First Published in the Year, MDCXCVI.

To the Right Honourable the LORDS Spiritual and Temporal, and tothe Honourable the Commons ofENGLAND in Parliament Assembled.

HAVING lately presented your Honours with An Essay on Coinand Credit, the chief Designwhereof was to shew the Necessity of Setling a well-groundedCredit in this Nation, for Support of theGovernment, and carrying on its Trade; Ido now with all Humility lay before you Proposals to answer that end, which I have notclogg’d with Compulsion to the Subject, supposing nothing of this Nature can be good,where a Common Consent, grounded uponInterest, doth not make it valuable.

Banks, as I humbly conceive, ought chiefly to be Calculated for the Use of Trade, andmodeled so as may best content the Traders.What gives them Satisfaction, will answerall other Occasions of the Kingdom. Money passes through the Hands of the Nobility and Gentry, only as Water doth throughConduit-Pipes into the Cistern, but Centersin the Hands of Traders, where it Circulates, and may be said to be used; andamong these, Ease, Profit, and Security, areArguments strong enough to keep a Bank always full; Besides, when the Streights of the Governmentare taken off, greater Sums will come intoTrade, which are now drawn out, in order tomake Advantages, above what the Profits ofTrade will bring in.

The Heads whereon I propose to build this National Credit, are these which follow:

That a Bank be Erected on the Credit of the Parliament, the Profit or Loss thereof toredound to the Nation, whose chief Chamber shall be setled in London, but lesserChambers in other Places of this Kingdom,at such Distances, as may best Answer theOccasions of the Country; which Chambers to account with that of London, andthat to Commissioners appointed by Parliament.

That this Bank shall take in what running Cash shall be offered, and shall give their Notes for it; and shall also allow Interest after the Rate of ### per Cent. perAnnum, after the first ### days, till those Notes be paid, and shall also pay it again to the Proprietors, or any part thereof, whendemanded.

That if any Man puts in his Money for a time certain, not less then ### Months, he shall receive Interest from the time of paying it in, to the time he is repaid.

That this Bank shall let out any Sum again on reasonable Security, either Real, Personal, or Goods, receiving Interest after theRate of ### per Cent. per Annum, till theBorrower shall think fit to pay it in, whichhe shall do, by such Parts as will best suit hisOccasions, and be discharged from the Interestof what he so pays, and only pay after theRate aforesaid, for so much as doth remainin his hands.

That Lombards be Erected to attend this Bank, for the Benefit of Traders,under Regulations, which may encourageTrade.

That for the Benefit of Returns, the Notes given in any one Chamber of thisBank, shall be demandable in any other, together with the Interest due till payment, theReceiver allowing for such Returns after theRate of ### for each Hundred pounds, in the Chamber where he receives his Money.

That to prevent Counterfeits, all Notes given out at any Chamber, shall be made payable to ### or Order, and Assigned from one to another, each Assigner to be Warrantee for the Note, both to the Bank, and also toevery later Assignee.

That these Notes shall be taken by the King in all Payments, which will make themcurrant among the Subjects.

That this Bank do supply the King with all Loans at ### per Cent. Interest per Ann. fromthe time of borrowing to the time theMoney is paid in again, and that it hath theTaxes, or Funds settled by Act of Parliament,for its Security.

That all Debts Contracted to this Bank, shall be of the same Nature with Debts Contracted to the King, and be first paid out ofthe Estates of the Debtors; and that Extents shall lye accordingly.

That an Account be kept of Profit and Loss in each Chamber, together with theCharges of the Officers, &c. And that it bereturn’d up every Three Months, as also Account Current, to the Grand Chamber inLondon, where the whole shall be Examinedby the Commissioners, and they be liable tothe inspection of the Parliament.

That Registers for Lands be erected in all Counties, &c. where desired, by Act ofParliament.

That Bills be past on the Bank by such as are appointed to buy for the Publick Useof the Nation, payable at the time of theirAgreement; by which means every one willendeavour to Furnish the Government Cheapest, when their payments shall be punctual;the King will save a great deal of Moneys,paid now for Procuration, Excessive Interest,&c. and the Fleet and Army will be wellpaid.

That the Commissioners do once every Year at least, make up the Accounts depending between the Publick and the Bank, allowing ### per Cent. Interest as before; and make application to the Parliament for its Reimbursement.

That Bills and Bonds be made Assignable by Law, and the Property be thereby transfer’d to the Assigne.

That Trustees may put the Money belonging to Orphans into this Bank, which shall be a discharge to them for so much oftheir Trust, the Interest to be duly issued outfor the maintenance of the said Orphans; andthat all Plate and Bullion belonging to thesaid Orphans be by the Trustees Coined up atthe next Mint, and the Money put into theBank for the use of the said Orphans.

That the Money in this Bank be freed from Taxes.

Concerning which Credit I shall briefly speak to these Four Things.

I. First, Its Security.

II. Secondly, Some of those Advantages the Nation will reap by it.

III. Thirdly, I shall make some Comparison between this Credit, and the present Bank ofEngland.

IV. Fourthly, I shall set forth the necessity of setling the Nations Credit in this presentSessions.

I. As to the First, It hath the Legislative Power of the Kingdom of England for itsFoundation, a Security strong enough, andnothing else can be so, to build this Great Superstructure upon, the well Modeling whereof,will keep it from being subject to the Designsof Private Persons; This will last so long asthe Peoples Liberties last, for no Change canweaken it, so long as the People of Englandhave a hand in making their own Laws, whoseCommon Interest will be so Riveted and Madeup with the Security of this Bank, that theywill in a short time become one thing, so thatnothing less than a Conquest will be able toshake it; This we cannot fear from any Nation besides the French, nor from them neither,till Holland is first subdued; therefore, as thoseStates must first truckle, so far will our Bankbe more secure than theirs; France cannotErect a Bank on any sort of Security, because,the Will of that Prince being his Law, altersaccording to his present Occasions; Nor canSpain do it; where, not only the Government,but also the Profits thereof, are dividedamongst its Ministers; As for Sweden, Denmark and Portugal, the Princes of Italy andGermany, few believe their Circumstances tobe such, as to Render them capable of Erecting a Bank, which may draw the Eyes ofEurope to look towards it; England only cando it, for as an easie Government is its ownSecurity, so that Security encourages Trade,and these two, accompanied with the Profitsoffered to a Running Cash, will make all Europe desire to settle their Moneys here.

Seeing then, that nothing but the same Power which first Constituted this Bank candestroy it, (a Power with whom we Intrustour Lives, Liberties, and Estates) I cannotsee the least Room left for distrust; for whatAdvantage can any future Parliament expectby a design of seizing this Bank, when theTreasure thereof may be drawn out, whilstthey are framing the Law; and the Consequence will be, the Ruining theirown Estates, for which they can promise nothing to themselves, save the being possest ofEmpty Papers.

What farther Hazard the Nation can run, must proceed from the Neglect of theManagers, or the Fraud of under Officers,which, Care in the First, and Security forthe Last, will prevent.

II. The next Thing is to shew the Advantages which England will reap by Setling the Credit here proposed; whereof some doImmediately attend it, others are Consequential.

Those which Immediately attend it, are,

1st, The Rate of Interest will hereby be brought lower, to the Advance of our Lands,and Encouragement of our Trade, byMethods altogether as Profitable to the Usurer,who will be willing to let his Money Cheaper,when it shall never lye dead without his Consent, his Security be unquestionable, and freedfrom the Charges of litigious Suits, which sofrequently accompany doubtfull Mortgages.

2dly, Both Gentlemen and Traders will hereby be supplied with Money to serve theirOccasions, on such reasonable Security as theyare able to give, when that Security shall bestrengthned, by having the Preheminenceabove all other Obligations; They may alsohave liberty to pay it in by such Proportions,as they can best spare it, when it shall beequally the Interest of the Bank to receive itso, which will never want new opportunitiesto let it out again.

3dly, This Credit will give us an Esteem in Foreign Parts, Draw their Moneys hither,and consequently their Trade, and therebytheir People, all which will be an Advantageto England.

4ly, It will supply the Government with Money to carry on the War on Moderate Interest, and make its Credit good; wherebythe Publick Revenues will Reach farther to serveits Occasions, and the Ministers of State befreed from many anxious Thoughts, whichnow make them Uneasie.

5ly, It will make Returns from place to place in England both Cheap and Certain,which will help our Inland Trade, and prevent Robberies, now too much encouragedby travelling with Money; It will also beprofitable to our Foreign Trade, by bringingExchanges low in our favour.

6ly, The Frauds put on the Country by Counterfeit Notes will be prevented; forthough the method of Indentures and StainedPaper now used by the Bank of England, maybe a Security to it self, yet it is not so to anyone else, seeing Art is able to Counterfeit everything, at least so like, as not to be easilydiscover’d: Now, what Satisfaction will it beto those who have received their Notes insteadof Money, to be told by the Managers thatthey are Counterfeit, when they know notwhere, nor from whom to get Reparation;whereas being Assigned from Man to Man,they are taken on the Credit of the Assignor,who runs no other risque thereby, save hisWarrant that they are truly what he paysthem for.

7ly, This Bank will be free from Stock-Jobbing, the Bane of all good Designs,which will find no room here, because itcannot be divided into private and particularInterests.

The Consequential Advantages will be these,

1st, By this means the Taxes for carrying on the War the ensuing Year, together withthe Twenty five hundred and Sixty fourThousand Pounds, which fell short on theSalt Fund, may be raised, by Methods, wherein the Kings Revenue, and the Peoples Profits, shall go hand in hand, without Anticipations.

2ly, The Funds now setled on our Manufactures, which discourage our Trade, and Ruin our Poor, may be sunk and taken off;such as those on the Glass-makers, Tobaccopip-makers,Distillers, and others, many whereofhave yielded little to the Government, abovethe Charge of Collecting, and the best of themhave done great mischief to our Trade; Nowseeing these are only so many several Modus’s of raising Money, those methods mustdoubtless do Best, which least Injure ourTrade.

3ly, The Debt due to the Transport-Ships may be paid off, and those People, towhose Early Loyalty the Reduction of Ireland is very much owing, be Contented.

4ly, The Mints may be kept Imployed, and the Kingdom thereby filled with Coin.

5ly, Our Wooll may be kept at home, which I humbly conceive can never be done,till a good Credit be settled, any thing lesswill not be large enough to cover the SoreIntended to be Cured.

6ly, The Plantation Trade may be better secured, especially that of Tobacco, and Methods may be proposed to Render it more Profitable, both to the King, and also to theSubject.

7ly, The Bank of England’s Notes may be brought to Par, and Tallies of all sortsin a short time be paid off at their full Value,which I humbly conceive will be difficult tobe done, any other way, the settling a Crediton either, or grafting them both together,seem improbable Methods to answer thoseends.

I humbly hope to make Proposals in this present Sessions for putting these into Practise,if a good Credit be timely setled.

Besides these, many other Advantages will accrue to the Nation, many of which Ihave set forth in my before Recited Essay onCoin and Credit. Pag. 27, 28, 29.

III. The Third thing is to make some Comparison between the Credit here proposed, and the present Bank of England;which I humbly conceive is so shaken in itsReputation, as hath rendred it uncapable tobe made the Foundation of a National Credit;and whilst we labour to recover it, we mayrun the hazard of destroying our Trade, disturbing the Government, and keeping ourselves under a lingring War, whilst we Encourage the French King, to try his Utmost Efforts, hoping, that our Difficulties at home,will force us to accept of a dishonourablePeace.

’Tis certain, Nothing can be the Support of a National Credit, which is not better, orat least so good as Money; and this is not tobe found in the Bank of England, whoseNotes whilst they are One per Cent. worsethan Specie, will always keep their CoffersEmpty, because no Man will put into it aHundred Pounds in Money, when he can purchase a Note of the same Value forNinety Nine; and the Consequence will be this, thatthe Lender, or rather the Jobber, will neverrest till he is repaid, that so he may be making advantage by a New Purchase; And ifthis will be the effect of a Credit worse onlyby one per Cent. than Money, what will itbe when ’tis sunk to Sixteen; Whereas, onthe other side, when a Credit is better thanMoney, the Coffers will ever be full, becauseall Men will endeavour to put in their Money, and be impatient till ’tis done; And thusit will be, when the Lender thinks himselfsecure, and makes more Profit by having hisMoney in the Bank then in his Chest, whowill therefore receive out no more at a time,then his necessities shall require, and for thesame Reason, those to whom he pays it, willendeavour to return it thither again so soonas they can.

IV. As to the Fourth thing Proposed, The necessity the Nation lies under to haveits Credit setled this present Sessions, it willappear, if we consider, how London nowstands in Competition with all England besides, as to the Specie of Money, and howit will stand before another Sessions; ’Tisgenerally agreed, that about One Moiety ofthe Money of England is already Center’d inthat great City, and the rest is not enough topay the Debts owing to it, together withhis Majesties Revenues, Bonds already entered into, and Taxes now to be given, forSix Months longer, besides the Foreign Bills,which are generally made payable there, allwhich must be returned in Specie; for thoughby an Act of this present Sessions: Intituled,An Act for the farther Remedying the ill Stateof the Coin of this Kingdom, it is among otherthings Provided, That all Money that shallbe brought in upon Account of Taxes, orRevenues, or Loans, at Five Shillings andEight Pence per Ounce, shall be carryed tothe next adjacent Mint, in order to beRecoined, yet this will no way be Serviceable tothe Country, unless a Credit be setled, itmust otherwise be sent up to London afterCoined, for want of Returns, the Debts due tothe Country being paid there in Bank, whichis Sixteen per Cent. worse than Money, andthose due from the Country demanded inSpecie, so that the Money of England is everyWeek brought up thither; and then, if it benext considered, what Methods are left tothe Country, to draw it back again, viz. byProvisions and some few other things, ’twillbe reasonable to believe, that seeing the supply made from that City to the Country isgreater than what is made from the Countrythither, all the Cash of England will Centerthere in a short time, to the Ruining of theother Trading Cities, and disabling of theCountry to pay future Taxes; and this willmake the dependence on London still greater,till by its own Bloatiness it must at last burst,when the Estates of the Traders shall consistonly in Debts due from the Country, whichmust still lye out, for want of a Specie to paythem in; so that all the Advantage Londonwill receive is, that it will be last Ruined.

Now if a good Credit be settled out of Hand, and the Mints continued in theCountry, the Money that is now there maybe still kept there, and Methods found out toincrease it, and the Trade of England carryedon with an equal Circulation in all places;this will keep up the Rents of the Lands ofEngland, which must otherwise fall in theirValues, suitable to the distance they stand infrom that great Metropolis.

If it be Objected, That the Management of this Credit will be very costly to the Nation; I humbly conceive, that the Profitsthereof will not only support its Charge, butalso bring in a great Overplus, which maybe usefully Imployed to the Nations Advantage; yet were this Objection true, nothing can be termed good Husbandry whichspoils our Trade, the stopping whereof butfor one Month, will be many Millions lost tothe Kingdom.

If by Rectifying this, or any better Proposal from a more thinking Head, the Credit of the Nation may be setled in this presentSessions, I have Reaped the End I Aimed at,the Good and Welfare of my Native Country;which I Humbly submit to your Honours greatWisdom, and shall be Ready to Explain anything that may seem doubtful, when I amthereto Commanded.

Your Honours

Most Obedient Servant,

JOHN CARY.

January 5th, 1696.

SOME

CONSIDERATIONS

Relating to the carrying on

The Linnen Manufacture

In the KINGDOM of

IRELAND.

First Published in the Year, MDCCIV.

SOME

CONSIDERATIONS

Relating to

The Linnen Manufacture

In the Kingdom of

IRELAND.

THE Linnen Manufacture in Ireland, being a Subject so muchdiscours’d of the last Sessionsof Parliament, I humbly presume to offer some Thoughtshow it may best be carried on.

But before I enter upon it, I will Consider the State of that Kingdom, with respect to its Foreign Trade; the Ballance whereof I take to be against them, and musttherefore be Supplied, by carrying out theirCoin, which is already grown so Scarce, that’tis to be fear’d, in a short time there will belittle left.

To explain this, I will lay down some of those steps, by which the Ballance of Trade, daily Alters to their Prejudice.

Ist, The great fall of their Products, viz. Wool, Tallow, Hides, Beef, &c. whichare abated in their Prices above one Thirdof what they yielded before the War; so thatshould the same Quantities of those Commodities be bought up for Exportation, asformerly there were, yet they would notamount to the Value they then did.

IIly, The Ports of Spain, France, and Flanders, which were their Great Markets,being now shut against them, the Profitswhich they made by their Foreign Trade inthe times of Peace, over and above the firstvalue of the Commodities exported, are alsolost to the Kingdom.

IIIly, The Prohibiting the Exportation of their Woollen Manufactures, wherebytheir People were Employed, and their Labours sold to Foreign Nations, hath verymuch lessened the Ballance of their ForeignTrade.

IVly, The great Sums of Money spent in this Kingdom by the Nobility and Gentryof Ireland, who come over hither for Pleasure,or Necessary Attendances, on the Court, Parliament, or Private Affairs, and send hithertheir Children for Education; the Purchasesthey have lately made of the ForfeitedEstates; and the yearly Remittances thence forthe Rents of Lands belonging to the Nobilityand Gentry of this Kingdom, do all makeagainst them.

Vly, The great Consumption of Commodities among them from this Kingdom, which, though it Encreases our Trade, andmakes it our Interest to Support that Kingdom, must be allowed to be a Prejudice tothem.

All which being laid together, it seems apparent to me, that the Ballance of theirTrade must every Year grow more againstthem, till their Mony 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 Employmentit will give to their Poor, will also take uplarge Tracts of Land for Raising of Hempand Flax; and being a Manufacture no wayInterfering with our own, we may take itfrom them, in Barter for what they havehence, without any Manner of Prejudice tothe Trade of this Kingdom.

Besides, The People of Ireland, being Employed on the Linnen Manufacture, wouldby degrees be taken off from making so muchWorsted and Woollen Yarn as they nowdo, which they send hither at Cheaper Ratesthan we are able to make ’em; The Priceof Labour in all Places being accordingto the Prices of Privisions, and those according to the Rents of Lands, the Poor can afford to work there on lower Terms than itcan be expected they shou’d do here; Onthe other side, if the low Labour of thePoor of Ireland, was Employ’d on Spinningof Linnen Yarn, it would be an Advantageto the Kingdom of England, to have it senthither, because it would Enable us to makeour Fustions, and other Manufactures, whereit is used, Cheaper than now we do; whilstour own Poor might be Employed on Spinning of Wool; and we might Afford to givethem better Wages, without fear of beingBeat out of our Manufactures by any otherNation, provided Care was taken to keep ourWool at Home.

The next thing to be Considered is, how this Work may be best carried on; which Iam of Opinion, must be done by a Corporation, with a Joint-Stock, Sufficient, not onlyto Buy up what Linnens shall be made, butalso to Furnish the Kingdom with Money onEasy Terms; which will likewise Encouragethe Raising of Hemp and Flax.

If the High Rates of Interest in Ireland be considered, and the present State of theLinnen Manufacture there, ’twill not beDifficult to see, how Unlikely it is to be carried on by Private Stocks, who can makeTen per Cent. per Annum, by letting outtheir Money; ’tis true, the late Act hath reduced it to Eight, but that Act, having noregard to Incumbrances entred into before the25th of March, 1704, I do not see, how itwill much help the People of Ireland at thistime, when the Scarcity of Money does Disable them to Discharge Prior Engagements;so that private Men have Opportunitiesenough to settle theirs at Ten per Cent. whichin all probability they will rather Chuse, thanto lay it out in Linnens, unless they can beAssured of a far greater Profit, than they canmake 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 Sumborrowed must be paid in at once; by whichmeans, being got into the Usurer’s Books, they can scarce ever find the way out; Nowif the Borrower had Liberty to pay in thePrinciple, by such Parts as he is able to raiseit, and the Interest for so much to Cease fromthat time, this would Encourage Industry,and Promote Improvements, both in Product and Manufactures, which are the twothings 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 bedone, where Interest carries such a Loadwith it; and therefore I am of Opinion, that Nothing less than a Joynt Stock,can make Ireland Flourish; which will inthe Consequence turn likewise to the Advantage of England; the Gentlemen of Ireland,being by these Means made more Easy intheir Circumstances, and having their FormerIncumbrances brought Lower, will Spendmore of their Money here, and Wear more ofour 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; andthe Profits thereof being Returned hither inLinnens, 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 Easyto Perswade the Landlords nor Tenants ofIreland, to leave off the way of Husbandrythey are now upon, and to Turn their Landsto Hemp and Flax, till they see some Encouragement; But when they shall find thisNew Product bring Ready Money, they willsoon Set upon it; if the Manufacturer receives Ready Money for his Cloath, he will be ableto pay Ready Money both for Materials andLabour, which Circulation will Encourageboth the Farmer and the Manufacturer; andby Degrees, Hemp and Flax-seed will beSowed in all Lands Proper for them, and theOwners will soon see the Difference, between Raising Commodities, for which thereis a Present Demand, and such, as lye ontheir Hands; For though Ireland may intime Produce greater Quantities of Hempand Flax than they can Work up, yet notmore than England may Take off, withoutPrejudice 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 theymay be Employed in a Manufacture, so natural to them as Linnen is; which will alsogive a Fatal Blow to the Kingdom of Francein that Manufacture.

The People in the North of Ireland make good Cloath, sell it at Reasonable Rates,and wou’d every Year make much more,had they a Vent for it; And it is to be observed, that Money is not Plentier, nor Rentspaid better, in any part of Ireland, thanthere.

The Rents of Ireland grow due at two Times of Payment, viz. 1st of May, and1st of November; the first becomes payablewhilst their Cattle are Lean, which puts theTenants under great Straits, and forces themto sell very low, if they are prest for Money;but the Second Payment is more easily made,their Fat Cattle being sold, and their Harvestover; This is the State of that part of theKingdom that depends on Feeding and Tillage; but where the Linnen Manufacture is,the Tenants are much easier; they Spin inthe Winter Nights, and at other leisure times,which being wove into Cloath, and whiten’dearly in the Year, provides Money for theirfirst Payment, without selling their Cattle before fatted for a Market.

It is necessary for a New Undertaking, to be attended with some lucky Accident; theLinnen Manufacture can never be begun inIreland at a more seasonable time than now,being Imported hither Custom Free, when allthe other Linnens of Europe pay considerableDuties.

The Gentlemen of Ireland at this time seem to be Discontented, they find themselvesUneasy, but cannot tell where the Sore lies;therefore, sometimes they Complain of onething, and sometimes of another; but thetrue Ground of all is this; Their Exportsare lessened, whilst their Imports encreaseupon them, and the Specie of their Moneydecreases every Day; by which means theirRents come in slowly, their Products fallon their Hands, and will more, as they encrease above their Expence; so that theirImprovements rather turn to their Disadvantage; and their Lands must fall (which ’tisour Interest to keep up) unless some newProduct be encouraged, which may be Manufactured amongst them; If this was done,They would soon see where their Interestlay; and tho’ I do not believe they wouldall fall on sowing Hemp and Flax, nor isit necessary they should, yet there would beso much Land turn’d that way, as mightrestrain their other Products, within thecompass of their Exports, and HomeConsumption, and cause a Circulation of Money through all parts of the Kingdom.

This will give a greater Employment to the Poor of Ireland, and Encourage Peopleto settle among them, without any mannerof Prejudice to England; and Create a mutual Friendship, and a profitableCorrespondence, between both Kingdoms.

And as the Establishing such a Fund will be an Advantage to that Kingdom, so itwill bring a considerable Profit to theUndertakers, besides the Benefit which mayarise from it to the Government, during theContinuance of this War.

JOHN CARY.

London, July 18th. 1704.