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
Navigation though a very good Act in the main Acts of Navigation yet having been made also many Years since may deserve an inspection for some Clauses may appear convenient to be repealed and others Strengthned to Fence against such Contrivances as have been carried on to defeat the intent of that Act. Imployment of Ships The Commanders of our Merchant Ships and Seamen had formerly so great a repute for their Courage and Integrity that all Foreign Nations did covet to imploy them which was of great Advantage to us but much declined before this War if not Lost other Nations getting the preference The Cause imputed to the Debauchery and carelesness of our Seamen which rendered them unfit to be trusted in the opinion of those that had occasion to imploy them The reducing them to good order and Sobriety that we may recover our Credit with Foreign Nations would be of great use for what so gotten would be clear Profit and the Imployment so given to Ships and Seamen an increase to both Some are of opinion that Laws for Regulating of Trade are unnecessary Laws necessary jor Regulating Trades if not inconvenient and that it had better be left to take its own Course but this opinion hath been contradicted by Experience and if it should be allowed as a General Rule will upon inquiry be found lyable to many exceptions Merchants and Traders in carrying on their Trades have regard chiefly to their own Interest whether their Gains arise by what they Export and sell Abroad which can only tend to inrich the Nation or out of our own people by what Imported and sold dear to them though spent in Luxury which may impoverish the Nation hath not hitherto been thought their province to mind If the management of all Trades be left to discretion without restraints or incouragements from Laws no doubt but that the Traders will be careful to pursue those that afford them most Gains with diligence and industry but it is probable decline those where cannot have such expectations for themselves though afford a prospect of Gains to the Nation More of Real Riches may be acquired by the Fishing Trades than by others that may appear more glorious but those will be most followed that afford most Gains to particular persons unless Authority interpose and afford help as there may be occasion If a Merchant can by sending out 20000 l. in Bullion bring any sorts of Goods home that may sell for 40000 l. the Merchant may by such an Adventure get 20000 l. to himself and yet the 20000 l. sent out in Coyn or Bullion may be so much lost to the Nation unless such Goods be proper for a further Manufactury or to be Exported Some Traders have made great Gains by diminishing the Length Breadth or Goodness of some of our Staple Commodities which cannot be gotten by any such contrivance without a great hazard of loss to the Nation because its probable the expence of such Goods will decline upon a detection of such Abuses As the Act of Navigation hath been in many respects advantageous so other Laws might have prevented what we have suffered by the French Trade and the inconveniencies we lye under by the present management of the Baltick Trades which with other instances that might be given would make it clear that without a continuance or reassumption of Care in the Government Trade will lye open and be exposed to the incroachment of Foreigners and our own people and that it is high time now to take it into consideration because most of the Laws that have been made relating to Trade since the Act of Navigation may be presumed were calculated rather for particular Interests than publick good more to advance some Tradesmen than the Trade of the Nation If the meaning of leaving Trade to take its own course be limited to Trades carried on by the Exportation of our Products and Manufacturies not lyable to any great Objection as it relates to that only for the Care of the Government will then only be necessary how to incourage promote and secure such Trade that it may continue and increase but if our Importations Consumption at Home and the Exportation of Coyn or Bullion be left at liberty we may drive a great Trade and yet in the end be found losers by it As many particular persons have Traded away their Estates and been reduced to Poverty by Buying Selling and Trading without any Losses at Sea so a Nation may exhaust their Treasure and become Poor by Trade unless Care be taken to prevent it If all Trades should be left to take their course till they mend themselves we may be reduced to a low ebb before that may happen for in most Cases nothing but our Poverty and Inability longer to support a bad Trade like to occasion any such change As too many Limitations of Trade may be inconvenient so too much Liberty dangerous After an exact inquiry into the general state of Trade upon which the state of the Nation doth much depend good Resolutions good Examples and good Laws will be found necessary for the putting of bounds to the prodigal expence of Foreign Commodities and increase of pernicious Trades otherwayes some Trades will prove to the Body Politick as a Canker or Consumption to the Body Natural If the state of our Trade in Woollen Goods The declining state of our Woollen Goods which is of the greatest importance to us be considered there will be found great Reason to fear that it is on the declining hand as well occasioned by the alteration of Habits and Fashious in several Countries which hath brought in the use and expence of more Silk than formerly to which our own Examples have contributed as also because Manufacturies of Wooll are set up in Ireland Portugal France Germany and other places which threaten the destruction of ours Upon an inquiry it will appear that few Merchants have inricht themselves by the Exportation of our Woollen Goods or Products for these 30 Years past though they have been Exported in great abundance yet rather out of Necessity to imploy Ships or to provide Effects than out of Choice and that their chief hopes hath been that Goods brought Home would sell dear and that they should thereby make their profit and so have made their Gains out of our own People and not out of Foreigners which as to the Nation makes a great alteration in Trade For though we have thus been provided with what we wanted from Abroad yet so costly to us as that our Riches have been impaired thereby The great Losses we have had by Sea in these Seven Years War with France Ways and means to increase our riches will not be recovered without more than ordinary Care If a great Stock be absolutely necessary to carry on a great Trade we may rationally conclude that the Stock of this Nation is so diminished that it will fall short and that without Prudence
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
was worth any thing considerable more than Coyn or Silver of the same Fineness that is an Ounce for an Ounce cannot be from any Natural Cause only by Accident and therefore no Argument for the Advancing of Coyn For the same Accidents may probably remain though the Coyn be never so much Advanced Where there are Laws that allow of the Exportation of Bullion but prohibit the Exportation of Coyn as now with us when great Quantities of Bullion do not come from Foreign Parts to exceed the occasion of those that send it out to the East-Indies or any other Country where the carrying on of Trade or payment of Debts requires it Bullion will not be carried to the Mint to be Coyned but be sold without for the supplying of those Traders that have occasion who will give for it much above the Rate of Coyn because may Ship it off with impunity And needing great Quantities to be Shipt sometimes in one bottom are loath to adventure the Shipping of Coyn because if a Seizure may prove a Loss irreparable But this may be observed that when we had plenty of Milled Money and Weighty Coyn then Bullion seldom exceeded the Value of Coyn 3 d. per Ounce since that is grown scarce the Price much Advanced In Spain when pieces of Eights are grown scarce at the end of a Year before the Galloons or Fleets arrive or upon any delay or loss of their Fleets then oftentimes are worth 8 to 10 per Cent. Exchange more than at other times but here and there and in all places occasioned by such Laws or Accidents which the Raising of Coyn cannot possibly prevent It being as contrary to all Reason that an Ounce of Silver Coyned should not be worth an Ounce Uncoyned a little more or less if it were not for such Accidents as that a Shilling should not be worth another Shilling of the same Weight and Fineness Few or no presidents can be given that where any or all the Coyn of a Nation was Raised that the Gains by the Advance might redound to the particular persons that had it in their custody In Spain the Coyn hath been often Advanced but alwayes with an expectation to ease the Government in Payments In Portugal was Raised 25 per Cent. about Anno 1664 because the Government could not possibly otherwayes get Money to oppose the Spaniard who were then entring that Kingdom with a numerous Army for which 20 per Cent. of the Advance Money was taken and 5 per Cent. allowed to the People to tempt them to bring it in In France the Gold hath been lately Risen several times but for the Profit of the Government And in all these places though did serve for a turn yet hath occasioned so much Confusion Complaints and Disadvantages that no Arguments can be drawn from those Presidents to incourage others to do the same In all Ages hath been looked upon as a great discovery of Poverty and like adventuring the last Stake But Arguments from Necessity and Self-preservation if the Advance-Money be applyed for that end may make some Excuse when no other way can be found to save a Nation Silver Coyn is the Standard in all Nations Gold though also esteemed Treasure and of greater Value than Silver because of its Scarcity Durableness Beauty and Use before other Metals takes its Computation from Silver the only Standard and is usually reckoned by the general Consent of Mankind to be worth about Fifteen to One One Ounce of Gold being usually esteemed worth Fifteen Ounces of Silver is also necessary to increase the Treasure as well as Stock of the Nation should be Coyned exactly in proportion to Silver to answer the Value put on it by Common Esteem otherwayes will give an opportunity to Foreigners either to carry away the Gold and bring Silver or carry away the Silver and bring Gold as may turn them best to account But because a great Value of Gold may be preserved in little room and therefore with more security than Silver impossible to keep it from being attended with some little variations as such Conveniencies may occasion which those that have it will take the advantage to make But Gold is not so serviceable to a Nation as Silver because those that have it are not willing to make Payments with it but apt to hoard it unless can have more for it than 't is worth which makes it rather a Commodity to Trade in than a conveniency for the carrying on of Trade and a part of the dead Stock of the Nation If the Gains expected by some that have the Coyn now in their custody should produce a combination to hoard it up in hopes to put a force upon the Government to get it Raised though may prove a great hindrance to Publick Affairs and Commerce for some time yet no remedy can be so bad to cure any such evil as the Raising of the Coyn not only in respect of the great Loss and Charge that would attend it as because would be a great incouragement to others in a short time to hoard it up again in hopes to force the Government to another Advance If not the doing it once if extended to Debts then owing will make such a violation upon all Contracts between Man and Man and occasion such a confusion in our Coyn Exchanges Prices of Commodities and all Dealings that what hath been done already to regulate the Coyn would prove so much Labour lost and put us back ward instead of forward for the Species of both Gold and Silver must be Raised not one without the other which would add to the Loss Charge and Mischiefs the Clippers have brought on us already as much more as the Coyn may be Risen therefore it may probably be much easier and safer seeing the lightest of the Clipt Money is taken in and most new Coyned to go on reforming the rest of the hammered Money by allowing a Reasonable Price to incourage Persons to bring it into the Mint in other places as well as London that the Countries may also be furnished with New Money by the New Coyning of it and when the Rate is fixt for the taking it in to be Coyned if be also taken in upon Funds and by the Receivers of the Publick Revenue may probably then pass from hand to hand at the same Rate by Weight for the carrying on of Commerce till can be taken in and New Coyned which should be with all speed that our several Species of Coyn may be reduced to one Standard which is absolutely necessary The Raising of the Coyn instead of conquering this over-grown Monster which hath so much endangered the Peace and Tranquillity of the Nation will create a new brood of Mischiefs more ravenous than the Dam and be rather augmented than abated by limiting such an Advance to continue but for a short time or to be allowed only during this present War A Law so limited will occasion that some part of the Coyn may
and have most to Export to which Industry added to Natural Advantages doth much contribute generally have the advantage but if they should take none though could live without them the like measures would probably be taken by other Countries As Millions of People in this Kingdom have no Livelyhood but what depends upon Trade so great care should be taken how any stop is put to any branch of it or any thing allowed that may decrease it But it being possible that some Men may inrich themselves by and so consequently be incouraged to carry on some Trade that may have a quite contrary effect as to the Nation in general where that appears plain a stop may be put having respect in all proceedings of this kind to this General Rule That Liberty of Trade is absolutely necessary to make it Great and Greatness to make it Beneficial and to observe it accordingly where the foundation for Trade is good Many Traders upon occasions take up Money at Interest Of reducing Interest and some are of Opinion that the reducing of Interest by Law to 4 per Cent. is the only thing necessary to increase Trade and inrich the Nation It 's true Laws have been made formerly for the bringing down of Interest and sometimes for setting Prices on some Commodities and the Price of Interest hath fallen since and Trade increased But it may be a question if it was occasioned by those Laws it being next to impossible to hinder those that have Money or Goods not to make the most some way or other here or elsewhere Therefore others are of Opinion that the increase of Trade is rather the cause of the falling of Interest than that Low Interest should occasion the increase of Trade and that it was not occasioned by those Laws but by our increase of People Industry and Trade Nations differ so extreamly in Circumstances and Methods of Living and Dealing that we ought to be careful how we take our Measures from any Foreign Nation without due Consideration of their state as well as our own The Dutch Genoueses Florentines and Venetians being well seated for Trade but having not Lands of any great Value the Lands sell high because the Buyers are abundantly more than the Sellers and being there are not Lands for those that have got great Estates by Trade to purchase they are under a necessity to continue their Estates in Trade and their Children to continue the same after them And therefore it may be concluded that it is the Greatness of their Trade that is probably the cause of Low Interest and not that of their great Trade But if they did not outdo us in Frugality and Parsimony they would have little advantage over us by the difference of 1 per Cent. in the price of Interest Money But not Living at One Fifth of the Expence we do gives them a great advantage as to the inriching those Nations A Man of 10000 l. Estate not spending there 200 l. per Annum but here 't is expected that of the like Estate they should spend 1000 l. The Spaniards have large Territories but the People such Enemies to Industry that if they had Money at 2 per Cent. they would never increase Trade as long as they continue of that humour As Gains is the Mother of Trade in general so it hath an influence on its branches or ingredients that are necessary to carry it on of which Money is the chiefest therefore it is probable that all persons that Lend Money at Interest who are usually Widows Trustees for Orphans or such as are Aged or not Industrious if they should be restrained by Law to 4 per Cent. Interest if they cannot by some indirect way make more of it will either hoard it up lend it at the said rate of 4 per Cent. adventure it in Trade themselves lay it out in Land or send it out of the Nation to be Lent out at Interest Abroad How any of these wayes will be more for the Advantage of the Nation then as the case stands at present may be considered If they hoard it up then it will be as so much lost if Lent out at 4 per Cent. on Mortgages then those that have occasion to borrow will have the Advantage and what they save by it must be lost by those that Lend but no Advantage to the Nation only a taking it out of one Mans Pocket to put it into anothers If they Lend it to Trading Men or adventure it in Trade themselves still there will be but the same Stock as before If they lay it out in Land and the Price as to sale should advance upon it then those that Sell would have some Advantage by it and those that Buy pay the dearer but the Lands will be still the same as before to the Nation and unless the Rent advance as well as the Value not incourage Improvement which cannot well be supposed will be practiced by those that take up Money at Interest And if they send it out of the Nation though it return in time with Interest yet we may suffer more by the want of the use of it at Home then we may gain by such Interest made Abroad Interest being abated to 5 per Cent. without a Law is a proof that Laws are not absolutely necessary for any such purpose but that it may be presumed Trade governs Interest and not Interest Trade and it cannot well be comprehended how a Change of 1 per Cent. more should have any great influence upon the Improving or Advancing of Land Increasing of Trade or enable us to outdo the Dutch or other Nations therefore no great help can be expected from any such Law for abatement of Interest but may rather be pernicious by discouraging the use of Coyn. Paper Credit may be of some use as well for the Supply of the Publick Paper Credit as for the carrying on of Commerce which hath occasioned that many Projects have been published and some put in practice for making Paper to pass for Money taking it to be very easie and that it could not fail of a good effect because the like hath been and is still practiced in Venice and Amsterdam and some have gone so far as to assert that Coyn is unnecessary that Paper would do as well In this as in all other Cases relating to Trade and Coyn we should be careful how we take our Measures from Foreign Nations The Banks of Amsterdam and Venice have by their long Experienced Usefulness put such an Obligation upon those Governments to support them that those Banks are become as an Essential part of the Government and the People thereby possest with so good an esteem of them though it is doubted if they have any considerable Funds that as long as those Governments stand the Credit of the Banks are like to stand also the Interest of the Banks being so interwoven with the Government that the Publick Faith must be their support
much every Year and at this time most difficult because of our Expences with our Army in Flanders but they do take from us great quantities of our Products and Manufactures and of Plantation Goods Which Nation hath the Advantage is uncertain but being very knowing and crafty in Trade a constant watchful Eye should be kept over them Ireland is a Fertile Country Ireland and well Seated for Trade but the People being about Four Fifths bigotred to the Roman Catholick Religion and impatient to be under the Government of England have often occasioned great effusion of English Blood by the many Rebellions which hath made that Kingdom chargable to us It is computed to contain about Twelve Millions of English Acres of Arable Meadow and Pasture and Two Millions of Rocky Boggy and Shrubby unprofitable Lands and about a Million of People therefore well worth improving But the insecurity that ariseth from so great a number of the People being of that Religion the many Lazy Priests that are amongst them and the averseness the Natural Irish have generally to Industry hath been a hinderance to the improvement of that Country and to the making it more advantageous to it self and England And unless some way can be found out to secure their intire dependance upon England grounded as well on Religion as Laws that England may be sure to reap a lasting advantage by the Labours of the People there and they can be brought to be more Industrious perpetual Obstructions will from such Objections arise against endeavours to increase Riches in that Kingdom by improving it to the uttermost which will be a continual prejudice to the English Interest there The increase of the Woolllen Manufactury in that Kingdom may prove fatal to those of England if speedy care be not taken The Manufacturing of Linnen and the increase of Fishing Trades on the Coasts that are there convenient for it may happily upon an inquiry be found less dangerous Scotland not so Fertile nor so well Seated for Trade Scotland but their late attempts to increase and extend it so far as the East-Indies may give cause for making some defensive Laws that they may not be prejudicial to the Trade of England Great quantities of our Products are Exported Annually to Hamburgh Hamburgh and from thence many of them to other places to Germany by the River Elbe Weser and Eyder This Trade is great and beneficial and under the management of a Regulated Company the Settlement very Antient the Members of which Company reserving sending of Goods to Germany by those Rivers to themselves exclusive to all others hath occasioned many Complaints that it is a great hinderance to the Consumption of our Woolen Goods But whether the Complaints arise from the Interest of Foreigners who would get that Trade out of the English hands or from others that would weaken the Company should be well examined before any Alteration be made There have been also Complaints against their Regulations and By-Laws which may deserve an Inquiry The Greenland and Russia Trades are also Greenland Russia and New-found-land and have been for a long course of time under the Management of Companies and yet are in a manner totally lost our Newfoundland Trade much diminished and all our Northern Fishing Trades disused By which we have suffered two great inconveniencies The loss of the greatest Nurseries we had for Seamen and the use our Neighbours have made of it to increase theirs By the Northern Fishing the Dutch have made their greatest numbers of Seamen and by the Banks of Newfoundland the French and thereby make those Trades difficult to be retrieved for as long as we have not a number of Seamen over and above what may be imployed in our other Trades difficult to be found that they will go to the Fishing Trades in any great abundance because are attended with great labour and hardship As to the Northern Trades the Dutch have likewise another Advantage by Building Maning and Sailing cheaper and though it is probable wayes may be found out to recover that to the Newfoundland by the help of our Western Ports and our possession there yet the others more difficult However all endeavours should be used The Trade to Swedeland and Denmark having of late Years carried from us great Sums of Money Annually Swedeland and Denmark and the more because those Princes have by great Impositions discouraged the expence of our Manufactures and by their own Example incouraged some of their own though much meaner Whether any alteration can be made by any Treaty or by Building more great Ships of our own that we may have the Carriage of the Goods from those parts which is considerable or whether it be possible to improve the Trade to New-England which hath hitherto been of little use to us so as to have more Masts Pitch Tar Hemp and other Goods from thence in the room of those from the North parts notwithstanding its great distance for which the Imployment of our own Ships and Seamen will make us some amends or whether some Agreement might not be made with the Hanse-Towns or one of those Princes that might reduce the others to better terms than we stand on at present or whether some Alteration in the Act of Navigation might help may be worth an Inquiry The French Trade will deserve a more particular Inquiry French Trade because hath been for many Years carried on to our Loss and their great Advantage Though they were alwayes potent at Land yet could never make any figure at Sea till since the Year 1657 that their greatest Councils and Ministers of State begun to apply their Thoughts how to increase Trade and Navigation Then by making Laws or Edicts to incourage all Trades they thought would prove advantageous especially such as might incourage the increase of Seamen which they also multiplyed by obliging the Commanders of all Ships to carry and breed up a proportion of Young Men every Voyage for which the Government make an allowance as also by making good Docks Arsnals conveniencies for all sorts of Stores by incouraging good Artists for the Building of Ships and by Prohibitions or otherwayes discouraging all Trades they thought pernicious By such Methods as these in about Ten Years it was observed that their Ships Seamen and Trade was increased from One to Ten and from having their Power confined to Land are now become also so Formidable at Sea as in some measure to contest with both Englands and Hollands United Strength In Times of Peace we did Import from that Country Annually vast Quantities of Silks Linnens and other Goods perfectly Manufactured 30 or 40000 Tuns of Wines and Brandies great Quantities of Paper Prunes Salt Rozin Glass Cork Oakum Soap c. besides Points Laces Gloves Imbroidered Vestments Beds Toyes and Nicknacks to a very great Value Though it be hard to define what Commodities we ever had from that Nation that were Profitable for us or