Considerations relating to Traffique in General, and in particular to Land-Credit.
IN all Countries there is much more in quantity and Value consumed of Domestick Product, Labour and Art at Home, than there is Exported for Forreign Commodities to be spent at Home, for Example by Judicious Computation, 'tis found that above twenty times more is consumed of Home-Commodities and Manufactures in England than are exported.
This is mentioned to shew, there may be Occasion for a greater Stock of Money or Credit to be imployed for Home-Service, than is at present Current here, altho there were no increase of Exportation for their Consumption of Forreign Merchandise.
All Laws are a Force or Restraint upon a People: But, being supposed for Common Good, they are quietly submitted to.
This is to shew that imposing Land-Credit to be current by Law, when proved a Publick Good, will be no Invasion by the Government on the Rights of a People.
It is much better to Export Wares and bring back Money, than to export Money to bring back Wares.
Because the first enriches a Nation, and the last as certainly impoverishes it, which is to put the Nation in mind of a Necessity to Regulat their Trade, and to silence such as object, that this Credit will not pass beyond Sea.
Whenever an apparent publick Good cannot be practised without an Act of Parliament, no wise Government ever denyes one.
This may answer such as doubt the passing an Act for the Currency of Land-Credit, when it shall be made appear a publick Conveniency, and all Objections fully answered.
That, Advantageous Proposals being made upon fair and easie Terms to a Nation; it may be reasonably hoped, a Parliament, being the Wisdom, of such a Nation, may, notwithstanding any malicious Insinuations give them a patient Hearing, and determine therein for the Good of their Countrey.
This is inserted as a Ground of the Author's Confidence to proceed herein, and to stop the unmannerly Suggestions of some, who thereby endeavour to prejudge the Proceedings of Parliament.
A few Queries not unworthy Consideration.
- 1. IS the present Condition of Scotland so very Prosperous, as to want no Addition, either of Necessaries, Conveniencies, or Splender? Or,
- 2. Do they despair of any Possibility of Help, or Amendment in all or any of the aforesaid Respects? Or,
- 3. Does the Nation generally wish, that the plausible, and at least seeming Advantageous Proposals for establishing a Land-Credit, should not be accepted, tho never so Profitable, Possible and Practicable?
- 4. Is this Country so totally void of Industry, Ambition, Pride, and Covetousness, and I may add of Charity also, as not to endeavour to equal their Neighbours in Riches, Honour, and Power: Nor to be able to Feed & Cloath the Miserable starving Poor, who of late fwarm in this Country? And, if this be not to be obtain'd according to their own Humour, can they be so Weak and Wilful as to Reject it, when offered by other Methods, tho more Safe and Certain?
- 5. Cannot payments be made, and Trade carried on by something else, besides Gold, Silver, and Copper? And if so, by what? why? and when?
- 6. Would an increase of that something be Beneficial to Scotland, as 'tis an Instrument and Tool of Trade to augment Riches by improving Husbandry and Traffick, tho it should be in it self no immediat Addition of Riches?
- [Page 6]7. In short, does Credit make any payments? and why? and why not all payments? and why not here?
- 8. Is not Credit used in the Trading parts of Europe, as a Tool and Measure of Trade? and are not more and greater payments made in Credit, where 'tis in use, than in Gold or Silver? And has any great Inconveniency been hitherto discovered by the use of it? Or rather has it not been an especial Means to Multiply Trade in all such Places?
- 9. Is not Credit current in London, Amsterdam, and other Places by Choice, without legal Force? And can any Man, who accepts the Credit, know the Fund?
- 10. Is not the Opinion of the Security and Conveniency, and not the liberty of drawing out the Money at pleasure the true cause of the currency of such Credit, since none draws their Money out of the Bank of Amsterdam, and since the Credit of it commands Money every where, as well as all other sort of Goods?
- 11. May not Authority justly institute by Law a publick Good, which in Fact for so many Ages is found so Beneficial? And will not Land, known to be Sufficient, be a better Fund than Money, of which the value cannot be known, nor is in Nature so safe?
- 12. May not Land-Banks and Credit be as Honestly managed in the same Country, as Money Banks are;
Truth and good Offers wants no Flattering Insinuations. A plain Style Best becomes them, of which kind this may be justly esteemed, till its Falshood, or Folly be made manifest.
An Example of a Method for reducing Land Credit into Practice,
IN case the Proposal for Land Credit, as formerly framed, may seem not so well adapted to the present temper of this Kingdom, as it ought, which may be pardonable to a Stranger: The following Scheme, which may oboviat all the Objections and Difficulties brought against the said Proposal, is, as a specimen only of the same, tendered to consideration.
Suppose the Land Rents of Scotland, be Computed at about One Million per Annum,
Upon which suppose, that by Act of Parliament, and under the inspection and controll of their Commissioners and other Trustees, there [Page 7]may be the value of one Year of all the Rents of the Kingdom, be the Sum more or less, raised in Bills of Credit, current in all payments whatsoever without Exception, to be disposed of, as follows, viz.
That there may be Fourscore Pounds (suppose of one Hundred Pounds per Annum; and so proportionably for a greater or smaller Estate in Land) lent gratis for 20 Years to every Heretor, that is willing to engage his Estate to pay at 20 Years end, or within one Year after, one Years Rent only in Money or Office Credit, to be cancell'd assoon as payed back into the Office, which, if there were no other Profit, is not inconsiderable, being not one per Cent. interest per Annum for that Term: But to make the offer the more acceptable, the overplus Twenty Pounds may be employed in Trade, to be at the 20 Years end returned to the Office as part of the Hundred Pounds charged upon the respective Heretors Estates, they being obliged before they can be cleared from this incumberance, to make up the remainder, which probably may not exceed, what was at first received; Because without a wonderfull Mis-fortune the Stock can never be impaired by Trade, since every loss must be made up, before any dividends of the Profits can be made.
And in case several Heretors, by reason of some legal impediment, or for other considerations, may be unwilling to be concerned, that then it may be after [...] Months lawful to such others, as are willing to Double, Treble or Quadruple the said Credit upon their pro [...]per Estates, untill all the Bills of Credit shall be disposed of, with a Liberty of having so many Years after the Expiration of the 20 to pay back the Credit, as half of the yearly Rent of the same may perform to the full.
That all the Overplus Twenty Pounds may be a Stock for Trade, to be mannaged by the Direction of the Proposer, & Mannagers, tho under the inspection and control of the Commissioners of Parliament, and the rest of the Trustees, that so the said Stock may suffer no loss, but be kept constantly supplyed as aforesaid. And the nett profits during the whole Term or continuance of the Office, may be divided in two equal parts, the one to Discharge the Expense of the Office and the managment of the Trade; and the other to the Sole use and behoof of the Proposer without Accompt, and to his Heirs and Assigns after him: And the same to continue to them, and to be repeated as oft as this undertaking be renewed or augmented, during the first Twenty Years, and to remain to him and his Heirs and Assignes, for 20 Years only, after such renewal or Augmentation.
Here follows some particulars, wherein this example may differ from the former Proposal, viz.
NOne are excluded, but such as cannot or will not enter. The surmize of a Proprieters engrossing a great Sum of Money in specie and forsaking his Country with it, is quite removed. And also of the Sums being too great to be employed in the Trade of this Nation: The jealousies of the Money'd Men, Widows and Orphans, having their Annualrent to cease, and their Debts payed them with Paper, may be much abated. The Surprize at the length of the Term and the weakness thence of the Security, can have no place: And 'tis not in the least doubted, but that, if any Objections should be further started, they may be as easily quasht, when debated with Reason, Candour and Patience.
It is further proposed for the Good of the Nation, tho something forreign to the Nature of this, that such a Regulation of Trade be established by Parliament, that no forreign Expense for Travel, Education, Court Visits, and Attendance, or Merchandise, shall exceed the Value of Commodities exported.
That if neither of the former Methods for Land-Credit, may please, yet if the Government shall think fit to Establish a Land-Credit, there may be Variety of Forms proposed to their Election, when the Defect of these shall be discovered.