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
Seeing then, that nothing but the same Power which first constituted this
Bank can destroy it, (a Power with whom we intrust our Lives, Liberties,
and Estates) I cannot see the least Room left for distrust; for what
Advantage can any future Parliament expect by a design of seizing this
Bank, when the Treasure thereof may be drawn out, whilst they are framing
the Law; and the Consequence thereof will be, the Ruining their own
Estates, for which they can promise nothing to themselves, save the being
possest of empty Papers.
What farther Hazard the Nation can run, must proceed from the Neglect of
the Managers, or the Fraud of under Officers, which, Care in the First,
and Security for the Last, will prevent.
II. The next Thing is to shew the Advantages which _England_ will reap by
setling the Credit here proposed; whereof some do immediately attend it,
others are consequential.
Those which immediately attend it, are,
1st, The Rate of Interest will hereby be brought lower, to the Advance of
our Lands, and Encouragement of our Trade, by Methods altogether as
profitable to the Usurer, who will be willing to let his Money Cheaper,
when it shall never lie dead without his Consent, his Security be
unquestionable, and freed from the Charges of litigious Suits, which so
frequently accompany doubtful Mortgages.
2dly, Both Gentlemen and Traders will hereby be supplied with Money to
serve their Occasions, on such reasonable Security as they are able to
give, when that Security shall be strengthned, by having the Preheminence
above all other obligations; they may also have Liberty to pay it in by
such Proportions, as they can best spare it, when it shall be equally the
Interest of the Bank to receive it so, which will never want new
Opportunities to let it out again.
3dly, This Credit will give us an Esteem in Foreign Parts, draw their
Moneys hither, and consequently their Trade, and thereby their People,
all which will be an Advantage to _England_.
4ly, It will supply the Government with Money to carry on the War at
moderate Interest, and make its Credit good; whereby the public Revenues
will reach farther to serve its Occasions, and the Ministers of State be
freed from many anxious Thoughts, which now make them uneasy.
5ly, It will make Returns from place to place in _England_, both cheap
and certain, which will help our Inland Trade, and prevent Robberies, now
too much encouraged by travelling with Money; It will also be profitable
to our Foreign Trade, by bringing Exchanges low in our favour.
Public-domain text, read in full here on John Shaqi.
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