Selected quad for the lemma: cause_n

Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
cause_n	day_n	good_a	great_a	2,831	5	2.5730	3	true

Text snippets containing the quad

ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A55327	Of trade 1. In general. 2. In particular. 3. Domestick. 4. Foreign. 5. The East-India. 6. The African. 7. The Turky. 8. The Spanish. 9. The Hamburgh. 10. The Portugal. 11. The Italian. 12. The Dutch. 13. The Russia. 14. The Greenland. 15. The Swedeland. 16. The Denmark. 17. The Irish. 18. The Scotland. 19. The plantation. 20. The French, &c. Also, of coyn. Bullion. Of improving our woollen manufacture. To prevent exporting wooll. Of ways and means to increase our riches, &c. By J.P. esq; to which is annex'd, the argument of the late Lord Chief Justice Pollexphen, upon an action of the case, brought by the East-India Company against Mr. Sands an interloper.	Pollexfen, John, b. ca. 1638.; Pollexfen, Henry, Sir, 1632?-1691. Argument of a learned counsel, upon an action of the case brought by the East-India-Company.	1700 (1700)	Wing P2780; ESTC R218994	111,770	258

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 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

Dividends be true no good Arguments can be drawn from thence for erecting Corporations in Trade exclusive to others And therefore if the Method proposed for Regulated Companies to Trade in such Goods as may be thought convenient to be received from India can be made practicable should be preferr'd before Joynt-Stocks being the most probable way to make that Trade advantageous it being possible that a Trade may be opened to China for the Expence of our Cloths where great quantities if Introduced would be Consumed and Gold is plenty or from Gambroon to Persia being the Carriage of our Goods that way is not so Chargeable as from Aleppo or to the Kingdom of Mindavo or other Countries or Places of which there are great numbers in those Parts to which we have not yet Traded or that we should then fall into a way of Imploying our Ships in those Parts by Trading from Port to Port The most likely way to make any clear Gains by that Trade and the Trade to Africa under such Regulations most likely to increase the Consumption of our Goods in those Parts The more hath been said about these Trades because it is high time some Settlement were made of them as may be most Advantageous for the Nation The Reasons upon which the Lord Chief-Justice Jefferies grounded his Judgment in the Case between the East-India-Company and Sands as to the validity of their Charter having been Printed and Published it is thought convenient to make Publick at the end of this Treatise the Argument of one of the Learned Council that Argued in the behalf of Sands upon that occasion But whether Trade be Settled in Joynt-Stocks Protection at Sea Regulated Companies or open no Nation can Thrive by Trade without Protection at Sea for though the Merchants after Losses may sometimes Sell their Goods that come in safety so dear as to make themselves a recompence for what Lost Yet that makes no recompence to the Nation for what they may so get by Selling Dear is gotten out of our own People but what lost remains with the Enemy or in the Sea and is so much lost to the Nation No great Trading Nation can be at War with another Nation but must undergo the disadvantage of a Confederacy against their Trade Hopes of making Gain by Privateering will draw all the Sea Vermin upon them from all Parts and therefore where Fleets and single Ships are many Protection must be difficult and yet so Essential that without it Trade will have a quite contrary effect to what designed for what is taken by Enemies will inrich them and impoverish our Selves but impossible to agree on any Scheme but what must be subject to many variations and changes Enemies may incresae their Strength and alter their Stations and the going and coming of Fleets and Ships uncertain and hard to be Regulated Storms may occasion separations and Winds and Weather a disappointment to any thing that can be designed to which remedies must be applied as such Emergencies may require but little hopes of a good effect unless our Men of War be so provided or ordered as that they may spend more time at Sea then in Port and a Breach could be made upon the Methods our Enemies have taken to Ingross Intelligence A constant Fleet of Men of War at the Chops of the Channel and Guard Ships to ply about our Chief Head-lands and enterance to our Chiefest Ports may force Privateers to look for their Prey further off at Sea where they are not so sure to meet it to which the Carrying on of Trade by Fleets and those Protected by good Convoys may be a further security Protraction of time for the departure of Convoys whether occasioned by Merchant-Ships or Convoys not being ready hath occasioned great Losses and should be prevented if possible Our Steights and Plantation Trades being remote will always require a particular care and great Strength to the diminishing of our Convoys for other Parts How to secure all is a matter of so great difficulty that it may be much easier to find Fault then provide effectual remedies though of all things the most desirable belonging to Trade and therefore Necessary to be considered by our greatest Councils Book of Rates The Book of Rates by which the Prizes of all Goods are Regulated at the Custom-House for the Payment of the Customs and Duties being of above 30 Years standing though some additional Duties have been since laid on some Commodities is a Burthen if not a Grievance because some Commodities are since the making of that Book so Risen and others so Fallen in Price that it Carries no equality As the perusal and new Settling of it might be a great ease to Trade without any diminution to the Kings Customs so by it much might be done towards the Regulation of Trade by increasing or diminishing the Duties and if some recompence could be found that the Impositions now Paid on our Manufactures and Products Exported might be taken off and none Paid for the future would occasion the increase of the Export and Consumption of them for though the Duty be not great yet being an addition to the first Cost and paid before Adventures born it is a great discouragement to Exportation and that addition to the cost is some hinderance to the Consumption abroad The Act of 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

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 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

those Fields which were esteemed at 100 Acres before will then be accounted as 200 Acres and as 200 Acres may descend to the next Heir Sold to a Purchaser or Lett to a Tenant but not likely that therefore the Purchaser or Tenant will double his Price or Rent but will conclude that it will not bear more Grass or Corn for the Acres being so doubled in Name Not likely that the Raising of Money either 25 or 50 per Cent. should have any other effect A Crown piece in such case would pafs from one to another at 6 s. 3 d. where the Receiver is no more concerned than to take it by that Name A Man that is to borrow 100 l. will and must take 320 Crowns as 100 l. and not regret it because by the same Law will expect to pay it back at the same rate But a Man that is to pass away Lands or Goods for it will consider that if any sort of Goods which he may want be Risen that he must be a Loser unless Raise his Lands and Goods that intends to sell in proportion Borrowing and Lending and in some Cases Buying and Selling may be properly said to be the way and means to get Riches but not the end designed by Mens Labours No Man would take any pains and care of that Nature nor improve Lands or Rents but in hopes of Gains to support his Expences according to the port may live in or provide for his Family higher or lower as may thereby be inabled However Money so Advanced may pass for the way and means when comes to that which is the design and end of the Labours of Men will soon find the mistake and that 320 Crowns in his Expences will go no further than 400 Crowns did before and the like in Childrens Portions or making provision for them and it is the end and not the way that should be chiefly minded in this case And the like disadvantage will be found in all Expences for the Publick and Gentlemen that have their dependance on Rents will find One Fifth lost either for along time or for ever and lose One Fifth part of all Debts owing to them must receive for 100 l. 320 Crowns instead of 400 Crowns which unless for payment of Debts contracted before will soon find will lose 80 Crowns in 400. And although it may be argued that the Rents of Lands may also Advance in time yet not having so immediate a dependance on Trade as Commodities that are bought and sold dayly it may be feared that the Rents of Land will be the last thing that will Advance and Old Rents Rent Charges or Annuities never unless a Law be made for that purpose It is difficult to apprehend why it should be thought so easie to make Money which is of so great Concern and upon which most fix their chiefest Considerations pass and serve as the Standard of all Dealings and Commerce according to its Name without any respect to Weight or intrinsick Value and at the same time probably not allow that it is possible to make Land or any sort of Goods to pass by Name without respect to Goodness Value or Weight It being not likely that if by Law Three Fourths of an Acre of Land should be called an Acre or Three Fourths of a Pound of Lead called a Pound that then it would Exchange for as much Silver as before so as unlikely that when Three Fourths of a Crown piece is called a Crown should Exchange for as much Land or Lead as before That some Credulous Persons should be imposed upon to think well of Raising the Coyn not strange but if a whole Nation it would in time be concluded they were either under an infatuation or that they designed to live only for Six Months or a Year That Exchanges and Goods did not immediately Rise upon the Clipping of the Money was because there was more Unclipt than Clipt and the Major over-ruled the Minor but as soon as the Clipt exceeded the Unclipt then that illegal debasing of the Coyn soon had that effect What then can be expected if should be advanced or debased for may be termed either by Authority If the giving of Coyn high Denominations could make it pass accordingly and have the effect of preventing Exportation and occasion the Importation of Bullion how easie for Poor Princes to make themselves Rich But as it appears impossible that any such Advantages should be made by others so that should long continue to us if any could be expected unless we could Enact at the same time that no other Prince or State should Raise their Coyn in proportion which it is probable they soon would if found themselves prejudiced by our drawing away their Coyn by any such Law here Then the Advantages designed would be deseated but the Mischiefs would remain Arguments for the Advancing of the Coyn deduced from the Price of Bullion Price of Bullion that it is worth much more than when Coyned either here or in Foreign Countries if duely examined can have no foundation Bullion or Coyn when Exchanged or Bartered for Commodities or the Commodities may be esteemed higher or lower according to the Plenty or Scarcity of Bullion or Coyn or the Commodities but that Bullion or Silver in Barter of Coyn or Silver of the same Fineness can be or ever 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

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 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

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 absolutely Necessary unless the Salt fit for any Improvement or further Manufactury yet we permitted that Trade to go on though at the same time that we took such vast Quantities of Unprofitable Commodities from them they totally prohibited the expence of all East-India Goods from us and laid such Impositions on our Woollen Goods as was tant amont to a Prohibition thereby bringing us indebted to them for great Sums every Year which they took from us in Coyn Bullion or Treasure as before-mentioned They also had another great Advantage at that time by our Nobility and Gentry being so sond of Travelling or Living in France It hath been computed that by this Article only they might get near 200000 l. a Year from us in Money The Ambition Conduct Strength and Riches of that Nation having lately appeared so terrible to all Europe and particularly to this Kingdom by their endeavours to get the possession of Flanders and so consequently Newport and Ostend and thereby to have had the Vnited Provinces by Compact or Conquest intirely in their Interest and to out-match us by Sea which would have brought us into an irrecoverable condition as it gave just cause for the present Confederacy against them for the carrying on of the War so it concerns all the Confederates that it should ever be continued in point of Trade that if possible they may not hereafter reap any such Advantages as formerly by it from us or any other Nation for it is that which hath chiefly enabled them to carry on these Designs especially by Sea And as all Europe are concerned to reduce them to their Old Limits