A PROPOSAL FOR THE ADVANCEMENT OF TRADE, Upon such PRINCIPLES As must Necessarily Enforce it.   

LICENCED  
Roger L'Estrange. April. 13th. 1676.   

To the READER.  
IT being most manifest, that where the Inhabitants of any Land do industriously apply themselves to Traffic and Commerce, they enjoy not only the Conveniencies of Life, but abound in all manner of Plenty; It would be an enterprise highly Laudable in Persons, of the most eminent Abilities, to find out such means, as may most augment our Trade, as well within the Realm, as with foreign Parts; As to the former we have endeavoured its advantage by discovering briefly in the following Lines, such a Way as must necessarily produce it: And we doubt not, but will also by the consequence of it, advantage the latter, in removing all those grand impediments, which have hitherto obstructed the Current of our Trade. Vale.  
Robert Murray & Comp '   

THE Money that is Current within his Majesty's Dominions, consisting only of Foreign Bullion, we cannot absolutely at all times secure to ourselves a sufficient quantity thereof to supply our Occasions; so that (it being the Common Measure wherewith all Trade is Driven) men are enforced to stand still in their Occupations, to their great Impoverishment: Now if a means can be found out to supply this defect, Trade will be enlivened, notwithstanding any accident that may hinder the Importation, or occasion the Exportation of Bullion, or any other way obstruct our Money in its due Circulation, which is the Cause of the many lamentable Calamities and ruinous Effects that are found amongst us.  
Money being no more than a deposit given for such Commodities as men part withal; if in lieu thereof, a Credit be raised upon a substantial Fond, it will in all respects answer the use of Money. And such is the Credit which we propose to issue forth, which all men may easily obtain by depositing their DEAD STOCK, without the least disrepute or inconveniency to themselves, upon the reasonable terms of six per Cent. per Annum; to which purpose Magazines are prepared at Devonshire house, without Bishopsgate, London, for the reception of any Goods for which credit shall be given for two thirds, or three fourth's of their value, according to the quality thereof: and because it is intended to take deposits no longer than for six Months, all persons that shall accept of the said Credit, may at the expiration of seven Months, repair for payment to the place aforesaid, and at any time view the Fond upon which the Credit is raised; and in case it so happen that the Goods deposited be not redeemed by Money, Credit, or any other equivalent deposit, at or before the time contracted for, the same shall be sold to the best advantage of the interessed, and the overplus made good on demand, and in the mean while the Credit being Current, will be as serviceable to all intents and purposes as Money itself; for seeing all Necessaries for Life and Trade are obtainable from one Occupation or other (to complete the body of Commerce in all parts), due Care is taken by engaging a sufficient Number of all Trades, who will receive the said Credit; entering their Names, Trades, and Habitations, from time to time as they offer themselves, who are no longer obliged than they shall find it secure and profitable; of which they may be assured, in as much as all persons may upon this Credit issue forth their own Commodities, and with the same immediately procure to themselves what their Occasions require.  
And if any Person shall think fit to make use of the said Magazine, for the lodging and disposing of any Goods, by way of Commission only, they shall be punctually served therein, and probably will find better opportunity for selling their Goods and serving their Occasions than hath hitherto been found.  
Men are also freed from those great Damages that often attends such as are necessitated to Pawn Goods of considerable value for small Sums, until the same can be sold, and do intrust the Receivers with the sale thereof at reasonable Rates; which notwithstanding is often retarded on purpose to gain to themselves an Extravagant Usury, which Extortion will here be prevented.  
To the rendering this Credit Current, no more is required than what is already practised in Banks here and abroad, where Men deposit Money, and obtain the Bank-Credit, which generally passeth in Receipts and Payments without the real issuing of Money, the Money remaining as a Pawn or Ground of Security in the Cash Chest, or else is employed by the Banker to his own benefit, the Paper Credit being chief Current amongst Traders; and if the Banker miscarry in his Adventures (and the Money being upon Interest, must not lie dead without his inevitable ruin) the Fond that should secure the Credit is gone; and whereas he takes in Moneys we receive Wares and Merchandise, which are always to be found in the Magazine, and not so liable to be Imbezel'd, Robbed, or Seized: Wherefore is in all respects a better Security than a Money-Bank.  
This Enterprise is of so large an extent, that it seems a Complication of divers things already practised in the World; though no place afford us an exact M●●●● of it, 〈…〉 a Bank and Lombard united; but so differenced from both, that in effect it is neither; for the foundation of Credit in Bank is Money, this Goods and Merchandise: and in Lumbards' Goods are received, and Money dedelivered out, here Credit; yet in some respects 'tis like both: for after the same manner, as in Lumbards', all Goods are received in Public Repositories, and Conformably to foreign Banks Credit is issued out.  
It frequently happens that several Goods are only proper to be sold at certain times and seasons, and the Owner wants Money or Credit to prosecute his Trade, who by the method proposed may be accommodated: as for Example,  
A Clothier having a parcel of Clothes, which at present he cannot vend, must therefore attend the opportunity of a better Market: in the interim to carry on his Trade in the Country, he leaves them, as aforesaid, with order to dispose thereof at a price limited with the allowance of the customary Factorage, and thereupon forthwith receives the said Credit, which supplies him with all manner of Necessaries, as from the Salter, Oyl-man, Spanish Merchant, etc. who again furnish themselves, as their respective Occasions require, by virtue of the same Credit; the like may be done by the Norwich Man, those who deal in Tyn, and Led, Miners, and all other Professions; so that this will enforce a Trade, operating alike on both Parties, as well the Seller as the Buyer: and beget mutual, quick, and frequent returns; and though upon every particular Sale, the Gain may be small, the Profit at the years end will be found to be great, making thereby a small Stock, equally beneficial to a great one, with slow returns; and so consequently Money will be less wanting, by reason the Occasions for it are lessened; but if any Person shall be necessitated for Money, 'tis not to be doubted but Moneyed Men will be glad to issue forth their Cash upon this Credit left with them; because all Men may have recourse to the place aforesaid, and there be satisfied with the real Security upon which every Note is grounded that is issued out; due care being also taken to prevent Frauds by Counterfeiting the same.  
And for the better satisfaction of such as may any ways be concerned with the said R. Murray at the Comutation Office, some Citizens have engaged themselves with him to be responsible for whatsoever Goods as shall be there deposited, and Credit issued out thereupon.  
FINIS.   

LONDON, Printed for Jonathan Edwin at the three Roses in Ludgate-street, 1676.