Seaſonable Obſervations Humbly offered to his Highneſs the Lord PROTECTOR.
IT hath been often aſſerted, that if all people under one Government did ſeek the generall good, every ſingle perſon would then receive a particular benefit thereby.
And it is obſerved in Societies, tha are in a joynt Trade, and have By-Laws and Orders among themſelves, that if an Interloper privately trade among them in the ſame way, not ſubmitting himſelf to the By-Laws and Orders of that Company, that he will receive to himſelf a greater profit for the preſent, than any particular perſon of the ſame incorporated Society, though if the undiſcovered practiſe thereof ſhould be continued, and not prevented, it would tend to the utter ruin and deſtruction of the ſaid Society and Trade for the future. Even ſo it is in a populous Common-Wealth, where part of the people, by unlawfull and deſtructive waies, ſeek their ſiniſter ends, to the generall hurt and prejudice of the well govern'd people therein.
To avoid which evills in all good Governments, neceſſary and wholſom Laws are contrived and eſtabliſhed to preſerve and protect the Property and Peace of each particular perſon, and every one living under ſuch protection is bound in duty to further the proſperity of his Countrey with all his utmoſt endeavours; for no one is born to himſelf alone, but alſo to do good to others, and ſome way or other may be a profitable member to his Country, according to the meaſure God hath given him, to which end I have for the generall good obſerved theſe two chief waies that make a Nation rich and flouriſhing (viz.)
By Armes and Conqueſt.
By Forreign Traffick and Merchandize.
To both which no people are more apt and prone than the Engliſh Nation. In the former, their actions both by Sea and Land have ſufficiently manifeſted2 it to all the World both at home and abroad in former and latter ages to this very day, in the latter our former Proſperity and Strength in Shipping have ſufficiently ſhew'd our aptitude therein, though then much hindred, & diſcouraged from our growing greatneſs, by the avarice of ſome, who minded their particular profits before the generall good; which hath cauſed the ſtrength of our Warlike Shipping in Trade, to be much impaired and diminiſhed, though ſmall notice is publickly taken of it, which hath put me upon the Conſiderations following.
- 1. The Uſefullneſs and Neceſſity of increaſing the Trading-Shipping of England.
- 2. The State and condition our Trading-Shipping were in before the late Wars in England; and the condition they are in at preſent.
- 3. The State and condition of the Hollanders Shipping and Trade at preſent.
- 4. The Reaſon of the Hollanders ſo great thriving in Trade in ſo ſhort a time (among others) is ſhewed their uſe of Bankes.
- 5. The benefit they have received by Bankes.
- 6. The prejudice and hinderance we receive by their Banks.
- 7. The good we may do our ſelves by the uſe of Bankes in England.
- 8. The manner of a Banke deſcribed.
- 9. Laſtly the uſefullneſs of a Court of Merchants.
All which I ſhall treat of in their Order.
Firſt, It hath alwaies been the generall received opinion (grounded upon uncontradicted reaſon) that the people of England need not fear any Forreign Invaſion, ſo long as they do maintain and encreaſe the Walls of their Land (Viz.) their Shipping and Marriners; which is the chiefeſt Power and Strength of the Nation againſt a Forreign Enemy; whoſe increaſe will not onely much ſtrengthen and inrich the Maritime and Frontier Towns and Countreys bordering on the Sea Coaſt, but alſo the whole Nation; and will make us alwaies capable to ballance the affairs of another State in reference,
To War.
To Trade.
By the former, we are now ſeaſonably ſeeking reparations from the Spaniard, for the many and cruell injuries and murthers committed by them upon the Perſon and Goods of the people of England, in the Weſt Indies and other places; For which, ſince no reaſonable ſatisfaction could be tendered in a peaceable way, do hope by Gods bleſſing will be obtayned by a juſt War: And therefore it's neceſſary upon this occaſion, as againſt all others, for the Engliſh Nation to ſtrengthen themſelves what they can, and to uſe all good endeavours thereunto.
For the latter, in reference to Trade, we may well ſuſpect the ſtudious induſtry of our Neighbours the Hollanders, will ſoone over-ballance us, if not timely prevented, they at preſent making a great advantage to themſelves to our great prejudice by the War between us and Spain, whoſe King hath lately prohibited wearing the Manufacture of England, of which kind the Hollanders will furniſh them with of their own making, and if they want work-folkes, will eaſily entice over Engliſh, wanting employment, to worke for them, and teach their people, by which means much increaſing their Trade, and when they know themſelves, thereby to grow rich by increaſe of Trade, and conſequently ſtrong by increaſe of Shipping and Marryners, and another Nation poor by decreaſe of Trade, and3 alſo weake by decay of Shipping and Marryners; how forward will they then be to preſcribe Laws to ſuch a decayed Nation: For it hath been long obſerved, that as the Spaniard aymes to get the univerſall Monarchy of Chriſtendom, ſo the Hollander the univerſall Trade, not only of Chriſtendom, but of all the known World, from which they have been termed the Carryers of the World through their multitude of Shipping, ſending them out to all Nations that have any Trade by Sea, and ſometimes for Men of War, and untill the late incouraging Act for increaſing the Navigation of this Land; The Engliſh Merchants themſelves, ſince the beginning of the late Wars in England, uſually freighted Holland Ships to fetch home their own Goods, becauſe they would go for leſs freight than the Engliſh Ships could, having leſs charge by carrying fewer men than an Engliſh Ship of the ſame burden, and leſs Proviſion, which Ships were uſually enſured in London; and it is the Hollanders cuſtome to this day, that when they ſend any ſingle Ship to the Southward for their own Accounts, oftentimes enſure them in England, and if they miſcarry, then the Engliſh make good their loſſes, as too often it ſo falls out; and if ſuch Ship comes well home, they ſave the premium in ſayling ſuch Shipping with leſs charges than the Engliſh do theirs of the ſame burthen; and being ſo weakly mann'd, if they at any time chance to meet a Turkes man of War (they ſeldom fight with them as the Engliſh do, and ſo oftentimes honourably acquit themſelves) but deliver up their Shipping without firing a Gun to ſave the Sea mans Liberty, and what belongs unto them, and ſo arme the Turkes againſt all Chriſtendom, but when they ſend unarm'd Fleets into any Countrey at the fit ſeaſons of the year, when Merchandize is to be had in ſuch Countrey, they are bound for; then if there be danger, they ſend a ſquadron of Men of War to convey them at the publick charge, and theſe are ſeldom enſured; But if any Engliſh Ship of force go the ſame voyage ſuch ſingle Dutch Ship went, ſeldom any inſurance is made (except ſhe be miſſing, or her ſafety doubted) becauſe they uſually go ſafer, being better provided of men and other neceſſaries for defence againſt the danger of Enemies and bad Weather, and alſo before the ſaid Act, the Hollanders ſerved us with the Commodityes of other Nations in their own Ships, both in England and in our Weſtern Plantations, while our Engliſh Ships lay in harbour for want of employment, till they were inſerviceable, and our Marryners took employment of the Hollanders to ſaile their Ships to get their lively hoods, to the great loſs and diſhonour of the Engliſh Nation; and ſince the ſaid late Act, how diligent the Hollanders have been, notwithſtanding the ſame, that to their coſt a whole Fleet of them together were ſurprized, trading at the Barbadoes, and forfeited according to the penalty of the ſaid Act, which ſhews how well they like Trading with us with forreign Goods in their own Ships; that though they dared not bring any for England, fearing the penalty of the ſaid Act, yet they would run ſo great an hazard to ſerve our Plantations, peradventure intending to over-awe the penalty of Confiſcation, by continually having a greater power in Shipping there than we had, that if a ſeizure had been attempted by the Engliſh there, they might have over-powered them, and made ſuch an attempt of no effect, not once dreaming that a Fleet of Men of War would ſtop there to ſeize them in their way to Sancta Domingo and Jamaica. Now although the ſaid Act hath breathed ſome refreſhing to the decaying Trade of the Engliſh Nation, yet it hath not altogether cured her of her diſeaſe, as will be ſhewn hereafter; beſides the preſent abuſe not look't into, as ought to be, in entring Strangers Ships in Engliſh mens names in the Cuſtome houſe.
It hath been alſo obſerved how induſtrious the Engliſh Nation are and have been, not only in contriving and building convenient and ſtrong Ships for burthen, ſwift ſayling, and of force, but alſo in mannaging the ſame as well in ſingle fights in Trade for defence againſt Pyrats, and in Fleets in publick Wars with a4 forreign Enemy, to their perpetuall honour and terrour of their Adverſaries: Witneſs the many ſingle fights at Sea againſt the Turks, to whom it is beleived the Dutch loſe ten Ships for our one, and the remarkable Sea-fights againſt the Hollanders themſelves in the late Wars, wherein many Merchants Ships from about 300. Tuns, to about 500. Tuns did engage againſt the Enemy with the States Ships and Frigots to our great advantage, which at that time would have been much wanted, if they had not been built; The Enemy notwithſtanding much overnumbring us every fight in Ships and Tunnage, and yet ſupplyed their loſs of Ships daily taken and deſtroyed by us, aſſiſting their Men of War ſtill with their Merchant Men of equall force and burthen, and ſome bigger, ſuch as they uſually ſend to the Eaſt Indies, which foregoing paſſages ſhew the excellent uſe of Engliſh Shipping, and the neceſſity of increaſing them, which cannot be done no way ſo well as by Trade, for War is known to be chargeable, hazardous and bloody; therefore how ought Trade to be cheriſhed, maintained and increaſed with all power, diligence and invention that can be contrived.
Secondly, If we take into conſideration the ſtate and condition our Trading-Shipping were in before the late Wars in England, we may find by the Eaſt India Companies account, that they alone did employ, in that trade, at once 15000 Tunns of Shipping, which were accounted to be of the beſt ſort of Trading-Shipps belonging to England, of the burthen of about 300 Tunns, to about 600 Tunns: But the old Company were at laſt ſo decayed in their ſhipping, through the diſcouragement of Trade, and undermining of the Dutch, and other caſualties, that they had hardly one good Shipp remaining at their giving over; So the laſt new Company thought it better to freight ſhipps for their employment, which they alwayes did, rather than build any: But now if the new eſtabliſhed Company will freight Ships alſo, & not build, they will finde very few of force and burthen fitting for that employment; For I cannot hear, for about theſe ten years paſt, that a Trading-ſhip of about 400 Tunns hath been built in England, & thoſe few that have been built within that time, ſeldom were ſo big as 200 Tuns, but I believe ten for one of leſs burden, which with other ſlight Ships, that are uſually enſured, do ſupply that little Trade the Dutch have left the Engliſh Nation in the Straits, which in former times uſed to employ, by eſtimation, not leſs than about 80. or 100 ſale of good Ships of about 3. and 400. Tunns burthen each Ship and upwards; but now the Engliſh Trade will not maintain and employ Ships of ſuch burthen and defence, which is the reaſon ſo many ſmall ones have been taken by the Spaniards of St. Sebaſtians, Majorca and other places: And I have formerly known many Ships of the like burthen built, and equipped in England, purpoſely to ſend to Venice to let out to that State for Men of War to ſerve them againſt the Turks, but the Hollanders ſoone eate us out of that employment alſo, by ſerving them with Ships of equall burthen with ours for leſs freight than we could with our Ships, which they might afford to do for the reaſons hereafter declared.
And whereas the Company of Merchant Adventurers trading for Hamburgh, uſed yearly to ſend about twenty good Ships thither, chiefly laden with the Manufactures of England, the Vent whereof gave great employment to many Tradeſmen, beſides the poor; but this year they have ſent onely one Ship from London, the laſt ſhipping, and the Goods of that Ship will not go off neither, and the Wooll that makes theſe Manufactures, that uſually ſold for about 10 d. per pound, is ſold now, as I heare, for 6 d. or 7 d. which ſhews a great alteration and deadneſs of Trade, which at this time is the generall and daily compliant of all Tradeſmen of what profeſſion ſoever; the like might be inſtanced in our ſhipping-Trading for the Eaſt Countrey and other places, where we ſend one now, formerly we ſent ten at leaſt, the continuance whereof will much decreaſe the ſtrength of5 the Engliſh ſhipping, and is an apparent ſigne of the generall decay of the forreign Trade of England, which ought to be ſo well mannaged and incouraged without delay, as that we ſhould equall, if not exceede all other our Neighbour Nations: ſo if any one Nation grow greater in power than another, ſo as the weaker become ſubject to the conditions of that one greater Nation, either in State-affairs or government of Trade, how ready then will other Nations be to endeavour to make their own termes? or to be ready to make a prey of ſuch a declined people, and if the caſe were ours, would it not be ſo with us? other Nations bearing a kind of envy to our former happyneſs in good Succeſſes and noble. Atchievements, both at home and abroad, for what corner of the World hath not been ſearch'd by us to find out Trade? the profit whereof, (the reward of induſtry,) gave firſt boldneſs to venture to paſs the maine Ocean, and make new diſcoveryes in forreign parts round about the World, and hath inlarged our Nation with many new and large Plantations, to the inriching, cheriſhing and employing of many thouſands of our people, by which may be diſcerned the flouriſhing and proſperous condition the Engliſh-ſhipping were in, which without doubt will ſoon increaſe again with the increaſe of Trade.
But it may be objected there is no ſuch need of great Shipps now, as hath been for the defence of the Seas, ſeeing we have ſo great and gallant a Fleet of men of Warre, which are more ſerviceable upon occaſion than Merchant-men, taken into warlike employment.
It is anſwered, That admit a very ſtrong Fleet of men of warre were allwayes maintayned, ſuch a one as, in any mans judgement did equall any Fleet of men of War of any neighbour-Nations, and that we ſhould have Warre with any ſuch Nation, and in fight part of the Fleet ſhould be loſt, or ſo battered that they could not be ſo ſuddenly recruited, or made ſerviceable as there might be occaſion for them to ſupply the place and ſervice of thoſe Shipps that might be ſo loſt, or defective, but by Merchants Ships; As in the late Warre with Holland, it was obſerved what gallant ſervice every Merchants ſhip performed, when each Captain was ſhifted out of his own ſhip into another, when at the firſt, every Captain continuing in his own Shipp was not ſo adventurous, not out of cowardice, as dreading what might happen to his perſon, but out of deſire to prevent the damage that might happen to his own Ship, which might turne to the loſſe of his Owners, the Captain well knowing the charge in repairing them again, or building others, and peradventure, if their old ones had been loſt, it might have been a hard thing for him that loſt his ſhip to get friends to joyn together to build him another; For now ſhipping is eſteemed the worſt commodity this day in England, every one that hath any, being willing to ſell, becauſe they loſe by them, through want of Trade and employment for them, whereas if trade were quick, and any proffit came by them, every one would be deſirous to be intereſſed in them.
Moreover, if a ſtanding Fleet of men of Warre, as aforeſaid, ſhould be maintained, and having a Warre with another Nation, that Fleet ſhould hold allwaies good, ſo as there were no need of Merchants Ships to joyne with them, yet it muſt be conſidered that infallibly the want of Trade will much impoveriſh the people of England, which otherwiſe know not how to ſubſiiſt, they increaſing ſo much notwithſtanding the late Wars, and the Land (though full of plenty) not increaſing with them being an Iſland, witneſs the many entertained for Souldiers, either for want of Trades, or by decay of their Trades, and the many daily going for Ireland and the Plantations, and yet there is no miſs of them, for in any Town or Pariſh where any Houſe or Farme is to be let, (notwithſtanding the improvement of the late Kings and Biſhops Lands &c.) how many ſtrive for it till the Rent thereby is ſo raiſed upon the Landlord by out-bidding each other, till6 at laſt he that taketh it, is either undone or weakened in his eſtate, with overrenting it; and ſo the peoples eſtates are too often impaired in defraying their reſpective charge for want of Trade; And conſidering that ſuch a ſtanding Fleet of men of Warre will be a great charge and burthen to the people to maintain it, which will help to impoveriſh them more and more; But on the contrary the preſervation & increaſe of Trade, will not onely maintain a gallant Fleet of warlike Shipps and Marriners, ſuch as all thè known World will not onely admire, but ſtand in fear of, and will alſo enrich and ſtrengthen the whole Nation.
Thirdly, the condition and number of the Hollanders remaining ſhipping in Trade is ſuch, that they are beholding to the Engliſh for them, in that not onely their ſhipping, but their people too were not deſtroyed in the late Warres with them, which in probability might have come to paſs, had the Warre continued till this time, with the like ſucceſs, that it pleaſed God then daily to give to the Engliſh Nation; but if the ſame ſucceſs had happened to them, their former crueltyes to the Engliſh in Amboyna, and preſent practiſes in Eaſt-India, would make it queſtionable, whether they would have granted ſuch good conditions to the Engliſh, as they did to them at the concluding of the Peace between both partyes; For who knowes but that their beſiedging Bantam (which is ſuppoſed to be taken by them) is onely a Deſign upon the Natives, contrived purpoſely to enable them by the gayning of it wholly to remove the Engliſh from that Factory, to prevent them of Trade in India, now the Engliſh Company trading thither had ſo much diſcontinued it: and if they could do as much by Surratt alſo; then how eaſie will it be for them to command the Coaſt? they being ſo powerfull in Shipping there, may deny any Nation trading thither, without danger, but whom they pleaſe, and then if we will have any Commodityes from thence, it muſt be with their good liking and conſent: But it is not often known that they eaſily yeild to any thing that hinders their advantage, or the increaſe of their Traffick and Navigation. And if they ſhould gain that trade to themſelves, as is doubted is their deſires and deſign, & is feared they will effect without a Bank in England, & then it is beleived it will be more profitable to them by Trade than all the Weſt-Indies is any way to the King of Spain, and if the Engliſh ſhould loſe that trade, as it hath been in great danger, then what need have we of Merchants ſhipps of burthen & force? & who would build any, having no imployment for them? & if no employment for ſuch ſhipping of force through decay of Trade, then in a ſhort time what will become of the Maritime Power and Strength of the Engliſh Nation? For beſides the many advantages the Dutch will accrue to themſelves by having the ſole trade of Eaſt India, inriching their people many ſundry waies,
This great prejudice they will do us,
We ſhall be weaker by ſo much Shipping, and ſo many marriners as we might imploy thither.
It will hinder thoſe Tradeſmen, in their ſeverall profeſſion, that furniſh thoſe ſhipps that go to Sea, as Shipwrights, Smiths, Maſt-makers, Sayl-makers, Ropemakers, &c. and diminiſh the trade of thoſe Materialls.
It will hinder the vent of our Native Comodityes, which thoſe Shipping would carry thither, which will impoveriſh our people that made thoſe Commodityes.
It will hinder us of thoſe commodityes which that Countrey doth afford, that we may have great need of, as in time of Warre; of Salt-Peter to make Gunpowder; ſo as we ſhall have no commodity from thence but what the Dutch will ſpare us at their own prizes: which makes me remember a notable paſſage I have heard of the Durch in India, where a Ship of theirs arriving at a trading-Port in that Countrey, laden with one onely commodity, which they knew the place wanted, therefore ſet what price on it they pleaſed, which the Townſemen refuſed to give them, and on the contrary held off buying the ſame, preſuming7 they would take their offer for the Commodity, rather than go to another Market, or lye in Port with a great charge of Men, Victualls, and Wages, to expect more, which the Dutch perceiving, reſolved to prevent the Townſemen of their delaying them, and yet alſo have their price, therefore immediately cauſed the one half of the commodity to be carryed aſhore, and there burnt in the ſight of the Townſemen, and then demanded as much for the remaining half as the whole would have come to at the price they made, which the Inhabitants were forced to give for the ſaid half part, rather than want the ſaid Commodity, fearing leaſt half the remaining part ſhould be burnt alſo, and then muſt give as much for one quarter of it, as they might have had the whole parcell for before any of it was burnt; Such is the force and power of trade where a uſefull commodity is wanting, and when engroſſed into one hand.
But beſides the Trade of India, it is too much felt how the Engliſh Trade in Turkey is at this preſent; alſo, in the Eaſt Countrey, and at Hamburgh, to ſerve all Germany, and in all the Streights over, where the Dutch not onely under-ſell us in their own, but in our Native Commodities, as Cloath, Tyn, Lead, &c. they buying theſe Commodities of the Engliſh at the beſt hand, and cheapeſt ſeaſon of the year; as, Cloath carried over to them rough and white, they die and dreſs, and ſell it before we can ours dreſt and ſhip'd from hence; beſides that, they ſell made in Suffolk, and of their own making of Engliſh and Spaniſh Wool mixt together; alſo, they may buy our Lead here, when the Engliſh Merchants ſhip out leaſt, at that time it is cheapeſt, and commonly riſeth at the going out of Turkey Ships, or at any Herring ſeaſon, which I have often known to my coſt, to riſe from 11 or 12 l. per Fodder, to 14 or 15 l. per Fodder, and upwards, as at this day, which is about 20 l. per cent. difference; which with the cheapneſs of Freight in their own ſhips, to what is paid in Engliſh ſhips, and ſaving inſurance by ſending Convoys with their Fleets, enables them to underſel us abroad, and o have the preemption of Foreign Goods for Returns, and raiſe the price of tthem upon us, ſo have they advantage of us every way, to the great diſcouragement of the Engliſh Trade, and inſenſible weakning of the Engliſh power, which courſes the Engliſh cannot take for want of ſtock, much of it lying dead, ſometimes two or three years, and in danger oftentimes in a remote Countrey, in unſold Commodities, as at this day: And ſhould they take up moneys at intereſt, to proſecute ſuch a Trade, as the caſe now ſtands, it would ſuddenly and inſenſibly eat them out of their Eſtates, which oftentimes is gained with long and toilſome labour, and great hazard. On the contrary, the Dutch are herein enabled to raiſe good profit by the quickneſs of their Returns, the largeneſs of their Stock, which is encreaſed by Banks, and the continuance of their Trades, from one generation to another, and partly by lowneſs of money at intereſt, which is occaſioned as I ſhall ſhew hereafter.
The like may be ſaid of the Trade in Ruſsia, the Eaſt Countrey, and other places, where the Dutch and we have trading together, they finde ways to undermine us, to our great loſs and diſcouragement, though few old Traders conſider the cauſe in all their lives. But I inſtance onely in the two former Trades, becauſe they chiefly give employment to our Warlike ſhipping Trade.
Fourthly, touching the reaſon of the Hollanders ſo great thriving in Trade before us, may be theſe:
Their Stateſmen ſitting at the Helm, ſteering the affairs of their Government, are many of them Merchants in preſent trade, or have been bred ſo in their minorities, or by travel in other Countreys, or well grounded experience at home, have well underſtood the courſe of Trade, whereby they are enabled the better (making the encreaſe, Protection, and encouragement of Trade their chiefeſt care) to further it in their intereſt of State with other Nations in all Treaties, and8 therein make ſuch proviſion for the furtherance thereof in their own behalfs, as may make moſt for their benefit and advantage, and prejudice and inconvenience of the other State, whom they can moſt prevail with and over-rule; ſo that their good management in foreſeeing the benefits and inconveniences that may happen, is one main cauſe of their ſo admired flouriſhing condition, from ſo ſmall beginnings: For who can give better advice in any Trade, than he that ſtudies it, or is bred up in the ſame.
They have a cuſtom, that when any of their Tradeſmen dye, they divide their eſtates equally among their children, whereby the youngeſt having equall education with the eldeſt, is with his ſtock capable of driving as good a trade as the eldeſt; by which means, their eſtates in trade deſcend to their poſterities, and alſo the rules, inſtructions, and many years experience and obſervations, that gained their Parents their eſtates, and oftentimes the very ſame trades alſo, they having no lands to purchaſe, as other Nations have.
But on the contrary, it is the uſual cuſtom in England, when a Tradeſman dies that hath children, having raiſed his eſtate, to give mean portions to his younger ſons, and make the eldeſt poſſeſſor of the greateſt part of his eſtate, who addicts himſelf oftentimes to the pleaſures of Hunting, Hawking, and ſuch like paſtimes, betaking himſelf wholly to a Countrey life, were either by encreaſe of his charge, ill husbandry, or want of skill to manage his eſtate, which peradventure is thereby much impaired, therefore is uſually deſirous, if he have ſo much money left, to put his ſons apprentice to learn trades to get their livelihoods: And when they are made Freemen (if they did not miſcarry before) are oftentimes as far to ſeek for a way to get their livings by, for want of ſtock to ſet up their Trades, as their Grandfather was, before he gained their fathers eſtate. But if the Grandfather, who knew how to get that eſtate he left his eldeſt ſon, had alſo bred him up in his own trade, or in ſome other, he had been capable to inſtruct and inrich his children by it alſo; ſo as inſtead of weakning the eſtate, it would have mightily increaſed on him, and have augmented the ſtock of the Nation.
Their true and faithfull making their Manufactures without deceipt, as Cloth, Sayes, Serges, Perpetuanaes, &c. and giving them their due contents, makes them the more ſerviceable, and their ſeverall goodneſs (by experience) being known abroad, cauſeth them to ſell before thoſe of the Manufacture of England, that are mode ſlight and unſervicable, wanting their due contents and goodneſs; which is not ſo well look't into as ought to be, according to the good Laws provided in that behalf, which not onely brings the Engliſh Commodityes into diſgrace at market abroad, but is a great prejudice to the Nation in generall by wanting Vent for them, the makers ſtriving daily to exceed each other in ſlight making, as Cloth made of flocks mingled with Wooll, &c. that they may the ſooner ſell and afford them at the Engliſh Merchants low price, to which he is tyed to buy, being guided by the Dutch mans low rate he ſells of the ſame kind at market, contenting themſelves, and thriving with the leſs profit by ſelling much greater quantities abroad of ſeverall ſorts of Goods, and having quicker returns and greater Stocks than the Engliſh, and ſo the Dutch have the preheminence in the ſale of their Manufactures before us, by their true making to their very files and needles.
Their care and vigilancy over their traffick in taking off and laying on Impoſitions on ſundry Commodities to quicken or dull them in their ſale and price, as they ſee occaſion to incourage their own Manufactures, or hinder thoſe of a forreign Nation, for the better imployment of their ſhipping and people, beſides each Merchants particular correſpondence with their reſpective Factors or Servants in the Countreys where they Trade, in which they are alſo very dextrous in communicating certain and early advice, as well of the publick, as of their own private occurrences.
9Their giving countenance and incouragement to new deſighes propounded to them for publick good, which whets the invention, and ocaſions new diſcoveries, and the bringing in of many profitable and delightfull Arts and Myſteries among them, the Author never wanting his due reward, which is made good to him out of the Publick Stock, none feeling the charge thereof, & is alſo preferr'd to ſuch employment as his genius and capacity leads him unto, wherein he may be more profitable to himſelf and them, preferring ſuch for their merit and encouragement, rather than others leſs deſerving, for favour or ſiniſter ends.
But their chief and moſt conſiderable way, by which they have brought themſelves, to what they are, is their profitable uſe of Bankes.
Fifthly, the benefit they have received by Banks, are theſe:
By the help thereof they have raiſed themſelves from Poor, Diſtreſſed, to High and mighty States.
They have encreaſed the Generall Stock of their Country ſo much, that they can, when they pleaſe, ingroſſe the particular Commodity of one Country, and ſell it again at their own price, in the ſame, or another that wants it.
They maintained Wars many years with the King of Spain, and hired foreign Souldiers, to ſave their own people in that War, and received in ready money (with which they payd their Armies) the proceed of their Utenſ•is of War, and other Commodities they fold their Enimies, which they bought with imaginary money in Banks, and ſo furniſhed the Spaniard with thoſe things he wanted, for their own profit, which otherwiſe they knew another Nation would elſe have done.
They have encreaſed their Trade, and thereby grown ſo rich and ſtrong in Shipping and Mariners, that they forced the King of Spain to a Peace with them.
To make their own terms with the King of Denmark.
To hold the King of France to ſuch conditions as have not always pleaſed him.
To make War with the Engliſh at Sea. to whom they there always yielded & acknowledged obedience and ſubmiſſion.
To rule over many petty Kings and Principalities in the Eaſt Indies, and other places, where they have power to overcome them.
Theſe are ſome of the benefits the Hollanders have received by encreaſe of Trade; occaſioned by Banks.
Sixthly, the prejudice we receive by their Banks are theſe:
It brings down their Intereſt of money to 3 or 4 l. per cent. (at which rate. I know at preſent many thouſand pounds there let out, in a parcel, in ready money, which the Dutch do often deliver by Exchange for London, and there the ſame Takers at Intereſt out of the Banks, may let it out again in England at 6 per cent. formerly at 8 l. per cent. and when the money is come into them again, it may be more than ſuſpected, that it is privately ſent into Holland, both in Silver and Gold, ſome profit ariſing thereby, the latter being grown ſo dear, and both far more ſcarce in England than formerly (little being of late imported to Coyn, for ſundry reaſons, and ſo plentifull in Holland, that great payments have been made there in Sterling money onely, beſides that concealed in their Bank, which is a great hinderance to Trade in England, by wanting ſo much ſtock as is ſo tranſported, and doth alſo impoveriſh this Land.
Alſo, by their Banks, they may be furniſhed in England by Exchange, with ready money to buy the Native Commodities of the Maker, at the firſt hand, and at the cheapeſt ſeaſons of the year, as Lead, Tyn, Cloath, Bays, Sayes, Serges, Perpetuanaes, Stockings, &c. having, as is ſuſpected, their Engliſh Packers at London, to buy ſuch Goods there for their Accompts, and their Agents reſiding in the Countreys and Towns in England, where ſuch Manufactures are made, and there buy them cheaper of the Maker himſelf for ready money, by10 about 10 per cent. than the Engliſh Merchants can do at London, of ſuch Makers Factors to whom elſe he ſends them, to ſell for his Account, the Maker thereby ſaving Factorage, and other charges and Adventures, and making bad debts in ſending ſuch Goods to ſell at London, beſides uncertainty in ſelling them for time, or ready money, and other troubles and caſualities in returning the money into the Countrey; for which reaſons, the Maker had rather ſell a better bargain by himſelf at home, receiving his ready money there, to ſerve his occaſions, than run the former uncertainties, by which help of Banks, having money there at a low rate, the Dutch are enabled, and do underſel the Engliſh Merchants at Market in their own Native Commodities, to their great loſs and diſcredit; and it is doubted, that many Engliſh Merchants alſo do colour ſuch Goods for them at the Cuſtom Houſe, having alſo, underſtood that at this time Engliſh Wool and Fullers Earth, is too often carried from hence into Holland, in the Engliſh Men of War, ſuch ſhips being never viſited by the Officers of the Cuſtom houſe, which ought ſuddenly to be prevented, the Dutch being too well ſtored with thoſe Commodities, moſt of the Wool of this years growth in Kent, being doubted already to be tranſported from, or neer Dover, Rocheſter, &c. which are the back doors out of which ſuch Commodities are ſuſpected to be too often conveyed, through connivance.
But if it be objected, That the Engliſh may alſo buy of the Maker on the ſame terms: It may be anſwered, They want ſtock, through deadneſs and decay of Trade. But if it be replied, That they may then take up money at Intereſt to do it: To which is anſwered, That if they have ſo much credit to do ſo, they muſt then give 6 l. per cent. for it, beſides procuring and continuance, and the Dutch hath it for about 3 l. per cent. or under, which with the cheapneſs of freight in their own ſhips, &c. doth enable them notwithſtanding, to ſell our Native Commodies for us abroad, cheaper than we can afford to ſell them our ſelves, and ſo ſecretly eat the bread out of our own mouthes, and undermine, and work us out of Trade, and employment of our own ſhips all the world over, being in the Eaſt Indies accounted much inferior to them.
By the help of Banks, they ſo much augment their Stocks, that they ſet out ſo many hundred of Buſſes, and other Fiſher boats yearly, to catch Herring and Cod fiſh in our Seas, with which they ſerve all Chriſtendome, to their incredible gains, and formerly our own Nation, to our great loſs, decay of our Fiſhery, and many Fiſhing Towns on the Sea Coaſt.
Theſe inconveniences we receive by their Banks, and many other, there being none in England to countermine them, by which it may appear, it is not altogether the raiſing of Exciſe, or laying on Impoſitions upon the Commodities retailed and ſpent within our ſelves, as is often ſuggeſted to be the cauſe of the preſent deadneſs of Trade, but the meer advantage and undermining of the Dutch, with their great Stocks, who always have alſo had a great Exciſe charged upon the moſt part of the Commodities ſpent within themſelves, which cauſeth the ſpender of ſuch Goods to pay dearer for them, they being enabled ſo to do, by cheriſhing their Foreign Trade for the general Good, in laying on ſmall duties on the commodities tranſported, with other priviledges and good orders to puniſh miſdemeanors in Trade, wherein they are as unmercifully juſt, in the executing them without reſpect of perſons, for the Publike good, as the Engliſh are too often unjuſtly merciful, in ſparing each other for private ends, to the general hurt.
Seventhly, the good we may do our ſelves by Banks, if ſettled in England, are many; for no Nation yet ever made uſe of them, but they flouriſhed and thrived enceedingly.
Firſt, they will by well ordering them, bring back the Gold and Silver, which11 hath been drained out of this Land by the Hollanders Banks, and by other Princes raiſing the value thereof in their Dominions.
They will much encreaſe the Stock of this Land, which will wonderfully encreaſe all manner of Trade, and will bring in that excellent tranſporting Trade, and make England the Staple of all Foreign Commodities, as Holland is at this time, and hath been ſince they had the uſe of Banks, who have nothing conſiderable of their own growth and Manufactures, yet have the Staple of all Commerce as a rich Treaſure, in Money and Jewels, all Materials for Shipping and War, all manner of Cloathing, and the Granary and Vineyard of Europe, with which Commodities they furniſh moſt Countreys, which England may alſo do, with much eaſe and profit, and make this Land the Staple for Trade, for by experience our people are known to be as tractable in Trade as any other Nation, had they but Stock, which is thought to be the onely thing wanting, beſides a few priviledges in Ports, to carry on that ſo much deſited and profitable Trade, and our Land lies more convenient for it than any other, having the Sea open on every ſide, and ſo many ſafe Harbours to ſhelter Shipping in foul weather, and ſo many convenient Ports for landing of Goods, from whence they may be tranſported with all winds, at all ſeaſons of the year, and the Engliſh Mariners are as good as any be in the known world, and may have as good ſhipping to carry goods for as little freight, and may victual them as cheap as any other Nation.
They will encreaſe, and much encourage the Fiſhery of this Nation, and breed up in that employment many thouſand of Seamen, which will finde employment in the Eaſt-Indies, Streights, and other Voyages into other parts of the world, and will alſo encreaſe and ſtrengthen the decayed Fiſher Towns, and all other Ports and Havens along the Sea Coaſt.
They will encreaſe the Warlike Trading Shipping, and Mariners of this Nation, which will much ſtrengthen us againſt all our Enemies.
They will alſo encreaſe the Revenues and Cuſtoms of this Land by encreaſe of Trade.
They will wonderfully employ the poor of this Land, and encreaſe the natural Mannfactures thereof, and make us capable to buy or ſell at home or abroad, with as much advantage as any other Nation; whereas now, if any Engliſh Merchant buy any Foreigh Goods abroad, with the proceed of Engliſh goods there, and tranſport them for any place but England, he is in danger to loſe by the Voyage.
They will make the Engliſh capable to engroſs the Commodity of any Countrey, and withold it from another that may be at enmity with us, to whom the ſaid Commodity may be uſeful to our prejudice, and alſo make our own price of it.
They will encreaſe Trade in our Plantations; and cauſe ſhips to be built in New England, as good, or better than any be built in Holland, to carry goods for as little freight, and will alſo encourage the m•king materials for ſhipping there, and will ſave our own timber here until a time of need, which ſhould be preſerved and encreaſed as much as could be, having of late been much decayed and ſold into Holland, as is much ſuſpected.
They will furniſh Factors in England with credit to pay Cuſtom, and charges of a great Cargo of goods, which may on a ſudden be conſigned to them: for many times ſuch Engliſh Factors may be of a good eſtate and credit, yet have not always a great Caſh lying by them for ſuch uſes (though the Dutch are ſeldom without it) therefore may oftentimes be forced to ſtrain their credit, to take up money at intereſt, or fell all, or part of ſuch goods at under rate for want thereof, which may be a great prejudice to themſelves, and loſs to their principles; and is believed, cauſeth many ſuch great Commiſſions to be carried from12 the Engliſh, and Conſigners to the Dutch reſiding in England, to their great benefit and advantage, and loſs and prejudice of the Engliſh Nation.
They will encreaſe trade in Ireland, which will people that Iſland, and encreaſe the revenues thereof.
They will furniſh many young men with Stock, that have by their induſtry and well ſpent time and travels in their Apprentiſhips, gained good experience in Foreign Traffick, but when they are come to be for themſelves, wanting ſtock, friends, or credit to begin to trade with (being commonly younger brothers) are thereby much diſcouraged, and thinking to drive away ſuch diſcontent, do oftentimes fall into bad Company, and take ill courſes, to the utter ruine of their hopes and fortunes, which otherwiſe might have made good Commonwealths men, which is the greateſt reaſon, why ſo few young men, among ſo many entertained, do come to good.
They will preſerve many good men from failing and loſing their credit; for inſtead of loſing by trade, they will by the well regulating of it, be more certain of profit, and the quick and ſure ſatisfaction of a debt by Aſſignment in Bank, will preſerve many a good mans credit, which many times is impaired, though he may have a good eſtate out in Trade beyond the Seas, and cannot command it, ment where it is due. It being ſeldom ſeen, that any of the Dutch Nation fail, and if any of them by loſſes do miſcarry, being known to be induſtrious, are ſoon credited again with ſtock out of Bank, or otherwiſe to recover themſelves again by trade.
And many others, which trial and experience will daily diſcover, as quick and eaſie, paying Bills of Exchange, Foreign or Domeſtick, and all other p•yments, preventing fraudulent payments in counterfeit and clipt Coyn, or mil-telling money, rectifying errours in Accounts, which occaſion Law-ſuits, preventing theft, and breaking open houſes, where money is ſuſpected to lie, and robbing on the high-ways Graziers, Carriers, or others that uſe to carry money from Fairs, or other places, which may be returned by Aſſignment in Bank, whereas now the ſeveral Hundreds in many places are forced to guard ſuch as carry money, for fear of their being robb'd, and ſuch Hundred paying them the money the loſt, as it hath often fallen out of late times, &c.
Eighthly, a Bank is a certain number of ſufficient men of eſtates and credit joyned together in a joynt ſtock, being, as it were, the general Caſh-keepers or Treaſurers of that place where they are ſettled, letting out imaginary money at Intereſt at 2 and ½ or 3 l. per cent. to Tradeſmen, or others, that agree with them for the ſame, and making payment thereof by Aſſignation, and paſſing each mans Account from one to another, with much facility and eaſe, and ſaving much trouble in receiving and paying of money, beſides many ſuits in Law, and other loſſes and inconveniences, which do much hinder trade; for oftentimes a Merchant hath goods come from ſome place beyond the Sea, which he is not willing to ſell at the price currant, knowing either that he ſhall loſe by them, or that he hopes they will yield more in England, or ſome other Countrey, when there will be more need of them, therefore is deſirous to keep them, and yet drive on his trade, which peradventure he cannot well do, wanting ſtock, ſo much of it lying dead in the ſaid Commodity, therefore procures credit in the Bank for ſo much as he ſhall have occaſion for, at the rates aforeſaid, and receives and makes payment thereof where he hath occaſion for it, by Aſſignment in Bank; as for example, the ſaid Merchant buys Cloath of a Cloathier, for 100 l. value more or leſs, and goes with him to the Bank, where he is Debtor ſo much money as he takes up, and the Clothier is made Creditor in Account for ſo much as he ſold for to the ſaid Merchant, then ſuch Cloathier having occaſion to pay13 money to a Stapler or Woolmonger for Wool, he doth buy of him, ſo the ſaid Clothier is made Debtor, and the Woolmonger Creditor in Account: the ſaid Woolmonger hath bought his Wool of a Countrey Farmer, and muſt pay him for it, ſo the Woolmonger is made Debtor, and the Farmer Creditor: the Farmer muſt pay his Rent to his Landlord, with the proceed of the ſaid Wool; ſo the Farmer is made Debtor, and ſuch Landlord Creditor: the Landlord for his occaſion, buys goods of a Mercer, Grocer, Vintner, or the like, then he is made Debtor, and ſuch Mercer, or other Tradeſman Creditor: then peradventure ſuch Mercer, or other Tradeſman, buys goods of the ſame Merchant that took up the firſt credit in Bank, and ſtands yet Debtor there, but upon ſale of goods to the Mercer, or other Tradeſman, both clear their Account in Bank, and ſuch Mercer, or other Tradeſman is made Debtor, and the ſaid Merchant Creditor: thus every mans Account is cleared, and ſo in all trades, as occaſion preſents, which way, if it be thought fit to be ſettled for a trial at London, I verily believe will be found ſo convenient, and ſuch an incouragement to Trade by increaſe of the Stock of the Land, and be ſuch an eaſe to the people, that it will be ſoone deſired that others might be alſo ſetled at Edinburgh for Scotland, at Dublin for Ireland, and in ſome other chief Cities and Shire Towns in England, as York, Briſtoll, and Exceter, &c. for the furtherance of Trade, by holding correſpondence with each other, than which I do not apprehend or know any way better to equall the Dutch in Trade both at home and abroad in buying and ſelling all ſorts of Commodityes, and making quick returns, and alſo ſo much exceede them, as by far this Land lies more convenient for Trade than theirs doth, and will alſo ſuddenly inrich the people, and increaſe and maintain the maritime power and ſtrength thereof.
Laſtly, To which may be added a Court of Merchants to be choſen every year, to end and determine all controverſies ariſing from one Merchant to another; for although ſuch Suites may be determined in the reſpective Courts already eſtabliſhed in England, yet the guilty Adverſary takes ſuch advantage by appeals from one Court to another, having oftentimes a conſiderable Eſtate in his hand, the profit whereof in Trade making him unwilling to part with it, therefore with the Intereſt of it wageth Law with the parties to whom it is truely due to his great charge, wrong and prejudice, if not utter undoing, and then at laſt it is oftentimes referred to good men that are Merchants and underſtand ſuch matters and Accounts better than many worthy Lawyers do; but in caſe ſuch a Court be not approved to be ſetled, then the Court of Inſurance ſitting in the Inſurance Office, who are yearly choſen, may have power to determine all ſuch matters as they do cauſes of Inſurance, which will much quicken and incourage Trade to the inriching and ſtrengthning the Engliſh Nation.
And ſeeing a Court of Merchants is ſo neceſſary, what a glorious and honourable profeſſion would it be, if your Highneſs Court were all Merchants, and alſo your domeſtick Servants every one adventuring ſo much Stock as he could ſpare into other parts of the World, as well as to the Eaſt-Indies (your Highneſs having been pleaſed lately to give ſo great countenance and incouragement to that Company) which may be eaſily effected: for thoſe that know not the way of Trade may joyne in a Stock, or come in a ſhare with the experienced untill the ingenuous have learn'd it themſelves, for it is preſumed there is but few but may ſpare ſomething to venter, which may be a means to inrich themſelves and their Poſterity; for it is well known that many Servants of both Sexes to private men in Holland do improve their Eſtates by having Adventures in Trade, which all your Highneſs Court would be ſoone in invited unto by the profits they know any one hath received by firſt adventuring, which will alſo cauſe theſe benefits to enſue.
14It will be an high example to the Gentry of the Land aſwell the Elder as the younger Brothers, and their domeſticks to do the ſame, therein employing their minds, which oftentimes are buſied in contentious Suits in Law, or unnaturall contriving how to over-reach and deceive one another.
It may make your Highneſs Court and domeſticks the moſt rich and flouriſhing of any Potentates in the World, and loath and hate unhandſome and diſhonourable waies, to maintain and inrich themſelves, whereas in other Princes Courts their neceſſities and covetouſneſs doth inforce and induce them to buy and ſell Offices and Places of truſt, and making uſe of the time preſent (doubting their continuance, length of life, or change of affairs) to raiſe and inrich themſelves by bribes, to beg or obtain Suits of their Prince, which may be to the generall hurt, diſhonourable for him to grant, or loſs of the affections or good opinions of his people.
It will adde to the reputation of the Engliſh, and cauſe them to be better eſteemed and reſpected of the Princes and Subjects in the forreign Countreys where they reſide and Trade, and will increaſe the maritime power and ſtrength of this Nation by ſo much ſhipping as they will employ.
It may cauſe Grievances in Trade to be ſooner heard, and redreſſed which is oftentimes hindered by a particular perſon to the generall hurt, when the Courtier as well as the private Tradeſ-man feeles the evill thereof, which oftentimes for want of being heard in due time may continue unremedied or deferr'd till it be too late.
And divers other tending much to the tranquility of your H•ghneſs and the welfare of the Engliſh Nation, which with your Highneſs favourable encouragement I ſh•alin all humility be ready to make known unto you, and remove any objections as can be alledged in the premiſſes, and propound a way, how it may be effected, and the evills remedied and prevented, being unwilling to bury the Talent in a Napkin which it hath pleaſed the giver of all Bleſſings in his great goodneſs and mercye, to beſtow upon me, hoping I ſhall not offend in tendring this with my beſt ſervices to your Highneſs.