But Luxury in the Use of Foreign Importations being discourag'd, we may reasonably expect to have a Flourishing Trade, which will bring Mines of Gold and Silver into our Coffers; all other Arts and Schemes having no Foundation, and nothing but Destruction.
That Foreigners take the Advantage of us, by the Rising and Falling of our Stocks; nor can the Evil be remedied, but by fixing them down at a certain Price that they shall be bought or sold; viz. Bank-Stock at One Hundred and Twenty Five per Cent. And for that Sum, the said Corporation may divide Common Interest, but never more.
That the Surplus of Profit be, to make good the Value of One Hundred and Twenty Five Pounds, at the Time the said Bank shall be paid off by the Government.
India Stock at One Hundred and Twenty Five per Cent. And that Corporation never to divide more than Common Interest for that Sum: The Remainder of Profits accruing by that Trade be, for the better Maintenance of their Factories, and the Extending of their Trade in India.
South-Sea Stock at One Hundred and Twenty Five per Cent. (if the said Corporation be put in Statu quo) that the said Corporation may never divide more than Common Interest: The Remainder to carry on a Trade to such Parts and Places, as shall be thought most advisable, and to establish Colonies for the Good of the Kingdom in general. Or otherwise, Trade and Industry will be discourag'd, and Luxury and Idleness be our Ruin.
The Hollanders are more Political in Trade than we; and they being so near us, and we having with each other so great a Trade, and they so largely in our Stocks, that unless we have an Agio settled, as they have, (that is, that there be a Difference between the Current Cash and the Bank-Money) we shall never preserve our Coin. Nor will Trade ever flourish, or Credit revive, unless a Liberty be given to all Bodies Corporate and Collective to Transfer as usual.
As the Eyes of all are upon the Parliament of Great Britain, greedily expecting a speedy Settlement of South-Sea Stock; how easy is it, and how securely may the House of Commons pass a Vote, That the Losses of the South-Sea Company shall be made good? For at present the Stock is precarious.
And the same may be said, in some Measure, both of the East-India Company, and the Bank: Which strengthens the Reasons against the Government's trusting any more to Corporation Credit.