A Stiptick for a Bleeding Nation: Or, a safe and speedy way to restore publick credit, and pay the national debtsUnknown
History
A Stiptick for a Bleeding Nation: Or, a safe and speedy way to restore publick credit, and pay the national debts
Unknown
Coinage -- Great Britain -- Early works to 1800; Debts, Public -- Great Britain -- Early works to 1800; South Sea Company
While our _Money_, which is the Blood of the _Body Politick_, is
suffer'd to run out, and there is no Supply, all _Projects_ for
restoring _Credit_, and keeping up the Spirits of the _People_, will
prove abortive. _Trade_, and the Noblest Undertakings for Employing the
_Poor_, must be at a full Stop, if Money be wanting to carry them on.
'Tis certain, that until we have a greater Plenty of Money, _Trade_ and
all other Business must be assisted with _Paper Credit_; and if it does
not receive Voluntary Credit, it will never be made by Force. And if our
Affairs are rightly managed, our Estates are doubled, and secur'd; if
not, the best Estates will soon be worth nothing.
That _Paper Credit_ may have an immediate Currency, it is necessary for
the _Exchequer_ to issue out as many _Notes_ as they shall be able to
circulate, with a _Tax_ of a _Guinea_ on every _Transfer_; the one Half
to be paid by the _Buyer_, and the other by the _Seller_.
That those _Bills_ be to discharge the Debts due and owing by the
_Government_: And that the said _Bills_ be circulated in _London_.
Some make a mighty Noise, that if our _Coin_ be raised, _Foreigners_
will not take it. I answer, For that Reason we ought to raise it. If we
are to pay _Foreigners_ any Thing upon the Balance of an Accompt, we
ought to pay them as near as we can in their own Coin.
That no Person (under severe _Penalty_) presume to raise the _Price_ of
any Thing, on Account of the Alteration of the _Coin_; otherwise the
_Name_ is only alter'd, and not the _Value_ of our Coin: There being as
much Reason for the _Parliament_ to put a _Value_ thereon, as for a
_Goldsmith_ to do it on wrought Plate.
But the first Care to be taken, is, How the _Nation_ may prevent any
Advance in _South-Sea_ Stock above what it was before; so that
_Foreigners_ concern'd may not receive a _greater Principal_ than a
Hundred Pound, and Five _per Cent._ as they did before this unhappy
_Ingraftment_: For the Stock, by the said _Ingraftment_, will be of such
a Magnitude, that a Hundred _per Cent._ Advance will, in all
Probability, give the Strangers such a Capital, as will amount to more
than the whole _Cash_ of the Kingdom.
The _Foreigners_ have taken an Alarm since our late _unhappy
Mismanagement_; and are only waiting for some _New Project_, to sell
out, and strip us entirely: So that if we will consider our own
_Preservation_, we must rather _depretiate_ our Stocks, than seek Means
to _augment_ them.
It is a receiv'd Maxim, _Salus Populi Suprema Lex esto_: This I take to
be meant of the _whole Body_, not of some Parts of the _People_. And
tho' _Thousands_ may suffer, yet it is a receiv'd Rule, That the
_Whole_ is first to be consider'd, when it comes in Competition with any
_Parts_.
Therefore, in our present Case, the _Whole_ is to be consider'd; and the
_Preservation_ of that, is to weigh down against all the Hardships that
may happen to _Particulars_.
Public-domain text, read in full here on John Shaqi.
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