All which being laid together, it seems apparent to me, that the Ballance of their Trade must every Year grow more against them, till their Money is drawn away, except some New Manufacture, fit for Exportation, be encouraged amongst them.
And I think none more proper than that of Linnen; which, besides the Employment it will give to their Poor, will also take up large Tracts of Land for raising of Hemp and Flax; and being a Manufacture no way Interfering with our own, we may take it from them, in Barter for what they have hence, without any Manner of Prejudice to the Trade of this Kingdom.
Besides, The People of Ireland, being employed on the Linnen Manufacture, would by degrees be taken off from making so much Worsted and Woollen Yarn as they now do, which they send hither at Cheaper Rates than we are able to make ’em: The Price of Labour in all Places being according to the Rents of Lands, the Poor can afford to work there on lower Terms than it can be expected they should do here: On the other side, if the low Labour of the Poor of Ireland, was employed on Spinning of Linnen Yarn, it would be an Advantage to the Kingdom of Ireland, to have it sent hither, because it would enable us to make our Fustions, and other Manufactures, where it is used, cheaper than now we do; whilst our own Poor might be employed on Spinning of Wool; and we might afford to give them better Wages, without fear of being beat out of our Manufactures by any other Nation, provided Care was taken to keep our Wool at Home.
The next Thing to be considered is, how this Work may be best carried on; which I am of Opinion must be done by a Corporation, with a Joint-Stock, sufficient, not only to buy up what Linnens shall be made, but also to furnish the Kingdom with Money on easy Terms; which will likewise encourage the Raising of Hemp and Flax.
If the High Rates of Interest in Ireland be considered, and the present State of the Linnen Manufacture there, ’twill not be difficult to see, how unlikely it is to be carried on by private Stocks, who can make Ten per Cent. per Annum, by letting out their Money; ’tis true, the late Act hath reduced it to Eight, but that Act having no regard to Incumbrances entred into before the 25th of March, 1704, I do not see how it will much help the People of Ireland at this Time, when the Scarcity of Money does disable them to discharge prior Engagements; so that private Men have Opportunities enough to settle theirs at Ten per Cent. which in all probability they will rather chute, than to lay it out in Linnens, unless they can be assured of a far greater Profit, than they can make by letting it out.
Besides, as Interest is now managed, ’tis both a Clog to the Gentlemen’s Estates, and a Discouragement to Traders and Manufacturers, considering, that the whole Sum borrowed must be paid in at once; by which means, being got into the Usurer’s Books, they can scarce ever find the way out; Now if the Borrower had Liberty to pay in the Principle, by such Parts as he is able to raise it, and the Interest for so much to cease from that time, this would encourage Industry, and promote Improvements, both in Product and Manufactures, which are the two Things that encrease the Wealth of a Nation.
An Infant-Manufacture must be carried on at a small Profit, and must as I may say, Fight its way through; which cannot be done, where Interest carries such a Load with it; and, therefore, I am of Opinion, that nothing less than a Joint-Stock, can make Ireland Flourish; which will in the Consequence turn likewise to the Advantage of England; the Gentlemen of Ireland, being by these Means made more easy in their Circumstances, and having their former Incumbrances brought Lower, will spend more of their Money here, and wear more of our Manufactures there.
Nor will this way of Lending out Money be any Disadvantage to a Corporation, who will find fit Opportunities of Employing their Stock, as fast as it is paid in; and the Profits thereof being returned hither in Linnens, they may afford to sell them cheaper than private Stocks can do.
But I do not think this Work can be presently brought about; ’twill not be easy to persuade the Landlords nor Tenants of Ireland, to leave off the way of Husbandry they are now upon, and to turn their Lands to Hemp and Flax, till they see some Encouragement; but when they shall find this new Product bring ready Money, they will soon Set upon it; if the Manufacturer receive ready Money for his Cioath, he will be able to pay ready Money both for Materials and Labour, which Circulation will Encourage both the Farmer and the Manufacturer; and by Degrees, Hemp and Flax-seed will be Sowed in all Lands proper for them, and the Owners will soon see the Difference, between raising Commodities, for which there is a present Demand, and such, as lye on their Hands: For though Ireland may in time produce greater Quantities of Hemp and Flax than they can work up, yet not more than England may Take off, without Prejudice to any Foreign Trade we drive; and their Number of Hands will in all Probability be encreased by the French Refugees, who will be glad to go thither, where they may be employed in a Manufacture, so natural to them as Linnen is; which will also give a fatal Blow to the Kingdom of France in that Manufacture.
The People in the North of Ireland, make good Cloth, sell it at Reasonable Rates, and would every Year make much more, had they Vent for it; and it is to be observed, that Money is not plentier, nor Rents paid better, in any Part of Ireland, than there.