An Essay Towards Regulating the Trade, and Employing the Poor of This Kingdom: Whereunto is Added, an Essay Towards Paying Off the Publick DebtsCary, John
History
An Essay Towards Regulating the Trade, and Employing the Poor of This Kingdom: Whereunto is Added, an Essay Towards Paying Off the Publick Debts
Cary, John
Great Britain -- Commercial policy; Great Britain -- Economic conditions -- 18th century; Poor -- Great Britain
IV. As to the Fourth thing Proposed, The necessity the Nation lies
under to have its Credit setled 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 Majesties 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
returned 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
carryed to the next adjacent Mint, in order to be Recoined, yet this
will no way be Serviceable to the Country, unless a Credit be setled,
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_
carryed 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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