THE Knowledge of the True Interest of ones Country, although the Study of it be most Commendable and Ne­cessary, most Delightful and Natural to the Generous Enlarged Soul; yet perhaps there is no kind of Learning more generally neglected. The many dependent Causes, and seeming Coun­ter-workings of things in relation to the Common In­terest, renders the Science very abstruse and intricate, and very difficult to acquire in any measure of Perfecti­on, it being difficult to distinguish the first moving, from dependent causes, or rather the Cause from the Consequence or Effect; and then that Selfish principal that naturally leads the minds of men, very rarely finds opportunity for Studies of a Publick nature, except what may be meerly in subservience to Self-ends, which is not always the best for the Publick good.

Hence proceeds the many different notions in men and the many warm Debates that happen about mea­sures for promoting the publick Interest, every one being jealous for his own Interest, is ready to mistrust, [Page 2] condemn, and oppose all measures proposed for publick Benefit that himself don't understand, or at least fancys not to be consonant with his own particular ad­vantages.

It may be observed, that not only in New England, but also in the English American Plantations in general, (notwithstanding the multiplying of the Inhabitants and increase of Business in some respects) there is evi­dent declinings in, and many growing inconveniences attending the Business, Trade, and Affairs in general. And altho' many are apt to complain of the disadvanta­ges of the times, and almost all are persuaded that the Current of Affairs runs very much out of order, yet very few agree in Judgment as to what may be the prime or principal causes of these distempers in the State, and much less as to means proper for the removal of the same.

Some are prone to be of opinion that the meer Impru­dence of men in their private Capacities must needs be the Cause; others are apt to suppose the defect to be in the publick Administration or Leading of Affairs; some in this respect, and some in that: And while peo­ple are thus divided in their opinions, nothing can be agreed upon as proper to prevent the Inundation of Misery flowing in upon us.

Now what I would here attempt, is, to unfold the Causes of these Inconveniences that attend our State, in order step by step as they have slyly & insensibly taken hold upon it; and then to consider of some means pro­per for the removal of those Inconveniencies, and for the preventing the miseries Impending thereby.

In order to which I shall observe,

That Trade or Commerce is principally necessary to a Peoples flourishing in the World.

Altho' the Wealth and Flourishing of a People de­pends upon Diligent Labour as the Efficient of its Sub­stance, or as a Cause without which it cannot be; yet Labour will not be improved to any considerable de­gree of Wealth, without the advantage & encourage­ment of a profitable Commerce. In all Labour there is [Page 3] profit, because none will Labour, but with a fore-sight of Profit; for Profit it the final Cause of Labour; and as there cannot be much profit by Labour without Com­merce, so Commerce is the Cause of Profit by Labour, and consequently the cause of Labour, that is of the abun­dant Labour in order to Wealth and Flourishing.

The various constitutions and circumstances not only of Countries but also of particular Persons in the same Country, calls for a mutual communication of Goods or useful Commodities to supply each other with what the one wants and the other has to spire.

No Country has in it every thing that is useful and conducive to the comfortable Subsistance of its Inhabi­tants, independent of exchange or communication with other Countries; nor will the Accommodations, Faculty or Means of any particular Persons, afford them the same but by Commerce. And since each Country has but its peculiar Commodities to be raised in abundance, Commerce is necessary to a suitable distribution and digesture of it, holding it in value, and therefore necessary to the en­couragement and support of Labour.

Trade or Commerce, is an Engine of State, to draw men in to business, for the advancing and enobling of the Rich, for the support of the Poor, for the strength­ning and fortifying the State; and when it is wisely conducted and vigorously carried on, it is the King of Business for increasing the Wealth, Civil Strength, and Temporal Glory of a People.

Solomon the wise King of Israel, by his policy in Trade, advanced the Business & Wealth of his Kingdom filling it with Riches, Strength, Beauty and Magnificence, a­bove all the Kingdoms of the Earth.

Tyrus, the Crowning City, being situate at the entry of the Sea, became the Merchant of the People for many Illes; although seated upon a meer Rock, yet she became Renowned for Temporal Glory & Beauty; many Kingdoms and Countries occupied in her fairs; the Ships of Tarshish did sing of her in her markets, for that she was replenished and made very glorious in the midst of the Seas.

[Page 4] Holland (by relation) was such an obscure spot of Earth, as though GOD had reserved it only for a place to dig Turf in for the accommodating of those Countries wherein he hoards up the miseries of the winter. It na­turally affording scarcely any one Commodity of use; yet by Merchandize and Trade it is now become the Store­house of all those Merchandizes that may be collected from the rising to the setting of the Sun, and gives those People a name as large and as high as any Monarch this day on Earth; and this their Glory is owing to their peculiar Policy, good Regulations, Customs, and Re­strictions in Trade; that being the principal object of their Care and Protection, having little besides to de­pend upon for their Support; whereas in other Coun­tries, being well accommodated for other business, the Trade has been sometimes carelesly neglected and lest to private discretion, which has proved the Ruin of all.

It is observable, that such Countries who have had the least dependencies upon other means, have gained such Policy in Trade, as to outvie the more Fertile and Productive Countries in Strength, Riches, and Worldly Grandeur.

Hence it is, that Trade, Merchandize and Commerce, are become the only object and care of the great Princes and Potentates of the Earth, as knowing that the Returns and Effects of Commerce is Riches, and the plenty of all things conducing to the benefit of humane life, for the Supporting of their Crowns and Grandeur, and Fortifying their Countries and Kingdoms with Re­putation and Strength. Mol. Pres. De Jure Mariti­sino.

It is the Bounty, Pomp, and Grandeur, peculiar to a free and vigorous carrying on in Trade, that ordinarily makes good Business for Labouring men.

The proper Fees and Immunities of a free and liberal Commerce, are very enriching to the Common-Wealth, naturally providing Stores and Plenty for a commodious and profitable carrying on; when with a dull Trade plenty makes little profit, but rather a discouragement in business; but as a People advances in Wealth and [Page 5] Worldly Magnificence, so the demand for all kinds of business will be enlarged. It requires much labour and business to furnish the Rich and Noble with their mag­nificent Buildings, rich Furniture, costly Apparel, and sumptuous Fare; also to provide for and replenish the Store-houses of the rich Merchants, and also for the ef­fecting a Produce to exchange for Money to line their Purses, Bags, Coffers, &c. in order for an able carrying on, all which must be produced by Labour and good Business. And then,

According to the demand for Labour, so will Labour be undertaken and carried on.

Men are ordinarily allowed to work six Days in a Week for their support; but yet one or two Days in a Week, will serve well for an Indian, or one that will live like an Indian, or an Hermite. Now if all were disposed to live mean, saving and plain, there would be but a small demand for the produce of those who effect great Stores for the Market, more than to purchase what they have occasion to expend; there would then be more Sellers than Buyers; which would soon discourage the Industry of the Laborious & Prudent.

Sometimes the Charges of Religion, as Tythes, Of­ferrings, Magnificent Buildings, and costly Preparations, Dedicated to Religious Services, as also a great part of time set apart for Holy Exercises, greatly enlarges and quickens the demand for Labour.

Sometimes the Charges of War, Military Service, Build­ing of Fortifications, and other Warlike Provisions, greatly enlarges and quickens the demand for Labour; as also does any great and notable Works or Undertakings of the Publick Charge. But,

The most wealthy and liberal demand is, when there is valuable Riches, Silver and Gold as well as other pre­cious Substance to be had in exchange for Labour to a plentiful degree, advancing of the Common-wealth, enabling Men to improve and dispense with Labour in an able and forehanded way of living.

Now either of these occasions hinted at, may serve greatly to draw a people out of an Idle habit, encou­raging [Page 6] Industry, Virtue, &c. being Profitable to Labour­ing Men, and a support to Poor Men; but when a Peo­ple have no Business but only to provide for Common Occasions, or Necessities in a poor declining Reipublick that have no means to Convert their produce into that which shall enable and set them before hand for Busi­ness, (tho' this demand is apt to swell into many Ex­travagancies in an active fruitful Country,) yet this is most oppressive to Poor Men, and ruining to the Com­mon-Wealth, being an Inlet to Idleness and almost e­very other Ill-habit.

Had Sodom and Gomorrah been Politick in Trade and accustomed to Manners of Civility & Magnificence ac­cording as the fertillity of their Soil, would have endu­red it, they might have been diverted from the Sins of Idleness, fulness of Bread, &c.

But what I would have understood, is this, that any People whatsoever considered as a Common-Wealth, have Rich Mines in their Capacity of Labour, and carrying on Business, and with suitable policy in Trade, it may be drawn out and refined to a wealthy & flourishing State, altho' of but mean advantages, as to the produce of their Soil; and when quick profit lies ready to embrace the Business and Trade in general, as it may be undertaken and enlarged, the Business will be undertaken & carried on to very great degrees, and by continuance will do more to reduce a People to a habit of Prudence and In­dustry than is possible to be effected by Whip, or Hunger or by all the penal Laws that can be Invented for the Suppressing of Idleness, &c.

And contrarywise, a People may be possessed of a Fruit­ful Rich Country, and yet for want of good Regulations, and Policy in Trade, the business of the Country (con­sidered in the mean) will be rendered greatly disadvan­tagious and unprofitable, as to any enlarged undertaking. However some through their better means may enlarge their Business with Profit, yet it must be upon the disad­vantage and discouragement of some others, which dis­position in a Publick State will inevitably in continu­ance reduce the most industrious Generation of People [Page 7] to an habit of Idleness, &c. And the more fruitful the Country, the more Intolerable the Consequence, as Idle­ness is the leader of most kinds of Vices.

To shew how this Indisposition may take place in a Reipublick, I shall lay down a few Principles or Maxims in Trade, which may be serviceable to the Purpose.

And in the first place,

1. To a profitable carrying on of Trade, there must be some suitable Specie of Universal Currency to be made use of as Money to accommodate, facilitate and even the Exchange.

The benefit of a suitable Current Medium in Commerce, is so obvious and well understood, that no Country or People of Policy and Trade is willing to do without it; and those who esteem it the least, are willing to take it upon occasion. That steady Value which the esteem of Men has put upon Gold and Silver, but Silver especially, it being aptly formed into peices of greater and lesser quantitys, and those of a determinate value convenient for Exchanging, and easy to be known, has rendered it the most agreeable Medium, by which to rate the value of all Merchandize, and to be made use of in purchasing the same. Now whatsoever is thus Useful and Current, is called Money, and into such a universal Currency, the overplus of produce may be converted, maintaining the value in greater abundance, than what could be without it; upholding the vend, by a free and profitable Com­merce, digesting every thing to the best advantage, en­larging the demand for, and encouraging of, all good Business; and for a Country to be well stockt with Mo­ney renders it Able and Powerful: for Money is not only a Defence, but, Money answers all things.

2. There is a certain proportionate quantity of run­ning Cash, requisite to the carrying on of a current free Trade, and that more or less according to the ability of the People to effect, purchase, improve, dispease with and consume of the produce.

When there is not a sufficiency of money to accommo­modate the Commerce, the produce or merchandise of the Country will be like stagnate [...] & the Com­merce [Page 8] may not be carried on with Profit to the common-wealth, but the Trade being incommodious and dull, there will be nothing in demand but to answer necessi­ties, and the vendible species being searce will domineer over & discourage all other kinds of Merchandize, and the Barter will be so disagreeable and incommodious, that men will rather carry on their dealing by a gene­ral Trust and running in Debt, than which there can hardly be a greater Snare to the Common-Wealth: for in this case, every thing must be discouraged to very scarcity to maintain the Currency of it, and the Business and Trade will jumble and run retrograde, and by so much the more as the money falls short of a suitable supply to set people before hand for undertaking and carrying on Business.

But Money being plentiful, it will not only enable them that possess it to undertake and furnish for them­selves largely to the encouragement of Labour, but like a princely able Merchant, it will freely & voluntarily collect all kinds of necessary and useful Commodities in store for the Market, maintaining a due decorum in the valuation of every kind of thing, the exchange being managed to the best advantage. Therefore,

3. As the Business and Trade of a Country is or may be enlarged, so there should be Money always ready or impending to be brought in, by Trade to increase, and enlarge the Current stock proportionably thereunto.

For as a Country increases with Inhabitants, Riches and Trade, so there will be more Money requisite to carry on the Trade withal; and if the Trade be regu­larly managed, it will naturally supply it self with Money. For,

4. The Medium of Trade (or Money) is ordinarily gain'd by, and comes in the ballance of Trade.

When the produce of a Country is so large that the Export exceeds the Import, of Goods brought in from other Places to be consumed in it; the overplus will be coming in Cash to ballance the Trade.

Hence some have urged the necessity of lessening the [...] of [...] Merchandize, by retrenching our ex­pences [Page 9] in Apparel, Tables, &c. as a necessary means to turn the ballance of Trade to our advantage in order to accommodate our Commerce with Money, as it were by an immediate and forcible Change in our manners.

But,

5. To hold the Ballance of Trade to the advantage of bringing in Money, it is necessary that money should be maintained in such Credit, that it may be profitably brought in for a Medium of Trade in exchange for the Countries Produce.

The ballance of Trade hangs upon the Credit of Money, and where Money is in best Credit or heaviest in esteem, there turns the ballance of Trade.

When any Country can afford its produce at so cheap a rate that those who improve themselves in Trade can purchase the same with Money, and export it to advan­tage, their own interests will put them upon bringing Money into such a Country for that end, and so long as the Merchandize or Labour of the Country is held to a suitable valuation, the Money will come in and remain in a sufficient plenty for its ordinary occasions; but so long as the Labour or Merchandize of the Country is rated higher than it is worth in Money, we shall find but few imployed in bringing in the ballance from other places in Money; but it will be the interest of every Merchant to send it out of the Country as fast as it comes to his hand. And let our Export be ever so large our Import will exceed it so long as there is money to bal­lance the same, which will be so much to the Countries disadvantage and to lessen the Import, would but lessen the demand for the Export.

Thus the Premisses being granted this Conclusion ne­cessarily follows, viz.

That the Flourishing of a People or Common Wealth depends upon the maintaining a first Credit upon Money, or holding a suitable low valuation upon Merchandize.

The Truth of this Conclusion may be illustrated un­der two Propositions.

I. That the most valuable of Money, as it is used for a Medium of Trade, is not only liable but very apt to sink below its just Credit.

[Page 10] II. That the undervaluing of Money or over rating the value of Merchandize, is most detrimental and ruinous to the Common Wealth.

Prop. I. That the most valuable of Money, as it is used for a Medium of Trade, is liable and very apt to sink be­low its just Credit.

This Proposition may be resolved in answer to two Queries that may be raised upon it.

1. Wherein does the Credit of Money consist?

2. When may Money be said to be undervalued or sunk below its just Credit?

1. Wherein does the Credit of Money Consist?

Answ. The Value or Credit of Money does not consist meerly in the denomination of its Weight, as being rated upon it self, by reckoning so many Shillings to an Ounce, or the like for let there be ever so many Shillings reckoned to an Ounce of Silver, or Pounds to an Ounce of Gold, this does not determine the value or credit of Money. But,

The Credit of Money consists in its validity in pur­chasing the necessaries of livelihood: and therefore when its said that such a certain weight in Silver, will purchase such a certain quantity of Labour, or Produce, this determines the Value or Credit of Money and as the Labour or Merchandize of the Country is high or low valued, so Money is low or high Credited.

2. When may Money be said to be under valued, or sunk below its just Credit?

Answ. There is a certain just and proportionable value belonging not only to Money, but also to every kind of use­ful Commodity, and that more or less according to the La­bour that is necessary to produce the same. As suppose one Man imployed to raise Corn while another is im­ployed to dig and refine Silver; at the end of some certain space of time, the compleat produce of Corn and that of Silver, are the just and natural prices of each o­ther, and each the value or price of so much time as is required to effect or produce the same: and if a days labour be taken up to produce a Bushel of Corn or one quarter of an ounce of good Silver, then the bushel of [Page 11] Corn is worth one quarter of an ounce of Silver, and either of them the just price of a days work. Ceteris Paribus.

Or if the Mines should fail or prove so difficult that a days labour will produce but one eighth part of an ounce of Silver, then one eighth of an ounce of Silver, will be worth either the Bushel of Corn or the days work, as well as the quarter was in the case aforesaid.

And so likewise if the Silver he brought in by Trade, what the produce of a days labour will ordinarily ex­change for of Silver, allowing reasonable profit to the Trader, so much of Silver is the just and honest price of the produce. Thus Labour is evermore the true and just measure of values, and so the Riches of a Country are to be valued by the quantity of labour it can pur­chase, and not by the quantity of Money they possess: for a man may be as rich, or live as long with one ounce of Silver in one Country as in another with two ounces of the same, for his support. Therefore not the intrin­sick virtue, but the outward esteem bears the Curren­cy and value upon Silver, and the labour or cost of pro­ducing, gives the Rule for a just and honest valuation: for in ages past Silver has been more than six times of the value that now it is, viz. in Great Britain, good Wheat sold for four pence per Bushel, and Labour at no more than one penny per Day.

Now when any Country so values their Labour or Merchandize, that he who undertakes to dig and refine Silver, or to raise a produce in order to gain it by Trade, if he may not produce enough in a day by the means to pay himself for his days work, so that he may ordinarily purchase the produce of a days labour in any other specie by his Silver so obtained, then Silver is under-valued. Or if the value of Merchandise or Labour in general, be so high upon Money or Silver, that there be­comes a peculiar profit in the export of Silver for foreign Trade, above what may be in the export of the Coun­tries Produce, so that the Silver becomes exhausted and very scarce for a Medium of Trade, then Silver is un­doubtedly under-valued.

[Page 12] But this in general, when Money will not ordinarily answer for it self, in bringing of it in for a Medium of Trade, then it is under-valued and sunk below its just Credit.

But some may argue, that the reason why men don't ordinarily Trade for Money, but always bring in Goods, is because the Goods are wanted, which gives the profit to the bringing in Goods. Now this can't be the rea­son, because Money is always, or for the most part, in a more severe demand than Goods or Merchandize; but the profit peculiar of bringing in Goods, is occasioned by the discount of Money, in the general high valua­tion of Merchandize or Labour; were it not for the dis­count or low value of Money at home, the profit would be as well in the export of our produce which is wanted in other places, (or would be with due encouragement upon our own business) as foreign Goods are wanted among us; but when Money is under-valued, there is no advance in the export, for if the Return be in Money, there will be loss in the Voyage.

When Connecticut goes to Boston with its Produce, there is profit in the Export, because Money is in as good Credit in Connecticut as in Boston, and the same advan­tage has Boston, with Connecticut, in their Goods; but when New England Trades with the West-Indies, or elsewhere, the advance or profit is in the Import, but none in the Export.

Now there is a natural propensity in all People to raise the value of their Produce or Merchandize, in which men so universally agree, that the value of Mer­chandize is much more naturally strain'd up above the just value of it, than held down to a just valuation as valued upon Money. And this is occasioned from di­vers motives. And principally in the first place,

1. From a Greedy desire of Gain. It is the principle of some People to strain up & get as much as ever they can for what they have to Sell, without regard to Rea­son or Justice, and when this Principle comes in vogue, he must suffer wrong that don't stand by it. And then,

2. From Scarcities of Provisions. When any kind of [Page 13] necessary Provisions are become scarce, such as are strait­ned, will give an extravagant price, rather than suffer; and ones necessity being anothers opportunity; the price is raised, and then other things will naturally rise to the fixing a general high price, rather than for that which is raised, to fall: for says one and another, If I can't have so much for it, I'll not sell it.

3. From the Monopolizing Spirit of the Merchant. It is the Practice of some Merchants to bid high for any Commodities that are in demand, to engross the Trade, enlarging their Business, & Custom thereby: and some­times they will Monopolize such kinds of provisions as are much wanted, and then raise the price at their own discretion, occasioning the prices of things to raise in general.

4. From the Scarcity of Money. Money is put into the Ballance in competition with all kinds of Merchandize, and so there is an everlasting struggle for the prefer­rence in value: for in all dealing, Money stands a party on one side or the other, even in Barter, each Specie that is laid on the board, magnifies it self against Money, to bear up its own value; so that the Credit of Money is bartered in all dealing; and when Money is scarce, it can but seldom appear in the defence of its own cause, but is forced to make use of Trust for its Advocate; but Trust being in no great esteem (however necessary) cannot deal with that advantage in the behalf of Money, as ready Money it self might do; and this gives Merchan­dize a peculiar advantage against it, to bear down its Credit; the scarcer Money is, the less able to maintain its Credit, being imployed chiefly in a necessitous Trade, Buying the most dear and scarce Provisions, or in Pay­ing long trusted Debts, which Trust has made to its great disadvantage. Some indeed being straitned for Money, may be forced to part with their Estates upon base terms, as things in general run high, yet, there is nothing occasions Money to sink in Credit, so much as the scarcity of it; and altho' it be in a severe demand, when scarce, yet this only supports Extortion; for how­ever poor Men get their Money, they are yet forced [Page 14] to lay it out in the most scarce and dear Provisions, or to very little advantage; and thus Money for want of a plentiful substance, becomes soiled and out of Credit, being over run with Trusting and Bartering and a ne­cessitous Trade. It may seem unreasonable to some, that the scarcity of Money should sink the value of it, when the scarcity of other things does but raise their value, but it must be considered, that the nature of Money in its use and improvement, is quite different from that of Merchandize. But more of this as I may find occasion afterwards. And in reflection upon the several Motives as before hinted, I shall make this Ob­servation, viz.

That from some one or more of these several Mo­tives, the value of Merchandize has almost ever a dis­position to rise, sinking the Credit of Money; and how­ever the customs and laws of some Countries, may pro­vide well against it, yet it is a disposition natural to all, and if the Commerce or Trade of the Country be not well protected and guarded against it, it will prove ruinous to the Common-Wealth, this propensity to sink the Credit of Money, has been eminently prevailing in New England, as in three particular Instances.

1. This occasioned the odds formerly made between a payment in Money, and a payment in Pay (as the Countrys produce was then called) which was one third of the value, the Countrys produce was indeed as good as Money, at a just value, but being rated one third too high, Money was found one third better in foreign dealing, and this occasioned the Merchants to make that odds. Again,

2. This occasioned the alteration in the weight of Money, adding near one quarter of the value to the same weight; it being easier to perswade People to take a less weight under the same denomination, than to lower the high prices of things. And indeed one half of the weight would have done as well under one half of the denomination, by a suitable low valuation upon Mer­chandize, and as near to any rule of Justice in the valu­ation of things. However, it is an irregular way of main­taining [Page 15] the Credit of Money by such shiftings, tho' no other than what some of the more Arbitrary Powers in Europe find occasion to practice, where the subjects have not that politick freedom as some other states are vested with; the power of regulation being lodged more in the head, and not in the States.

But then the last instance to be mentioned under this head, may be,

3. This occasioned the wretched Fall, and still in­creasing Discount upon Bills of Credit, of which I shall have occasion to speak something afterwards.

And so I now pass to the second Proposition, viz.

That the undervaluing of Money, or over rating the value of Merchandize, is most ruinous and detrimental to the Common Wealth. As has been already noted; the Ballance of Trade, is dependent upon the Credit of Mo­ney, and the suffering the Credit of Money to sink below its just value upon Merchandize, looses the advantage of this Ballance; for the turning of the Scale is either to advantage or to disadvantage, and when the advantage of this Ballance is lost, by the turn of the Scale, the im­pending disadvantages (like the breaking up of a dam) will flow in without measure.

But to consider of the disadvantages or Ill-consequences of sinking the Credit of Money in particular, in order to clear up the [...] [Page 16] Accommodate the Commerce; but the Country will be able to purchase and dispense with more in Credit and Gran­deur, which must all be erected upon the foot of La­bour, and all would be found profitable by the increa­sing demand for it. On the contrary, Money being dis­couraged, the demand shrinks, Men become Poor, and behindhand, unable to purchase, and consume; Idleness will prevail, the Business of the Country become star­ved, and Men hardly able to Live one by another.

Secondly, The undervaluing of Money, or over rating the value of Merchandize, in a Country, exchanges the peculiar advantages or best means of gaining of Wealth, for the common Labour of other Countries discouraging its own Labour. When the Labour or Merchandize is in general, high valued, the Merchant may not make pro­fit by it, but only in the high value of the Return, which must not be in Money, for that is undervalued, but the return must be in the common and cheaper Labour of other Countries; and so let the Advantages of Mines, Fithery, Timber, Tar, Turpentine, or the best means that possibly may be had, he ever so great in themselves, yet there can be no profit by them, except in ballancing the same with foreign Goods or Labour, which serves to lessen the demand for Business at home: for the less of Labour bestowed upon the Commodity, the more profit in the Exportation.

Thirdly, The undervaluing of Money, or over rating the value of Merchandize, dreins a Country of Money. It is natural for Money to Center and Circulate where it is in best Credit, every Trader chuses to lay out his Money where he can have the best penny worth; and when Money is in good Credit in a Country, it naturally flows in, and centers there; but when the Labour or Mer­chandize of the Country comes to be prized above what it is worth in Money, then the Money becomes Mer­chandize, and the Merchants will gather it together, and [...] the Country for advantage in foreign Trade; and when it is so, the Medium of Trade will become very scarce.

The disadvantages that attend the want, or scarcity [Page 17] of Money, are indeed many and great, & the difference between a Country well supplied with Money, and a Country that is destitute, are much the same in propor­tion as the difference between a Rich and a Poor Man; I don't mean a poor man meerly with respect to the meanness of his possessions, but with respect to his Misery, Entanglements and Thraldom, for these will inevitably abound in an active Trading Country, that has not a suitable stock of Money to set it before-hand in Trade.

But there is great difference in mens opinions as to the sufficiency of the Stock, some complaining of scar­city, when others suppose it to be sufficiently plentiful.

Now to decide this Controversy, I would lay down one certain and undeniable Rule to be observed in the case, viz. Whenever it is so that men being straitned for Money, will allow exorbitant Interest for the use of Money, giving good security for it, then Money is most certainly too scarce for the good of the Common-Wealth.

Although some men through their meer imprudence, may be reduced to great straits for Money, or for such necessary provisions as must be purchased with Money; yet such will never give large Interest when Money is reasonably plentiful, or may be ordinarily had for mode­rate Interest, with good security, nor can any one extort large Interest for Money when it is reasonably plenti­ful, any easier than he can extort an immoderate price for any other Commodity when it is plenty.

Some of the necessary Concomitants and proper Con­sequences which naturally accompany and follow the scarcity of Money, are these, viz. 1. Obstruction and Discouragement in Business. 2. Running in Debt. 3. Ex­orbitant Usury. 4. Devasiation of Estates. 5.Extortion in Dealing. 6. Sinking of Credit. All which with the scarcity of Money, are mutually enforcing causes and consequences of each other.

1. [...] [Page 18] conveniently improved for a Medium of Trade as what (in common speaking) we call Money, is the thing which makes way for Wealth, the general Currency, is a Vehicle into which the superfluity of produce may be converted to the maintaining the value, in great a­bundance; and the great demand there is for a general Currency in a wealthy Trading Country, makes room to increase their Wealth to a great degree, and with an ample supply of Money the Trade and Business shall remain profitable, maintaining all in Credit and value, digesting every thing to the best advantage. And with this encouragement the business of the Country would be followed with a common industry, when otherwise the People might become like the Cretians, always li­ars, evil beasts, and flow-bellies. As a little leaven leaveneth the whole lump, so a little indisposition in a Publick State may be an occasion of wretched Con­sequences. But howsoever,

No People can be able and before-hand for business or in a way of advancing of the Common-Wealth with only their ordinary provisions, for as Money is the thing that enables and gives life to business, encouraging and making profit in Commerce, so without Money a large produce of any kind so as men may have in store to en­able to undertake largely in business, would under va­lue it so that it would not answer the cost of producing; unless many others are straitned for want: for who would change a wanted scarce Commodity, for that which is plenty, or that which he does not want, or is not in demand; so I say the business must (in that case) be car­ried on with the scarce and not with the plenty. But Money when [...] [Page 19] suffering for want, not having acceptable species to pur­chase withal: so that the business of the Country must needs suffer discouragement, and poverty increase thro' such incommodious means; he that gains must multiply in Bills, Bonds, &c. and so be in a way of making pur­chase upon some declining mans inheritance; but this makes no good business for Labour nor interest to the Publick, but the more labour is discouraged thro' such means the more it will be, for as People become behind­hand they become the less able to purchase & dispense with the produce of Labour.

2. The Scarcity of Money occasions People to run in Debt.

The direct or immediate exchange of Commodities is seldom agreeable and Commodious for each party in Com­merce, & he that has to sell, will rather wait a considerable time for his Money, rather than take the trouble of what he don't want; and not only the fore handed Farmer that wants Money to buy land, but also such as are under en­gagements for Money & want to redeem their land, these will always stand for Money, & will readily embrace a pro­mise rather than fail, especially with an advance in the price. And when the Country is so declining & Money may not be increased or brought in as the People increase, as their Trade & Business should increase, & as their running into Debt will increase, the generality of men will become in­volved, disappointed & failed, & the disadvantages will be such that every one that looks into the management and discipline of the times, may read 'em without my trouble of writing. For as these debts which naturally disperse through the Commerce of the Country increase, so the necessary produce falls more and more short of ballancing the [...] [Page 20] were a suitable stock of running Cash to circulate and ballance the Accompts and not to be consumed, this might serve to release one debtor from another and re­main circulating over and above to the great advantage of the Common-Wealth

3. The Scarcity of Money occasions Interest to be at a very high Rate.

To what proportion some men will, and do advance for the Interest of Money in cases of necessity, it is a scandal to the Country and its Religion, and Policy, to say; and how this cursed gain is inclined to eat and de­vour mens Estates that are forced to submit to its Ty­ranny, the undoing and ruining experience of many in these times may Witness.

When Money is scarce, the allowing of Interest steals into the whole Trade of the Country, first by advance in the price, for a long trust, and then there must be allowance for further forbearance, so the allowing of Interest interposes instead of Moneys circulating, and the Debts remain obstructed, swelling and breaking out in the ruin of many. And when men may have a great and certain profit in letting their Money to use, they will be the less inclined to improve their Money in Trade, or in any good undertaking for the Common-Wealth: but the Money must circulate chiefly in cases of necessity, being hired from the Usurer, and naturally gathering to him again, whereby the yearly Interest al­lowed, may be much more than what there is of Money passing through its repeated going out upon hire as well as by the common allowing Interest for Money where the Principle never was in Money, as in Cases of purchase, without Money to pay, and thus the course of Money is turned to the spoiling of Trade, and to the ruin of the Common wealth. And altho' the letting Money to Use is the most Ignoble practice a rich man can follow (except to lock it up in his Chest like a miser) yielding no profit, but by wrong to the Com­mon-wealth, to the hirer, and to the poor in general, undermining and cutting off deeds of Man hood and Charity, yet poor men must esteem it a high favour to [Page 21] hire Money at 10, 15, or 20 per Cent, looking upon the Usurer as the only man to stand him in stead; but cer­tainly if Money could be improved without hire it would afford more profit in business: for an intolerable com­pany of Usurers must be maintained out of the common business of the Country for the meer non-improvement of their Money; It is a mysterious moth to the Com­mon-wealth.

4. The Scarcity of Money occasions extraordinary shift­ings and devastation in Estates.

When through the Scarcity of Money People are ge­nerally become involved, it is morally impossible but that there must be now and then a Farm set off to bal­lance Accompts; for the Creditors will never take the produce of the Debtors to full ballance, for it is almost impossible for the Creditors who have been and are the most productive party to find occasion for a produce sufficient, but these being under the best advantages can supply the market, upon cheaper terms than the o­ther can, and live by it; and then when men become foiled and boggled and their land begins to shake, the Usurer begins to look out, and having the command of the Money he gathers in a Sum to about one third of the value of the Farm, which he fancies to get, & lets it to the owner, & taking good security for it upon the Farm, he needs to take no further care; or if he sees a man inclining to fall behind-hand, he will readily find him Money upon large Interest, and so the man falls in and becomes a prey to the Usurer before he is aware.

I have known good Estates of land spunged out for little more than half the worth with all the Interest. And thus the estates of many good honest men must fall a sacrifice to the straitness of the times, and men must generally stand upon their guard, or suffer and thus lands become the Merchandize & the [...], and Bonds must be the Medium; Estates scarcely remaining with the se­cond generation. Now if the Land-Mongers & Usurers of the times, could bequeath their Faculty with their Estates, to their children it might answer their highest end and concern; but then Children are commonly as [Page 22] good Game for the Extortioners of the next age as [...] for commonly those that begin low get the art of rising as well as any, and them that begin high as well gain the art of falling; so that the best we can do for our Children is to promote the flourishing of the Common-Wealth by encouragement upon business.

5. The Scarcity of Money occasion, Extortion in dealing.

As has been observed, the want of Money discourages the business of the Country to very short stores, sub­jecting the Country to extreme scarcities: for when a People are obliged to run so near the Wind, it is but a small variation to make a glut or a scarcity, and seldom if ever but that there will be both in some particular species; but then the scarce will run exceeding high, and men must buy for necessity with very great disad­vantage; for the scarce provisions however dear, must be purchased with Money, and that which is plenty however cheap will hardly fetch Money, and however the prices of things may be raised by trust or bartering, yet the necessitous man must give after the dearest rate in Money, when his own labour or produce will hardly fetch Money one third below the just market price, so that he will rather hire Money of the Usurer than part with his Labour upon base terms, and thus plenty is discouraged by the Tyranny of Scarcity, and in the end banished or bandied from one specie to another, so that men become variable in business, now in this and then in that, being discouraged from one thing to another; the necessitous man being oppressed on both sides; the mean time being obliged both to buy and sell to disad­vantage, and the number of such increasing through the many disadvantages attending.

6 The Scarcity of Money causes the Credit of Money to sink.

However Money when scarce will play the Tyrant, and [...] [Page 23] one plentiful specie for another; or it will deal with Money behind its back, or at a distance by the media­tion of trust, who being an unfaithful representative of Money suffers his Credit to sink, and Money being forcibly imployed in dealing with Scarcity is [...] run down by it, and when it comes to fulfil the [...] Trust has made in its behalf, it is forced to stand by them be they ever so mean, so that as scarcity runs down the Credit of Money in its own advance, plenty standing at a distance dealing with [...], and Trust will maintain its Credit & Advance of possible, in some proportionable Degree, to that Money must either sink and die, or flee the Country, it must certainly yield but only as Extortion may take its part, but then Mo­ney must be a Slave to Extortion, so that the scarcer Money is, the scarcer it may be both by its sinking the Value, and by sending of it out of the Country, but since Bills have been in Use, the Effect appears only in sinking, and had not Silver-Money been supported by a foreign Credit, it might have sunk in some consi­derable Measure as the Bills have done; but the fo­reign Credit, and not the intrinsick Value of Silver and Gold, has supported their Value among us, so high as that there might be but just a reasonable Profit in send­ing of it out of the Country; but since Silver being 23 or 24 Shillings per Ounce, and West India Goods being plenty has fallen among us here has been great Quan­tities of Silver brought into the Country as it were, in Lieu of West-India Goods; but as the West India Goods have fallen, so the Plenty of Silver not being in De­mand as Money has caused it to sink in Value; and then the Notion of Calling in and hoarding up Bills has not only raised their Value, but has out off almost all Trading for Money, so that what passes is as it were only by Force in paying Debts, and the Market of Provisions greatly spoiled, because not Money to pur­chase, nor will they answer Ingagements for Money because Money is in such severe Demand through the Notion of the Bills and so of Debts in general, their Capacity of being raised equal to Money, and that by [Page 24] Force in a short time; not that the Scarcity of the Bills does in the least incline to raise their Value but only from the Necessity of their being answered in Money upon Penalty of rigid Forfeiture: For accord­ing as before observed the meer Scarcity of Money or Bills (when free to pass as Money and not to be hoard­ed up with a Notion of a speedy Advance by calling in) does not tend to raise their Credit, but rather to sink it, and however the Plenty, Thraldom, and Ina­bility of the present time has glutted the Markets, spoil­ing the digestive Faculty of our Trade putting great Wrongs and Discouragements upon all commendable Negociations, yet we see that such Species as are so scarce as to command Money, will maintain their Credit against it, and other Species will barter at an equal high Rate, and when Debtors find themselves bitten by the mad Dog, there will scarcely be any more promi­sing Money upon the present Terms of Dealing, but yet we must expect that if the Bills must be called in without suitable Provision against the vile Injustice and Wrongs impending, there will be Multitudes forc­ed to surrender their Estates upon base Terms, and ma­ny even undone, which Overture will be abundantly aggravated from the meer Fear or forethought of it: For when once the Rumour is spread, that Bills are like to rise in Value, and the Prices of Provisions and Merchandize to fall, every one will be eager to put off what he has to sell, and more than he can well spare, at any tolerable Rate, for Fear of being forced to a worse Market; so that no more than the meer Perswa­sion or Belief of it, is enough to make it so; and not only from the Fear of some but also from the Desire of others to take the Advantages of such a Turn; but then to let those pass which are already involved, let Money or Bills be brought to what Degree of Credit soever, in a Way of such Irregularity and Fraud; yet we shall find the general or mean Value of it to sink and decline in the ordinary Course of Trade, and by so much the more as the medium shall be found scarce: For as it has been, so it will probably be again, when [Page 25] the Merchant considers the Disadvantage of Trusting, he will advance the Price of his Merchandize; and not only in Consideration of being out of the Use of his Money, but also because he sees the Prices of Goods rises and Money sinks; and agreeable to these trusting Prices will be the market Prices of Things in general, and the more certainly as the Money is scarcely used in Trade. For when it is so, it must be improved chiefly in purchasing the most scarce and dear Provisions, or in paying old and long trusted Debts; and altho' Money down will command Respect and a due Deference be­fore Trust, yet the Presence of it is so scant that the Prices of Things in general will rise under the Notion of trusting; and altho' scarce Provisions will be cur­rent, and answer the greater Part of these Debts, yet as they must be scarce to make them current, so they will be dear to the sinking the Credit of Money whose stead it answers; and thus the scarcity of Money sinks its Credit, and the faster it sinks the faster it may un­til by some extraordinary Interposition of Causes (as in the present Juncture) alters the Course of Things.

Here I would a little demonstrate what kind of Cre­dit the Bills have lost as in their Discount upon Money from time to time. In Order to which observe,

1. The Bills of Credit have all along carried a full and just Credit, and an undoubted Currency according to the market Price of Things. However for Want of a distinct, foreign and steady Value, they could not be­come one Quarter, or one third better than Merchan­dize or Provisions as they have been raised so much and more above their just Value upon Money in the market Prices; whereas Money being maintained in a steady Value, by a steady Value upon Merchandize in foreign Countries, so our Merchandize being raised one third above its just Value, Money became one third better than other Species to improve in foreign Trade. Therefore,

2. That Discount that is made upon Bills of Credit additionally from time to time [...] no other than the cut­ting off, and taking away the Hold of Extortion, not giv­ing [Page 26] to the Bills that cruel oppressive Value (which some fancy to be [...] placed in Silver) which the fo­reign Credit of Money holds upon Money as it is underva­lued at Home, when used for a Medium of Trade, by the raising the Value of the Merchandize or Provisions valu­ed thereupon. That Gold and Silver are intrinsically valuable I don't deny; but that the intrinsick Value is the Rule by which the steady Credit of Money is maintained as a Medium of Trade, I absolutely deny: For Men don't look at the intrinsick Worth of Money as they deal, but at the Value of the Commodity that is purchased, how it agrees with the market Price.

When Money was found one third better than the Countries Produce at the high market Price as in fo­reign Trade; the Extortioners would nevertheless take the full Price in Money, being the M [...]n that so raised Things to such Extremity, and altho' in the Way of ordinary Commerce, this Rigour was taken off by the just Lenity and Interest of the Merchant, in discounting one third of the Value of Merchandize, when paid in Money, yet the Extortioner would take all the Ad­vantages of Scarcity, Necessity, &c. to strain up the Va­lue of his Produce, taking the full Price in Money, and [...] the poor [...] Man was forced to [...] however hardly he came by his Money.

Now the Bills of Credit don't carry this unjust Ri­gour so long as not especially to be answered in Money but at the market Price, as may be valued from time to time; for when the Extortioner has raised the Price of his Produce, he may expect to give in some suitable Degree as dear for what he has occasion to buy be it Lands or Merchandize, for ought any Discount that will be made in the Behalf of his Money; and in these Re­spects Bills of Credit are greatly to be applauded for their exact Justice between Man and Man; when as Silver Money being subject to be undervalued is a very [...] and common Plague, if recoverable by Law: For it must be brought in and held by Force, remain­ing extreamly Scarce, through its Propensity to leave the Country being in better Credit abroad, whereby [Page 27] it becomes a Medium of Extortion and Injustice; and it is but an Act of Justice for either Money or Bills to submit to a Discount, as the Price of Provisions or Mer­chandize is raised; for why should Money be underva­lued in dealing, and yet hold a certain intrinsick Worth making an unequal Exchange? But then altho' it be just for Bills to submit to a Discount when Goods are raised in Value, yet thereby they become a deceitful Standard by which to rate and fix the Value of Credit; the Wrongs of this has been greatly complained of and indeed has been intolerable, especially to Salary-Men, Land Lords, Widows and Orphans, or Legatees, as in many Cases; under which Consideration there has usually been Allowances made; but the Usurer especially more than doubling his yearly Interest; and the Creditors in the Advance of their Goods as they trusted them out; so much the more sinking their own Credits by their unreasonable asking for Goods; but then suddenly to regain the Credit of the Bills, and so consequently of all Credits when Men have gene­rally run themselves in Debt at large, as in the Allow­ance of large Interest making great Purchases, advanc­ing Salaries, Legacies, &c. and all according to the In­tention of Money sunk one half or two thirds in its Discount upon Silver, I say then, to make a sudden Re­trieve of the Value of Money without some Way to relieve and right the Debtor by a suitable Abatement in the Payment of his Debt according to the true In­tention of the Contract, so that the same Labour may pay the Debt as was intended, will (as seems to me) be as grand a Cheat as ever the Country endured: For no Men more likely to gain by this Cheat, than those who gained by the former, for many Men by run­ning in Debt have by this Time ordered their Busi­ness so as to become able Creditors, their Estates it may be consisting chiefly in Credits; but a foreseen gradual sinking of Credit can't be a Wrong compara­ble to the Wrong of an unexpected, sudden Advance by hoarding up for a speedy calling in, for how many ingenious generous spirited Men must be ruined by the Means

[Page 28] The most of the outstanding Bills have been emitted equal to Money, not to Silver at Proclamation rare, but equal to our former sunken Bills, or Silver at 16, 18, or 20 Shillings per Ounce, then what Justice can it be for these to be answered in Silver at 6 or 8 Shillings per Ounce? If I am newly become Possessor of an old sunken Bill, sunken gradually through 500 Men's Hands, or be it a new Bill put out upon the old sunken Tenour, never passing better than Silver at 20 Shillings per Ounce, what Reason can there be that I should have it answer­ed to me in Silver at 8 Shillings per Ounce, the Deb­tor never having received half that Value for it?

Indeed every Debtor ought to answer his Debt to the same Value as was intended when the Contract was made and therefore those that have taken Bills out of the publick Treasury upon Loan ought to return as good a Value in to the Treasury again even to the same Value in Silver as what the Bills would have pur­chased when taken out, notwithstanding the Bills sink­ing in their passing from Man to Man in the mean time, for since it is not possible to right those that have suffer­ed the Wrong (if such there be by the Bills gradual sinking) the King ought to have the Profit; for as the Loss has been a general Loss in the Hands of all Pos­sessors of the Bills from time to time, so the Profit should be a publick Gain, and not to those whose Lot it shall be last to possess the Bills, and perhaps vilain­ously hoarding up for the Purpose, hindring their due Circulation; nor yet to those who have taken the Bills out of the publick Treasury at five per Cent, and let them out at ten per Cent, or if they have improved them in their own private Use, yet they ought to re­turn the same Value in to the publick Treasury as they took out; for doubtless they put them away in the first Place, for that Value in some good Specie as they best liked. They that take out of the Bank ought to be obliged to return a certain Value even the same that they take, either in Silver or some other Cur­rency to the same Value, and if they return the same Bills not to have regard to the Denomination of the [Page 29] Bill, but to the Credit of it, at the Time as it will an­swer for Silver Money, whether risen or fallen, and yet the Bills must be lawful Money in all Payments pub­lick or private according to their current Rate as the Law now provides; but only the Loan Office to be made good as aforesaid: for if Traders or Market-men will sink the Bills, and undervalue them in their Com­merce, so let it be, the Law is not obliged to make the Bills better than what Traders are pleased to call Pounds, Shillings, and Pence, in their Way of Dealing, and it would be unjust so to do; for if Merchandize and Labour, publick and private, be raised above their Worth in Silver, why should it be answered to that Value, but this ought to be a Rule, that every Debt except passing Bills be answered to what was intend­ed in the Contract, and therefore as Merchandize is raised, so Credits, Salaries, Rents, and yearly Payments should in Honesty be raised, and this would be a Means to prevent the sinking of the Bills.

1. By diverting the Creditor from raising the Value of what he trusts out, to make up the Damage of his Credits sinking. For when the Merchant sees that his Credits will sink, he still advances the Value of his Merchandize to make up the Damage which still sinks it so much the more. Now if the yearly Discount up­on Bills were computed, and Allowance to be made accordingly, with respect to the Time when the Debt was contracted, this might in some measure divert the raising of Merchandize to make up the Damage as a­foresaid.

2. This would greatly discourage and divert such lead­ing Merchants and Traders who are greatly indebted to the Loan Office, as well as to other Merchants, Usurers &c. from raising the Value of Merchandize and sinking the Credit of Money to lighten and facilitate their Pay­ments. For it is to be feared that such Men have been very accessary to the sinking of Credit, for indeed their Interest would lead them much that Way; could I perswade my Creditor to let me have my Bond for one half or two thirds of what I gave it for, it would be [Page 30] considerable Gain to me. But as to the Occasion of the sinking of our Bills of Credit, People are of vari­ous Opinions. Some say that the Occasion of their sinking was from some particular Gentlemen of ours, that traded with New York Merchants, and refused to accept of our own Bills equal to Money, therefore they have ever since been disposed to sink. O hers say the Occasion of their sinking is the Want of a Demand for our Produce at Home, viz. Great-Britain, whereby Money being in a peculiar Demand to make Returns is rather advanced above the Bills, being bid up for to the Discredit of the Bills; but it is most certain that neither of these is the Cause or Occasion of the sinking of our Bills, but rather the Consequence of their being sunk: For what Man would be so foolish as to take a Connecticut Bill equal to Silver Money, when the Bill might lawfully be answered with Indian Corn at two Shillings and six Pence per Bushel, and Wheat at five Shillings per Bushel, which is not so good as Silver Money by near one half? Or when the market Price of our Provisions and Merchandize, valued either upon Money or Bills is double of their real Worth in Silver? And who would not give Silver its just Preference for making a Return to Europe, where Silver is of a much greater Value? Had not our Provisions & Mer­chandize been over-rated in Value, our Produce would have answered the European Trade sufficiently, and with as much Profit as Silver and Gold; and what that would not answer might have been supplied by our own Manufacture without purchasing more than we can pay, ingaging what we have not, if our European Trade can't be carried on without Silver Returns, what shall we do when the Silver is gone? But the high Valuation of Merchandize not only spoils the Demand for our Produce, but it has dreined us of Money and sunk our Bills of Credit to the exceeding Detriment of the Common-Wealth; the same Cause that reduced us to the Use of Bills of Credit in Lieu of Money, has likewise caused the Bills of Credit to sink from time time; and those are exceedingly mistaken that impute [Page 31] the misfortunes of our Trade to the Use of Paper Mo­ney: For our Condition was not good when we first came to the Use of Paper Money; our Paper Money has indeed done us exceeding good Service, and might be yet cultivated to exceeding Advantage; but yet one while to have a tolerable Stock of running Cash, or passing Bills, and another while, when Men and Trade has increased and Money should increase, then to have the Bills a calling in and hoarding up without farther Additions or Stocks to fill up the Vacancy is intolera­ble irregular State Policy, if not a fraudulent Cheat; but there has never yet (since I can remember) been near a Sufficiency of Currency to accommodate the Commerce, not in the most plentiful Times, and how our Trade can be carried on with a less Supply this Year than it could do with some Years ago, I cannot conceive, unless by some means our Numbers had been diminished, or if we think to force in Silver Money and turn our Credits into Silver, by lessening the Paper Stock, we shall find the Silver come in very slowly ra­ther like a Captive, than a natural Subject taking the first Opportunity to depart, so long as our Commerce remains under the present Regulation.

But this we may take up for a Lamentation, viz. That such kind of Policy smothers the best Principles, ob­structs the best Proceedings and Discourages the best Men, advancing Oppression, Extortion and Usury with all close handed ignoble Principles and Practices.

Having rambled over some of the Inconveniencies and ill Consequences of an irregular Trade, I come now to consider of some Measures proper to revive a drooping Common-Wealth, or to prevent the Inunda­tion of Miseries flowing in by an ungoverned Com­merce. And how a new English Plantation, or Peo­ple may best advance themselves in the Interest of the Crown and Government, both of which I shall endea­vour to resolve in one, for to me it seems that the best Account such a People may stand in to the Interest of the Crown, must be by strengthening themselves in Trade, encouraging their own Business enabling them­selves [Page 32] to take off, improve and dispense with as much of the Effects and Produce, of Great Britain, as may be in a Way of Commerce, strengthning and fortifying themselves against the Invasions of the common Ene­my, and by their Prudence and good Managements to encourage as many good Subjects as may be to come in and settle among them.

When a People are low and behind hand, and under Incommodious Circumstances they cannot be of that Importance to the Crown, nor of that Account or Ad­vantage to their Correspondents in Trade, as they might be if under a flourishing State, not only because they are unable to exchange for, improve and dispense with the Effects of their Correspondents, but also because their Poverty and Disadvantages discourages the replenish­ing and strengthening of the Country by the coming in of labouring, and handy-crafts Men. Men of Business and Trade from other Countries, besides many other Disadvantages attending, which in new Plantations must needs be great Damage to the Crown, by suffer­ing the Interests of other Princes and States to prevail and gain the Ground, and for a few People to hold and obscure a large fruitful Country by such Incom­modities is of no Advantage to themselves nor their Posterity, but rather tends to spoil and corrupt their Manners to the great Detriment of Church and State.

Therefore to consider of some proper measures to cultivate & encourage Trade and Commerce, may well answer the matters proposed.

That a competent Stock of running Cash is highly necessary to the Support of Trade and Commerce is very evident, and it is no less certain that as a Country replenishes with People, and the Business and Trade to be enlarged the current Stock must of Necessity be en­larged, or the Trade must suffer. For the obtaining the medium of Trade, two methods are more common­ly in Use in the World.

First, By trading for Money, viz. Silver & Gold bring­ing of it in from other Places in Commerce.

Secondly, By emitting Bills upon the publick Credit to be improved and accepted as Money.

[Page 33] New-England has practiced both of these methods and in both has been miserably foiled falling short of maintaining or holding the Substance of the one, or the Credit of the other. The Occasion of which I ima­gine has been the Want of regular well governed Markets not holding a just Valuation upon Provisions and Merchandize: For, to the bringing in Money by Trade, or to the Support of the Credit of the Bills valued thereupon, it is absolutely necessary that Money should be held in a just Esteem, by a suitable low Valuation upon Mer­chandize. Now whether to endeavour the Acquisiti­on of a plentiful Stock of Money to carry on our Trade, or to supply the Want thereof with Bills of Credit shall be judged best by our Rulers at Home, I can't determine: For to some it may seem not right for any particular Plantation to raise the Value of Money high­er than others do: For their so doing may tend to rob other Plantations of their necessary Medium to the Detriment of their Commerce; but I do believe it is more Criminal, for any of the Plantations to undervalue Money to the Detriment of their own Commerce, I say more Criminal because Self Preservation is first required.

And since it is so that the English Plantations in ge­neral, have so far sunk the Credit of Money by their repeated advancing of the Value of their Produce, that in all Parts Money is become intolerable scarce, I can't but think it commendable for any People to be first in the just and most necessary Cause of advancing the Credit of Money, and let others advance as they see Occasion. For as Money becomes scarce so should the Value of it be raised both to encourage the bringing of it in, and for the extending its Validity and Service­ableness in Trade.

Again, Some may fancy that to increase the current Stock with Bills of Credit, must needs put us out of Favour with our Rulers at Home, supposing that we have not Power to maintain the Credit of the Bills, and therefore to increase the Quantity of the Bills must needs increase and aggravate the Wrongs that will be suffered by the increasing Discount upon the Bills.

[Page 34] But it may be considered that altho' our Bills should remain under their present Disadvantage of sinking, yet the Increase of the Stock will not increase or aggravate the Wrongs impending by their sinking, but rather les­sen them. For in the first Place,

1. We must consider that the Wrongs sustained by the increasing Discount upon the Bills is not so much to the Possessor of the Bills, but chiefly to him whose private Credits are valued upon the Bills depending upon the Cre­dit of the Bills for their Value. The Bills ought to be kept circulating and then the Damage in their sinking would be little or none to the Possessor. But private Credits depending upon the publick Credit for its va­lue, being more than ten fold of the value of the pas­sing Bills, and to be answered with sunken Bills, or ad­vanced Provisions or Goods, causes the Wrongs suffer­ed by the Bills to be beyond compare with the Wrongs suffered in the Bills.

And if there were but the one tenth Part of the Bills passing that now there is, yet if all the private Credits must bear their Weight upon them as now they do, the Damages of their sinking would not be the less but the more; because the less Currency the more trusting and the worse pay. For in the next place,

2. We must consider that (as has been already demonstra­ted) the Scarcity of the Medium or Currency does but hasten the sinking of Credit. The scarcer the Medium or Money, the greater will be the Weight of Credits depending upon it for Support, and the more obstructed and in­valid will these Credits be through bad and difficult Payments, and upon this Consideration the Prices of Goods will rise the faster, and Money being more used in Name, and less in Substance, the more it will cripple under the Weight of Credits depending thereupon for Support; unless the foreign Demand for it (as in the Case of Gold and Silver) causes a Discount upon Mer­chandize at the market Price, when good hard pieces are laid upon the Board, but this will not bear in Bills of Credit, a So that the Plenitude of Bills is, the sup­port of their Credit and lessening to the Damage of their sinking.

[Page 35] Many are of Opinion that we can't have flourishing Times until Gold and Silver are called in for a Medi­um of Trade, and the Use of Bills laid aside, laying the Blame of every unlucky Turn to the Bills of Cre­dit, as if they were a Flam put upon the Country to maintain our Trade and Genteelity, beyond our Indu­stry and Ability; and that the only Way to call in Money, must be to lessen our British Trade, retrench our Expences, &c. living more upon our own and less upon foreign Labour, condemning our Finery, Prodi­gality, &c. In answer to which a late judicious Writ­er having considered of our Case, as being a dependent Government in our civil Relation to the Crown of England, also in some Degree a dependent Merchan­dize upon the same Kingdom, and in no Capacity to be otherwise, until come to a greater Perfection in Manufactures, ‘Therefore (saith he) Men may talk of shortening our British Trade, whilst they are wea­ry, upbraiding us with our Finery, &c. which are Themes more proper for the Pulpits, than for States­men to talk of, [for what were ingenious Mysteries and Inventions dignified for with Lawrels for work­ing Wood, Iron, Brass, leather, &c. into fine Coach­es and Chariots; and Horses as fine and proud as they suited to them; why were these made, &c. And turning glittering Earth & glutinous Matter of Worms into Embroideries, &c but to furnish a generous Peo­ple that would banish Sordidness, & live bright & civil with fine Accomplishments about them.] Therefore I say if we will live upon Ground Nuts and Clams, and cloath our Backs with the Exuviz or Pelts of wild Beasts, we may then lower our Expences apace, and renounce this Branch of our Merchandize; but if we intend to live in any Garb or Port as be­comes a People of Religion, Civility, Trade and In­dustry, then we must still supply our selves from the great Fountain—’

To this I would add that to lessen our Import of British Merchandize, or to lessen our Expences in Pro­visions in Furniture, Apparel, Buildings, &c. would in­deed [Page 36] lessen our Business in providing the Ballance, les­sening the Demand for our Produce, but it would not perswade one Penny in Money to come in among us, as Money to purchase our produce, so long as our high prices forbids the profit in bringing of it in, unless Men are laid under a Necessity to answer their Obligations or pay their Debts in Money, which would be a main Support to Extortion under our present Regulations, for ready Money would have so little Influence in the Valuation of Things, and Money would be so seldom ingaged that those who would be obliged to bring it in of procure it, must do it to their very great Disadvan­tage, and the Trade would greatly suffer through the Scarcity of it, and all the Advantage would be to gra­tify the Humours of miserly Men, that want a peculiar very hard and difficult to be obtained to be a Medium of Extortion and Oppression, to be a plague to poor Men We are twice better without it than with it, unless we could have it come in freely with profit, and kind­ly accepted at its just value, which must be by fixing a suitable low value upon all our Merchandize, and not left to the Will of every Cut-Throat, to raise the Price. I can't think our Rulers at Home, would be a­gainst our encouraging such Quantities of Money to come in among us as might enable us to carry on our Trade ably and freely, to support our publick Ministry, Civil and Ecclesiastick, to which a good Stock of Cur­rency is absolutely necessary. Or if we may not trade for Money to such a Degree as our Commerce would require, I can't imagine our Rulers at Home would disallow of our emitting such Supplies of publick Cre­dit from time to time, as might set us in a Capacity for a liberal Commerce. Since this is the practice not on­ly of Great Britain. but also of many other of the most politick States in Europe, where jealous Ignorance, don't forbid good Proceedings for the Common Wealth.

It is undoubtedly for the Interest of his Majesty that every one of his Plantations be provided with a suffici­ent current Stock to uphold a flourishing Trade, and whether we obtain it in trading for Money, viz. Gold [Page 37] and Silver, or whether by emitting Bills of Credit, yet it seems to me the first good step to be taken in order to either, will be to set a just Value upon all the prin­cipal Produce and Merchandize of the Country, that may be conveniently rated by Number, Weight or Measure, which Value is scarcely one quarter of the Denomination of their prices at this Time, being valu­ed upon Bills of Credit, that is their just value in Sil­ver at Six Shillings and Eight Pence per Ounce; so then the just Value of our passing, Bills is no more than one Quarter of their Denomination in Silver at the rate aforesaid, and so likewise the Bills should be valued, since they are so much fallen, and so let the Credits of the Country be valued, so that the same Bills, or the same Species whatsoever may be of the same Validity and Consequence in Trade, or in paying of Debts, as now they are only that Money might be advanced and encouraged to come in and circulate five Shillings in Silver being as good as twenty Shillings of our Bills, as they now pass, or of our Credits or Mer­chandize, only giving to and fixing the value of Mo­ney as Gold and Silver, this would not wrong one Man but be a Benefit to many; but then there must be heavy Duties laid upon all Export of such Species as don't submit to the stated market price, and let the Ports of Entry be well guarded &the Markets be careful­ly regulated, giving to every thing its just Due, and ne­cessary Encouragement, as may be thought convenient by judicious Men from time to time. And if only the principal Commodities of our own Produce were thus stated, other things would easily and naturally submit to an equal value in the course of Trade, and if once the great Swells of advancing Prices were [...] every ones Interest would lead him to a Conformity to the Market, and then Men would know their Busi­ness without huckling and bartering: For such a Li­mitation would be no more of a Bondage than to ob­lige a Traveller to go the straitest and best Way to the End of his intended Journey. I should as soon [Page 38] chuse to travel in a strait Lane, at to have all the Woods before me to chuse out a better Way.

Holland is renowned for good Regulation in their Markets, and mercantile Affairs, if we go there with a Cargo to trade, we have no occasion to barter about the Price, only say what we have to sell, and what we want to buy, the price is judiciously set on both sides, you shall have your Lading ready for Return immedi­ately, of that which is choice in its kind, the just de­corum in the value of their Merchandize, encourages Stores of all kinds, so that no Business suffers, but then they hold such a value upon their Money, that we shall rather take their Goods than their Money to bring away, for we may have our Choice which we will take at the market Price.

Some may think it a great Wrong to be limited to a low price for their Produce; but what Damage could it be, if they may buy as cheap as they fell: it matters not how small the Weight of the Money is, if the va­lue be but steady and the Credit good.

The several Governments in New England being mutually dependent in Trade, it may seem the more difficult for any one of them to fix upon good Regula­tions, and where there is several Communities in Go­vernment under one in Commerce, it would be best for them to concert their measures with each other, but yet every Government may regulate their own Mar­kets, if they take suitable measures for it. Any one Government might take in and send out their Mer­chandize under the Regulation proposed, carrying on their Commerce with the other Governments, as New-England trades with New York, and the same of their Produce might answer their Trade with other Places, nearer or farther off as it would otherwise do; we might improve their Money and they ours as it might seem profitable in Trade, and however other Places value their Merchandize, yet when it comes into our Jurisdiction we may denominate it by what value we please. And although we might not make so much Profit in laying out our Money with them, yet [Page 39] we might make as good Profit in the Exchange of Goods.

Now if by any such Means the Prices of Things might be limited (as the Practices of some Places in the World, as well as Reason it self teaches it might and ought to be) so that Merchandize in general should not be over-rated, being valued upon Money we might emit Bills to such a Degree, that Men would not hire Money to give above five per Cent, with undoubted Security, and yet the Bills would hold equal Value to Silver and Gold. But to pretend to make Bills equal to Money, when Money it self is undervalued (as when we reckoned Wheat 5 Shillings, Barley 4 Shil­lings and Indian Corn at half a Crown per Bushel) I say then to pretend to make Bills to hold equal value with Money, we had as good value our Bills upon Carbun­cles, or any other precious Stones that we know no­thing of the Value, as to value them upon Money on­ly as the Denomination of Money is put upon Mer­chandize in general, the Name it self can't suddenly fall to the Ground, and the meer Name of Money put upon our Merchandize and Credits is all that has sup­ported the Credit of our Bills.

But only let our Produce be justly valued upon Money, and our Bills being put out equal thereunto, would hold equal value with Money, and being of e­qual value they are preferrable to Money at their cur­rent Rate. I say they would hold equal value with Money, because the market Price of things being held to their just value upon Money, the Countries Pro­duce will be as profitable in foreign Dealing as Mo­ney, and as the Bills always have been, so they would be then current for any kind of Produce, at the market Price, the Merchants would not then allow the Ad­vance or bid higher upon Money for the Advantage of it in foreign Dealing, it being as good at Home as a­broad, or if they should advance upon Money, yet the Prices of things not being suffered to rise, the Bills would hold their value notwithstanding so long as cur­rent for Goods at the stated market Price.

[Page 40] That Bills are preferrable to Money at their current Rate appears in three particulars, as has been observed by a credible Author.

1. In the Ease of compting and carriage, and prevent­ing Damage to the Receiver by Counterfeit, clipped light or base Coin (which is obvious to all).

2. In its Safety in travelling, laying up, &c. as visible as the other.

3. In the Advantage that is to be made by the Ex­change on the Account of such Conveniencies.

Whereof take two Examples,

1. Examp The Bank Bills of Holland are ordinarily better by at least three per Cent.

2. Examp. Those in Venice are better than Money by twenty per Cent; and the odds would have been more but that Laws were made with severe Penalties to pre­vent their rising higher. Now the Cause of this Ad­vance upon the Bills was as followeth; The Bills at their first putting out being of equal value with Mo­ney, they were preferred because of their Conveniency as aforesaid, so that Men would ordinarily give ten Shil­lings to have One Hundred Pounds changed for Bills, which Practice soon advanced the current Rate of Bills to that proportion, & when this was become the current Rate of the Bills, then other ten Shillings was allowed for the Exchange of a Hundred Pounds, upon Account of the peculiar Conveniency of the Bills as aforesaid, and so ten Shillings upon the Hundred Pounds would be ad­vanced successively upon the current Rate; the Ad­vance of the current Rate following up the Advance for the special Conveniency of the Bills, until the Bills became twenty eight Pounds in one Hundred better than Money, and with much Difficulty restrained and reduced to twenty per Cent odds, and there fixed.

And if it be demanded, What induced that State to allow it so high?

The Answer is easy, viz. The State of Venice had made Use of the Moneys deposited for Security, in their publick Occasions, and having promised for Satisfaction of Creditors to raise the like Sum if they should have [Page 41] Occasion for it, they reap this Advantage of the Peo­ple's high Opinion of the Bills, that they are thereby assured that never will any Creditor come to ask them a [...] for a Bill or Bills, when he may have 120 l. from another Hand: A notable Way to pay a vast Debt; and all the while (it may be) not one Ducket in the Bank to answer it.

The Venetians under divine Providence owe their present good Fortune, Strength and Glory in a pecu­liar Degree to their Bank Bills. They are a People who have raised themselves from a Company of un­fortunate mortals, who to escape the Extremity of their Condition, pursuing them on the Continent, sell upon the broken Banks or Islets at the upper End of the Adriatick Sea, many Ages ago; where they built their Town, now become the famous City of Venice. And after some time they projected a Bank of Credit to support them in their Settlements of Trade. And in a peculiar Sense by this means, &c. are become one of the most splendid People on Earth; and are able both by Sea and Land, to vie it with the Great Turk, and now stand on that side of the World, a firm Barrier to Christendom against the haughty Inside'. Their Bills of publick Credit have been exceeding Ser­viceable in supporting their worldly Affairs, and yet possibly for some scores, if not some, hundreds of Years, have not kept one Ducket in their publick Treasury to keep up the Credit of them. The Bank of [...] subsisting of two Millions and three hundred Thousand [...], which is about the Value of twenty hundred thousand Pounds of our Bills as they now pass, which has been improved in their Commerce for many Ages with as much Advantage as if it had been so much good Silver.

Now if Money were held in such Credit among us, that it would remain circulating for a Medium of Trade as a [...] with the Bills, by holding a just Valua­tion upon Merchandize, we should soon find the Bills the most current and acceptable pay, at their full va­lue or Denomination, as now they are and always have [Page 42] been at their current Rate, since their Currency has been experienced. But some are of Opinion that it is not in the power of the civil Authority to command or state the value of Merchandize, so that it shall not rise: And indeed Experience teaches that a bare Law for stating the value is not effectual for the purpose, it has been proved in New-England; nor indeed will the set­ting up of one Post in a Frame, cause it to stand firm without others to support it. Now in Order to hold the value stated, it is necessary,

1. That the value of the most principal Commodities improved in Commerce, especially for Exportation be stated.

2. That the stated Price be rather below than above the real value thereof in Money; otherwise it can't be serviceable in respect to the holding of Money among us.

3. That the Export of any Specie be incumbered so long as not submitting to the market Price.

4. That not only the Power of giving Law unto, but also the Power of lending in the Affairs of Commerce, should fall into the hands of honest, wise, prudent and publick [...] Men. Therefore

It is very proper that Governours, Magistrates and Rulers, should be not only Men of the greatest Inte­grity, Policy and Largeness of Heart, but also Men of great Influence in Trade.

Solomon the royal Merchant of Jerusalem was an emi­nent Patron of Trade; his Interest, Wisdom, Policy and exceeding Liberality and largeness of Heart, moved him to undertake notably in Trade, which not only enriched himself, but also his Kingdom in an extraordinary man­ner, the Benefit thereof extending unto all the corres­pondent Nations round about; his Interest in Trade was so great that without Question he had the Advan­tage of governing and leading the Trade of the King­dom in the best manner, he put such a value upon Money, without Question as would make it profitable bringing of it in, encouraging other Nations to come and lay out their Money with him for his Merchan­dize.

[Page 43] Had not King Solomon studied or projected in mat­ters of Trade, as well as in matters of Justice and Equi­ty, or had he not largely undertaken in Trade and Merchandize, as well as in Husbandry and Farming, his Gold might have remained at Ophir, his great Buildings & Merchandizes, with the chief of his Wealth might have remained in it's Chaos. But his great Wis­dom could not overlook Trade, nor the proper mea­sures for it's promotion and management, or any of the Requisites thereunto belonging.

Nor is it beneath the Quality of the greatest Princes to promote Trade & Commerce; for why? their In­terest and Safety depends upon it; and according to the Saying of Sir Edward Cook; Trade and Traffick is the Life of the Common-Wealth.

But forasmuch as it is very rare and not ordinarily to be expected; that the leading Part of Trade, falls into the Hands of such trusty, skilful, unanimous publick spirited Managers, as will without fail accommodate their private Interests to the true Interest of the pub­lick. Therefore the practice of Great Britain as well as others of the most politick free States of Europe has been found not only necessary but very effectual for the holding of Trade and Commerce under good Re­gulations; viz. The setting up Companies for Trade.

These Companies being constituted under good Re­gulations and many Interests united therein of the heads of the Common-Wealth, as well as of Undertakers in e­very kind of Business and Calling, are able to lead the whole Trade of the Nation, so that no Interloper or private Merchant can monopolize or make head con­trary to the publick or common Interest. These Com­panies will take the value from one Specie and put up­on another as they see occasion giving encouragement to what kind of Business they see good, and what they loose in the one hand they gain in the other; and be­ing compounded of good Common Wealths Men, of every kind as aforesaid, their Influence is very benign both to Planters and Traders (for indeed that which is the best for the one is best for the other, being mutu­ally [Page 44] dependent upon each others Prosperity for their own) and being Men of Generosity and largeness of Heart, they are neither afraid to trust Providence with their Estates in Trade, Sea-faring &c. nor yet their Trustees, or Factors, but engage like Men in earnest to do their Country good; the footing of their Trade being laid by the Generosity of publick spirited Men.

And this is what I take to be the next good Step to be taken in order to upset the declining State of New-England. If each Government would constitute and set up a Company for Trade, with suitable Regulations, Priviledges, and Power for ordering the matters of their Trade, it might do much more to enliven, strengthen and encourage the Business of the Country, than what private Trade will ever attain unto Each Company being made up of interested Men from every part of the respective Governments might uniform and concert their measures and Rules, agreeably to the Times and Places of their Trade, and their Interests being united thereby in every Branch of their Trade, would influ­ence the Commerce of the whole Country, to such a Degree as to lead it in the best Channels for the publick Good, when a private Trade cannot be so well govern­ed being in many separate Interests, and variously dis­posed, acting under various Principles.

It is not the great Estates of a few Men, that will answer the End or Notion of a publick Trade, but such a Composition would be liable to lean and [...] according to the Disposition and Circumstances of the Undertakers. Nor would such a Trade have that in­fluence nor Assistance in every Part of the Country, nor would the Interest of the Country so readily con­cert with its Regulations: But the Strength of the publick Trade is to have many Proprietors, some in e­very part of the Country, Men of Business to assist and accommodate it with the best Means; and a Company so qualified and composed would undoubtedly wax and become great, enduring for many Generations, in­creasing not only with the Advance of the beginning Stock, but also with the Addition of the Interests of [Page 45] more Proprietors uniting from time to time, and none to be drawn out but by the Advice and Consent of the Majority of the Proprietors; whereas if but few con­cerned therein, the Death of one, the bad Fortune of a­nother, and the Discouragement or fickle Mind of ano­ther might break up & dissolve the Company. The pub­lick Trade is not so much for the particular Benefit of the Proprietors, but for the Common-Wealth, & there­fore he that expects a direct present Benefit to himself in the Trade, and would therefore joyn therein, meerly for Self Interest, has a wrong Notion of it, as well as he that expects to bear sway or have power of voting according to his Interest there in, according to the manner of a private Trade Indeed such as would contribute largely into the publick Stock, should be first regarded for Betrustments therein, as having approved themselves great Benefactors to the Publick, and Well wishers to the Cause by their great Liberality in and towards the Affair.

But the publick Trade must not be ruled or swayed to accommodate any particular or private Interest, or lean from the Common-Wealth for its own meer Ad­vance or Gain, as will and may a private Trade, but the publick Trade must stand upright for the Common-Wealth, which can't morelikely be than by there being many Proprietors, and each of them to have an equal Vote. And then if Money may not be traded for to a sufficient Plenty for carrying on of the Commerce, or in order to a more speedy bringing of it in, there might be Banks of Credit emitted, and the Bills might be more safely and conveniently committed to the Use and Improvement of such Companies, to be answered by them in Money, by a certain Time, if Occasion be, the Bills being emit­ted upon the Security of their Estates, and under the Patronage and Inspection of the Government, than in any other Way whatsoever.

To illustrate this, I will borrow a few Arguments from the judicious Writer before-mentioned, which are as followeth.

Note, These Qualities are pointed at in the Suppo­sition of a Company embodied meerly for the Manage­ment of a Bank, to be taken and improved in their private Affairs, severally according to their Securities given, when as in the Supposition of a Company for Trade, and improving a Bank only in their united In­terests, under publick Regulations by Officers or Com­mittees appointed (though such noted Men are the [Page 49] best and most suitable yet) those Qualifications are not so necessary to every Member, but the Majority should be of such Men, and farther what Man soever he be that will venture considerably of his Estate, to be improved in such an Affair, though but, by being Surety for such a Value or Part in the Bank so im­proved, must be look'd upon as a true Friend to the Common-Wealth, for that mean spirited Men will not venture their Estates out of their own private Manage­ment; and the greater the Number of such publick spirited Men, the less requisite for each to be vested with large Possessions. But farther he faith,

‘The main of these Men must belong to our Me­tropolis, and other Sea-Ports and Towns of Trade, and others to be dispersed through the Province. A convenient Company of such Persons so qualified and incorporated, I do imagine, shall be capable to carry on a Bank of Credit, with greatest Advantage, with an immense Good and Benefit to the Publick.—’

‘And that such a Community are capable of doing great Service in this Affair is obvious from the fol­lowing Reasons.’

‘1. For that this Company of Gentlemen can regulate the Prices of all things yearly, in the common Course of Trade and Commerce. The wild and insulting Prices of Things have ruined the foreign Banks, &c. and possibly something of this Nature has been a Dimi­nution to our own &c. Now there is a sovereign Remedy provided in this Projection against such an In­conveniency and Mischief, for by the Wisdom, Pre­cautions and Examples of those Men, they will there­by conduct all such Points, as though Controulers and absolute masters of the Market, and yet hurt no Man's Property, or insringe Liberty, and hereby Equi­ty in Commerce will be better upheld, excessive De­mands suppressed; the Honour and Credit of the Medium maintained, and the just and reasonable Gains and Profits, of all Men suited and secured; for we must note that they are Men of different Functions, and their own Interests as well as Honour [Page 50] will oblige them always to steer right and do well for other Men; for if they hurt others, they hurt themselves, and no Man need suspect or fear, no not a Knave, much less a wise honest Man under this Head, for that it is a sure Maxim, viz. Self Interest will neither cheat nor lye; for that is the string in the Nose (through the World which governs the Creature.’—Other Reasons I shall omit the Recital of; this being enough to the Purpose.

I am greatly perswaded that the well managing of the Banks in Europe with their regular holding of the Credit of Money is greatly owing to the Conduct and Rule of their Companies, as well as to their pecu­liar good Laws and Customs in Trade; when as the Kings of Spain and France are obliged by their prero­gative Power (as their Occasions sometimes require) to advance the Credit of their Money with notable leaps, whereby their Money is rendered very unstable in Value; nor could the King of Sweden with his big and majestick Looks or imperial Orders rescue his Bank Bills from the Contempt they met with in his common Markets.

Indeed the Nature of the Produce or staple Com­modities, manner of Business &c. of some Countries is such that renders the Trade much the easier governed.

As in New York, Wheat being the staple Commo­dity, and so largely produced, it is very rare that ever they fail of a large Export in that particular, and al­though if a Scarcity should happen one Year, yet ano­ther Year may fully recruit their Stock, whenas the Produce of New-England, being more variably advan­ced, sometimes abounding in this, and sometimes in that, and when Stocks for Pasturage become shortned, it requires some Years to recruit them, by which means the Prices of things becomes wild and advancing, but then New York is a more direct Market, being almost the sole Port of Entry, for the whole Community in Trade, and their Markets much better regulated than in New-England, which is the Cause of the steady value upon their Bills, and not so much in the meer certainty of [Page 51] the Fund. Wherefore it must needs be highly necessa­ry to the flourishing of the Common-Wealth of New-England, to encourage and promote the setting up of Companies for Trade, laying aside all doubtful mis­trustful Apprehensions of what may be the Event, but rather expecting the same good Success which has occasioned so many Companies to be set up in Great Britain, and that has occasioned the Constitution of one in Virginia by a Charter from the Crown, Our Rulers at home greatly regard their Companies, en­larging them with great and peculiar Immunities and Privileges. Then how comes it to pass that we must be so wary as not to venture into such a method? Al­though we are not so able yet we might do something in proportion to our means; the less able we are, the less Trade will serve, and not only so, but the more need to unite our Strength and Interest in the Promo­tion of what is so much wanted, viz. a regular leading in Trade. And the Government by giving no great­er Power to a Company of Traders, than they have ordinarily to bestow, upon a Body of Proprietors in a­ny other Concerns for a regular Management, would be sufficient to hold them in Form.

But alas! Mistrust some, this is only an Intregue to introduce that forlorn Enemy to the Publick, viz. A Bank of Credit! What to allow a parcel of whimsical Fools to turn their Estates into so fickle a matter as Bills of Credit! Certainly these inadvertent Persons will undo themselves, and then we shall have them come crying to the Government for Relief; an awful Thing! And not only so but there may be many more Snakes in the Grass that we don't see, we have Credits lye at Stake, and to multiply Bills will certainly sink them, i. e. and now if we should emit no more Bills our Credits may for ought we know turn all into Sil­ver Money.

But Gentlemen, You take us wrong, we consider thus in our Schemes, The Affairs of our State are under a miserable Indisposition, our Trade (which is the Nurse of the Common-Wealth) sorely languisheth [Page 52] for Want of a sufficient Medium, and a regular Lead­ing. Our Medium of Trade (for want of a larger foot­ing, and a more direct and forehanded Improvement) sinks and cripples every day, at a great Rate, and so sinks the Common Wealth; and the faster it sinks the faster it may; and although we have waded thorough a long plunge of Difficulty, maintaining our Commerce in some sort hitherto with the help of Banks, additio­nally as our Medium has more and more fallen short; yet since the perpetual sinking has put a Damp upon farther proceeding in this method for Relief, & yet the sinking Disposition still remains upon all our Credits, & our Trade still becomes more and more destitute and un­capable of digesting our Produce to Advantage (how­ever dear as well cheap some of our Produce is render­ed through Gluts and Scarcities) these things does e­vidently portend or forebode some notable Overture in our State. For,

To suffer our Banks to dwindle and die, (as they must if something in special be not done to prevent it) waiting for the Bills to recover their Credit, or for Silver to come in Voluntier, or by forcing of it in by Law, without giving of it an honourable Invitation in the Advance of its Credit, more than what meer Ob­ligations will do, the Country can't endure it: What Injustice, Oppression and Misery will break in upon us, and what an overthrow in our State and Affairs will be intolerable to undergo, and a Shame for a politick People to suffer.

We are got very far upon the Shoals, and if we can't alter our Course, nor have no way to help our selves, but by making the best of a common Wreck, our Case is bad, some may make [...] in small Floats, but the Body of Wealth must sink, some of the dire Effects we may already see and feel, but they will yet appear much more notorious, as our Banks approach their Ex­it. And therefore it is out of good Will and Pity, to our Country, to our selves, and our Brethren, and for the Benefit of the publick, and for the Interest of our Sovereign, his Crown and Government, that we [Page 53] do consult the Promotion and Enlargement of Trade in these measures. And altho' if our honourable Rul­ers don't see it so necessary or so likely to be benefi­cial to the publick; yet if they don't see any evident Injury coming thereby to the Publick it may be hoped that to gratify a number of generous well meaning Subjects, they will (as Saul to David when he would go forth to fight with the Philistine) give some suita­ble Allowance and Protection, notwithstanding the Disdain of some of our elder Brethren.

For who is this irregular Monster that he should de­fie or threaten the State or Common-Wealth of New-England? Let no Man's heart fail because of him; for your Servants will go and fight with him, only bid us go, cloathing us with your Armour of Protection, al­lowing us the Power and Priviledges of a Company for a Coat of Mail, and a small Bank of publick Cre­dit, (such as we can give good Security for) for a Sword; and who knows but we may prevail, notwithstanding our Smallness and Youth in matters of Trade. For al­tho' but few may appear in the forefront of the Battel, yet the Smiles of the Government in their Regards to those will doubtless be an Inducement to a great Body to advance and joyn with them; there is a great Ar­my of Israel ready to pursue the Conquest, when once the Champion of the Philistines is smitten in the Fore­head. However some may (for want of good manners and a rational Ingenuity) ridiculize and undervalue the Persons appearing to undertake in the Cause, up­braiding them with their Circumstances, Callings &c. (as Eliab did David) yet if the Cause be good this Defect may well be made up with the Addition of able, wise and suitable Men, let such joyn with them, here is an Opportunity for generous publick spirited Men, to distinguish and signalize themselves in behalf of the publick; for that other kind of Men dare not venture their Estate in the Improvement of a publick Trade. Men may talk of doing great for the publick, but who will venture their Money in a publick Stock, except virtuous and noble Men? If the Cause be not good [Page 54] produce strong Reasons, let us consider the Practice of the Nation, the Principles of politick States, let us consult Reason and not fancy, if New-England never saw it; yet if old England has proved it, methinks it might be allow'd of. We may raise Scruples & Doubts against the best Schemes, but methinks we need not be very curious, when we can't readily go into a worse Way than we are in of Course. Indeed the meer pos­sibility of miscarrying or being unfortunate, is a slender Reason to forbid a good Proceeding. What we ask is but a rational thing to ask for, and what every rational Man would with to succeed, and no more than what free Subjects might rationally be indulged with. Do any mistrust the Privileges and Benefits too great to be monopolized, let such join and take Part; the Cause groans for want of Undertakers, the more the better; does any mistrust that the emitting of Bills are not favoured by our Rulers at Home, then why does the more depending kingly Governments so freely emit large Banks as some does? Or does any mistrust that to increase the Quantity of our Medium of Trade must needs sink the Credit of it? Let these exercise Reason and they'll know better; however, I have heard them that should be wise Men argue, that only the advancing three or four thousand Pounds in Connecti­cut, to pay their Agent, caused the Bills of Credit to sink evidently the faster in New England; then what a sorrowful Drugg would they become, if ten or twenty thousand Pounds should be advanced to encourage a publick Trade? but alas! this would scarcely be per­ceived, for that I presume that no less than [...] hun­dred thousand Pounds, in our Money is wanting of a competent Supply for our ordinary Commerce, which gradually emitted as it might be received in Exchange with Time for the Business of the Country to recruit, would but maintain, rather than sink the Credit of Money. Could I but think of any rational Objection against our Cause, I would rationally solve it, or I would give over the Cause, but I can't find one, and so I can't tell what to say farther. Indeed there may [Page 55] be many frivolous Scruples made against the best Pro­jections, & in matters of temporal Profit Men are apt to be Wary and Skettish, rather chusing to remain as they are, than run the venture of a new Project, especially those that can make the best of the Times, but this Disposition will never stand New-England in stead; we must be more generous & charitable in our think­ing and look with Sympathy upon reasonable Proposals, as if they come from Men, and not from Fools, for when Projectors must be treated with Frowns and Dis­dain, it discourages the most necessary kind of Men from shewing their Faces.

One necessary Principle more I have to urge, and that is publick Bounty in carrying on publick Affairs.

In Times of Peace and Tranquility it is not only convenient but very necessary, to undertake great and notable Works for publick Benefit, as building Fortifi­cations, Castles, Bridges, State-houses, Colleges or any other great Works of a publick Nature. The com­mon or ordinary demand for Labour is not sufficient to prevent the prevailing of Idleness, especially among a People that are not in the Way of advancing their worldly Grandeur in the Expences of Labour.

So Weak and Feeble as New-England is, or any Part of it, they might carry on such Works to an emi­nent Degree, and yet the Common-Wealth should flourish never the less. We might spare abundance of Labour from our ordinary Occasions; only to say we are an idle, prodigal, lavish People proves it; for our Prodigality enlarges the Business of Labour, and if Idleness will maintain us at a prodigal Rate, then sure­ly we have Labour to spare.

It signifies but little for every one to try who shall do most of the little there is to be done, for he that can with the most advantage gain the Business, will certainly supplant the other of his Profit, and put him out of the Way of Business; and the Extravagancy of some must make a Demand for the Prudence of others. I can't suppose that King Solomon's great Buildings in the least impoverished the People, tho' his Burthenis might seem heavy; for as soon as the great Undertak­ings [Page 56] were finished, the Business scanted, and the King­dom faded, and the manners of the People corrupted. It is a certain Truth that great Undertakings upon the publick Account, if regularly managed never hurts the Common-Wealth, but rather inures a People to Princi­ples of Virtue, when otherwise Principles of Licenti­ousness will prevail. But Men must be drawn gradu­ally into publick Service, as others may have Time to lay out their Business accordingly as they find the De­mand for their Produce increases; for sudden drawing Men out of the common Business might occasion great Wants and Scarcities. Now it would be much better for the State of New-England if such great and notable Works, as aforesaid, might be carried on upon the pub­lick Account. If we should advance largely to the en­couraging of Colleges and Schools &c it would but be our Glory and Interest, for we may well spare the La­bour, but then Learning would be encouraged, and we might have many the more well accomplished States-Men bred up among us. In many Cases the seeming advance of Burthens is but the giving of Strength to bear them. But then in the first Place, It is very necessary that we be in a Way of Exchanging a considerable Quantity of our Labour either for Mo­ney or for Bills of Credit, to some convenient Degree to set us beforehand, that we may have Money to pay the Labourer, and not that we should remain plunged with only our necessary Provisions for a current Stock being discouraged down to very Scarcity to make them current, and consequently to meer Poverty: Besides, Men will work for Money, when they won't work for other Species: Therefore I say that it is necessary there should be a good large Stock of Currency, that instead of spending our Time seeking Money, waiting for our Dues, suffering Damages & Perplexities, we might be ply­ing our Work and Business to Advantage like able Men.

But some may object that such publick Liberalities would tend to lay Burthens on the poor Widows &c. to help the Rich. To this I answer, that the Polls of Widows and helpless kind of People, such as are not able to labour, does but little to publick Charges, not [Page 57] do the Poor pay Taxes upon what they don't possess, so that this can be but an inconsiderable Wrong to them.

Or if others with more Reason object, that it would lay the Burden upon prudent, industrious Men. To these I would answer. That to advance Money to support a rich Farmer in raising Victuals & Cloathing to supply the common Demand for Labour, or for the publick Mo­ney to be improved to any such Purpose or End, as to uphold a private producing for the common Market, would indeed be a Burthen and a Disadvantage to Men of Business that must advance the Money; but for the Money to be proportionably advanced to the Support and Enlargement of Schools, to the carrying on of any great and publick Buildings, enabling Men employed in publick Service to build and furnish for themselves largely, as becometh a publick Station, does but make so much more Profit in the ordinary Business of the Country, in the natural Tendency of it besides the pub­lick [...] or End of the Business carried on. There­fore I say, that to undertake largely in such publick Affairs contributing liberally to carry on the same, is no Hindrance to the Common-Wealth but very ne­cessary, under our Circumstances of Business, to pro­mote Principles of Industry, by enlarging the Demand for Labour.

A stingy closehanded Disposition is not good for the Common-Wealth; Men of that Disposition may do much to supply the common Demand for Labour, draw­ing others to stoop to them; but that which makes for the Common Wealth is for Men to carry on Business industriously, and lay out and expend largely, making good Business for others as well as for themselves, and thus by a generous and friendly Commutation in Busi­ness, the Common-Wealth may wax and flourish, and this would encourage Men of Business to come in and settle among us, which with the Advantage of an en­larged Commrece, and a suitable increasing Stock of Money or Bills of Credit, to carry it out ably and free­ly, we might advance our selves in the Interest of the Crown and Kingdom.