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A44158 A short discourse on the present temper of the nation with respect to the Indian and African company, and of the Bank of Scotland also, of Mr. Paterson's pretended fund of credit / by J.H. Holland, John, d. 1722. 1696 (1696) Wing H2427; ESTC R6195 16,646 29

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A SHORT DISCOURSE ON THE Present Temper OF THE NATION With Respect to the INDIAN and AFRICAN Company And of the BANK of SCOTLAND ALSO Of Mr. Paterson's pretended Fund of Credit BY J. H. EDINBURGH Printed by John Reid and Sold by Mrs. Beiglie in the Parliament Closs in the Year MDCXCVI To My LORD High CHANCELLOR And the Remanent LORDS of His MAJESTIES Most Honourable Privy Council of the KINGDOM of SCOTLAND My LORDS WERE the Occasion of my writting this small Treatise but Common and Indifferent I would not have presumed to Address Your Lordships especially being a Private Man and of another Nation but since the Greatest Interests of the Kingdim are concerned in the Matter now in Dispute I hope your Lordships will not reckon me guilty of a Fault It is well known to your Lordships of what Importance the Indian and African Trade is thought to be to this Nation the number of the Subscribers and the quickness of the Subscriptions supposes Men have Great Expectations of its Success and it is become a Sign of Disrespect to the Common Good of the Kingdom not to be concerned in it Or at least not to Approve of it and to pay a more than Ordinary Respect to the Projectors of it It is the Opinion of most Men that this Indian and African Company will do the Nation very much Good or very much Hurt some express it That Scotland must either be Happy or very Unhappy by the Success thereof It is indeed hard to tell the Event of Things in most Cases but in this a Man but of Common Understanding may give a Shrewd Guess when the Beginnings of this Great Afair is to the Prejudice and upon the Plain Right of another Company Constituted by the same King and Parliament and is a Business which cannot hinder but help all Trade When Men have evil Designs it is not hard to find out Plausible Pretences to carry them on tho for this of a Bank or Fund of Credit to be joyned to the Indian and African Company there never was less shew of Reason for the Parliament have made the Act for the Bank and the Act for the Indian and African Company so distinct from one another that there is all the Reason in the World to Hope the Bank will be Incouraged and Protected And since the Business of the Indian and African Company is for a Trade that your Lordships and the greatest part of the Nation are not well Acquainted with And also because the Setters up of this pretended Fund of Credit do misrepresent Things I thought it proper to direct this Discourse to Your Lordships that you may take more particular notice of the Matter in Dispute and discountenance what your Lordships shall think may tend to the Dishonour and Prejudice of the Nation I will with Your Lordships Favour mention one Instance which was offered to the Directors and General Council of the Indian and African Company at their last General Metting To wit That the English East Indian Companys Cashiers or Secrataris Notes pass currently in Payment for the Companys Use My Lords that this is not so will appear upon due Enquiry for I never saw or knew of any such Notes Altho I was about eight Years almost every day conversant in that Business and for several Years since have had Opportunity to know the Affairs and Methods of that Company And they are in the like Error in the Instances they give of other Companies for Trade on purpose to carry on their Design of a Bank But since that the Stock of the Indian and African Company is so great a part of the whole Stock of the Nation and that so much depends upon the Success thereof it is worthy Your Lordships Consideration and that also of all others who Love their Countrey whither these Mens Assertions are to be depended upon The bare giving out that the Indian and African Trade cannot be carried on without a Bank or Fund of Credit hath already prevailed so far That its thought by many the Exclusive Clause in the Act for the Bank nor any thing else can stand in their way But altho it could be proved which never can or that their Project would any way help the Indian and African Trade I will never believe but that this Nation will have a due Regard to the Publick Faith And Apprehend the sad Consequences not only to the Bank but to the other Interests of the Kingdom by the Breach thereof However For Vindicating the Justice of the Nation and asserting that the Parliament Your Lordships and the Ordinary Court of Justice will determine this Matter according to the Plain Meaning of the Parliament in their Act for the Bank of Scotland I am unkindly dealt by yet I will not be discouraged to continue my Wishes and Endeavours for the Prosperity of this Kingdom and at all times to approve my self My LORDS Your Lordships most Faithful Humble Servant JOHN HOLLAND A DISCOURSE Concerning the INDIAN and AFRICAN COMPANY And the BANK of SCOTLAND THAT Trade and Comerce is an advantage to a Kingdom or Comonwealth is so obvious to every understanding Man that there needs no Arguments to prove it the Riches or Poverty of all places being usually measured by the Increase or Decrease thereof I shall consider it and but very Briefly under these two General Heads First The Trade that each Kingdom or Country hath within it self this we may call In-Land or Home-Trade The Other is the Trade that one Kingdom or Country hath with other Kingdoms or Countries This is Forraign Trade The First of these is more or less in every Nation nay in every City and Town and in those Countries which produce what is necessary for the support and Conveniency of its Inhabitants a people even with this Home-Trade may be Happy The Forraign Trade is of two sorts One is the Trade that we have with other Countries for what we consume immediately our selves without Transporting what we bring from those places to other different Countries This Trade is Profitable or prejudicial according to the Value of what is sent out and brought home For it is Advantagious if the effects exported will sell where we carry them for more than will pay for the Goods Imported whereby the Remainder must be returned in Money And it is unprofitable and a lossing Trade if what we Import costs more than what we sent out whereby we must supply the Ballance with Money So that this Forraign Trade in the one case is Advantagious but in the other will impoverish and if this be considered as it ought to be it is not only to drive a Forraign Trade and a great Trad. But to drive a Forraign Trade profitably that deserves encouragement otherwayes we may be great lossers thereby The other sort of Forraign Trade is when what we Import from other Countries either in whole or part is sent out again to other different places This is as it were