An Essay on the State of England: In Relation to Its Trade, Its Poor, and Its Taxes, for Carrying on the Present War Against France — John Shaqi
An Essay on the State of England: In Relation to Its Trade, Its Poor, and Its Taxes, for Carrying on the Present War Against FranceCary, John
History
An Essay on the State of England: In Relation to Its Trade, Its Poor, and Its Taxes, for Carrying on the Present War Against France
Cary, John
Great Britain -- Commercial policy; Poor -- England
I do not think it convenient to advance our Coyn, but let Bullion be of
the same value when coined as it was before, else we have not the true
worth of the Commodity we sell for it, but are deceived by the Stamp,
which may be counterfeited by the _Dutch_ and other Nations for the
profit of the Overplus, besides it will seem ridiculous for a Man to give
Twenty Shillings worth of Silver for Eighteen Shillings of the same
specie, only because it is medall'd; this will necessarily be followed by
the advance of Silver suitable, the consequence whereof will be the
selling our Manufactures abroad cheaper, as we receive less Bullion for
them, and the whole Profit redound to the King of _Spain_, whose _Indies_
by the advance of his Bullion will be worth more than they were before;
nor will this hinder its being carry'd abroad, perhaps it may keep our
Coin at home, but not our Silver, which will be still carried out in
Specie; not that I am of their Opinions who think the advance of Money
would raise the price of Foreign Commodities among us, our own Experience
shews it will not, we buy and sell as much for Twenty Shillings in
Farthings as for so much Silver Coin; nor will their comparison with the
_Portugal Trade_ hold here, for when that King advanced the value both of
Peeces of _Eights_, and also of his own Coin, the Importer was obliged to
advance the Price of his Goods, because Silver was the Specie wherein he
was to make Returns, which he received not as it was worth in Coin but in
value by the Ounce, whereas had he laid it out in Commodities the Case
had been otherwise, I make a great difference between Money as it is the
Medium of _Trade_, and as it is the Commodity we make returns in; there
are better Reasons than this why Coin should be kept up to its true value.
And for the more easie calling it in when the Parliament shall see fit, I
think 'twere best to cry down all clipt Money at once, only to be
received for six Months by the King in his Taxes, who may send it into
the _Mint_, and if the Computation be allowed that we have about six
Millions of Coined Silver Money in the Kingdom, suppose four of it to be
clipt, the Taxes of _Customs_, _Excise_, _Aids_, &c. which we pay in six
Months will require near that Summ; and if there remain Two Millions
unclipt, it will serve the ordinary Expence till so much new Money can
come abroad, at the end of which time let all the rest be called in by
the same Method; This will bring forth the Broad Money, which is now
hoarded up, and during this Scarcity both the King's occasions and those
of _Trade_ will be very much answer'd by _Gold_ and _Bank_ Notes; and for
better preserving our new-coined Money, let none for the future exceed
Shillings, or at most Half Crowns, and those be made broad and thin, with
the Ring on the Extent of the Circumference, which will prevent both
Clipping and Drilling, and if the Stamp be not deep 'twill prevent
casting.
Public-domain text, read in full here on John Shaqi.
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