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
IV. As to the fourth Thing proposed, The Necessity the Nation lies under
to have its Credit settled this present Sessions, it will appear, if we
consider, how _London_ now stands in Competition with all _England_
besides, as to the Specie of Money, and how it will stand before another
Sessions: ’Tis generally agreed, that about one Moiety of the Money of
_England_ is already Center’d in that great City, and the rest is not
enough to pay the Debts owing to it, together with his Majesty’s
Revenues, Bonds already entered into, and Taxes now to be given, for Six
Months longer, besides the Foreign Bills, which are generally made
payable there, all which must be return’d in Specie; for though by an
Act of this present Sessions: Intituled, _An Act for the farther
Remedying the ill State of the Coin of this Kingdom_, it is among other
things provided, That all Money that shall be brought in upon Account of
Taxes, or Revenues, or Loans, at Five Shillings and Eight Pence _per_
Ounce, shall be carried to the next adjacent Mint, in order to be
Re-coined, yet this will no way be Serviceable to the Country, unless a
Credit be settled, it must otherwise be sent up to _London_ after coined
for want of Returns, the Debts due to the Country being paid there in
Bank, which is Sixteen _per Cent._ worse than Money, and those due from
the Country demanded in Specie, so that the Money of _England_ is every
Week brought up thither; and then, if it be next considered, what Methods
are left to the Country to draw it back again, _viz._ by Provisions and
some few other Things, ’twill be reasonable to believe, that seeing the
supply made from that City to the Country is greater than what is made
from the Country thither, all the Cash of _England_ will center there in
a short Time, to the Ruining of the other Trading Cities, and disabling
of the Country to pay future Taxes; and this will make the dependence on
_London_ still greater, till by its own Bloatiness it must at last burst,
when the Estates of the Traders shall consist only in Debts due from the
Country, which must still lye out for want of a Specie to pay them in; so
that all the Advantage _London_ will receive, is, that it will be last
ruined.
Now if a good Credit be settled out of Hand, and the Mints continued in
the Country, the Money that is now there, may be still kept there, and
Methods found out to increase it, and the Trade of _England_ carried on
with an equal Circulation in all places; this will keep up the Rents of
the Lands of _England_, which must otherwise fall in their Values,
suitable to the distance they stand in from that great Metropolis.
Public-domain text, read in full here on John Shaqi.
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