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A35215 An essay towards the setlement of a national credit in the kingdom of England humbly presented to the two honourable Houses of Parliament / by John Cary ... Cary, John, d. 1720? 1696 (1696) Wing C731; ESTC R8095 6,929 24

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29. III. The Third thing is to make some Comparison between the Credit here proposed and the present Bank of England which I Humbly conceive is so shaken in its Reputation as hath rendred it uncapable to be made the Foundation of a National Credit and whilst we labour to recover it we may run the hazard of destroying our Trade disturbing the Government and keeping our selves under a lingring War whilst we encourage the French King to try his utmost Efforts hoping that our Difficulties at home will force us to accept of a dishonourable Peace 'T is certain nothing can be the support of a National Credit which is not better or at least so good as Money and this is not to be found in the Bank of England whose Notes whilst they are One per Cent. worse then Specie will always keep their Coffers empty because no Man will put into it a Hundred Pounds in Money when he can have a Note of the same Value for Ninety Nine and the Consequence will be this that the Lender or rather the Jobber will never rest till he is repaid that so he may be making advantage by a New Purchase And if this will be the effect of a Credit worse only by One per Cent. than Money what will it be when 't is sunk to Sixteen Whereas on the other side when a Credit is better than Money the Coffers will ever be full because all Men will endeavour to put in their Money and be impatient till 't is done And thus it will be when the Lender thinks himself secure and makes more profit by having his Money in the Bank then in his Chest who will therefore receive out no more at a time then his necessities shall require and for the same Reason those to whom he pays it will endeavour to return it thither again so soon as they can IV. As to the Fourth thing Proposed The necessity the Nation lies under to have its Credit setled this present Sessions it will appear if we consider how London now stands in Competition with all England besides as to the Specie of Money and how it will stand before another Sessions 'T is generally agreed that about One Moiety of the Money of England is already Center'd in that great City and the rest is not enough to pay the Debts owing to it together with His Majesties Revenues Bonds already entered into and Taxes now to be given for Six Months longer besides the Foreign Bills which are generally made payable there all which must be returned in Specie for though by an Act of this present Sessions Intituled An Act for the farther remedying the ill State of the Coin of this Kingdom it is among other things Provided That all Money that shall be brought in upon Account of Taxes or Revenues or Loans at Five Shillings and Eight Pence per Ounce shall be carryed to the next adjacent Mint in order to be Recoined yet this will no way be Serviceable to the Country unless a Credit be settled it must otherwise be sent up to London after Coined for want of Returns the Debts due to the Country being paid there in Bank which is Sixteen per Cent. worse than Money and those due from the Country demanded in Specie so that the Money of England is every Week brought up thither and then if it be next considered what Methods are left to the Country to draw it back again viz. by Provisions and some few other things 't will be reasonable to believe that seeing the supply made from that City to the Country is greater then what is made from the Country thither all the Cash of England will Center there in a short time to the Ruining of the other Trading Cities and disabling of the Country to pay future Taxes And this will make the dependance on London still greater till by its own Bloatiness it must at last burst when the Estates of the Traders shall consist only in Debts due from the Country which must still lye out for want of a Specie to pay them in so that all the advantage London will receive is that it will be last Ruined Now if a good Credit be settled out of Hand and the Mints continued in the Country the Money that is now there may be still kept there and Methods found out to increase it and the Trade of England carryed on with an equal Circulation in all places this will keep up the Rents of the Lands of England which must otherwise fall in their Values suitable to the distance they stand in from that great Metropolis If it be Objected That the Management of this Credit will be very costly to the Nation I humbly conceive that the Profits thereof will not only support its Charge but also bring in a great Overplus which may be usefully imployed to the Nations advantage yet were this Objection true nothing can be termed good Husbandry which spoils our Trade the stopping whereof but for one Month will be many Millions lost to the Kingdom therefore whatever Charge is necessary to keep it on foot 't will be the Nations Interest to be at especially such a Bank as this is whose Profits or Losses are Compatible with the Interest of the Subject for if the Bank looses 't is because the Subject gets and if the Bank gets the Nation hath the Profits whilst at the same time the Government is supported and our Trade carried on If by rectifying this or any better Proposal from a more thinking Head the Credit of the Nation may be settled in this present Sessions I have reaped the end I aimed at the Good and Welfare of my Native Country which I Humbly submit to your Honours great Wisdom and shall be ready to explain any thing that may seem doubtful when I am thereto Commanded Your Honours Most Obedient Servant John Cary. January 5 th 1696.