Industrial Biography: Iron Workers and Tool MakersSmiles, Samuel
History
Industrial Biography: Iron Workers and Tool Makers
Smiles, Samuel
Industrial arts -- Biography; Iron industry and trade -- Great Britain -- Biography
In 1677 he published the first part of his England's Improvement by Sea
and Land--a very remarkable book, full of sagacious insight as
respected the future commercial and manufacturing greatness of England.
Mr. Dove says of this book that "Yarranton chalks out in it the future
course of Britain with as free a hand as if second-sight had revealed
to him those expansions of her industrial career which never fail to
surprise us, even when we behold them realized." Besides his extensive
plans for making harbours and improving internal navigation with the
object of creating new channels for domestic industry, his schemes for
extending the iron and the woollen trades, establishing the linen
manufacture, and cultivating the home fisheries, we find him throwing
out various valuable suggestions with reference to the means of
facilitating commercial transactions, some of winch have only been
carried out in our own day. One of his grandest ideas was the
establishment of a public bank, the credit of which, based upon the
security of freehold land,[17] should enable its paper "to go in trade
equal with ready money." A bank of this sort formed one of the
principal means by which the Dutch had been enabled to extend their
commercial transactions, and Yarranton accordingly urged its
introduction into England. Part of his scheme consisted of a voluntary
register of real property, for the purpose of effecting simplicity of
title, and obtaining relief from the excessive charges for law,[18] as
well as enabling money to be readily raised for commercial purposes on
security of the land registered.
He pointed out very graphically the straits to which a man is put who
is possessed of real property enough, but in a time of pressure is
unable to turn himself round for want of ready cash. "Then," says he,
"all his creditors crowd to him as pigs do through a hole to a bean and
pease rick." "Is it not a sad thing," he asks, "that a goldsmith's boy
in Lombard Street, who gives notes for the monies handed him by the
merchants, should take up more monies upon his notes in one day than
two lords, four knights, and eight esquires in twelve months upon all
their personal securities? We are, as it were, cutting off our legs and
arms to see who will feed the trunk. But we cannot expect this from
any of our neighbours abroad, whose interest depends upon our loss."
Public-domain text, read in full here on John Shaqi.
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