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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
B04881 Publick credit, under consideration, how to be retreiv'd 1700 (1700) Wing P4149B; ESTC R182253 3,912 4

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Publick CREDIT Under Consideration how to be RETREIV'D THE Loss of a Publick Credit is certainly one of the greatest Misfortunes that can befall a Trading Nation which to our great Vnhappiness seems to bare too near a resemblance of our very Case and such have been the Improvements made thereupon by the Enemies of the Government and some Self-Interested Persons in Order to render themselves Extraordinary Gain that it must be own'd has chiefly Occasioned the great Difficulties we have hitherto met withal and what we now actually Labour under BVT considering that Merchants and Traders in General from abroad seem to be more and more Reconcil'd to our Publick Faith from the Observations they have made of the Resolutions and Proceedings of our late Session of Parliament and are now become fully perswaded that they are earnestly concern'd to Defend and Support the same IT 's Highly our Interest Vnanimously to Joyn with them in our Inclinations and Endeavours towards the promoting such a Disposition amongst our selves and carrying on so good an Opinion of our Credit to Perfection By which means we shall Break the Designs of our Enemies and perfectly Extirpate those Exorbitant Practices which have hitherto tended only to the Fomenting and Keeping up Strange Jealousies of our Credit to the great Interruption in Trade WHich if not Effectually Remedied and at this present Juncture the Consequence must prove Fatal and Destructive to this Nation as being a People that Depend so much upon Credit and there needs no other Argument to prove how Desperate and Miserable our Circumstances are like to be for time to come than to reflect and look back and judge by Experience how unhappy we have been for some time past for want of a due care in preserving the Credit of the Nation which ought alwayes to be deemed as Sacred NOW that we may be Restored to our former Character in Relation to a General Credit which most certainly would render us the Happiest of People IT is considered and humbly conceived That a National Credit when once lost is never to be Retreived but by one of these two wayes viz. THE First By procuring such a quantity of Specie as should be sufficient to Discharge the Debts of a Nation which for us to do at present is Morally imposible THE Second by laying before the people such Natural Inducements as shall Engage them both by Reason and Interest as one Man to the supporting Publick Credit which is the Honour and Glory of a Kingdom BY this only can our Credit be Recovered being of so Tender a Nature that nothing but what 's Indulging perswasive and Convincing can ever take place to have a good effect IN Order to Reduce so good a Design into Practice It 's Proposed from the Considerations afore-mentioned that this City of London the great Metropolis the very Center of Trade and so consequently the Spring and Fountain of Credit do forthwith Enter into an Association or General Agreement to Support and Defend the Credit of the Nation against all it's Opposers THE Nature of this Association makes it absolutely necessary First to declare an Abhorrence Detestation against the evil Practises that have been made upon our Credit Then to demonstrate what a good Opinion the People have of the Publick Faith by a Voluntary and Vnanimous Subscription to the following Preliminaries viz. THAT in all Payments in matter of Trade and Commerce Bills of Exchange excepted they will readily Receive for Payment the one Moity in Specie the other in Bank Bills and Notes at Parr provided the Debt be over and above the Summ of Twenty Pounds BUT all Debts of that Summ and under to be paid if desired in Specie to preserve a Circulation to answer all Inferior Trades and to Accomodate Families in Respect of Provisions c. BY these Means the Credit and Specie of the Nation will go hand in hand towards the Supporting and enlarging each other the Discount of Notes in all probability soon put to an end and publick Credit Naturally follow BANK Notes falling under a Discount was the Real Occasion of bringing a Disparagement upon all Publick Credit But when once the Cause is removed the effect will cease THis Association or General Agreement can hardly fail of it's Intention upon making good these three Propositions FIrst In making it appear to be greatly the Advantage of such as are concerned in the Government SEcond By manifesting from Natural Consequences that it will be likewise the Intrest of those Persons that are not ingaged in the Publick THird In laying down a Plain and Easie Method in bringing such an Association or Agreement to become feazable As to the First Proposition First IT 's presumed that Four parts in Five of Bank Bills and Notes are in and about this City therefore more natural for them to Associate to give a Credit by reason of the influence the City bears over the Kingdom as well as abroad Second ALL such persons that are possest of Bank Bills and Notes most readily will comply herein by reason of the Discount that 's now upon those Notes which will Immediately after the Association be at a Parr Third THose that are Concerned in the Capital stock of the Bank of England or any other Publick Funds viz. Tallys Lotteries Annuities c. most Infallibly will joyn in this undertaking it Appearing so plain to be an Immediate advance on their respective Interest proportionable to the Rise of Bank Notes Fourth THE Exchequer Bills that are Issued out pursuant to a late Act of Parliament might reasonably have expected to have had a Currency till Oppertunity offer'd to sink them in the Kings Publick Receipts as Customes and Excise but 't is too plain that the Practice of Discount is likewise upon them c. But when once by this Association Bank Bills and Notes shall arrive to such a Credit Exchequer Bills will be so much in esteem and become so much more Valuable than Money for the sake of the High Interest they Carry That the KING instead of Receiving his Revenue in such Bills will find the greater part in Specie and every Man reserve the said Bills for his last Payment * Exchequer Bills may be included in this Association if thought necessary As to the Second First THose that have no manner of interest in Publick Funds yet as Traders cannot avoid receiving of Bank Notes in Payment and the Difficulties that they have met with in respect thereof has so much harrased and fatiegued them by obstructing all their affairs that even such would be glad to take up any Expedient that might Tend to a Settlement of their Payments and Incourage Trade Second THE number of such Persons that are actually Engaged and have Considerable Interests in the Publick Credit cannot be thought less than Three parts in Four of the Valuable Men in the City possibly Not a Man of good repute and Considerable dealing can be Exempted This must go a