Part 3

I am of opinion that the Trade of this Kingdom might be secured with no greater Expence to the Government than now 'tis at, but then better Methods must be taken, and Men employed whose Interests it is to see them put in Execution: When we first began this War the Nation had many Difficulties to cope with, the _French_ seemed to vye with us at Sea, whilst their Armies outnumber'd ours at Land, but now blessed be God the Scale is turned, we force their Garrisons and storm their Castles whilst they look on unable to relieve, and at the same time our _Navy-Royal_ blocks up theirs, whilst our smaller Fleets Bombard their Sea-Port Towns, we not only ride Admirals in the _British_ Seas but also in the _Mediterranean_, and yet do now suffer more Loss in our Navigation than formerly we did; The _French_ are come to a new way of fighting, they set out no Fleet, but their Privateers swarm and cover the Sea like Locusts, they hang on our Trade like Horse-Leeches, and draw from it more Blood than it is well able to spare, whilst we still go on as we did, without new Methods to countermine them; The _French_ King breeds up a Nursery of _Seamen_ at our Charge, whilst his Subjects are made Rich by our Losses; the Act for Cruisers was well design'd had it been as well put in Execution, the Parliament thereby shewed what might secure our Trade, but left things so discretionary to the Managers, that the Merchant knows not when he receives the Benefit thereof, or how to complain if he doth not, and by this means is in a worse Condition than he was before the making that Law, adventuring larger because he thinks he Trades securer; I confess for my own part I value nothing that cannot be reduced to a certainty in its practice, things seem difficult to those who do not understand them, if we are to Besiege a Town we make use of Soldiers, if to storm a Castle, Engineers, if to build a Ship, _Carpenters_, and so in lesser things, and yet Gentlemen are thought fit to sit at Helm, and steer the Ship wherein is Embarqu'd the Treasure of our Trade, who are altogether unskill'd therein, on whose good Conduct the Nation's Weale or Woe depends; Thus things do fall into Confusion, whilst Men undertake what they do not understand and set the Nation in a flame, whilst they injudiciously guide the Chariot of the Sun; This makes Foreign Commodities dear, and advances the Prizes of Materials used in our Manufactures, so that as Trade grows worse Expences grow greater, and at the same time no Body is a Gainer, The Merchant pays such high Fraights and Insurances, that he gets little by Trade tho' he sells his Imports for great Prizes; and yet the Insurers complain they lose by underwriting, and therefore advance their _Premios_, which is a new advance on Trade; and the Owners of Ships get nothing by their Fraights, because they pay great Wages to the _Saylors_, and meet with such Delays both at home and abroad that the length of time eats up all their Profits, so that Fraights must rather rise than fall; nor do the _Saylors_ get, who generally brought home more Money to their Families in the time of Peace at three Years end when they served for Twenty-four Shillings _per Month_ than they now do at Fifty, one lost Voyage bringing them more behind-hand than two good ones put them forward; Now if Heads well verst in Trade were set at work, Methods might be thought on to secure all with little Charge to the Government, and hereby the Kingdom might flourish, and be supplyed by the Merchant with Commodities cheaper, whilst the Insurers underwrote for less _Premio_, Fraights let on lower terms, the Wages of Mariners fallen, and All got more than now they do; our Numbers of Seamen might then be increased, and every Ship that goes abroad be a Nursery for the Fleet at home; Privateering, which is now become a Trade amongst the _French_, must then necessarily sink all concerned therein, its own Weight and Charge would crush it did we prevent their taking Prizes; and no doubt the Merchants of _England_ would not oppose such Regulations in their Trades as they saw were to their Advantage, or refuse to be at some Charge when they saw those Payments saved Money in their Pockets, and that the management of things was put into the Hands of Persons engaged in the common Interest of Trade with themselves: This seems to me of great Importance in our Manufactures, when the foreign Materials shall be furnished cheaper to the Maker; besides if Trade were well secured the War would scarce be felt, Losses by Sea discourage the City, and the ill Consequences thereof reach the Country, whereby both suffer more than by all the Taxes they pay towards carrying it on.

[Sidenote: By lowering the Interest of Money.] [Sidenote: Banks & Lombards.]

7. By falling the Interest of Money; this would very much quicken Trade, and indeed is the true Measure of it, the Merchant would be better able to cope with Competitors abroad in the Manufactures when his Interest did not eat so deep as now it doth, and the Maker would be enabled to sell them cheaper at Home; if Interest were fallen 'twould make all Trades flourish, for whilst we stand not on the same Terms with our Neighbours herein we must expect to be undersold every where by them; the _Dutch_ pay but Three _per Cent_, and are thereby enabled to Trade so much lower than we can; the truth is 'tis a shame Money should yield more by being put to Interest than 'twould do if laid out either in Land or Trade; the first doth not clear Four _per Cent_, the latter will not bring the Borrower Five for all his Pains and Industry when the Userer is paid, whilst the other runs little Risque, and is a Drone in the _Common-Wealth_; as for Orphans and Widdows, (which is the main Objection against it) let their Expences be lessened suitable to its Fall, and for all other People, let them employ their Money in Trade if they think 'twill yield more; And here I judge it not amiss to mention Banks and Lumbards, which I take to be so many Shops to let out Money, for which they receive such Security, and for such time, as stands most for the conveniency of Trade, and therefore the more the better, because every one will endeavour to underdo another.

[Sidenote: By rectifying the Currant Coin.]

8. By rectifying the Currant Coin of this Kingdom, which is now so debased that Men rather truck than sell for Money, not knowing whither the next Man they deal with will take what they just before received for their Goods; this makes Payments precarious, and _Trade_ uneasie, mony rising and falling on Men's Hands daily, so that now nothing is more uncertain than that which should be the Rule of certainty in the value of all other things.

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.

As for the _Iron_ and _Counterfeit-Money_, (which is supposed to be about a Million) it must be lost to those who have it; and I suppose a Tax of about Fifteen Hundred Thousand Pounds will make good the other.

[Sidenote: By discouraging Stockjobbing.]

9. By discouraging _Stockjobbing_; This hath been the Bane of many good Manufacturies, which began well, and might have been carry'd on to Advantage if the Promoters had not fallen off to selling Parts, and slighted the first Design, winding themselves out at Advantage, and leaving the Management to those they decoyed in, who understood nothing of the thing, whereby all fell to the Ground; This may be prevented (I mean so far as concerns Corporations) by Laws framed for that end, or by Clauses in their Charters.

[Sidenote: By taking away Priviledged Places.]

10. By taking away all Priviledged Places, and making it easier for Creditors to recover of their Debtors; Men now betake themselves to Sanctuary, and spend what they have at defiance with those to whom they owe it; on the other side if Laws were made for the more equal Distribution of the Estates of those who fall to decay, with a Reserve of some part thereof to themselves on a fair Discovery, and a force on the minor part of the Credits to agree with what Composition should be made by the major, so many People would not then be necessitated to such Methods, or be ruined by lying in Goals, as now there are, but be enabled to put themselves again into ways for a future Maintenance; Misfortunes may and often do befal industrious Men, whose _Trades_ have been very beneficial to the Nation, and to such a due Regard ought to be had; but for those who design under the shelter of a Protection or Priviledge to spend all they have, and thereby cheat their Creditors, no Law can be too severe.

[Sidenote: By preventing Exportation of Wool.]

11. By strengthening the Laws against Exportation of Wool by such practicable Methods as may prevent its being done; and such may be thought on; for when a Nation's Interest doth so much depend thereon, no Care can be too great, or Methods laid too deep; Laws concerning _Trade_ whose sole Strength are Penalties (and especially such as end in Death) rarely reach the thing aimed at; but practicable Methods, whereby one thing answers another, and all conspire to carry on the same Design, hanging like so many Links in a Chain, that you cannot reach the one without stepping over the other, these are more likely to prevent Mischiefs; Its one thing to punish People when a Fact is done, and another to prevent the doing it by putting them as it were under an impossibility; now where the Welfare of the Kingdom lies so much at Stake, certainly it cannot be thought grievous to compel a submission to good Methods, though they may seem troublesom at first.

Thus there have been severe Laws made against carrying the Plantation Commodities directly thence to Foreign _Markets_, and stealing the _Customs_ when brought home, and what effect these have had we all know, thousands of Hogsheads of _Tobacco_ being yearly Ship'd to _Spain_, _Scotland_, and _Ireland_, both from _New-England_, and other Places; whereas Sound and Practicable Methods may and are ready to be laid down to prevent both, with few Officers, and fewer Penalties.

[Sidenote: The ill consequences of sending our Wool.]

And that we may better see the Mischiefs which attend the carrying abroad our _Wool_ unwrought to other Nations, let us consider the Consequences thereof in what is Shipp'd to _France_, whose _Wool_ being very course of its self, and fit only for _Ruggs_ and ordinary _Cloth_, is by mixture with ours and Irish used in the making of many sorts of pretty _Stuffs_ and _Druggats_, whereby the Sales of our _Woollen_ Manufactures are lessened both there and in other places whither we export them, and by this means every Pack of _Wool_ sent thither works up two besides it self, being chiefly combed and combing _Wool_, which makes Woofe for the _French Wool_, and the Pinions thereof serve with their _Linnen_ to make course _Druggats_ like our _Linsey-Woolsey_, but the _Linnen_ being spun fine and coloured is not easily discerned, also the finest short _English Wool_ being mix'd with the lowest _Spanish_ makes a middling sort of _Broad Cloth_, and being woven on _Worsted Chains_ makes their best _Druggats_, neither of which could be done with the _French Wool_ only, unless in Conjunction with ours or _Irish_, _Spanish Wool_ is too fine and too short for _Worsted Stuffs_, and unfit for Combing, so that without one of those two sorts there cannot be a piece of fine _Worsted Stuff_ or middle _Broad Cloth_ made, no other _Wool_ but _English_ or _Irish_ will mix well with _Spanish_ for _Cloth_, being originally of the same kind, raised from a Stock of _English Sheep_, the difference in fineness coming from the nature of the Land whereon they feed; of this we have Examples in our own Nation, where we find that _Lemster Wool_ is the finest, next, part of _Shropshire_ and _Staffordshire_, part of _Glocester-shire_, _Wilts_, _Dorset_, and _Hampshire_, part of _Sussex_, and part of _Kent_, _Somerset_, _Devon_, and _Cornwall_, these are most proper for _Cloth_, some small part for _Worsted_; _Sussex_, _Surry_, _Middlesex_, _Hartfordshire_, and some other Counties produce _Wool_ much courser and cheaper; But then _Barkshire_, _Buckingham_, _Warwick_, _Oxon_, _Leicester_, _Nottingham_, _Northampton_, _Lincoln_, and part of _Kent_ called _Rumny-Marsh_, the _Wool_ in most of these Connties is so proper for _Worsted_, that all the World except _Ireland_ cannot compare with it, therefore requires our greater Care to prevent its Exportation, and more especially from _Ireland_, whence it is often Exported to our Neighbouring Nations, and sold as cheap as in _England_.

[Sidenote: By making Bonds and Bills Assignable.]

12. By making _Bonds_ and _Bills_ assignable, and being Assigned and Transferred from one to another, the Assignee to be capable in his own Name to Prosecute the Debtor whose _Bond_ or _Bill_ it is, without using the Name of the Assignor, or any _Letter of Attorney_ from him to require or recover the same; by this means young Men of small Stocks and Credits may on sale of their Goods and taking _Bills_ for Payment return to Market again, and purchase with those _Bills_ such Commodities as they want to carry on their _Trades_; this also will produce a great Punctuality amongst Traders, for all Men to keep up the Reputation of their _Bills_ will endeavour to be exact in their Payments, that so they may be currant, and freely accepted in Commerce, every One's Credit will then be esteemed according as he is punctual in the payment of his _Bills_; Besides, this Punctuality will produce another good effect, those _Bills_ will be bought up by mony'd Men for the Advantage of their discount, and it will by degrees lessen the Extortion of Usurers.

[Sidenote: By confining to a method in Trade.]

13. By prohibiting Persons from following several Trades at once, _viz._ The Merchant from being a Shopkeeper or Retailer, and the Shopkeeper from being a Merchant or Adventurer at the same time; hereby each Trade would be better managed, and with more Advantage to both, for whilst the Merchant employs his Stock abroad in Exporting the Commodities of the Kingdom, and supplying it with others, the Retailer would keep his at home, ready to buy up those Imports, and disperse them into the Country, and both would go on unanimously in their Trades, because neither would interfere in the others Business.

[Sidenote: My managing Treaties of Peace to the Advantage of Trade.]

14. By taking Care that in all Treaties of Peace and other Negotiations with Foreign Princes a due Regard be had to our Trade and Manufactures; that our Merchants be respected, and not affronted by the Governments among whom they reside; that all things be made easie to them, and both their Liberties and Properties secured; that our Manufactures be not prohibited, or burthened with unreasonable Taxes, which is the same in effect; that speedy Justice be done in recovering Debts contracted amongst the Natives, and punishing Abuses put on our Factories by them; These are pressures our Trade hath long groaned under, whereby the Merchants abroad and Manufacturers at home have been much discouraged, and the _English_ Nation hath been forced to truckle under the _French_ in Foreign Parts (especially in _Portugal_, and the Islands belonging to it) only because that King sooner resented Injuries done to his Traders, and took more Care to demand Reparation, than our last Reigns have done; but blessed be God we have now both Power and Opportunity to do the same, and there is no cause to doubt His Majesty's Royal Inclinations to make use of both for the Good of his Merchants when things are duely represented to him.

[Sidenote: Liberty of Conscience.] [Sidenote: The Quakers in respect to Oaths.]

I should in the last place have added _Liberty of Conscience_, but that being already settled by Law I need not mention it, only this, that it were to be wisht some way might be found out to make Methods of Trade more easie to the _Quakers_ than now they are; I am apt to think that he who appears in the Face of a Court to give Evidence on his word if he be a Man of Couscience looks on himself equally obliged to speak the Truth as if he was sworn, and nothing will deter a dishonest Man like she fear of punishment.

[Sidenote: The Importation of Materials to be manufactured will encourage Trade.]

Nor will the prohibiting things already manufactured be any way a hindrance to Foreign Trade, but rather an Incouragement; more Ships will be fraighted, and more _Saylors_ imployed by the Importation of Materials, besides the great Advantage to the Nation in the ballance of its Trade, which must then be returned in _Bullion_ by so much more as they cost less abroad than the others; and this will enable us to afford a greater Consumption of Foreign Commodities spent on our Palates, such as _Wines_, _Fruit_, and the like, all which fill our Ships, and are fit Subjects for _Trade_ when the Profits of a Nation enable it to bear their Expence.

[Sidenote: Navigation.] [Sidenote: Manning our Ships of War.] [Sidenote: Pressing Saylors.] [Sidenote: Embargoes.]

And thus I have run through the several Parts of our _Inland Trade_, the Profit whereof depends on our Product and Manufactures; Before I proceed to our _Outland_ or _Foreign Trade_ I shall speak something of Navigation, which is the _Medium_ between both; This is carried on by Ships and _Saylors_, the former are the Sea Waggons, whereby we transport and carry Commodities from one Market to another, and the latter are the Waggoners which drive or manage them; these are a sort of merry unthinking People, who make all Men rich save themselves, have often more Money than is their own, but seldom so much as they know how to spend, generally brave in their Undertakings, they go through any kind of Labour in their own way with a great deal of chearfulness, are undaunted by Storms and Tempests, the Sea being as it were their Element, and are allowed by all to be the best Navigators in the World; they are our Wealth in Peace, and our Defence in War, and ought to be more encouraged than they are in both, but especially in the latter, which might be done if better Methods were used to engage them in that Service, and better Treatment when there; Now I should think if a List were taken of all the _Saylers_ in _England_, and a Law made for every Person who enters himself on that Imploy at the Age of Years to have his Name registred, with the place of his Abode, and be obliged to appear on Summons left at his House, and no Man to be forced into the King's Service till he had been at Sea three Years, nor to stay therein above three Years without his free consent, and then to be permitted to take a Merchant's Imploy for so much longer, and during his being in the King's Service good Provision to be made for his Family at home, and a Maintenance for them in case of his death or being disabled, This would encourage them to come willingly into the Service, which they look on now to be a Slavery whereto they are bound for their Lives, whilst their Families starve at home; This and the manner of pressing them discourages many, and hinders very much the making of _Saylors_, People not caring to put their Hands to an Oar lest the next day they should be halled away to the Fleet, though they understand nothing of the Sea; I do not think too much Care can be taken for the well manning our Men of War, but I would have it also done with able Seamen, and not with such who will only stand in the way, and are useless when most wanted, and this must not be done by pressing, but by practicable Methods which shall draw every Man to take his turn at Helm; I take _Embargoes_ to be no helps towards it, for many _Saylors_ do then lie hid, who would appear to serve in Merchant's Ships, and might be easily met with at return of their Voyages; by this means in a short time there would be a double set of Mariners, enough both for the Service of the Fleet and Trade, the latter would every year breed more; let the Commanders of Merchants Ships on Arrival give in Lists of the _Saylors_ they have brought home, for whose appearance their Wages should be Bail, and then those whose turn it is to serve in the Fleet should after due time allowed for finishing their Voyages be sent thither, and a penalty on every Master of a Ship who carry'd a Saylor to Sea after his three Years Prodict was expired; such Laws and Time would bring things into regular Methods.

[Sidenote: Inconvenience of pressing Saylors from Ships on their Voyages.]