the Publick That Taxes make Mony circulate That it imports not what A pays when B is to receive it But we hope to show that they who argue in this manner are very much mistaken We have formerly touch'd upon this Matter in the Discourses on the Revenues and Trade of England to which we refer the Reader but the Necessity of our present Argument compels us here to handle this Point something more at large All Nations have a certain Annual Income upon which the People live and subsist out of which Taxes of all kinds arise which Income we take to be since the War In England 43,000,000 l. per An. In France 81,000,000 l. per An. In Holland 18,250,000 l. per An. And we must beg leave to repeat in this place something which we have laid down in those Tracts That to nourish the Mass of Mankind as to their Annual Expence in the Way and Form of Living practis'd in each of the three Countries such an Innual Income is necessary as is set down in the foregoing Scheme By Annual Income we mean the whole that arises in any Country from Land and its Product from Foreign Trade and Domestick Business as Arts Manufactures c. And by Annual Expence we understand what is of Necessity consum'd to Cloath and Feed the People or what is requisite for their Defence in time of War or for their Ornament in time of Peace And where the Annual Income exceeds the Expence there is a Superlucration arising which may be call'd Wealth or National Stock The Revenue of the Government is a part of this Annual Income as likewise a part of its Expence and where it bears too large a proportion with the whole as in France the common People must be miserable and burthen'd with heavy Taxes That part of the Prince's Revenue that nourishes his own Person is very little but in great Monarchies where numerous Armies large Fleets and pompous Courts are maintain'd there the Expence swells high insomuch that to the Maintenance of the Governing part viz. the Prince his Officers of State Military Power c. which are not in time of Peace above one 26th of the whole there is required near the Ninth Penny of the Annual Income And in such Countries the Governing part are Rich or at their Ease but the other 25 parts who are the Body of the People must be oppressed with Taxes as may be observ'd in the French Dominions And this holds more strongly where the Publick Debts make the Payment of a sixth part of the Annual Income necessary which for some time is like to be the Case of France To explain these Assertions shall be the Subject of this Section whereby it will appear how much the Ballance of Trade may be affected by our Payments to the Publick We shall endeavour to show in the last Section That the Wealth of a Country does in a great measure proceed from a right Administration of its Affairs However it may happen sometimes to increase in Riches where Things are in the main ill administer'd as England did to the Year 1688 in the two Reigns that preceeded this but whoever looks carefully into the true Reason why we grew so fast in Wealth during those Eight and twenty Years will find it was because we paid all that time but small Taxes and Duties to the Government comparatively with other Nations For in 1688. our gross Payments to the Publick in which Charge of Management was included did not exceed 2,300,000 per Annum Which was but little above one 20th Part of the then 44,000,000 An. Inc. But our Case is very much alter'd now and since that Year a great many new Revenues have been erected We still pay the old Excise the Customs and Post-Mony besides which there is laid Additional Duties upon Beer Ale and other Liquids Additional Customs the continued Acts and Joint Stocks Duty on Marriages c. double Duty on Stamp'd Paper Duty on Hackney Coaches on Malt. The double Tonnage the former and last Duties upon Salt The Duty on Windows upon Leather Paper and Coals The Old and New Impositions of all kinds reckon'd together and including the new Poll and the 3 Shillings Aid it will be found that there was collected from the People about 5,500,000 Last Year Which is above one eighth part of our present 43,000,000 An. Inc. During all the War there has been levied here great Sums every Year and many of the foremention'd Fonds are to continue so long that it will be several Years before our Annual Payments can be considerably diminish'd And there is such a difference between a Twentieth and an Eighth or indeed a Tenth or a Twelfth Part which yet we shall not come at in some time as must inevitably affect the Nation 's Trade and the whole Body of its People When there was rais'd no more than about a Twentieth Part there were great Sums of Mony to circulate in Foreign Traffick and to employ in enlarging our Home-Manufactures which two Fountains of our Wealth must be dry when the Springs that heretofore fed 'em are diverted and let into another Channel There is scarce any of these new Revenues which do not give Trade some desperate Wound The Additional Duties on Beer and Ale and the Tax upon Malt are apparently a Burthen upon the Woollen Manufactures affecting the Carder Spinner Weaver and the Dyer who all of them must be rais'd in their Wages when the Necessaries of Life are rais'd to them The Consequence of which will be That our Woollen Goods must come at a heavy and disadvantagious Price into the Foreign Markets There is no Man will pretend that High Customs are not pernicious to our Commerce abroad A Nation is not Gainers in the general Ballance of Trade by the Dealing of a Few who are able to employ in it great Stocks such may make to themselves an Immense Gain but they go but a little towards inriching the whole Publick which seldom thrives but when in a manner the Universal People bend their Thoughts to this sort of Business when every one is ready with his small Stock and little Sum to venture and rove about the World Of these some prosper and others are undone however in the way of Merchandize Men who do not thrive themselves may yet contribute very much to make their Country Rich which gets by the Dealings of all and does not suffer by the unfortunate Conduct of here and there a Merchant But when the Customs are High all these under Dealers who all along in England have made up the chief Bulk of our Trading Men must hold their Hands tho' in Skill Industry and inventive Parts and Wit they may exceed Merchants of more Wealth and of a higher Rank Nor is it indeed practicable for Men of but a moderate Fortune to Deal at all when more than treble that Sum is necessary to have ready now to pay the King which formerly would set up a Substantial
Trader and maintain him in sufficient Business But of all the new Impositions none are so dangerous to the very Being of Trade nor so hurtful to all its Parts and Members as the high Duties lately laid upon Salt First They affect the Common People in the whole Course of their Living whose chief Nourishment is Bacon and other Salted Flesh so that this Excise has an universal Influence upon all our Manufactures whatsoever But Scheme H. A SCHEME of the Naval Trade of England and the National Profit arising thereby Calculated for the Year 1688. Exported Value here Value abroad Value upon the Ballance Gain by Freight c. l. l.  l.  l. By our Selves 3,310,000 4,120,000 Value abroad 4,120,000 To our Selves 810,000 By Foreigners 1,000,000 1,250,000 Value here 1,000,000 To Foreigners 250,000  4,310,000 5,370,000  5,120,000  1,060,000 Imported By our Selves 5,570,000 2,870,000 Value abroad 2,870,000 To our Selves 2,700,000 By Foreigners 1,550,000 1,150,000 Value here 1,550,000 To Foreigners 400,000 Gross Imports 7,120,000 4,020,000 Gross Imports 4,420,000 Gross Imports 3,100,000 Gross Exports 4,310,000 5,370,000 Gross Exports 5,120,000 Gross Exports 1,060,000 In all 11,430,000 9,390,000  9,540,000  4,160,000  Val. abroad  Val. abroad So he Exports by our own Shipping being 4,120,000 In all 6,990,000 Imports by our own Shipping 2,870,000 National Gain by our Shipping in the Ballance of Trade 1,250,000  Value here  Value here And the Imports by Foreign Shipping being 1,550,000 In all 2,550,000 Exports by Foreign Shipping 1,000,000 National Loss by Foreign Shipping in the Ballance of Trade 550,000  9,540,000 Place this Scheme p. 147. the general Prejudice it may bring to Navigation is yet of much a higher Consequence Mr. King in his Computations of the Naval Trade of England Anno 1688. and the National Profit then arifing there-by reckoning what Proportion was Navigated by our selves at that time and what by Foreigners is of Opinion That with Relation to the value of our whole Trade here at home our own Navigation was somewhat more than three fourths and the Foreign Navigation near one fourth But reckoning the value of the Foreign Navigation at the Market here and of our own at the Markets abroad then the Foreign Navigation seems to have been at that time in Proportion to our own as one to two three fourths and with respect to the Tunnage of Ships our own Navigation seems to have been at that time two thirds and the Foreign Navigation one third according to the following Scheme Vide Scheme H. From whence he Concludes  l. That our Gain upon the Ballance by our own Shiping being 1,250,000 And our Loss upon the Ballance by Foreign Shipping being 0,550,000 The Increase of Money or Adequate Treasure by the Ballance of Trade in General might be Anno 1688. 700,000 And that the Advantage to Foreigners Trading to England in their own Ships might be at that time in General thus  l. By Freight or Advance of the Price of our Commodities Exported by them above the value here 250,000 By Freight or Advance of the Price of their own Commodities Imported here above their value abroad 400,000  In all 650,000  l. Brought over 650,000 Besides the Increase of Goods Imported to their own Countries over and above their own Exports according to the value of them in their own Countries 100,000  In all 750,000 Upon the whole He Concludes  l.  First That the General Increase of our Mony or Adequate Treasure and of Wares and Commodities over and above the value of our Gross Exports was Anno 1688. 2,810,000 And the Gain made by Foreign Nations with England in their own Shipping was 750,000 So that the Naval Trade of England was at that time generally profitable to our Selves and Foreigners in all 3,560,000 Secondly That the National Profit to England by Foreign Trade was then at least 1,700,000 Whereof in Mony or Adequate Treasure 700,000 1,700,000 And in Wares or Commodities Treasur'd up or applied to the Increase of the National Stock besides what we consum'd our selves 1,000,000 Whoever considers these Computations will find 'em very Judiciously made and that Mr. King has done as much as could be performed meerly by the Strength of Numbers To come to an exact Knowledge in this Matter and such as would be almost beyond Contradiction the Books of the Customs should be look'd into and from thence might be drawn an Accompt of all the Exportations from London and the Out Ports to every distinct Country and also of all the Importations to London and the Out Ports from every distinct Country and what might at that time be the value of those Goods being computed by able Merchants And this to be done for some competent Number of Years by reasonable Mediums it may be very nearly guess'd from such a View how the Ballance of Trade stood from time to time But where a thing so much within their Reach and which the French Ministers are said to do in their Exports and Imports has not been done by the Men of Business here there is no way of knowing how the Ballance stands but by considering the Numbers of the People and their probable Consumption of our Home Product and of Foreign Materials from whence a Judgment may be form'd not indeed perfectly demonstrable but very near the Truth Mr. King observes That by how much the Nation does not consume of its Imports but either lays up or increases the Stock of Gold or Silver or other Adequate Treasure or of durable Commodities in Specie by so much at least does the Nation gain by Foreign Trade besides all other Advantages of Navigation 'T is difficult to know how our Navigation has proceeded for these ten Years last past but 't is to be feared That the Gain which Foreigners have made by fetching and carrying in their own Bottoms has been much greater of late then it was heretofore which must be a very considerable Prejudice to England and highly tend to set the Ballance of Trade against us Reckoning long and short Voyages together the principal Expence of fitting out a Trading Vessel is Drink and Meat The Excises and Duty upon Malt without doubt make Drink sufficiently dear to the Freighter And the Duty upon Salt makes Victualling a very heavy Burthen upon him all which must end in lessening our Navigation from time to time for undoubtedly Foreigners observing how dear Freight is with us will Trade in their own Ships as much as possible In Barrelling up Beef and Pork we heretofore made use of St. Martin's c. or Oleron and English Salt mixed together and with these Materials the Flesh was best prepared both for wholsomness and long keeping our own Salt without Foreign Mixture being fiery corrosive and very Scorbutick As we are informed the St. Martins and worser sort of French Salt from 1676 to 1688 was delivered in London at about 2 l. 5 s. per Tun and forty Bushels to the Tun.
a large part of what the Publick is now Indebted 'T is alledged that Gains unwarrantable in Law and not to be justified by any Necessity whatsoever have been made in several Contracts with the Crown if all this were look'd into very probably something might be sav'd towards discharging the Nations Debts There is one piece of Management which the Writer of these Papers is very much surprized at and it relates to the Exchequer Bills  l.  l. The first Subscription at 10 per Cent was for 400,000 Premium 40,000 The second Subscription at 10 per Cent was for 700,000 Premium 70,000 The third Subscription at 10 per Cent was for 500,000 Premium 50,000 The 4th Subscription at 8 per Cent was for 400,000 Premium 32,000 The fifth Subscription at 4 per Cent was for 1,000,000 Premium 40,000 Total Subscriptions 3,000,000 tot Prems 232,000 Besides these Premiums there is a Current Interest upon the Bills of above 7 ½ per Cent And 't is likewise observable that the whole struck into Exchequer Bills is but 2,700,000 l. to circulate which there has been a Subscription of 3 Millions so that the Engine which carries is heavier than the weight it bears which seems but clumsy Workmanship besides 't is remarkable that there is yet sunk of these Bills but 1,250,000 l. And of the Exchequer Bills a vast Sum are become Specie Notes at the Current Interest tho Mony now lies or ought to lie for their discharge There is likewise another piece of Oeconomy after which sometime or other it may be worth while to make Enquiry The Old East-India Company offer'd to raise the two Millions then wanted and to deposit 200,000 l. to make good their Proposal nor did they propose or expect any Premium or Deduction whatsoever Yet their Offer was discouraged and rejected by some of our Men of Business and the same Persons have thought it reasonable to alow to the New Company a Premium of 62,500 l. which was defalk'd out of the first Payment of 200,000 l. part of which Premium is contrary to the Express direction of the Act of Parliament 'T will cost England a large Tax to raise the Sums lavish'd in these two Instances but we shall say no more upon these Particulars leaving the Reader to make his own Comment upon such unaccountable Proceedings When the Affairs of a Private Man are in disorder he sinks faster towards the later end than in the beginning The same thing holds in a Government whose Revenues are entangled the further it goes the more the Debt swells unless such as are concern'd in the Administration resolve before it be too late to enter upon Wise and Thrifty Measutes Where the King's Person is belov'd where his Virtues are rever'd and where the Government is of the Peoples own Forming and Election the Subjects will seldom fail to exert themselves strongly and are very willing to stretch their Purses in order to put the Publick Revenues into such a posture that the Administration may be easie and that the Kingdom may be protected but they must be invited to this by seeing that what they give is Frugally managed and not Profusely wasted and by observing that their Mony goes to Support the State and not to Enrich Private Persons Men when they are worn out with Diseases Aged Crazy and when besides they have the Mala Stamina Vitae may be patched up for a while but they cannot hold out long for Life tho' it is shortned by Irregularities is not to be extended by any Care beyond such a Period But it is not so with the Body-Politick by Wisdom and Conduct that is to be made long-liv'd if not Immortal Its Distempers are to be cured nay its very Youth is to be renew'd and a Mix'd Government grows Young and Healthy again whenever it returns to the Principles upon which it was first founded The Disorders we labour under are capable of a Remedy and our Difficulties are not such but that they may be master'd Those Payments to the Publick by good Management may be lessened which inevitably must set the Ballance of Trade against us While these Immense Debts remain the Necessities of the Government will continue Interest must be high and large Premiums will be given And what Encouragement is there for Men to think of Foreign Traffick whose Returns for those Commodities that inrich England must bring no great Profit to the private Adventurers when they can sit at home and without any Care or Hazzard get from the State by dealing with the Exchequer Fifteen and sometimes Twenty Thirty Forty and Fifty per Cent. Is there any Commerce abroad so constantly advantagious Will Men who can safely and without Trouble reap such Gains breed their Children to be Merchants Will they venture great Stocks to make Discoveries and employ their Industry to enlarge and extend our Dealings in distant Parts Will they think of building that multitude of Trading Vessels which alone can rear us up a sufficient Breed of able Seamen And if that Tide of Wealth which was wont to flow in Trade be diverted to another Channel and if we mind no other Traffick but that which just supplies our Luxuries must we not in a few Years be Losers in the general Ballance Where Interest is high the Merchants care not to deal in any but rich Commodities whose Freight is easy and whose Vent is certain in corrupted Countries And of these Costly Wares very many carry out Mony and but few bring any back to the Kingdom 'T is the Bulky Goods whose Returns are not of so great Profit that breed most Seamen and that are most Nationally gainful but such Goods cannot be very much dealt in where Interest is high nor can any Laws in the World lower it where great Sums are continually borrow'd by the Government And by these Instances it must sufficiently appear how much our Payments to the Publick may affect the Ballance of Trade And treating upon this Subiect we cannot but take Notice where the Prince is frequently absent from his own Dominions sojourning for a long space of time in a Foreign Country in which He His Court and His whole Retinue are oblig'd to make great Expences That this is highly prejudicial to the Ballance of Trade and without doubt must incline the Scale to that Nation 's Side where the Mony is spent Upon the whole Matter If the Revenues already granted are well look'd after and improv'd if the Accompts of the Fleet and Army are carefully inspected if the Grants are strictly examin'd if the State enters intirely upon Frugal Measures and if we resolve to exert our Selves so as not to let this dangerous Burthen lie long upon us this Great Debt may be clear'd in some moderate time and those large Payments to the Publick will cease which are like so many bloody Issues that emaciate the Body-Politick and render it Hectical and Consumptive and if this Debt were paid we should get rid