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
That the Commissioners do once every Year at least, make up the Accounts
depending between the Public and the Bank, allowing ### _per Cent._
Interest as before; and make Application to the Parliament for its
Reimbursement.
That Bills and Bonds be made Assignable by Law, and the Property be
thereby transfer’d to the Assignee.
That Trustees may put the Money belonging to _Orphans_ into this Bank,
which shall be a Discharge to them for so much of their Trust, the
Interest to be duly issued out for the Maintenance of the said _Orphans_;
and that all Plate and Bullion belonging to the said _Orphans_ be by the
Trustees coined up at the next Mint, and the Money put into the Bank for
the use of the said _Orphans_.
That the Money in this Bank be freed from Taxes.
Concerning which Credit I shall briefly speak to these Four Things.
I. First, _Its Security_.
II. Secondly, _Some of those Advantages the Nation will reap by it_.
III. Thirdly, _I shall make some Comparison between this Credit, and the
present Bank of_ England.
IV. Fourthly, _I shall set forth the necessity of setling the Nations
Credit in this present Sessions_.
I. As to the _First_, It hath the Legislative Power of the Kingdom of
_England_ for its Foundation, a Security strong enough, and nothing else
can be so, to build this Great Superstructure upon, the well modeling
whereof, will keep it from being subject to the Designs of private
Persons: This will last so long as the Peoples Liberties last, for no
Change can weaken it, so long as the People of _England_ have a hand in
making their own Laws, whose Common Interest will be riveted and made up
with the Security of this Bank, that they will in a short time become one
thing, so that nothing less than a Conquest will be able to shake it:
This we cannot fear from any Nation besides the _French_, nor from them
neither, till _Holland_ is first subdued; therefore, as those States must
first truckle, so far will our Bank be more secure than theirs: _France_
cannot erect a Bank on any sort of Security, because the Will of the
Prince being his Law, alters according to his present Occasions: Nor can
_Spain_ do it; where, not only the Government but also the Profits
thereof, are divided amongst its Ministers: As for _Sweden_, _Denmark_,
and _Portugal_, the Princes of _Italy_ and _Germany_, few believe their
Circumstances to be such, as to render them capable of erecting a Bank,
which may draw the Eyes of _Europe_ to look towards it; _England_ only
can do it, for as an easy Government is its own Security, so that
Security encourages Trade, and these two, accompanied with the Profits
offered to a running Cash, will make all _Europe_ desire to settle their
Monies here.
Public-domain text, read in full here on John Shaqi.
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