Figures in the Kings Exchequer where Ships are the Bullworks of the Kingdom and where the Flourish of Trade is as much the Interest of the King as of the People There can be no such Cause of Fear For What Objections can any Man make that his Mony in the Bank may not be as well secured by a Law as his Property is Or Why he should be more afraid of Losing his Mony than his Land or Goods Interest is the Rent of Stock and is the same as the Rent of Land The First is the Rent of the Wrought or Artificial Stock the Latter of the Unwrought or Natural Stock Interest is commonly reckoned for Mony because the Mony Borrowed at Interest is to be repayed in Mony but this is a mistake For the Interest is paid for Stock for the Mony borrowed is laid out to buy Goods or pay for them before bought No Man takes up Mony at Interest to lay it by him and lose the Interest of it One use of Interest It is the Rule by which the Trader makes up the Account of Profit and Loss The Merchant expects by Dealing to get more then Interest by his Goods because of bad Debts and other Hazards which he runs and therefore reckons all he gets above Inteterest is Gain all under Loss but if no more than Interest neither Profit nor Loss Another use of Interest is It is the measure of the Value of the Rent of Land it sets the Price in Buying and Selling of Land For by adding three Years Interest more than is in the Principle Makes the usual Value of the Land of the Country The difference of three Year is allowed Because Land is more certain than Mony or Stock Thus in Holland where Mony is at three per. Cent. by reckoning how many times three is in a Hundred Pounds which is Thirty Three and Adding three Years more makes Thirty Six Years Purchase the Value of the Land in Holland And by the same Rule interest being at six per Cent. in England Land is worth but Twenty Years Purchase and in Ireland but Thirteen Interest being there at Ten per Cent so that according to the Rate of Interest is that Value of the Land in the Country Therefore Interest in all Countrys is setled by a Law to make it certain or else it could not be a Rule for the Merchant to make up his Account nor the Gentleman to Sell his Land By. Of the Use and Benefit of Trade THe Use of Trade is to make and provide things Necessary Or useful for the Support Defence Ease Pleasure and Pomp of Life Thus the Brewers Bakers Butchers Poulterers and Cooks with the Apothecaries Surgeons and their Dependencies provide Food and Medicine for the support of Life The Cutlers Gun-smiths Powder-makers with their Company of Traders make things for Defence The Shoomakers Sadlers Couch and Chair-makers with abundance more for the Ease of Life The Perfumers Fidlers Painters and Booksellers and all those Trades that make things to gratifie the Sense or delight the Mind promote Pleasure But those Trades that are imploy'd to express the Pomp of Life are Infinite for besides those that adorn Mans Body as the Glover Hosier Hatter Semstriss Taylor and many more with those that make the Materials to Deck it as Clothier Silk-Weaver Lace-Maker Ribbon-Weaver with their Assistance of Drapers Mercers and Milliners and a Thousand more Those Trades that make the Equipage for Servants Trappings for Horses and those that Build Furnish and Adorn Houses are innumerable Thus Busie Man is imployed and it is for his own Benefit For by Trade the Natural Stock of the Country is improved the Wool and Flax are made into Cloth the Skins into Leather and the Wood Lead Iron and Tin wrought into Thousand useful Things The Over-plus of these Wares not useful are transported by the Merchants and Exchanged for the Wines Oyls Spices and every Thing that is good of Forreign Countries The Trader hath One Share for his Pains and the Land-Lord the Other for his Rent So that by Trade the Inhabitants in general are not only well Fed Clothed and Lodged but the Richer sort are Furnished with all things to promote the Ease Pleasure Pomp of Life Whereas in the same Country where there 's no Trade the Land-Lords would have but Coarse Diet Coarser Clothes and worse Lodgings and nothing for the Rent of their Lands but the Homage and Attendance of their Poor Bare-footed Tenants for they have nothing else to give Trade Raiseth the Rent of the Land for by the Use of several sorts of Improvements the Land Yieldeth a greater Natural Stock by which the Land-lord's Share is the greater And it is the same thing whether his Share be paid in Mony or Goods for the Mony must be laid out to Buy such Good 's Mony is an Immaginary Value made by a Law for the Conveniency of Exchange It is the Natural Stock that is the Real Value and Rent of the Land Another Benefit of Trade is That it doth not only bring Plenty but hath occasioned Peace For the Northern Nations as they increased were forced from the Necessities of their Climates to Remove and used to Destroy and Conquer the Inhabitants of the Warmer Climates to make Room for themselves thence was a Proverb Omne Malum ab Aquilone But those Northern People being settled in Trade the Land by their Industry is made more Fertile and by the Exchange of the Nations-Stock for Wines and Spices of Hotter Climates those Countries become most Habitable and the Inhabitants having Warmer Food Clothes and Lodgings are better able to endure the Extreamitys of their Cold Seasons This seems to be the Reason That for these Seven or Eight Hundred Years last past there has been no such Invasions from the Northern part of the World as used to destroy the Inhabitants of the Warmer Countries Besides Trade Allows a better Price for Labourers than is paid for Fighting So it is become more the Interest of Mankind to live at home in Peace than to seek their fortunes abroad by Wars These are the Benefits of Trade as they Relate to Mankind those that Relate to Government are many Trade Increaseth the Revenue of the Government by providing an Imploy for the People For every Man that Works pay by those things which he Eats and Wears somthing to the Government Thus the Excise and Custom 's are Raised and the more every Man Earns the more he Consumes and the King's Revenue is the more Increased This shews the way of Determining those Controversies about which sort of Goods are most beneficial to the Government by their Making or Importing The sole difference is from the Number of hands imploy'd in making them Hence the Importation of Raw Silk is more Profitable to the Government than Gold or Silver Because there are more Hands imployd in the Throwing and Weaving of the First than there can be in working the Latter Another Benefit of Trade is
Magnificent Structure doth best represent the Majesty of the Person that lives in it and is the most lasting and truest History of the Greatness of his Person Building is the chiefest Promoter of Trade it Imploys a greater Number of Trades and People than Feeding or Cloathing The Artificers that belong to Building such as Bricklayers Carpenters Plaisterers c. imploy many Hands Those that make the Materials for Building such as Bricks Lyme Tyle c. imploy more and with those that Furnish the Houses such as Vpholsterers Pewterers e. they are almost Innumerable In Holland where Trade hath made the Inhabitants very Rich It is the Care of the Government to Incourage the Builder and at the Charge of the State the Grafts and Streets are made And at Amsterdam they have three Times at great Expence Thrown down the Walls of their City and Dreined the Boggs to make Room for the Builder For Houses are the Places where the Artificers make their Goods and Merchants Sell them and without New Houses the Trades and Inhabitants could not Increase Beside There is another great Advantage to Trade by Enlarging of Cities the Two Beneficial Expences of Cloathing and Lodging are Increased Man being Naturally Ambitious the Living together occasion Emulation which is seen by Out-Vying one another in Apparel Equipage and Furniture of the House whereas if a Man lived Solitary alone his chiefest Expence would be Food It is from this very Custom If the Gentry of France Living in Cities with the Invention of Fashion That France tho' a Country no way fitted for Trade has so great a share of it It is from Fashion in Cloaths and Living in Cities That the King of France's Revenues is so great by which he is become troublesome to his Neighbours and will always be so while he can preserve Peace within his own Country by which those Fountains of Riches may run Interrupted into his Exchequer Of the Chief Causes of the Decay of Trade in England and Fall of the Rents of Land THE Two Chief Causes of the Decay of Trade are the many Prohibitions and high Interest The Prohibition of Trade is the Cause of its Decay for all Forreign Wares are brought in by the Exchange of the Native So that the Prohibiting of any Foreign Commodity doth hinder the Making and Exportation of so much of the Native as used to be Made and Exchanged for it The Artificers and Merchants that Dealt in such Goods lose their Trades and the Profit that was gained by such Trades and laid out amongst other Traders is Lost The Native Stock for want of such Exportation Falls in Value and the Rent of the Land must Fall with the Value of the Stock The common Argument for the Prohibiting Foreign Commodities is That the Bringing in and Consuming such Foreign Wares hinders the Making and Consuming the like sort of Goods of our own Native Make and Growth therefore Flanders-Lace French Hats Gloves Silks Westphalia-Bacon c. are Prohibited because it is supposed they hinder the Consumption of English-Lace Gloves Hats Silk Bacon c. But this is a mistaken Reason and ariseth by not considering what it is that Occasions Trade It is not Necessity that causeth the Consumption Nature may be Satisfied with little but it is the wants of the Mind Fashion and desire of Novelties and Things scarce that causeth Trade A Person may have English-Lace Gloves or Silk as much as he wants and will Buy no more such and yet lay out his Mony on a Point of Venice Jessimine-Gloves or French-Silks he may desire to Eat Westphalia Bacon when he will not English so that the Prohibition of Forreign Wares does not necessarily cause a greater Consumption of the like sort of English Besides There is the same wants of the Mind in Foreigners as in the English they desire Novelties they Value English-Cloth Hats and Gloves and Foreign Goods more than their Native make so that tho' the Wearing or Consuming of Forreign Things might lessen the Consuming of the same sort in England yet there may not be a lesser Quantity made and if the same Quantity be made it be a greater Advantage to the Nation if they are Consumed in Foreign Countries than at Home because the Charge and Imploy of the Freight is Gained by it which in bulky Goods may be a Fourth Part of the whole Value The particular Trades that expect an Advantage by such Prohibition are often mistaken For if the Use of most Commodities depending upon Fashion which often alters The Use of those Goods cease As to Instance Suppose a Law to Prohibit Cane-Chairs It would not necessarily follow That those that make Turkey-Work Chairs would have a better Trade For the Fashion may Introduce Wooden Leather or Silk Chairs which are already in Use amongst the Gentry The Cane-Chairs being grown too Cheap and Common or else they may lay aside the Use of all Chairs Introducing the Custom of Lying upon Carpets the Ancient Roman Fashion still in Use amongst the Turks Persians and all the Eastern Princes Lastly If the Suppressing or Prohibiting of some sorts of Goods should prove an Advantage to the Trader and Increase the Consumption of the same sort of our Native Commodity Yet it may prove a Loss to the Nation For the Advantage to the Nation from Trade is from the Customs and from those Goods that Imploys most Hands So that tho' the Prohibition may Increase as the Consumption of the like sort of the Native yet if it should Obstruct the Transporting of other Goods which were Exchanged for them that Paid more Custom Freight or lmployed more Hands in making The Nation will be a loser by the Prohibition As to Instance If Tobacco or Woollen-Cloth were used to Exchange for Westphaly-Bacon The Nation loseth by the Prohibition tho' it should increase the Consumption of English-Bacon because the First Pays more Freight and Custom and the Latter Imploys more Hands By this Ruse it appears That the Prohibiting of all unwrought Goods such as raw Silk Cotton Flax c. and all Bulky Goods such as Wines Oyls Fruits c. would be a Loss to the Nation because nothing can be sent in Exchange that Imploys fewer Hands than the First or Pays greater Freight than the Latter It doth not alter the Case If the Ballance of the Account or all the Foreign Goods were bought by Silver or Gold For Silver and Gold are Foreign Commodities Pay but little Freight and Imploy but few Hands in the Working And are at First brought into England by the Exchange of some Native Goods and having Paid for their coming hither must Pay for the Carriage out It is true That if our Serge Stuffs or Cloth are Exchanged for Unmanufactured Goods it would be a greater Advantage to the Nation because of the difference in Number of Hands in the making of the First and the Later But all Trading Countries Study their Advantage by Trade and Know the difference of the
A Discourse OF TRADE BY N. B. M. D. LONDON Printed by Tho. Milbourn for the Author 1690. THE PREFACE THe Greatness and Riches of the United Provinces and States of Venice Consider'd with the little Tract of Ground that belongs to either of their Territories sufficiently Demonstrate the great Advantage and Profit that Trade brings to a Nation And since the Old Ammunition and Artillery of the Grecians and Romans are grown out of Use such as Stones Bows Arrows and battering Rams with other Wooden Engines which were in all Places easily procured or made And the Invention of Gunpowder hath introduced another sort of Ammunition and Artillery whose Materials are made of Minerals that are not to be found in all Countries such as Iron Brass Lead Salt-petre and Brimstone and therefore where they are wanting must be procured by Traffick Trade is now become as necessary to Preserve Governments as it is useful to make them Rich. And notwithstanding the great Influence that Trade now hath in the Support and Welfare of States and Kingdoms yet there is nothing more unknown or that Men differ more in their Sentiments than about the True Causes that raise and promote Trade Livy and those Antient Writers whose elevated Genius set them upon the Inquiries into the Causes of the Rise and Fall of Governments have been very exact in describing the several Forms of Military Discipline but take no Notice of Trade and Machiavel a Modern Writer and the best though he lived in a Government where the Family of Medicis had advanced themselves to the Soveraignty by their Riches acquired by Merchandizing doth not mention Trade as any way interested in the Affairs of State for until Trade became necessary to provide Weapons of War it was always thought Prejudicial to the Growth of Empire as too much softening the People by Ease and Luxury which made their Bodies unfit to Endure the Labour and Hardships of War And therefore the Romans who made War the only Way to Raise Enlarge their Dominion did in the almost Infancy of their State Conquer that Rich and Trading City of Carthage though Defended by Hanibal their General one of the greatest Captains in the World so that since Trade was not in those days useful to provide Magazines for Wars an Account of it is not to be expected from those Writers The Merchant and other Traders who should understand the true Interest of Trade do either not understand it or else lest it might hinder their private Gain will not Discover it Mr. Munn a Merchant in his Treatise of Trade doth better set forth the Rule to make an Accomplished Merchant than how it may be most Profitable to the Nation and those Arguments every day met with from the Traders seem byassed with Private Interest and run contrary to one another as their Interest are opposite The Turkey-Merchants Argue against the East-India-Company the Woollen-Draper against the Mercers and the Upholster against the Cain-Chair-Maker some think there are too many Traders and Complain against the Number of Builders others against the Number of Ale-Houses some use Arguments for the Sole making of particular Commodities others Plead for the Sole Trading to particular Countries So that if these Gentlemens Reasons might prevail in getting those Laws they so much solicite which all of them Affirm would be for the Advance of Trade and Publick Good of the Nation there would be but a few Trades left for the next Generation of Men to be Employ'd in a much fewer sorts of Goods to make and not a Corner of the World to Trade to unless they purchase a License from them And how fair and convincing soever their Premises may appear for the Inlarging and Advancement of Trade the Conclusions of their Arguments which are for Limiting and Confining of it to Number Persons and Places are directly opposite to the Inlarging of it The Reasons why many Men have not a true Idea of Trade is Because they Apply their Thoughts to particular Parts of Trade wherein they are chiefly concerned in Interest and having found out the best Rules and Laws for forming that particular Part they govern their Thoughts by the same NOTIONS in forming the Great BODY of Trade and not Reflecting on the different Rules of Proportions betwixt the Body and Parts have a very disagreeable Conception and like those who having learnt to Draw well an Eye Ear Hand and other Parts of the Body being Unskilful in the Laws of Symmetry when they joyn them together make a very Deformed Body Therefore whoever will make a true Representation of Trade must Draw a rough Sketch of the Body and Parts together which though it will not entertain with so much Pleasure as a well-finish't Piece yet the Agreeableness of the Parts may be as well discern'd and thereby such Measures taken as may best suit the Shape of the Body THE CONTENTS OF Trade and the Stock or Wares of Trade Of the Quantity and Quality of Wares Of the Value and Price of Wares Of Money Credit and Interest Of the Vse and Benefit of Trade Of the Chief Causes that promote Trade Of the Chief Causes of the Decay of Trade and the Fall of the Rents of Land A DISCOURSE OF TRADE Of Trade and the Stock or Wares of Trade TRADE is the Making and Selling of one sort of Goods for another The making is called Handy-Craft Trade and the maker an Artificer The Selling is called Merchandizing and the Seller a Merchant The Artificer is called by several Names from the sort of Goods he makes As a Clothier Silk-weaver Shoo-maker or Hatter c. from Making of Cloth Silk Shooes or Hats And the Merchant is distinguished by the Names of the Countrey he deals to and is called Dutch French Spanish or Turkey Merchant The chief End or Business of Trade is to make a profitable Bargain In making of a Bargain there are these things to be considered The Wares to be Sold the Quantity and Quality of those Wares the Value or Price of them the Money or Credit by which the Wares are bought the Interest that relates to the time of performing the Bargain The Stock and Wares of all Trade are the Animals Vegitables and Minerals of the whole Universe whatsoever the Land or Sea produceth These Wares may be divided into Natural and Artificial Natural Wares are those which are sold as Nature Produceth them As Flesh Fish and Fruits c. Artificial Wares are those which by Art are Changed into another Form than Nature gave them As Cloth Calicoes and wrought Silks c. which are made of Wool Flax Cotten and Raw Silks Both these Sorts of Wares are called the Staple Commoditys of those Countreys where they chiefly abound or are made There are Different Climates of the Heavens some very Hot some very Cold others Temperate these Different Climates produce Different Animals Vegitables Minerals The Staples of the hot Countrey are Spices the Staples of the Cold Furrs but
other Argument That Empire may be raised sooner at Sea than at Land than by observing the Growth of the Vnited Provinces within One Hundred Years last past who have Changed their Style from Poor Distressed into that of High and Mighty States of the United Provinces And Amsterdam that was not long since a poor Fisher-Town is now one of the Chief Cities in Europe and within the same Compass of Time that the Spaniard French have been endeavouring to Raise an Universal Empire upon the Land they have risen to that Heighth as to be an equal Match for either of them at Sea and were their Government fitted for a Dominion of large Extent and their Country separated from their Troublesome Neighbour the Continent which would Free them from that Military Charge in defending themselves they might in a short Time Contend for the Soveraignity of the Seats But England seems the Properer Seat for such an Empire It is an Island therefore requires no Military Force to defend it Besides Merchants and Souldiers never thrive in the same Place It hath many large Harbours fitting for a large Dominion The Inhabitants are naturally Couragious as appears from the Effects of the Climate in the Game Cocks and Mastiff Dogs being no where else so stout The Monarchy is both fitted for Trade and Empire And were there an Act for a General Naturalization that all Forreigners purchasing Land in England might Enjoy the Freedom of Englishmen It might within much less Compass of Time than any Government by Arms at Land arrive to such a Dominion For since in some Parts of Europe Mankind is harrassed and disturbed with Wars Since some Governours have incroached upon the Rights of their Subjects and inslaved them Since the People of England enjoy the Largest Freedoms and Best Government in the World and since by Navigation and Letters there is a great Commerce and a General Acquaintance among Mankind by which the Laws and the Liberties of all Nations are known those that are oppressed and inslaved may probably Remove and become the Subjects of England And if the Subjects increase the Ships Excise and Customs which are the Strength and Revenue of the Kingdom will in Proportion increase which may be so Great in a short TIME not only to preserve its Antient Soveraignty over the Narrow Seas but to extend its Dominion over all the Great Ocean An Empire not less Glorious of a much larger Extent than either Alexander's or Caesar's Of the Chief Causes that Promote Trade THE Chief Causes that Promote Trade not to mention Good Government Peace and Scituation with other Advantages are Industry in the Poor and Liberality in the Rich Liberality is the free Usage of all those things that are made by the Industry of the Poor for the Use of the Body and Mind It Relates chiefly to Man's self but doth not hinder him from being Liberal to others The Two Extreams to this Vertue are Prodigality and Covetousness Prodigality is a Vice that is prejudicial to the Man but not to Trade It is living a pace and spending that in a Year that should last all his Life Covetousness is a Vice prejudicial both to Man Trade It starves the Man and breaks the Trader and by the same way the Covetous Man thinks he grows rich he grows poor for by not consuming the Goods that are provided for Man's Use there ariseth a dead Stock called Plenty and the Value of those Goods fall and the Covetous Man's Estates whether in Land or Mony becomes less worth And a Conspiracy of the Rich Men to be Covetous and not spend would be as dangerous to a Trading State as a Forreign War for though they themselves get nothing by their Covetousness nor grow the Richer yet they would make the Nation poor and the Government great Losers in the Customs and Excises that ariseth from Expence Liberality ought Chiefly to be Exercised in an equal Division of the Expence amongst those things that relate to Food Cloaths and Lodging according to the Portion or Station that is allotted to every Man with some allowance for the more refined Pleasures of the Mind with such Distributions as may please both sect of Philosophers Platonist and Epicureans The Belly must not be starved to cloath the Back-Part Those Expences that most Promote Trade are in Cloaths and Lodging In Adorning the Body and the House There are a Thousand Traders Imploy'd in Cloathing and Decking the Body and Building and Furnishing of Houses for one that is Imploy'd in providing Food Belonging to Cloaths is Fashion which is the Shape or Form of Apparel In some places it is fixt and certain as all over Asia and in Spain but in France England and other places the Dress alters Fashion or the alteration of Dress is a great Promoter of Trade because it occasions the Expence of Cloaths before the Old ones are worn out It is the Spirit and Life of Trade It makes a Circulation and gives a Value by Turns to all sorts of Commodities keeps the great Body of Trade in Motion it is an Invention to Dress a Man as if he Lived in a perpetual Spring he never sees the Autum of his Cloaths The following of the Fashion Is a Respect paid to the Prince and his Court by approving his Choice in the shape of the Dress It lyes under an ill Name amongst many Grave and Sober People but without any Just Cause for those that Exclaim against the Vanity of the New Fashion and at the same time commend the Decency of the Old one forget that that every Old Fashion was once New and then the same Argument might have been used against it And if an Indian or Stranger that never saw any person Cloathed before were to be Judge of the Controversy and were to Determin upon seeing at the same time a well Drest-Courtier in the New Fashion and another in the Old which is accounted Decent and a third in the Robes of an Officer which by common Esteem had a Reverence It will be Two to One against any One of the Grave Fashions for it 's only Use and Custom by which Habits become Grave and Decent and not any particular Conveniency in the shape for if Conveniency were the Rule of Commendation there would arise a Question not Easily to be Determined Whether the Spanish Garb made strait to the Body or the loose Habit of the Turks were to be Chosen And therefore since all Habits are equally handsome and hard to know which is most Convenient The Promoting of New Fashions ought to be Encouraged because it provides a Livelihood for a great Part of Mankind The next Expence that chiefly promotes Trade is Building which is natural to Mankind being the making of a Nest or Place for his Birth it is the most proper and vible Distinction of Riches and Greatness because the Expences are too Great for Mean Persons to follow It is a Pleasure fit to entertain Princes for a
worth Eight Farthings as that it is worth Two Pence Gold and Silver as well as Brass Copper and Tin Mony change their Value in those Countries where the Law has no Force and yield no more than the Price of the Metal that bears the STAMP Therefore all Foreign Coins go by Weight and are of no certain Value but rise and fall with the Price of the Metal Pieces of Eight yield sometimes 4 sh 6 d. 4 sh 7 d. and 4 sh 8 d. as the Value of Silver is higher or lower And so doth Dollars and all Forreign Coin change their Value and were it not for the Law that fixeth the Value an English Crown Piece would now yield Five Shillings and Two Pence for so much is the Value of it if it were melted or in a Foreign Country But the chief Advantage of making Mony of Silver and Gold is to prevent Counterfeiting for Silver and Gold being Metals of great Value those who design Profit by Counterfeiting the Coin must Counterfeit the Metals as well as the Stamp which is more difficult than the Stamp There 's another Benefit to the Merchant by such Mony for Gold and Silver being Commodities for other Uses than to make Mony to make Plate Gold Silver Lace Silks c. And Coins of little Bulk in respect of their Value the Merchant transmits such Mony from Place to Place in Specie according as he finds his Advantage by the Rise of Bulloin though this may be a Conveniency to the Merchant it often proves a Prejudice to the State by making Mony scarce Therefore there are Laws in most Countries that Prohibit the Transportation of Mony yet it cannot be prevented for in Spain though it be Capital yet in Two Months after the Gallions are come home there is scarce any Silver Mony to be seen in the Country Some Men have so great an Esteem for Gold and Silver that they believe they have an intrinsick Value in themselves and cast up the Value of every thing by them The Reason of the Mistake is Because Mony being made of Gold and Silver they do not distinguish betwixt Mony and Gold and Silver Mony hath a certain Value because of the Law but the Value of Gold and Silver are uncertain varies their Price as much as Copper Lead or other Metals And in the Places where they are dug considering the smalness of their Veins with the Charges of getting them they do not yield much more Profit than other Minerals nor pay the Miners better Wages for digging them And were it not for the Waste made of Gold and Silver by Plate Lace Silks and Guilding and the Custom of the Eastern Princes to lay them up and bury them that Half which is dug in the West is buryed in the East The great Quantities dug out of the Earth since the Discovery of the West-Indies would have so much lessened the Value that by this time they would not have much exceeded the Value of Tin or Copper Therefore How greatly would those Gentlemen be disappointed that are searching after the Philosopher's Stone if they should at last happen to find it For if they should make but so great a Quantity of Gold and Silver as they and their Predecessors have spent in search after it it would so alter and bring down the Price of those Metals that it might be a Question whether they would get so much Over-plus by it as would pay for the Metal they change into Gold and Silver It is only the Scarcity that keeps up the Value and not any Intrinsick Vertue or Quality in the Metals For if the Vertue were to be considered the Affrican that gives Gold for Knives and Things made of Iron would have the Odds in the Exchange Iron being a much more Useful Metal than either Gold or Silver To Conclude this Objection Nothing in it self hath a certain Value One thing is as much worth as another And it is time and place that give a difference to the Value of all things Credit is a Value raised by Opinion it buys Goods as Mony doe's and in all Trading Citys there 's more Wares sold upon Credit then for present Mony There are Two Sorts of Credit the one is Grounded upon the Ability of the Buyer the other upon the Honesty The first is called a Good Man which implys an Able Man he generally buys upon short Time to pay in a Month which is accounted as ready Mony and the Price is made accordingly The other is accounted an Honest Man He may be poor he Generally buys for three and Six Months or longer so as to pay the Merchant by the Return of his own Goods and therefore the Seller relys more upon the Honesty of the Buyer than his Ability Most of the Retail Traders buy upon this Sort of Credit and are usually Trusted for more than double they are worth In Citys of great Trade there are publick Banks of Credit as at Amsterdam and Venice They are of great Advantage to Trade for they make Payments easie by preventing the Continual Trouble of telling over Mony and cause a great Dispatch in Business Publick Banks are of so great a Concern in Trade that the Merchants of London for want of such a Bank have been forced to Carry their Cash to Gold-Smiths and have thereby Raised such a Credit upon Gold-Smiths Notes that they pass in Payments from one to another like Notes upon the Bank And although by this way of Credit there hath been very Vast Sums of Mony lost not less then too Millions within five and Twenty Years yet the Dispatch and Ease in Trade is so great by such Notes that the Credit is still in some Measure kept up Therefore it is much to be wondered at that since the City of London is the Largest Richest and Chiefest City in the World for Trade Since there is so much Ease Dispatch and Safety in a Publick Bank and since such vast Losses has Happened for want of it That the Merchant and Traders of London have not long before this time Addressed themselves to the Government for the Establishing of a Publick Bank The Common Objection that a Publick Bank cannot be safe in a Monarchy is not worth the Answering As if Princes were not Governed by the same Rules of Policy as States are To do all things for the Well-fair of the Subjects wherein their own Interest is concerned It is True in a Government wholly Dispotical whose Support is altogether in it's Millitary Forces where Trade hath no Concern in the Affaires of the State Brings no Revenue There might be a Jealousy That such a Bank might tempt a Prince to Seize it when by doing it he doth not Prejudice the Affairs of his Government But in England where the Government is not Dispotical But the People Free and have as great a Share in the Soveraign Legislative Power as the Subjects of any States have or ever had where the Customs makes great