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Title: A Stiptick for a Bleeding Nation
A safe and speedy way to restore publick credit, and pay
the national debts
Author: Unknown
Release Date: October 4, 2010 [EBook #33946]
Language: English
*** START OF THIS PROJECT GUTENBERG EBOOK A STIPTICK FOR A BLEEDING NATION ***
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A
STIPTICK
FOR A
_Bleeding Nation_.
OR,
A Safe and Speedy WAY
to Restore _Publick Credit_, and
Pay the _National_ DEBTS.
[Printer's Decoration]
_LONDON_:
Printed for J. ROBERTS, near the _Oxford-Arms_
in _Warwick-Lane_. 1721.
[Printer's Decoration]
A
STIPTICK
FOR A
_Bleeding Nation_.
OR,
A Safe and Speedy WAY to Restore _Publick Credit_, and Pay
the _National_ DEBTS.
Do but a little consider, and you will soon find, _Pride_ and _Luxury_,
_Corruption_ and _Bribery_, are the greatest Causes of our present
Calamities; and if you do not discourage the Two first, and punish the
Two last Evils, we shall speedily come to Destruction, and God will
blast all our Endeavours.
The lively Instance of late, proves to us the _Ruin_ those Evils carry
with them: And is there not one good Man, that dares to stem the Tide
that is come in upon us, and save us from being drown'd?
Is there not one Man that has _Honesty_, _Interest_ or _Ability_, to put
in Practice what is so necessary to _preserve_ their Country?
Let us shake off then those plaguy Sores that corrupt our _Vitals_; and
if we intend to be a Happy and Flourishing People, we must promote
_Piety_, which admits of no Corruption; _Honesty_, that listens to no
Temptation; _Sincerity_, which never deceives his Neighbour; _Sobriety_
is the Way to Honour, and _Industry_ brings Riches, which Frugality
preserves: He therefore that desires to be _truly Great_, must possess
these Virtues, and prefer _Publick_ to _Private Interest_.
What is the Reason that all Inferior Places of Profit and Trust are
_bought_ and _sold_, and true Merit wants its _Reward_? Is it not
because the _Devil_, when bought, will be sold?
Are not our Exports of _Bullion_ so great, that, as fast as it arrives,
it goes away? Which the Publick Entries every Week demonstrate. And were
it not for the daily Supplies from _Portugal_, we should have nothing
but our own _Specie_ to answer all Demands.
It is obvious, that One Single Corporation has put us into this
Confusion: And will the _Government_ again trust to _that_, or any
other? I should not desire a Friend of mind to be the _Adviser_.
Can all the Corporations in _London_, put together, be so well depended
upon, as the _Exchequer_; which is supported by the _Government_, who
are able and willing to make good all their own Contracts, but are not
answerable for the Losses of any Corporation; all being oblig'd to sit
down and be content with their own?
Can any Corporation desire more, than that the _Government_ compel their
own Members, and their Estates, to make good to answer for their
_Mismanagement_?
Separate then the _Standers-by_ from the _Gamesters_, and let the
Unconcern'd declare their Opinion, Whether, in all Corporations, the
_Directors_ have not an unknown Advantage over all the other Members? Is
it so in the _Exchequer_?
Tell me then, why a Hundred Pound in a Corporation, is more valuable
than a Hundred in the _Exchequer_? Is it not because you can part with
your Property with much more Ease by way of _Transfer_ in _London_?
Which is not practis'd at the _Exchequer_: Besides, the _Transferring_
is near at Hand.
The _Directors_ of any Corporation, if not truly _honest_, may impose at
all Times upon the rest of the _Proprietors_, by making a Dividend above
the intrinsick Value of the Nett Produce of _Profit_; and the
_Legislature_ would do well to provide against such Practices for the
future.
If due Encouragement was given for the Importation of _Iron_, _Hemp_,
_Pitch_ and _Tar_, from our own _Plantations_, the Export of a great
deal of our _Bullion_ would be sav'd, our _Colonies_ encourag'd, and we
should be then able to supply the _Dutch_, _French_, _Spaniard_,
_Italian_ and _Portugueze_ with Iron, and bring in Two Hundred Thousand
Pounds _per Ann._ Balance of Trade.
If the _South-Sea_ Company would trade to our own Islands, _viz._ the
_Bahama_, and to _Carolina_; that Trade alone would bring them in Five
Hundred Thousand Pounds _per Ann._ and with a small Expence, if well
manag'd.
A
PROPOSAL
To Restore _Publick Credit_, and Pay
the _Nation's_ DEBTS.
I. _That the =South-Sea= Company be put in =Statu quo=; and if the
Estates of the late =Directors=, their Aiders and Abettors
will not do it, the =Government= to make up what is wanting._
II. _That the =Subscriptions= at =Three Hundred=, =Four Hundred=,
=Eight Hundred=, and a =Thousand=, be all paid into the
=Exchequer= at =Two Hundred=, and there to have a Credit for
=One Hundred=; for which the =Government= is to pay Ten =per
Cent.= until the =One Hundred= shall be paid off: And that those
who have not paid full =Two Hundred=, do make up that Sum within
the Time limited by the late =Directors=._
III. _That a Proper Place in =London= be appointed to keep a =Book=,
wherein each Person may be made =Debtor= and =Creditor=; and a
Duplicate of such =Book= to remain in the =Exchequer=. And that
there may be a =Book=, wherein every Person may =transfer= their
Property._
IV. _The Debt of =Seven Millions, Five Hundred Thousand Pounds=,
being forgiven the =South-Sea= Company, and they put in =Statu
quo= by the =Government=; the =Nation= will stand =Debtor= and
=Creditor= as followeth:_ Viz.
NATION Debtor.
_To =South-Sea= Company_, 11,746,384
_To Money-Subscribers_, 20,004,000
_To Redeemable Debts_, 13,886,486
_To Unredeemable Debts_, 12,070,343
_To Interest_, __________
NATION Creditor.
_By a Moiety of the Money-Subscribers_, 10,002,000
_By =Ditto= Redeemable Debts_, 6,993,247
_By =Ditto= Unredeemable Debts_, 6,035,178
----------
23,030,425
The _Government_ is only to pay Ten _per Cent._ for the Sum of _Twenty
Three Millions, Thirty Thousand, Four Hundred Twenty Five Pounds_. The
_South-Sea_ Company being in _Statu quo_, are to receive an Interest as
the _Act_ directed before the last _Settlement_.
The other Moiety will enable the _Government_ to make good the
_Deficiency_ (if any) to the _South-Sea_ Company, to forgive them the
_Seven Millions, Five Hundred Thousand Pounds_, pay the _Interest_ due
from the _Government_ and clear a great Part of the _Principal Debt_.
The _Scheme_, as before-mention'd, will restore our _Credit_, and pay
Part of our _Debt_; but if we intend to pay the Remainder, we must
endeavour to be at a _Par_ with our Neighbours in Trade: And if they
outdo us in Policy therein, and we do not strive to follow their
_Methods_, we must expect in the End to be the Losers, and never to have
a Balance.
We ought to consult those Methods that will increase our _Exports_, and
lessen the _Importation_ of such Goods as takes away our _Bullion_, and
prevent our _Coin_ from being exported, in the best Manner we can.
* * * * *
Now, Sir, you having consider'd the _Proposal_, and what has been
previously maintain'd give me Leave to ask you a few Questions: _Viz._
1. Whether the Corporation of the _South-Sea_ Company, if they could be
sure that the _Government_ would forgive them the Debt of _Seven
Millions, Five Hundred Thousand Pounds_, and put them in _Statu quo_,
(that is, in the Condition they were in when Stock was at _One Hundred
Twenty Five_) would not they readily embrace the _Offer_?
2. Whether either the _South-Sea_ Company, the Bank of _England_, or the
_East-India_ Company, desire the _Ingraftment_ propos'd by Parliament?
3. Whether a more equal Distribution of _Loss_ can be made, to please
all Parties, especially the major Part; or who will be the greatest
_Loser_ by the _Proposal_ herein mention'd?
One great Calamity is the Loss of _Paper Credit_, on which our _Trade_
chiefly depended: We find already a great Decay, which will soon be more
apparent. We have indeed at present too little _Cash_, and too little
_Credit_, to support _Trade_; and if we do not take other _Methods_ than
what has been yet practis'd, it will be entirely lost.
It is the Prudence of a _Government_, to establish _Credit_ on the most
solid Foundation; and what can be so solid as a _Parliamentary
Security_? Will the _Government_ be trusted with any future Loans, if
their Debts are settled upon a _precarious Bottom_? And are
_Corporation-Pillars_ a good Foundation?
The _Method_ already propos'd, is seemingly calculated for the Service
of _Stock-Jobbing_, and a Parcel of _I know not who_, (_Sharpers_,) to
reap the Benefit of it: And if so, the _Nation_ will be utterly ruin'd.
For God's Sake, then, let us not run any more _Hazards_, but prudently
take such _Measures_ as are most safe and advantageous.
If the _Government_ will forgive the _South-Sea_ Company the Debt of
_Seven Millions, Five Hundred Thousand Pounds_, and put them in _Statu
quo_; they ought to sit down contented, and be easy and thankful.
If the present _Scheme_ gives the Subscribers but _Twenty Five Pounds_
Capital Stock for a _Hundred_, and the _Government_ will give such
Subscribers _Fifty Pounds_ for a _Hundred_, I hope they will have no
Reason to complain.
For should the _Subscriptions_ be ty'd down to _Four Hundred_, Thousands
of Families will be ruin'd.
If we consider the Debt we owe to _Foreigners_, and how they, on the
_Advance of Stocks_, drain us of our Money; we shall find it very
dangerous to suffer _Stocks_ to be sold above the intrinsick Value.
If Common Interest be reduc'd to Four _per Cent._ as was intended; what
_Proprietor_ can say he shall be a Loser? Setting aside the
_Subscriptions_ and _Stock_, bought and sold at extravagant Prices;
which is impossible to redress, without making a far greater Number of
Sufferers.
Will the _Proposal_ of Tying down the _Subscribers_ at _Four Hundred_,
give a greater Interest than Ten _per Cent._ for the Capital? And what
will the Capital be, when paid off? Will that be more than _Twenty Five
Pounds_ for a _Hundred_? Does not this _Proposal_ give _Fifty Pounds_
for _One Hundred_, with a double Advantage to all; and at the same Time
pays a great Part of our Debt, and settles our Credit on a solid
Foundation?
A Nation cannot flourish without _Virtue_; nor _Virtue_ without _good
Conscience_. Sudden Ways of _growing rich_, must be ruinous to the
_Publick_: There are of late those who have too suddenly got vast
Estates, and others as soon stripp'd of great Fortunes.
_Industry_ is therefore the true natural Way to Wealth, as _Idleness_ is
to Poverty. Riches cannot be honestly got without _Industry_, therefore
it ought to be encourag'd, and all _idle Persons_ made to work; and such
as will not work, ought to be serv'd as they are in _Holland_, that is,
exercis'd with the _Pump_.
Has not the easy Way of getting Money prevented the _South-Sea_ Company
from Carrying on _their Trade_, and the _Fishery_, that Noble and
Profitable Branch; which if they would heartily set their Shoulders to,
they might increase their Stock a Hundred _per Cent._ and not set it
above its intrinsick Value? And our _Poor_ being very numerous, all of
'em may be provided for that way.
Our _Trade_ has decay'd ever since we have promoted _Stock-Jobbing_,
that easy Way of getting Money: Our _Manufactories_ have diminish'd;
which have increas'd our _Poor_, and lessen'd our _Imports_ and
_Exports_; and the King, in Time, will lose his _Customs_.
I shall offer some few Heads, necessary to promote _Trade_, and to put
us in a Way speedily to pay our _Debts_, and prevent _Stock-Jobbing_, or
else _Trade_ can never flourish.
* * * * *
We must _Recoin_ our Money, and make the _Agio_ so large, as will
prevent its being exported; and thereby hinder the _East-India_ Company
from purchasing _Bullion_ in _Holland_: For if they are suffer'd to buy
_Bullion_ there, we had better by the Half give them free Liberty to
export our Coin, unless the _Exchange_ is Eight _per Cent._ in our
Favour, (which is now so much to the contrary) we shall at all Times be
Losers. By which it appears, how great Losers we are at present, by not
making our Coin of a Value, as it may be exported without Damage to the
Nation.
Our _Government_ may have _Bullion_ in Plenty, if they will be the
Merchant for that Commodity, and give but a small Matter more for it
than our Neighbours; which we may very well afford to do, if we settle a
like _Agio_.
* * * * *
One great Help to _Trade_ in the Nation, would be to have _Sixpences_
(nay, even _Shillings_) coined with a much greater Allay than our
present Coin; as also _Groats_, _Three-pences_, and _Twopenny Pieces_:
The Government would receive such a Benefit thereby, as cannot be well
here express'd. And I dare answer to find a _Method_, with fine Copper
so intermix'd with Silver, that it shall not be worth any Person's
Time, Trouble and Hazard, to counterfeit it.
Our Silver being coined with so great an _Allay_ as will prevent its
being exported, will in a short Time cause a Currency of _Cash_: The
_Gentry_ will not hoard it; whereby _Traders_ will be better paid, and
our _Manufactures_ encourag'd, and carry'd on to a greater Degree.
I remember when there was a great deal of _Clipt_ and _Counterfeit
Money_, and very Plenty of both, that every one that had either a
Counterfeit Piece, or Money that was cut very small, always studied what
to _buy_ with it, that they might pass the one away, or part with the
other.
The Difference to the _East-India_ Company, in buying _Bullion_, or
_Pieces of Eight_, in _Holland_, is Seven or Eight _per Cent._ more than
what it stands them in when they can be supply'd with it at Home; and if
they were prohibited the _Exportation_ of _Bullion_ from _Foreign
Countries_, and suffer'd to export our own _Coin_, or such Ingots as
shall have the _Tower-Mark_, our _Government_ would have the Advantage
which the _Dutch_ now gain, and no Loss to the _East-India_ Company. For
it will be then equally the same to them, whether they export it from
hence, or from _Holland_, to _India_.
There is no other Way of preventing our _Bullion_ and _Silver_ being
carry'd out of the Land, but by the Prohibition of the one, by paying a
Difference to the _Government_; _viz._ such a Difference as comes pretty
near to what is lost by _Remittances_; and suffering the other (_viz._
our _Crowns_ and _Half-Crown Pieces_, coin'd with a proportionable
Allay) to be exported. All which would help to pay off the _Nation's
Debts_, and make us a Flourishing People.
Our _Half-Crowns_ and _Crowns_ being recoined to such a Standard, I say,
would be of equal Advantage to the _East-India_ Company, whether they
exported _Bullion_ or _Pieces of Eight_, from hence or from _Holland_:
For by the Bank of _Holland_, or rather _Amsterdam_, all _Exchanges_ are
chiefly govern'd; and as the _Hollanders_ are the nearest concern'd with
us in _Trade_, so by them we are to regulate and proportion the
Difference between our _Bank-Money_ and our Current Cash.
* * * * *
The Bank of _England_ is establish'd upon the Standard of our present
_Coin_: Let it so remain, till the _Government_ sees fit to alter, or
pay them off; and let _Bills of Exchange_ be paid _in Banco_, or, if
they so please, in Current Cash; the Difference or _Agio_ to be allow'd
in like manner as they do in _Holland_.
There has been a considerable Profit made, by _Melting down_ and
_Exporting_ our own Coin; and there will always be those that will do
it, tho' punish'd with Death, as in _Portugal_. And where there is a
great Loss in Melting down, or Exporting the _Current Coin_, tho' there
is no _Penalty_, the Money will be preserv'd; as in _Holland_.
Let the Merchant have a _Profit_ in carrying Gold and Silver to the
_Mint_ to be coined, or there will little or none go there: But if the
Merchant finds a _Profit_ (tho' small) in the Coinage, there will be
great Quantities coined.
That they who act with the greatest _Prudence_ and _Honour_, and have
most Money, will always have most Credit; this needs no Proof.
While our _Money_, which is the Blood of the _Body Politick_, is
suffer'd to run out, and there is no Supply, all _Projects_ for
restoring _Credit_, and keeping up the Spirits of the _People_, will
prove abortive. _Trade_, and the Noblest Undertakings for Employing the
_Poor_, must be at a full Stop, if Money be wanting to carry them on.
'Tis certain, that until we have a greater Plenty of Money, _Trade_ and
all other Business must be assisted with _Paper Credit_; and if it does
not receive Voluntary Credit, it will never be made by Force. And if our
Affairs are rightly managed, our Estates are doubled, and secur'd; if
not, the best Estates will soon be worth nothing.
That _Paper Credit_ may have an immediate Currency, it is necessary for
the _Exchequer_ to issue out as many _Notes_ as they shall be able to
circulate, with a _Tax_ of a _Guinea_ on every _Transfer_; the one Half
to be paid by the _Buyer_, and the other by the _Seller_.
That those _Bills_ be to discharge the Debts due and owing by the
_Government_: And that the said _Bills_ be circulated in _London_.
Some make a mighty Noise, that if our _Coin_ be raised, _Foreigners_
will not take it. I answer, For that Reason we ought to raise it. If we
are to pay _Foreigners_ any Thing upon the Balance of an Accompt, we
ought to pay them as near as we can in their own Coin.
That no Person (under severe _Penalty_) presume to raise the _Price_ of
any Thing, on Account of the Alteration of the _Coin_; otherwise the
_Name_ is only alter'd, and not the _Value_ of our Coin: There being as
much Reason for the _Parliament_ to put a _Value_ thereon, as for a
_Goldsmith_ to do it on wrought Plate.
But the first Care to be taken, is, How the _Nation_ may prevent any
Advance in _South-Sea_ Stock above what it was before; so that
_Foreigners_ concern'd may not receive a _greater Principal_ than a
Hundred Pound, and Five _per Cent._ as they did before this unhappy
_Ingraftment_: For the Stock, by the said _Ingraftment_, will be of such
a Magnitude, that a Hundred _per Cent._ Advance will, in all
Probability, give the Strangers such a Capital, as will amount to more
than the whole _Cash_ of the Kingdom.
The _Foreigners_ have taken an Alarm since our late _unhappy
Mismanagement_; and are only waiting for some _New Project_, to sell
out, and strip us entirely: So that if we will consider our own
_Preservation_, we must rather _depretiate_ our Stocks, than seek Means
to _augment_ them.
It is a receiv'd Maxim, _Salus Populi Suprema Lex esto_: This I take to
be meant of the _whole Body_, not of some Parts of the _People_. And
tho' _Thousands_ may suffer, yet it is a receiv'd Rule, That the
_Whole_ is first to be consider'd, when it comes in Competition with any
_Parts_.
Therefore, in our present Case, the _Whole_ is to be consider'd; and the
_Preservation_ of that, is to weigh down against all the Hardships that
may happen to _Particulars_.
Now, if this Maxim stands good, it is the Obligation of every true Lover
of his _Country_, to have that in View; and not, from a Regard to
_Particulars_, run the Hazard of sacrificing the _Whole_. Their
_Misfortunes_ ought to have no Weight, nor any _Contrivance_ to ease
them, prevail, in Balance with our _Country_.
Our late _Project_, if it could have been held up, would have created
such a _Luxury_, that that very Thing alone would have undone the
_Nation_, and would have sunk us; tho' not with such a _Rapidity_, as
the Way which we have now in some measure escap'd.
* * * * *
The _Matter_ standing in this Light, the only View is the _Benefit_ of
our _Country_.
The _Body Politick_ is very weak, and requires an honest and able
_Physician_; and where to find him, is the only Thing in Question.
Let us consider, whether this design'd _Ingraftment_ of _Nine Millions_
into the _Bank_, and _Nine Millions_ into the _East-India_ Company, will
prove any real Benefit to the _Nation_ as a _Nation_? No surely, that
cannot be pretended; but only, that they making greater Dividends, may
be of Service to _Individuals_; and yet that is much to be doubted.
For as to the _Bank_, the Capital was too big before to render any great
_Advance_: And had it not been for a new Practice, first begun by the
_South-Sea_ Company, of Lending Money on their _Stock_; had it not been,
I say, for their imitating (tho' with Caution) that _infamous Practice_,
their Dividends would have been reduc'd to _Seven per Cent._ or under.
And for the _East-India_ Company, their _Trade_ is so far extended,
especially at this Juncture, when they are forc'd to _over-trade_
themselves, in order to ruin the _Ostenders_, that it's look'd on
already as a _Grievance_: And yet by adding _Nine Millions_, they must
divide _Four Hundred and Fifty Thousand Pounds_ Profit more than before.
And notwithstanding their _Trade_ (as I said before) was then a
_Grievance_; to what an Extension must it be driven now, to _divide_
such a Profit; when hitherto they never _divided_ above _One Hundred
and Sixty Thousand Pounds_ a Year Profit?
But will it not be a Second _Injustice_ to the _Annuitants_, after so
great a _Diminution_ of their Estates, to have _Two Thirds_ of it
_ingrafted_ on a _precarious Bottom_? All Stocks having been suffer'd to
divide above the Value of the _Nett Produce_ of their Capital; a sure
Way to distress _Trade_: Especially when Corporations are suffer'd to
issue out _Bonds_, without Trading with the _Money_, but purely to
advance their _Stock_.
The _Two Ingraftments_ are brought in, in order to help the
_Proprietors_, by Advantages of _Dividends_, to a greater Income than
the Stock could make, if retain'd in the _South-Sea_; and so to raise
the Nominal Price of Stock. Whether it will do the former, is a Doubt;
but if so, the Stock had better been kept where it was; and if the
latter, it will be only a _New Bubble_, to ruin us.
Neither the _Bank_, nor the _East-India_ Company, seem fond of the
Project of this _Ingraftment_; and nothing can be argued, but that
Something must be done, at least to amuse People with _vain Hopes_:
Whereas, the true Interest of our _Country_ would have been, to have
laid the _Wound_ open to every one's View; to have shewn the World,
what _Dividend_ could be made out of the _Interest_, and what they might
expect. Then _Foreigners_ would have sat still; for they could no where
else make Five _per Cent._ of _One Hundred Pounds_; and their Money have
remain'd here.
But if we come to make _Dividends_ of Twelve _per Cent._ and by that
means advance the Stock to _Three Hundred_; then those Strangers that
had _Four Millions_ Capital, and receiv'd _Two Hundred Thousand Pounds_
per Ann. will have _Four Hundred and Eighty Thousand Pounds_ per Annum,
and have a _Demand_ of _Twelve Millions_ on you; which will entirely
finish what the late _South-Sea_ Directors so gloriously began.
Is this a Time to endeavour at new _Projects_, when the Nation is at so
low an Ebb; and when the World is ready, on the least Opportunity given,
to put to the _Finishing Stroke_?
It is a certain Topick, That every _Relief_ in the Case of the
_South-Sea_ Company, will be thought an _Injustice_ to some, who cannot
be reliev'd but at the _Expence_ of others. That Way therefore must be
taken, that is most Safe and Equal.
* * * * *
By what has been said, you will easily judge, how little the _poor
Sufferers_ are like to expect from this _New Project_; and that if the
_Success_ attend it that some People hope, it must be the Ruin of the
_Nation_.
You likewise see the _Danger_ there is in _Advancing_ of Stocks above
their Original Capital; and how necessary it is to restrain Corporations
from _Dividing_ more than what their _Original Stock_ will fairly
produce; and that such _Practices_ are destructive to the Commonwealth
of this _Nation_.
Ought not then the _Legislature_ to enter upon speedy _Measures_, and
such as may prevent any _Evil Consequence_ that may happen?
* * * * *
Our Main Business, therefore, is, how to find out _Methods_ to extend
our _Trade_; for _Projects_, and _United Companies_, are only contriv'd
to _enrich_ a few.
We have within our selves, and in _America_, an inexhaustible Fund to
_supply_ our selves, and perhaps _Europe_, with what we are now beholden
to _Foreigners_ for, and that at the Expence of our _Silver_ and _Gold_;
and yet either our _Negligence_, or _private Views_, make us sit still.
But otherwise,
What _prodigious Advantage_ would it be to the _Nation_, to have a
_Supply_ from our own _Colonies_ with those _Naval Stores_, which we
have now from _Denmark_, _Sueden_ and _Muscovy_; and to save the Expence
of so much _Money_ as those Trades cost us, and no longer to be at the
Mercy of any _Foreign Prince_? And could we gain a Balance of _Trade_,
we may hope to retrieve our selves from all the _Difficulties_ we seem
to labour under. But at present, we have not the Balance with any one
Nation, except _Portugal_.
Now if this be the Case, it cannot be thought that an _Over-Balance_
there, can answer the _Balance_ that all _Europe_ has against us.
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_.
That _Trade_ cannot easily extend it self in this Kingdom, unless all
Corporations are ty'd down from _Dividing_ (I say) more than _Common
Interest_. Persons will never go on to encourage _Trade_, so long as a
Profit can be made by the frequent _Rise_ and _Fall_ of Stocks, the Bane
of all _Industry_.
That unless, I say, a Liberty be given to all _Bodies Corporate_ or
_Collective_, to raise Money to carry on and extend the _Trade_ of this
Kingdom, can it be thought that _Trade_ will ever increase? And without
Liberty be given to all _Bodies Corporate_ and _Collective_, to have a
_Book_, wherein every Person may _transfer_ their Properties, such
_Bodies_ will be never able to raise Money to carry on a _Trade_, or
extend it.
* * * * *
Before I conclude, I shall enlarge a little concerning the _Poor_ of our
Country; who will never be brought to Labour, so long as they are
maintain'd by the _Parish_, and suffer'd to beg about the Country, or in
the Streets.
If _proper Places_ were provided, on _Navigable Rivers_, where Land is
reasonable; with good Management, and by the Improvement of those
_Lands_, the Expence of our _Poor_ would not be so great by the one
Tenth Part of what it is, and what we now pay towards their _Relief_.
And by such a prudent Management, what an _inestimable Benefit_ would it
be to this Nation; not only by easing the Subject from that _heavy
Burthen_ or _Tax_ to the _Poor_, but by the many other _Advantages_ that
thereby the _Publick_ will receive, besides the many Hands that may be
employ'd to Profit, more than what is necessary to be appointed for
their own and _their Maintenance_?
Such an _Advantage_ would it be to the _Nation_, as would be better to
us than the Mines of _Peru_ and _Mexico_ to the _Spanish_ Monarchy. It
would introduce _Industry_, reduce _Idleness_ and _Luxury_; encourage
and promote the _Trade_ of the Kingdom, increase our _Exports_, and
lessen our _Imports_; by providing of Hands useful in making all Sorts
of Utensils, for _Army_ and _Navy_, _Soldiers_ and _Sailors_, that, when
their Country have no Service for them, they may return to their
_Livelihood_ they were bred to, and by their _honest Industry_ find a
_Maintenance_.
_FINIS._
[Printer's Decoration]
Transcriber's Notes:
Passages in italics are indicated by _underscores_.
Non-italicized words within an italicized block of text are indicated
by =equal signs=.
Small capitals have been replaced with Title cased text.
Obsolete spellings of words (e.g., publick, intrinsick, nett,
Portugueze, allay, accompt, depretiate etc.) have been retained;
long s has been transcribed as modern round s.
On page 7, "maintain d" was replaced with "maintain'd".
On page 8, "Ingraffment" was replaced with "Ingraftment", to make it
consistent with other usage in the document.
On page 12, "Twopeny" was replaced with "Twopenny".
On page 26, "Bodies Corporat" was replaced with "Bodies Corporate".
End of Project Gutenberg's A Stiptick for a Bleeding Nation, by Unknown
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