevented will daily Increase and like a Leprosie over-spread this Nation so that the very Sence of its being a Crime will wear off and Time will make it familiar to those who now seem to startle at it Dulcis Odor Lucri ex re Qualiabet Nor can a Stop be put thereto so well as by Establishing a Credit large enough to answer all the Occasions of the Nation both Publick and Private without which I humbly Conceive other Means will prove Ineffectual I pray God who is the Fountain of Wisdom to direct you Councels to his Glory and the Welfare of this Kingdom Your Honours Most Obedient Servant John Cary. AN ESSAY ON Coyn and Credit AS the Wealth and Greatness of the Kingdom of England is supported by its Trade so its Trade is carry'd on by its Credit this being as necessary to a Trading Nation as Spirits are to the Circulation of the Blood in the Body natural when those Springs as I may so call them Decay and grow Weak the Body languishes the Blood Stagnates and Symptoms of Death soon appear Nor can a good Credit be more useful to any Nation then it is to this where our Trade hath at all times very much exceeded our Cash I mean the Species of Mony hath not in any Measure answer'd the transferring of Properties and though herein no Man can be at a Certainty as to the quantum yet such probable Conjectures Satisfaction that the Disproportion is very great If we would make a Judgment of the Trade of England it cannot better be done then by considering what the annual Profits of that Trade may be supposed to amount unto and this cannot better be computed then by making a probable Conjecture of the Charge of its Expences and this by such Steps as may tend to make as naked a discovery thereof as the nature of the thing will bear Suppose then the Number of People in England to be Eight Millions which is the lowest Computation I have ever met with and that each Person spends Eight Pounds Per Annum for his Support in Provisions Clothes and other Charges of living what any one pays short of this himself is paid by another he that is sed at another Man's Table or wears another Man's Cloaths must remember that those necessaries are paid for if not by himself yet by his Benefactor add to this the Charge of supporting the Government especially in this time of War and the amount will not be less then Seventy Millions per Annum though every Man lived but from Hand to Mouth add to this Thirty Millions per Annum for the Profits of Trade which is but Twenty Pounds to each Family supposing Six Persons to a Family this amounts to One Hundred Millions Here it must be noted that I comprehend all transferring of Properties under this general Notion of Trade the Landlord the Tenant the Manufacturer the Shop-keeper the Merchant the Lawyer all are Traders so far as they live by getting from each other and their Profits arise from the Waxing or Waning of our Trade We are next to consider how the Profits of our Trade stand in Competition with Trade it self and I believe it will be allowed that one with another they do not amount to above Ten per Cent. By this Scheme the Trade of England must be at least a Thousand Millions per Annum The Money of England hath generally been supposed to be about Seven some have thought Ten which at the highest Account stands in Competition no more then Ten doth to a Thousand this hath made Credit always so necessary our Trade that without it the other must have stood still But the usefulness thereof hath never so much appeared as now it doth Here it will not be amiss to consider the Original design of Mony how it came at first to be introduced into Trade and the Reason there was for mending our Silver Money and falling of Guineys Our Fore-fathers whilst they kept themselves only to the use of things necessary for the Support of Life were content with what they could either provide for themselves or purchase from their Neighbours with such things wherewith they abounded and the others wanted but as Pride and Luxury grew into the World so Mens desires became more boundless and their Fancies prompted them to seek after things from a greater distance either to please their Palates or to set forth their Grandure This brought in the Trade of Buying and Selling whence arose a sort of People maintain'd by Traffick who soon put an end to the Trade of Barter And indeed it must needs be so since 't was impossible for them to fit every Man's occasions in such proportions as he required and at the same time to receive their Payments in the Commodities wherewith he did abound because these would not answer their ends in carrying on their Traffick therefore something must be made the Standard of Trade which might be of equal value in all Places and a measure to the worth of other Commodities the Excellency whereof was not to arise so much from any intrinsick value in its self as from the usefulness of it to answer that end Silver was at last agreed on by a common consent whose worth arose from its Fineness and Weight not that this was esteemed the richest of all Mettles Gold standing in a very great Disproportion with it even as to its Weight but that being more scarse could not supply all the occasions of Trade nor indeed could it be divided into