By imploying the Poor.1. By providing Work-Houses for the Poor, and making good Laws, both to force and incourage them to work; But designing to speak larger to this in the Close of this Tract, I shall refer the Reader thereto.
By freeing our Manufactures from Customs.2. By discharging all Customs payable on our Manufactures at their Exportation, and also in the Materials used in making them at their Importation; for as one would encourage the Merchants to send more abroad, so the other would enable the Manufacturers to afford them cheaper at home; and ’tis strange that a Nation, whose Wealth depends so much on its Manufactures, and whose Interest it is to out do all others, by underselling them in foreign Markets, should load either with Taxes; but there having been something done in this since my offering it to the Consideration of the Parliament in a former Discourse, both as to the woollen manufacture exported, and also to dye Stuffs imported, which hath evidently appeared to be an Advantage to our Trade, it may be reasonably hoped, that great Council of the Nation will make a farther Progress therein, when it shall come regularly before them; because the Exportation of all our Manufacturers ought to be encouraged, and not receive a check by any Modus of raising Money, that so they may be rendred abroad on such Terms, as no other Nation may undersell us; this whole Kingdom being as one great Work-house, wherein if we keep our Poor imployed, they will advance the Value of our Lands, but if we do not, they will become a Load upon them.
Logwood.And here I cannot but mention that of Logwood, a Commodity much used in Dying, which pays five Pounds per Tun Custom when imported, and draws back three Pounds fifteen Shillings when shipt out again, by which means the dyers in Holland use it so much cheaper then ours do here; now if it was imported Custom Free, and paid twenty five Shillings per Tun at its Exportation, the Dyers there would use it so much dearer than ours; and I think it would be well worth Inquiry, whether a Prohibition, either total or in Part, of Shipping out our Manufacturers thither, and to the northern Kingdom, undy’d and undrest, might not be made, I am sure it would be a great Advantage to this Kingdom if it could be done, without running into greater Inconveniences; the Dutch discourage their being brought in dyed or drest, that they may thereby give imployment to their own People, and encrease their Navigation by the Consumption of Dye-Stuff; the same Reason should prevail with us to dye and dress them at home; but this requires the due Consideration of a Committee of Trade, to hear what may be said both for and against it, before it be offered to the Parliament.
By not importing things manufactur'd.3. By discouraging the Importation of Commodities already manufactured (unless purchased by our own, or by our Product) such as wrought Silks, Callicoes, Brandy, Glass, &c. and encouraging the bringing in the Materials whereof they are made, to be wrought up here; by which Means more Ships will be freighted, and more Sailors imploy’d, besides the great Advantage to the Nation in the Ballance of its Trade, which must be returned in Bullion, as those cost less abroad than the other; and this will enable us to afford a greater Consumption of foreign Commodities to please our Palates, such as Wine, Fruit, and the like, all which fill our Ships, and are fit Subjects for Trade, when they are purchased by our Product and Manufactures, and that the Profit of our Trade will enable the Nation to bear the Expence.
By freeing our Manufactures from Excices.4. By freeing the Manufactures from burthensome Excises, which do much discourage small Stocks, who are not able to carry on their Trades, and make Provision for such great Payments, besides the Swarms of Officers, to whom We lay open the Houses of those Men, who deserve all the Encouragement we can give them, and ought to have things made as easy to them as may be; had they been laid on our Woollen Manufactures, as was once hastily proposed, we might have repented it at Leisure; Trade ought to be handled gently, we may tax the Trader without medling with his Trade; and he that considers the Expence of this Nation at Five Pounds per Head (accounting only Eight Millions of People) comes to Forty Millions per Annum, and the Lands only to Twelve or Thirteen, which is more than they can be computed at by the Act of Four Shillings in the Pound, may see how much we are beholding to Trade.
By rendring our foreign Trade safe and easy.5. By securing the Merchants in their Trades, who export our Product and Manufactures, and making their Business, in relation to the Payment of their Customs, as easy to them as may be: To this End good Convoys should be provided in Time of War, and good Cruizers maintained to preserve their Ships, it being certain, that whatever is diminished out of the Merchants Stocks, doth so far disable them in their Trades, and consequently lessen their Exports; great Care should be taken, that the Modus of their Entries at the Custom-House Customs.made as easy to them as might be, and a due Attendance given at the loading and discharging their Goods when the Customs are paid, so that they may be dispatched without Delay, and no unnecessary Remoras put in their Way, the Loss of one Tide being many times the overthrow of a Voyage;Courts of Merchants. Courts of Merchants should be erected for the speedy deciding all Differences relating to Sea-Affairs, which are better ended by those who understand them, than they are in Westminster-Hall, where all things are tried by the nice Rules of Law, and therefore after much Attendance and Expence, are often referred by the Judges to such as are conversant in Trade; by this Means the Merchants would see short Ends to their Differences; but no General Rules can be given for these Courts, which must be settled, as they suit the Conveniencies of Trading Cities.
By making the Banks more useful.6. By rendering the Bank of England more applicable to the Encouragement of our Trade than now it is, which I cannot believe the Members of that Corporation will oppose, when it shall manifestly appear, not only to be the Interest of the Nation in General, but also their own. And I humbly conceive that it may be so directed, that every Subject in his particular Station, may receive a Benefit by it.
Ease, Profit, and Security, will keep a Bank always full of Money, the first of which was formerly answered by the private Bankers, who received and paid out Money in the same Manner that the Bank now does, and their Notes generally were as current; but being founded on their own Credits, great Losses often happened, which gave great Shocks to Trade; ’tis true, this Mischief is now guarded against, by the Fund which the Bank of England hath in the Hands of the Government, yet Widows, Orphans,Widows and Orphans. and others out of Trade, are not provided for; which might be done, if the Bank did take in what Money might be tendred to them, for such People who are not able to manage it themselves, and to allow an Interest of ### per Cent. per Annum, whilst it continued in their Hands; which tho’ it may be below the common Rate, yet by Reason of the Security and Readiness of Payment, ’twould be preferrable to a greater, attended with Hazard and Uncertainties; by this Means none of the Money would lie dead and useless; and on the other Hand, the Bank might have Liberty to lend any Sums at the legal Interest, on this Condition, that the Borrower may repay it by such Parts as he can spare it, and be discharged of the Interest of what he so pays in, from the Time of its Payment, and from thenceforward be chargeable with no more, than doth arise from the Money that remains unpaid.
Remittances.Nor is there such a safe and settled Course of Remittances from Place to Place as Trade, and the other Occasions of the Nation do require; Men oftentimes paying their Money for Bills which are not punctually discharged, and sometimes never, tho’ they give a Præmio to the Drawer, which obliges the travelling with so much Money, and gives Encouragement to Robbers; but this also might be prevented, if the Bank of England (that is now settled in London) did appoint Chambers in other Places of the Kingdom, at such Distances as might best suit the Occasions of the Country, and that their Notes given out for Money, either at London, or in any one of those Chambers, should be demandable in any other; or by drawing Bills at one Chamber payable in another, the Receiver allowing for such Returns after the Rate of ### per Cent. in the Chamber where he receives his Money.
If the Bank was thus regulated, the Nation would soon see its good Effects; Trustees might place out Orphan’s Money with good Security, and Widows and others, whose Maintenance depends on their Interest, would have it duly paid to answer their Occasions; the whole Cash of the Kingdom would be in a continual Circulation, and not lie dead, as too much of it now does; the Gentry and Traders, who are obliged on many Occasions to take up great Sums at Interest, would have it made easy to them, when they might pay in by such Parts, as they could conveniently spare it; and on the other Hand, it would be no Inconvenience to the Bank to receive it, which will by this Means never want Borrowers, and their Notes passing in Payment, will circulate instead of Money.