A Discourse on Trade, and Other Matters Relative to it — John Shaqi
A Discourse on Trade, and Other Matters Relative to itCary, John
History
A Discourse on Trade, and Other Matters Relative to it
Cary, John
Great Britain -- Commerce -- Early works to 1800; Great Britain -- Commercial policy -- Early works to 1800
NOR is it hereby intended to put a Force upon any Man; ’twill be the
Interest of the Lender to put his Money into this Bank, where he hath so
certain a Security, and of the Bank to take it in; and on the other Side,
it will be the Interest of the Bank to furnish Money on the Terms here
mentioned, and of the Borrower to receive it; and this single thing, will
in time bring so great a Profit to the Public as will very much sink the
Debts of the Nation, whilst a Common Advantage is Interwoven with it.
NEITHER will this break in on the Priviledges granted to the Bank of
England, by Act of Parliament; for though they are allowed to lend Money
to the Government, on the Terms therein mentioned, yet the Government
hath not bound up it self, from borrowing of any Others, and making their
Payments in such a manner, as shall be thought most Advantagious to the
Nation.
IF any Objections (not grounded on private Interest) shall be made to
what I have here offered, I believe a satisfactory Answer may be given to
them, if this Honourable House shall think what I have Written, worthy
their Consideration.
ALL I shall further add, is, that it can scarce be Matter of Doubt, but
that most Men will part with their Securities on private Funds, and rely
on the General Credit of the Nation, though at a lower Interest, whereby
those Funds will by degrees, become a part of the general Security, which
with what new Taxes shall be given, will be so useful in Circulation,
that it will be next to Impossible, for the most malicious Projectors, to
lessen the Credit of such a Bank, or to make a Run upon it; and those
Taxes that are heaviest on the Poor, and most Injurious to our
Manufactures, may be taken off: And there will be this farther Advantage,
that the several Offices, who are entrusted to buy for the Use of the
Public, according to such Sums of Money, as shall from time to time be
Appropriated by the Parliament, will be enabled to Purchase all things on
the lowest Terms, when their Bills on this Bank, shall be as punctually
discharged, at the time when they become due, as if they were Bills of
Exchange, and in the mean time pass from Man to Man in Payment, which
will be an Addition to the Cash of the Nation, whereby a great deal will
be saved in what they lay out; and Men of Industry, but of small Stocks,
will be enabled to deal with the Government, which now they cannot do;
and will Endeavour who shall supply it on the best Terms, when by such
Payments, they shall be Furnished, to go to Market again; and the Debts
of the Nation will be so Incorporated therewith, that it will be every
Man’s Interest to support its Credit; and the Eye of a Parliament,
which hath Power to make Examples of Offenders, who through Fraud or
Malice, shall offer Violence thereto, will be sufficient to deter any
from such Evil Practices.
I am,
With all dutiful Respect,
Your Honours,
Most Obedient
Servant.
John Cary.
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