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seizure and sequestration, in whose hands soever the same should afterwards be found.
Sect. II. Since which, and, as the natural consequence thereof, the value of our gold coin hath been inhansed to about half as much more as the same was coined at; the inconveniences and damages whereof to the nation and trade thereof are, and will be, at least, as great as the clipping of the silver, and, if not timely prevented, will utterly ruin us in our trarie; and, the longer this is suffered, the firmer will the disadvantages be fixed, till the root of all our commerce becomes worm-eaten and cankered, and we lose the sweet fruit thereof for
Sect. III. In short, the whole nation is almost destitute of monies, not only for the carrying on the war, in, or by any ordinary course of procedure, but for our home markets; and taken off from trade abroad, as by means bereof, so, partly by their losses at sea, partly by the more advantageous proposals for lending or laying out their monies on the lotteries, and other ways and means found out, and pitched upon, by the late parliament, for carrying on the war: and, lastly, by the high exchange of monies abroad for commodities imported hither, and paying our forces there, who must, otherwise, have had more of our monies sent hence to our further streightening.
Is there any remedy ? viz. Q. First, How shall the silver be new coined, so as to become a due measure and standard for traffick?
Q. Secondly, How shall our gold be reduced to its coined value? Q. Thirdly, How shall the war be carried on thereby?
Q. Fourthly, How sball the trade be recovered, so as to preserve our coins, and augment bullion?
To the first, viz. How shall the silver be new coined? &c.
Sect. IV. I humbly proposed, that all the clipped monies might be called in by a certain day to be limited; that the value in weight might be delivered out again new-coined ; and that the damage accruing, as well to the publick as the private persons concerned, by the new coinage thereof, might be made good to both, by issuing so many bills of credit, made current by act of parliament, as would countervail the same, so as there should be no lessening of the nation's stock, and would cost nothing: and, to facilitate this, that all unnecessary silver plate (especially in taverns, inns, ale-houses, and victualling houses) might be prohibited, called in, coined, and delivered out immediately to such as should bring in the same, at five shillings and three pence per ounce, deducting the coinage.
To the second, viz. How shall the gold be reduced to its coined
Sect. V. I humbly propose, that all coined gold may be likewise called in by a certain day, and each piece punched, and delivered back again to the owner, thenceforth to pass but at twenty shillings each guinea, &c. and that like bills of credit may be also delivered to the parties concerned for ten shillings more upon each guinea; and so proportionably for other pieces of gold, &c. And thus both silver and gold become reduced to their coined values, without prejudice, loss, or damage, either to the parties concerned, or to the publick stock of the nation : nobody is injured, but all greatly obliged in thankfulness and loyalty to the king for recommending the care thereof, and to the parliament for their enacting the same: for thus our homemarkets and manufactures will be supplied and carried on, in fulure, to general satisfaction. And, for preventing as much as may be this additional charge upon guineas, I humbly propose care may be taken, that, from henceforth, no guineas may be coined till this work be over; and, afterwards, only such as shall be distinguished from those already coined, by some special mark in the stamp thereof, to be passed at twenty shillings, and no more: which is, also, the reason of propounding that all guineas already coined may
punched, viz. that they may not be twice allowed for. To the third, viz. How shall the war be carried on thereby?
Sect. VI. I formerly proposed, 1. That whatsoever taxes or assessments should be thought fit and necessary to be raised or levied for carrying on the present war, and other publick charges of the nation, whether by or upon lands, tenements, or hereditaments, poll-monies, or personal estates, might be paid by the parties so assessed, quarterly, as had been done before, in ready monies, or silver plate, at five shillings and three-pence per ounce. This I argued to be necessary upon several accounts: 1. To assist and facilitate the coinage proposed. And, 2. For pay of our forces abroad; tho', possibly, not needful to be all sent over in specie, but partly remitted by bills of exchange charged by merchants, &c. and partly supplied by the products, manufactures, and provisions that may be sent from England, Scotland, and Ireland (by which I mean, not only of such things as are needful for the soldiers, or them only, but of others to be transported to our confederate countries, at merchantable rates, instead of monies; out of the proceed whereof, the soldiers paid in the respective monies or coins of such countries) which would be a means to keep much of our monies amongst us, and afford em. ployment to our own manufacturers at home in this dead time of trade, and keep them in peace.
Sect. VII. 2. I also proposed, that every person so assessed, who should voluntarily advance and pay in one full year's tax at one intire payment, to the parish, or county-collector, or receiver, within one month after demand made of the first quarterly payment, might, in lieu thereof, have like bill or bills of credit delivered him, for the reimbursement of his said full sum paid, and so be out nothing. And,
Sect. VIII. That, in case the party taxed should not comply therewith, if any other person should, within one month after that, pay in the said whole year's tax, and should declare bis willingness to accept his repayment thereof quarterly from such taxed party's self, or from the said collector or receiver, when it shall grow due, or be received, he might, in like manner, receive also half the value thereof in like bills of credit for his encouragement so to do.
Sect. IX. 3. That the like method, rules, and advantages might be allowed, in case the parliament shall annually repeat and pass acts for that purpose, during the continuance of the war, and for carrying on thereof, and not otherwise,
Sect. X. 4. That, in case the sums appointed to be assessed, taxed, and levied, &c. shall not amount to the respective values or sums, at which, they shall be declared by the parliament to be computed or estimated (as for example, if four shillings per pound, or whatever other proportion, chargeable on lands, shall be so computed and granted to his majesty, for two millions, which, were it duly taxed, no doubt, it would raise; and, upon the taxing and levying thereof, it shall appear to amount to no more than one million and a half, &c ) whosoever shall voluntarily advance and pay any sun or sums of money or plate, as aforesaid, towards the making up the same, might, for every hundred pounds sterling so paid by him, receive, and have like bills of credit, delivered him to the value of a hundred and twenty pounds; and so proportionably, for any lesser or greater sum, that shall be so paid in and received on that account. On which terms, no doubt, but such sums, as the parliament shall think fit to raise, for carrying on the war from year to year, may, and will be raised in money, for that service; as long as there shall be so much money in trade, or hoarded up in the nation, to be had : which is our present consideration and care. And, further than that, is 10 be over fore-sighted in the present crisis. And,
If any object, this will reflect on and lower the reputation of our nation abroad; as if we were reduced to so sinking a condition, as not to have money sufficient to carry on the war: And thence, that we cannot hold out, to the length of the French king, &c.
Sect. XI. I answer, first, Such, as so think, will but deceive themselves; and, if they be our enemies, be necessitated to take new measures, for (which they might have observed before) the king will certainly be supplied by this means, with ready monies, as much as be shall need, each year, and that, in the beginning thereof, and by no other way whatsoever, for carrying on the war. For these advantages will bring out all the hoarded best money, which any have culled and laid by against a more cloudy day: if means be used for promoting trade, as is herein after proposed; otherwise, it will be in vain to conceal our poverty. All the world will see it, whatever taxes shall be laid on the nation, cannot otherwise be paid : so that, if our dependence should be thereon, they must and will fail, for wamt of a money-stock to pay them: But,
Sect. XII. Secondly, It is well known, that all nations and persons improve their credit, some banks of credit, as well as monies, for carrying on their respective trades, and occasions, both at home and abroad, without the least reflexion of dishonour; and they grow rich thereby (to which many of our wealthiest men in this city and kingdom must subscribe, who began with little of their own) and much more may these nations. For,
Sect, XIII. Thirdly, his majesty and parliament, designing vast improvements, both of wealth and power, for these nations, by their own products and manufactures, which may be as well done by bills amongst ourselves, as by ready monies, beyond whatever was in prospect, attempt, or attainment heretofure, by us, or any nation under heaven, by all their or our ready monies; by this medium of bills of credit, added to our money-stock, for the inlargement and increase thereof, to what proportion they please, will be able to carry on the same, pari passu, with this expensive war: And thereby become more formidable to our enemies. And, the rather,
Sect. XIV. For that no other nation will be able to keep pace with, or go to the length of these kingdoms, nor to imitate us considerably, in these undertakings; by reason of our products and manufactures, to so great excess of theirs, &c. which must of necessity bring in great plenty of gold and silver. Nor will they be able to hinder our free trading, during the lasting and continuance of this war, if we be not wanting to ourselves : And, consequently, in an ordinary course of Providence, we shall find our enemies disposed, or necessitated, to seek our peace and friendship, when they shall find us disposing ourselves into such a flourishing condition. Which brings on the consideration of the ways and means, next to be treated of, viz, under
The fourth question, viz. How shall our trade be recovered, so as to preserve our coin, and augment bullion ? &c.
Sect, XV, I answer, first, by the parliament's owning and encouraging the royal fishery company and trade, to the increase of one, two, or three millions per annum, export of that sea product : Which, added to our other products and manufactures, and they also improved and multiplied as aforesaid, must necessarily produce and bring in great wealth of all kinds: And particularly, plenty of monies, for its balance, from the masters of it in all countries, &c. For, the situation of these islands, being such as may justly challenge to be the emporium or mart of all trade, beyond all others put together, and furnished thereby, at all times, with magazines and stores of all sorts, for war and peace, for ourselves and all our neighbours, must needs be attended with this success (our ports being made free for their importation and exportation after a time to be limited.) And we shall not need to fear the vent of such surplusage of imports, as we shall not use, even for ready monies of all countries, who shall need them: Nor shall we have any occasion to send out our monies, to fetch in like proportions yearly.
Sect. XVI. Secondly, by taking care, that guards and convoys be always in a readiness to attend, as well our fishing-trade, as our foreign exports and imports. To which purpose, it is humbly proposed, as necessary hereunto, that a select number of ships of war be set apart for that sole use, and be under such conduct and commanders, as may be accountable for their miscarriage, by the neglect of their duty therein. The raising, charge, and paying of which ships may be borne, and provided for, by the bills of credit aforementioned, which will cost the nation nothing. And this may be called, in way of distinction, the Trading admiralty, or fleet volant for trade;' as the other is the navy royal. It may also be done by commissions from his majesty, and be but temporary, viz. whilst his majesty, being engaged in wars abroad, cannot so well, or seasonably, attend the particular consideration of such things, as may encourage and enlarge so great trade of these' nations, or addresses cannot be made to him in order thereunto.
If it be said, this seems to lay the whole foundation of our trade and commerce, on bills of credit, which have neither intrinsick value, nor fund.
Sect. XVII. Admitting that, yet, 1. If we have a sufficiency of these bills in our counting-houses, pocket-books, or letter-cases, uncounterfeitable, made current, as monies, by act of parliament, which will answer all our occasions at home, as well as monjes in specie ; and particularly may as well be disposed forth at interest on bonds, as