such as keep them either for their private Delight or Ostentation cannot be so useful for the payment of Fleets and Armies nor for the preservation of the Kingdom as Coin Quick Stock on Lands tho of great use for the furnishing of Provisions and other necessarys for Fleets and Armies yet cannot be easily procured or obtained without Coin People Ships Brass Iron Lead Powder and all other Commodities and Necessarys for War must be made serviceable for those ends by the help of Coin Without it or an expectation thereof the People cannot be kept in a Body nor Ships equipt nor any of the engines or materials for War made usefull And as Gold and Silver after it is converted into Coin is so absolutely necessary for the carrying on of all Affairs both Publick and Private so in its nature being best fitted for it is most likely to circulate and to be seldom hoarded up because of the profit which usually follows the lending or using of it and therefore it may be said to be the only Treasure that can be acquired by foreign Trade for the general use of all the Nation Jewels and most other Species as they are not qualified for circulation so they are usually but as a dead Stock not only to the Publick but to those that have them Common practice and experience have sufficiently evinced that these Assertions are in a great measure true and also that the generality or body of the People do contribute to the defence of the Nation by paying or advancing of Coin if they have plenty of that it may be drawn from them to pay Taxes or upon Loans as the exigencies of the Government may require But as they would be unwilling to part with their Lands Houses Jewels Furniture c. so no way was ever yet invented to make an equal or general collection of them and if it could be done such Goods would never prove very useful for the defence of the Nation without Coin All Taxes Impositions and Dutys charg'd on the people for the use of the Government are made payable in Coin as most useful for uniting and cementing the strength of the Nation and defraying the Charges of the Government As scarcity usually makes all valuable things dear and hard to be procured so a scarcity of Coin will make it hard to be got to pay Taxes or upon Loans raise praemiums increase the Debts of the Nation and put the people under greater difficulties to pay what Taxes may be charged upon them Tallies Bank-Notes shares in the Bank and in other Joynt-Stocks in which a great part of the Estates of some particular Persons do consist and in which the Publick also is much concerned if cast up would amount to a very great sum the Paper or Wood the persons concerned have to shew for such Debts Shares or Stocks is worth nothing of it self therefore the repute or esteem which such Stocks or Tallys have must arise from an expectation of reaching something valuable and it not being probable that the Landed Men will part with their Lands nor the Ladys with their Jewels to satisfie such expectation it is presumed it must be Coin that is expected a want of that will soon depreciate the value put upon such Tallys Joynt-Stocks or Notes and render them to be of little use And as Coin doth appear thus to be useful to make our Lands Houses Joynt-Stocks or what else we may esteem real or artificial Treasure serviceable for the defence of the Nation or useful and valuable for our selves so it is absolutely necessary we should have of it in proportion to our Neighbours for it hath been found by late experience that the event of Wars may depend upon the strength of the Purse as well as upon the length of the Sword that Nation which hath store of Coin may have Auxiliary Troops and foreign Assistance to make defence or procure recruits and recover any loss they may sustain but those that have it not must depend solely upon their own strength and be in no good condition to collect or unite what they may have to make it serviceable And in case of Famine those Nations will be under the greatest difficulties to get supplies that are not stored with Gold and Silver Whether Gold and Silver have so great an esteem because of its natural qualifications to serve for many uses or because of its scarcity and the difficulties and labour that must be undergone to procure it or because of its durableness yet malleable and capable to receive any impression and to be divided under several denominations or because by the universal consent of Nations it is become the Standard of Commerce and Dealings or whether it would decline from the value now put on it if it should grow plenty or whether any people make a shift to support themselves without it or whether Money doth usually purchase Goods or Goods may be said to purchase Money is not necessary to be now examined for we ought to consider this matter not according to such remote respects but as the case stands now amongst our selves and between us and our Neighbours and if it appear that Coyn is so necessary for our safety that all the enjoyments we have will be in a precarious condition without it then it is supposed it may deserve to be esteemed the most useful Treasure in the Nation As Coyn is thus necessary for our defence so is it likewise for the promoting of Trade and keeping up the value of Lands Tho'a stock of Goods and Credit be necessary as well as a stock of Money for the carrying on of Trade yet seeing Credit depends upon an expectation of Coyn and Bartring of Goods for Goods if we should be reduced to it will not enable us to carry on Trade upon as advantageous terms as our Neighbours therefore Coin will be also necessary not only as it is the Measure of Commerce and Dealings but as that which must support Credit and give the spring and life to Trade Buyers must be enabled thereby to purchase and pay for Goods and Masters to pay their Servants Wages Merchants to pay Bills of Exchange Freights Seamens Wages Customs and Charges Plenty of Coin will not only quicken but force Trade and as that may decrease so will this the imployment of our People the Gains of most Professions whatsoever and difficulties in all sorts of Dealings will encrease upon us That Lands were formerly at twelve years purchase and are now at twenty hath been chiefly attributed and with good reason to the encrease of our Coin by Foreign Trade for as that encreased so Rents advanced and Payments mended and Purchasers multiplied and bid one upon another that they might be instated in what they desir'd for the same reasons the want os Coyn must have the quite contrary effect and occasion the ill Payments of Rents and sink the value of Lands If it be not agreed That Gold and Silver is so useful
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. LONDON Printed for Geo. Grafton in the Middle-Temple-Lane 1699. INDEX THE danger of Erroneous positions referring to Trade Page 1. Propositions offered to be consider'd p. 2 Distinctions between the Riches of the individuals and the Riches of the body Politick p. 3. That Computations of Riches depend much upon comparison and that we ought to distinguish between Riches arising from our annual Crops and Labour at home and Riches gotten by Foreign Traffick p. 4. That particular men will have little comfort in their acquisition of Riches unless the body politick have at the same time a stock of such Riches as may be useful to preserve them in a quiet enjoyment p. 6. That Gold and Silver is the most useful Treasure for that End when converted into Coin and that it is the only Treasure that can be acquired by Foreign Trade for the general use of all p. 8. How necessary it is we should have of it in proportion to our Neighbours p. 10. If not how all our enjoyments will be in a precarious condition p. 11. That as it is necessary for our defence so also for the carrying on of Trade and for keeping up the value of Lands p. 12. That we ought not to part with it for corruptible Commodities because the want of it cannot be supplied by any Coin of baser Metals p. 13. That the want of Coin in the Nation will put an end to the use of Paper Credit p. 14. Why Gold and Silver Coin may claim a preferrence of Paper Credit p. 17. An Examination of the arguments usually given for the Exportation of Coin and for supplying the want of it by Paper Credit p. 18. How the want of Coin if care be not taken will invisibly come upon us and not be perceived till felt p. 20. The Assertions made by the Author of the Essay on Ways and Means That Money is no more at the bottom then Counters to reckon with a choaking Commodity c. Examined p. 24. The Author's opinion for setting up a new measure of Commerce Examined p. 28. The inconsistency of the Author 's own opinions as to the use and Value of Coin and how contrary to Xenophon's p. 29. The Second proposition consider'd p. 33. The danger of allowing that all extended Traffick enriches a Nation p. 34. The use of enquiries how a Nation may get or lose and what advantages we have by Trade p. 35. That the gaining of conveniences and advantages are the natural consequences of Trade but that the gaining of Treasure is difficult p. 36. That the bulk of Trade affords only Conveniencies not Treasure p. 38. That the gaining of Treasure by Foreign Traffick signifies the bringing into the Nation of some Species durable and useful for the body Politick and that the Original of our Riches is from our annual Crops and what we get out of the bowels of the Earth and Sea improved by Labour p. 41. That the we have great conveniencies by our Domestick Trades that yet our Riches can only change hands by them p. 42. Of the advantages arising by Trades carried on by the Exportation of our Products or by Goods procured by them and the danger that may be feared from Trades carried on by the Exportation of Bullion p. 43. No Estimates can be made whether a Nation get or lose by any Trade unless Consumption be consider'd as a part of Trade p. 46. That we shall not get Treasure by Foreign Trade without agreeing upon proper methods p. 51. What steps our Ancestors took to increase our Trade and Treasure p. 52. How we have deviated from those methods since the year 1666 p. 54. The reasons why an 1666 is fixt for the year of our declension p. 54. Of the Ways and Means to get Treasure by Foreign Trade p. 57. How to examine whether we have taken such methods since ann 1666 p. 58. Of the impossibilities we have been under to get Treasure by our Foreign Trade since the year 1666. p. 61 Arguments from the state of our Coin that we have decreased our Treasure since ann 1666 p. 64. That we have not only consumed much of the old Silver Coin we had before 1666 but also all the Silver Bullion that was brought in by our good Trades between the year 1666 ond 1688 p. 66. That Gold money was never so useful for the service of all or in case of an exigency as Silver Money p. 68. That the improvement of Lands increase of quick Stock Houses and Ships are not to be allowed as an instance of Riches gotten by Foreign Traffick p. 69. That the increase of the Customs is no proof that we have got Riches by Foreign Trade since the year 1666 p. 70. Nor costly Furniture Apparel Equipage or Stock in Iron Lead Tin c. p. 71. That this Nation has set out great Fleets or maintained great Armies not allowed as a proof that we had not consumed much of our Treasure by Trade before the War p. 72. A Fundamental position laid down as to Trade in general p. 73. That a Stock of Silver Coin can only be depended on for the constant use of the Government and Commerce with a Computation of what we may now have p. 76. How much of it must be allotted for Marketing payment of Rents and petty Expences and circulate for those uses only p. 77. Arguments that we have decreased our Coin from the price of Bullion p. 78. Answers to the several Objections and Reflections made by the Author of the Essay on Ways and Means intermixt with several Arguments and Discourses about Trade and detections of Errors in his Computations from Page 81 to the End A VINDICTION OF SOME ASSERTIONS Relating to Coin and Trade c. ALL endeavours to come to an agreement in Notions that may tend to improve our Trade and render it more beneficial ought to be encouraged least the Treasure of the Nation be consumed whilst we are disputing which is the way to preserve and increase it erroneous Positions and mistaken Maxims if fundamental and put in practice will have the same effect in the management of Trade as errors near the Center in erecting of Schemes Tho all men agree that the end and business of Foreign Trade is to acquire Riches and obtain a Treasure yet there are different Opinions what Species Goods or Commodities deserve to be esteemed the Treasure of the Nation and may be the most useful and serviceable Riches or Treasure as likewise whether we have got or lost by our Foreign Trade as it has of late years been carried on and how Trade ought to be direced or managed that we may enrich our selves and increase our Treasure by it As a means to reconcile these Opinions and to
will in time agree that Coin is also necessary for the Defence of the Nation and more useful than Counters to reckon with unless he find it impossible to retract his opinion because it is not a chance expression but offered as his judgment backt with reflections in opposition to what had been asserted in the little Tract he mentions That Gold and Silver is the only or most useful Treasure of the Nation but if he cannot alter his opinion that he would then in such case reconcile his own Opinions about Coin and explain his Objections made against Coin by giving an account what other Treasure there is or ever was in the Nation more useful or by which we have had any greater advantage if not turned to proper uses or ever was fitter for Circulation ministering to Trade and the other business of the People then Coin and what danger we are in at this time to be surfeited with it and how he will reconcile such Opinions with Xenophon mentioned in a Discourse upon improving the State of Athens Printed as an addition to his Part 1. P. 23. A Master of a Family indeed when he is well provided with Furniture and Houshold Goods buys no more but no man was ever so over-stock'd with Silver as not to desire a further encrease if there are any who have more than their occasions require they hoard up the rest with as much pleasure as if they actually made use of it And when a Nation is in a flourishing condition no one is at a loss how to imploy his Money the men lay it out in fine Armor and in magnificent Houses and Buildings Women lay it out in great Equipage costly Habits and rich Cloaths And in accidents of War when our Lands lie Fallow and Vncultivated or in a publick Dearth and Scarcity what reserves have we left to apply to but Silver to purchase necessaries for Substance or hire Auxiliaries for our Defence If it is objected that Gold is as usefull as Silver I will not dispute it but this I am sure off that plenty of Gold always lowered its value and advanced the price of Silver I have insisted the longer on these general Reflections to encourage adventurers of all kinds to employ as many hands as pssible in so advantagious a Trade from these plain considerations that Mines can never be exhausted nor can Silver lose its vaâ—â—e Upon which Discourse of Zenophon's it may be observed that he was of Opinion That a Nation could not have too much Silver That it would be useful as a defence for a Nation against the accidents of War or in case of a Famine to purchase necessaries That Gold was not so usefull as Silver That Silver could never lose its Value If the Author's Expressions P. 101.170 171. must be taken as a Concurrence with Zenophon's Opinion and that his assertion That Money is at bottom no more than Counters a choaking and surfeiting Commodity may be justified because being money Generally passes in exchange for other Commodities That therefore it has the Nature of a Commodity and may surfeit as well as others and that it is not a contradiction to his other Expressions yet if his ability to make such distinctions had been reserved for some other Subject in which the Safety and Welfare of the Nation had been less concern'd it would be more allowable for if by such infinuations we should be mislead to be careless in what refers to our Coyn and longer permit a lavish Exportation according to the design of the Book and be thereby reduced to a want such insipid Niceties will make us no amends for the great prejudice we shall receive thereby The Second Proposition That tho most Trades afford great conveniencies and advantages yet that it is difficult to get Treasure from foreign Natious by Trade and that we have diminished and not increased our Treasure since the year 1666 by foreign Trade Tho it be hardly possible to pry into all the mysteries of Trade and to give a true account of the several turnings and windings steps and degrees and progress of every particular Trade yet by enquiring into the Foundation and Consequences of Trade in general and into the State of our Coin or what else among us is esteemed Wealth or Treasure and also by distinguishing what has been gotten by the Product of our Annual Crops and Labour at Home and what acquired by our foreign Trade and by a due consideration of what Trades may really enrich or else impoverish a Nation and how the Treasure of the Kingdom may be wasted and consumed by Trades which yet may bring great gain to particular persons It may appear how difficult it is to get Treasure from foriegners and in what proportion it has been gotten by such foreign Traffick From all which some useful observations may be drawn for the directing of Trade for the future that so we may not only preserve and improve the advantage and conveniences we at present enjoy by our Trade but may likewise by our more prudent Negotiations augment the Treasure and Wealth of the whole Body Politick Now as on the one side those opinions that all Trades or extended Traffick do bring in what may well be esteemed an addition of Treasure and that we cannot fail of geting it by such Trade may induce us to allow and encourage those Trades that will consume the Treasure we have or may divert us from taking right methods to gain more So the undervaluing the advantages we receive by Trade may occasion a remissness to preserve and secure those Trades we are in possession of and hinder the employing our endeavours to advance and improve them An enquiry therefore to find out by what methods this Nation may get or lose by Trade and what distinctions may be made between the conveniencies accruing by Trade and the gaining of Treasure and between the gains of particular persons and the gains of a Nation will not only be of use in all considerations refering to Trade but also to discover that the conveniences and advantages we have by Trade are of so great importance that the care of the Government will be well applyed to improve and incourage all Trades that do not consume our Treasure tho no addition to the Treasure of the Nation could be expected to be gotten from foreigners by them The Consumption of such of our products as we cannot spend at home the procuring from foreign Parts in return of them what we want for the supply of our necessities or to be improved by a further Manufacture or to be rendered useful for the defence of the Nation the increase of Ships or Seamen by the imployments given by our Exports and Imports The support of great numbers who have their sole dependance on Trade for their livelihoods and the incouragement that is given thereby to the multiplying of our People and to Industry by the expectation of gains to all those that have any part
maintained great Armies are good marks and signs that we had Ships and People and that we had not consumed all our Treasure before the War but such marks and signs of Strength and Power ought not to be taken as a proof that we had not consumed part of our Treasure before the War by Foreign Traffick Or that we might not have managed the War with more advantage and have been less in Debt if we had been stored with more Coin to have circulated for the payment of the charge Whether we consumed more Bullion by the War than was in those years brought in by Trade or whether we should have consumed by those Trades which have usually carried out Coin and were interrupted by the War more Bullion if they had not been interrupted than was consumed by the War may sooner be disputed than decided therefore if it appear that we did consume our Coin or Bullion by Trade before the late War and there be a danger that without some alterations in the course of Trade we shall not replenish our Stores but go on consuming not only the Stock we have but all the Bullion that can be expected to come in by our good Trades hereafter instead of disputing how it is gone considerations how to prevent a further Consumption and to recover what we have lost will be most useful After a little more banding of Maxims and Notions refering to Trade and Observations of the Consequences that have or may attend our sending out Coin or Bullion to purchase Goods it is probable that we may at last come to agree in this Fundamental Position That of the Stock or Capital of the Nation our Product and Manufactures or Goods procured by them are the only part or proportion that should be allowed to be sent out for the purchasing of Goods from abroad and for the carrying on of Foreign Trade for as long as our Exportations were confined to such we were secure against having our Treasure consumed by Trade and had it in our power to make additions by good husbandry in the consumption of Foreign Commodities But as all Exportations of Coin or Bullion for trade must be either to buy Goods in Foreign Parts or for the payment of Debts contracted for Goods taken so it was a project in its own nature dangerous because it put us upon parting with what was most valuable and durable to be exchang'd for Goods perishable and not so useful and the most probable that could be invented to make us act the part of Prodigals and consume our Treasure by spending more than our income Being one of the Ends designed by trade is the gaining of Gold and Silver and the Landed-men or others not immediately concerned in Foreign Traffick who make the greatest part of the whole Body cannot reap any manner of advantage by the immediate Exportation of what we now have nor by the Importation of any hereafter unless it be retained and preserved in the Nation The keeping it here being that only which makes it useful for the promoting of our Domestick Trades and of all Professions and Imployments or for advancing or improving of Lands Payments of Rents as well as for a Stock of Wealth and Treasure always ready to be imployed for defence of the Nation So these advantages may justly be expected as a reward by those who by their Products or Labour have furnished Materials for the procuring of it As they must be deprived of all such advantages by such Exportations and the safety of the Publick Peace upon which all depends endangered thereby So it appears too much to be adventured upon a bare affirmation or supposition that we Import by those Trades that carry out Bullion more than we Export and that the giving up of such Benefits and Treasure for the particular advantage of some few that may enrich themselves by the Exportation of it will be prejudicial to the Landed-men and all others not concerned immediately in Trade if a want of Coin should ensue As there is a constant consumption of Gold and Silver at home by wearing and losing for gilding of Fringes Laces c. as well as by Exportation for the purchasing of some Commodities which we absolutely want and cannot other ways be had and by private ways that cannot be prevented So in case of a War or apprehensions of it a Famine or other accidental necessities much larger sums will be Exported for which as we ought always to be provided so it is probable we shall have occasion to exhaust so much of what may be brought in from time to time hereafter as that without any general encouragement or permision to Export it we shall not be in any danger of multiplying our Coin too fast The Coin that we must depend on to circulate for the use of the Government and Commerce is the Stock of Silver Money which we may at any time have over and above what peoples particular occasions require for the payment of Rents smaller Expences and Marketing and tho it be true that there has been near seven Millions Coined and that there is some old hammered Money or some of the former milled Money now in the Nation yet on the other hand it ought to be considered how much we are indebted to Foreigners for what was brought in upon the Million Lottery Annuities Publick Stocks and Funds and either has been carried out again in part since the re-coining of our Money or may in time be carried off in Specie and how much has been melted down of the old or new Money that it might have the priviledge of Bullion or has been Exported to purchase Bullion of our Neighbours to make provision to buy loading in India for above forty Ships that have been dispatched since the late Peace or are now going for those Parts and also how much has been exported for the Northern Trades or French smugling Trade or to be exchanged for Gold at a losing rate of which tho no exact computation can be made yet as it may be concluded that the extraordinary Rates given for Bullion have afforded great Temptations for the melting Trade so that much of our old or new Coyn has been melted down and exported notwithstanding the late Act and that much of our Coin has been also exported since the late re-coinage and that we have not Seven Millions of Silver Coin now in the Nation computing Old and New If we have but three Millions of People which may be presumed to have always some small stock of Money for the buying of conveniencies for their use and one Million of House-keepers that are under some obligations to have some Stock by them to buy Provisions and necessaries for their Families and that what is so imployed or in the Payments of Rents must always circulate for those uses impossible to be drawn off for the use of the Government or Trade no not in case of an Exigency and that such occasions may take up
might keep and increase our Coin in order to grow rich therefore all the Authors repeated reflections upon that score have no Foundation but his own fancy Neither do his Arguments p. 44. from the great Expences the Nation has been at to support the late War make for his purpose it being well known that most of the Money collected to carry on the War was raised by a Land and Pole Taxes Excise on Beer and Ale Duties on Malt Salt Leather Stamp-paper Glass-windows Births and Marriages c. which have no particular relation to Foreign Trade because such Taxes were paid by the Landed-men and consumers the Traders only concerned in proportion with others What was raised by Customs and Duties upon Foreign Goods imported is usually also paid by the Consumer at last which Taxes Duties and Importations all have been enabled to pay by their Profits and Advantages arising to each respectively according to their professions or interest in Land Trade or by any Labour or Imployment whatsoever The circulation of our Coin occasioned by such Professions and by the labour bestowed in improving our Annual Crops affording a constant supply or nourishment to all such Imployments and Professions by promoting buying Selling labour foreign Trade c. which several sorts of business did enable the People to pay the Taxes collected for the Charge of the War As the Author agrees in his account of of Coinage from p. 29 to 40 that we had in the Nation an 1688 at least Nine Millions of old hammer'd Money and says that one Million more had been lately melted down So he will find that there was above one million melted and coined into Mill'd Money between 1660 and 1666 and as he agrees there was much old hammered Money melted down So upon a further inquiry he may be satisfied that it could not amount to less than Three Millions and as he seems to be of opinion p. 39 that we have not now in the Nation as much Money as ever So he must agree that all that has been brought in by Trade since that year has been carried out again because there is no appearance that we have now any of it in the Nation and then he will not find so much cause to wonder as he doth p. 40. What should be the meaning of those that are of opinion that the Exportation of Bullion is so destructive to the Nation That Xenophon should so long ago agree with the Author's opinion That the Exportation of Coin or Bullion in the way of Traffick could not be prejudicial to a Country p. 360 361 is rather a great Credit to the old Proverb that good Wits Jump than to the Authors assertion that it is convenient for England to Export Bullion because it was good for Athens The different circumstances of Countries make that convenient for one Country which may not be so for another it appears by Xenophon's discourse upon improving the Revenue of that State that Athens had Silver Mines and that much of that Country was too barren to receive the common improvement of Husbandry as it is quite contrary with England so we ought to be acted by different reasons Xenophon concludes that Discourse with his opinion That the Athenians should consult the Oracle once more that they might know to the protection of what Gods they might recommend the success of that enterprize As the Author would not have Xenophon's opinion followed in that particular though proper for the Athenians so not his opinion as to the Exportation of Silver because it was Xenophon's unless it appeared that it is convenient now for England And the like reasons may be given to make out that tho it may be convenient for Holland Venice Genoua and Leivorne yet not for England The Author also adds to support his own and Xenophon's opinion That the Nations that have a way of bringing in Bullion to answer what is carried out are in this sense upon the same foot with Countries that have Mines in their possessions and that Bullion becomes there a Commodity like any other of its products This Argument is grounded on a supposition that it is easie for us to get Gold and Silver enough from Foreigners by Trade not only to serve our own occasions at home but to Export also which upon perusual of what has been already said and will follow in the conclusion of this Discourse it is presumed will not appear to be true in Fact and what he adds from observations on the Spanish Monarchy is grounded on a sort of reasoning that contradicts it self P. 362. That the Gold and Silver brought from Spain by stealth are the very Tools wherewith wiser Nations have wrought as it is true why may it not be feared if we permit too much to be carried out that we may in time want such Tools also and find them in the hands of other Nations that may use them to our prejudice or rather is it not plain that what has been carried from us has been already used in foreign parts to imploy their people in working on Manufactures to the hindrance of ours The Sweedes did not set up their Fabricks till they had got not only our Wooll by the way of Scotland but our Coin from hence also and the French have much increased theirs by the same method Not to mention what has been done with it in India which has been often discoursed That the Prohibitions in Spain to Export those Species were a bar to their industry and rendred their Treasure useless is grounded on a supposition That the words of a Law can be effectual tho' the Law be not at all observed For he owns and it is well known that notwithstanding that Law Gold and Silver has been constantly brought from thence and therefore it is more probable that the want of coin there and of Materials for Manufactures and of plenty of Provisions to make Labour Cheap and of industrious inclinations in the People have contributed more to the poverty of that Monarchy than a Law that was never observed P. 46. The Author suggests that a Paragraph in his Essay on the East-India Trade P. 16 was misunderstood It is admitted that the words of that his Paragraph are doubtfully penned as to what year he intended that his two Millions gain should commence or be extended and therefore as necessary in all cases where writing is obscure what preceeded and was subsequent to that Pagraph relating to the same matter was examined to find out the Authors meaning As it ought now again to make a judgment whether the mistake if any were occasioned by the disingenuity of the Author or want of Sense in the Reader proceeding to that assertion he told his Reader in that Tract P. 14. By the best account I can have and from impartial hands England before the War for sometime one year with another has exported for this Traffick either in Bullion or our Manufactures of which our Manufactures may be-one
made by that Trade upon this last saving Article it ought not to be allowed untill he has better justified his propositions upon which he grounds it and has shewed what Woollen goods we sent out that were saved here at home by the Consumption of those from India to what places they were sent and what Gold and Silver or durable Treasure was brought in return of them to make amends for that which was sent out to purchase the India Goods Pag. 363. The Author says This Notion that our Bullion should be kept at home runs throughiall Mr. P 's Schemes of Trade and it is the ground of all his rancour to the East-India Traffick That the Exportation of such great quantities of Bullion to the East-Indies which for many years before the War was at least 600000 l per an computing what was sent by all the Traders thither and that the Importation of such great quantities of Manufactured Goods that hinder the Consumption of our own both abroad and at home with the many handicraft Wares that lessen the imployment of our People is the ground upon which some Men have an ill opinion of some branches of this Trade or Rancour if the Author will have it so conster'd is agreed But whereas the Author has by several scatter'd Expressions represented such Notions to be new and singular it is happily because he has not had time to get better informations As to the Exportation of Bullion as well as Coin If he look into our Laws he will find that our Parliaments were all against it till the year 1662 and if upon a a further inquiry he should be rightly inform'd upon what considerations that Law was past that permitted the Exportation of Bullion even that Law will not be any great justification of his opinion and least he should not think that the opinion of those former Parliaments ought to be put in the Balance with his he may find also that King Charles the II. and his Council were much of the same opinion in the year 1660 when the first Charter for incorporating or confirming the Trade to the East Indies past for he will find these Clauses and Restrictions in it That it shall and may be lawful to and for the said Governour and Company and their Successors to Ship and Transport out of this our Realm of England or Domininions of the same in any of their Voyages to or towards any of the Ports aforesaid such foreign Coin of Silver Spanish or other foreign Silver or Bullion as they shall bring or cause to be brougt into the Realms of England from Ports beyond the Seas in the same Kind Stamp or Fashion which it shall have when they bring it in or other Form Stamp or Fashion to be Coined in our Mints within our Tower of London at their Pleasure so as that the whole quantity of Coin or Money by them to be transported in any of the said Voyages do not exceed the value or sum of Fifty Thousand Pounds at any one Voyage And the said Governour and Company of Merchants of London trading into the East Indies and their Successors in all and every such Voyage as they at any time or times hereafter shall make out of this Realm by Vertue of this Grant and Letters Patents the first Voyage only excepted shall and will upon every return which shall be made back again into this Realm or within six months next after such return bring into this our Realm of England from the said Fast Indies or from some part beyond the Seas out of our Dominions as great or a greater value in Bullion of Gold or Silver respectively for every Voyage the first Voyage only excepted as shall by force of these presents be transported and carried out of this Realm by them or any of them in any kind of Silver aforesaid whatsover in any of the said Voyages and that all such Silver as by vertue of this our Grant and Letters Patents shall be Shipt or Loaden by the said Governour and Company or their Successors to be transported out of this Realm in any of the said Voyages shall from time to time at the setting forth of every such particular Voyage be Shipt or Loaden at the Ports or Havens of London Dartmouth or Plimouth or at some of the said Ports or Havens and at no other Port or Haven whatsoever within this our Realm or the Dominions thereof and that all and every such Silver as from time to time shall be Shiped or Loaden in the said Ports of London Dartmouth or Plimouth or any of them to be by force of this present transported out of this our Realm as is aforesaid shall from time to time be duely entred by the Customer Comptrouller Collectors or any other Officers to whom it shall appertain at every such Port or Haven where the same shall happen to be Shipt or Loaden in the Custom-house Books belonging to the said Ports or Haven before such time that the same shall be Shipped or Loaden to be transported as aforesaid without any Custom or Subsidies to be paid for the same and that in like manner all and all manner of Gold and Silver whatsoever which shall be brought into this our Realm or any of our Dominions by the said Governour and Company or any of them according to the true meaning of this present shall likewise be from time to time duly entered by the Customers Comptroullers or Officers of every such Port Creek or Places where the same Gold or Silver shall happen to be unshiped or brought to Land according to such orders as by our Treasurer of England for the time being shall be taken for the entering of the same Which limitation of Fifty Thousand Pound appears to be agreeable to what was Shipt of by Licences granted in former Reigns For it appears by a Manuscript of good Authority of which the Author may be better informed at the East India-house if the old Books be not lost that there was Shipt off for the carrying on of this Trade An. 1624 in goods and Bullion 68,225 P. An. 1625 in goods and Bullion 39,445 P. An. 1626 in goods and Bullion 39,381 P. An. 1627 in goods and Bullion 75,318 P. An. 1628 in goods and Bullion 67,745 P. An. 1629 in goods and Bullion 61,000 P. And as for the opinion of particular persons he may be informed that when the alteration in the management of this Trade was first attempted which was soon after the year 1666. How Sir William Thompson and others that were much concerned in the Trade did oppose it then declaring their opinion that the inlarging of the Trade by such methods would diminishour Coin hinder the Consumption of our own Manufactures and endanger a dissolution of the Company by the Clamours they would bring upon themselves And since it may be supposed that he admires the French Councils for he says p. 60. Such as have not been bred Merchants are as competent Judges as
Money in the year 1666 and it appearing by the Accounts of our late Coinage tho much of our Plate has been melted down and Coined also that we have reduced all to Seven Millions of unclipt Money which being but half so much as we had we may conclude that we have consumed Seven Millions of our Silver Coin since the year 1666. And as it is probable we have consumed so much of the Coin we had So also all the Silver Bullion that has been brought in by our Trade since that year which may be computed at 500000 l. per an and to the year 1688 that the late War begun is 22 year and added to the Seven Millions consumed of what we had makes Eighteen Millions Tho it be true that these Eleven Millions was brought in by Trade yet if it appear that since the year 1666 we have consumed of the Coin we had â—ny great quantity and also the whole of what has been brought in since by all our Trades it will corroborate the judgment that has been made upon our Exports and Imports and that we have decreased our Treasure by Trade since the year 1666. The Advocates for a free Exportation of Bullion to India usually affirm that by that Trade more Bullion has been brought in than carried out tho it is well known those Exportations have been very great and they have depended on arguments grounded thereupon to have that Trade encouraged Others are as violent in defence of the French Trade affirming by that Trade more Bullion has also been brought in than carried out tho it be difficult to decide what has been brought in by the one or carried out by the other yet being it cannot be doubted but that we have Annually brought in great sums of Bullion by the Trades carried on by the Exportation of our Goods and Products at least 500000 l. per an it should be granted that we have consumed by our bad Trades what we have got by our good Unless those that are of a contrary opinion can make out where such Bullion brought in by our good Trades is to be found in the Nation As our Gold Money has not been lately re-coined so no good Judgment can be made whether we have now more or less than we had before 1666. And being the charge of coinage is paid by the Publick it cannot be doubted but that many of our Guineas have been Coined over and over it being impossible to Coin them so exact that they may not carry some small over-weight which has proved a sufficient temptation to have them melted down and re-coyned and probably has been the chief occasion of the coining so great a number as appear by the Accounts of the Mint to have been coined since their Original anno 1663. it not being probable that the Trade for Africa nor others or the old Gold that was melted down have afforded Gold for so great a Coinage but if it be concluded that we have now more Guineas than we had in 1666 yet being our Gold Coin has not been found so useful to the Publick as that of Silver Guineas seldom appearing in any great quantities for payments in the carrying on of Trade unless when they pass current beyond their due proportion and in case of an exigency not to be depended on to help the Government because in such cases are most likely to be hoarded therefore no little increase of Gold Coin can make amends for the great quantity of our Silver Coin consumed nor any small increase of Plate or Jewels The improvement of our Lands and encrease of People Quick-stocks Houses and Ships ought not to be allowed as Articles of Riches or Treasure gotten from Foreigners for tho Foreign Traffick has given great encouragement to the encrease of such Riches and Advantages yet they deserve no more to be esteemed Treasure gotten from Foreigners than our Handicrafts Wares or Goods made by our own people with our own materials As Trade has encreased so building of Ships which and the Houses built and improvements made of Lands are made valuable and brought to perfection by an industrious improvement of our own by the labour of our people The materials which we have taken from Foreigners for such buildings tho they have cost us dear because they have of late been most purchased with our Coin yet they cannot be esteemed to be of much value after they are converted to such uses therefore ought not to be reckoned as a stock of Riches or Treasure remaining in the Nation gotten from Foreigners but as useful and necessary conveniencies or riches gotten by the improvement of our own by the labour of our People The Foreign Materials being inconsiderable compared with the value we put upon our Lands Houses and Ships The encrease of the Customs may afford a good argument that Trade has encreased but not that we have therefore gotten Treasure from Foreigners by it and the addition has been much occasioned by additional Duties and new Imposts which if they were distinguisht or separated from the old Customs and it should appear that the old Customs have encreased yet it cannot be proof that we have got Treasure by Trade because the Customs being highest on Goods Imported and low on Goods Exported the encrease of the Customs has been occasioned by large Importations which as before mentioned have been so far from encreasing our Treasure that such have been the chief cause of decreasing it because they have exceeded our Exports Costly Furniture of Houses Sumptuous Apparel and Equipage may be good Arguments to prove that we once had plenty of Treasure but as with private Families the more they spend in such things the less they lay up and retain in what is more valuable so with Nations especially when such expences are generally attended with a high course of living and supported by the Importation of Foreign Commodities purchased with our Coin or Bullion and being the Consumption of these Foreign Commodities by all Ranks and Degrees have occasioned that our Importations have exceeded our Exports Instead of affording any argments that we are Rich they demonstrate that we have gone on consuming the Riches we had That we have a Stock of Iron Lead Tin and of our own Manufactures is owing to our industry and is a proof that we are not all given up to idleness nor to the promoting of Foreign Manufactures but not that we have got Treasure from Foreigners by Foreign Trade and it may be a question if we had an 1688 a greater Stock of Goods of foreign growth than we had 1666 and which of them or to what value deserve to be esteemed the Treasure of the Nation And if they could be distinguished and estimated they would probably appear so inconsiderable compared with the Bullion and Coin we have consumed as that they would not deserve the title of an Article in computations of our Riches That this Nation has lately man'd out great Fleets and