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A55325 Discourse of trade, coyn, and paper credit, and of ways and means to gain, and retain riches to which is added the argument of a learned counsel upon an action of a case brought by the East-India-Company against Mr. Sands the interloper. Pollexfen, John, b. ca. 1638.; Pollexfen, Henry, Sir, 1632?-1691. Argument of a learned counsel upon an action of the case brought by the East-India-Company against Mr. Thomas Sands, an interloper. 1697 (1697) Wing P2778; ESTC R17145 112,364 258

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Industry and good Husbandry we shall rather confume what is left than recover what we have lost No particular Person nor Nation was ever fettled upon any foundation so secure but might destroy themselves We ought not to conclude we shall be Rich and Happy whether we will or no. Care and trouble is alotted to all Men the greatest Nations having in all Ages been subject to Mutations and Vicissitudes of Fortune either by their own folly and ill management or because the Race is not alwayes to the swift nor Battle to the strong but as Prosperity hath usually made Men careless so Adversity ought to make them serious and cast about how they may mend their condition If upon an examination it be found that we have walked in indirect paths and thereby or by misfortune consumed or lost much of our Treasure Stock and Trade and brought our selves into a precarious condition it will be in vain to continue in the same and longer depend upon sandy foundations and neglect to use such means as are in our power to establish us in a better it appearing by the new Coyning of our Money and by the Trades we yet drive and great Fleets we have that there is not only an Ability in the Nation but also a Spirit in the People which if cultivated improved and incouraged by proper Methods might be sufficient to attain that end Nothing more convenient than that good Resolutions upon solid Consultations should be taken in order thereto Such Observations as these Reformation at home upon matters relating to Trade and upon several other Trades we drive to other Countries might be inlarged but if these hinted at appear to be the most material and sufficient to occasion a more exact inquiry no more was designed least should divert too much from looking into what is of great importance in order to amend our Condition our Trade Practices and Oeconomy at Home For it will be difficult if not impossible to retrieve what we have lost or be establisht in a good condition for the future by any Settlement or Lawes that can be made in reference to our Foreign Trades unless the Genious of our People course of Living and Management can be so changed as to cooperate therewith Not using proper Methods to get or consuming Riches assoon as got will render all endeavours of that kind ineffectual As Idleness and the transports of Luxury have brought us into this condition so the contrary practices most likely to afford us a cure If the original of our moveable Riches must be from Labour Industry and Foreign Trade and the way to keep and retain Riches when got must be by good Husbandry in the consumption and expence of the Goods of Foreign Nations and in all our Dealings with them no reformation can be proposed that can do us any good but what must begin amongst our selves Though several sorts of Trades and Imployments must be allowed as well for the support of the Publick as for private Families yet a great difference should be made between such Trades and Imployments that in their nature and design tend to get and bring Riches into the Nation and those that can only serve to make it change hands for when such Trades are increased to be extensive and numerous they will prove a hinderance to those Trades that are most subservient to bring it in by drawing off both Stock and People If to maintain vain and extravagant Customs and Habits 1000 Persons be imployed instead of 500 that would do as well for what is necessary as in many Professions might be instanced then 500 of the 1000 instead of being useful to the Nation must live by preying pilfering or spunging upon other Mens Labours The new Buildings about London have occasioned the drawing of great numbers of People out of the Country where they were very necessary and useful to live in London upon such Imployments and indirect ways For it may be difficult to give an instance where any great numbers of Artificers or Manufacturers are set up in those Buildings excepting in Spittle-Fields and places adjacent where such did formerly inhabit That great Estates have been gotten of late Years and that persons of all degrees live more splendid and expensive than in former Ages cannot be any proof that our Riches are increased unless it did also appear that such Estates had been acquired by the Exportation of our Products and Manufacturies and Gains made on them or by some other profitable ingagements with Foreigners If gotten at Home amongst our selves then it could not add too nor diminish the Stock of the Nation though might occasion a great alteration in the Fortunes of particular Men. A prodigal expensive way of Living is a proof that a Nation hath some Stock and Riches but as all extravagant Expences have a natural tendency to exhaust the treasure of a Nation so ought rather to create a suspicion that such a Nation must grow Poor than afford any Argument that therefore must be Rich. The Millions of Money gotten by farming the Revenues Advantages taken in receiving and paying the Publick Money and by several other wayes unknown in former Ages as it occasioned the giving of great Supplyes which hath fallen hard upon the people to make good what was thus gotten out of the Publick Incomes and diverted to private uses so when Land could not well bear the Charge was levied by several Impositions on Trade which as they have been so ever will be as long as they are continued a load upon some Foreign Trades so the drawing of such great Sums of Money out of its right channel hath made a great alteration in the imploying of the Stock of the Nation and of the People For though Impositions on Trade are in effect but a charging Land or Landed Men by another name at least with the greatest proportion of what so charged yet being the Traders are first to pay it and such Impositions have alwayes been found troublesome and a hinderance to Trade and so a diminution of their Profits they will alwayes think themselves most concerned therein If upon an inquiry into the usefulness of the several Orders Ranks Degrees and Imployments of Men it appears that Merchants Tradesmen and Seamen and such as are imployed under them that carry on our Foreign Trades Husbandmen and such as are imployed under them to make the Products of the Earth useful are chiefly those that can be a means to bring in Riches or to provide Necessaries for the support of a Nation then nothing can be more necessary and beneficial than to use all means to incourage and increase such and to discover what Trades and Imployments are practiced that are unprofitable and useless that they may be discouraged or rather discharged as a superfluous burthen and a load upon the Nation least such like Pharaohs lean Kine should in time destroy those that are good As the Imployment and good Management of our People must
Hamborough Companies they trade not by any joynt Stock but the Members of each Company every Man uses his own Trade buys and sells his own Commodities hath his own Servants Factors and Imployers They take care by sending out Consuls and Agents to preserve the Trade and by small Imposts maintain such Consuls and Agents They take care that the Market be not overstock'd or glutted with Commodities they send out and therefore only order what Ships shall go but leave to every one of the Company to send his Merchandize at his own Will and Pleasure They trade not upon any Joynt Stock or the Stock of the Body-Politick If you deal with any of them you know your Chapman No Man is refused to be free of their Companies that hath a mind paying some small Sum for his Freedom But this Company of the East-Indies are of quite another Nature and use their Patent to quite another End The East-India Company trade only upon the Company 's Stock every Man whether Merchant or not if he can buy such a Share in their Stock is of their Company The Committee manage and the rest must submit to their Pleasures and Distributions Those few of them that have the most Shares have the Disposal of the whole Stock No Member trades buys or sells or hath any thing that he calls his own but only such a Share in the Stock No Member of theirs either buys or sells his own Merchandize or imploys any Factors or Servants The Body Politick the invisible Corporation trade perhaps for 1000000 l. per annum They get into their Hands and sell perhaps 7. or 800000 l. worth of Merchandize at a time The three last Sales that they made came to 1800000 l. No body hath these Commodities but they Is this trading and no ingrossing or no monopolizing 'T is their wonderful Vertue their Hatred and Contempt of Riches that makes them not to raise and encrease Values and Prizes and be as rich as they please if they do not do it No Man is admitted to come into their Company by their Patent to have a Vote unless he have 500 l. in their Stock which values above 1500 l. to be bought So that by the very Foundation they can have no more Persons in their Company than they have 500 l. Shares and these Shares being ingrossed into few Hands the few Hands have all and call themselves the Company So that Men that will not be deceived by Words but distinguish things different one from the other will distinguish bet wixt one Company and Society and another who are Ingrossers and Monopolizers and who not The Turkey Company and the rest like it may truly be said to be Managers Regulaters and Improvers of Trade They have no joynt Stock that they trade upon they ingross not they admit every Man that will to be free of their Companies to trade with his own Mony his own Credit and buy and sell his own and to imploy whom he pleaseth and none amongst them under Pretence of Government Regulation and Preservation of Trade makes unreasonable Advantages But the invisible East-India Merchant the Body Politick covers and countenances some few Men amongst them to engross buy and sell at their own Rates and excludes all others from the great and excessive Advantage of the few The other Companies as the Turkey c. have not any sole buying or selling nor exercising any sole Trade or ingrossing Every Member of these Companies which are a Multitude and every one that is not may if he will be a Member no Man is excluded But this Company quite contrary and therefore if ever any was these are great Engrossers and Monopolizers of Trade I do not argue or speak against Companies nor regulating or managing Trade which was the true intent of this Patent such as I have mentioned and is vertuously and commendably practised in the great Companies of Turky Muscovy Hamborough and others where the Members of the Company trade upon their own particular Stocks and Estates and no Merchant hindred or denied to be a Member that desires it paying his ordinary Fees of Admission But against the Invisible Merchant this politick Capacity trading in joynt Stocks Suppose a like Patent to any one or two or three Men Farmers or Partners in their private Capacity of this sole Trade and they had the Management of it and thereby Possessors of such vast Wealth and Merchandize What would this politick Body I mean the principal Members for the Body can't think or have Sense judge of it Perhaps yours is much worse there a Man should know with whom he dealt who were his Debtors and how to come to them but dealing with you is a kind of dealing with Spirits an Invisible Body subsisting only in intelligentia legis Therefore being so unlike the other Companies and so contrary to them you ought to have no Countenance from them and though they are good and commendable you are Ingrossers and Monopolizers 3. But to proceed and consider the Statutes made against Monopolies Stat. 21 Jac. c. 3. By which 't is enacted That all Monopolies Commissions Charters and Letters Patents granted or to be granted to any Person or Persons Bodies politick or corporate of or for the sole buying or selling or using any thing within this Realm And all Proclamations Inhibitions and Restraints and all other matters and things any way tending to the instituting erecting furthering or countenancing the same are contrary to the Laws of this Realm and shall be utterly void and of none effect And that all Persons Bodies politick and corporate which now are or herefter shall be shall stand and be uncapable to have use exercise and put in use any Monopoly or any such Commission Charter Letters Patents Inhibitions and Restraints or any Liberty Power or Faculty granted upon them Then follow Clauses of Forfeiture of treble Damages to the Party grieved by the using any such Monopoly Then the Provisoes for new Inventions and several other things Then the Proviso concerning Corporations which as to this Case is thus Provided also and be it enacted that this Act shall not extend or be prejudicial to the City of London or other City or Towns corporate for or concerning any Charters granted to them or any Customs used within them Or unto any Corporations Companies or Fellowships of any Art Trade Occupation or Mystery Or to any Companies or Societies of Merchants erected for the Maintenance Enlargement or Ordering of any Trade or Merchandize But that the same Charters Corporations Companies Fellowships and Societies and their Liberties Privileges Powers and Immunities shall be and continue of like Force and Effect as they were before the making of this Act and of none other any thing in this Act to the contrary notwithstanding The next Proviso extends to Patents granted or to be granted for Printing making Salt Peter Offices c. which do not concern the Case in Question By the Description of a Monopoly