Reason that Exchanges and Goods will always govern in all Nations proportionable to the Weight and Fineness of their Coyn. The effects of the Raising of the Coyn will first be perceived by those who have occasion of Money by Exchange or of Wrought Plate or of any sort of Bullion The Exchange of Money for Bills or Bills for Money between Nation and Nation is a great Trade of it self many Persons in Trading Cities make it their chief if not only Imployment to take Money when offered and draw Bills for it on their Correspondents which they have in most parts and places where there is any Trade carried on and their Correspondents to reimburse themselves Redraw on them or on their Agents in other places as may receive Directions and as the Rates of Exchange may induce them which at last must be repaid by the first Drawer either by Goods or Money sent out hence or by the payment of Bills that may be drawn on him By which Trade thus carried on without Buying Selling or Trading much in Goods they usually get much more than Interest by their Money and in a course of Years considerable Estates others that do not make Exchange their sole Trade draw Bills upon many occasions to be paid out of the product of Goods or Money sent and lodged in their Correspondents hands for that purpose These wayes of Trading by Exchange hath proved of so great use in the carrying on of Trade for the speedy supply of Money upon Occasions lessening of Adventures and getting quick Returns that it may be said Exchange is to some Trades as the first Foundation or as a Pendulum to a Watch to keep it in Motion and being so hath a great influence on the Price of Commodities which will alwayes much depend upon the Rate of Exchange and the Rate of Exchange upon the Weight and Fineness of the Coyn like so many Links of a Chain if one be drawn the others will follow All those that make it their Business to give Bills for Money or Money for Bills know the Intrinsick Value of the Coyns in the Countries to which they deal and the Natural Rate for all Countries amounts to giving One Hundred Pound weight of Silver in one Country for a Hundred Pound weight of Silver of the same Fineness in another Country with as much difference as may be a Temptation to the Bankers or Exchangers to continue their Trade more or less according to the distance of Place Time for Payment or Plenty or Scarcity of Money or Bills which oftentimes makes it considerable But taking it without such Accidents and Considerations the Rates are a Hundred Pound weight for a Hundred Pound weight in another Country or very near The Old Crown in France did formerly answer in Weight and Fineness to 4 s. 6 d. of our Money the Exchange then usually went at 54 d. here for a Crown to be paid in France The Old Shilling in Holland answered to 7 d. or better the Exchange for Holland usually at 36 s. there for 20 s. here To imagine that if our Coyn be Raised One Fifth Part here the Exchange for Foreign Countries will not Advance proportionable is to suppose that Men will act contrary to Reason and their true Interest and give One Hundred Pound weight of Silver in a Foreign Country for Eighty Pound weight received here when it may turn much better to account to them to bring it here and have it Coyned in the Mint As for Instance After such an Advance a Merchant comes to a Banker and demands a Bill for Paris for 100 l. and offers for every French Crown to be paid in Paris 4 s. 6 d. as the Price usually went before Advanced and it then answered in Weight and Fineness to our Money here If the Banker agree to it then he must give a Bill for 444 Crowns â…– for so many times 4 s. 6 d. will be found to be in 100 l. and must receive 320 Crowns here of our Coyn because will then be called 100 l. which he will soon find is not his Interest to do For the 444 French Crowns â…– brought here and Coyned will make 400 of our Crowns and after such an Advance of our Coyn will produce him at 6 s. 3 d. per Crown 125 l. And therefore we may conclude Bills will be refused for Paris Spain or any where unless the Exchange advance proportionable to the Coyn But though this be offered as Demonstration that the Rates of Exchanges will Advance yet not that it will occasion the bringing in of Money to be Coyned for if Goods and all Contracts in the way of Trade should alter as is supposed proportionable to the Coyn then his 125 l. so made will do no more service than 100 l. before and therefore the advancing of Coyn no Temptation for the bringing in of Bullion unless for payment of Debts contracted before such Advance And as it cannot be expected that the Exchange of Money for Bills should go on at the rate as before so that any sort of Wrought Plate or Bullion should be sold at the same Price For how can it be imagined that any Man will Exchange One Hundred Pound weight for Eighty Pound weight of the same Metal which carried into the Mint and Coyned would yield One Fifth more And though the same Reasons cannot be given for the Advance of all other Commodities yet Dealings by Exchange have such an influence upon Trade and the giving high Denominations to Coyn so unlikely to make it pass for more than its Intrinsick Value according to its Weight that it is contrary to reason to expect that Foreign Nations will barter their Commodities for it rather in proportion to the Name than Value and if it have that effect with Foreign Nations as may be presumed and our own Goods should not Rise also proportionable then will prove but a contrivance to make us sell our Goods to Strangers at one Rate and buy of them at another The true Intrinsick Value of Silver in Exchange of Silver ever was and will be an Ounce for an Ounce an Ounce Coyned for an Ounce Uncoyned Five Shillings of our English Coyn weighs about an Ounce and therefore we usually compute an Ounce of Silver worth 5 s. because 5 s. Coyned weighs an Ounce Uncoyned some little differences occasioned by the Alloy or Charge of Coynage in some places if should be cavilled at will not be found upon examination to be very material and whatever Denomination hath been given to Coyned Money in any Country to raise it higher than answers in Weight and Fineness to an Ounce Uncoyned hath always been found ineffectual in all Dealings Either Commodities will Advance so much in Price or so much will be abated in Goodness or in Weight Length or Breadth or some way or other as the nature of the Commodity may best bear For as Governments may take upon them to alter the Standard of their Coyn so the People
if cannot raise their Goods proportionable in Price especially those of Foreign Nations will make no scruple to alter the Standard of their Goods it being the Weight and Fineness of Coyn that is the true Standard and Measure of Commerce and Dealings and not the Denominations Therefore great care should be taken how any Alteration is made or stop put to the Currency of Coyned Money because it will occasion a great Alteration and Confusion in the carrying on of Trade Coyn is not only the easiest and safest Security that can be given between Man and Man but the quickest for Dispatch and of most Satisfaction in Buying and Selling because by the Stamp the Value is known Bartering of Commodities for Commodities which would follow of consequence if there were not Money would soon be found Chargable and Inconvenient and a hindrance to Trade Arguments for Raising of the Coyn grounded on affirmations that Guineas are now worth 26 s. a piece in Holland and Ireland or any of our Neighbouring Countries will be found upon examination to have no Weight Common Consent hath fixt a proportion to the Value between Gold and Silver which will probably continue till altered by the like Common Consent and General Opinion What may happen by Accident or to serve a sudden or extraordinary Occasion ought not to be put in the Ballance against what is the usual course and practice in Dealings That proportion between Gold and Silver which governs here is well known to be also observed amongst our Neighbours and therefore not likely should act so contrary to their Interest as to give such an over-value for Guineas as 4 or 5 s. on a Guinea paid in our Milled Money or any other Coyn that is equivalent in Weight and Fineness and would answer in Value to our Milled Money in our Mint and therefore the Truth of the Fact may be doubted But if it be true we should be very Impolitick if we should not incourage them to continue of that humour for it would be our advantage to carry them all the Guineas we have or as many as they please to take and bring away their Silver which for all Payments would be as useful to us as the Gold and the 4 or 5 s. per Guinea which they would if that were true give us more than their Real Value would be so much clear Gains But this Argument being too grols to hold any Contest Notions about Exchange or that Guineas will pass in those parts at that Rate in purchasing of Commodities are mustered up to make it good It hath been already asserted That no Reason can be given why Bullion or Money should be Exported out of any Nation to a Foreign Country to remain and continue there but in order to pay or contract some Debt unless the Person that Exports it intend to remove himself also or to give it away All Persons so indebted or that intend to become indebted to any Foreign Nation by any Purchase or Contract consider which way to raise such Money as shall want in that Country whether by remitting Goods Bills of Exchange Bullion or Coyn if find that the Price of Goods and Rate of Exchange is against them and that Bullion or Coyn will turn them better to account 't is probable that they may resolve to send out Bullion or Coyn and the like our Neighbours that are indebted or have occasion to run in Debt to us will practice but the Raising or Falling of the Coyn to prevent or further it either here or there will have little more influence than the sinking of a Ship in the mouth of the Thames would have upon the Flux or Reflux of the Sea because the Rate of Exchange and Prices of Goods would Advance proportionable and make it the same thing in effect though may occasion some Change in Names and Figures For unless it can be made out that the Raising or Falling of the Coyn will discharge what Debts we may owe to Foreign Nations we shall be as lyable to pay them after such Advance as before and they probably as willing to be paid which will occasion that our Coyn must go be it high or low and nothing but not running into Debt can prevent it To imagine that Foreign Nations will in any Case take from us Guineas at 4 to 5 s. per piece more than are worth compared with Silver or in Exchange of Silver is to imagine they will act contrary to Common Sense Therefore it is probable that this Assertion is taken up not upon Observations made upon the usual course of Trade but from Accidents which may give some cause for it As Gluts of Markets or Want of Goods may advance or run down their Prizes so Plenty of Bills of Exchange or Scarcity of them or of Money for Bills for any place may occasion a considerable alteration in their Rates on a sudden which may sometimes offer Opportunities to remit Gold to Holland or to any of our Neighbouring Countries to purchase Bills of Exchange which when received here may produce 26 s. per Guinea And thus it may be said that 26 s. was obtained for a Guinea But the alteration of the Coyn cannot have any effect to prevent any such Accidents which as do sometimes occasion the carrying out of Coyn or Bullion so at other times the bringing of it in For Merchants from Holland when the Exchange gives them any such temptation send Money here to make the same Advantage to themselves also Such wayes as these ever were and will be practiced by Trading-Men to get Money and what thus happens by Accident not very material to a Nation For when any such great difference happens between the Product of Bullion and Exchange cannot according to Nature hold long either the Trade of Exchange will destroy the Trade in Bullion or Bullion that by Exchange Both Trades will not long continue unless the Rates run near an Equality or Par. If Guineas be made currant by Law at 26 s. and the Silver not raised proportionable then our Neighbours will take the same advantage on us as is before proposed to be taken on them bring us in Gold and carry away our Silver which will be so much Loss to the Nation as the 4 s. or 5 s. per Guinea on the quantity so brought in will amount to Therefore if Guineas be Advanced our Silver Coyn must be Raised also A perpetual Silence would be put to all Arguments for Raising all or any of the Coyn to prevent Exportation if the impossibility of preventing the Raising of the Rates of Exchange and Prizes of Goods proportionable or how to avoid the payments of Debts to Foreigners if any such be contracted or to hinder other Princes or States from Raising their Coyn proportionable were well considered Exchange for Ireland was 10 to 15 per Cent. in Favour of that Kingdom last Year now about 10 per Cent. in our Favour And the like Instances may be given of
other Losses that have happened by Bankers should not be forgotten But though it may be a question whether the Nation particular persons or who hath got by the Paper Credit as it hath been hitherto carried on yet no doubt but if some such Credit could be so settled as to avoid the dangers before-mentioned would be of great use For if a Banker upon receipt of a 1000 l. give his Note and that Note circulate as Money and he imploy the 1000 l. received which it is probable he will tho' the Banker have only the particular Gains that may be made by imploying the 1000 l. in Money yet the Nation may reap some Advantage by having the 1000 l. thus doubled as to Use The Note may pass and do service as 1000 l. and the Money as another And thus the Coyn of the Nation may as to Use be increased Two Millions Banks may be necessary also for the discounting of Bills or Tallies if can be Limited to Reasonable Rates that such Money may circulate in Trade and of great ease to Merchants and others for the lodging receiving or paying of Money But it is good in the day of prosperity to think of adversity and to consider the Dangers as well as Conveniencies Though Notes to a greater Value than Two Millions may circulate yet if it be found impossible to prevent the Causes and Accidents that may occasion a stop to the circulation of such Notes by a general demand for Money then Care should be taken to avoid the ill consequences of it for in such a Case Two Millions in Notes over and above what Notes or Tallies may be issued out on Taxes or Impositions granted by Act of Parliament may be sufficient to run down the Credit of the greatest Bank or Bankers And being Paper hath not usually past in Payment elsewhere but in London and only for some certain uses and that alwayes a great stock of Coyn did lye dead to answer such Bills for fear of a general run the number of Goldsmiths considered that used to pass such Notes and to what Value each might issue out it may Reasonably be concluded that our Bankers Notes did never since the shutting up of the Exchequer serve to multiply the Coyn much above Two Millions But if Notes have circulated for more and from thence it should be argued that we are under a necessity to have the Trade of Paper Credit incouraged good Resolutions should be taken how such Credit shall be supported in case of a general run when nothing may satisfie but every Man getting his own Money It cannot be pretended that any Fund or Security can be more infallible than Land but Paper Credit though Land be its foundation if intended as running Cash will never pass as Money longer than Money may be had for such Bills assoon as demanded when that fails such Bills will fall under a Disrepute occasion Clamours Confusion and a stop to Trade and Payments though the Security be unquestionable A Law to make Bills or Tallies to be a good tender in payment or to pass as Money would have little better success than the allowing of Coyn of different Values the Force will rather be a Disrepute and make them ineffectual as to a general use then be a Credit and create Opposition rather than facilitate the taking of them Bills of Exchange from Foreign parts and all Contracts made afterwards would be with a proviso how they shall be paid in what Coyn. Whoever may take such Notes or Tallies and at the same time indebted to another may compel such Debtor to take them But Coyn is so absolutely necessary for some uses and so desirable and esteem'd that unless Ready Money can be had for such Bills on Demand not likely should pass as Money further than as the Law may be compulsary which may be impossible to reach future Contracts and therefore will be of so little use in Dealings as may not probably make amends for the hardships they will put upon such persons as may be Creditors at the time of passing such an Act. Money may raise Credit or Credit may raise Money and our putting our selves in a thriving condition may raise both but of such wayes no proof can be expected but as in all cases where Nature is forced too much Nothing more likely to occasion the hoarding up of Money than the Peoples being possest with a fear that if they part with it they shall have such Notes or Tallies forced upon them in exchange of it for being they cannot be converted into Money till they become payable on the Funds on which they are issued which though never so good may not suit all Mens occasions it cannot be expected they should be willingly taken A Currency to all the Coyn we have and the Coyning of more if the Temptations for bringing in of Plate take effect and our putting our selves in a posture of good Husbandry may recover our Credit without which such dependancies on Paper Credit is not likely to settle Trade on a good foundation All Men that have Estates in Money do consider how they had best distribute the imploying of it to their most advantage and conveniency What they lend out on Mortgages is usually such part as they intend for some Purchase or for Childrens Portions which they are most willing should continue till such Occasions call for it What they lend on Tallies or Loans to the Government they foresee they shall not want till the time alotted for payment expire What they do not so dispose of they keep for their Expences or such Occasions as require Money Though they should for it take Notes issued out upon Land Security payable on Demand yet any jealousie or suspicion that they shall not have Money for such Bills on Demand will occasion a general run because such Bills or Notes will not serve them for such Occasions as they have alotted it longer than Money may be had for them on Demand The Peoples Occasions will alwayes make a great difference between what they have lent out on Mortgages and what they laid out on such Notes being what they designed for their running Cash Paper Credit was at its heigth before the Fire of London The Fire and the Dutch Exploit at Chatham which happened the Year after though neither occasioned a stop to the payment of the Goldsmiths Notes for any long time and they did then pay Interest for much of the Money they had in their hands yet the People perceiving by those short interruptions that such Notes and Bonds could not be depended on to afford them Ready Money at all times great Sums were drawn out of the Goldsmiths hands upon it which disabling them from serving the Court as before occasioned a stop to the payment of what was owing them amounting to 1280754 l. 16 s. 10 d it being well known that what they took of the People was most Lent to the Exchequer and being no more is a further
of Fleets and Armies and carrying on of Commerce that we cannot be Safe nor Rich without it this Nation being so well stored with Staple Commodities of our own growth as well as others from our Plantations and other places for Exportation it may be said we rather want Trade than Stock But if it should be thought we want Stock it is more our Interest to apply our selves to increase our Products and Manufactories and Consumption of them and to retrieve our Fishing Trade to add to our Stock then to incourage the Exportation of Bullion which is the same in effect as the Exportation of our Coyn there being little difference between the allowing Exportation of Bullion only or Bullion and Coyn both For when there is not Bullion to supply the Merchants occasions for Exportation the Price will advance which if but Three Pence per Ounce above our Coyned Silver reckoning Ounce to Ounce it did formerly when our Milled and Weighty Money was plenty afford a sufficient temptation of Profit for those that had culled and laid by the Weightiest to melt it down that it might be called Bullion Sold and Exported as it is well known hath been practiced for vast Sums since the Act for allowing the Exportation of Bullion For after General or Particular Pardons few of those that practiced it thought it worth denying Before Countenance should be given to Trades carryed on by the Exportation of Gold and Silver an Exact Inquiry should be made what Returns we shall have for it or wherein it will be Advantageous to the Nation and if it appear that except for the Uses aforesaid for Stores or Goods for a further Manufactory no Trade carried on by the Exportation of Bullion can bring us in any Returns but what must be consumed in Luxury or Prodigality or hinder the expence of our own Manufactures we should make but a bad Exchange If we should approve of its going out for any such Goods and being such Trades cannot promote the advancing of Lands imploying of the Poor nor the increase of our Navigation by the Exportation which are the chief ends designed by Trade if they should be incouraged we may find when too late that as Trade brought Gold and Silver into the Nation so it may carry it out again Prohibitions against the Exportation of Coyn or Bullion have never had any good effect in any Country It is by Law a Capital Crime in Spain and Portugal yet it is Shipt off from thence as frequently as if there were no such Law and we have reason to suspect that our Laws here against the Exportation of our Coyn have had but little better success The removing of the Cause or the making of such a Trade Unprofitable can only assord a Remedy in any such case for where Temptations are great and Transgressions private though some out of Fear or Conscience may not adventure to break such Laws yet others will Neither can the Raising or Clipping of our Coyn much hinder the Exportation because Coyn or Bullion that is carried out to a Foreign Nation can only be for payment of Debts made or intended to be contracted unless the Owners resolve to remove their Persons also or give it away the word Debt being taken at large whether for Goods bought or intended to be bought by way of Merchandizing or for discharging the Expences of Armies or of Embassadors or Gentlemen that travel making Presents requite Obligations or Money Lent us on Publick Funds All these or the like ingagements with any Foreign Nation bring us in Debt to that Nation as much as such ingagements may import and what is not paid by our Goods or Products or the proceed of them either the Natives of that Country must quit and forgive us or it must be paid in Bullion or some such Treasure The Raising or general Clipping of our Coyn may put such Foreign Creditors under difficulties how to be paid such Debts as were contracted before such Advance of the Coyn as much to their Advantage as usual but will not probably make them so good Natured as to forgive us such Debts they upon such Advance will consult their Interest and if they cannot find out some way more Advantageous rather than lose all will carry out Bullion or Coyn so Advanced which may be some Loss to them and what they lose we may save but whether agreeable to Honour and Justice may be considered and to what Account it may turn being it will respect only such Debts as were contracted before the Advance of the Coyn for upon all Occasions afterwards they will Advance the Price of their Commodities and all Contracts proportionable and secure themselves against the like Losses if possible For though our Laws may change the Name of a Shilling and give it the Name of Fifteen Pence yet that will not have any effect with Foreigners in their Dealings they will always proportion the Price of their Commodities according to its Weight and Fineness When the East India Company have bought in India or have ordered their Factors to buy as many Goods there for their Supply for a Years Trade as may cost 700000 l. Sterling and find it their Interest to send out but 100000 l. in Goods the remaining 600000 l. must go in Bullion and not a Penny-weight the less because we have Advanced our Coyn But if any Nation have Debts owing from us at the time of making such a Law to be paid here then they may be obliged to receive it in Money so Advanced In such a Case as Persons in their Private Concerns so Nations will act if a particular Trader that owes great Sums of Money to several Persons will shut himself up in his House and be peremptory he will pay but Sixteen Shillings of the Pound and it appears to his Creditors that they must take that or run a hazard of losing all it is probable that in such a Case some will take his Goods others his Debts others his Money and be careful how they deal with him again unless upon secure Terms All Arguments that such Debts to Foreign Nations may be paid by Bills of Exchange and so lessen the going out of our Coyn will upon Examination appear fallacious Unless other Causes can be assigned for the Exportation of our Bullion then for payment of Debts the Raising of our Coyn can have no effect as to the preventing of it unless it be presumed that will make us good Husbands for the future and oblige us to contract sewer Debts with such Nations being that which we may call 125 l. must be paid then instead of 100 l. that we paid before if our Coyn should be risen One Fifth But such uncertain hopes as these will not answer the Inconveniencies that may attend the Raising of the Coyn. For all Nations have a watchful Eye Against Raising of the Coyn. one upon another in matters of Trade and Coyn and a fixt Opinion grounded on Experience and
alterations since the stop to a Currency of the Clipt Money In the Exchange to other places the Price of most Goods did advance to the Price of Guineas when were current at 30 s. and are since Fallen which are such great Proofs from Experience and fresh in our Memory that the Weight and Fineners of the Coyn doth govern not only the Price of Exchange but of Goods also that it must afford cause for admiration that any doubt should be made to it The Bulk of Trade is usually carried on between Nation and Nation by Bartering or Exchange of Commodities but when disuse high Customs gluts of Markets or any other cause make such alterations in the Prizes of the Commodities of any Country that may not turn to account so well as Bullion then Bullion will be Ship off in the room of such Commodities If for any cause our Goods should so decline in Price Abroad as to hinder their being sent out and the Goods of such Foreign Countries to which we did use to send them should continue in esteem and be consumed here then we shall either send out our Bullion to purchase them or those that bring them will carry away our Bullion in return of them But this cannot be prevented but by taking less Goods from such Nations or by finding some way to get such a Repute to our own as that we may spend more there for buying and taking much of such Nations and felling and delivering little to them must inevitably bring us in Debt and occasion the going out of our Money to discharge what we did not pay in Goods To prevent this it is more advisable to confider how to take away the Cause that we may not run in Debt to Foreign Nations then to contrive how to pay 20 s. with 16 s. for when we have put the best face we can upon the Raising of the Coyn it will appear to Foreigners like making a Composition to pay but a part of what we owe them instead of all and be an impairing of the Credit and Publick Faith of the Nation and occasion such Jealousies in all the Trading People we deal with that it may Reasonably be expected that afterwards Bills of Exchange and Contracts will be so made as that those which are concerned in them may fence or secure themselves against the like to prevent their receiving any Losses by it We may by Raising of the Coyn put some Difficulties upon such Strangers to whom we are now indebted but not comparable to what we shall bring upon our selves The chief use of Coyn is to be a Pledge Rule and Measure in Dealings therefore ought to be Certain Fixt and Immoveable If one Alteration be made will create not only a Jealousie but a Necessity that more will follow as alwayes in the like Case hath been practiced in all Countries To prevent Losses by it such Care and Circumspection will be required and such Endeavours will be used by others to make Advantages by it in their Dealings that the Coyn will no longer be a standing Rule and Measure for Commerce but be as uncertain in Value as other Commodities and be rather a Commodity to Trade in then a conveniency for the carrying on of Trade And when the continual Loss and Confusion which will be the consequence of Raising the Coyn shall be universally perceived or felt if produce resolutions for falling it again as may reasonably be expected in some short time the Difficulties how to do it will be so great and the Loss if sunk to the Old Rate so immense that it will be hard to be born Those which have had any Advantage by the Raising of it will keep what they have got and leave the Loss that must happen by the sinking of it either on the Publick or on such Particular Persons as may then have it in their possession Poor and Rich will in such case be forced to lose One Fifth of what Money they may then have though did not get any thing by the Advance of it The Raising of the Coyn can only be an advantage to those persons that have it at that time in their custody The Advantage to whom by Raising the Coyn. and are indebted to others but the Publick and most other Persons will receive great Losses by it Whoever hath 10000 l. if a Crown piece be advanced to 6 s. 3 d. will get 2500 l. upon it for will be enabled to pay 12500 l. Debt with his 10000 l. and those that receive it must bare the Loss for there cannot be in such a case so much Gains put into one Mans Pocket but it must come out of anothers or out of the Publick as certain as it hath been found by Experience that the Gains some Ill Men have made by Clipping must now be paid by the Publick or lost by Particular Persons so Clipping it by Authority would be found at last to have the same effect Those that have any Money owing upon Mortgages Bonds Specialties or otherwayes must then receive 320 Crowns instead of 400 which must be called and taken as 100 l. which no doubt may be Lent out again or Paid away in all Cases as 100 l. because the Law obligeth all Persons so to take it but it is not likely the Law will oblige all Persons to sell as much Land or Goods for such 320 Crowns when must be esteemed 100 l. as was sold for 400 before but leave all Persons in that to their liberty If so then it is probable the genious Humour and Fancy of People as well as Reason will lead them to stand upon their Terms in all Sales that may not take 320 instead of 400 notwithstanding Arguments that it will pass for so much from one to another neither will Persons be forward to borrow at that Rate without assurance that shall at the same Rate pay it again The fallacy of the Argument that it will pass so and therefore no prejudice will soon appear and have little influence after a while for People will in time consider what they may have in Barter for their Money the Weight Goodness and Value of it compared with what they bought formerly what they can purchase for it as well as how it will pass and if find as soon will that their 320 Crowns though now called 100 l. will buy no more Goods than 400 Crowns before such Advance will conclude that have misreckoned or are abused 80 Crowns in 400 For though all People have not the sense of seeing yet all have the sense of feeling In Bills of Exchange buying of Plate or any thing of Gold and Silver will find it immediately and in a short time probably upon all Goods of our own Growth as well as from Abroad for the alteration that must happen in passing Bills of Exchange must occasion the Raising the Prizes of Foreign Goods for few Persons but agree that Foreigners in their Dealings will not have respect to the
change hands with great Gains to all Tenants and Debtors but what they get the Landlords and Creditors must lose but so far from affording the least prospect of a general Currency to our Coyn or any Advantage to the Publick that the quite contrary effect may be feared for all Persons excepting those indebted will then find it difficult if not impossible to make any use of the Coyn so Raised If offer to lend it out upon Bonds or Mortgages those that receive it at 6 s. 3 d. if have a prospect fear or jealousie that the Crown will in time be reduced again to 5 s. must be out of their Wits if do not agree that he that lends it shall receive the Crown at the same rate again of 6 s. 3 d. when they pay it back and if endeavour to lay it out in Lands Goods or Bills of Exchange will find the like caution will be taken if lent it into the Exchequer and the like care be not taken there to agree to pay back at the same rate they receive it then the Lender may be safe by the Kings bearing the Loss and upon such Terms no doubt will prove a temptation for the bringing in of great Sums upon Loans But if the Exchequer should take care to prevent any such Loss and pay what they may then owe with Money so Advanced the Loss the People may receive thereby will prove a great hinderance to the bringing in of more Money And those that have received 40000 Crowns for 50000 instead of paying it into the Exchequer may be under as great temptations to hoard it up in expectation to force another Change in their favour having justice to plead in their behalf that they may not be losers as those that contrived the Raising of it before it was paid to them the hopes thereof and the interruptions that will follow in the Paying of Bills of Exchange and in Commerce and Dealings till some Method can be agreed how Payment shall be made for the future by expressing not only at what rate a Crown shall be paid but of what Weight also most likely to put a stop to the Currency of all our Coyn at once and occasion more Complaints Losses and Confusion then we have suffered by the Clipping The Raising of the Coyn whether for a limited or unlimited time will prove as dangerous as medling with Foundations or removing the most necessary bound marks may lead us into a Labyrinth or out of our depth more likely than do any good to the Publick or to many Particular Persons What effect the Raising of the Coyn may have upon Edibles and with Shopkeepers in selling our home Commodities amongst our selves may allow of some dispute for the most Natural Cause for the Advance of such Commodities should be from the Advance of Rents which may not soon happen But as all Shopkeepers and the People that furnish the Markets have occasion of some Foreign Commodities the alteration that they will find in the Price of them and in making provision for their Families may probably make them soon Advance their Commodities also proportionable that they may not take 1 s. for 15 d. when can turn them no better to account in what they may purchase for it than a Shilling did before such Advance though must so pass to their Landlord Whatever differences may happen in Opinion about the effects of altering the Standard of our Coyn Lawes to prevent Counterfeiting the Coyn. or wayes to reduce it to its former Purity yet all will agree that the Honour Justice and Peace of the Nation as well as the carrying on of Commerce depends much upon preventing the debasing of it and that it is of so great importance that all care should be taken to hinder it at the first appearance of any such attempt otherwayes hard to be cured without great Confusion and Loss as we now find by Experience The numbers of People which have practiced the Clipping Trade and the incouragement it hath had as may be presumed from persons of considerable Estates by taking off Clippings under the name of Bullion and Clipt Money in Exchange of Weighty it may be feared hath so degenerated their Principles that may not easily be reduced to live by more laborious honest and less profitable Imployments And seeing the ingenuity of the Age in Wickedness is such that the New Milled Money is already Counterfeited and that the Laws we have with the penalty of Death and terrour of Burning have not had any great effect towards the preventing of it as desperate Diseases require desperate Remedies this Evil being most dangerous to the Publick Good severer Laws then ever yet were made in any case will be found necessary to prevent it till this Villanous Crew be extirpated and their Art forgotten which if not speedily made and put in execution we may soon have such a mixture of Milled Money as may in a short time render it uncapable to be the Standard of Commerce without great trouble and uncertainty and force a New Coyning of all over again as if we were to walk in a Circle during the pleasure of these Artists What wayes the Poorer sort have found out to avoid being punished by the Laws already made and how the Rich without whose assistance the Clipping Trade could not have been carried on to so great a degree have escaped without punishment is notorious As the Legislative Power of Parliaments is undoubted so their Judiciary hath been often practiced upon extraordinary occasions if a stricter prosecution in order to Condemnation or of severer Chastisements upon such as may be found with any Instruments for the Coyning of False Money or with any quantities of such Money unless can prove where they received it and for the cutting in pieces of such Money by Magistrates and Justices when offered in payment and for frequent Proclamations upon the discovery of any False Coyn with descriptions and directions how may be known by Weighing or other wayes which may be had by the help of the Officers of the Mint that the Magistrates and Justices may do their Duty in cutting and defacing such Coyn which will keep the people upon a constant guard to discover it If such Powers as may be thought necessary for these ends to put a stop to this growing Evil should not be thought convenient to be intrusted with inferiour Courts as may without danger be reserved and executed by the High Court of Parliament so if should in some extraordinary Cases be so reserved most likely to strike the greatest terrour into such Offenders that they may no longer be incouraged to go on by depending upon the favour of Juries niceties of Law or hopes of Pardons Upon these foregoing Considerations it may appear The Necessity of looking into Trade that the true Reason for the Exportation of our Coyn is running in Debt to Foreign Nations and that the Raising of our Coyn or Laws against the Exportation
inspection made Ballance of Trade in order to discover how the Ballance Stands in reference to Trade in General or particular may be of great use to discover and give Light what Trades and Commodities ought to be incouraged and what discouraged For though great difficulties may arise in adjusting the Ballance of Trade and impossible to be done exactly yet such endeavours should not be slighted Where plain demonstration cannot be had such proof as the matter is capable off should suffice In the Custom house Books there are enter'd what Goods are Exported to or Imported from Foreign Countryes of which an account should be taken for such Years as may be thought convenient and the value computed such as are brought in our own Ships according to their Cost put aboard such as are brought in Foreign bottoms as are worth before Custom paid for what it appears we have Imported we must stand Debtors and for what we have Exported Creditors But sometimes Ships and Goods are entered for one Country that are designed for another when the Merchant can give any good proof or Reason for any such Practice for any Country if the value can be known abatements may be made for it out of an Accompt Stated as before mentioned It may also be objected that where we stand Debtors upon any such account it doth not follow that the Ballance is Carried out of this Nation in Coyn for it may be was remitted by Bills of Exchange drawn from the effects remitted to Spain or some other Country or by Fish from the Newfound-land or Goods Carried from one Foreign Country to another which could not be enter'd in our Custom-house Books and therefore not come within the Computation as ought This may in some Cases be true and what Fish is Carryed from Newfound-land or Goods from any place belonging to England ought to be abated out of the Accompt so Stated but Bills of Exchange or Mony from Spain if it appear that would otherways have come Home to us in Bullion is tant a mount as if Carryed from us in Mony and therefore ought not to be allowed Goods Carried from one Foreign Country to another may be allowed as a good Reason for an abatement if are the product of our own It is probable that many and the Richest Goods are sometimes Exported or Imported by Stealth if no inquiry can reach the value of such may happily produce another good effect to use the uttermost diligence to prevent it but it may appear upon due Consideration that it may not be reasonable to allow of any such Goods for a Charge or discharge in making up such an Account for as are smuggled so raise a suspicion that are not Goods approved off by the Government and probably not Convenient should be Exported or Imported But no General rule can be prescribed in this or many other Cases All pretences that our Bullion is not Carried out of the Kingdom to make up the Ballance to any Country from whence we Import more than we Export that it is drawn or remitted by Bills of Exchange from some other Foreign Country should be looked upon as a great suspicion that our Trade to any such Country is not profitable for upon an Examination such pretences may appear to be to the Nation no otherways then with a Merchant that drives two Trades upon making up his Accounts finds that by one of the Trades had got 2000 l. but that by the other had lost 1000 l. though upon the whole is a Gainer yet being the loss by the one must be supplyed by the Gains from the other may probably be fonder of that Trade where he got then of that by which he lost and that unless can be well assured by new Measures to make it more Beneficial not be forward to continue any such Trade The like Rule should be observed by Nations It is probable some other helps may be had to discover the Ballance of Trade from the Rates of Exchange by informations to what our Countries our Coyn or Bullion is usually Carried and by a Judgment made upon the Scituations Policy Customs and Habits of such Countries to which we Trade all which though may not amount to a certain Proof may be sufficient to produce Resolutions for incouraging of those Trades by which it may appear we certainly get and for endeavours to better those where a Suspicion ariseth that we may lose and to discourage those where there appears a certainty that are pernicious Where the Ballance of Trade is against us if we cannot alter it by increasing the expence of our Goods there or by Spending in the Room of theirs the like Goods taken from another Country from whence we may have them on better Terms then the safest way if we can be without such Goods is to discourage the use and expence of them by example If that be not likely to have any effect then high Customs or Prohibitions may be used but Prohibitions should alwayes be the last Remedy when no other way can be found out because may occasion prejudicial Relations especially if Contrary to Treatise of Commerce and if too much Practised may prove such a Stinting of Trade by being of ill Example to others that we that are a Trading Nation should be careful how use them often but no Trading Nation but do take that Course someimes and ought to be practised rather then permit a losing Trade to be carryed on if no other remedy Those Trades may be esteemed good which consume our products What Trades good and Manufactures upon which the value of our Land and Imployment of the Poor depends that increase our Seamen and Navigation upon which our Strength depends that Supply us with such Commodities as we absolutely want for carrying on our Trade or for our safety or Carry out more then bring in upon which the increase of Riches depends On the contrary What Trades bad those that Import more than they Export or bring us in Goods perfectly Manufactured or any sort of Goods that hinder the expence of our own or that carry out Wooll or other Materials to enable Foreign Nations to make Manufactures to be spent in the room of our own or bring in Commodities that are not of necessary use but tend to increase Idleness and Luxurious Expences or are carried on by Foreign Bottoms or Factors or Merchants that are Foreigners not so advantageous as when carried on by our own Ships and People or Trades carried on by the Exportation of Coyn or Bullion Such Heads as these may serve as a Touchstone for the Examination of Trades Most Trades are carried on between Nations by a permutation of Commodities Most Trades carried on by Exchange of Goods as a mutual conveniency for the supplying each the other with what they want Providence having so ordained that different Nations may abound with different Commodities and to want others which makes the Exchange commodious Those that want least
But this may be a Priviledge due particularly to Commonwealth Governments and it may not be found so easie to set up any such Banks under a Monarchy And the Antiquity of those Banks is also a further Security to them and the allowing of Paper Credit there not so dangerous as here The striking of Tallies for the supply of the Publick hath been long practised here and by Authority but Paper Credit for the carrying on of Commerce is new and hath been left till of late to take its own way though a matter of great importance and well worth the care of the Government no footsteps of Goldsmiths Notes passing for Money till since Anno 1650. Gold and Silver is valuable in all parts but our Paper Credit only amongst our selves and that no longer than the Funds or Opinions on which it is grounded stand good though it is not probable that those which have once got Gold and Silver will give it away to a Foreign Nation yet they may be under great temptations rather than undergo the danger and trouble of keeping it when they cannot make any Profit by it to accept of any Overtures for Lending or other wayes imploying it in a Foreign Country which may occasion that a Nation that relyes much on Paper Credit may be thought Rich one day and be found Poor another When a great War happens which only can discover like Death to some great Traders whether a Nation be Rich or Poor then the Paper Credits may fail us and our Money too if due incouragement be not given to increase and preserve our Coyn. Such Credits as far as may be necessary to supply the want of Coyn may be very useful but if it should be practiced to jostle out the use of Coyn as some have proposed is most dangerous and may have the same effect with a Nation as with a Gentleman that hath an Estate in Land and Money If he should squander away his Money on a supposition that Bills of Credit issued out chargable on his Land may do as well he would not long be the true Owner either of Land or Money Some Paper Credits may be allowed with a prospect that they may stand good against all attempts or accidents that may endanger its Reputation but if general and too much the more likely to fail and sink under its own weight If at the same time that such great endeavours are used to set up so many sorts of Credits there be not care taken to procure and preserve Gold and Silver which must support it and make it useful we may soon experience a great want of valuable Riches and have only in its room what is imaginary A Law for assigning or transferring of Bonds or Bills of Debt of all sorts of Paper Credit may be least lyable to Objections and in some measure at all times supply the want of Coyn for the carrying on of Trade and Dealings such Bonds or Bills being made for Goods received or some Valuable Consideration will have a good foundation and though transferred from one to another as persons occasions may require the foundation will not thereby be weakened it being probable that Merchants and Tradesmens Bonds or Notes may amongst themselves have as good Credit as Goldsmiths Notes had formerly and pass to one from another in Payment upon such Terms as they may agree as freely as the Goldsmiths Notes did and such Credit not likely to be extended beyond what particular persons Occasions may require to carry on their Trade nor pass without examination of the persons Ability and Circumstances whereas the Goldsmiths Notes were taken upon an Implicit Faith or else not probable that one Goldsmith would have been indebted to the People when the Fire of London happened above 1200000 l. As the assigning of Bonds and Bills may in a great measure supply the want of Coyn for the carrying on of Commerce so the Exchequer Bills with running Interest when past on good Funds settled by Act of Parliament may in time be brought to such perfection as to supply the Publick with much less Charge of Interest than formerly What other Paper Credit may be found necessary should be carefully settled by Authority on good Funds with Restrictions to prevent the extending of such Credits beyond the Funds For as it is impossible for particular persons to run in Debt beyond their Estates but will run the hazard of losing their Credit and consequently bring their Creditors demands upon them so with Nations or Banks If Paper Credit do exceed the Funds and the prospect of having Coyn upon occasion to answer such Credit may be found a loose way of Dealing and subject to great dangers and inconveniencies for most likely such Credit may fail when there may be most occasion for the use of it and if once lost not easily recovered no Nation can be too cautious with whom they trust their Riches nor what they make or allow to pass for Treasure though but artificial Those that are intrusted with the real Treasure may probably meet with great Temptations to misapply it and the diminishing or adulterating of the Coyn and ingrossing of Trade much in their power and those more that are intrusted with the artificial Treasure or passing of Notes or Bills of Credit if care be not taken to keep them under Restrictions and Limitations may not only become Debtors to the People for what they please but imploy the Money when got into their hands as they please Which makes such Trusts worthy the Care of the Government that they may be under such a Constitution as may not be lyable to the dangers here mentioned When any Tax or Imposition is granted by Parliament Tallies Exchequer Notes or Bills issued out upon the same for the supplying of the Government with Ready Money till the Duties be paid may have as good Credit as the Bank Bills at Venice or Amsterdam because grounded on the greatest Authority and Publick Faith but no other Paper Credit for the Supply of the Crown can be presumed will be long approved if our Constitution be considered The passing of Paper in Payments was not much practised till after Anno 1660 had its Original from the Profuseness of the Court taking up great Sums of Money at any rate from the Goldsmiths and they from the People and served instead of Coyn for the supplying the wants of those that for Goods or otherwayes had taken Tallies from the Exchequer which at extraordinary Rates were often sold to the Goldsmiths for their Notes which when given out for that or for other occasions did circulate for some time and excused the use of so much Coyn which happily did increase Trade but it ended in shutting up the Exchequer and until it be decided whether the great Debt yet owing to the Bankers shall be paid by the Government or lost by the People that trusted them no Judgment can be made who had the Profits gotten by that Paper Credit and
proof that such Paper Credit at that time did not add to the Coyn of the Nation Two Millions as hath been asserted By what hath been said upon this Subject it may be presumed that if there be a Million of Families in this Nation that Three or Four Millions of our Coyn will lye dead or circulate amongst the People for Marketing or petty Expences never to be drawn from them in exchange of any Bank Notes or Bills whatsoever because such Notes or Bills cannot serve for those purposes each Family reckoning Rich and Poor alike may need 3 to 4 l. a Family for such uses What other Coyn the People may have over and above what is necessary for such Expences excepting what may be in the hands of some few that may delight in hoarding it unless there be a general disconfidence as to Dealings one with another will not lye dead What one may receive by giving a Mortgage or Bond or upon any account will soon be paid to another as the publick or Mens particular Occasions for the carrying on of Commerce or other Dealings may require there being no other way to make Profit by it If it be found that such part of our Coyn is not sufficient to supply our present Occasions Bills or Notes issued out upon Funds or Land Security of a sufficient Value payable at certain times with a running Interest may supply the defect thereof it not appearing impossible to make such Bills or Notes as secure and so consequently as Valuable as any Mortgage of Lands Bonds or Specialties whatsoever and as desirable as Money and to continue in that esteem till there be a failure of Payment at the time mentioned and agreed But nothing but having a prospect that Coyn will be ready to pay such Bills at their respective times can make them be preferred to Money nor preserve the Reputation of such Bills or of any Bills Notes or Paper Credit whatsoever but the having Money ready to make a punctual payment at the time prefixt and agreed No such Bills can ever be brought into practice for Marketing and petty Expences None past for Money lodged as a running Cash will hold their Repute longer than paid when demanded None tho' issued out on Land Security payable at certain times not longer than while such Bills or Notes are punctually paid at the time agreed When any failure happens a stop will inevitably be put to the Currency of such Notes or Bills and give a preference to Coyn because People will imagine that Coyn cannot be subject to such disappointments and therefore it is thought convenient to summe up what hath been said upon this Subject with this Conclusion That Gold and Silver hath alwayes been esteemed the Sinews of War Paper Credit may come in as an aid in case of want but not to be depended on either for that or carrying on of Commerce as principal its original and existence being from Credit and Opinion that must be obtained with a prospect that it will continue before any use can be made of it but impossible to prevent its being subject to Chance Wherefore seeing it must be our Coyn that in all cases of extremity must be our refuge it ought to be preferred that care may be taken how it may be increased and preserved As many Families have been ruined for want of keeping Accompts and observing how their Incomes have answered to their Expences so many Nations for want of the like Estimates and Calculations and a true Judgment how far their Coyn as well as their Credit may be depended on to serve their Occasions If it appear hazardous to confide too much in Paper Credit or that it may be difficult to be made useful when our Condition may most need it by any lasting uninterrupted Currency unless by Mortgaging Lands or some good Funds and there be a prospect how Coyn will come in for the discharge of it at the time agreed though Arguments for the Exportation of Coyn for the carrying on a War in Foreign parts for the Honour of a Nation Safety of Trade or the Security of such of our Neighbouring Countries as may be absolutely necessary to preserve our selves may be allowed because may only be for a time yet no Arguments ought to be admitted for the carrying on of Trade so as to occasion a constant Exportation of our Coyn or Bullion because will certainly terminate in a want of those Species and Credit also and bring Poverty and Destruction upon us Asia and Europe afford but inconsiderable parcels of Gold and Silver most comes from the West-Indies and Coast of Afriea of which all Nations endeavour to get shares If upon an inquiry it should appear that all the Silver and Gold that hath come into Europe for these Forty Years last past never amounted to the value of Two Millions and half per Annum of Pounds Sterling and that there is no prospect any greater quantity will be brought in hereafter and that the most we have had hitherto or can well expect for our share hath not or may not hereafter exceed 600000 l. per Annum brought here in Specie over and above what is brought in by Strangers and carried out again and that a lavish Expence at Home of Gold and Silver Lace Wire Fringe or for Gilding and such like uses hath consumed 200000 l. per Annum and that the Northern Trades have ever since the Fire of London carried from us above 200000 l. per Annum the India Trade since the Year 1670 600000 l. the French Trade till in some measure stopt by the War 700000 l. per Annum besides what is constantly carried out by some other Trades and out-goings we shall find reason to conclude that the Stock we had of Gold and Silver hath of late Years decreased and that we are in as much danger to have what now remains diminished as a Gentleman that hath but 750 l. per Annum and yet spends 1000 l. per Annum is of consuming his Estate and that unless we can by altering our course of Living put a stop to such Consumptions and take effectual Methods to prevent the causes that occasion the Exportation of it we shall in a few Years want Money to carry on our Trade Though Bank Notes past on a good Foundation may pass from hand to hand as Money and may so be very useful as a means to carry on Commerce so long as there is a good prospect and assurance that such Notes will be discharged by Money at the time prefixt for the payment of them yet will never deserve the Name of a New Specie nor to be esteemed as Coyn because it will thus only serve as a Pledge to gain Time for the payment of Money but not answer the Ends designed by Money which is finally to pay and discharge Debts which can no more be done by such Bank Notes than a Mortgage that is transferred from one to another can be said to be
the Government and the Trade not so diffusive as ought to be because the Stock is ingrost by a few That the Dutch being in possession of so many Ports and large Territories in the Indies have such strength at Sea that it is impossible for the English as the case now stands to keep them in awe by strength there and that this Company never could as appears by their having lost to them all that they ever thought worth taking Amboyna Polleroone and all the Spice Islands or Factories which we had in any such Islands and lately Bantam and what we now have the Dutch would not be at the Charge of keeping if they had them But leaving these Old Complaints and Disputes If Corporations in Trade with Joint-Stocks should appear to be in their own Nature to all intents and purposes Monopolies mischievous to Trade and as much an Excise upon such People that buy any Goods Imported by such Companies and not concerned in the Stock as if it were said in direct words that all such persons should pay in all they buy 20 or 50 per Cent. extraordinary towards the inriching the Proprietors of that Stock added to the inconveniencies before-mentioned that attend the contracting or incorporating of Trades whether then it be not worth an inquiry if some Method for Regulated Companies may not be contrived to answer all Arguments offer'd for Joint-Stocks and prevent the inconveniencies where any Trade absolutely requires Regulations But all attempts of this kind may meet great opposition it being a fair step to Riches to have a great Trade and happily the most beneficial separated and confined chiefly for the advantage of those few that can get the management of it therefore not strange that most of our Richest and Greatest Traders should now be ingaged in Joint Stocks and endeavour to support them If Companies with Joint-Stocks were at first intended for the good of Trade have certainly of late deviated from their Original Constitutions for too many have by dividing their Stocks amongst themselves much prejudiced the Trades they have been intrusted with selling Pretences and Priviledges after the Stock is divided to such as were excluded who must come into such Trades upon such terms as they please to impose on them or not at all made Stock-Jobbing their chief Trade and ruined thereby some good designs for the promoting of Trade It is true when a Trade is first Incorporated it is usually on condition that all may come in and subscribe within a time prefixt that will and such as do not subscribe within that time to be excluded But such Corporations when once settled being not easily broken those that get into possession usually endeavour to keep such Trades if Profitable as if were their Inheritance such Merchants-Traders or others that may be excluded because at the time of the Books being opened were beyond Sea or under some Natural Incapacity as Minors or otherwayes not then in a condition to subscribe have alwayes and may probably ever complain that they are deprived of their Birth-rights and that it is hard and unequal they should be excluded from such Trades when the Members of such Incorporations are not excluded from coming into theirs And as the settling of Trades in Joint-Stocks makes a great inequality between those that are of the Company and those that are excluded so more amongst themselves For when the East-India Trade was in its most flourishing condition ten Men owned one quarter part of the said Stock and under Forty the one half who thereby getting the Management made more Gains in proportion than any of the rest of the Adventurers getting the ascendent and commands by ingrossing the Stock As those that live in Middlesex and Essex would probably complain if a priviledge were granted to the County of Surry and Sussex to have the sole selling of Corn and Cattle to the City of London and the Citizens that should thereby have Provisions dear so all incorporating of Trades will alwayes be attended with the like Complaints for they will have in some measure the same effect and afford the like grounds All will agree that Trade ought not to be stinted and contracted to the Advantage of some few but diffusive for the incouragement of Industry and free for all persons to ingage in Joint-Stocks may be a good way to advance some Trading Men but whether may probably advance the Trade of the Nation or answer the chief ends designed by Trade should be considered The Manufactured Goods from the East-Indies and the Toyes and Nicknacks before this War being in great esteem and generally consumed it hath been computed that 400000 l. per Annum was usually laid out here at Home for the purchasing of them and if it be considered that all persons of all degrees did wear or spend some of those Commodities it may reasonably be concluded the Cost of those Goods did rather amount to more than less If upon examination it should appear that the Persian Taffaties Wrought Silks Painted and Dyed Callicoes are spent here in the room of our Home-made Silks and of several sorts of Stuffs made at Norwich Canterbury Bristol Exon and other places That the Course Callicoes Muslins and other Linnens are a great obstacle to the improvement of our Linnen Manufactures and are purchased with Money whereas we might have such Linnens as we could not make our selves in returns of our Products That the Cabinets China Lacquered and Japan Ware and several other sorts of Goods that come ready made are too costly to the Nation a great hinderance to the imploy of our own People and a prodigal unprofitable Expence That the Raw Silk and Goats Hair hinders the Importation of so much from Turkey from whence we might have most of it in return of our own Manufacturies and Products That the Cotton Yarn and Cotton Wooll hinders the Consumption of those Commodities from our Plantations Then the only Question will be whither we had best send our Mony to India to Employ and inrich the People and advance Lands there by purchasing their Goods or keep our Mony at home that it may circulate amongst our Selves and have the same Effect here by using our own Goods or such as can be purchased by Exchange of them It was never affirmed nor presumed that Goods brought from India and spent here did bring us in any Bullion in return of the great quantities carryed out The Bullion that ever was pretended to be brought in by that Trade hath always been supposed to be by the Goods brought thence and Transported hence to Foreign Markets which part of that Trade may be continued though the expence of the forementioned Goods here should be Prohibited If it be found that notwithstanding we have had such scarcity of Bullion of late that above 400000 l. was Shipt off for the Carrying on of this Trade by the Company and Interlopers between Christmas and Midsummer last past and that the Five Millions of Milled Mony