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A35215 An essay towards the setlement of a national credit in the kingdom of England humbly presented to the two honourable Houses of Parliament / by John Cary ... Cary, John, d. 1720? 1696 (1696) Wing C731; ESTC R8095 6,929 24

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29. III. The Third thing is to make some Comparison between the Credit here proposed and the present Bank of England which I Humbly conceive is so shaken in its Reputation as hath rendred it uncapable to be made the Foundation of a National Credit and whilst we labour to recover it we may run the hazard of destroying our Trade disturbing the Government and keeping our selves under a lingring War whilst we encourage the French King to try his utmost Efforts hoping that our Difficulties at home will force us to accept of a dishonourable Peace 'T is certain nothing can be the support of a National Credit which is not better or at least so good as Money and this is not to be found in the Bank of England whose Notes whilst they are One per Cent. worse then Specie will always keep their Coffers empty because no Man will put into it a Hundred Pounds in Money when he can have a Note of the same Value for Ninety Nine and the Consequence will be this that the Lender or rather the Jobber will never rest till he is repaid that so he may be making advantage by a New Purchase And if this will be the effect of a Credit worse only by One per Cent. than Money what will it be when 't is sunk to Sixteen Whereas on the other side when a Credit is better than Money the Coffers will ever be full because all Men will endeavour to put in their Money and be impatient till 't is done And thus it will be when the Lender thinks himself secure and makes more profit by having his Money in the Bank then in his Chest who will therefore receive out no more at a time then his necessities shall require and for the same Reason those to whom he pays it will endeavour to return it thither again so soon as they can IV. As to the Fourth thing Proposed The necessity the Nation lies under to have its Credit setled this present Sessions it will appear if we consider how London now stands in Competition with all England besides as to the Specie of Money and how it will stand before another Sessions 'T is generally agreed that about One Moiety of the Money of England is already Center'd in that great City and the rest is not enough to pay the Debts owing to it together with His Majesties Revenues Bonds already entered into and Taxes now to be given for Six Months longer besides the Foreign Bills which are generally made payable there all which must be returned in Specie for though by an Act of this present Sessions Intituled An Act for the farther remedying the ill State of the Coin of this Kingdom it is among other things Provided That all Money that shall be brought in upon Account of Taxes or Revenues or Loans at Five Shillings and Eight Pence per Ounce shall be carryed to the next adjacent Mint in order to be Recoined yet this will no way be Serviceable to the Country unless a Credit be settled it must otherwise be sent up to London after Coined for want of Returns the Debts due to the Country being paid there in Bank which is Sixteen per Cent. worse than Money and those due from the Country demanded in Specie so that the Money of England is every Week brought up thither and then if it be next considered what Methods are left to the Country to draw it back again viz. by Provisions and some few other things 't will be reasonable to believe that seeing the supply made from that City to the Country is greater then what is made from the Country thither all the Cash of England will Center there in a short time to the Ruining of the other Trading Cities and disabling of the Country to pay future Taxes And this will make the dependance on London still greater till by its own Bloatiness it must at last burst when the Estates of the Traders shall consist only in Debts due from the Country which must still lye out for want of a Specie to pay them in so that all the advantage London will receive is that it will be last Ruined Now if a good Credit be settled out of Hand and the Mints continued in the Country the Money that is now there may be still kept there and Methods found out to increase it and the Trade of England carryed on with an equal Circulation in all places this will keep up the Rents of the Lands of England which must otherwise fall in their Values suitable to the distance they stand in from that great Metropolis If it be Objected That the Management of this Credit will be very costly to the Nation I humbly conceive that the Profits thereof will not only support its Charge but also bring in a great Overplus which may be usefully imployed to the Nations advantage yet were this Objection true nothing can be termed good Husbandry which spoils our Trade the stopping whereof but for one Month will be many Millions lost to the Kingdom therefore whatever Charge is necessary to keep it on foot 't will be the Nations Interest to be at especially such a Bank as this is whose Profits or Losses are Compatible with the Interest of the Subject for if the Bank looses 't is because the Subject gets and if the Bank gets the Nation hath the Profits whilst at the same time the Government is supported and our Trade carried on If by rectifying this or any better Proposal from a more thinking Head the Credit of the Nation may be settled in this present Sessions I have reaped the end I aimed at the Good and Welfare of my Native Country which I Humbly submit to your Honours great Wisdom and shall be ready to explain any thing that may seem doubtful when I am thereto Commanded Your Honours Most Obedient Servant John Cary. January 5 th 1696.
England for its Foundation a Security strong enough and nothing else can be so to build this Great Superstructure upon the well Moddeling whereof will keep it from being subject to the Designs of Private Persons This will last so long as the Peoples Liberties last for no Change can weaken it so long as the People of England have a hand in making their own Laws whose Common Interest will be so rivited and made up with the Security of this Bank that they will in a short time become one thing so that nothing less than a Conquest will be able to shake it This we cannot fear from any Nation besides the French nor from them neither till Holland is first subdued therefore as those States must first truckel so far will our Bank be more secure than theirs France cannot Erect a Bank on any sort of Security because the Will of that Prince being his Law alters according to his present Occasions Nor can Spain do it where not only the Government but also the Profits thereof are divided amongst its Ministers As for Sweden Denmark and Portugal the Princes of Italy and Germany few believe their Circumstances to be such as to render them capable of Erecting a Bank which may draw the Eyes of Europe to look towards it England only can do it for as an easie Government is its own Security so that Security encourages Trade and these two accompanied with the Profits offered to a running Cash will make all Europe desire to settle their Moneys here Seeing then that nothing but the same Power which first Constituted this Bank can destroy it a Power with whom we intrust our Lives Liberties and Estates I cannot see the least room left for distrust for what advantage can any future Parliament expect by a design of seizing this Bank when the Treasure thereof may be drawn out whilst they are framing the Law and the Consequence will be the ruining their own Estates for which they can promise nothing to themselves save the being possest of Empty Papers What farther Hazard the Nation can run must proceed from the Neglect of the Managers or the Fraud of under Officers which Care in the First and Security for the Last will prevent II. The next thing is to shew the Advantages which England will reap by setling the Credit here proposed whereof some do immediately attend it others are Consequential Those which immediately attend it are 1st The Rate of Interest will hereby be brought lower to the advance of our Lands and Encouragement of our Trade by Methods altogether as profitable to the Usurer who will be willing to let his Money Cheaper when it shall never lye dead without his Consent his Security be unquestionable and freed from the Charges of Litigious Suits which so frequently accompany doubtful Mortgages 2dly Both Gentlemen and Traders will hereby be supplied with Money to serve their Occasions on such reasonable Security as they are able to give when that Security shall be strengthened by having the Preheminence above all other Obligations They may also have liberty to pay it in by such Proportions as they can best spare it when it shall be equally the Interest of the Bank to receive it so which will never want new opportunities to let it out again 3dly This Credit will give us an Esteem in Foreign Parts Draw their Moneys hither and consequently their Trade and thereby their People all which will be an Advantage to England 4ly It will supply the Government with Money to carry on the War on moderate Interest and make its Credit good whereby the Publick Revenues will reach farther to serve its Occasions and the Ministers of State be freed from many anxious Thoughts which now make them uneasie 5ly It will make Returns from place to place in England both cheap and certain which will help our Inland Trade and prevent Robberies now too much encouraged by travelling with Money It will also be profitable to our Foreign Trade by bringing Exchanges low in our favour 6ly The Frauds put on the Country by Counterfeit Notes will be prevented for though the method of Indentures and Stained Paper now used by the Bank of England may be a Security to it self yet it is not so to any one else seeing Art is able to Counterfeit every thing at least so like as not to be easily discovered Now what Satisfaction will it be to those who have received their Notes instead of Money to be told by the Managers that they are Counterfeit when they know not where nor from whom to get Reparation whereas being Assigned from Man to Man they are taken on the Credit of the Assignor who runs no other risque thereby save his Warrant that they are truly what he pays them for 7ly This Bank will be free from Stock-Jobbing the Bane of all good Designs which will find no room here because it cannot be divided into private and perticular Interests The Consequential Advantages will be these 1st By this means the Taxes for carrying on the War the ensuing Year together with the Twenty five hundred and sixty four thousand Pounds which fell short on the Salt Fund may be raised by Methods wherein the Kings Revenue and the Peoples Profits shall go hand in hand without Anticipations 2ly The Funds now setled on our Manufactures which discourage our Trade and ruin our Poor may be sunk and taken off such are those on the Glass-makers Tobacco-pipe-makers Distillers and others many whereof have yielded little to the Government above the Charge of Collecting and the best of them have done great mischief to our Trade Now seeing these are only so many several Modus's of raising Money those methods must doubtless do best which least injure our Trade 3ly The Debt due to the Transport-Ships may be paid off and those People to whose early Loyalty the Reduction of Ireland is very much owing be contented 4ly The Mints may be kept imployed and the Kingdom thereby filled with Coin 5ly Our Wooll may be kept at home which I humbly conceive can never be done till a good Credit be settled any thing less will not be large enough to cover the Sore intended to be Cured 6ly The Plantation Trade may be better secured especially that of Tobacco and Methods may be proposed to render it more profitable both to the King and also to the Subject 7ly The Bank of Englands Notes may be brought to Par and Tallyes of all sorts in a short time be paid off at their full Valew which I humbly conceive will be difficult to be done any other way the setling a Credit on either or grafting them both together seem improbable Methods to answer those ends I humbly hope to make Proposals in this present Sessions for putting these into Practise if a good Credit be timely setled Besides these many other Advantages will accrue to the Nation many of which I have set forth in my before recited Essay on Coin and Credit Pag. 27 28