AN ESSAY, ON THE Coin and Credit OF ENGLAND: As they stand with Respect to its TRADE.  
By John Cary, Merchant In Bristol.  
BRISTOL: Printed by Will. Bonny, and Sold by the Booksellers of London and Bristol. October the 22d. 1696.   

To the Right Honourable, the LORDS Spiritual and Temporal, and to the Honourable the Commons of ENGLAND, in Parliament Assembled.  
May it please Your Honours,  
I Humbly present You with this little Tract, the Design whereof is to set forth how Useful and Advantageous a Well Settled redit would be to the Nation, which, nothing but a Sense of the Calamity we labour under for want of it hath made me Undertake; 'Tis a Subject I Confess deserves a better Pen, but seeing it hath lain so long Neglected, I have adventured to offer my Mite towards it; If Your Honours agree it to be Necessary, I doubt not but it may be rendered Practicable; The settling the Coin of this Kingdom (so happily effected in your last Sessions) hath given fresh Occasions to our Money Mongers to employ their Corrupt Wits in finding out new Ways to elude your good Intentions, who since they cannot get Thirty per Cent by ping our Old Money, have endeavoured to get Twenty per Cent by Hoarding up our New, Things equally prejudicial in themselves; And so far have they already advanced in these their wicked Projects, as to make near so much Difference between our Money and our Trade; Which Evil, if not speedily prevented, will daily Increase, and like a Leprosy overspread this Nation, so that the very Sense of its being a Crime will wear off, and Time will make it familiar to those, who now seem to startle at it; Dulcis Odour Lucri ex re Qualiabet. Nor can a Stop be put thereto so well, as by Establishing a Credit, large enough to answer all the Occasions of the Nation, both Public and Private, without which, I humbly Conceive, other Means will prove Ineffectual; I pray God, who is the Fountain of Wisdom, to direct you Counsels to his Glory, and the Welfare of this Kingdom.  
Your Honour's Most Obedient Servant, John Cary.   

AN ESSAY ON Coin and Credit:  
AS the Wealth and Greatness of the Kingdom of England is supported by its Trade, so its Trade is carried on by its Credit; this being as necessary to a Trading Nation, as Spirits are to the Circulation of the Blood in the Body natural, when those Springs (as I may so call them) Decay, and grow Weak, the Body languishes, the Blood Stagnates, and Symptoms of Death soon appear: Nor can a good Credit be more useful to any Nation than it is to this, where our Trade hath at all times very much exceeded our Cash; I mean the Species of Money hath not in any Measure answered the transferring of Properties; and though herein no Man can be at a Certainty as to the quantum, yet such probable Conjectures Satisfaction that the Disproportion is very great. If we would make a Judgement of the Trade of England, it cannot better be done, then by considering what the annual Profits of that Trade may be supposed to amount unto, and this cannot better be computed, then by making a probable Conjecture of the Charge of its Expenses, and this by such Steps, as may tend to make as naked a discovery thereof, as the nature of the thing will bear. Suppose then the Number of People in England to be Eight Millions, (which is the lowest Computation I have ever met with) and that each Person spends Eight Pounds Per Annum for his Support, in Provisions, Clothes, and other Charges of living, what any one pays short of this himself, is paid by another; he that is said at another Man's Table, or wears another Man's clothes, must remember that those necessaries are paid for, if not by himself, yet by his Benefactor; add to this the Charge of supporting the Government, especially in this time of War, and the amount will not be less than Seventy Millions per Annum, though every Man lived but from Hand to Mouth; add to this Thirty Millions per Annum for the Profits of Trade, which is but Twenty Pounds to each Family, supposing Six Persons to a Family; this amounts to One Hundred Millions. Here it must be noted, that I comprehend all transferring of Properties under this general Notion of Trade; the Landlord, the Tenant, the Manufacturer, the Shopkeeper, the Merchant, the Lawyer, all are Traders, so far as they live by getting from each other, and their Profits arise from the Waxing or Waning of our Trade. We are next to consider how the Profits of our Trade stand in Competition with Trade itself; and I believe it will be allowed, that one with another, they do not amount to above Ten per Cent. By this Scheme, the Trade of England must be at least a Thousand Millions per Annum; The Money of England hath generally been supposed to be about Seven, some have thought Ten, which, at the highest Account, stands in Competition no more than Ten doth to a Thousand; this hath made Credit always so necessary our Trade, that without it the other must have stood still.  
But the usefulness thereof hath never so much appeared, as now it doth. Here it will not be amiss to consider the Original design of Money, how it came at first to be introduced into Trade, and the Reason there was for mending our Silver Money, and falling of Guineas. Our Forefathers, whilst they kept themselves only to the use of things necessary for the Support of Life, were content with what they could either provide for themselves, or purchase from their Neighbours with such things wherewith they abounded, and the others wanted; but as Pride and Luxury grew into the World, so men's desires became more boundless, and their Fancies prompted them to seek after things from a greater distance, either to please their Palates, or to set forth their Grandeur; This brought in the Trade of Buying and Selling, whence arose a sort of People maintained by Traffic, who soon put an end to the Trade of Barter. And indeed it must needs be so, since 'twas impossible for them to fit every Man's occasions, in such proportions as he required, and at the same time to receive their Payments in the Commodities wherewith he did abound, because these would not answer their ends in carrying on their Traffic, therefore something must be made the Standard of Trade, which might be of equal value in all Places, and a measure to the worth of other Commodities, the Excellency whereof was not to arise so much from any intrinsic value in its self, as from the usefulness of it to answer that end. Silver was at last agreed on by a common consent, whose worth arose from its Fineness and Weight; not that this was esteemed the richest of all Mettles, Gold standing in a very great Disproportion with it, even as to its Weight, but that being more scarce, could not supply all the occasions of Trade, nor indeed could it be divided into so small parts as Silver might; On the other Side, Led, Iron, Tin, Copper, etc. being more common, would have been too bulky to be made the Standards of Trade; nor could Diamonds, or other precious Stones answer the end, for besides the abuse which might be put on the World by their Counterfeit, their value arises only from Fancy, and from such Rules that a common Eye cannot easily distinguish; Silver being thus settled, became by its Weight and Fineness a Standard to the value both of these and all other Commodities, which were purchased by a quantity set out, and measured by the Scale; and this continued in the former Ages of the World, till the vast increase of Commerce and Traffic made the several Princes, who found their Advantages by Trade, endeavour to render it more easy to their Subjects; This was done by forming Silver into lesser parts, and by their Stamp giving a Warranty both to the Fineness and weight of each Piece, which they guarded with Laws, equally Sanguinary with those which secured their Crowns. The first was called the Standard, which is a mixture of some Alloy with the finest Silver; and though it might be wished, that all Trading Nations had agreed upon the same, yet since they have not, the Coin of each Nation stands in Competition, according to the true Weight and Fineness of the Silver in their Money, without any respect to the Denomination; which, were it not for other Accidents that attend it, would be the Par and Measure of all Exchanges.  
The Standard, or Sterling Silver of this Kingdom, is Eleven Ounces Two Penny Weight Troy of the Finest Silver, mixed with Eighteen Penny weight of Fine Copper, and according to this Proportion should all our Coin and Standard Plate be mixed, which Composition makes it more fit, both for the Stamp, and also for Utensils, being else too soft to be wrought up of its self, and if more allayed, would become too Brittle, and wear like Brass, as our Workmen generally agree.  
But whatever might be the cause that persuaded our Kings to settle this Alloy, it hath continued to be the Standard of England ever since the Reign of King Richard the First, being first contrived, and brought hither by the Easterlings, a Trading People living in the Eastern Parts of Germany, who dealt with us for our Product. Many good Laws have been since made to keep it from being vitiated, which were they as well put in Execution, the deceits used by the Workers of that Commodity, to the increase of their Private Estates, by abusing the ignorant Buyers, might soon be put to an end.  
Next, to the finess, the weight of our Money was to be secured, and that to be done in such Parts, that one Piece should answer another. Thus the English Crown, as it comes out of the Mint, weighs Nineteen Penny weight and Eight Grains; the Half Crown, is just one half of that Weight; the Shilling one Fifth; and the Six Pence one Tenth; so that these pieces receive their values from their Weights, not from their Names, though some unthinking People have supposed otherwise; which Error hath been the ground of many Disputes, and given Opportunitys to cunning Knaves of abusing our Coin, both by adulterating the Standard, and lessening its Weight, and others finding Advantage by this Confusion, have devised Arguments to maintain their false Propositions; such as these; that it hath made Trade to circulate; That it passed currently from Man to Man; That it hindered our Money from being carried abroad; and such like; never considering that the Kingdom of England may Trade till it becomes Bankrupt; that it is not Buying and Selling amongst ourselves which makes this Nation Rich, or able to support its Self, but the Trade we drive with Foreign Nations; particular Men may get, whilst the Nation in general loses by the Trade it drives.  
It is a certain and undeniable Maxim, that what is the true Interest of England, is the Interest of every particular English Man; for though private Men may seem to get by the ruin of the Public, this lasts but for an Age, and their Posteritys will have cause to lament the ill Consequences a Trade so driven will produce.  
No doubt the badness of our Money was the cause of a great Circulation in our Home Trade, but this arose from other Reasons than are commonly considered, and the Consequence being the advance of Guinneys, caused our Product and Manufactures to be sold to Foreigners at undervalues, who would have been enabled thereby in a short time to have carried on the Trade of Europe on better Terms than we could.  
Which things being duly considered by our Legislative Power, 'twas thought fit the last Sessions to call in all the debased. Money then Currant, and to reduce our Coin by Degrees to the old Standard and Weight, this gave fresh occasions for Clamours, and the People were again furnished by the Money Jobbers, with new Arguments against the Government. Trade 'tis true, was hereby put to a stop, and this could not be helped, nothing else could be expected when ever our Money should have come to be mended, the most clamorous thought it necessary to be done, only desired that it might be deferred some time longer, or at least (to express it in their own Terms) that the Money might be raised, and that the Crown might pass for Six Shillings; this they did suppose would cause more Silver to be brought into England, and less to be carried out, because it would be worth more in England, then in any other part of Christendom; they argued in all Companies, that the Trade of England was apparently slackened since the Small Money was made unpassable, and Guineas reduced from Thirty Shillings to Two and Twenty; whereas they did not consider, that this was Non causa Pro causa, 'twas the Fear and constant Expectation of the calling in and mending our Silver Money, and as a Consequence thereof the falling of Guineas, which made every Man willing to shift off the loss, and to discharge himself of his Money, as fast as he received it, by turning it into some Commodities which he might part with at less loss to himself, than he supposed the Money would be if he kept it by him, so that had the Parliament gratified these men's desires, it would not have had the Consequence they expected, because the Standard being once fixed, that uncertainty had ceased, I speak thus, because I am obliged to Answer such Arguments in the Language of the Proposer. For my own Part, I am of Opinion, and I believe most unbiased Men will agree with me, that Silver cannot be raised or fallen in the Sense these Men would have it; the true value of Silver consisting in its Weight and Fineness, cannot properly be said to rise or fall, or to be worth more in one place then in another; if Silver rises, it must be either with respect to its Self, or to something else; the former is absurd, an Ounce of fine Silver cannot be worth more than an Ounce of the same Fineness in any part of the World, nor will the Stamp make an Alteration, especially in England, where Silver in Bullion and in Coin must be alike, the Coinage here costing nothing; and as to the latter, its Rise and Fall with respect to other things, this can never be limited by Law, because the Buyer must pay for the Commodities he wants, suitable to his Necessity, and their Scarcity; thus one Day a thing is worth an Ounce of Silver, which at another time is not worth half so much.  
Besides, I would ask these People, whether they think that a Crown or Five Shilling piece as now Coined, can be worth any where, either at Home or Abroad, Six single Shillings of the same Coin, or to speak plainer, Six pieces of Silver, each one Fifth part of an Ounce of the same Standard and Fineness? if they think it can be so at home, they may soon ruin themselves by the Experiment; and if it cannot here, why should it be so Abroad? Does any Man suppose that the Dutch or other Foreign Nations will make such a Change? if they will, 'tis our Interest to send our Coin to them, and this will be the way to augment, and not to lessen the quantity of our Silver.  
But all this is a jest, for no Nation esteems Silver but for its Weight and Fineness; and though the Money of some Countries may not agree with ours of the same Denomination in either, yet the Exchange sets that right. Thus the French Crown (called there Six Shillings, or three Livres) hath not usually been worth in Exchange above Fifty Six of our Pence; now should any Man be so imprudent to bring it thence, and expect to pass it here for Six Shillings, because 'tis called so there, he would soon see, that neither our Goldsmiths nor Traders would take notice of the Denomination; on the other side, should any one carry the English Crown to France, because 'tis there worth above Three of their Livres, vulgarly Six Shillings, he would find no more Advantage, either in Buying of Goods, or remitting it home again, than he might have made by Exchange When our Coin was Corrupt and Base, all Exchange rose upon us, but now it is returned to its ancient Standard, Exchange returns to its old Course; not that the Standard of our Money is always the exact Rule of our Exchange, the Balance of our Trade often causes it to alter, either to our Advantage, or to our Loss, besides the Charge of Management; But this is little in Comparison with the other; a familiar instance we have in the Case of Ireland, where, whilst our Coin was Base, Seventy Pounds was worth one Hundred Pounds here, which was in some measure proportionable with the value of Pieces of Eight, (which they took in Ireland by weight) to our Clipped Money, and also to our Guinneys at Thirty Shillings per piece; and how far this carried the Trade of England into that Kingdom, the Traders to the West-Indies have been too sensible; but since the Error of our Coin hath been Corrected, that very Exchange is so much varied, that One Hundred Pounds here is worth One Hundred and Fifteen Pounds there.  
And since I have mentioned Guinneys, I cannot let them pass without some Observations; how eager was the contest for keeping them up to that exorbitant value? and how unwillingly did the Money Changers, and those whom they had deceived, yield to the Alteration? whereas it was well known that the reason why Guineas were so high was the badness of our Coin; Gold doth not receive a value from the Stamp, but whether in the Mass, or in the Coin, its Weight and Fineness are to be regarded; the Standard of both in England is the same, being Twenty Two Caracts of finest Gold, One Carat finest Silver, and one Carat finest Copper; the Guinuea is Five Penny Weight and Eight Grains, which at the price of Four Pounds per Ounce (when Money was at its full Standard and Weight) came to One and Twenty Shillings and Four Pence, but when our Coin was so Corrupted, that Thirty Shillings contained no more Silver than Twenty One Shillings and Four Pence formerly did, 'twas necessary Guineas should rise, to put them on an equal Basis with Silver; on the other side, when the Currant Coin of the Kingdom came to be rectified, and One and Twenty Shillings and Four Pence contained the same quantity of Silver it formerly did, Guinneys must as necessarily fall, because their value did not arise from their Denomination, but from a proportionable standing of their Weight in Competition with the Weight of Silver; and by the way, it is to be observed, That Guinneys at Twenty two Shillings (as now allowed to pass by Act of Parliament) are worth Eight Pence per piece, or Three per Cent, more then Standard Gold in the Mass will yield at Four Pounds per Ounce.  
Here I would ask this Question, suppose a Guiney were adulterated, and mixed with one Sixth part Copper, or being of perfect Standard, were diminished one sixth part in its Weight, whether such a Guinney would ever have yielded so much Silver as another of its full weight and Fineness? if not, why then should a good Guinney be sold for less than its value in Silver, for the sake of the Stamp on our debased Money? or now our Silver Money is rectified, why should it not stand in the same Competition with Gold, as formerly it did? if it be answered, that Gold is dearer in Foreign Parts than it is here; I desire to know whether Gold stands in a greater Competition there with Silver as to its weight and Fineness? I believe upon a strict Enquiry 'twill be sound quite contrary.  
I know it is objected, that Guineas pass for Twenty Six Shillings in Ireland, and that this advance on them there (being about Eighteen per Cent) will cause our Guineas to be carried thither; let those Gentlemen consider, that Exchange between London and Ireland is at Fifteen per Cent in our Favour, besides Insurance by Sea, and risk of Carriage by Land, which cannot be reckoned less than Six per Cent more, and they will then find on making up the Account, that they were better leave their Guineas in London, and take Bills for their Money payable in Ireland.  
One thing more I would observe to these Gentlemen in their own Dialect, that as our Coin grew bad, so Standard Silver rose in its Price, those who had it demanding Six Shillings and Six Pence to Seven Shillings per Ounce of the then current Coin of the Kingdom, the Reason of which is Plain from what hath been said before.  
But to return to the Arguments brought against settling the Standard of our Money as now 'tis happily done; if Silver say they had been advanced to Six Shillings per Ounce, this would have made it more plenty amongst us, because that would have caused more to have been brought in, and less to have been carried out.  
Here I must beg leave to descent from their Opinion, and on the contrary to offer it as mine, that if our Money had been advanced, less Silver had been brought into England, and more according to that Proportion carried out.  
As to the first, we must consider that Silver is not a Commodity of the growth of this Land, nor of the Plantations belonging to it, but of a Neighbouring Nation, from whom we purchase it for our Product and Manufacturers, and according to the price we make of them Abroad, so much more Silver do we bring home for them; now seeing Silver could not be advanced to Six Shillings per Ounce otherwise then by standing so in Competition with all Commodities both in Buying and Selling, the Consequence of such an Advance had been this, that our Manufactures would have been sold for so much less Silver in Foreign Markets, as the Price of Silver was advanced at Home; thus the piece of Bays, which formerly yielded Twenty Ounces of Silver, being Five Pounds whilst Silver stood at Five Shillings per Ounce, would then have been Sold for Sixteen Ounces and two Thirds, which, at Six Shillings per Ounce, is the same Sum▪ and the Exporter would have gained as much by his Trade, because that quantity of Silver would have stood in the same Competition with any Commodities he was to purchase here for a New Adventure, as Twenty Ounces formerly did; but on the other side, not one Ounce less would have been carried Abroad then now there is, which must have been so much the greater Grievance to the Nation, as our Imports thereof had been lessened; here we are to Consider, what it is that causes the exporting, of our Silver, and upon a due Consideration we shall find, that as nothing but the Balance of our Trade brings it in, so nothing but the Balance of our Trade with particular places carries it out, neither of them proceeding from the choice of the Merchant, who desires rather to Trade in any other Merchandise, Silver neither answering Freights nor Insurances; and therefore it is that our Merchants bring home from Spain, all the Wines, Fruit, Wool, Iron, Cochineal, they can get, and whatever else is fit to Load their Ships, before they meddle with Money; But the Balance of our Trade with Spain being so much in our Favour, that all the Product thereof cannot make it good, we are obliged to bring home the rest in Bullion; on the other Side, there are some places that necessarily require Silver to be exported, but let no Man think that the Denomination of Money will give it the greater value in those Country's, the Silver we send thither being valuable only by its Weight and Fineness; As for our Trade with Holland, That often varies in its Balance, some Years it may be for us, and other Years against us, as Accidents happen, though I am of Opinion it hath generally been in our Favour; This is certain, that if we run in Debt more than we can pay by our Product and Manufactures, the rest must be paid in Silver, and the Receiver will take it at his own Price, whatever value we may put on it here; 'tis true, Exchange is a Medium where the Balance is variable, and that likewise must rise upon us according to the Advance we make on our Money; but where the Balance is set against us, there Exchange cannot keep our Silver at home, because That also must be provided for by Shipping it out.  
And as the Balance of Trade between us and Spain is in our Favour, and thereby furnishes us with Silver, so I am of Opinion, that the Balance of the General Trade we drive in Europe is likewise in our Favour, otherwise 'twould be impossible to keep that Silver at home which we bring from Spain, since we receive from abroad so great a supply of the Commodities we use, which would necessarily draw it away, were they not the purchase of our Product and Manufactures; therefore it appears to me, that seeing our Silver increases, the Balance of our General Trade increases likewise in our favour; whoever will but consider the great Consumption of Plate in England, by its being wrought up into Utenfils for private Families, and the great quantities wherewith the Houses of our Nobility and Gentry do abound, even in those common Massy things, which our Forefathers made of Iron, Tin, Brass, and Wood, may rather wonder, how our Trade supplies so much Silver, then that it brings home no more; hence comes our want of it for the Mint; and till the People of England grow so wise, as to set the same delight on seeing an Hundred Ounces of Silver in their Houses in the Coin of the Nation, as they now do in Plate wrought up, we shall be ever complaining for want of Money; though were this done, and all the Plate of England Coined up, I am still of Opinion, that there would not be sufficient to carry on our Trade without a Credit.  
'Tis our Manufastures and Product which furnish this Kingdom with Silver, and the more they yield Abroad, the greater is our Supply; whence 'tis plain, that the Trade we now drive by means of Jamaica to the Spanish West-Indies, is more profitable to us in the Sales of our Manufactures; then when we sent them formerly to Cadiz; in the One they yielded Twenty per Cent advance, in the other they sell for Cent per Cent, all paid in the same Specie.  
But let us duly consider what had been the Consequence of raising our Money at Home to Six Shilling the Crown, as these Men desired it; for either our Goods would have rose suitably with it, or they would not; if they had, the raising of our Money would have done us no Service, because it would have purchased no greater quantities of Commodities then before, only it had been accompanied with this ill Consequence, that the Landlords of England, the Poor, the Usurer, and all who depend on standing Salaries, would have had their Estates lessened a Sixth part at once, because their House-keeping and other Necessaries would have cost them a Sixth part more than they did before; But if Rents, Wages, Interest, and Salaries, must rise suitable to the Money, what signifies its Advance? On the other side, if Goods do not rise as our Money is made less, Foreign Nations will be supplied with our Product and Manufactures for Five Sixths of their true value, whilst we grow poor by our General Trade, and yet the Expenses of every Private Family be increased, so far as they make use of Foreign Commodities.  
Money cannot be raised, it may be reduced into less Pieces, and this hath been a great Stumbling Block to many People, who have not well considered the Difference; they tell us that a Penny in former days was the same with Three Pence now; this must be granted, and yet it makes no difference, Twenty of those Pence made a Crown then, and so they do now, only for the Conveniency of our Trade, later Reigns have thought fit to Coin Pieces of Silver one Third part of their Weight, and to call them by the same Denomination, and yet those pieces receive no value from their Name, but stand in an equal Proportion with the other, Sixty of them making a Crown; in like manner, should the Crown be divided into Six Parts, whatever Name we might call them by, the true value of each would be but Ten Pence; but this being already settled by Law, 'tis to be hoped that the Parliament will not easily be prevailed with to alter it.  
The thing I chiefly aim at is still behind, viz. to consider how a Credit may be settled in this Nation, as good, or rather much better than what hath been lost; That Trade cannot be driven without it, I have offered at in the beginning of this Treatise, and that it cannot be supplied by advancing our Money, or any thing of that Nature, seems to me out of douht; we are next to consider, what may be done; all former Methods we see have failed, and indeed they never had a Foundation fit to support the Building raised on them; our Bank, and Bankers had too much of self in them, to be the Support of a National Trade.  
Credit I take to be That, which makes a smaller Sum of Money pass as far as agreater, and serve all the ends of Trade as well, and to give Satisfaction to every one Concerned, that he is safe in what he doth, for if the least Room is justly left for doubt, so far is the Credit weakened; It must be such a Credit, as will answer all the occasions both of the Government, and also of the Trader; It must be so settled, as to provide for those who are out of Trade, such as Widows, Orphans, Gentlemen, and others, who living by Usury, care must be taken that their Money may never lie dead on their Hands, and that their Security be unquestionable; by which means, though they lend cheaper, yet their Ptofit at the end of Seven Years will be greater, than it formerly was, when the rate of Interest was higher, but attended with Accidents; It must be such a Credit, that the Trader may have Money on such reasonable Security as he is able to give, and for so long time as he shall have need to use it, and yet That Security be made strong enough to answer the Sum borrowed; by which means our Products will be increased, our Manufactures encouraged, and our Fishery, with other Foreign Trades, managed on Terms equal with our Neighbours; It must be such a Credit, that the Gentlemen of England may be furnished with Money at low Interest, and be permitted to make their Payments by such Parts as they can best spare it, the want of which is now a Clog on their Estates, and eats up very good Families, who when they are once gotten into the Usurer's Books, can find no way out: such unhappy Gentlemen have too often their Houses filled with Scriveners and Solicitors, who entertain them with the croaking Music of Procuration and Continuation, till they have devoured their Estates; It must be such a Credit as shall have an esteem in Foreign Parts, and make the Traders of Europe desire to house their Money here; It must be so settled, that the Nations Debts may be as punctually paid as Foreign Bills, and all Men who trust the Government as well assured of their Money when due, as they are now from the most reputable Merchants; then the King will buy cheap, when all who serve him are paid exactly, and the meanest Trades Men will not be afraid to deal with the Public, when they are sure to be paid according to their Contracts, which now none but large Stocks can adventure to do, and therefore make their own Terms; It must be so settled, that he who hath Money in one place of England may have it in any other Place where he shall want it, at an inconsiderable Charge, which cannot now be done, without locally altering the Species, and carrying the Money to the place where 'tis wanted; this will prevent many Robberies now committed; It must be so settled, that as on the one side it may answer the ends of the Borrower, so on the other side it may likewise of the Lender. In a word, It must be a Credit set, led on an unquestionable Foundation, which may be wound up to a perpetual Circulation, like those Waters, which being first drawn up from the Sea, then showered down on the Earth, and strained through its porous Crannies, glide through the Rivers into the Sea again from whence they came, where they become the Subject Matter for future Exhalations.  
A Credit thus fixed must needs be of great Advantage to this Kingdom, and should it cost an Hundred Thousand Pounds per Annum to carry it on, yet the Nation would gain many Millions by it, though if rightly settled, It will not only support its own Charge, but bring in a great advantage to the Public; such a Credit as This would make us the Envy of all our Neighbours, who though they might desire it, are not able by the Constitutions of their Governments to effect it.  
Nor are these all the Advantages the Nation will reap by a well settled Credit; for besides, that out of the Profits thereof new Stocks might be provided for industrious Men, who, having been bred up in Trades beneficial to the Nation, and careful in those Employments, have yet been forced to stoop under the Load of their Cross Fortunes; which Wheels being again set at Work, will by their Circular Motion carry round many others, and by these Means in time reimburse their Benefactor; much like unto well manured Lands, whose plentiful Crops do soon repay the Charge of Soiling laid out on them by their Proprietors, with Advantage, On the other side, Rewards might be raised for those, whose honest Heads have grown Grey in the Service of the Public; and herein we should imitate our Wise Neighbours, who do the same out of the ancient Demesn of Holland, though in another way, whereby they give Encouragement to those who pass through the Employments of their State, to serve it with Integrity, by an expectation to obtain this Honourable and Profitable Retreat in their Old Ages.  
I say besides these, many great things might be done for this Nation out of the Profits of this Bank; as the Draining of Levels: Regaining Lands out of the Sea; maintaining Lights for the Direction of Navigation; providing Employments for the Poor; all which would more then pay the Expenses laid out on them, and are Works too great for common Stocks, and fit only for Parliaments to undertake; New Inventions might be rewarded, according as they were found useful to the Public, which would be better than confining their use for Fourteen Years to the Inventor; Committees or Councils of Trade might be erected; and Courts Merchants settled for the more easy and quick deciding of Differences relating to Trade, which after great expenses in Westminister-Hall, are now usually referred to the Determination of Those, who understand them better than the Lawyers can pretend to do; Ships of War might likewise be built, fitted out, and separated for the Security of our Trade; and all this out of those Profits, which formerly slid through private Channels into the Pockets of useless Men, who must be then forced to betake themselves to Employments more Serviceable to the Public; in this we should out do our industrious Neighbours the Dutch, even in their own way.  
And since I have mentioned a Council of Trade, I cannot let it pass without some Reflections, (though I have shown the Advantages thereof, if well settled, in another Treatise) we generally employ Commissioners in the Management of things of much meaner Circumstances, and believe they cannot be well carried on without them, who are supposed to understand what they undertake: whilst at the same time, the general Trade of the Nation (which is the support of all) lies neglected, as if the Clogs which directed its Wheels did not require skill to keep them true; Trade requires as much Policy as Matters of State, and can never be kept in a regular Motion by Accident; when the frame of our Trade is out of Order, we know not where to begin to mend it, for want of a Sett of Experienced Builders, ready to receive Applications, and able to judge where the defect lies; 'tis not the twisting of Laws, and forcing them beyond, and sometimes contrary to their first Intentions, under pretence of advancing His Majesty's Customs, will answer that end; nor worrying the Merchants with unnecessary and Groundless Suits, wherein the King's Name and Purse are often made use or to screen the Ignorance of Self Conceited Officers; Honesty, Industry, and good Judgement, are three necessary Qualifications for such as are employed in the Public Revenue; if Reads versed in Trade were set at Work, the King's Customs might be advanced many Thousand Pounds per Annum, by such proper Methods, as would at the same time promote Trade, and enrich the Trader.  
'Tis certain, we cannot support our Trade long without a Substantial Credit, every Man running daily in Debt, and not knowing which way to get out of it; the Species of Money will not answer the occasions we have to use it, by which means there is a difference already of Fifteen per Cent between Money and Credit, which must be paid, where men's necessities do require the former, thus our Foreign Bills will become a Burden on Trade, when the Premio of raising Money to pay them shall be so great, and consequently the Importer must advance it in his Sales, which will be a heavy Tax on the Nation; both Gentlemen and Traders who are engaged in Bonds, must either make them a standing Charge on their Estates, or pay them off at Fifteen per Cent loss; and this is not likely to grow better, but rather worse; the Retailer will be the happiest Man, who hath the Conveniency of raising Money, wherewith he may purchase Bank Bills, and pay his Creditors with them, for which Opportunities will not be wanting in all places of England, when the Cloathiers shall be forced to receive them in payment from their Factors in London, under pretence that they had them for their Cloth, which, whether true or no, they will have a fair Opportunity to put upon them; these Bills not answering the Clothier's Occasions, who must have Money to pay their Workmen, will be sold to Shopkeepers in the Country, who will return them thither again, to answer the Credits they have received there; This will suddenly be our State, and the Trade of England Centre in that great City, to the prejudice of all other Seaports, unless some Care be taken to better our Credit; for though our supply of Money may annually increase from the Mints, yet there will be People ready to catch it up, in order to make these Advantages; and indeed every Man, to whose Hands Money shall come, will endeavour to do the same, so that to what a Condition the King's Affairs will in a short time be reduced, 'twill not be difficult to Guests, when, besides former Clogs, another addition of Fifteen per Cent shall be added to all the Money is taken up for the Occasions of the Nation.  
I am of Opinion that whatever Difficulties may seem to attend the settling of such a Credit, yet it may be done, and I humbly Conceive that Methods may be Proposed, such as may answer all the Ends Intended by it; but than it must be done with an Eye designing only the general Good, Self must be clear shut out, and had we more public Spirits, things which seem difficult would appear more easy; Self Interest, as it Byasses our Judgements, so it perplexes our Designs; a frank free Spirit for the common Good will go a great way in a generous undertaking, and the Public is able to reward such honest Endeavours, which 'twas better they did, then suffer the Treasure of the Nation to be eat up by Goldsmiths, and other Harpies, who prey upon our Vitals; bv the one the generous undertaker is no Charge to the Public, but increases its Treasure, whilst the other lessens it, and destroys our Trade into the Bargain.  
The Face of our Affairs seems to look lowering with respect to these three Things; the meanness of our Credit; the laugnishing of our Trade: and the ill management of Public Offices in relation to both; I do not mention this to amuse the Nation, but as deplorable as things seem to be, I doubt not a Remedy may be found out to rectify all, if Men of quick and strong thoughts were set about it.  
I have already spoken to the first, our Credit; The next is our Trade, which must be acknowledged to have laboured under the neglect of a tedious, but necessary War; and this is not our Case alone, all Europe has felt the smart of it, and France hath had little Cause to boast; I am apt to think it hath lighted more severely on that Nation than any other, it hath seized on the Vitals of her Trade, which it hath not done on ours; Here let us Consider what are the Vitals of the Trade of France, and we shall find them to be, Wines, Brandy, Paper, Silks, Salt, and Linens, in all which both ourselves, and other Nations, have made such a Progress, that the French, who live by them, will scarce ever recover the Blow they have Received; On the other side, the Vitals of this Kingdom are, our Manufactures, our Fishery, and our Plantation Trade; As to the first, it must be confessed our Losses at Sea have been great, and lighted heavy on the Exporters, but still the Manufacture it self hath not suffered, no other Nation hath beat us out of the making of them, nor hath had occasion to disuse them for want of a supply; and if our Woollen Manufactures sink not in their Reputations Abroad, and Care be taken to secure our own Wool from being carried out, and to get that of Ireland brought hither Unmanufactured, farther Improvements may yet be made to the advantage of the Nation; but having spoken largely to this Subject in my Essay on Trade, I shall refer the Reader to it, where I have likewise showed how the Wool of Ireland may be secured hither; I shall only now offer it as my Opinion, that better Steps may be made towards keeping our own from being Exported then have yet been done; I confess all the Laws I have yet seen about Wool seem to reach but half way, they depend too much on Force and Penalties, and too little on Policy; we must begin deeper, and secure the Wool from the time of its growing, till 'tis wrought up into Manufactures; This may be done by practicable Methods, and nothing less than this can do it; our Laws must be so framed, that it shall be the Interest of every one concerned in Wool to put them in Execution; Provision must be made to supply the Growers in all Countries with Money to serve their Occasions, and when they shall see it more their Advantage to sell their Wool, to be wrought up at Home, then to be sent Abroad, no doubt they will do it. Men are not apt to desire the ruin of their Native Country, but when they think themselves neglected, are often provoked to take such Courses, as they would not otherwise do; Those of Rumny Marsh complain of this, that having few Clothiers, their Wool lies on their Hands whilst other Counties have any to sell, by which Means their Rents are unpaid, whilst their Tenants have sometimes Three Years Wool on their Hands; now say they, let us be sure of our Money once in a Year, we ourselves would take Care that none should be Exported, 'tis not the Price but the Payment that prompts us to take these Courses, which, in our own Judgements, we think destructive to the Nation; This might easily be done if our Credit were well settled, and Wool might be made a better Staple than now it is; nor am I of Opinion that the beating down its Price is our Advantage, 'twould bear a better Rate if we could keep it from being shipped out; I believe this Malady might be soon Cured, were the thing well Considered.  
The next Vital in Trade is our Fishery wherein we have had greater advantages than the French; the Ports of Spain have been open to us, which have been shut to them; This might be improved very much to the Interest of England, were a good Credit settled; many Hundred Thousand Pounds might then be raised from these Northern Seas, which would be all Profit to the Nation.  
Neither have we suffered in our Plantation Trade by this War so much as the French have done; I do not say we have not suffered in our Navigation, but our Plantations are not lessened since the War began; and our Losses by Sea have in some Measure been made good to us by our Neighbours the Dutch, and others, who have depended on us for their Products, to whom we have sold both our Sugars and Tobacco, at higher Prizes than we could have done, if all our Ships had come home well; These are our Golden Mines, and have helped to support the Balance of our Trade during the War, their Products being clear Profit to the Nation; and might be yet more Serviceable, were Laws made which might effectually secure all their Product to be brought hither; especially Tobacco, whereby we might as it were put a Tax on most parts of Europe, and make them pay towards the Support of our Government; 'Tis a mighty advantage to a Nation, when it produces a Commodity, so generally desired, and so universally used, as Tobacco is, which, Custom hath to some People made equally-necessary with Provisions, so that they can as well be without the one, as the other; such a Trade as this, aught to be guarded with a great-deal of Care, and all our Laws should tend to make it easy; where great Duties are laid, endeavours should be used to have them equally paid, else Men do not Trade alike, but the honest Importer will be under sold by him, that runs them; I humbly Conceive, a Model might be proposed to make this Commodity much more advantageous to the Kingdom, and to shut out Strangers from being concerned therein: ways may be found out to secure Tobacco from the time of its being cured in the Plantations, till the Duties were paid in England, and by such Practicable Methods, that none should go besides the Mill, or be Exported to Foreign Countries, till it had first paid a Toll here; If this were done, we might set almost what Price we thought fit thereon to Foreign Parts; such a Trade as this deserves all the Encouragement the Nation can give, both to the Planter, and also to the Importer, which cannot be done by any Laws I have yet seen, but new ones may be made, whereby the former might be encouraged to raise greater quantities, and the latter to fetch them Home, and the Government might receive a considerable Revenue thereon, both from the Retailer, and the Exporter, with very little Charge, were a National Credit well settled.  
Last; The Public Affairs cannot be expected to be Managed well till a good Credit is settled, and from hence do arise all our Miseries; 'Tis a Shame to see how Its Debts are Compounded, and those who trust It forced to make Provision accordingly by great Overcharges, whilst the Nation pays the whole, The rest being devoured by Agents, Tally-Buyers, Solicitors, Goldsmiths, and others, who raise great Estates on the ruin of the Public: besides the excessive Rates the KING is now forced to pay for Money, and the Chain of ill Consequences that attend the non payment to such as are employed: Our Soldiers would fight more Courageously, and our Sailors serve more willingly, were they paid more Punctually; and I dare presume to say, that if a Credit had been well settled at the beginning of this War, it might have been carried on with better Success, and we appeared more formidable to the French then we have done, for half the Charge it hath now cost the Nation.  
FINIS.