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A92291
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Reasons proposed for the encouragement of all people to under-write to the new subscriptions, appointed to be made to the late East-India companyes stock
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1693
(1693)
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Wing R583B; ESTC R230761
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7,100
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8
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REASONS Proposed for the Encouragement of all People to under-write to the New Subscriptions appointed to be made to the late East-India Companyes Stock I. BEcause the said Company have been a long time a Corporation for the Honour and Profit of the Nation II. Because they have a great Estate clear of all Debts and Incumbrances at Home and Abroad intrinsically worth more than 150 l. per cent which is above 1100000 l. III. Because all their Charters as well their Old ones as those two lately obtained are to be confirmed by Act of Parliament IV. Because their Stock will Rise considerably so soon as these Subscriptions are compleated or any Ships Arrive although it be not worth much and that the Company should not be confirmed by Act of Parliament and then one may easily sell out again to Profit 1. Because the said Company have been a long time a Corporation to the Honour and Profit of this Nation But as all Generals are made up of Particulars so it may not be amiss to give some particular Instances to shew how they have been a long time a Corporation to the Honour and Profit of this Nation which appears very plain by what follows viz. It was for the Honour and Profit of the Nation that they obtained the grant of the sole Trade of the East-Indies exclusive of all others and exercised the same though the Subjects of England could not nor can be excluded from it but by Act of Parliament as may appear by the Kings Message sent to the House of Commons in Novemb. 1692. and likewise by the Opinion of the Judges which has been given in this Matter It was for the Honour and Profit of the Nation That they have obtained the power of Seizing the Ships and Goods of their Fellow-Subjects for Trading into the East-Indies and have actually put the same Power in Erecution contrary to Law It was for the Honour and Profit of the Nation That they have procured Ships outward-bound to be Arrested and Stopped in England upon pretence of their having notice that they were bound to the East-Indies though no Law hinders them from going thither It was for the Honour and Profit of the Nation That they have Obtained and Executed the Power of Seizing Imprisoning and Finiâ—g the Persons of their Fellow-Subjects for Trading into the East-Indies which no Law Prohibits or makes Criminal and it must not be denied but that 't is a Great Honour and Profit to any Nation where a few Subjects have arrived to the Exercise of such Powers which some of the Greatest Potentates in the World cannot pretend to It was for the Honour and Profit of the Nation That they Commenced and Prosecuted several Suits at Law in Actions of 100000 l. and 200000 l. each against divers of their Fellow-Subjects for Trading to the East-Indies which by Law they might do and thereby have put them to Great and Vexatious Oppressions without any other Remedy than Patience the common Comfort of all Misfortunes It was for the Honour and Profit of the Nation That they Procured a Commission to Execute Martial Law and have Executed the same on the Lives of their Fellow-Subjects contrary to Law It was for the Honour and Profit of the Nation That they Caused the Subjects of England to be Hanged when on their Tryals they were only found Guilty of a Riot Which is a greater Power than the King himself has who can cause no man to be Hanged but by due Course of Law To the Honour and Profit of the Nation They have Paid such vast Summs of Money for Customs although the Duties on all East India Goods are now so extremely Low For they have Paid in Two whole Years of their Trade Twenty Thousand Pounds which upon the Trade they formerly used to drive or might now be driven would have amounted to more than Ten Times that Summ. To the Honour and Profit of the Nation They have in a manner given this whole Trade to the Dutch who now supply all the World England not excepted with most sorts of East-India Commodities But however they are Commended as Honourable and Profitable to the Nation yet some of their Actions have been Notoriously and Scandalously Fraudulent and Immoral as well as Cruel and Bloody For the Hanging those Persons was Voted Murther by the Honourable House of Commons and the obtaining a Grant to Execute Martial Law and Signing Instructions to put the same in Execution were adjudged Crimes for which some Men might justly be Excepted out of the Act of Indemnity These are some few of their Proceedings toward their Fellow-Subjects but it would require a very large Volume to give an Account of the rest of them And Their Actions abroad towards the Natives of India have been no less to the Honour and Profit of the Nation than what they have done to their Fellow Subjects at home For to the Honour and Profit of the Nation After their Factors had run in Debt Three or Four Hundred Thousand Pounds at Surat their President got away from thence without Paying it and the greatest part thereof remains Vnpaid even to this day besides the Restitution which they are to make To the Honour and Profit of the Nation They gave Passes to the Mogul's Subjects for the secure Trading of their Ships and afterwards Took those very Ships who had their own Passes which were Plundered and Robbed How this agrees with the Faith of Nations let all Men judge To the Honour and Profit of the Nation They made a Cruel and Unjust War on the Mogul 's Subjects on purpose to Plunder them and send home those Effects thereby to avoid Paying their Just Debts And having thus given a short Account of their having been a long time a Corporation to the Honour and Profit of the Nation I shall in the next place consider Their Stock both at Home and A broad which they pretend to be Intrinsecally Worth above 150 per Cent. which is 1100000 l. You have the Companies honest Words That their Stock is worth above 1100000 l. which it amounts to at 150 l. per Cent. and they asserted it it to be worth Intrinsically more in the Answer they gave to the Regulations of the Lords of the Council last year And certainly No Man will doubt the Truth of what they say when they value it but at 744000 l. For to be sure They will speak nothing but Truth it being well known what care they have always taken to Assert nothing but what is So. Their Estate at Home is Visible 1. By their having sent out in Three Years time viz. 1688 89 1689 90 1690 91 in Seven Ships containing about 3000 Tunn such a Prodigious Summ as 26000 l. 2. By their having in England so Vast a Stock as 38901 l. 08 s. 08 d. to drive so Small a Trade as that to the East-Indies being not above One Quarter of the Trade of the World as may appear by their own Accounts given in
resolved that those who come in shall pay the Fidler And yet if any of them will be so just and honest as to help draw in the Simple and unwary they shall be secured especially if they are of the adverse Party or can talk the thing well up and down the Town for they shall have Dignified Men for their Security that they shall loose nothing but have Principle and Interest repayed if they please in twelve Months And as for the loosing a good Name that 's a silly Thing so as there be a Penny to be got by it What 's more common than to have decoy Ducks to fetch in Game such Men shall have the Honour to serve for Trappanners to help deceive the unwary whilst others will run away with the Benefit What remains is lastly to consider the 4th Reason proposed IV. Because their Stock will Rise considerably here so soon as these Subscriptions are Compleated or any Ships Arrive although it be not worth much and that the Company should not be Confirmed by Act of Parliament and then one may easily Sell out again to Profit Doubtless some such Arguments were used formerly to perswade some Persons to Buy Stock at 300 and 250 l. then was the time to Buy Stock and so it is now and the great Cause which they who followed that Advice have to Thank them who gave it is Reason sufficient to induce them to follow it for the future they believed the Doctrine then promoted viz. Every thing is worth what it can be sold for and therefore bought Stock at 300 per cent But when they found their mistake they complained of a bad Bargain though certainly they had more Reason to Complain of those who advised them to buy than they had of those that sold unless they did as it s said some others have done perswade people to buy when at the same time they were selling themselves and so sell their own Stock in another Man's Name If such things have been done what security is there that the same Men wilâ— not now again Christen their own Children first to be sure they whâ— have taken out all or more than their own by the large Dividends foâ—merly made can afford to sell much better Penny worths than they who are but now come in and they will be glad of the first Opportunity to slip out Most People are perswaded to come in on this Prospect and some to be sure must be disappointed What if the Subscriptions should not be Compleated Or what if their Ships now Abroad should any of them Miscarry Why then truly they must make the best of a bad Bargain and may again with as much Reason Complain of a bad Pennyworth and will have just the same Relief to be laugh'd at for their Pains in meddling with what they did not understand By what has been already Observed it may plainly appear that the late Company have been a long time a Corporation to the Honour and Profit of the Vation and that their Stock is worth 744000 l. nay 1100000 l. and hat they will doubtless be confirmed by Act of Parliament and that it will Rise considerably There might be much more added if it were necessary but this is thought sufficient to induce all indifferent People who are weary of their Money to join with them by new Subscriptions without delay upon such great Encouragements as these are I shall only add one thing more That it will serve to enable 2 or 3 men to pay themselves a considerable Sum of Money for what the Company owe them besides the last 50 per cent which is now made a Debt and to Pay their other Debts besides which must likewise be paid out of this new Subscription Money and they shall have so much the more Money paid them if they will Subscribe it in the Stock This is a very profitable and national Design especially for those who are to receive the money out which is to be Subscribed in and its worth observing how that to incline people to pay in 50 l. per cent last Summer they allowed 3 per cent discount and raised the Stock above 100 per cent that so the managing men might draw in others and get out what Money they had advanced and that they might also send out the six Ships which for want of money they were forced to keep till June which should have gone in February before and now they have ordered 10 l. per cent discount for one months time and they keep up the Stock at 93 l. per cent to incline people to pay in all their Money freely by the 10th of December that so they may be able to send out their 12 Ships this Year and also to Pay themselves what they have disbursed together with the 50 l. per cent they paid last year and which is now to be Refunded if people will put out their Eyes and always be thus bubbled out of their Money as well as their Senses they may go on till they are weary and perhaps this is done that the old pretence might still be urged for their continuance viz. That a great many Widows Orphans and Innocent and Ignorant People might not be Cheated and undone if they should be Dissolved But let not these Gentlemen deceive themselves and others Doubtless the Parliament will not be thus affronted but will take notice of these Proceedings and Assert the Right and Liberty of the Subject to to the Freedom of this Trade which has been thus violated and not â—oose soÌ„ great a Trade to the whole Nation by giving it it either to 2 or 3 particular Men to make them as great as Dukes or else to our Friends the Dutch and therefore it s to be hoped they will provide that all the Subjects of England may Freely Trade to the East-Indies according to the Right whch they have by Law so to do until this Trade be Setled by Act of Parliament and thereby not only the Trade will be secured to the Nation but the Iust Rights and Liberties of the People will be maintained and preserved I suppose these Reasons will be sufficient to convince any uninteressed persons but if not hereafter they shall have more For the present I shall conclude with the Honest Popes Blessing on all those who are still willing to be deceived Qui decipi volunt Decipiantur