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diff --git a/33946-h/33946-h.htm b/33946-h/33946-h.htm new file mode 100644 index 0000000..b192ec6 --- /dev/null +++ b/33946-h/33946-h.htm @@ -0,0 +1,1487 @@ +<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" + "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> +<!-- $Id: header.txt 236 2009-12-07 18:57:00Z vlsimpson $ --> + +<html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" lang="en"> + <head> + <meta http-equiv="Content-Type" content="text/html;charset=iso-8859-1" /> + <meta http-equiv="Content-Style-Type" content="text/css" /> + <title> + The Project Gutenberg eBook of A Stiptick For A Bleeding Nation, by Unknown Author. + </title> + <style type="text/css"> + +body { + margin-left: 10%; + margin-right: 10%; +} + + h1,h2,h3,h4,h5,h6 { + text-align: center; /* all headings centered */ + clear: both; +} + +p { + margin-top: .75em; + text-align: justify; + margin-bottom: .75em; + text-indent: 1em; +} + +hr { + width: 33%; + margin-top: 2em; + margin-bottom: 2em; + margin-left: auto; + margin-right: auto; + clear: both; +} + +.hr2 +{ + width: 90%; + max-width: 32em; + color: white; + background-color: white; + border: none; + border-bottom: 6px double black; + margin: 2em auto; +} + +table { + margin-left: auto; + margin-right: auto; +} + +.pagenum { /* uncomment the next line for invisible page numbers */ + /* visibility: hidden; */ + position: absolute; + left: 92%; + font-size: smaller; + text-align: right; +} /* page numbers */ + +.blockquote { + margin-left: 5%; + margin-right: 10%; +} + +.center {text-align: center; + text-indent: 0em;} + +.smcap {font-variant: small-caps;} + +.figcenter { + margin: auto; + text-align: center; +} + +img.cap { float:left; + margin: 0 0.25em 0 0; + position:relative; } +p.cap_1 { text-indent: 0em; } +div.drop p { margin-bottom:0; } + +div.tnote { + border-style: dotted; + margin-left: 10%; + margin-right: 10%; + padding: 1em; + font-style: normal; + text-align: justify; + background-color: #f6f2f2; +} + +td.cash {text-align: right; + padding-left: 2em; } + + </style> + </head> +<body> + + +<pre> + +The Project Gutenberg EBook of A Stiptick for a Bleeding Nation, by Unknown + +This eBook is for the use of anyone anywhere at no cost and with +almost no restrictions whatsoever. You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: A Stiptick for a Bleeding Nation + A safe and speedy way to restore publick credit, and pay + the national debts + +Author: Unknown + +Release Date: October 4, 2010 [EBook #33946] + +Language: English + +Character set encoding: ISO-8859-1 + +*** START OF THIS PROJECT GUTENBERG EBOOK A STIPTICK FOR A BLEEDING NATION *** + + + + +Produced by Ernest Schaal and the Online Distributed +Proofreading Team at http://www.pgdp.net (This file was +produced from images generously made available by The +Internet Archive/Canadian Libraries) + + + + + + +</pre> + + +<p class="center">A</p> + +<h1>STIPTICK</h1> + +<p class="center">FOR A</p> + +<h1><i>Bleeding Nation</i>.</h1> + +<p class="center">OR,</p> + +<h2>A Safe and Speedy <span class="smcap">Way</span><br /> +to Restore <i>Publick Credit</i>, and<br /> +Pay the <i>National</i> <span class="smcap">Debts</span>.</h2> + +<hr /> + +<div class="figcenter" style="width: 130px;"> +<img src="images/i001.jpg" width="130" height="100" alt="" title="" /> +</div> + +<hr /> + +<h3><i>LONDON</i>:</h3> + +<h3>Printed for <span class="smcap">J. Roberts</span>, near the<br /> +<i>Oxford-Arms</i> in <i>Warwick-Lane</i>. 1721. +</h3> + +<hr class="hr2"/> + +<p><span class="pagenum">[Pg 1]</span></p> + +<div class="figcenter" style="width: 175px;"> +<img src="images/i003a.jpg" width="175" height="69" alt="" title="" /> +</div> + +<p class="center">A</p> + +<h2>STIPTICK</h2> + +<p class="center">FOR A</p> + +<h2><i>Bleeding Nation</i>.</h2> + +<p class="center">OR,</p> + +<h3>A Safe and Speedy <span class="smcap">Way</span> to Restore<br /> +<i>Publick Credit</i>, and Pay the <i>National</i><br /> +<span class="smcap">Debts</span>.</h3> + +<div class="drop"> +<img src="images/i003b.jpg" alt="D" width="75" height="75" class="cap" /> +<p class="cap_1">O but a little consider, and +you will soon find, <i>Pride</i> and +<i>Luxury</i>, <i>Corruption</i> and <i>Bribery</i>, +are the greatest Causes +of our present Calamities; +and if you do not discourage +the Two first, and punish the Two last Evils, +<span class="pagenum">[Pg 2]</span> +we shall speedily come to Destruction, +and God will blast all our Endeavours.</p> +</div> + +<p>The lively Instance of late, proves to us +the <i>Ruin</i> those Evils carry with them: And +is there not one good Man, that dares +to stem the Tide that is come in upon us, +and save us from being drown'd?</p> + +<p>Is there not one Man that has <i>Honesty</i>, <i>Interest</i> +or <i>Ability</i>, to put in Practice what is so +necessary to <i>preserve</i> their Country?</p> + +<p>Let us shake off then those plaguy Sores +that corrupt our <i>Vitals</i>; and if we intend +to be a Happy and Flourishing People, we +must promote <i>Piety</i>, which admits of no +Corruption; <i>Honesty</i>, that listens to no +Temptation; <i>Sincerity</i>, which never deceives +his Neighbour; <i>Sobriety</i> is the Way to Honour, +and <i>Industry</i> brings Riches, which Frugality +preserves: He therefore that desires +to be <i>truly Great</i>, must possess these Virtues, +and prefer <i>Publick</i> to <i>Private Interest</i>.</p> + +<p>What is the Reason that all Inferior Places +of Profit and Trust are <i>bought</i> and +<i>sold</i>, and true Merit wants its <i>Reward</i>? Is +it not because the <i>Devil</i>, when bought, +will be sold?</p> + +<p>Are not our Exports of <i>Bullion</i> so great, +that, as fast as it arrives, it goes away? +Which the Publick Entries every Week demonstrate. +And were it not for the daily +Supplies from <i>Portugal</i>, we should have +<span class="pagenum">[Pg 3]</span> +nothing but our own <i>Specie</i> to answer all +Demands.</p> + +<p>It is obvious, that One Single Corporation +has put us into this Confusion: And +will the <i>Government</i> again trust to <i>that</i>, or +any other? I should not desire a Friend of +mind to be the <i>Adviser</i>.</p> + +<p>Can all the Corporations in <i>London</i>, put +together, be so well depended upon, as the +<i>Exchequer</i>; which is supported by the <i>Government</i>, +who are able and willing to make +good all their own Contracts, but are not +answerable for the Losses of any Corporation; +all being oblig'd to sit down and be +content with their own?</p> + +<p>Can any Corporation desire more, than +that the <i>Government</i> compel their own Members, +and their Estates, to make good to answer +for their <i>Mismanagement</i>?</p> + +<p>Separate then the <i>Standers-by</i> from the +<i>Gamesters</i>, and let the Unconcern'd declare +their Opinion, Whether, in all Corporations, +the <i>Directors</i> have not an unknown +Advantage over all the other Members? +Is it so in the <i>Exchequer</i>?</p> + +<p>Tell me then, why a Hundred Pound +in a Corporation, is more valuable than +a Hundred in the <i>Exchequer</i>? Is it not because +you can part with your Property +with much more Ease by way of <i>Transfer</i> in +<i>London</i>? Which is not practis'd at the <i>Exchequer</i>: +<span class="pagenum">[Pg 4]</span> +Besides, the <i>Transferring</i> is near at +Hand.</p> + +<p>The <i>Directors</i> of any Corporation, if not +truly <i>honest</i>, may impose at all Times upon +the rest of the <i>Proprietors</i>, by making a +Dividend above the intrinsick Value of the +Nett Produce of <i>Profit</i>; and the <i>Legislature</i> +would do well to provide against such +Practices for the future.</p> + +<p>If due Encouragement was given for the +Importation of <i>Iron</i>, <i>Hemp</i>, <i>Pitch</i> and <i>Tar</i>, +from our own <i>Plantations</i>, the Export of +a great deal of our <i>Bullion</i> would be sav'd, +our <i>Colonies</i> encourag'd, and we should be +then able to supply the <i>Dutch</i>, <i>French</i>, +<i>Spaniard</i>, <i>Italian</i> and <i>Portugueze</i> with Iron, +and bring in Two Hundred Thousand +Pounds <i>per Ann.</i> Balance of Trade.</p> + +<p>If the <i>South-Sea</i> Company would trade +to our own Islands, <i>viz.</i> the <i>Bahama</i>, and to +<i>Carolina</i>; that Trade alone would bring +them in Five Hundred Thousand Pounds <i>per +Ann.</i> and with a small Expence, if well +manag'd.</p> + +<hr class="hr2"/> + +<p><span class="pagenum">[Pg 5]</span></p> + +<p class="center">A</p> + +<h2>PROPOSAL</h2> + +<h3>To Restore <i>Publick Credit</i>, and Pay<br /> +the <i>Nation</i>'s <span class="smcap">Debts</span>.</h3> + + +<blockquote><p>I. <i>That the</i> South-Sea <i>Company be put in +</i> Statu quo; <i>and if the Estates of the +late</i> Directors, <i>their Aiders and Abettors +will not do it, the</i> Government <i>to +make up what is wanting.</i></p> + +<p>II. <i>That the</i> Subscriptions <i>at</i> Three Hundred, +Four Hundred, Eight Hundred, +<i>and a</i> Thousand, <i>be all paid into the</i> +Exchequer <i>at</i> Two Hundred<i>, and there +to have a Credit for</i> One Hundred<i>; +for which the</i> Government <i>is to pay Ten +</i> per Cent. <i>until the</i> One Hundred <i>shall be +paid off: And that those who have +not paid full</i> Two Hundred<i>, do make +up that Sum within the Time limited +by the late</i> Directors<i>.</i></p> + +<p>III. <i>That a Proper Place in</i> London <i>be +appointed to keep a</i> Book<i>, wherein each +Person may be made</i> Debtor <i>and</i> Creditor; +<span class="pagenum">[Pg 6]</span> +<i>and a Duplicate of such</i> Book<i> +to remain in the</i> Exchequer<i>. And that +there may be a</i> Book<i>, wherein every +Person may</i> transfer <i>their Property.</i></p> + +<p>IV. <i>The Debt of</i> Seven Millions, Five +Hundred Thousand Pounds<i>, being forgiven +the</i> South-Sea <i>Company, and they +put in</i> Statu quo <i>by the</i> Government<i>; +the</i> Nation <i>will stand</i> Debtor <i>and</i> Creditor<i> +as followeth:</i> Viz.</p></blockquote> + +<table summary="Debtor - Creditor"> +<tr><td colspan="2" class="center"><span class="smcap">Nation</span> Debtor.</td></tr> +<tr><td><i>To</i> South-Sea <i>Company</i>,</td><td class="cash">11,746,384</td></tr> +<tr><td><i>To Money-Subscribers</i>,</td><td class="cash"> 20,004,000</td></tr> +<tr><td><i>To Redeemable Debts</i>,</td><td class="cash">13,886,486</td></tr> +<tr><td><i>To Unredeemable Debts</i>,</td><td class="cash">12,070,343</td></tr> +<tr><td><i>To Interest</i>,</td><td class="cash"> __________</td></tr> +<tr><td></td><td></td></tr> +<tr><td colspan="2" class="center"><span class="smcap">Nation</span> Creditor.</td></tr> +<tr><td><i>By a Moiety of the Money-Subscribers</i>,</td><td class="cash">10,002,000</td></tr> +<tr><td><i>By</i> Ditto <i>Redeemable Debts</i>,</td><td class="cash">6,993,247</td></tr> +<tr><td><i>By</i> Ditto <i>Unredeemable Debts</i>,</td><td class="cash">6,035,178</td></tr> +<tr><td></td><td class="cash">__________</td></tr> +<tr><td></td><td class="cash">23,030,425</td></tr> +</table> +<p><span class="pagenum">[Pg 7]</span>The <i>Government</i> is only to pay Ten <i>per +Cent.</i> for the Sum of <i>Twenty Three Millions, +Thirty Thousand, Four Hundred Twenty +Five Pounds</i>. The <i>South-Sea</i> Company being +in <i>Statu quo</i>, are to receive an Interest +as the <i>Act</i> directed before the last <i>Settlement</i>.</p> + +<p>The other Moiety will enable the <i>Government</i> +to make good the <i>Deficiency</i> (if +any) to the <i>South-Sea</i> Company, to forgive +them the <i>Seven Millions, Five Hundred +Thousand Pounds</i>, pay the <i>Interest</i> due from +the <i>Government</i> and clear a great Part of +the <i>Principal Debt</i>.</p> + +<p>The <i>Scheme</i>, as before-mention'd, will restore +our <i>Credit</i>, and pay Part of our <i>Debt</i>; +but if we intend to pay the Remainder, we +must endeavour to be at a <i>Par</i> with our +Neighbours in Trade: And if they outdo +us in Policy therein, and we do not strive +to follow their <i>Methods</i>, we must expect in +the End to be the Losers, and never to have +a Balance.</p> + +<p>We ought to consult those Methods that +will increase our <i>Exports</i>, and lessen the <i>Importation</i> +of such Goods as takes away our +<i>Bullion</i>, and prevent our <i>Coin</i> from being +exported, in the best Manner we can.</p> + +<hr /> + +<p>Now, Sir, you having consider'd the +<i>Proposal</i>, and what has been previously +maintain'd give me Leave to ask you a +few Questions: <i>Viz.</i></p> + +<p><span class="pagenum">[Pg 8]</span>1. Whether the Corporation of the <i>South-Sea</i> +Company, if they could be sure that +the <i>Government</i> would forgive them the +Debt of <i>Seven Millions, Five Hundred +Thousand Pounds</i>, and put them in <i>Statu +quo</i>, (that is, in the Condition they were +in when Stock was at <i>One Hundred Twenty +Five</i>) would not they readily embrace the +<i>Offer</i>?</p> + +<p>2. Whether either the <i>South-Sea</i> Company, +the Bank of <i>England</i>, or the <i>East-India</i> +Company, desire the <i>Ingraftment</i> propos'd +by Parliament?</p> + +<p>3. Whether a more equal Distribution +of <i>Loss</i> can be made, to please all Parties, +especially the major Part; or who will be +the greatest <i>Loser</i> by the <i>Proposal</i> herein +mention'd?</p> + +<p>One great Calamity is the Loss of <i>Paper +Credit</i>, on which our <i>Trade</i> chiefly depended: +We find already a great Decay, which +will soon be more apparent. We have indeed +at present too little <i>Cash</i>, and too little +<i>Credit</i>, to support <i>Trade</i>; and if we +do not take other <i>Methods</i> than what has +been yet practis'd, it will be entirely lost.</p> + +<p>It is the Prudence of a <i>Government</i>, to +establish <i>Credit</i> on the most solid Foundation; +<span class="pagenum">[Pg 9]</span> +and what can be so solid as a <i>Parliamentary +Security</i>? Will the <i>Government</i> be +trusted with any future Loans, if their +Debts are settled upon a <i>precarious Bottom</i>? +And are <i>Corporation-Pillars</i> a good Foundation?</p> + +<p>The <i>Method</i> already propos'd, is seemingly +calculated for the Service of <i>Stock-Jobbing</i>, +and a Parcel of <i>I know not who</i>, +(<i>Sharpers</i>,) to reap the Benefit of it: +And if so, the <i>Nation</i> will be utterly ruin'd. +For God's Sake, then, let us not run +any more <i>Hazards</i>, but prudently take +such <i>Measures</i> as are most safe and advantageous.</p> + +<p>If the <i>Government</i> will forgive the <i>South-Sea</i> +Company the Debt of <i>Seven Millions, +Five Hundred Thousand Pounds</i>, and put +them in <i>Statu quo</i>; they ought to sit +down contented, and be easy and thankful.</p> + +<p>If the present <i>Scheme</i> gives the Subscribers +but <i>Twenty Five Pounds</i> Capital Stock +for a <i>Hundred</i>, and the <i>Government</i> will +give such Subscribers <i>Fifty Pounds</i> for a +<i>Hundred</i>, I hope they will have no Reason +to complain.</p> + +<p>For should the <i>Subscriptions</i> be ty'd down +to <i>Four Hundred</i>, Thousands of Families +will be ruin'd.</p> + +<p><span class="pagenum">[Pg 10]</span> +If we consider the Debt we owe to <i>Foreigners</i>, +and how they, on the <i>Advance +of Stocks</i>, drain us of our Money; we +shall find it very dangerous to suffer <i>Stocks</i> +to be sold above the intrinsick Value.</p> + +<p>If Common Interest be reduc'd to Four +<i>per Cent.</i> as was intended; what <i>Proprietor</i> +can say he shall be a Loser? Setting +aside the <i>Subscriptions</i> and <i>Stock</i>, bought +and sold at extravagant Prices; which is +impossible to redress, without making a far +greater Number of Sufferers.</p> + +<p>Will the <i>Proposal</i> of Tying down the +<i>Subscribers</i> at <i>Four Hundred</i>, give a +greater Interest than Ten <i>per Cent.</i> for +the Capital? And what will the Capital +be, when paid off? Will that be more than +<i>Twenty Five Pounds</i> for a <i>Hundred</i>? Does +not this <i>Proposal</i> give <i>Fifty Pounds</i> for <i>One +Hundred</i>, with a double Advantage to all; +and at the same Time pays a great Part of +our Debt, and settles our Credit on a solid +Foundation?</p> + +<p>A Nation cannot flourish without <i>Virtue</i>; +nor <i>Virtue</i> without <i>good Conscience</i>. +Sudden Ways of <i>growing rich</i>, must be +ruinous to the <i>Publick</i>: There are of late +those who have too suddenly got vast Estates, +and others as soon stripp'd of great Fortunes.</p> + +<p><span class="pagenum">[Pg 11]</span> +<i>Industry</i> is therefore the true natural Way +to Wealth, as <i>Idleness</i> is to Poverty. Riches +cannot be honestly got without <i>Industry</i>, +therefore it ought to be encourag'd, and +all <i>idle Persons</i> made to work; and such as +will not work, ought to be serv'd as they +are in <i>Holland</i>, that is, exercis'd with the +<i>Pump</i>.</p> + +<p>Has not the easy Way of getting Money +prevented the <i>South-Sea</i> Company from +Carrying on <i>their Trade</i>, and the <i>Fishery</i>, +that Noble and Profitable Branch; which +if they would heartily set their Shoulders +to, they might increase their Stock a Hundred +<i>per Cent.</i> and not set it above its intrinsick +Value? And our <i>Poor</i> being very +numerous, all of 'em may be provided for +that way.</p> + +<p>Our <i>Trade</i> has decay'd ever since we +have promoted <i>Stock-Jobbing</i>, that easy +Way of getting Money: Our <i>Manufactories</i> +have diminish'd; which have increas'd +our <i>Poor</i>, and lessen'd our <i>Imports</i> and <i>Exports</i>; +and the King, in Time, will lose +his <i>Customs</i>.</p> + +<p>I shall offer some few Heads, necessary +to promote <i>Trade</i>, and to put us in a +Way speedily to pay our <i>Debts</i>, and prevent +<i>Stock-Jobbing</i>, or else <i>Trade</i> can never +flourish.</p> + +<p><span class="pagenum">[Pg 12]</span> +We must <i>Recoin</i> our Money, and make +the <i>Agio</i> so large, as will prevent its +being exported; and thereby hinder the +<i>East-India</i> Company from purchasing <i>Bullion</i> +in <i>Holland</i>: For if they are suffer'd to +buy <i>Bullion</i> there, we had better by the +Half give them free Liberty to export our +Coin, unless the <i>Exchange</i> is Eight <i>per Cent.</i> +in our Favour, (which is now so much to +the contrary) we shall at all Times be +Losers. By which it appears, how great +Losers we are at present, by not making +our Coin of a Value, as it may be exported +without Damage to the Nation.</p> + +<p>Our <i>Government</i> may have <i>Bullion</i> in +Plenty, if they will be the Merchant for +that Commodity, and give but a small +Matter more for it than our Neighbours; +which we may very well afford to do, if +we settle a like <i>Agio</i>.</p> + +<hr /> + +<p>One great Help to <i>Trade</i> in the Nation, +would be to have <i>Sixpences</i> (nay, even +<i>Shillings</i>) coined with a much greater Allay +than our present Coin; as also <i>Groats</i>, +<i>Three-pences</i>, and <i>Twopenny Pieces</i>: The +Government would receive such a Benefit +thereby, as cannot be well here express'd. +And I dare answer to find a <i>Method</i>, with +fine Copper so intermix'd with Silver, that +<span class="pagenum">[Pg 13]</span> +it shall not be worth any Person's Time, +Trouble and Hazard, to counterfeit it.</p> + +<p>Our Silver being coined with so great an +<i>Allay</i> as will prevent its being exported, +will in a short Time cause a Currency of +<i>Cash</i>: The <i>Gentry</i> will not hoard it; whereby +<i>Traders</i> will be better paid, and our +<i>Manufactures</i> encourag'd, and carry'd on +to a greater Degree.</p> + +<p>I remember when there was a great deal +of <i>Clipt</i> and <i>Counterfeit Money</i>, and very +Plenty of both, that every one that had +either a Counterfeit Piece, or Money that +was cut very small, always studied what to +<i>buy</i> with it, that they might pass the one +away, or part with the other.</p> + +<p>The Difference to the <i>East-India</i> Company, +in buying <i>Bullion</i>, or <i>Pieces of Eight</i>, +in <i>Holland</i>, is Seven or Eight <i>per Cent.</i> +more than what it stands them in when +they can be supply'd with it at Home; and +if they were prohibited the <i>Exportation</i> of +<i>Bullion</i> from <i>Foreign Countries</i>, and suffer'd +to export our own <i>Coin</i>, or such Ingots as +shall have the <i>Tower-Mark</i>, our <i>Government</i> +would have the Advantage which the +<i>Dutch</i> now gain, and no Loss to the <i>East-India</i> +Company. For it will be then equally +the same to them, whether they export it +from hence, or from <i>Holland</i>, to <i>India</i>.</p> + +<p><span class="pagenum">[Pg 14]</span> +There is no other Way of preventing +our <i>Bullion</i> and <i>Silver</i> being carry'd out of +the Land, but by the Prohibition of the +one, by paying a Difference to the <i>Government</i>; +<i>viz.</i> such a Difference as comes +pretty near to what is lost by <i>Remittances</i>; +and suffering the other (<i>viz.</i> our <i>Crowns</i> +and <i>Half-Crown Pieces</i>, coin'd with a proportionable +Allay) to be exported. All +which would help to pay off the <i>Nation's +Debts</i>, and make us a Flourishing People.</p> + +<p>Our <i>Half-Crowns</i> and <i>Crowns</i> being recoined +to such a Standard, I say, would be +of equal Advantage to the <i>East-India</i> Company, +whether they exported <i>Bullion</i> or +<i>Pieces of Eight</i>, from hence or from <i>Holland</i>: +For by the Bank of <i>Holland</i>, or +rather <i>Amsterdam</i>, all <i>Exchanges</i> are chiefly +govern'd; and as the <i>Hollanders</i> are the +nearest concern'd with us in <i>Trade</i>, so by +them we are to regulate and proportion +the Difference between our <i>Bank-Money</i> +and our Current Cash.</p> + +<hr /> + +<p>The Bank of <i>England</i> is establish'd upon +the Standard of our present <i>Coin</i>: Let +it so remain, till the <i>Government</i> sees fit +to alter, or pay them off; and let <i>Bills of +Exchange</i> be paid <i>in Banco</i>, or, if they so +<span class="pagenum">[Pg 15]</span> +please, in Current Cash; the Difference or +<i>Agio</i> to be allow'd in like manner as they +do in <i>Holland</i>.</p> + +<p>There has been a considerable Profit +made, by <i>Melting down</i> and <i>Exporting</i> our +own Coin; and there will always be those +that will do it, tho' punish'd with Death, +as in <i>Portugal</i>. And where there is a +great Loss in Melting down, or Exporting +the <i>Current Coin</i>, tho' there is no <i>Penalty</i>, +the Money will be preserv'd; as in +<i>Holland</i>.</p> + +<p>Let the Merchant have a <i>Profit</i> in +carrying Gold and Silver to the <i>Mint</i> to +be coined, or there will little or none go +there: But if the Merchant finds a <i>Profit</i> +(tho' small) in the Coinage, there will +be great Quantities coined.</p> + +<p>That they who act with the greatest +<i>Prudence</i> and <i>Honour</i>, and have most Money, +will always have most Credit; this +needs no Proof.</p> + +<p>While our <i>Money</i>, which is the Blood +of the <i>Body Politick</i>, is suffer'd to run out, +and there is no Supply, all <i>Projects</i> for +restoring <i>Credit</i>, and keeping up the Spirits +of the <i>People</i>, will prove abortive. +<i>Trade</i>, and the Noblest Undertakings for +Employing the <i>Poor</i>, must be at a full +Stop, if Money be wanting to carry +them on.</p> + +<p><span class="pagenum">[Pg 16]</span> +'Tis certain, that until we have a greater +Plenty of Money, <i>Trade</i> and all other Business +must be assisted with <i>Paper Credit</i>; +and if it does not receive Voluntary Credit, +it will never be made by Force. And +if our Affairs are rightly managed, our +Estates are doubled, and secur'd; if not, +the best Estates will soon be worth nothing.</p> + +<p>That <i>Paper Credit</i> may have an immediate +Currency, it is necessary for the <i>Exchequer</i> +to issue out as many <i>Notes</i> as they +shall be able to circulate, with a <i>Tax</i> of a +<i>Guinea</i> on every <i>Transfer</i>; the one Half +to be paid by the <i>Buyer</i>, and the other by +the <i>Seller</i>.</p> + +<p>That those <i>Bills</i> be to discharge the +Debts due and owing by the <i>Government</i>: +And that the said <i>Bills</i> be circulated in +<i>London</i>.</p> + +<p>Some make a mighty Noise, that if our +<i>Coin</i> be raised, <i>Foreigners</i> will not take it. +I answer, For that Reason we ought to +raise it. If we are to pay <i>Foreigners</i> any +Thing upon the Balance of an Accompt, +we ought to pay them as near as we can in +their own Coin.</p> + +<p>That no Person (under severe <i>Penalty</i>) +presume to raise the <i>Price</i> of any Thing, +on Account of the Alteration of the <i>Coin</i>; +<span class="pagenum">[Pg 17]</span> +otherwise the <i>Name</i> is only alter'd, and +not the <i>Value</i> of our Coin: There being +as much Reason for the <i>Parliament</i> to put +a <i>Value</i> thereon, as for a <i>Goldsmith</i> to do it +on wrought Plate.</p> + +<p>But the first Care to be taken, is, How +the <i>Nation</i> may prevent any Advance in +<i>South-Sea</i> Stock above what it was before; +so that <i>Foreigners</i> concern'd may not receive +a <i>greater Principal</i> than a Hundred +Pound, and Five <i>per Cent.</i> as they did before +this unhappy <i>Ingraftment</i>: For the +Stock, by the said <i>Ingraftment</i>, will be of +such a Magnitude, that a Hundred <i>per +Cent.</i> Advance will, in all Probability, give +the Strangers such a Capital, as will amount +to more than the whole <i>Cash</i> of +the Kingdom.</p> + +<p>The <i>Foreigners</i> have taken an Alarm +since our late <i>unhappy Mismanagement</i>; +and are only waiting for some <i>New Project</i>, +to sell out, and strip us entirely: So +that if we will consider our own <i>Preservation</i>, +we must rather <i>depretiate</i> our Stocks, +than seek Means to <i>augment</i> them.</p> + +<p>It is a receiv'd Maxim, <i>Salus Populi Suprema +Lex esto</i>: This I take to be meant +of the <i>whole Body</i>, not of some Parts of +the <i>People</i>. And tho' <i>Thousands</i> may suffer, +yet it is a receiv'd Rule, That the +<span class="pagenum">[Pg 18]</span> +<i>Whole</i> is first to be consider'd, when it +comes in Competition with any <i>Parts</i>.</p> + +<p>Therefore, in our present Case, the <i>Whole</i> +is to be consider'd; and the <i>Preservation</i> +of that, is to weigh down against all the +Hardships that may happen to <i>Particulars</i>.</p> + +<p>Now, if this Maxim stands good, it is +the Obligation of every true Lover of his +<i>Country</i>, to have that in View; and not, +from a Regard to <i>Particulars</i>, run the Hazard +of sacrificing the <i>Whole</i>. Their <i>Misfortunes</i> +ought to have no Weight, nor any +<i>Contrivance</i> to ease them, prevail, in Balance +with our <i>Country</i>.</p> + +<p>Our late <i>Project</i>, if it could have been +held up, would have created such a <i>Luxury</i>, +that that very Thing alone would have +undone the <i>Nation</i>, and would have sunk +us; tho' not with such a <i>Rapidity</i>, as the +Way which we have now in some measure +escap'd.</p> + +<hr /> + +<p>The <i>Matter</i> standing in this Light, the +only View is the <i>Benefit</i> of our <i>Country</i>.</p> + +<p>The <i>Body Politick</i> is very weak, and requires +an honest and able <i>Physician</i>; and +where to find him, is the only Thing in +Question.</p> + +<p><span class="pagenum">[Pg 19]</span> +Let us consider, whether this design'd +<i>Ingraftment</i> of <i>Nine Millions</i> into the <i>Bank</i>, +and <i>Nine Millions</i> into the <i>East-India</i> Company, +will prove any real Benefit to the +<i>Nation</i> as a <i>Nation</i>? No surely, that cannot +be pretended; but only, that they making +greater Dividends, may be of Service +to <i>Individuals</i>; and yet that is much to be +doubted.</p> + +<p>For as to the <i>Bank</i>, the Capital was too +big before to render any great <i>Advance</i>: +And had it not been for a new Practice, +first begun by the <i>South-Sea</i> Company, of +Lending Money on their <i>Stock</i>; had it not +been, I say, for their imitating (tho' with +Caution) that <i>infamous Practice</i>, their Dividends +would have been reduc'd to <i>Seven +per Cent.</i> or under.</p> + +<p>And for the <i>East-India</i> Company, their +<i>Trade</i> is so far extended, especially at this +Juncture, when they are forc'd to <i>over-trade</i> +themselves, in order to ruin the <i>Ostenders</i>, +that it's look'd on already as a +<i>Grievance</i>: And yet by adding <i>Nine Millions</i>, +they must divide <i>Four Hundred and +Fifty Thousand Pounds</i> Profit more than +before. And notwithstanding their <i>Trade</i> +(as I said before) was then a <i>Grievance</i>; +to what an Extension must it be driven +now, to <i>divide</i> such a Profit; when hitherto +<span class="pagenum">[Pg 20]</span> +they never <i>divided</i> above <i>One Hundred +and Sixty Thousand Pounds</i> a Year +Profit?</p> + +<p>But will it not be a Second <i>Injustice</i> to +the <i>Annuitants</i>, after so great a <i>Diminution</i> +of their Estates, to have <i>Two Thirds</i> of it +<i>ingrafted</i> on a <i>precarious Bottom</i>? All +Stocks having been suffer'd to divide above +the Value of the <i>Nett Produce</i> of their Capital; +a sure Way to distress <i>Trade</i>: Especially +when Corporations are suffer'd to +issue out <i>Bonds</i>, without Trading with the +<i>Money</i>, but purely to advance their <i>Stock</i>.</p> + +<p>The <i>Two Ingraftments</i> are brought in, +in order to help the <i>Proprietors</i>, by Advantages +of <i>Dividends</i>, to a greater Income +than the Stock could make, if retain'd in +the <i>South-Sea</i>; and so to raise the Nominal +Price of Stock. Whether it will do +the former, is a Doubt; but if so, the +Stock had better been kept where it was; +and if the latter, it will be only a <i>New +Bubble</i>, to ruin us.</p> + +<p>Neither the <i>Bank</i>, nor the <i>East-India</i> +Company, seem fond of the Project of this +<i>Ingraftment</i>; and nothing can be argued, +but that Something must be done, at least +to amuse People with <i>vain Hopes</i>: Whereas, +the true Interest of our <i>Country</i> would +have been, to have laid the <i>Wound</i> open +to every one's View; to have shewn the +<span class="pagenum">[Pg 21]</span> +World, what <i>Dividend</i> could be made out +of the <i>Interest</i>, and what they might expect. +Then <i>Foreigners</i> would have sat +still; for they could no where else make +Five <i>per Cent.</i> of <i>One Hundred Pounds</i>; and +their Money have remain'd here.</p> + +<p>But if we come to make <i>Dividends</i> of +Twelve <i>per Cent.</i> and by that means advance +the Stock to <i>Three Hundred</i>; then +those Strangers that had <i>Four Millions</i> Capital, +and receiv'd <i>Two Hundred Thousand +Pounds</i> per Ann. will have <i>Four Hundred +and Eighty Thousand Pounds</i> per Annum, +and have a <i>Demand</i> of <i>Twelve Millions</i> on +you; which will entirely finish what the +late <i>South-Sea</i> Directors so gloriously +began.</p> + +<p>Is this a Time to endeavour at new <i>Projects</i>, +when the Nation is at so low an +Ebb; and when the World is ready, on the +least Opportunity given, to put to the <i>Finishing +Stroke</i>?</p> + +<p>It is a certain Topick, That every <i>Relief</i> +in the Case of the <i>South-Sea</i> Company, +will be thought an <i>Injustice</i> to some, who +cannot be reliev'd but at the <i>Expence</i> of +others. That Way therefore must be taken, +that is most Safe and Equal.</p> + +<hr /> + +<p>By what has been said, you will easily +judge, how little the <i>poor Sufferers</i> are +<span class="pagenum">[Pg 22]</span> +like to expect from this <i>New Project</i>; and +that if the <i>Success</i> attend it that some People +hope, it must be the Ruin of the +<i>Nation</i>.</p> + +<p>You likewise see the <i>Danger</i> there is +in <i>Advancing</i> of Stocks above their Original +Capital; and how necessary it is to +restrain Corporations from <i>Dividing</i> more +than what their <i>Original Stock</i> will fairly +produce; and that such <i>Practices</i> are destructive +to the Commonwealth of this +<i>Nation</i>.</p> + +<p>Ought not then the <i>Legislature</i> to enter +upon speedy <i>Measures</i>, and such as may +prevent any <i>Evil Consequence</i> that may +happen?</p> + +<hr /> + +<p>Our Main Business, therefore, is, how +to find out <i>Methods</i> to extend our <i>Trade</i>; +for <i>Projects</i>, and <i>United Companies</i>, are +only contriv'd to <i>enrich</i> a few.</p> + +<p>We have within our selves, and in <i>America</i>, +an inexhaustible Fund to <i>supply</i> our +selves, and perhaps <i>Europe</i>, with what we +are now beholden to <i>Foreigners</i> for, and +that at the Expence of our <i>Silver</i> and +<i>Gold</i>; and yet either our <i>Negligence</i>, or +<i>private Views</i>, make us sit still. But otherwise,</p> + +<p>What <i>prodigious Advantage</i> would it be +to the <i>Nation</i>, to have a <i>Supply</i> from our +<span class="pagenum">[Pg 23]</span> +own <i>Colonies</i> with those <i>Naval Stores</i>, +which we have now from <i>Denmark</i>, <i>Sueden</i> +and <i>Muscovy</i>; and to save the Expence +of so much <i>Money</i> as those Trades +cost us, and no longer to be at the Mercy +of any <i>Foreign Prince</i>? And could we gain +a Balance of <i>Trade</i>, we may hope to retrieve +our selves from all the <i>Difficulties</i> we +seem to labour under. But at present, we +have not the Balance with any one Nation, +except <i>Portugal</i>.</p> + +<p>Now if this be the Case, it cannot be +thought that an <i>Over-Balance</i> there, can +answer the <i>Balance</i> that all <i>Europe</i> has +against us.</p> + +<p>But Luxury in the Use of <i>Foreign Importations</i> +being discourag'd, we may reasonably +expect to have a <i>Flourishing Trade</i>, +which will bring Mines of <i>Gold</i> and <i>Silver</i> +into our Coffers; all other Arts and Schemes +having no <i>Foundation</i>, and nothing but <i>Destruction</i>.</p> + +<p>That <i>Foreigners</i> take the Advantage of +us, by the <i>Rising</i> and <i>Falling</i> of our <i>Stocks</i>; +nor can the <i>Evil</i> be remedied, but by fixing +them down at a <i>certain Price</i> that they +shall be bought or sold; <i>viz.</i> <i>Bank</i>-Stock +at <i>One Hundred and Twenty Five</i> per Cent. +And for that Sum, the said Corporation +may divide <i>Common Interest</i>, but never +more.</p> + +<p><span class="pagenum">[Pg 24]</span> +That the Surplus of <i>Profit</i> be, to make +good the Value of <i>One Hundred and Twenty +Five Pounds</i>, at the Time the said <i>Bank</i> +shall be paid off by the <i>Government</i>.</p> + +<p><i>India</i> Stock at <i>One Hundred and Twenty +Five</i> per Cent. And that Corporation never +to <i>divide</i> more than <i>Common Interest</i> +for that Sum: The Remainder of <i>Profits</i> +accruing by that Trade be, for the better +<i>Maintenance</i> of their <i>Factories</i>, and the Extending +of their <i>Trade</i> in <i>India</i>.</p> + +<p><i>South-Sea</i> Stock at <i>One Hundred and +Twenty Five</i> per Cent. (if the said Corporation +be put in <i>Statu quo</i>) that the +said Corporation may never <i>divide</i> more +than <i>Common Interest</i>: The Remainder to +carry on a Trade to such Parts and Places, +as shall be thought most advisable, and to +establish <i>Colonies</i> for the Good of the Kingdom +in general. Or otherwise, <i>Trade</i> and +<i>Industry</i> will be discourag'd, and <i>Luxury</i> +and <i>Idleness</i> be our Ruin.</p> + +<hr /> + +<p>The <i>Hollanders</i> are more Political in +<i>Trade</i> than we; and they being so near +us, and we having with each other so +great a <i>Trade</i>, and they so largely in our +<i>Stocks</i>, that unless we have an <i>Agio</i> settled, +as they have, (that is, that there be a <i>Difference</i> +between the Current Cash and the +<span class="pagenum">[Pg 25]</span> +<i>Bank</i>-Money) we shall never preserve our +Coin. Nor will Trade ever <i>flourish</i>, or Credit +<i>revive</i>, unless a Liberty be given to all +<i>Bodies Corporate</i> and <i>Collective</i> to Transfer +as usual.</p> + +<hr /> + +<p>As the Eyes of all are upon the Parliament +of <i>Great Britain</i>, greedily expecting +a speedy <i>Settlement</i> of <i>South-Sea</i> Stock; +how easy is it, and how securely may the +<i>House of Commons</i> pass a Vote, That the +<i>Losses</i> of the <i>South-Sea</i> Company shall be +made good? For at present the <i>Stock</i> is +precarious.</p> + +<p>And the same may be said, in some Measure, +both of the <i>East-India</i> Company, and +the <i>Bank</i>: Which strengthens the <i>Reasons</i> +against the <i>Government</i>'s trusting any more +to <i>Corporation Credit</i>.</p> + +<p>That <i>Trade</i> cannot easily extend it self +in this Kingdom, unless all Corporations +are ty'd down from <i>Dividing</i> (I say) more +than <i>Common Interest</i>. Persons will never +go on to encourage <i>Trade</i>, so long as a +Profit can be made by the frequent <i>Rise</i> +and <i>Fall</i> of Stocks, the Bane of all <i>Industry</i>.</p> + +<p>That unless, I say, a Liberty be given +to all <i>Bodies Corporate</i> or <i>Collective</i>, to raise +Money to carry on and extend the <i>Trade</i> +of this Kingdom, can it be thought that +<span class="pagenum">[Pg 26]</span> +<i>Trade</i> will ever increase? And without +Liberty be given to all <i>Bodies Corporate</i> +and <i>Collective</i>, to have a <i>Book</i>, wherein +every Person may <i>transfer</i> their Properties, +such <i>Bodies</i> will be never able to raise Money +to carry on a <i>Trade</i>, or extend it.</p> + +<hr /> + +<p>Before I conclude, I shall enlarge a little +concerning the <i>Poor</i> of our Country; who +will never be brought to Labour, so long +as they are maintain'd by the <i>Parish</i>, and +suffer'd to beg about the Country, or in +the Streets.</p> + +<p>If <i>proper Places</i> were provided, on <i>Navigable +Rivers</i>, where Land is reasonable; +with good Management, and by the Improvement +of those <i>Lands</i>, the Expence +of our <i>Poor</i> would not be so great by the +one Tenth Part of what it is, and what +we now pay towards their <i>Relief</i>. And +by such a prudent Management, what an +<i>inestimable Benefit</i> would it be to this +Nation; not only by easing the Subject +from that <i>heavy Burthen</i> or <i>Tax</i> to the +<i>Poor</i>, but by the many other <i>Advantages</i> +that thereby the <i>Publick</i> will receive, besides +the many Hands that may be employ'd +to Profit, more than what is necessary +to be appointed for their own and <i>their +Maintenance</i>?</p> + +<p><span class="pagenum">[Pg 27]</span> +Such an <i>Advantage</i> would it be to the +<i>Nation</i>, as would be better to us than the +Mines of <i>Peru</i> and <i>Mexico</i> to the <i>Spanish</i> +Monarchy. It would introduce <i>Industry</i>, +reduce <i>Idleness</i> and <i>Luxury</i>; encourage and +promote the <i>Trade</i> of the Kingdom, increase +our <i>Exports</i>, and lessen our <i>Imports</i>; +by providing of Hands useful in making +all Sorts of Utensils, for <i>Army</i> and +<i>Navy</i>, <i>Soldiers</i> and <i>Sailors</i>, that, when their +Country have no Service for them, they +may return to their <i>Livelihood</i> they were +bred to, and by their <i>honest Industry</i> find a +<i>Maintenance</i>.</p> + +<h2><i>F I N I S.</i></h2> + +<div class="figcenter" style="width: 121px;"> +<img src="images/i029.jpg" width="121" height="95" alt="" +title="" /> +</div> + +<hr /> + +<div class="tnote"><h2>Transcriber's Notes:</h2> + +<p>Obsolete spellings of words (e.g., publick, intrinsick, nett, Portugueze, +allay, accompt, depretiate, etc.) have been retained; long s has been transcribed as modern round s.</p> + +<p>On page 7, "maintain d" was replaced with "maintain'd".</p> + +<p>On page 8, "Ingraffment" was replaced with "Ingraftment", to make it +consistent with other usage in the document.</p> + +<p>On page 12, "Twopeny" was replaced with "Twopenny".</p> + +<p>On page 26, "Bodies Corporat" was replaced with "Bodies Corporate".</p></div> + + + + + + + + +<pre> + + + + + +End of Project Gutenberg's A Stiptick for a Bleeding Nation, by Unknown + +*** END OF THIS PROJECT GUTENBERG EBOOK A STIPTICK FOR A BLEEDING NATION *** + +***** This file should be named 33946-h.htm or 33946-h.zip ***** +This and all associated files of various formats will be found in: + http://www.gutenberg.org/3/3/9/4/33946/ + +Produced by Ernest Schaal and the Online Distributed +Proofreading Team at http://www.pgdp.net (This file was +produced from images generously made available by The +Internet Archive/Canadian Libraries) + + +Updated editions will replace the previous one--the old editions +will be renamed. + +Creating the works from public domain print editions means that no +one owns a United States copyright in these works, so the Foundation +(and you!) can copy and distribute it in the United States without +permission and without paying copyright royalties. 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