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A55328 A vindication of some assertions relating to coin and trade from the reflections made by the author of the essay on ways and means, in his book, intituled, Discourses on the publick revenues, and on the trade of England,&c. part. II. Davenant, Charles, 1656-1714.; Pollexfen, John, b. ca. 1638, attributed name. 1699 (1699) Wing P2780A; ESTC R218299 74,792 187

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always past in time of Peace at par What then may be expected from any kind of Paper Credit in case of an Exigency or pressing Occasion for a greater Priviledge than what was given to the Exchequer Bills cannot well be invented All arguments for discrediting the use and value of Coin and to persuade us that Paper Credit will supply the want of it as they may occasion a lavish Exportation of what we have and make us careless in getting of more appear much like the Methods Practised by those that have a mind to make a prey of some young Heir first they perswade him that his Money will do him no good nor be any Comfort to him if he keep it by him next that he is Rich and his Estate inexhaustible and that he need not fear any want because all that he can spend will be soon supplied from his Lands or Incomes and when they have thus wrought him up into a careless and expensive temper and got some share of his Estate and Wealth if Money do not come in as fast as he may have occasion for it than they perswade him to make use of Paper Credit Bonds Judgments or Mortgages for the stopping of clamours and demands and to support him in his Luxurious way of living There is so near a resemblance between the circumstances of private Families compared with each other and the affairs of a Nation compared with another Nation that those that have not time to consider all the Circumstances that may be necessary to make a Judgment what ought to be esteemed the most usefull Treasure of a Nation or how Nations may grow Rich or be Impoverished may yet make a Conclusion by their observations on Families or particular Persons and if it appear that Lands Houses Jewels Furniture Equipage or what else particular Persons may esteem and value as their Riches will be in danger to be taken from them for the payment of their Debts notwithstanding such Paper Credit tho' happily the best that can be invented if they do not make a Provision of Coin to prevent it so will the Glory Welfare and Riches of this Nation be in like danger without Coin to unite our Strength and make it serviceable for our defence If upon these Considerations it appear that Coin is the most usefull Treasure of a Nation as well for the Body Politick as for the use of particular Persons then it will follow that great care ought to be taken for the retaining of what we have and gaining of more for tho' it be of so great Importance yet nothing is more likely to creep upon us insensibly and not be perceived till felt Than the want of Coin therefore tho' we cannot see with our Eyes how it is carryed from us because a great value may lie in a little room yet we should endeavour to discover it by making a judgment on Causes and Effects and as it may insensibly decrease so it will not be regained without great difficulties and length of time What Quantities other Nations have or how we are provided in Comparison with our Neighbours is not easie to be computed but if while they are using all endeavours by their Treaties of Commerce and Edicts relating to Trade and otherwise to preserve and encrease what they have we should be mislead by erreneous Principles and Calculations to decrease ours we may give them such an advantage as may not be retrieved hereafter and Repent when it may be too late It is a common Maxim that what seems true to some may at least be allowed probable what is believed by most to be a further degree of probability but what has the approbation of general consent and agreement carries with it one of the greatest Evidences any thing is capable off and t is little less than pure Arrogance and Folly for any single person to prefer his own Judgment before the general suffrage of mankind That Gold and Silver were always had in great esteem is manifest by ancient Histories and as the converting it into Coin made it more useful so likewise more desirable by all Nations The Author of the Essay on Ways and Means being of a different opinion as to the Use and Ualue of Coin After having exprest his resentment in the first Leaf of his aforementioned Book against a certain person that had made a doubt whether all extended Traffick inriched the Nation and had discover'd the Vanity of his Thoughts in pretending to compute all manner of Expences Consumptions Exportations and Importations in distinct Articles as well as in his opinions upon Subjects relating to Trade Luxury and Gold and Silver He comes to the matter for which it is supposed his Book was chiefly design'd viz. to under value the Use of Coin that no stop may be put to the Exportation of it and therein to reflect upon those that are of a contrary Opinion picking out for those purposes some Words and parts of Paragraphs in a little tract intitled England and East-India inconsistent in their Manufacture And as the method he has taken to make room for his Reflections by picking out Words out of some Paragraphs and leaving out Words in others quoting what is not to be found in the Book and perverting the sense of other Paragraphs quite contrary to their true meaning is disingenious so his taking no notice of some whole Pages ought to be reckon'd a piece of Art to conceal the truth from his Reader this therefore has made it necessary that the whole Paragraphs upon which he builds his Reflections should be here recited at large England and East-India inconsistent in their Manufacturies Page 6. But before any argument should be enter'd upon which of these accounts is most justifiable it is requisite to agree upon matter of Fact and Principles particularly what may be called the Riches or Treasure of a Nation or what may be esteemed the most useful after what is absolutely necessary to supply the necessities of Nature some being of Opinion that nothing deserves that name or to be so esteemed but Gold and Silver because no other Metal is so lasting and durable or so fit to receive the Royal Stamp nor to be ascertained in value and divided into several denominations nor so convenient to pay Fleets and Armies and because it has a general esteem in all parts of Europe as fit for such uses and to be the Standard for the carrying on of Commerce and to be bartered off for all other Commoàities That Jewels Lead Tin or Iron though durable yet having not those other qualisications do not so well deserve to be esteemed Treasure Our Author picks out of these Paragraphs the words he thought most proper for his purpose and then asserts Page the 16. That in truth Money is at bottom no more than the Counters with which Men in their dealings have been accustomed to reckon Suppose the Hollanders should lend to some foreign State upon Jewels or the pledge of