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Tous les autres exemplaires origina jx sont filmte en commenpant par iti premiere page qui comporte una empreinte d'impresslon ou d'illustratlon et en terminant par la dernlAre page qui comporte une telle empreinte. Un des symboles suivants apparaftra sur la dernlAre Image de cheque microfiche, selon le cas: le symbols — »> signifie "A SUIVRE", le symbols ▼ signifie "FIN". Les cartes, planches, tableaux, etc., peuvent Atre filmte A des taux de reduction diff Arents. Lorsque le document est trop grand pour Atre reproduit en un seul clich6. il est film* * partir de Tangle supArieur gauche, de gauche * droite, et de haut en bas, en prenant le nombre d'images nAcessaire. Les diagrammes suivants illustrent la mtthode. 1 2 3 1 2 3 4 5 6 II mp t HE OF THE irf ;*<:;& REVENUES And TRADE. AND OP THE^ CONTROVERSY betwixt the Parliament of P<«m, and Mnlam. CONTAfNlNG The Parliaifient of ^Msh Remonfirabde td th^ King, Jifriliii 1720. againft Reducing Annuities to Two^rtr Cp»r. A Letter in Anrwei* to it, by Mr. Lavt; . A Letter of hia, on the New Syflem of the Pi*iances4 and particularly on the Reioaburfafent of Annuities. His Letter about Credit, and its Uie. An Anfwer to ihofe Two Letters, approving the Syftem. A Lettei^ by Mj^. Latv^ treating further of Annuitiet and .Credit^ and explaining, the Ufe of Money, andikcfA<)r&btage$ jot Bank Bills in particulai'. A Letter upon' the -A^rret of tl/e CouJcff -jf' ^tiie^ dated the aidtjfrM^y^* 1740" " '** • •• ^' H y r ■ih tmlknUk ' ■ > ; ; • ' " •''. ■■ '•.".!! y tONDO N; fiitiUii toff, keherfi, near tht Hxfard JrHii iff ft^irmth um^ i7»d* (P^ice t x.) I« I I "• i ii \ i .•..-.■;N. '•'^l ^^ \ ^|TV ■ "^'^ V '■''' ^>!^f jl-ifV- M T: ->r M o ^*> ''^,r •» -vi- -r '"■? vy •-".'. ^^ w<*i»- •• r 6^ 1. jr^* -.4 ^ .H H ';' 'i O v.! 'A ^,.5. ^,,; ,.1.^,4 Y'v." V Hi .; : ) M T X ^^ "^ J ,j .... /.i.y'J .V »> *j vv .• V / j< 1. rA v../ N> .'5\:.,i /iM bni: ^ii.-tti^\ *t^?3n:;?irij;ih:.S. ^.' V J 'C .'t J 'I fUo I ■» T-;.'' ■ • -' » ! •, ( 'I J .a^.'. ) f f i- •><«•; -i-* hi;.v raoc^r 7v^i'U. tJt. .: rrl; ji^iJ/o; riii;jj i>v/ i •j.'>fii o • J J '.V'< It .<% .rA •...ran: . »--,l» ♦rfV" , "^ ... !^ v'^-< i^i'i-hX '?.l '•if*-;- ■* f fWti «•*«■•' « • •, . f> .» ^ I :«'t' ''W« .. • • • .« JB* «,. o » • • • !-»-• I "■ • « I i^ i..». ..5,,,, ».• r f. .. r. ;vri •; ^*i>. 4^^ ''. •jr.z 'Mit t>^>i.b ■ ««nM»»B»Mo*-* .KHfw^"':- «— 1" iwiJUr. ^V*:0'^<^: . / ^^ ." ;.i ^l '/1C TRmSLJiTOR's PREFACE- N5 Z> 7 1> 00f know bow to give a tetter Title to the following Pieces^ , t batty jThe prefenc State of the Frencb R^y^- nues, and Trade, for certainly tbey ,((,ft~ tfiin fucb an Account pf the State an J Sfi' frets of hot by as the florid has never yet feen ^ and being the Rtmonfirance of tbe Parliament of Paris again fi tbe New Syfienif §r Metbod t/ftttanagitfg'tbe French keve» nue on the one^ Handy and Mr, Law'x Defence of tbe fame on tb'i other y we can txpeSi m fucb autbentick and particular Atcountsfrom any other Hand, The Parliament of P^h nrgt4 aU that Cujtom and Vrepoffefpon can fuggefi affin^ the New Sy/fem, and particularly the Lowering [tf Interefi upon Annuities. They exprefs very pathetically what multitudes of People 'jttufi fu^er by ity which if indeed tbe main of their jir^ A3 gttt^tj r I I .'« if h 'the I'ranflator's Preface. ^umenty and what becomes fuch a Coutt of Judicatiiri oifit^ rtfpe^ to the SuhjeSts, iif' Law, aiid tbe Friends Be km tmfieyei^ i§f down on tbe other HaHd, fueb Maxims of Trade ag ftem to be very [olid and rational^ andtbo* not well iin^ derpood by -bufe of the Long Robfy may probably maki h greater Imprejpon upon fuch as underhand Commerce. Infhort^ the following Pieies ate Hfortb the fertifal of every cu^iotts Reader^ tffecialiy at a Time when the rat* fing of Stocks is become Jo univerfal a PraSlice 5 and ibef deferve tbe greater Regard from Eng}iQi Men^ becauji theyfliew dn what Foundation tbe Ftetich Trade si riow fettled, and what mighty Advances their India Companf is like to make, conftdering that they carry on a Trade at tbefat^t TiHne^ white they are fifing their Stocks The iVifiom of their Management appears in Ihit^ That they have fo united their Interefi with that of the Qovernmentj astbey feemtobeinfefafablcf and by C^ fe^uince have ajfured themfelves offo ^oweiftil a Pri$e6i' en^ and have Juib alatge Scene of Commerce in vkw, that it concerns all tbe Trading Nations in Europe^ but its Britons more particularly^ to Jfc on out Guard, lefi iefe jhould be out rivalled by them. The Header Ml be niore fatisfied of the Importance of ibis to our Government and Traders, by fernfing thefoU Idwing Pieces, than by any Thing I can Jay ; for nothing tan be plainer, than that tbe French by this NewSyfteffif tarfj tilth Vitivs of Power 4nd Trade very high. iC'< \-, \-t- \ .■' ' 1- •'■.1i''-'r' ■'^- '^■;.^\ ffii «■■ ssess i THE ; t^ARLIAMENt bf Taru S kEMONSTRANCE ^ T O T H E K 1 N G ;>->irr jipril 17, 1720. _^r^ Agaiiift Redutidg Annuitfe^ t6 tiMi 50th Penny, or 2 per Cent. Moft bumhle^ and moft reffeBful Remonftran- ces^ frefinted to the Kjngj our moft Honoured [ and Sovereign Lordj ly his Court (fTarlia* ment. SIR, OUR {^arliatiYent would think themfeWes wanting in chat Fide*' lity they owe to your Majefty, if chey did not prefeAt themielves ac the Foot of your Throne, with , . , ^ ^ their rnioft hunnble and moft re- fpedful Remonftrances concerning your Ediift^ which forbids making Contra^i for Annuities afiiy Cthe^wife than at the foth Penny. B :. Wt (») W^ aeknQwIcdgCi Mr, tihae the Right pf fix- ing the Rate of Annuicies, '^k)ogs to your Maie'- ily, and depends imirely on your Will: Tbift Power, how extenfive foever, never alarmed your Subjeds, becaulc it was always moderated by the Wtfdom and Goodnefs of the Kings your Predeceffors, who being ever attentive to the Wel- fare of ch^ir Sub)e^»> were eyeful npc ro mak^ tod (Vitlden a Change in their Fortunes ; (bitlial never fince Annuities have been allow'd in this Kingdom, according to the Civil and Canon Law, durii^ ihe Courfe of feveral Ages and R.ei£ns, has there been a Grange any Thing Uk^lhat whidb 3K>ur Majefty propofes to make in^ith In- ftanto ^\;;^^^v'^^' This is whiit alacms yc^rmof faitfiAil Subjects, throws ail Families into a general Confiernacion, and lays us under a Ke.ceflicy to petition youp Ma» jefty, To grant to the Prayers and Tears of youi^ People, the Revocation of an £di(5t fo detrimen- tal to your Majedy's Service. We cannot conceal from you, Sir^ that the re- i\)e<^ful Silence which w^ haye kept fuice our la(t Remonftrances, has evpofed us to the Reproach of our FelIow-Subje(^s, who accufc us of being in- fenfible of the Calamities which we (hare with them ^ and tho' we are in Duty bound to.reprefenc to you the Condition of your Subjedsr> we have always delayed it, and; porhap^ toa league- ia hopes chat the Exti:«mity to which they are re* duc^d^ would be otherwi(ie kpown to your Maje* fty ; and that it would be (tilt more Glorious for you to give them Eafe of yovr own accdrd;» thaa to be induced to. tt by oiw moft hutftUQ RiMfiofi* dranoesa -. ■..,; •--•fv ':'^*?i:*'^l Ma-M • But, b (hort, Sir, iiQce infiea^ !^ tbi^t Ea& which we had ground. t» hope for, tbe^di<% Im* reducing Annuities^ add» Affliction to Ai^ic- .tioff Tbit armed eraced your eWel- h diAl n this Law, 6 *at Jt6ln- bjedsy lacion, ipMa- f yeui^ :knen- tbe re- ur lad broach ing in- ) with )rerenc s have re re- Maje- Dusfor , thao^ t Safe toe (J) tion upon your People, we ihould be equally wanting in our Duty to your Majeftv, and cue Fellow-SubjeiSls, if we did not lay the Qomplain^s of To many bufferers before you. Your Mnjedy cannot be ignorant, that when Annuities were firft authorized In the Kiogdoiti, the Intereit was immediately 6xedat a very hl^li Rate ; and that our Rings, unwilling to itiake too fudden a<^hange in the Fortunes ot their Subiedis, never reduced chem but by a little ac a Time, knowing that Redu&ions.of chofe Kipds did xulft the Subje^ without inrjcbin^ ^he Sovereign ;^ ^pd that when they are neceir that the molt heavy Imppritions Were netec ?ny Thin^i9calan[ii^ou5toyour Sub|e^S| asWft ■A.^ • ^ ^ • I » ;: ; • be ■ t' be the ConreqQene<^ of fuch a Redudion. Ic W9S never knoivn^ fince the Secelemenc of the Monarchy, even In (he moftpreffingConjunduresy ihac our lyings pick'd out a pare or their Subje^ to deprive them in one Day of the f th Part of their Revenues, but had always the Goodnefs to lay their Impofts upon all, chat' the Burden might be the more eafily born. But thi$ RcduAion falling only upon (Creditors, ruins them and all their Families wich^nc Remedy. pefides, tt^ofp former Edi^s, how rigbrous fo- cver, were more eafily born,* for your Sub jcds bii^ing more attached to your Majefty's Intereft than to their own, comforted themfelves with the %.of) of their Revenues, becaufe they came into ;^our Majeity's Hand. They facrificed them to you without ReluAance^ ;when they knew they were imployed to defend them againft your Ene- mies, and to promote your own Glory. They jiactered the^ielves, that fpme Time or other they ^bmd be eiafed froi^ their Burdens by your Boun- ty ; but nqw they cap have no fuch Hopes, fmce your Majefly reaps no Proftt by this Redu^ion. In fuch Impofts as only demand a Sum for the NegeliSties of the State, the Mafters of Families hoped to make up the Lofs of the Tribute which they pail), by their good Husbandry, and thkc their Families would not be overwhelmed by them ^ but this reducing of Annuities is a Lofs of the Re* venues for ever, without Hopes pf recovering the Capital, which ruiiis Parents and their Children without Remedy.' '-'* Mean Tinii, Sir, 'tis upon the Faith of Ordi- natices and Edids which j)ermitted your Subje^s %o niake Contrads for Annuities at the 20th Peh- ny, which we have received ; 'tis upon the Faith pf a Law which our Fathers thought to be fix^d gnd {ierpetual/that theydifpofed of their Fortiintss, and c of the idures, ubjeAs Pare of >odnefs Bardeii sditorsj emedy. •ous fo- mbje(5h [ntereft rich the ne into hem to w they ir Ene- They ler they r Boun- I, fmce lion. ' for the families i which id chkc f them *, he Re* ing the .hirdren f Ordt- >ubie^s ch Peh- e Faith )e fix^d >rtuntes, and (5) and eilabliflied their Families v but now your Mi* jefty feems to ufe your Authority to make fuch t Redud^ion all at once. Therefore that you may the better judge of this publick Grievance, we pray your Majedy to confider the vaft Difference there 19 betwixt the 20th and the f oth Penny \ and like- wife, in what ConjunAure you begin this Re« duftion. Allow us. Sir, to put it home to your Majefty, what your People have fufFered in the late Times, and We aifure our felves, that your Mnjefty wilt be touched with Tendernefs and Compaffion foe them. ' ' Every one knows that your moft faithful Sub« )t6ts lent the King confiderable Sums ; the Value of their Annuities was paid down in ready Cafli^ and now they find them funk in one Day, by a Reimburfement in Species quite d'lfkrem from what they paid, initead of which, your SubjeAs are now burdened with Paper of no U(e to them, land which they can't tell how to employ. They had dill one Refource left, but were deprived 6i it the fame Moment. The States of your Provin- ces have been forced to re-imburfe the Sums which were lent them on Annuities, for promoting your Service. The Clergy in general, and the Dio- cefes in particular, have been obliged to make the fame Reimburfements, and your moft faithful Sub- jeAs are now left without any Revenue, and dei- prived of all Subfiftence. ^ The Conera^s for Annuities by private Perfons have had the fame hard Fate. Their Debtors to Vfhom your Majefty gave this Power to difcharge themfelveb by Paper of the Sums they had borrow- ed in ready Cafli, have found it very eafy to reim- burfe their Annuities, the Creditors have beeti forced to furrender themfelves at the Difcretion of their Debtbrs, who reduced- their Annuities to c • what '» ';i (O if)ut Rates theyi pleafed ; aii4 thofe who were Co unfefluaace^ CO baveallthek Eit^cc in Contra^ ior Annuities, have faffered more in their For- Hin^Sy and uiidergone greater Hardfiiips in (tz Aioncbs Peaqe, than they did in twency Years .Whr. . • ..<^ -. * • . .Tbofe who havje inriched themfelves in a little Time by the Commerce of Paper, being embarraf- JM with their own Wealth, have infinitely aug- mented our Calamities : They had not Confidence enough in their n^w Treafures bur made as much ^^ii^ gee rid of 'em as they did to acquire them. Being uneafy with the PoiTeflion of 'em, they feuBdf a very ready way to tempt all their Deb- tors. ' They r^?ai)j5ed Stock to an exceflive Price, your ^ruien^jSubje^s durft not meafure their Scjren^h with thelb new Up-ft9rts. They have iipefi au the Patrimony of their Anceftors gone in oiieOay, wichouit hopes of faviag their Annui- ties, orpurchafing other Eftates^ And being re^ dncfd to Beggary, they have tiad the Mortification io (fee: others ; ge: prodi^iou^ Ellates, (hat Pofte- ^ity will iooln, upon as an Inchat^tment or Witch- 4^c» for; which the obfcure Proprietors are irv 4d>ted only to Ifiiuftice and (JfiiFy < Further»rif Op<>>inoditie» were at a reafbnable PHce, one would not be fo fenfibie of having their JUvdnues ^Iffioft intirely funkv but is it pofBble lor any to lefr^in Tears^ when they think on the Extremities which your Subje^s are reduced to I , We don't fpeak. Sir, of thofe Commqdities wt>ich ferve f^r Luxury and Sepfualicy : May fbofe Things always be the Share of fuch as live after an effeminate Manner, and who have amaf- Ud vaft Eftates without Labour or Indallry) md which they make ufe of to fupport a ridicblous Lmiury which difgracesthem, and makes them be (mown for Up-fiarts. We can behold all this, ,7# . with- <7) Without Regret or Envy. Lb^ thefe Thingi W forbid CO other Men wkh aH our Hearts. But ipaf fpe^k here of Commodities that are necefTaryj aaA which there is no being without, that yield the plaineft and coarfeft Food, and the modeiaft Apparel, which are now at fucb anexceffive Pik% that they are not to be pnrchafed by the Poof« this exceffive Dearth h thefacal Efiea of the coft* tinnal Alterations of our Coin, and the ifaudl Con* fidence which the Merchants pat in Paper Moaef^ convinces us every Day that it has eompkaied outf Ruin. And many of thofe who have on a fnddeii got great Eftates, fearing that the Paper might pe* rifli in their Hands, which they took upon only M an imaginary, chimerical^ Eftate, make hafte, aa they themfelves exprefs it, to realize them ; that IS to fay, to purchale Commodities, chat they may fell them again, and thereby pradife a Monopolf^ fo ftriaiy prohibked in all Ages by the Ordinances of this Kingdom. -—• ' The Magiflrates of the Poliee are Spe^ators of tbofe Mifchiefs without being able to redrefs chenu they dare not fix the Price of Commodities, left the Subje^ fliottld be entirely deprived of theoi^ and chttfe rather they (hould lufier by flaying ex-* ceffive Rates, than to fee them langmft for want of Food and Relief. ^s in this melancholy ConiunAsre that your Majefly ferdsus a|t EdlA for theReduA4on of An^ nuitieis,* an Hdi£b^ which we Ihoutd at all Times iook lipon as prejudicial to the pubKck Welfare and which we look upon lo be ftill more fatal tH the prefenr Situation of Affairs, becaufe it is cap!»> bleofaiigmentingthe general Confternatioi3« ^'^9 , ' Tis true, Sir,^ that this Ed»i' bears only a Re* dudion for Jtme to come, aiid that ic feems to preferve the antient Aimairies ,^ bat this is no true R^urce, for it ts a Rtedu^ion in effe^ of alt -*' An* X 1 •. / I ) •! ( ■ I u< Hi II ( 8 ) Aftnuides pad and to come, and none but .IniiA* vem Debtors can continue under their firftCon-^ crafts. We can't conceal from you, Sir, that this Edift will be the intire Ruin of all the Magiftrates of the Kingdom ; and we alTure our felves, that this wUl not render our Teftimooy fufpe^ed, nor our Re^ monftrances ufelels, and that your Majedy cannot but be fenfibly touched with the utter Ruin of Of- jficers who confecrate themfelves to your Service^ «id the Welfare of their Fellow Subjefts. f But, Sir, It is not this part of the £di& whicli concerns us, that afieds us mod. We are not the moft to be lamented of your Subjefts. We (hould be unworthy of the Funftions and Magiftracy with which we are honoured, if we could not bear up under Poverty with Courage and Firmnefs of Mind. It is your Majefty's Intereft, and your Ma jefiy's Glory, which animates us ^ It is the Ruin of our Fellow Subjefts, and the Subverfion of the Laws of the Kingdom, which occafions our Groans. Yes, Sir, 'Tis your Majefty's Kntereft which draws from us our moft humble and moft refpeft- ful Remonftrances. Woe be to us, if we feparace the Interefl of the Sovereign from that of his Peo- ple. We look upon your Eftate, Sir, as a IBody, of which you are the Head ; as a Family, of which you are the Father and Mafter together. Your Subjeds being devoted to your Majefty by the moft perfeft Bonds of Submiffion and intire Obedience^ it is your Intereft to preferve them^ (ince they live only for you. Would you have any Body to think. Sir, that there's any confiderable part o| your Subjefts that you could caft out of your Af- tedions, and whole Ruin (hould be determined without your Ma jefty's being touched with ip II- *;©! ^ ;•>!»% Tis f ftCon^ is Edia s of the his will 3ur Re^ cannot of Of. >emce^ : which not the 5 (hould iftracy lot bear inefs of lajefly's 1 of our le Laws ans. . i which rer()ea- feparate his Peo- a l^ody, if which I. ; Your themoft idience^ hey live k>dy to part o{ ^our Af- ermined :hfc. .,„ 'xi V (9> ' ^Tis not the moft contemptible Part of yout Subjcds chat is interefled in the Contra^s of An* hoities^ bur all of 'em, without etcepcion, muft fuffer conHderably in their Fortunes by th6 annol* ling of them. Even the Debtors themfelves, which this Edidk feems to relieve, will find in a very little time how f()tal it is to them. Thofe who are unfortunate In their Affairs can henceforth expeft no Relief. No Body will lend them a Penny to fupport their Trade, to help them out of Priron> or to relieve their Fortune. Intereft being at the foth Penny, Ufary will b^qome general, and fucceed to lawful Contra^s; No Body will lend any Thing but on promil^ of joyning Intereft with the Principal, and tne In- tereit of Money will have no other Rule but th^ Covetoufnefs of the Creditor, and the Poverty ot the Debtor. 'Tis dangerous. Sir, to make Laws too fevere on this Head, for the Averllon which Men have to fubmit to them, will make them findE Means to elude them. Is it juft, Sir, to force your Judges not to pro« nounce Sentence for Intereft but at the 50th Penny, for all the Money that is to be demanded. E^pk- rience teaches us, that a little Time given to a poor Debtor helps him to fuftain a ftaggering For« tune. Can we enter into thefe ManageSents, and grant a Sufpenfion by our Judgment to the Prejudice of Creditors, whofe Money is detained from them, when we are no further allowed to make good their Damage by reafonable Intereft* Commerce, which one would reftore, will be loft. Bankruptcies will be frequent} Ance a Sum de- manded of a Merchant with Violence may fooo ruin his. Trade. , He whp borrows a Sum cq repay it at a fet Day^ 9x\d doesnQt pay it accordingly, breaks his £n- ,i%n ^ C "* '^gagement. •i^ ,1 f i ^ * ;i I ! ' f i I (lb) ^i^enient! Will interel! at the"yoth I^ennybe a fufficient Penalty to indentnify the Creditor for the wilful acid fraudulent Delay of his Debtor. Win Trade bear, that the Interefl of Sums con- tained jn Bills of Exchange, protefted by your Subj^w, ,or StrangerSj be reduced to (o Imall a IfyourMvho have diilinguifhed themfelves by their Meri^c,: and by chelr Learning, who have cultivated Arcs that are ufeful to your Subi\ds, and have carried the Glpry of the Nation to the remoteft Pares of tLe £af th. They acquired fome Eftate by their Talents,; this Edat^ is ruined in one Day, they are forced t9 vquit their Enjpioyments^ apd'have nothing^ fub- ri.But whit deferves a fpccial Regacd;^ is tt)ela- inentabie Conduion pf i^arents whoi^avenume^ rous Families, and mult henceforward be render'd unable to furnifti thf^ir Chi%en A|i!i(h Education, Settliements or Subfifteof^e* We fee feme, .whp iVifiiing natural Afr(!:ewailed:9i^d condemned, (eek to fipttle their Eftace-by nokingilie Principal, to the Preiu- dice of their Children, and prefs rich Communities to be Accomplice with them in fuch an unaatural Pradice,; Great Nunfibers of others who sire force^ to confunie their Eft^ceisfoi; ^ SubfiiienQe, being uncQrt^n whether the^Fund wi)l la^ as long as their Lives, becaufe it decays every Day, , and dreading to furvive the tptal Cpnfumption q| their Edat^esy wi0i aimod tp; have .their Days fliqcten'd rather than>e a Burden tOt others, after having fpent the.E^^tft wi&Qlv.vv^§-nam5»i^.^^fi6Pej|jpr them, lA '^H: ^ii- v^^^/ -]-.•;: aA-,^ :>. ■ . • ^. .- .,-, Ail thofe ruined Families become ufebrs tip the State, for they can no longer contribute ^ the Charge of ior ^A part of yo|^r SubjecSls will.be for- ced to leare Cities to qpncealthe JMifery of their Familiesi) by which thofe Cities w^U become de- ferr, their Houfes abandoned, the Rights of Entry dimiuilhed^ fltfid vice; for a Parent reduced to a NecelHty of con- faming his Eftatejlofes the fdrmer Authority he had in his l^amily^ which decays in proportion with his'Bflate. j.^..... j^n^^^- v-— ^•. -. The greateft Trouble th;it can happen, Sir, to the Father of a Family > is his not being able to fetde his Children in the Worlds which we dare behold to (ay, is the greateft Calamity that can befalaState. , Families who have agreed to joyn together in Contrads of Marriage, date not fulfill them, they are fo alarmed by the melancholy Condition of thofe wiio have engaged in Marriage, which is an liindranceto thofe who feek after fuitable Matches. No Body dares charge htmfelf with a Portion in Paper, that produces nothings and for which the Husband is refponlible ; for how can they be able to bear the Charge of a married State, and to breed up their Children ? For the inorc confiderable the pi>rtion is, the more it frightens the Father who gives it, and the Husband who charges himfelf jvitti it. Mttft he always continue the Truftee of -L- - ' •'• ..■ an * ^m Rank nd thac leceffa- orals of peed, es, will ir Chil- Learn- ncs any vho are ty, and to cheit t.-i . jii. '.' exped eir Ad- of con- ^ he had >n with Sir, to able to ive dare hat can ether in m, they lition of ich IS an batches. )riion in iiich the f be able to breed able the Iter who himfelf rufteeof ^n inHgnificant Paper, when all the Benefit he reaps by it, is only the melancholy Fears of io- fingit? Nothing is fo dangerous, Sir, as to tmft young People, who are naturally given to Expence, with a Portion of which they can make no u(e. Could one believe that the richeft of Men (hould be forced, in ordfii' ta get rid of a Portion, in Confideration of which they are importuned to fettle a Dowry, tamove their Wives to demand a Separation, ^at they may abandon to them the Management of an £ftate of which they can make no U(e ? Such Separations which were al* ways grievous, even when neceifary, were folv merly looked upon as Marks dfgreit- Poverty^ but now, Sir, they are efteemed a RefoQ#4Nk 7his proves, without controul, that In the midft of an imaginary Wealth we feel ail the Hardfliips of a real and efJFediual Poverty. '^ How can one fettle a Dowry, or marry, wi^i^ put contra<%ing for one ? All our Guftoms Inake it a Law. 'Tis the principal Engagement which People enter into when they marry : aiid an Obli* gation which Parents Impote uponFf mit Childitn before they give them their Portions. Ttstheln* tereft of the Children that It Ihould be contider- able, fmce it is their laft Refooroe : If they be obliged to renounce the Succeffion of their Pa^ rents, how can they with Prudence promife it ? And how cati they difcharge themfelves when they liave promifedPlf the Dowry had lafted fome Years, and the Husband had nothing ^t Annul* ties, which are to be reimburfed, the Arrears will fwallow up the Principal of an Bftate which pro- duced no Revenue. If the WomiEin RMfry agalo. a ftrange Family enjoys the whole Patrimony, and the Children being destitute, will be without Edu- cation doringtbeir Infancy^ and without an Eftate, when chey come of Age* ^ . .. If i )'■ (14) 1 If a Father, j^ftly alarm 'd by fuch roelanchoil-y KtOexionsy dela^y ouc pf Prudence to match his Children, he mull at the fame Time be perplexed wUb Fears, left beipg weary'd with lon^ Dela>s, ^y fiipuld match; chemfelves dishonourably wkt^- out his CQofeiit. f ^ We (ho^ld ne^er make an End, Sir, did we lay j^fore yojDC Majeily all the Mifcbiefs occalioa'd l^y reducing Annuities, and converting every iMse^ Fortune into Paper. There will be n^ mor$ Securities^ |ip farther Mortgages. Men who hav^ ihcir J&itai^Jn .h^r Hands m\\ (hew no Regard ^(ttch Laws as prefcribe how theyilhall ufe them. j(f .yioleac PaiGons feize the Heart of the Father oi pl^amily, Jhe>wtll be in no fear of Judices con* j^QUitiigthis juft difpofal of his Eftate, fmce he can ijo ic ^ai^deitinely, he will .defpife fuch Laws fu^^fiQcdqnances with Impunityf And if s^ Father have a Regard to the Welfare of his Children, with jilhs^ Anxiefy muit he be tormented on his Death- JM} Hi&Mfhple Eftace may, perhaps, be carry'4 f&ff^y aum^f^jitMai Servant , pr a Wife not cpn- tf^l y^ith h^r-^^^r9»>niay feize the whole. Eftates P>i| no more be divided accprding to the Culioovs cuf the Country, hue m^y b^potne the Prey pf the inpltcpve$9u^ aqd^ vicious Spn, to the Prejadic^ fi| hU Bfethren, j^hP.^rfe;^MnQipiiibl^..Q( fa«ife < :7hiB Cot^tra^s; of Annuities^ the Minuses of p^riiich are .^epoTitfd with a Notary, fecure thd P^ce; of jii fiaFpUy, fo c(is^c po ^p4y can be under a. Teippc^^iof; vfo feize, che vvhple, becaufe ic is ?aia and u|ipf^pfitA}>te to attempt ic ; but the faci^ isty of itej^ipgc^ivaft Eil^t^, tjhac no Body cam lMiK>w agai% ui^pits/cprrupc Mind^tq Theft ^nd ^is, • ••':>{.: we lay ; every pmor$ )Q hav^ K6gar4 e chtm. icher oi zs con* he can I Laws Fachj^c n, with Death- carry'4 ot con- £ftaces f pf tb^ 'ejadicQ iu;es o{ ure tht euodef ife it is he faci- K3y caa )efc mi . fbe ta- tty Tttiq GomiWtihitles; tbgtfther with their Endowtnenti and Fabricks. Hofpicals now more neccffiry than €vcr, W- caufe of the great >jumbers of unfortunate Peopie mud infallibly perifli. If youf M^jefty could nifi^ good fo" many Settlements by your Charity^ 'twould be a vad Charge to the Sratb, therefoft 'tis more glorious for your Majefty to prevent bf your Prudence, and hinder by your Goodnefs, fuch great Calamities, than to ireHev« a paftoC thofe whom the Edift will renddr miferable; ^ There will be no nfiore imploying (6 much M6« ney, the Deftination of which is troftcd to the Care of Juftice. Thofe whofe Property Is controverted, thofe who are fubftitured , Beneficiary Eftates, which concern the PoiTeflbr, and him who ought CO fucceed/ All thofe, in fhoft, of which the Ufu-Fruit is feparated from the Property. -And; in a Word, if Cohtra<5h of Annuities mud be an- nulled, for reducing them to the 50th Penny^ ils to annul them ineffeA, and tells us. That the Ke- du^ion might ftill be carry'd further, for there's no lawful Way left to imploy the Money abov«^ mentioned. There's no more real Funds in the Kingdom for your Subje£^s. They are at fuch aii exceflive Price, that People of ordinary Edate^ can't purchafe them. Would your Majedy have Money ufelefs to thofe who poffefs it^ and have no other Way of fubfiding* '• Trade, Coinmerce, and pancaking of yoar Majedy's Farms, don't futt us. We fay furcher, Thar a confiderable part of your SubjeAs is barr'd from meddling with them ,* Church- Men are ttx«> prcfly forbid by the Oinons to meddle with Coin- merce, as unworthy of their Pfofe{{ion, becattfe ^twonldmake them covetous, contrary to theSail-» ftity of their St^fe/ and be a^ to divert: fhera ittm »fi».*'t* m il ■m: • !l M> I'l I' ( 16 ) Such of your Maitfty's Subjects as ure particu- larly imployed in your Maie(ly*s Service, in your Armyy or Courts of Juftice, can't engage in chofe without contravening your Ordonances, and dc* bafingand degrading the Nobility of their Srate. >lagiitraces. Sir, can neither diredly or indired* ly meddle with your Ma jelly's Farms, neither as Farmer* nor Ftrtakers, becaufe they are forbid by vottcOrdonances, which they are fworn to ob« fcrve, and can't violate without Perjury* Thole Malverfations which are too frequent in the Management of your Farms, ought to Iceep " Magiitrates at a juft diftance from them, becaule *cis their Duty to reftrain and punifli them ; other- wife they (hould become ufelefs to your Service. If , they w«re Partakers in a Profit formed and aug« mented by Confifcations and Fines; nothing would make them more odious to your Subje^s, whofe good Opinion, and Confidence in them, they ought to elleem and preferve. It remains. Sir, for us to infill on your Ma- jefty's Protedion for Minors, who, if the £di<% lubfiUs, mull perKh in their Infancy ; and, not« withftandingall theMagiHrates^Care, their For- tunes will be deilroyed. Thofe unhappy Infants being deprived of the Allillance of thieir Parents, and often put under the Care of an unfaithful Tutor or Kinfman, who are either ignorant or co- vetous, have always deferved a particular Regard. That rifmg Generation who grow, a^ are bred up for your Service, form all the Hopes of the State. By them it is renewed. By them it is pre- lecved. Without them it mull periih and liok« The Innocence of their Age ^ their Incapacity lotake Care of themfelves, obliges us to fee to their Defence. Their Inter^ affedls us inore than Qur own, becaufe, in proba^lity, they wilt live longer, and yourMajefty has. reafo|}.|aex-« ped more S«rvic« from thegi* it irticu- I your chofe id d€« State* lirea. her as bid by o ob« icnc in > keep ecauie other* rice. If i aug^ oching ibie£ts» them, r Mt- ; Edia I, not- ir For- Infants Barents, aithfttl c or co- igard* V ^ are s of the : is pre- d fiok. apacity fee to more ey will laex^ It It isfufficientioru^ ^t^eienrv to coafltUiyflir Ordonamioesy^^ Where; we (haU;fiqd cho,*WA^Qni'#f our Kingsy and Rules for 6uriQoadu<^vlm>4Ml^ with fo much Equity, chat we have no mor&l^tf|p bur tor oonfonn pur Judgmenoi to: cheni.woiiA ■'^ ThefeLaiR^yi&ir, can't.notiM&be iexe€i\ifdt'(:;fKiB are noti; avowed to deYtaierliKter.chefDy >Afld:i%$s impoflible foi* ti»t6 fdllowtslteipi bdtf theynb^««fjl- turned^tthc^iiin of MikiejnsNieQCMPCSi mMMMAS* Iftheybfiobiei-ved^ no Pf rroifloaaiiilcofll Il9)n(^ Tutor, burmiiftberuin find anVMedhun betwixiithqlcfat^ ExciSPfifil^ .;^ikh^ Moveables of Mtnn^a^nhHirOfllt^^ftnA their Effedsi {Which pn«l6c«;no.R«t41i^ uoi^c to be rpld> andchq Moneys taifllgoycldri^f IM'qtMife an IntereH, for which the Tutor is refponfiUfejCP them.^::.' > , Mr,..-, ■.v'lu ?rh aiP. ?-^^9({T AlKthfiiEfWe of .iMinflo^temg^thusjcdovfic^ into Papibfj tO'^bligO'CfaibiqaaQfttan t0 mIww of it, is to oblige him to do what is impomble. If it be difpenfed wi(h,MsHvef«llii with delivering up the Mi(ior to cfie Inftdeiiiy^of his Tutor. It is always a^^ert^m Rule,\JEtiat the Expence of a Minor ought tp^^rejpuiated according to his In- come, but if he be deprived of any,bo/^HCelefs Pa- per, mUft he be left witRdurT^rimtii^ht, wJih- out Education, and without Sj|b()fiei;ic^? Or mpil he be made to cobfume iha> FU%dNJf Whicff l!i* Will find himfelf deprived when he comes of Age to make ufe of it for your Majefty's Servi^tt?! ?. We cquld wifh, Sir, that your M'4Jd|v~wcas^f Age, to make a Jiidgm^ii: of tht jafr l^oHi^es which have exclfed us to 'theftf tftoft bumble In4 molt refpc^fiiV Jlet|ficrri(Uirtc^v "Wb^ miyift wje nqi^h'^hiyciKiipeet frgtp ^oiit^p'odrirfrfbt ttie ^ ' " ~ ^ "^ "' '' retiits our tome into the fcthifted Wfch^yoiir U Au. ? Ji!^ I ! ■n ii! I (18) Authority* We hopCf chat in following his •wn jBdgiiMnt^ and the narnral GoodoeA of his Wfymtkm, h% AViil be fenriUe of oor Misfor- tines. Allow, niy Sir, in cof^cIuiii'fSf to offer to your Majefly^ Irom the bottom of oar Heartf> the ar- dent myen, nnd^kicere Defiret of your Parlia- eaent^lDftjineed bytkemoft refpeaful and tender AlMHiNi for yoor M ijefty'i frcred Perlbo. 1 c is w^kfi the Intereft of your G!ory» than the Wel- ^MolyiKir Sobfe^y whkh excites us. AH^mr Subjea^ anionaced wich thfe like Zeal, begoflBod, TIncyooelkay hate a leiq^ Reign ; ana wifli, That it may be longer, and more Giori- om, if peffiUei than chat of yoiar Greac Grand- iKher.'- ^ m/' j'/i ..■r.fiu.** i. '..- Theie ait^ Sir. the mod humble, and moft re* lipeMil Remomnnoaty which we thought in Dnqronghttobniepreftoted to your Mejefiyt by -^- 10 3y^r:r^ f?s?J , mtdmoft dffkahnMtt ^'^ ^M^rrio; mu^ SmhitBt jtnd Servants/ ' . ^.|t,; Ttne Vttm^ 91 your Cpiirt of Pariiamem. ; vtt tt^ "j o •f ^i'- r«^i \ r)^ f

Dotie%PlrJbikift« ^f>^'f i7> i?^^^* n it ^ nor fVy '3* tor:sll *c ■-fV^K k)|^Tj YOUR Ptrliamcnc apiiaars this Bay prp- ftrate before your Maiefty, that they may have the Honour to prefent you their moil bum* ble, noil refpMfult and mon fubiYiiSve Renionr ftrancei^ which your Majefly*f Service, the (ilo« ry of your Reigns and th^ Relief of your I'eopk^ Obi^e them to mafc^ ^pon the Cooifeq^aeQcei of ng his s of his ^isfor- yoiir chear- Parlin- cender Icis wWcl- eZeaU Reign; sGlort- Grand- noft re* ight in efty^ by liamenc. (»9) the Edid which your Majefty feat theaii for fii^' ing the Races of Annoitics. In leaving with you, Str« thefe jDur Risfltxions in wrictngy we mod humbly puy your Majefty to look upon chem ai a Mark of the inir iolable Ac* c^chmenc of your parliament to yoiir facred Per* fon, and of the Confidence which they have ii| the great Wtfdom of the Prinj!^ who if iotnifle4 with your Authprity. J I d n ><> . , J^ ^J)^^.^,,^.^_oi A L i,:JL J I €^. ' <-^ nil 1:.^f^i i(i<.',i ii. t^b X ?y FP- ley may ^It bum- Remofi- he (slo- Peopl^ ebces of Che ■vff. 'iH'^ r -.■ i, ' *■ X A rU -1?i ^i'ii Old i: . i 1 !»< '.ofm a;j^u>ai5>|' rr'.»>0:'^' 'i''-*/'^ uaj iOif, . f-'-»;"f.»'»« 4m :i iiO^ ^f^^il '.^i .iVii^n* i:.js;^;s tji^i iao^f'J fm Jirrfri'' -^on ft*v< 5 ■r ;o;)»bO(:» :• fitient, the Re- King n ihole (^hich I taining with as lid per* lenc till en your our loft The (21) The Gentlemen of the Parliament fay^ That their Care for the King's Glory, ahd cheir Love to his People, are the Motives which excited cheir Remonftrancss againlt the Mifchiefs which they believed would be the unavoidable Confequeoces of the £di«5t for reducing Annuities. The Alarms which they give, prove, That their Care of the State is greater than that of the Father of a Fami- ly for his Children. His Forefighc, infpired by his tender AiFee^ion, does not fufter hiui fo much as ro glance at the Mifchiefs which their UneaTi- nefs is haftening upon them. The Parliament, which is the Truflee and In* terpreterof cheLaws, h^s too much Knowledge to controvert his Majeliy's Right of lixing the R^cepf Annuities, fmce his Power has no other Limits but whai: t>js own Goodnefs prefcribes. This Principle i^ not to be derw'd ; the Pai^iamenc ha> at all Times religioufly obkrved the kegulatt« ons made on this Subje(^ by his Majefty's Prede-^ celTors, and cheir Arrets have always been con- formable to the Ediifts. ri;;v' ^ ril V -MkiX It is confefled,! hat the Kings, his Ma)efty'*$ Prc- decelTors, have not for fome Ages made fo fuddcn, nor foconfiderable a Change, and that cheir Wif- dom, ill the Retrenchments they made, always had a Regard ro the Condition of their Subje^s. Buc it mu(l likewife be confeiTed, That the Changes made in Annuities were proportioned to the pi^ lick Wealth. , High Intereu was always looked upon as a melancholy Proof of Poverty ^ and if Wealth was always the Rule of lowering it» com« pace that at prefenc with the Intereft of i^ Cent. ah| ypu ^ill find the Proportion much more juft^ tfT^n that betwixt j ^ Cent, and the Poverty of thys . lijCeTim^s. •■.":■, ,•'• ' "^M * His Majedy's Love to his SubjecSis, and Caro fpjr ^cheir W(;|fare:^ ought to quiec ch^ir Alarms* Joais;' '"' They i? 'I ( 22 ) They are to expeA from his Care, and thefalucary C^oonfelsof the v^ife Prince who governs the State, the happy Times which he is preparing for them. The King is not accountable to the Subjed for his .Defigns. The Matter in hand is about Proje^ brought to a happy lifue^ which are not to be un- derwood by erery one. Minifters inftruded in the Adrantages of the Finances, know in that grand Science what the moft profound Lawyers, and able Magiftrates know nothing of. They baTe nothing to fear from the Reproaches of their Feilow-SubjeAs, fince being too much Sharers, perhaps, with them in their groundlefs Feats, they have done what they thought to be their Duty. *Tis true, that Annuities were formerly very high : King Hemy IV. eflablifhed fome upon the Taxes at the 1 2th Penny. The Kings his SuccefToi s did it with a little leis Charge. The Parliament looked upon thefe Changes as a publick Good, for (tich high Litereft did tend to the certain Ruin cf the Sovereign tnd Subje^. The Kings» after having paid the Annuity for fome Time, found it impoffible to reimburfe the Capital. Every one knows to what a deplorable Extremity the State was reduced, which proceeded folely from the imrneofe Incereft which the Kings were obliged to pay. n.. The Eafinefs which private Perfons found, cc^ purchafe with a fmall Sum a Revenue fufficiene f6r their Subfiftence, becaufe 'it brought them a great Interefl, induced them to live in Idlenefs; ; and deprived the State of the Service they might have done it hiibme nfefnl Profeffion, had they< been obliged to work. From hence CommCfce^ which is vx Soul of the State, decayed, Ufarers ' alone inriched thsmfelves with the Spoils of the moft illnftrious Families in the Kingdom, to whelm; they lent on Ufury 5 or a little Tin^s after, ob-' i- - tained < «? ) tained a Sentence for Intereft, and at k(l came to a Contrad for Annuities. The Wealth of cfap Creditor put him in a Condition to forbear a ioog while demanding the Intereft of hi& Money* and the Debtor being either almoft conftantly lunk bf his Debts, or not having Money to bear the £v police of tiis Dignity, negleded to pay che tao^ reil. The Sum lent was enlarged, and manf Times doubled by the Intereft, thus the Debtors Lands came to be fold by a Decree : His vaft Ex-^ pence fwallowed up the Value^ and was foUowdl by the utter Ruin of the Family. Every Bodf knows that thofe Misfortunes are the ufual Con* fequences of borrowing on high Intereft, and f hefe are the Mifchiefs which the King would pie- Yent by the ReduAion of Annuities. The Parliament, with Gnef, beheld the U|t Isit^, in calamitous Times, borrowing Money 9e high Intereft. What he allowed to tl^e he dcjilc with, faid they^ Was an Ufury againft which chef protelted with the utmoft Warmth. Too high a|i Interelt infallibly ruins the Debtor, whoie Coo- dition ought always to be much mort favoured than that of the Creditor. Their Law Determi- nations were aliK^ays conformable to this wife Maxim, and at all Times they were (eniib&e of its Equity and UiefulneTs. When this Court, agree- able to the Law and Ordonances, is forced to award Intereft, 'tis not till after they have car^ fullY examined the Nature of the Debt. Their Jufttce makes them zealoufly feek for all Methods todtfcharge the unfortunate Debtors, whole |m«- refts were always dear to them« Yet thefe wife and knowing Magiftrates do now at once re- nounce thofe Sentiments fo agreeable to natural Equity, and forgetting the foiid Intcreil of the Debtor, prefer the Creditor's Advanuge to bis. , n 37 'J '.v' I k .•-#> %» * 4 ■♦a •.,; A -nf '■' •i } I * ( *4^) ' Iti i^6jr, when the King, hh Majefty's Prede* 'Ceffor, reduced the Annuities from the i8ch tarhe 'aoth Penny, h^ confortiied himftiif to the Siruati- 'Oh of Affairs. There was not then fach a Circu- lation of Money ^ or fucha happy abundance of "^equivalent EfFe^s as there is now. As to the Con* liderations which then engaged him to exempt certain Provinces from that ReduAion, they are n6w ceafed, becaufe all the Provinces are eqdaily fchfible of Plenty. - »- wi » " oi^ * j <^ni^. i ^- If the late King, when reduced to a vexatiods ^Extremity, contented himfelf with reducing the Annuities on the Town- Houfe, without reducing f hofc of private Perfons, it was becaufe he forefaw, with Reafon , that bis Regulation would havie been ill obferved, there being then a great Scaf- dty of Money, occafioned by the long \yars iivmch he was forced to fuftain. That Prince, whofe Penetration nothing efcaped, knew that Riedudbton to be impoflibie : And it would have been abfurd indeed, to lower the Intereft of Mo- ney when it was fo fcarce. * The Gentlemen of the Parliament fay with Confidence, That the heavieft Impofls were nfe- >cr attended •*/::» any Thing liKe the Mifchfefs that follow fuch a Redudion. Thefe are the very 'Words of their own Remonilrance, and thus to 'annul a good Thing, they ufe their Endeavours to make valid a bad one. This Comparifoii can de- ceive no Body, but will it not raife the Indigna- tion of thofe that love their Country ? It is de- mondrated. That the Reduction has no othei: View than the Welfare of the State, whereas ex- traordinary Impofitions are unavoidal !y attended with extreme Calamities. Then the Subflance cff the moft unfortunate mud be torn from them with Violence. One cannot bear without Tears ^n i^ecital of the Hardships which the Cominiffioners '■'*■ -.-■'.. ' - • were With (*5) werft fiprc'd to exercife, for Recoverias againft tnoie who were obliged to pay, and chat aca Time when the Subfidies were coriOderably dimU nilhed. . The Gentlemen of the Parliament fay further, 'th^i the King in one Day deprives a pare of his SubjeAsof % Fifths of their Eftaces and that by this Means he lays an Impofition upon them whicti ought CO be 0iared by all. Reduaion is a Thin^ quite different from Impofition. I'he latter bur- dens the People, the former tends to their fiafe. IVere his Majefty under the melahchoty NeceiCcy of laying on Impofitions, he would be for laying them equally upon his Subje^s^ but what we fpeak of now, is a Kedudion in which we neither can nor ought to confider mofe than two Perfons> viz,, the Debtor and the Creditor. The Lofty fay they, falls only upon the latter. It ruins them and their Families irretrievably. On the contrary, it has been proved. That in general the Redudiion is ufeful, and that it will often be fo to the Creditor •' To convince even thofe who mo(t ridicule this Truth, we muft examine the Condition of the Creditors. Th6 greateft Part of the Nation poiTeires aImo({ nothing in Annuities, unlefs it was upon the Town- iloufe, the Clergy, or on the States. (To this Ar- ticle it (hall be anfwer'd J In ^Scdi, the Wealth of the Nobility and Magillrates confifts in Land) and if they have any fmall Share in Annuities, they are of no Confideration in regard of their Land Efiates. Befides, few of them were withoiic Debts, and as tbefe were paid them, they paid what they ow'd to others, fo that their Condition ii much happier than it was before, , But of what Rank are thofe prii^ate Perfons who have nothing but Annuities ? They are Pea* pie vlho have not Money enough to buy Land^ ' . ■ E - or. m m ^ r 1: ill I' ( a6 ) or, their Incapacity or Idlenefs hinders them fror^ folloviing any Employ by which chey might mak« a lawfd Profit of their Money or Bank Bills. If there be any other Sort of People, their Num^ ber IS fo fmall, that it is no fufllicient Objediion againft an Eftablifhment which is for the general Good. The People we juft now fpoke of, are, *cis true, in no Condition to lay out their Money upon Land, wichout confiderably diminifhing their In- come^ but they may tr^de, and a(!tft as much as in them lyes the Circulation of Money, fo n'ecef- fary to inrich the Kingdom. They may thereby reap the Fruits of their Labour, or get Profit by the Means the King has pur into their Hands of buyiftg Anions. If they keep their Money> they W^ill be punifh'd by their Idlenefs, or by theif diffidence in the one and the other Cafe, and Hot merit the Compaflion which the Parliament pleads for towards them. * *" ' As to the reimburfing of Annuities on the Town-Houfe, every Body knows what Murmur- ing it has occafion*d among the Annuitants. All the World knows that a Debtor can't be depriv'd of his Right to free himfelf when he pleafes, yet in this Cafe they would have the Condition of the Sovereign to be worfe than that of a private Per- fon. How unjuft is it to endeavour that the King flian't have the Liberty to pay what he has bor- row'd ,• and that to fatisfy a fmall Number of his" Subjeds he fhould facrifice the Satisfadkion which he owes to all the reft ? If his Maj^fty has order'd alfo the Reimburf- mem of Annuities upon the Clergy and the Statesy 'tis becaufe he would leffen a part of their Charge, and promote the Circulation of Money, which he defignsto edablifh in his Kingdom, having pro- oured for his Subje^s fuch M^ethods of tmploying rbek ( »7 ) their Money, ai they might and may dill make a profitable Ufe of. The Gentlemen of the Parliament alledge. That the ReduAion of Annuities is a Lofs for ever^ and deprives People of all Hopes of recover- ing chetr Capital. But why do they believe foj fmc* Intereft at the 90th Penny will be a regular Interefl? Reimburfemencs, and Transfers, will be no lefs frequent than when Contrads were made at the 20th Penny. In a Word, if we would meafure the Diftance betwii^t the apth and zsth Penny, we muft compare the former Poverty with the prefent Plenty. The King by his Edi£t pnly confirms the Contrads of his Subjeds. They themfelves knew, that in the prefent Circumflan- ipes, Contrads for Annuities could not be made but at the ^oth Penny. 'Twas on chat Foot tha( they purchas'd Stocks or Annuities. Has the Par- liament annulled thofe Contra^ I Why then do they ridicule an Edid that authorifes a Cuftom which the Peoole rejoice at, becaufe ic denotes Plenty? 'Tis true, that part of the Loans to the King were in ready Cafh, and that his Ma jelly reim* burfes in Paper. The SubjeAs would have Rear fon to complain were the Paper of lefs Value than the Money , but when 'tis more coveted than Spe- cie, even by them who have ftill fome Remains of that moft fatal Diffidence ; and that 'cis equally ufeful, I cpnfefs that I can't conceive what ground there is for this Complaint. A private Man's Bill is accepted, tho' his Wealth be not known, and yet Credit is refufed to one which is warranted by the Kingi the Funds of an inexhau- (lible Bank, the Revenues of the Kingdom, and which can't lofe its Credit without involving the State in a total Ruin. People who entertain Fears of that Natureji muft either believe tha^ the King * i jp. 2 refolyes m ( 28 ) re^blfes to ruin his People, or Co be « declared £nemy to the publick Welfare. Thofe private Perfons who have made vail For- tunes by the Paper Commerce, have acquir'd their £ftate by lawful Ways. His Majeily could not forbid them the difpofal of them. 'Twas in their own Option to buy them at a dear Rate. Thefe Men biing either guided by a wife Forer- fight, or a fortunate Chance, hgve been juftly rewarded for their Confidence. They are not the only Perfons who have had Advantage by their Fortunes ; how many Families have they fav'd, whofe Eftates were order'd to be fold ? Or who could at beft keep off that unavoidable Mif- fprtune but a litde while? The Children had juft only the bare Name of their Father's Eftates i they Ow-d the Value of them, and if the Creditors left them that titular Property, which was but a poor Comfort for thofe unfortunate Children, 'twas not fo much out of regard to them, as to increafe their own Credit, that chey might with the more eafe poiTefs chemfelves of chofc Eftates ; and other Creditors durll not fue for a Decree of Sale, be- caufe they had jud Reafon to fear, that the vaft Charge of it would fwallow up part of their Mo- ney. Thofe who Ipok'd upon their own Ruin as unavoidable, have fold part of their Lands, paid off their Creditors, and of a fudden from being Poor became Rich. Families ready to fall have raifed chemfelves, and owe this Hdppinefs meerly to the Fortunes produc'd by the new Syftem, which have heap'd tliemfelves upon them. Thefe are the Advantages of which the Parliament pre- tends to know nothing. The Increafe of the Price of Merchandize and Provifions'is a Misfortune proceeding from necef- Uty Caufes ; the King's Minifters are endeavour- ing a Remedy, and 'twill not be long e'er the People poor ( «9 ) People receive that Eafe which they ought to ei- ped. 'Tis only the Annuitants who hiive fuffer'd by this Misforcune, for Tradefmen have propor- tion'd their Wages to the Price of ProviHons, and the Merchants have not obferv'd a juft Proportion in the Price of their Commodicies. The Gentlemen of the Parliament fancy. That the £di^ for reducing Annuities to the 50th Pen- ny, will bring on Ufury, becaufe indigent People not being able to find Money ac Two ^ Cent, to put their Affairs in Order, or re-eftabli(h their Fortune, will be forced to accept the Ufurer's Terms. This Reflexion may deceive thofc who compare Times paft, prefenc, and co come. But if thofe Magidrates have always made fuch a pro* fitable \J(q of their Judgment and Authority, to execute the Regulations made by the King on that Subjed^, why will they do lefs now to gee the Terms of the Edt£t obferv'd, which is fent them by his prefent Majefty ? When the Incereft of Two ^ Cent, (hall be the fix'd Intereft, will any Man rather chufe to keep his Money by him without iiny Profic, than lend it on that foot? They whofe Fortunes are incumber'd will the fooner be in a Condition to relieve them, and co reimburfe what they have borrow'd, fince they will have the lefs Intereft to pay. The Intereft of Two |^ Onu in which the Deb- tor, who fails in his Time, muft be condemn'd, will be a juft Reparation for the ceafmg Gain, and by Confequence he will have no reafon of Com- plaint. ^ The Number of the King's Subjects, whofe Eftaces confift only in Annuities, is very fmall, as has been already faid. The Piaure which is drawn of their Condition is not natural. All the Misfortune they are to dread from the Redu^ion of their Annuities, is, That chey muft live a littU V* .. , more 'S f. I'll ( ?o ) more fpaiingly, for their Stocks are not diminifb* ed. Thofe who (hall fpend them, can only fall into Want, becaufe they would not make ufe of the Means that the King's Goodnefs has provided for them, by which they may have a greater In- tereft than that of the Annuities upon the prefent footing. But in a Word, would it be jull for fa- ying fo fmall a Pare of the Nation, to deprive all the reft of fo great an Advantage ? 'Tis always reckon'd good Policy in Governments, and even in inferior M?giilrates, not to confult the Ineereft of a fmall Nucnber of particular Perfons, when the Matter in queftion is about the Welfare of thp State in general. 'Tis indulging Fancy too much, and bringing very diftanc Midforcunes too near, to fuppofe, that the Reduction of Annuities will make Cities defo- late. To (hew the Falfhood of that Imagination, let's examine of what Sore of Inhabitants Cities <:onfi(l; ; I know no ufeful Conditions of People, but the Magiflrates, the Nobility, the Merchants, ^nd the Tradefmen ; the reft are a Burden. Will the Magiftrate, who enjoys the Revenue of his Lands and OflUce, quit his Dignity ? The Gentle- man whofe Fortune confifts alfo in Rents and Lands, and who is befides inrich'd by an eafy Mechod he has found to pay his Debts, quit the Cicy ? When Riches increafe, will the Merchant leave a llouriQiing Commerce? Nor will the Tradefman go off when he thereby finds Means of a plentiful Subfiftence, but will redouble his Ap- plication to bring his Arc or Trade to Perfe^ion ? The uneafy Annuitant, who bred up his Children to an idle Life, will then make them work, and thereby render them more ufeful to the State. The prefent Syftem has been fo far from hin- dring Marriages, that we may boldly affirm that i: has occafion^cl ^n infinite N^mber that would pever ( jO never have otherwlfe been contraAed. tlow tiM' ny covetous Fathers have the Reimburfments de« termin'dy who were before with-held by their fordid Avarice, and could not bear the Thoughts of dividing their Eftates ? Almoft all Men have need of Money, or equivalent EfFeds^ when they fet up, and which ordinarily fumifli them with Means of Employment. And if a Husband be obliged to feek from a Stranger Money to pur- chafe his Wife's Dowry, and be afterwards oblig'd to repay it, he will be in no greater perplexity than he was before the ReduAion^ On the con- trary ^ behold the Fortunes of thofe who have re* cei/ed their Wives Portions in Money, and im* ploy'd it in Time. In Ihort, if the Husband be /orc'd to borrow Money to make a Dowry foe his Wife, whofe Portion he receives at prefenr^ he will borrow it on the fame Foot that he lent ir^ The Father who {ears that the expenfive Hu^ mour of his Son>tn-Law, will make him waite his Daughter's Portion, may fecure it by making nfe of the Power the King has given him, to ren- der all Shares put into the India Company im- moveable. Nothing but s culpable Miftruft can occafion that Fear which the Parliament indfls on, of fome particular Perfons for the Eilate of their Wives^ That of Separation is a Method fo extraordinary, that we may boldly fay. That there is not, per- haps, two Perfons in the Nation who have made ufe of it, becanfe whatever the Reafons may be, it has always been reckon'd odious. Thefe Fears would have fome ground, was the Redudion of Annuities to take Place only for a limited Timey but the Edidl for *em being perpetual, it will be impoffible to make any Alteration in it, without over-curnifig all good Order* nrX The •6<; 1 m .'1*1 Jill it (JO .; The Gentlemen of the ParKament ask, Hov< People can poffibly Marry and fettle a Dowry ? 'Tis hard to conceive what Changp the Reducti- on of Annuities can make in this Matter. Either the Dowry is according to Coflom, or particular ContraA. If it be cuftomary, and affign'd upon an immoveable Eftate, the Widow will enjoy her Share of what her Husband left, according to the Cuftoms of the Place, fo that the Redudion makes no Alteration in that refped. If the Dowry be by particular Cont^ad, the Widow will enjoy It accordingly. The Commentator upon the 2$ 6 Article of the Cultom of Paru Tays, If the Dowry kt a Sum ofMoftey, the Neirs Mre obliged to pajf the In" Urtfi according to the Rate appointed by the Ordonance* Thus the Queftion is determined, Wives mud be treated according to the general La^v, and receive the Interefl of the Sum agreed on ac Two ^ Cmtj fo that the Arrears will not (Wallow up the Prin- cipal. As to Minors, whofeEftates confift in Annuities^ reimburfed, tho' the Cafe feldom happens, his Majefly has provided for 'em by the Arret of Coun- cil, dated Fi?J. z%. laft, which furnifhes their Tu- tors with Means to imploy the Money, fo chat their Patrimony will not go to another Family f^ 9nd if it happen that their Income be dimini(h'd for feme Time, perhaps the Capital may be in- creas'd, and fo they will noc be left without an Eftate when they come of Age, as is pretended. Publick Diffidence, the fatal Source of all the Misfortunes of States, reprefents to a prepoifeired Imagination fuch Difficulties as are icarce to bo dream'd of. There have been Waftes and Robbe-, rks in all Ages. The Severity of the Laws, an4 the Authority of Magiftrates, have not been able to ftop the WickedneU of Men. But why (hould fbefe Mifcbkfs be charg'd upon (he Redudion o( his («> Aimuicicft? Can that oc^^fion che Eftate of a dying Father to h% carry 'd off by a diflioneft Servant, a covetous Widow^ or a vicious Son ? Moft pare of Traders, and People ot Bufinefsi ufually carry their Eftates about them in their Pocket fiopks or Letter Cafes, yet have pot often been robb'd of them; and furely th^rs will, be no lets Care ta* ken CO prevent it in this Cafe. B^fides, thofe who dread fnch Misfpr^ij^ieS) may prevent tiiem, by putting their £0e^ ix\ the Bank, which is a pubiick Security j andev^n Traders wtU find this of Advantage to them for facilitating their Com- merce. : •;■.: i .. _i Communities witli thetr Indowments and fa*- brickf, wpuld fuffer efif^i^lly by the Redudion, if the.Wifdom of the Pc!in<;e bad not prevented their pretended Misf9rmne« by demanding Ac- counts of their Eftape&afid Effeds, on purpofe to make good the Lofs they may fuffer by this Re^ dudioo, befides the Advantage which they will find by the Execution of the Arrst of the x6th of ^/wiMaft. The ParUament owns» That on the want of real Eftates whereon to lay out Dank Bills, a Share of the Farms, or nither of the Anions of che India Company, is a Refource. Bi^t chey.fay. That the Canons fort^d Commerce to che Clergy, and the Ordonnances forbid it to che Nobilicy and Magiftrates^ who can neither be Farmers nor Sharers* That is true^ but how can thefe Prohi- bitions be applied to che Matter in Hand ? And how does an Eccleliaftiq, who (hall purchafe two Anions, and keep them as a real £ftace» co receive the Dividend of them^ expofe himfelf to the Cen- fttre of the Canons? ,; -^.^^ ^y- Magiftrates and Gentlemen who have Actions, are no more Sharers of the Farms, than they were when they had Annuities on the Town-Houfe, u, F ' the the Payment of which was afligned on the Aids and Taxes. They have no Share of the Manage- menty and that's all which the Ordonnances of our Kings deffgn to prevent. They will ftill have all the Authority which thofe Ordonnances veil theni with to puhifh the Mifcarriages of the Commidi' oners. However^ the Care of that Affair was fcarce ever committed to Judges ordinary, but to Judges extraordinary; and fupprofe the Parliament Aieant it of them, the People will never look upon them as Accomplices with thofe whom they fe- verely chaftife. Every Body knows the great Di- Hanc: there is betwixt a Magiflrate and a Com- mifiioner ibr gathering Taxe^. ./.♦.;. /ui;. The Parliament fays fuf ther, That the Magi* ftrates will become ufelefs to the Kinjv, if chey [hare in the Produce of Farms or A<5iions, be^^ caufe one part of that Produce arifes from Fines and Confiications. That Part is not the Two Hundred Thourandch Part, and is always for the Punifhment of Fraud or DifobedienCe. In a Word, I can hardly conceive how a Property in one or more Anions can hinder a Magillrate from adminiftring JuAice. What has already been faid of Minors, feems to anfwer what is urged in their Favour towards the end of the Remonftrance. The EdiA for Redui^ion of Annuities makes no Alteration in the Laws,* it moderates Inte^ red, but changes nothing of the Ordoiuiances or Cuftoms. . :d i; What is it to the Adminiftraiion of Juftice, whether Intered be at the zoth or f oth Penny ? A crowd of fuch weak Arguments can deceive none but fuch as are blinded with a culpable Fear. The Intereft of the* Subje• Jl. 'T' .'1 i *■' '■ '> '^ ' • L^ .f ■« » »-a- . •tjnti % ::.nr •<.'tc : w\ ^-a':>ViK^v\ ' .vK,..,., ,;■ ., .■■^:.c± tHlw-^v'^f^ti-rj:^^ t«f. i.; m f . I •4. ."•t, r, '<'.i^>ft.*- !> '5CfvU. F? ■ vffln* LET- (?o to * p «^ «** «>«• > y ' y JL ti 1« T E R S * Upon the New SYSTEM O F T H E FINANCES of Fr^/^f^. ,f-*,*l. fc ,, l;Ai,-7 ,< ... ^ I. Letter to M^f^^ m $be New Syfteri) cf the Fiiiances, and part i- fularh pa fk Remburjm^jf 4^- • • ■■ ^ '/''"•" ■.'■'-• '^ -t *''■ *•' , ■ ■ • ^ ■ ■ . ■ ■ - ~ 'v^/J ^Ir' nurtief. ^^^ O U havf cer^^ihly don? me a great deal '^ Y p o^ Horioui(, i|^||<^^il^inting me by Letter ^^^^ with your XJn^iftnefs upon the new Set- tlement of pd^lic^ Affairs, and I hope your writing to me firft of aiiy Body will be for your Advantage. You might have writ to many, who being either ill informed, or ill afte<5l:ed, inftead of;eaftng.your Complaints, or difpelling your '' » » » "^ , C i Fears, s f^ ( ?7 ) Fears, would h^x^ valaed thenirelves on theti Senfe and Eloquence ijn completing yonr DefpjSfF^ I will endeavour, 99 the contrary^ to reconcU^ you to a Syftem which acquires 9 new Degree of Stability every Day. It includes «)feady all psirti of the State, and f^vefi its Oppofer^, therefore ^$b your Intereft to acqi^efcein it* an4 conform yow ideas to it. ' I am pleafed with yoiir C9lling:i( a S)fiem, ^ Name which perhaps no State did ev^r give to th^ Adminiftration of its finances; and indeed > whore^ as that Adminiitration, when improved to chq greateft Height by able Minifters, was only 9 MSH thod of Receipts and Disburfments in better Or« der, here you have a Chain of Ideas which fup-^ port one another, and difplay more and more the Principle they flow from. The Qld Adniiniftr»« tion was fo far froni furnithing of It Uili> any Fnnds of Wealth, that it had no other Refource upoq every new Exigent, but Taxes and Loans. Thisj on the contrary, having Credit for its Soul, the only Fountain of Circulation and Plenty, payi the King's Debts by fuppreffing Ta3i;f s» and turns hi^Excbequer» which had loft its Credit by Bori rowing Money, into an OQi^e ^tending it. Had this Syftem, Sir, been propofed and explain'- ed to you, before it was publick, I believe you would have approved it, and I delire no more of 30U now. but to judge of it by Expcrienoe, and lo confers the EfFeifts of it. I own that your firft Obje^lon aff^ me, be- caufe it relates to your felf. All your Eftate lay in Annuities, of which you are already, or foon will be reimburfed. Thefe Two Cfif^s, which to you are d liferent, are but one 10 me, for I do not hlame you with any Thing as to the Money not yet paid you, but as to what you have already i e^ ceiyed* Ic was yim PWO. fault that you did boc I .i5Vv maks If If iiiil .1 f > ^i! ( J8 ) ftiake your Fortune by it. I do not mean, that yidiu Ihould have devined Things from the begin- ning, but wonder you did not do it when you faw the vaft Gains that others made by their Money every Day. But let us return to the general Prin« cij)le, by which you may yet, in Time, find how C6 be afdvifed, and to have a Refource. One of the firft Laws of a Government, which is founded on Credit and Circulation, is, to leave nothing in a State, at lead as the principal Obje<5^ of its Revenues, but Land and Trade. I look even upon Land, hot like thofe who didruft the Pub- lick, 9s a fafe Harbour in cafe of Shipwreck, but as one :" V:*. Fountains of Commerce, becaufe of itsProdu An Eftate in Annuities is dire^ly oppbfite to this Principle. The Lender (lipulates;^ Tiiat his M^vi^eylhall not be employed in any pare of Trade, but fettled upon a particular Edatein Lahd. On the other Hand, the Lender's Capital (inks, and he confents never to have it again ; fo that lending Money on Annuities equally ties up both Partiesi This Way of laying out Money makes it fcslrcer and dearer for Trade. As there is^ always in overy State a certain Number of timo- rous and lazy People, who think on nothing but rheir perfonal InteVeft, and look upon the general Good of their Country as a Chimera : The eafi- nefs of Mind which they feem co enjoy by their Annuities, hinders others who would put their Money in Trade, or lend it to Traders. There is no furer Mark of a State's being uneafy, and go- ing to Ruin, than the dearnefs of Money. It were robe wifhed, that it (hould always be lent for no- thing; or at lead, that the Gain by it (hould be (bared betwixt the Lender and Borrower. This is a Trade which every Man might carry on without turning Merchant, and is the only way of lend« ing, which is neither Burdenfom to the Lender oi Borrower. ^ ( J9) I always look'd with Compaffion upon thoTe who puc their Necks under the Yoke of borrow- ing Money upon Annuities. They ufually give the Lenders the full Value of their Money, and fp become as it were their Deputies or Fadors,, at the Hazard of their own Fortunes. It is jliU much worfe if they lay out the Money they botic- row CO purchafe Offices of Judicature which yield nothing, or upon Lands whofe Revenue isalwaiys lower than the Intereft of the Annuities, fo that we may affirm in general, that no Man will charge himfelf with paying Annuities, but either to rid himfelf of fome Incumbrance, and th^t often but for a very fmall Time, or out of a ruinotis Vanity which difturbs the Peace of fo many Fami<- lies. People are fo generally perfwaded of this, that they avoid as much as they can the purchaOng of Eftates charged with Ground Rents. And whereas a Merchant pays with Regret his Money when it becomes due, becaufe he could ftill makp prohc of it, he that owes an Annuity rids himfelf of it as foon as he can, as an unfupportable Bur- den. Therefore for a Man to be forry becaufe he cannot any more lay out his Money on An- nuities, is the fame Thing as to be forry that Mo- ney is grown common, and that there are no more unfortunate People to borrow it. I know nor, confidering the Humour you are in at prefent, ' whether you can pardon me to mention the rtdi« Gulous parallel of a PhyHcian, who curfed a whole City where every one was in Health. C3ur Law-writers have preferved to us the Re- membrance of the Oppofitions which Annuities met with when they firlt began in France. The Injuftice and Tyranny of Lenders, to which Peo- ple have been Hnce accudomed, was then branded as publick Ufury, and Scruples about it continu<;d a long Time after both the Ecclefiaftick and Secu- ■' iac V.' rF= i ' m ( 40 ) to Vowtn had aUowed chat Way of lending Mo<^ ney. We ms^y alfo affirm^ That the natural Idea lyl Ufury takoi iii all Sorts of Loan|$, which Under tht Appearahteof a Benefit^ moreinrichei the JLender^ and humes the Borrower, who oughc to liave been relieved, into cercaih Ruin. But not tidiineddlewictiiheCareof ConTcience, the lend- li!|; Money on^ Annuities kcm m no Cafe equica^ Idei but when the Land npdn which it is ienc ^feids move tfaan the Intectitp add leaves the Bor<» tower (till fome 0art of the Rent ^ For thlsJU»ibn Annuirie) ought to be the low^ ^ftofaUR^e^reimesinaScatBw We fee it really is fe in TfadSi^ Nations, iwiieiicas Intereft being i^dmmonly h^^ber in Ftd^^l tMy drained us aj. moft of all 00? Money, and our Trade languiA>^ led. In focfo jCa&s as we have mentioned, Arniui* ties may be allowed, and be ufeful for the Support 6nd t^efervaci^n bf the landed Eftateis of theKing- doniy whto the Mottey is borrowed to improve them ; but 'm always meft commendable in a Ffince, to reduiie Annuities to the fmallelt Num- beri and the loweft Intereft he can : By this Means ne eafes chat part of the Subjeds which have always been molt favoured by the Law, I mean Debtors, and confiderably lefiens the Num- ber of Law Smtt, by augmenting the Circulation df Ri .'Tl 3VV e low«- saUy 15 being lus a£ nguifii^ A-tmuU •upport eKing- nprpve t in a t Num- By this which Law, I eNum- :ulacion • iride for s at the [s if HOC :e> Af- hey arc I Credit laftech doe at igedaf*- ; behold th«in ( 4i ) them with t^atience, becaufe the New.Syftem having fet the King, and the Balk of the Publicif at Liberty, from th6nCe they began tib beAwell jpaid. This Syftem h^s, fob one Year at lead, pre* vented the Bankruptcy of dll publick Annuities, which would necelf^rily have ruined all pri>^ate tones j and it offers you a new Sort of Eftate, where your Ca|:>ital is ufeful to the whbld Body of the " Jation, and the Revenue of Jt will increafe for your felf. Therefore, Sii*, lay oilc there the Anhuities already repaid you, and what' you ire further to receive, and in Tirtle you will get rtibt^ by it than you did by your old Annuities/;., ;^ I own that the total Change of theGoverhmiefnr, with relation to the FinahCes, bccanons an a<^ual Shock which hurts a certaiti SoW of People in its pafTage. This Inconvenience attends all Changes, and is fo itiuih the more unavoidable sis the Changes are neceltary and prefs'd forward. We could have Wifti'd that all the Kingdom had Come into it, with- out hurting one Angle Man. God alone is £lble to do ic, and yet he does it not in the ordinary Courfe of NatUre. General Laws always prevail over the Defires, and even Neceflities of private Perfon*. ' But let lis fee what th6 Number of (Private Meft is who fufFer hereby, amcng whom, thofe who truft the Government fufFer only for a Tiniie, and the Diftruftful will only futfer by their bWn Choice. Were the Kingdotti to be divided into T^Venty Claifes, the Annuitants would make but ()ne^ ahd if We compare chat Clafs with the reft, it wonx amount to the icoth Part of the y^hblei, and'of them there's nbta Hundred who ^re reduced to live on Annuities only, and who do not gain more by all the other Funds than theylofc by this, v And indeed what Rank of People, and w^at t^r0Fe(Iion, has not ihared in the Riches that have ^(ifen from the New Syftem. Lands and Houfes -6 '--■- are 1 \ areat double, nayj^ treble the Value to the Seller, an4 Will iocreafe cpdnderably in Revenue cq che Jpiirchafen The Military and Civil Officers re- ceive therj; Pdnfioris or Salaries, which ihey had loft all Hopes of^ Ifhe Merchants and Workmen have not enough to arifwcr the Demand of the Buyer^. ^ The common People, and even thcfe yf()0'by the meannefs of their I^ortuhe, can fcarce- ly be ranked ip.any Clafs,, all of them, in (horr, (ib^ a way to Live, |6 Thrive, and Inrich them- felves J and even among the diftruftful and blind, orill-afF^^edDec.Iaimer8,how many Debtors have delivered themfeivcs from the Opprefliqn of their Cretjitprij.?. And t^W liiany Creditors have got in elixir defper'ate Debts ? I believe you are a Per- fori of top much Equity not to do Juftice to Truth, and tho* you have npc yet got any Thing by it, will yield to it, and^ifpeak well of it. You will make your own Advantage qf it, beci^ufe you will heji^ten the Confidence of thofe about you, and that Conpdence wllthclp to fupport the Thing it felf. An Eftate in Xloney does not grow by Words, but an Eftate, in Credit increafes by it wonderfully. T(ie Syftem will eftablilh it felf without you , becaufe it is founded on Princi- ples: and Principles fooner or later overcome the naoft ftub|>prn OpiJBipns. But it d<;p0ds in fome meafure on the P^hlick to accelerate the Succefs, andltoreap immediately the vaft i^arveft it pro- rtiiles. ^his laft Reflexion will bring me natural, ly to the Explication of Credit, and its Uffe, which fiiall be the Subje^ of a fecond Letter, if this have fp niuch Succefs as cp give you any S^cisfa^ion. •^ioit; fn.v*^ juitobp^y^ k-y-- ■ i^us^jatv^ ■ -.i .nay Tarh, M 21, ijth. ^^^''^ ' i^mpdfm yd V Seller, CQ che ;ers re- ey had krkmen of the chcfe fcarce- ihorr, ihem- blincl, rs have )i cheir ve got aPer- Truth, ; by it, 1 make u will a, and ling ic 3w by i by ic ic felf 'rinci' me the ifomc uccefs, pro- acuraU which is have on. SI' lor! I II. ip,<\: ( (43) .-» I, J u ■ » 57V? ,'r--->{]^Rl>^if'^ m . jjr H, LuTTMJ^ about Cr^dhy and its l/jkf ig>:t5e?^ H E Explication 01 Credit, and its Ule, ^ X S which i promifed you in the Clofe of che ^^8^ firi|; tjiac 1 had the Honour to write to . iis'i yPMj/ )>fas, ;in reality, an IntroducJlipn to my gencfjal [j&^licatipn pf the newSyftem, buC your Uoeaiineis upon che Reimburfment of ybuc . Annuities^, qbU^d me tQ:(;reac upon that Siibje^' fir ft. J fqnd yoM this (ecppd Letter before I have received your Anfwer, becaufe I think che &xpo« . fuion of ^the Principles u w,hol(*( Syftem is Tounfled, will fiftisfy you ftill more thail all chat I h9V^ faid, Or pan be f^id, on a parciculac, Subjpd, wtij^hijs only ^ j:q^fequej^^ and cl.ep^;i-' dene of ic- '"'''" ':*^^ '•' .''t' ,'-. "' "•'■'*', Ic is a I^a?:ixn received ;in general by Bankers and Traderji, That Credjt well managed is worth ten Tiqfies their Stocky that is to fay^ that by Credic they gain as much as if their Stock was tieri Times gpeater ^, the Rea(bn. i§>, becaufe their Cre- dit brings theijri , in donfi^erable Sums, bYwhiph, they get great Pirofi^ nwithi|andihg the Intereft. they pay to their Credicoj^. "Yet the Credit.'of Bankers and Tfaders is limited on many Accounts. I. They ar^rjprivate Jfel^n j)irho have^l^ji^ verV moderate Stobfo, which be^Oaei are.fubje^ to alt the Changes^wit^ wlaicli the iQuarrels, Nepejp^^jes,. and Ed ids of princes ^ ^MS^ the Commerce of private Psrrbns. , .' , . ]f All ctiefeJtQCpnveriiencie?^^^h(J Ob^ tO Advantages ajiji; Means for a Prince who wQul4 make ufe ofhis Credit. His Riches, efpecialiy in' e G 4 this (44) this4CIngdom, are immenfe, fo that not only his ' Fund, which is heighten'd cen-fbld by his Credic, amounts to prodigious Sums, but he has Means By which he may exceed that Proportion by far, to which Bankers and private Traders iire in % manner tied down. Tlie Prince who knows more and more the Importance of his Credit; dire(^s himfelf by it in undertaking; War, of which ic tnay be fald in general, that the King of France fias al\yays been the Umpire, and will be mucH tpore fo for the future. His Neceflicies induced (iim t6 change the Fortunes of particular Perfons, and in fome forttq diforder his whole Kingdom: Credit well managed will always prevent hisNe- ^eflicies, and the Council of Finance$w{Il be no; more puzzled^ how t6 provide for thfem. E^ids and pecU'rations, which often deftfoy'd the Trade 6f Subjeifts, \^ill all contribute to fdpport theCre-* dit of the King ; tliat is to fay, the publick Con* fidehire, which can never iiatid'but 'sn the Con- tentment and Riches of all the Kingdom. Thus Sovereign Authoiity, fo dreadful in a Y^ing, thac is always indigent, and in a Government that is always poor, cannot but be beneficial in a Syftent which gives the King Credit for bis Treafure, ' But what Ufe does the King make of this Cre- dit, according to the Principles of the New Sy- ftem ? He only lends k to a Trading Company, ihto which all the Materials of Trade in the King- dom fall fuc'cefHvely, aftd'are amaffed' into one. The vvhole Nation becomes a Body of Traders,' who have for their daili the 'Royal Bank, in which by Confequence all the Advantages of Commerce, Money and Merchandize, re- unite. This pt€(vents'an Inconvenience which we fee in KngUnd, where thofe concerned in the Banky and ihbfe concerned in the 5tf«iri& Jm Company, op- ^ok one another^ and run the rifque ot mutually V^y 4 kid. mly his Credic, ;ans By far, to •e in n. rs more directs rhich ic France i mucH ndubed 'erfonsy ngdom: h'isNc- be no E^ias 5 Trade he Cre-' k Conn- ie Con- Thus g, thac chat ts Syfcent re. lis Cre- Icw Sy- mpany, e King- uo one; rradcrs,' lank, in rages of •e- unite, e fee in nky and ny» op" numajly •^niin-* (45) ;uining themfdves and their Credit. " ' An Nations have ever Relieved, thac the Tradf even of private Perfons made the greateft Richer of the State. Then what fhall we fay of a State that carries on Trade in a Body, without excluding private Perfons ? And if the larger a Merchant'^ brock be, he is the more capable of great Under- takings, can the King do too 'much to engage all his Subjects to re-unite their K|0ney, in order to advance the general Trade which France has lately undertaken ? This is likewife th9 cjiief R^eafpn of reimburfing the Annuities. For how' aclvantagt- bps foeyer they may be to private Perfons, 'tis cer- tain that they are of no uie to the State in gene^ ral ; and if many private Perfons applaud them- felves in fecret, for raifingl their Fortune in^epen* dently of {he general >yeUare, the King oiight to applaud himfelf much mpre^ in reducing all his SubjeAs fo as that they may ^nd no Fortune but lii the Plenty and Hippinefs of the whole Kingdom* ' This is an Abridgment of the 3yft'em thac wasf laid before the' Prinze, in the depTbrable State we Were left jn at the Death of the late King, fo thac a Scheme, or Cohftitiition, advantagious enough in itfelf'to be received in all Circumllances and Times, was become a neCeifarj^, ' and the only Remedy that could b^ applied to the piftempers 6i France. '* •'• ' ^^ " I (hall nqc here tnajte a vain Olt^ntation of Elo- quence, ^b putyoik ih reipenibrknce of the Extre- mities to which (he King and h|s People v^ere re- duced. It w&snot 6nly ffelc hfTtame, but by all the Nations id the World with whom we had any Commerce. * The King's Debts were fo immenfe, that had all thjS Gold and S^ilvet in the Kingdom been in his Hands, it would not near have paid them, and at the famb Time his Coffers were quite empty. Credit, as it went then, that is to .■3iI;}J: -."1 f- fay, the Hop$s of being paid in Specie, in a very (hort Time, was Ipft beyond retrieve, and to fay the Truth, ic lafted much longer than could be expected, foi^ thp King payings an exorbitant In- tereit for Money, that be neither laid out in Land nor Trade, ^h^Debt wasloftas/bon as lent. The^ fiift Propofali^ffered Wis for an upiverfal Bankrupt-* cy» but the trinca put of Honour oppofed it, . tbo', 11 Neceffity muft haVe brought him to it. I dare (ayi II |horeover,Th^tap uriiyerlalBankruptcy would have Taved hirn only ^for'a little while,, not only becaufe the King by ^^'iih-bolding his Detjts, muft for ever have renounced a)l Claim to Credit, but jbec^^ufs alfo according to th.e height to which necelTary 5xp6nces arc; pow carried, all the Money in Fr^ce is nor fufiicient for the King'spriva^e Perfofi' The NeW Sy ftem has fupplied that Defect by Bank Bill^,; which the pubiick Confidence may raife to ■ah haiitlred fold more chian it was at fij-ft. The Kihf who nrft trufted it, reaped the firft Advantage I the tncreafe, and clearingof all his Revenues.^ -, < ;; before this Syftem w^s recei>^ed, the . Pr^^n^d Regent made it pafs througn aii the Tefts of Exa- minations, Objedions, and Ci^periipent^ of great- er or lelTer Extent, that conjd'b'e; thought of^ The propofed Sy ftem appeared bwgHt and ftining , to all chat were confulced about It. It anfwered all their Qu^ftions apd Qbjedllons,.and fucce^d* ed beyond what the moft fat^iguioe Confidence diirft have expeded. Nothing ttobd againft ic but ^he pfual Obftinacy of inveterate Prejudice againft Reafon, when it appears uadisf, the afpe^ of Novelty. This Prejujlce did np^ forbear its tragical Outpries one moment,, not th^t tnejr i^^d the lea(t^ iha4pw of Reafon, for Prejudice i$ ^waysjexempK from that, but by ponftantly allf dgjpg the I^racjiic^. of antienc Times, and that all the World waf> ag^ipft the New Scheme* And indeed/as Pre-^ judicS; (47) judice is nothing but a Cuflom proceeding from meer Inftind, ic has no ocber Guide Imc cht? Sen- timents of the Majority, and as it has always narrow Views, ic condantly imagines chat tnc World is of ii^ (Tde. Yet 'cis certain, that Trucb or Reafon, how New foever with refpeA to any Thing, immediately atcrads tlie Eyes of Men of fuperiour Genius> and when fui^h Men are once poiTefTed of it, they quickly gain the Vidory ; So that Truth, againft which the; publick Opinion was aliedgcd at fir 11:, becomes at iaft the publick Opinion ic felf. This Pha:nomenon has been al- ready Teen in PhilofojphY. Des Csrtes's Principles were oppofed by the Sentiments not only of parti- cular Perfons, but of all the World, of whole Sor cieties, and of thofe who held th« tirft Kank among the learned, to whom ic was natural that the Mat- ter (hould be referred ; they ail determined againft him, "yet Philofophy made its Way over all thofe Obftacles. A Man of Senfe never values himfeU on following the Sentiments of i;he publick, upoa the Appearance of a new Thing, Cor tho* he mighc agree with a Ni^mber of thofe who pafs for Men of Ability, and great Wits^ be might, on the other Hand, agree with a great Number of igno* rant, (tupid Fellows, who can only fwim with the Stream. A Man of Senfe therefore values himfelf more upon being of an Opinion whijch fhall gain the Afcendant in Time with refped to a new Thing founded on Truth j^nd Reafon, for by this Means he will be of the piiblick Opinion ac; laft, becaufe all the World comes into his Seiki- ments..' \ ',. ,', So it is with th^ New Syftem of the Finances, wt)6Ce Spccefs has been yet more glorious and fpeejy. Credit raifed the Anions to Two Thou- fand in!cbe Face of its Adverfaries, dnd notwith- SUng, th^.^eaw *nd UnperMiniies, even ai ( 48 ) ^hofe who advanced it Co high. Credit grew an^ incrcafcd in the very bofom of Diftruft. Princi- ples, the' ac that Time licde known, over ruled Opinion. What will they do then when niade Publick, I don't fay by Writing, but by their F:f- fedts, which alone can open the Eyes of the Po- pulace? Every Body will theh ac^uiefce in a Schetne which procures the general Good of the Kingdom, becaufe it indiffolubly unices the Inte* reft of the King and Subjeft. -f''^'' '^'^ ' The Neceflity of this Commurtication of Riches betwixt the Sovereign and his People, is another of thofe generally recei/ed Maxims, which ferve as a BaHs to the New Syftem. The Bufmefs wa^ to mend a Fault which for a long Time had been found in the old Way of Adminiftratioit, under which it was ufual for People to fay, Let^ m have no Dealings with the Kingy nor lend any Money to thofe that have. What could become of the Prince, and what could become of the Subject, while fuch a difhonourable Prejudice prevailed, and was indeed but too well founded ? For one Difcredit followed clofe on the Heels of another. The Royal Treafury in every Adminiftration being the prin- cipal Fountain from whence Money fpreads through the Kingdom, can never be dried up, but that the remoteft Streams muft be fo too ,• as a Proof of this, we '^ad a prodigious Number of Bankrupts at the end cf the \^t Reign, e^en among thofe who had leaft to do with thd King. ■ -^'^r-' 'i!''' Then what Principle of Government Can pre- vent fo great a Mifchief ? I will venture to fpeak our, though at firft ir may (lartle the Vulgar^ ic is to carry all the Money to the King, not by way of Loan, for the Intereft \^oUld be a Bfardcn to him \ nor by way of Ittipofts, for it is his Ad^^ vantage to have them all taken oiF, but as • mttt - t" • Do- (49) Pepofitum in the Bank, firotn whence you may draw k out in Proportion to your Wants. Buc one will fay the King is the Matter, and abfolute Power deftroys all Confidence. This Objeaioti might have weight, if the Confidence you put ia that abfolute Mafter were not of ten Times more worth to him than your Money, and if he were not by this Method always in a Condition to pay you the Sums you demand. If the antient Credit of the King, which confifted only in bringing in Money by the Bait of a great Intereft, which is always burdenfome, and by the faithful Paymenc of the Capital when it became due, was neverthe- lefs fo great an Advantage, what may we not ex- pe^ from a Credit better regulated, and which alone deferves the Name, that confills in being a Truftee for Money, of which he makes no Inte- reft, and to the Payment of which, becaufe it is payable a: fight, the Time and the Confidence give an indefinite Term ? The antient Credit, how advantagious foever, ferved only to fupporc the King for a while, but this being durable and permanent in its own Nature, has already furnifh* ed an advantagious Way of paying off pafl Debts, and preventing future Wants. It muft alio be owned, that none but the Sovereign can have the fecond Species of Credit, becaufe his Domi- nions being Tributary to him one way or other, his accepting his own Bills gives 'em a Credit with his Subjeds, and to fay it, en faffant^ their Accepta- tion by his SubjeAs will neceflaril^ give 'em Cre- dit with Foreigners. \e All this being well edabliflied, and duly under- i^ood, it is abfolutely impodible that the King fbould ^ver change this Syftem, for why (bould he do it ? Is it to prefer the Money of the King- dom to his Credit? He has that Money already Recording to my Suppofition, and he would for I i 11: ( 5© ) nothing ac all lofe his Credit, which is a. Fund of ten Times more worth to him. This would be like a Man who has ten Houfes, and to keep one which no Body difputes with him, would demo- lifli tlie other nine. The King can never think of doing the lead hurt to his own Credit, becaufe, whereas an Edate in Money is loit only by de- grees, an Edate in Credit is of fuch a Nature, as it mud be kept intire or is none at all. Mean while, if you refufe to make this Depofi^ tum which I propofe, and return to the antient Adminidracion, the King being abfolute Mader, will, to fupply his Expences, draw the Money out of your Coffers, either by forced Loans, which indeed will ruin both him and you at once, , or by multiplied Taxes, whofe Funds will never return to you. But further, 'tis no new Thing for all the Money in the Kingdom ^.o be in the King's Hands. The Recoining of it will bring it all to him when he pleafes*, and to tell you the Truth, the King alone ought to have all the Spe- cies, becaufe he is the only Debtor for Money, and that private Perfons owe nothing to one anor ther but Bank Bills. The Bank, with refpe<% to the Finances, is the Heart of the Kingdom, to which all the Money ought to return for renew- ing the Circulation. Thofe who would hoard it up, and wirh-hold it, ace like the extreme Parts - of a. Human Body, that would dop the Paffage of the RloOd ,whiph moidens and nourifhes them. This would foon deftroy the Principle of Life iq the Heart, and in all the other Parts of the Body, and at lad in themfelves. The Money does nOt belong to you, but by, the Title which gives you a Right to c^ll fcr it, and to p:ifs it through your , Hands to (atisfy your Wants and Defires. Thefe . Cafes excepted, the Ufc of it' belongs to your Fel- low Subje«5iS; and you can'c deprive thfm of it -^ii ♦, with^ ( ^ ) Without tidmmicting a pubiick Injuilice^ afid b^- ing guilty of a Crime againlt the State, of which I don't believe you are capable. The Money car- ties the Prince's Stamp, ahd not yours, to tell you that it does not beloiig to you but by way of Cir^- culation, and that it is not lawful for you to appro- priate it in any other Senfe* Monopolies of pub- lick ProviHons have no fuch fatal Confequences as the Monopoly Of Money , which anfwers aH Things. The Prince has iarffted himfelf in all Times againft thofe who with-held it when it was tobfe recoined. Then what ought he not to do againft them in a Syftem of Credit ? I wondc? When I hear fortie People fay, that Conftfcationi of hoarded Money will occafion great Murmur* Jng. Gall they in ttmh believe that the People will bewail the Lofs of thofe Men Who would rob them of tHeir Subfrftence, and who to inrich or fave themfelves alone, dO as much as they can to impoverifh and deftroy every Body elfe? Will not the People who naturally hate rich Mifers^ be fenfible that they will now have their Share of the Money in the Bank, which was not laid up for them by fuch as hoarded it ? 1 II rhofe Hoarders^ all that they have is held in £X(.cracion not only by the Populace, but by ail honeft Men, who now know the Importance of preferving the Syttem, tho' perhaps they did not at iirit approve its £i^a- blifliment. This Madnefs to hoard up Money, proceeds from the exti'aordinary Rife of the Stock?. Moll People, furpi ized at their own Gain, thought they muft turn it into Heaps of Gold and Silver, whic!. they call Realizing. They did not confider that the advanced Price of Stock's did not fo mUch re- prefenc ctirrent M'oney as capital Funds, and fo mtiththef liibri, that with refpe^ to many People they rej^laoed rheir antient Contrail. But this H z Trttch m f s:1 ( 50 Troth became palpable by the furprifing Height thdfe Stocks rofe to, for chey a^^ually furpaiTed in Value all the Gold and Silver which will ever be in the Kiagdom. Here fome will not fail co ob- jed, that therefore th^y look upon thefe Stocks to be but an Irpaginary and chimerical £flate> and that they were in the right to improve the happy Moment of parting with them. I anfwer, the Houfes oi Faris taken together as a capital Stock, furpafs, perhaps, in Value, all the Species in the Kingdom. The Lands of France are worth more than all the Qold which dill lyes hid in the Mines of Peru, Have then the Houfes and Lands, for this Reafon, nothing buc a chimerical Value ? Upon tl^s Reflexion which I fuggeft to the molt part of thofe who never m^e any Reflexion in their Lives, I would a^k, will they all come to a Refo- lucion in one Day, to realize all their Lands^^ and convert them into Money? If fuch a Frenzy jQiould cake Place, it would reduce the molt con- iidefable Hpufes and Lands to nothing, and then thofe ftupid Sellers will want Buyers. What is it chac keeps up Lands to their lawful Value, how high foever, but that chey are not fold to realize them ? No body fells them but to retrieve their Affairs ,• the PoiTefTors commonly content them- felves with the Revenues which they produce, and they are therefore very rarely offered to Sale, and when they are, there's always as many Buyers as Sellers. Men ought then, with regard to Shares, ta think after the fame manner and order as they do with refpe^ to their Eitates. They feem un- willing to do it of themfelves, and there is nothing fo difiicuU as to convince a Multrtudc pf their true Interell, and make them puriue it. If the Syftenr Be in any Danger, it is not from defpotick Power, as fome People chink fit co fay. On the contrary^ chit that defpotick Power to which we owe it will maintain it. The Danger is from the Uneafmefs, Anxiety^ and bad Condu^ of thofe who even confefs that the Syftem is eiTentialiy good, and that there is nothing wanting but to acquiefce in it, to make it as firm as it is ufeful. The Pubiick, if we may fay fo, is the Arbiter of its Fortune, and yet retards it. It is on fuch Occalions as this thac we perceive the happy EfFeds of Sovereign Au<- thoricy. The Law is neceifary to fave Men from doing themfeives Mifchief. Some look upon cer*> tain Regulations made about Money and Bills as z fort of Violence. The King, fay they, gets only a forced Credits Thofe who fay fo don't confider the Circumftances of a new Eftablifhment which one would have the whole Kingdom to enter into in a little Time. The very Propofal of this Sy* item would at length gain every body's Approba- tion, and that Confidence which is due to it, from the Nature of its Principles. Whenever I menti- on any of them in this Letter, I obferve to you, that they are compofed of Notions common to all Men, and of Maxims impreffed in every Mind, whereas former Adminiftrations were always blamed for beidg oppofite to thofe Maxims. In fhort, nothing is fo antient as the Principles which I prefent to you. But as they lay in a heap, with- out being conneded, and put in pradife, the Sy- flem has colleAed them, and therefore appeared to be a new Thing, and by Confequence fubje^l to Contradidion. This Contradidion could not be filenced in one Day, therefore it was neceifary that Authority fhould come to its Relief. Ves Cartel's Philofophy was founded in like manner on the following Principles of common Senfe : Let us recall every Thing to its proper Uea, and let us not tefer thofe Matters to the Judgment of other Men which we our felves can examine* Thefe Propofitions were neither if.' t "l ,'- . (' ( ^4) iieicher extraordinary nor new^ yet it was forty Years before this Philoibphy could be eftablifhed y but the Succefs of ie was not pufhed on, and the State was not concerned in it. It is not fo with the new Settlement of the Finances. It requires fpeed, were it only in favour of chofe who iuffer in its Parage. Therefore the Power of the Prince is necefiary to make Men inflantly take chof^ Courfes which they would not take for Years yet to come. A Syftem of one Year's Handing can^ not have the Strength of one of ten Year^ old, and therefore it muft be led by the Hand till it can go of it fe!^. Thefe, Sir, are the moft general Thoughts which ofier'd themfelves to me on this SubjeA. It is your Part to tell me what further lUuftrations and Particulars you defire, and f will endeavour to fatisfy you. s>5;^>*i> < */-1ti- •m% W m ^ . _^ , . , . »''irfi fa la i(n£:ta& Vans, March II, 1720. r&;ioqtr...^:?-:i:'^i^4ri££ir :i ifptjff^fi '^ Urn tOdM. tunUA ;i-:m'^^ y ^^ take in my Troubles. That which I x&, ^ px take in the publick Affairs, has made ^^^^^ me examine without Paflion your two -^\r\ Letters on the New Syftem of Finan- ijes./' I have received Comfort by them, and I doubt not but when they are publifh'd, that they will ftrengthen 'the publick Con^dence. They have left m^ Itilt tender fomc Scruples, and while 1 ill ii ( 50 I long for the Illuftracions you protnis'd me^ I have read them again with a Gentleman of your Sentiments, who has had alfo Opportunity to in- ftruft bimfelf in what relates to Finances and Commerce. I (hall give you an exa(^ Account of his Reflexi- ons, and begin with your fecond Letter, which^ as you obferve very well, (hould naturally have been the firft. What follows is much the fame of what he faid to me on both. /* i v We don't meafure the Credit of Traders only by their Stock, but confide in them for their Probity, which alTures us they will not deceive us, for their Ability, which makes us hope they will not be deceived themfelves, and for the Prote<5lion with which the Prince or hisMiniflers honours them -, whence we promife our felves, that the Supreme Auchoricy inHead of difturbing, will fupport them. We confide alfo in the Quality of their Trade, which makes us hope for Profit, and at laft in their Fund that fecures our own, and which we look upon as a Supply to the Lofles they may fuftain, and as Relief againft the Accidents of Fortune. 'Tis upon the Knowledge of all thofe Things to- gether, or rather of the Opinion Men have of "em that Credit is founded. According to this Idea, never was the Credit of any Traders e(tabli(h*d upon fo fure a Founda- tion as that of the India Company. Tho' the Choice of thofe who govern their Af- fairs, made with fo much Care and Judgment, did not aifure us of their Probity, the Intereft which they have to continue themfelves in an Employ fa honourable and profitable, their Stocks which anfwer for their Management, their watching over one another as Brethren, engag'd for their mutual Honour, the Eyes of the Publick fix'd Up- on them, and thofe of th^ Ma^iltrares whohav^ 1 ^ ' " ' ^^" Kr^ <57) a right to examiqe their Accounts, and e,ven thoHs ofEnvy^ w);iich dr^ws up^n thein their Fortune, will Keep 'em co their Duty,and make it imboffible for them to deviate from it. / '" '*'^. " ' '^^ ^ 'Twas the Imown Ability of each of thetirtiin the Bufinefs he is imploy'd ih, which occafioyd their bein^ called tp ^e Members of the Company^ They cominuQ iQ their refpe^iv^Ofiicesto manage whac they have during thpi'r lii^es carry'd on with fp much Succefs and p'iftin^ibri., and thisg;eneral Syftemisgoverri'dtby thelakie Genius who inven- ted, and int fpite of aliCvferridiaioh'haVfe ad- vanc'd it to the preferjt hefg^. The Authority which pri6te($s the tpo^pany, h that del^odcii Power whifih is fojfo.rtiii!dable to partlcaWf Per^ fons, who, ift their priyate. views ate. obttr^ii^ifted by the real' or feemipg; Gl)pd of tlie ^tite; tifc which be(^Q(nes a inighty ^))4 pow^ful Affiftance to this general Syften^ whf* ,Cah*i: be toil<:h'g^»' bilt at the lame Time all parts of tWsiaXi6iit^M^ by itr v^ich re- urines the Maifiag^^ment* frf |he Finances, and all Sorb would be Lofers. I put chetn ac Two Thoufand, a)mo|(l the high- eft Price they haveJbeen purchas'd for^n theXpor. On ebb Ifooc we r^u$. inquire, Whether thofe who have bought, and^rp Members 'of the Com- pany of Cotpmerce».c?p hppji' from tf\te^x*d Reve- nues of the Com ind the PrpfluCe of the Tra^^th^y undertal?9/or ^hd Revehtie of th^ Six Millial-di .in .Specie; pjaVa^i^ thel5^ft Furtds, for'ip. fhk;Suiti>)?f^^^ ^^ Valu^ 'CJIF an the Shar;^'^;^^^ t|ie Rat6^^^ TfioiiftM^-pieiCe. ^ If yifp.'com'pare tne^^;hkjf es^ith w^i^at ^^ Ed^c^.^iuch a^;%ip4$^ and. Houfe$/ 'tis eertain '^^cc, a^ ,real P^f tes ar^ rib W] jju^chaij d^ the fix'd ;win -produce a moft gs Wuch: as thb -Six MilH- M7i ^^W^P^.^^^'"^ ^^^^ Farms, whi9h ti onMEmy^i^f^^^^ Citife^, provinces of thei;i%(S)m;' Wd'ffid^Cdiintrfe^ that tiahre a righitj^tj .Tax themfelyeijB. ^A Thefe ^Revenues aloiie wUr^ive riQar^bii^'^^pw^ of tJio'$iit Mil- liards, 'Mt whijjh t'^e<:1cptf ^i^e:|^urids of the Shar'^rs. We now* buy Hoiitls In'^' lands ahnoft a^ this R^v:toi:i/^ we dbferve that the 'Plimi^ution of Species will dimiriiCh the Incomes pf Larids and Houfes, aind that Money lay*d ouif'th^t way is an alienated Fi^nd, wich which orie can't fo eafjly aflSft them- fctves as with Shares, It will be agreed, that coa- fiJcfihg only the fix'd Rents ^of the Company, * '" ' bhafcs ( 59 ) Shai%i are keirer wopch the Price, than Lands and ^ iioufes 9C the Race we now buy them. But the H^tnts are pot a quarter of the Profit wiiiich the Company may reaionably exped frotn their Undertakings, they take in the Commerce of the Bank) of the whoU in)iabited \Vo,rId> and of all the Finances of the Kingdom. J The Particulars of their Undertakings would require more Room than I can fpare here ; a very fmall Obfervation is enough to give one a View of the immenfe Profits which the Company may, make annually. ,-., s We have (till a f^efh Idea of the vail Fortunes, ivhich have been made in France by the PVefi India Trade. The Company will renew them to the. Profk of the Partners, andreftorea Trade which, the (eparate Incereds of private Perfons have ruin'd. Their Exports will be proportioa'd to the De- mand, and they will not de^fe themfelves by ex- poiting exorbitant Quantities. The Price of Goods,, when not lelTen'd by Rivals, will keep up. French Men will no more ruin one another,, but keep the Advantage they have of their own Clothes,. Silk, Gold, and Silver StufiPo', and the. other Merchandife of their own Product. The Trade of the £*r ?.♦;.. ru^ ......i ' Ev3t» the Recoining of the Money after the Di- minutions direded, will yield them lo ^ Cent, upon all the Money of the Kingdom, and the Proiie will be renewed during nine Years, as often as the Intereft of Trade join'd with the Intereft of the Company, don't prevent it. rmT r' ; To ask then from whence the Company will reap theik' Profit, is to ask, what has been the Spring of all the Fortunes that have hitherto been rais'd in Frai^e of what Nature foever ? But their Opportunity is (^ill greater, for all thofe Advan- tages which lay difpers'd, how ever great they might be, are not comparable to the whole re- united in one Company ; which by their Re-union as in no danger of thofe Inconveniencies occafion'd by Oppofition of Interefts, tha^ are Co apt to di- miniOi, andev'n to deflroy the beft Bufineifes. Be^ (ides which, they find in one Branch of their Af- fairs and Trade what will fupport the other. The Commerce of the fVefi favours that of the ISafi, The Privilege of having Materials facili- tates the Purchafe of foreign Merchandize. The Manufadures which they fupport furniQies 'emr with Means to have the Materials* The Tradq in Blacks advances the £(tabli(hment of the Colo- nies. The negotiating their Adions keeps them- up to their ju(t Value. The Finances, the Bank, and Merchandize, mutually alfift and increafe oner another. The Concurrence of all thofe Things; carries the Power of the Company to fuch a height as no other ever arriv'd to. But that is nop all, the State of the Company is flx'd for Time^ ^ to come, for what becomes a general Thing la ■ ,*». . I'^.f-i a State, mud lad as long as it do6s. We have ohen feen one Sort of Edates attacked, and one part of a State fuffer fome Change in a Gdrernment, but no Body ever faw, or will (ee, fuch a Change as attacks all Edates together, and makes every one fuder at one and the fame Time, becaufe in thofe Changes, 'tis ufually one part of a State that, abadng its Authority^ facritices Another to its own particular Advantage, either Real or imaginary. BeHdes, a general Mifchtef can't be hid under any Difguife. This would be fo plain, that the Prince mud needs perceive k to be act At- tack upon his own Power. The Concurrence of fo many Advantages, afcertains the Continuacioh of the Company, andtiiat being a(certaimmerce with the Rich, are the firft who talte of their Plenty, but in Timb, and by Degrees, every Body par-^ takes of it. After haying fhew'd the Fountain of the Com- l^any's Profits, which is alFo the Fund of the Shares, 'twill b^ no diffici|ih Task to proVe the Se^ curity of the Bank Bills. I muit repeat what has been already faid. One prart of the Fund of the Shares is a fort of new crea- ted Riches, and the other confiding in Rents, dtd never alitiofl enter into Commerce. The Value of both amour^ts to Six Milliards, i. e. Six Thou- i^m Mllioiit, arnd thin Value circulating now, has .<-!« il'1 tnsiti ,.:>v. (66) j^rbdtgioufly augtlfenced die Fun ably diminiflt'd, Money alone would have been of no Value, becaufe there was not enough to ex- change with the antient Riches of the Realm, and thofe that were newfy enter'd into Commerce. This Difficulty would have left Trade in a lan- guifhing State, and then indeed there muft have been jult Caufe of Complaint, that there was not enough of Specie in the Kingdom for the Shares. To fupply this, the Royal Bank gave imme*' diately their Bills to the A.<%ioniers for a fourth of the Value of the Shares which they depollted with them, and had not before deliver'd Out their Bills but in proportion to the Money brought them. Tlie Bank being afterwards foyn'd to the Coni^ pany, took thofe Aftions in Payment at the cur- rent Rate of the Place, and gave out their Bills in-^ differently, either in Exchange for Specie, or for Anions, which they took at Eighteen Hundred. The Fund then of thofe Bills isTure either in Specie or Adiom, whofe Value wq have (hew'd CO be certain. By this Help the Batik will keep all the Funds isp to their jtift Value, diminifli the Lbfs of thofe who either out of Nece(fity or Diiiruft, fell their Siiares, by ivk\n% them at a Price a little below rheValu^, and felling them again, will prevent irh$ molt daring and canning Men to advance (^7) ' ihem beyond their resi) Yalne, and i)y fiioderace« but repeated Profits, will confiderably augment their Revenue, and fecure both thofe who havp or wjQuld purchafe Shares. This Method fuppofe^ the Circulation of Bank Bills in Concurrence with Specie. To fix this 'twas neceifary to hinder prir vate Perfons to heap up Specie, and the Materials of it, and they as well as the State find their Ad** vantage in the Prohibition to hoard it. , : i The Advantages which the King was willing to give thofe Bills in his Coffers, his warranting them, and that by their own Nature, they are al^ ways free from all Diminution, ought withoiit doubt to give them the Preference to Specie. If fome Peoples Ignorance of the real Funds we have mention'djhavemade'em preferve Specie,let us con- tent our feives to inftrud 'em without being angry with 'em, and leave Things to the Wifdom of the Prince, who watches for the publick Welfare , and to his Goodnefs, which prevents the Loffes that pri^ vate People may have by the Diminutions, which will be felt by no Body, whillt every one is to have no more Specie than for his prefent OccaHons. We mud not however leave 'em under a Miftake, as if the Stamp of the Prince upon the Coin did in- vade their Property in their Eitates. The Prince's Stamp informs us 'tis his Right to regulate the Uk^ and to augment or diminifh 'em as the Neceffities of the State or Commerce requires, and to fubfti- tute fuch Bills in their Room as have a certain Fund, and are equal to the Specie they reprefenr, as I havefbew'd the Bank Bills are ^ and if the King look upon the Wealth of his Subjeds, as his own, 'tis efpecially in this Senfe, that he can't bq Rich but in as far as his Subjeds a^e fo, and thac by their Plenty they m2y be in a Condicion to af-r flit one another, to cany on their Bufinefs, imn prove che Lands of the Z^;! y.h ., i .^roi ' ' Lec^ aom; ko what Ufe they hare made of th« Fun<}& which their Credit has procured them. I'hey have itnpioy'd one part of thofe which they had by the Sale of their Aftions, for the Eftablifli- menc of their Commerae, and theot(ier in pur- ehafing fitd Rents, in ' difcharging the King^s iDebcs, and Teimburfing private Perfons. By the hrit they have begun to execute their great Undertakings. They can-c do this without putting in Value all the real Eflates, and thofe of Induftry, in the Kingdom. They have re-eftabiifh'd the Marine that was almoit intirely deftroy'd. Thof^ who by their Offices, by their Arts, and by their In^uftry, were itfiploy'd in ir, when Fr^w^f was in her greateft Splendor, thofe who are Pro- prietors of the proviflons thereunto neceifary, an4 of the Lands which produce them. Thofe who had neither £{tate npr Work, were a Burden to themfelves, and to the State, and are therein ufe-^ fully: imp^oy'd, find their Account in this Re-e(la« bli(hment, and the ^tate finds its own. The Ma-* ritiroe Force augments its Power as folidly as it makes it ufeful to all the Natipns of the World, Their difE^rent Commerce revives all Manufac- tures, and whatever bt^longs to 'em. There's no part of the State but what feels the Benefit of it. Every Thing grows better. The Workman does not langulfh in Idlenefs and Want, but being fure of the Fruits of his Labour, goes chearfuliy about his Work, multiplies his Bufinefs, and perfie^s him- » .'^ i .,: .^^ ■ . (elf (69) felf in it. Profifions chat are of no Value with* out Conrumptioiii are at theijp fuU Price^ and don't perifli for want of being us^d; TheX^nds are better cultivated. The Proprietor finds Means from the Value of his Land, to feU off one part for paying his Debts, and better to inii* prove the other. All thofe Things together coi|» cur to raife ProviHons to their full Value^ and to prevent the extreme Dearth of them^ For explaining thofe Two equally ufeful ZfhSts^ we mufk enquire into the Caufes^ why' the Price of ProviHons is rais'd ^ for befides, that. this Inquiry relates to the Syftem, it will l^e comfortable to as in the prefent Situation of Affairs. ^ There are Three Caufes of cne Dearnefs of Pro- vifions. The Scarcenefs of them. The Leffen^ ing of the Value of the Coin ; or which is the fame Thing, The Augmentation of the Species, and the Confumption of them. ' That which proceeds from Scarcenefs is no doubt hurtful to the State. *Tis prejudicial to the Buyer, becaufe the Price of Things neceifary for SubOftence, not being prpponion'd to his Abili- ty, reduces him to Mifery. 'Tis not good for the Seller, becaufe cho' he fells dearer, he has lefs to vend. f,y . qi . The LefTening of the Money is alfp a Caufe of Dearth, becaufe in that Cafe foreign Provinons made i|fe of in ouf Manufa^ures cod more to private Perfons, thb* they coft no more to the State ^ and befidesj Strangers, becaufe of the ex- traordinary Demand for our Provifions, raife them infenlibly in proportion to the Diminution of our Coin, and their Demand continues till they have proportion'd the Price to thofe of our Neigh- bours. ' ■ It has often been qoeftion'd, Whether Dearnef^ proceeding fron) that Caufe be hurcfuV^ 'Twoul^i i ^ ■•^■" ' . not I ';* wii ( 70 ) J not be fo^if the SDlidicy betwixt all Provifions irere (bch> as equally to raife the Provifions bronght in or demanded by Strangers, and chofe which grow and are confum'd in Franct^ and if Otherwifc, all th(6 Wealth of the Kingdom confiflr ed in Lands^ drin the Fruits of Induftry, then all Proportions would be (lop'd, and no Body fuffer by augmenting the Price of Provifions. ^» w» The third Caufe of Dearnefs is Confumptionf This is at the fame Time a Mark of publick Wealth, and a Means of promoting it ; 'tis that vhicb brings Lands to a Value, and revives Inr dttftry. Let's apply thofe three Caufes of Dei^rnefs to our prefent Condition. That which prevails now partakes of all Three. The Scarpenefs of Provi? ^qns occaHons it in part, the lowering of the Mo- ney increafes it, and a greater Confumption ocr cafion'd by the increafp of Riches, contributes al? ip very much tovyards it. . r «, ...rr f»' I dare venture to fay. That we (hall have no more Reafon to dread the firft Caufe, which is Scarcenefs. The Company by their Funds, their Credit, Ships^ and Correfppndence, will be in a Condition either to prevent it, or to apply a fpeedy Remedy. ^oAnd whether the Dearth that proceeds from lowering the Coin be really hurtful or not ? It will no more hurt us. The appointed Diminuti- ons alTures us. That in a little Time Foreigners will fell us a Third Cheaper than now, and the Credit of the B^mk Bills being once e(|abli(hed, fednres us that we ihall no more be oblig'd to have Refource to an Augmentation of our Specie. Bu; as to th^c Dearnefs which proceeds from Confuuipcion, and which (hould rather be call'd the iM(i value of Provifions, Vi{e ought to wtfli it may i^jther ^ODtiniie^ ic vviU l^ltas long as th^ Stat^ flou- f" '; flouriihes, siiid ailf the Paits of ic arerevi^'d, and ^Ni^ilt fuf^porc tc ffrlf ki the Tame Condition. No B^idy will fufFer 6y it, when every Bodies Eitite (haUconHft eithei^ inland, Or in the E&et% of Imftiftry, as the prefent Syftem will fix it. Pto*. viHons will bear their full Value but 'in proportioil to one another^ aiid to each Man's Ability. Wheii we have no Dearth to fear but what proceeds from Confumpcion, 'tis the fame as to fearpubliokOpoh lence, (ince they mud go hand in hand ^ for thertt can never be a general ConfumptionyWithoat every bodies being in a condition to fpend liberally. :' lu The Second Ufe which the Company has made of its Funds, is to lend the King Money enough to pay the Debts of the State. By this Means they have acquired fix'd Revenues at three ftrCent* They have put into Trade Funds chat did not Cir^ culate, and freed the King from a fourth part cC the Annuities he ow'd to private Perfons. ^^^rt u ;- > There is no room to doubt that this is good for the State in general, fince 'tis thereby difcharg'd from a quarter of the Annuities it ow'd \ but we are now co examinCi whether the Company has thereby prevented the laying out of Money upon real Eftaces, or ruin'd Annuitants. Loans upon Lands, and Boufes, are not on\if tJfeful but Neceifary i they contribute to preferve^ repair, and bettbr the Funds. 'Tis true, they are a burden to the Debtor^ and even impradicable when Intereil i's High. Then the Proprietor is forc'd to let his Eflate perilh for want of Money to repair it, or to fee part of it go to others, be- caufe he can't pay the Intereft of the Money he hasbotrow'd^ and the State fees the beft of their Lands periih under the length of a Sentence or Mortgage upon them, becaufe there's no propor- tion betwixt the Value of their P^oduAj and the Annuity paid on' the Land, ^.'r^r- %i^"^ -- . * ■ The w W ( 7« ^ I Thb Reimbttrfmetit of Acmmhfles by ttjt Com- piny redreflds tM«Inconv0niaicies, it puci into Cdtxitnerce a, Fiuid that may be laid obt on Lands Slid Hbufej, tkiac that which ic creates may coift cufthereuntOii: .The Compatiy alfo employs their Oedit to lei^ at a very moderatevlntereft, makes >iOfiey eaOetabe bad, more (lire; to the Credi- toTh and le(i butdepfome to the Debtors. As to thfl Annuitants^ who are the CNEify Per fons afraid of the prefem Syftem, there was no Defign to ruiff them, but rather to enrich them. The Defigti was^ that ihe Perfons reimburs'd might purchafe Adftonsi which the Company fold t^lowthe fuH Yahie> and that by lecuring to tbemfelves a R&- Tenie fixed againft all Events, the Kiiig might be treed of his Debts^ and the Annuitants onrioh'd. This has a6h)ally hiippen'd to rhofe who con- ^rmM themfelves 10 the C. .ipanies t)e[ign *, but it has fallen oiB^otherwife to many Others, who not beift]^ acctt(lo<' It' I ( 74 ) Fodntafits of that Increafe, to be the fame virhich have made all the Fl>reaneB that arc now in the Kingdom. Let 'em not bound their Hopes for time CO cbme by their prefent Dividends. The Company has recciv'd little Profit as yet from their Maritime Commerce. Their other Affairs in Franct are fcarce yec pat in Motion ^ notwithitanding this, they are! ablie already out of their Profits to give two 'f Cent, on Shares of 2000. The Se- curity of their State will be fo much the better founded, becaufe the Grandeur and Wealth of the King depends upon it. Their Fortune can hence^^ forward receive no Shock but the whole King- dom muft fuffer by ir^ and copcur to redrefs it; tor that in the New Syftem^ their Condition will be as eaHe, more certain, and even more fafe than hitherto. ''"' 'J^-^ ■'-■ Thefe are the Refle^/tons, Sir, which the Per- fon to whom I communicated your two Letters made upon them \ they clear'd upfome parts of theii which afifefted me, becaufe I did not well linderiland them. I hope they will not be unnfe- fbl as an Appendix .tO' your two Letters, but I leave you to make what uteof them you pleafe,^ and am, &c» "¥ ..•V'.ur-j'j, ju^'j r->'n* ifmwj^ i%m HI. Le*^ (7S). r^»" III. Letter, wbkh treats further of Annuities and Credit^ and explains tbeUjc of Money in general^ and the Advantages of Bank Money in ^f^y^i" -.■i£ct-^p i>^en» '-^w.t; jktw^if>;^v^*jiyi,t^ .|sl -j^Mv* « Am extremely glad, tiot as an Author, I ^ ^^^ as a Subjeift, that my Letters have ISS^ been well recetv'd in your Province, and that they have gaio'd over moll oi thoCe to whoni yoii communicated them, to favour the Syftem. I (hall no longer be furpriz'd to think that they met with Oppoficion, k being not ireaAbnable that my Letters ihovfld fare better than the Caofe they defend. There is even a great Number of Qainfayers whom there is no hopes of convincing, who eitherne- ver fet their Minds to examine Things, or who, notwithflanding Explications and lUullrations, which they do comprehend, are willing to fup- port the Argu^nts they brought againft the Sy^ ftem, at a time when they did not underftand it. J only propofe to furnifli thofe who are well in- ^lin'd, with Argupaents tgainft the profefs'dDe- claimers. Nothing more confounds and mortifies Men of this Stamp, than when they are reduc'd to Reafoning, and funk in their Credit before the Companies and AiTemblies which they have dunn'd with their Clamour. But there is another fqrc of {^eopi^.Y^lip deferve Regard j they are fucU I at L 2 . who I i' ■hi l!s; (70 who really fufFer by the Syfteni> and who have k»ft great part of their Revenue by the Supprefiion of the Annuities. 'Tis for their fakes that I find my felf engaged to take up the Subjed again ^ arid to Ihew to them in all its Views a Syftem, which as yet they can- not reliiti. It is very difficult to perceive the good of a general Settlement, how good foever in reali- ty it be, when that Settlement perfonally incom- modes us, and there feems to be much more Au- thority for Complaints when they are common to a whole fet of Men, of which we make a part, then we are fureto look upon that Order of Men as the mod important in theState,from a Principle t)f Self- love, and as the molt numerous too^ which often proceeds from a Midake in Fa^. .This is exaAly the Cafe of thofe who com- plain of the Reimburfments ^ they take it ill that the State (hould do that which they never failed to do for their own Intereft when it was in their Power. Some are unreafonable enough to fay, tbat the Bankruptcy of all the King*s Paper would be better than the SuppreQion of the Annu- ities. This is as much as to (ay, that another Order of Men (hould have been totally ruin'd, rather than that they (hould lofe any part of their Revenues ; for it is a very ilrange thing to fee the Confidence with which every one lays down his felfiftiWhim- fi^sinftead of theSy(!em, and to fee that Arro- gance with which they attack it by Difcourfes without Senfe. I was once in Company where I faid, that the Benefit of Circulation which was ^dablifhM in the Kingdom, would naturally leffen the number of Law-Su'ts : And I added, That I had a Lift of ;6o odd Eftates in Land or Houfes which were adjudged to be fold, and which this Syftem difengag'd, to the Satisfa^ion of both Cre- ditors and Debtors, who were both like to be ru- -., ,/ _ in'd ( 77 ) iifd by the tedioufnefs of the Suit : fiutaDedsdi- rner flood up and anfwer'd pertly. If Suits in Law are fupprefs'd all is loft, for the French are Litigious. This now is the Sample of mod of tbofeObje&om which I hear rafs'd agatnft the Syftem, and which are, in ipy Opinion, a great Proof of its Goodnefs. As for InflancQ, touching the Reimburfments,* to which I now return ; I do not difpute the Ranic and Dignity of mod of thofe who complain of them, but i (hall cell the^ no new rhin^, and y^hat they have not themfelves faid more than once, when I affert, :hat in refped of the pub' lick Weal, the mod confiderable part of the Srate is compos'd of Labourers and Workmen, or of Country People and Townsfolks, to whom' muft be added Merchants. There's the Fountain of all the Riches of a Kingdom, and what fupports aU the o^her Orders of inhabitants or Subje^s. Per- haps it will not be deny'd mp chat this fird Clafs is alfo the (nod numerous ,* now I would fain know. Whether their Edace lies in Annuities, and whether it fuffers by the Reimburfments ? I ask likewife, Whether the Sydem in its approved Be- ginnings, and its well known Views, be not pro- per to caufe the Cultivation of Lands, the making of Manufadurcs, and the improving of Com- merce ? I here omit the infinite Number of thofe who get i:heir Subfidance immediately by the King's Money, and who have gain'd that Eafeby the prefent Situation of Things, which they foe- merly lod more than once. ' • When it was promifed that the Syficm would enrich the Kingdom, this Promife did not fignify tha: it would preferve Riches in the Hands of thofe particular Perfons that were the prefent PoflTeiTors, efpecially if thofe very Men (hould be obftinate in caking Meafures dirc(^ly oppofue to thofe fet on foot K! I i f k1 ( 78 ) foot by the Scace, and in runnit^ down the Cre- dit of Government all that they could by their Dilfourfe and their Condud. 'Tis enough that the Poblick is become rich^ and to find that it is jb^ one need only enter any where into the Houfes pf private Men, and fee the Gates and the Ave- nues of the Rendezvoufes for Walks and Shews, as one only paifes the Streets of Parii. a ,1 am not ignorant of the odious Chara and the mildeft Anfwer I can give to thofe Deciaimers, is to telt them, that they are in all refpeds very ill informed. However, the Duor of Wealth nas been (hi open to evciy Body, and herein conHil^ the main Diifei^nce betwixt the Fortunes rais'd by the old Adminiftration, and thofe made by this. Perfons of Diftincftion did not enter into Bufinefs ^ bcfides, every one that would was not receiv'd. I only pity thofe who having a DeHgn to purchafe Adions did not receive their Reim- burfments foon enough, and this Number is but very fmail *, but they are far from having lofl all Opportunity, they may ftill come in time, if they will, to get more PKiches by the Actions than they did by their Annuities. The Difference between your Condition in the New Syftem, and that which you would have been in, if it had never been, confills then in this, chat you had a great Revenue in Name, of which you receiv'd very little, and of which, at laft, you wouid have loft all ^ whereas now you liave a Fund, which tho'it brings you in little, the In- come of it will be fure, however you lay it out, and will increafe if you pui chafe Anions or Shares. i 1 ( 79 ) I ihall further tell the Annuitaftirs^ and efpecial- ly thofe who complain that their Annuities are re-^ duced to a ^ Cent, that the ufual Annuities being icttled on Funds which produce lefs than the An* nuity ; and thole granted by the King upon Funds that were funk at the very Time of the Loan, the natural Confequence of 'em wa» noc a Retmburf- ment but a Bankruptcy, and had ic not been fdt the Syftem, we (hould have feen it fo before now. The Annuities were already reduc'd in the Reign of the late King *, and if People would conftder itf they might ea(ity perceive in that Reduction al monflrous Contradiction, which foretold the ap- proaching Ruin of the Kingdom. What was the Reafon of chat Redudion of Annuities ? Not as now, the Multiplication, and the eafy Circulati- on of Species, but on the contrary, the fcarcenels and intercepting of Money. Now, according to all the Principles of common Senfe, that fhould have rather heightened than funk Intereft, ought not Money, like all other Merchandize, be (6 much the dearer, as it is fcarcer, and more called for ? How then could the King pretend to pay lefs ? Therefore to reftore his Credit that was loft, by diminifhing the Intereft of the Funds which he had in his Hands, he was obliged to pay that In« tereft, low as it was, and to create other Funds at a very high Intereft ; and further, on his 6rft preffing Occafion, he borrowed Money from wealthy People, one 4th in Silver, and the other |ths in Bills, of which he himfelf had ruined the Credit, by refufing them at his Offices of Receipt, arid paid i f or 20 ^ Cent, for the total. What then muft have become of the Rents of the City ?' When the Impofts on the Entry of Goods were not paid but with extraordinary Difficulty, which' tended CO make them of no Value. ""■" Both ihl i \ \m ( 8o ) Both publick and private Annuicies^ tiken oti tiie ancienc Foot, hii^c the Lender, the Bot. tw; r^ and the State; They hurt the Lender, even b^ ^Ji excefs of prsfent Gain, which threatened him ac laft with a total bankruptcy. They hurt the Bor- rower by the hiph Intereit, which we prove to have been excemve, fo that even in uniufpe^edf Times you might have frequently heard it faid, as 1 have done, that no Annuities could (land above Jhirty Years without ruining the Borrpwer, by eerees of Sale obtained against his Lands. I know very well the Patrons o? Annuities fay, that the Borrower brought his Affairs in order with tha Sum he received, fo that he a^uaUy difcharged himfelf of a Debt, or fome ocher Incumbrance, or purchafed the Rank of Honour which is valu- able among Men, after which he put himfelf into a Condition by his good Husbandry, to reimburfe his Creditor. I make no dioubt but every Bor- rower upon Annuities, who does not ruin himfelf, ufes all his Dexterity to rid himfelf of his Incum- brance as foon as he can, and makes ufe of his other Revenues to free himfelf from his Debts, All this mgkes for me, and againft Contrads for Annuities? If he who borrows upon Annuities does net find enough in the Land upon which the li/loney islemto fave himfelf, or, at lealt to pay eafily the Annuity with which he is charged, this is enough for me to charge that Annuity for Ex- cefs 'y for, in a Word, it appears tru« by the very Objedion, that your Money lent will ruin any Man from whom you demand a greater Interest than the Revenue of the Land upon which it is lent, if he has no other £(tate, or does not raifo bis Money from fome other Eftate that does noir at all belong to you. In the laf^ Place, Annuities are hurtful to the State, becaufe they not only ruin an invoke Number of Debtors and ^^reditbrs, but (8i) t\fo becaufe they divert from Work and BufineD* particular Perfons who have but fmall £(tates> and whom the Conveniency ^f an Annuity throws into, and fupports in Idlenefs. The fame Reafons were urged in the £did of the late King of i66f , for Reducing the Interell of the i8(h to the 2oth Penny, under the Miniftry of M. CcUert* For I defy any Man to find one reafonable, folid, or advantagious Principle^ in any Adminiftration» French or Foreign, thac may not be imployed both more dire§;ly, and more effedually in the new Syftem, than even in the Adminidration from whence that Principle ihall be taken. I may ven* ture to fay further, that the moft reafonabie Ufe of Loans upon Annuities, which was the repair- ing of Lands and Houfes, is anfwered by the Loan which the King has promised to make a£ Two «^j Cant, on all real Eftates. I confefs that the Extindion or Diminution of Annuities, brings an Inconvenience upon thofc who ate reimburfed, or cannot further lend ouc their Money but at a very low Intereft. This is one of thofe particular Inconveniencles which proceed neceifarily from the publick Welfare. If the Eflates of the Realm could be put into fuch an Order as mod Law-Suits would be prevented, or changed into fuch fummary Caufes as are pleaded before Confuls, would not every one blefs a Rei^n, or Miniftry, that (hould procure this Happinefs to France ? Yet what a vafl Number of Families is there in all Parts of the Kingdom^ who have no Subfiftence but by Law-Suits and Chicaning. The Widows and Children of mod of the Pradi- cioiiers in Law would run a hazard of lofing their Dowries^ or what they expert from tlieir Parents, by fuch a Reform. This would be the Cafe when it might be proper to fay. If Law-Si^us be extin guilh'd all's loft, for the French are given to La a*, M T\-.x^ I; w I li : •..■,**•. >A ( 82 > There is only one A.nrwcr, however. Which could be returned to this Obje<5tion. Thofc who fol- lowed ftichProfefiions would in Time cake to fome other way of Living, or at leaft make their ChiU dren do fo. : And in the mean Time, the Body of the Nation would perhaps be deliveced &pm the greateftjof all its Annoyances. '>^ '^:>*t '^ir^ •: ? ' Thus when one fays to me, How many Perfons are imbarrafTed by the £xtindion of Annuities ^ All I apfwer is, cha^ this is occafioned by the Face of the Publick's being fo far changed, chat almofl no Body now is under a Necedity to borrow, or if any be, Money is become fo plenty, and the Circulation of ic fo eafy, chat it may be ahnoit had for nothing. Would you have me to be for- ry atfachan Event, efpecially when the Prince offers every Body a much greater Security by Commerce than Annuities, and is willing to fe- cure by a Depofirum in : the Bank, and by other Precautions, the Elates of the Clergy, of Com- munities, Widows and Minors ? Do you require that the King and your Fellow- Subjeds fliould ilill continue over-whelmed with Wants, not to make you more eafy, for you are far from being ^f but to give you a Revenue agreeable to your Prevention and Cuflom ? And how did Men in former Days ? 'Tis well enough known, that ic was long before Annuities were allowed by the Roman Law. All the Nations of Antiquity, who made themfelves famous either by their Laws or Riches, knew no other ordinary lawful Eftates but Lands and Trade,and even at this'Day, Annuities are little ufed, except in France ,* and even here it was not fo common till of late Years. Thofe People, at leaft, v;ho underdand Trade, (hew little Favour to Intereft, and always keep it very tow. Whar, in reaiiry, can w€ thirtk of one Part of the Sub- jcdb, who live and fubfiH in £afe upoa kodiog I i.: Money ( «? ) Money to others, who rurn themfeJvcs by it %^ I know very well, chat a Law granted them by In* dulgence, and after many Ditficulties faves them, provided they aliendt^ the Fand, from pofitive Ufury, With which I do not charge them. Buc pray, whan is this Alienation ? It is not to be per- formed but uhder C6nditioh of a moft rigorous Payment of Arrears; and a Sum of Money ienc upon a Fund mortgaged for it, is really lefs alienated than a Sum lent Upon a fiitigle Note for Six Months, But in 6ne, we may fay further to the Annui- tants, lend your Money at what Interei^ you can> if yuu find Borrowers. But on the other Hand, will the King, ^ho is preparing ta be abte to' lend Money himfelf, fuffer that in the mean Time his Subje I, and Ecclelilfti' ctl, have always equ^Hy pecmticted and approved, and which will inncti cho(e who do fo, by coM- iribucing to the general Welfare of the Nation. M a I l.'i 't ( 84 ) I (hall only give a brief Anfwer to the ObjeAit on. That an Eilace in Paper is eafily wafted. This Inconvenience is no other than what Merchants^ Men of Bufmefs^ and even private Perfons, who carry their Eftates in their Poclcet Books^ have always been fubje^l to. But further, to anfwer one Inconveniency with another, I would make no doubt, for the fake of the Publick, to fchufe this Way of lofing an Eftate, before that of Law- Suits, of which Annuities arc an inexhauftible Fountain. An Eftate is not loft by Diffipation or Waftefulnefs, but thro' voluntary Imprudence, whereas, in fpite of all a Man can do^ and with* out any Fault of his^ he is frequently ruined by Law-Suits. I doubt not. Sir, but you ftopped at the Place, where I faid that Anions are furer than Annuities, I think 1 have proved that Annuities were yery un- fure. The almoft general Bankruptcy wh^ch would have happened , qnlefs for the Syftem, may pafs fora SuppoHtionj but the difficulty of receiving; Annuities at the end of the laft Reign, cannot yet be forgot by you. The Matter then is to prove,, that Anions are fure, and to go further, th^t they make the fureft of ail Revenues. , .,^r?Vr>i -^-..k ay, I don't pretend here to combat the Advantages of real Eftates. Never any Syftem did favour them To much as this ; whereas the Imppfition of Taxes frightened the Peafant from improving his Land, and ftocking it with Cattle, left he ihould be taxed in a greater Sum on the Roll ,* but the Change made by the New Syftem in the King's Impofts, will engagexvery one to obltivate their Lands to the utmolt, for the produpng of every thing. This peaceable and ea^e way of livings will 'multiply the People of the Kingdom, and invite others from foreign Parts ,*> this gradual Augtpenta^ion will more and more raife the value ♦ ! 01 (85) of Houfes in Cities, efpecially in the Capital* We may alfofay, that wheress the Old Adminir ^ration furniih'd nothing but tended d&ily to the Pefolation and Deftrudion of every thing, the New Syftem is fo happy > that bpth the Confidence and Diffidence which People (hew with refpeft to ir, turn equally to the Advantage of the Kingdom : The Confidence in it, brings Funds in- to Commerce, and ihe Diffidence of it, occaflond the Cultivation of Lands, and the Building of Houfes. And farther, the Syfteni fornifhes even the Ungrateful with Means to a£t thepart they chufe. But in fhort, to fay nothing of the In- equality of Annual Harvelts, the ordinary Ex- pence upon molt part of Land eats up almoft all their Incpme, and every one knows the fhort Duration of the Houfes of private Perfons, be-^ fides the frequent Reparations, and fotnetimes Re-j buildings, to which all of 'em are fubjed. It isf not fo with the Revenues founded ona Commercei (b ample and fo mighty as Franu is able to under- take and maintain : We don't pretend to l)e ex- empted from Dangers by Sea, but the Lofs of a' Ship, which frequently ruins a private Merchant, V^ill fcarce be felt by a whole Nation; not only one Fleet makes good the Lofs of another, but one Year does the like ^ and what are we not to ^xpe6t from the Power of a Nation ? I do not mean( here the Power of our Arms to defend us againft our Enemies, fo much as I do the Power of our Commerce, in which thofe who would be natu-' rally^ our Enemies, will be obliged to intereft themfelves. A fn^all Trader, who by Envy would be inclined to def!roy a great Trader, quickly finds it his Intereft to join with him, and fortify him fiill more. It has been long known, that in Matters of Trade, the heavieft Purfe attrads all, and leaves nothing to others but Commiflions. I only i i! ii ( 86 ) only ^ouch here upon the firft Views of this Subi* je^, Time will extend it farther. '* ^- But I can now give you the Reafon of the Sure- nefs of Stocks, and of the Payment of Dividends, which is the Facility the State will have tb pay them by the Ufe of the Credit and Money of the Batik, £fery Creditor looks for two Qualities in his Debtor, vIt:,, that he be Willing Mid able to pay ; for without thefe two, even foreeable Meam ferves only co hailen the Bank-* ruptcy of the" Debtor, and to put the Creditor IP new Charge. With '/efpe^ to the King^ againft whom there is no FprcO) one runs always t^ fame Risk a$ to his. Good Willin every Admi«< Dfidratiom The only 'Queftioii then is, as to chq Capacity of paying ; and to fpeak the Truth, Kings have never fail'd, and/ nevfer will fail in the Paymeot of thetr Deho^ Except where there is an Impoflibtlity to anfwer: them. The great Need they have of Credit, whether bn a good or bad' RegulatijQsnM or well orrllgovern'd, v^ill al- ways engage th^ to keep it up ar much as they , The beft SyJJem^ therefore, without contr?|di- (^ion, will betbat which more certainly puts the Vrince io; a condition to pay off, witb the greater eafbj all bi^ Debts, which at prefent are only his EiEpences. I^rhaps I may be told by the way, tl^c this very Facility which the Prince will find for his Expenoes, may throw us into great Incon^ vsniences. lanfwer all Qbjedionsof this Ma«' t«F6 in general, wlkcn I (ajr^ that I dp not aafwef Perfoos, i pnly anfwer for the Syftem. Bue moreover, Expences which do not amount to Debts, are not hurtful in the Prince; now the Syftem is more proper than any other Admini^ flration that is known, to provide for theone, and prevent the other : This is'aU th^; can be requir^'d^ ^:.., Befidesj^ Befides, thofe who raife the Obiedion, do admft fihac the Syftem is a true Fountain of Wealth. Thefe are not the Perfons with whom we havo now to do, therefore I come to thofe, who pre- fend that Paper fubftituted in the room of Moneys has hlled the Kingdom with only a falfe and chi- merical Wealth. The Anfwer to this Objeftion or Reproach, is the chief Subjedof this Third Letter, in the re- maining part of which, you ha?e fomething new- er ilill than what you met with in theTwoiirft. In the mean time alt that is new, (hall only bo founded upon the ntoft ancient Principles of State Policy, upon the firft Inftirution of Money, and upon the Experience of all Nations of the Infufiiciency and Inconveniencies of the Ufe of Gold and Silver only for Circulation and Com- I ^rmly believe that noSyftem can be good which is not founded upon undeniable Maiirns^ and admitted by all Men, that make any ufe of their Reafon. Phtlofophy it felf fets us above many vulgar Opinions, only by referring us to Reafon and to com^ onSenfe, which are gene- rally very contrary to them. The Difference be- twixt a Philofopher and a prcjadic*d Perfon, be- twixt a true Tade and falfe one, betwtxt a M»if who thinks and reafons, and him who declaims^ and flies out, is not, tha^* the one admits of the Principles propof/d, aiid th.u the other does no6 admit of them, for commonly they both admit them; but :he former hav'sng once admitted > a Principle mv-:r departs fromi k, he makes what- ever he fays d impend iipon it, he looks upon what- ever arifes by neceffary Co^fequence from thi» Principle as a certain Truth, whether the Propo- fition bcold or new, whethciritbe received by all the Worlds or by- nobOBily* . Now ch& prejudiced noqu Perfon I li . >:^.\^^ IMAGE EVALUATION TEST TARGET (MT-S) ^ ^^^ 1.0 I.I 11.25 y B^ 12.2 |Ui|2£ u 1^ Photographic Sciences Corporation 33 WIST MAIN STRUT VwrMTI?f,N.Y MSM (7I6)'^72-4S03 ■^ i/j \ c 5^ (88) Perfon does not govern htmfelf after this marine^ when he is led from an allowed Principle to a newTriichi he firft denies tt by endeavouring to cover his Shame with Clamour, Reproach, and efpecially with faife and fcandalous Suggeftions $ then he is frignced ac every thing chat offers ic felf to him in the (hape of Reafoiiy and fcruples not to fay, that there are many Matters in which Reafon is of noUIe, and wherein common Opi« nion» Cuftom, or even an antiquated £rror,oughc to have the Decifion. Neverthelefs, the Truth forces its way thro' all thofe Obftacles, and by degrees, becomes the common Opinion, belcan/e it is founded upon Principles of common Senfe. The Publick quickly fees that there is nothing new in the Syuem which isattack'd, but a. mix* ture of Party Prejudices, and the ignorant Ab- furdity of moft of the ObjeAions rais'd againd it i What then does rhe prejudic'd M^n fay when he finds himfelf oonfonnded by the Effects which he did not forefee in the Caufe ? He thinks to come off by faying, that theSyftem has nothing in it that is new, or which has not been knowa time out of mind. Here he fpeaks a little more Truth than before ; for 'tis the fame with.whac 2)fs Cartet*fi Enemies fay, that there is nothing in him but what may be met with in Plato and Jri^ ftotlt, ; This being fuppos'd, I pray you to remember a common Principle, which you have undoubt-^ edly granted me on reading my Firft Letter, ^iz. That Credit is the greateft Riches of a Trader ; from whence I conclude, that it muft be the greateft Refourcc, and the greatelft Strength of a State. If when the D»t€b prefcribed a Law ta us at Giftrujdtnhurg^ any one could have obliged them to give up their Credit, and to reduce tbem- fblves CO their Species^ they Would haye been forc'd 1 n *iiU * ' upon ( 89 ) Upon the Spot to have yeilded us the Caufe ; for 'cis only by Credit that fmatl State^ which h^s much lefs Money than we, has fuppOrted it k\( againft the Power of ourArmsi' and always came off with Honour in Treaties of Peacd« The chief U(e of Credit ii to repi^efent Money by Paper, and this Ufe may pafs for oh6 of thofe popalar Infticutions, whoTe Author is not known, or rather, which had no particular Author. £vet (ince Commerce was fettled among Mtn, he who had occafion for Money, or could not find it to pay what he ow'd, drew a Bill in lieu of that Money, wherewith the Creditor was ^tisfy^i. 'Tis plain that this Pra^ice confiderably multi« plies the Species chat is wanted, and which could never have fufficed without Credit -, fo that one may be aiTured tha« there are a great many more good and valid Bills cut rent in Trade, than there is Money in all the Trading-eaih together. This Ufe of Paper went alfo further among the Mer^ chants ^ for their Bills pa(s'd from plade to place, and often caus'd an infinite deal of Bufinefs to be difpatch'd before they came back to the Drawer ; fo that their Bills anlWer'd for as niati7:3i^ms of Money, as were necefiary fbr them to^ hive, to whom they were tranfmitted. -\ The Syftem has done nothing elfe In this Re*^ fpeA, but to make the general Begiiinfnig a^ the King, of that which Nature, or if Vi^'riiayTo call it, local Motion, and the Neceffiry of thinj^s, had introduc'd among private Men ; fo that inftead oC looking upon the Syftem as an incolefabl^ Novel* ty, I am aftonifli^d that this alone was hdtefta* blifli'd long ago. 'Tis certain at leaft, thsjt no State hitherto has been well Or lil fup^ted, but as it has (hared in it more or lefs. ^ >l^<''^ . ^ The generality of Metrwill not Wl to foy up^ on this Head, that the Credit of a ptrdeular Bill ii*i N is ( 90 ) is maintaip'd and preferv'd by the Liberty of its being aqcepced ; but I aif^rc on th« contrary, that the Credic of fuch a Bill is doubtful, and its Cir- qulacion lin^it^d, only becaufe its Acceptance is free. In a wprd^ the firlt Man who refufes ic without fpnuich as a Reafon ex prefs'd, makes ic to be.fear*d, left (he Drawer of the Bill beipg a private Many and fubje^ not only to the publick Em^parrafment of State Affairs, but to the ferret Embarrafment of his own Affairs, (hould not have the Sum mention'd in his Bill* This ilop^s the Circulation of it, and caufes it to be Tent back immediaceiy to the Drawer ; whereas, if every body was oblig'd to accept it, it might ppffibly never return thither again, and confequently the Drawer be never oblig'd topay it« /* i m, '. This^iirft Propofitipn is fo plain that I (hould be a{ham*d to prove it, if ther^ were not feme Per- fons deeply verfediaBunnefs, who inceiTantly re- proach, the prefent iSovernment with forc'd Cre- dit i a& if there was any general Credit which was not founded upon Statutes and a Law. Money ic felf. has need thereof for Circulation, and we have been qblig'd more than once to have recourfe to the l^gijdrate, to make Tome private Men ac- cept of certain Species, or of Species at a certain rate^;,'Tis this very Conftraint, which is the Caufe of the publick Confidence, (ince the ge- nerality would never accept ai^y Coin or paper which any pne Man fbould have the Liberty to refttfe. I have fometimes heard you your ielf coniplain, . that Arrets upon things of this nature were, not Toon enough known in the Country to ^uiec the Minds of t)ie-Pqqple. Now noting better denoxes the Tru^h of a Syftem than when Men, without confidering it, and even by attacks ing it,j fay (juich thingf; cpntinually as are agreeable to it-: Therefore 'tis tt^c want of fuch s^o Aujtho? . -•: . ..^.: .^ .. rity (9» ) rity oif general Law, which confines the Com- merce of private Perfons to fachnafi*bw Bounds • for no body but the Sovereign (as I faid'iri my for. merjcan have real Credit, while pHvate Trader^ niuft always be content with the Shadow of it. This one thing (hews what was the weak Side of a Government, where meer Burghers could info- lently boaft, that they had more Credit than the King, becaufe the King only made ufe of his Credit to borrow as well as they Sums^ which he c^id not pay as they did ; whereas, the Credit of a SoveFeigii confifts in paying validly eVen by his Promife, what private Men cannot do by theirs. But at lalt perhaps you will tellme, that you cannotcomprehend with all your Ingenuity; how 'tis pcffible that Paper can be good Payiiient for Merchandife, and that tho^ it might ferve yOu to have it, yet the lad Bearer of the Bill wbuld certainly be a Lofer ; I niighc anfwer at once, that Circulation being eftablifh'd^ the lad Bearer of the BUI cannot be a Lofer. But there's a more fabftantial and decifive Anfwer as follows : ••'-There is tio real Riches among Men but Provi« fions and Merchandife, and no real Commerce but the Barter of fuch'Provifions or Merchandife, Gold, Silverj Coppei^, • BtUs, Shells mark'd and ftrung, which are ufed ift^ certain Coafts of Jfri^ ca, thefe are only reprefcntative Riches^ or ihc Signs ty which real Riches are tranfmittccl. Thofc who are Owners of Lands where fuch PrpVifions Or Merchandife are produc'd, br rather thifci who go for them into fuch Lands br Waters as do not properly belang to anybody, all fuch, by deli- verinJTihe faid ProvifionsdrMercharidife to thof^ whcrderire'them, have a Right to recieiye ffohi them fome other Effe^s in Exchange 3 biii foraf- much as it offcA happens the latter have not where- with ?o fupply the former, they giv- luc loimer iJs!?".'* N 2 in ( 90 in the Sign of Tranfnrifliony be what k will, a certain Recognizance uadecerniinace as to the nature of the Effe^s.they have received, but de« terminate as to their value, fo that I Igokupona Cfown>piece it feif, as a Bill drawn up in thefe Terms, ^ny Selier mayglvt the Bearer Vfitat Vrovt^ Jtons or Mcrcbandije be wants U the value of three Livresy in copjiderathnof otbtr Vrcvijiom or Mirchan" dife of the fame value given to me^ and the Effigtes of the Prince, or any other publick Stamp, may ferve for the Signature. Therefore all the Stgas of TranfmiflSon are equal or indifferent fo far as they repref^nt all Ibrcscf Bffe^s, and fo far as they aitethejcom- mon Standard of their Price and Valuer If Pro- vifions were on fuch a footing, that in cafe there was no Sign of Tranfmiffion, I fliould give ten Quarters of Corn for a Hogfhead of Wine, I fhould when the Signs of Tranfmiffion are fettled^ give but one Hogibead for five Qiiarters of Corn, when 1 give ten Quarters for a Hog(head of Wine ; this is eaffly underitood, and Ibews yon, chat tho' the Bank pill (bould neverproduce Money ,which is ao Itnpo(BbiIity, no Qearer of fuch BiU could be a Loler, becaufe he has thp^fame Title to aprO" per Merchandife as the firft who receivM It, The Point to be coniider'd now is^ what are the moft convenient Signs of Tranfmiiflion in a State. The Sign of Tranfmifliorr may be pilaced upon Matters which are in rhemfelves of no value, or fp.l;^^!, as not to deferve regards as Paper and Shells ; or elfe it may be placed upoQ Matters which are in themfelves a confideiable Mer-^ chandire,as particularly Metals ; and out of .this Klerchandife fuch may be chpfe as are the Produce of the Kingdom, as Iron and Copper ^ or whuc comes from abroad, as Gold and Silver. . ., i< ' t A Metals .t. ri (9?) Metals were ufed betimes co ferve as Signs of Tnnfmiflion, or Money :, in the firft PIace> Be«« caufe they are unalterable co a certain def^ree, and do not wafle by palling continually from one Hand to another. And, in the fecond Place, Be-^ caufe they areexa^lydivtfible,and roayconfequem-' \y ierve as a juft Meafure for the meaneft Merchan- dize. Men began with Iron and Copper, whkh is found almoft every where, for it was not natu- ral to make what is only imported from Abroad the Sign of Tranfmiffion, for domeftick Mer- chandize. I am very ftnfible that the People who poflefs Mines of Gold and Silver, were eager to make Advantage of other People's Fondnels for tboie t wo Ihining Metals. This 'temptation pro*' cured infinite Advantages to the PolTeflbrs, b^ drawing to therai asaTribute> the Merchandize of other Nations, but it laid the People, fo cor- rupted, under a terrible Inconveniehdy, vi^s. The frequent, and almoft continual want of a fufficienc Quantity of Bullion for the Signs of Tranfmiifi- on, neceifary for the Commerce already eftablifli- ed among them $ fo that many of 'em^ for want of the Signs which they ought tO/hftre, and to which they have a Title, could not buy the Goods tAisy wanted, tho' they bad abundance in their own t^untry* Theliyeonveoiency is (till greater, when even the Ptince is deCHtuee of thoTe Signs of (Dranimiilion, bcca^fe not to mention the ge^* nerai^ and fomettmcs (udden Etpence, which the Prefervation of hi^ State reqtiires, the greateft fm (tf his SubjeAs fubfift b^(he Salaries or Wages which he gives them. Islow this warn of BuHion proceeds commonly from the manifeft Covetouf- nefs of Neighbours^ a«rd the blind Diffidence of the St^bjeas. The Neighbours being fikewife lovers of Gold and Silver, have an inmieeNum- ber of Scracagems co draw it to t^.emfelve5, by K 5f ( 94 ) corrupting fome, even of the Subje<5l5| with un- Uwfui and criminal Gain. Or elfe, che&ubjeds, wicho^c dipping into fuch Mifdemeanors, hoard up (hpfe Signs of Tranfiniffiou as a real Treafure, being induced co it by fome Motive of Fear or Dif- truft, which I always call bJind, becaufe it itops a Cic^u^latipn th^c puts a State to a lofs^and which, i^ more, likely than any Thing J^lfe^ to bflug that Poverty which they. fear,. both upon Others and themielves. , ^ r . , ;fiuc here is a fovereign Rejtnedy for thif Evil, vi^v the giving Men a Sign pC Tranftniffiohy^the Matter of whi4:h is cheir ownPfodud, and which the Prince can jeither augmeoc or diminifli, ac- gprding tO'^he Nec^flitiesof the State, and Cont^ ifierce, and w4ii$;ti efpecially is intrinncally of no ValujB^t all^ : Tha£s the main Ardcle on which I pretend tQrfely> ^old and Silver ar« naturally^ Merchandize^^swell as other Things. That Pare of them mad^ into Coin was always appropriated tpthis t7(e^ ^nd Goldimiths were never permitted tq buy up ttie Inputs d'Or of Gold or.SUver, and iDelc th^m. . ] So. ^at all this part was taken out of the cpmipQQ. Jri^Q t>y a Law which ha[d its: Rea^ fons in (he 9r9.|iQOt Qoyerhment, but is in it felf difadvantagipMs. 'Tis as if ^parc^of the Wool^en^ and Silks in the Kin^dptpi ^xfore appropriated for> ^he Tokens of Xr^nfipiifion. Would not Peo^D^e be more ^afy if th«y w!ere piit to^he^r naturai .Ufe, and if the Signs o| Trsinfmiffictfi were applied tQ Matters which in themfelve^ woXild ferve for nor thing ? But the great1s& M^r^nUfSfi of Signs appji- ed to Mattejrs of this Nature. ts^ibac there would be no Tempt^ion to divert ihie]B9Lfro0i their pro-^ perDe(ign> which is CiraiWt^bji. ' 1 > - it The Prince has a dire^ Power over thofewho hoard. up and conceal the Species, becaufe they; o^iy b^iopg^ tp private Perlons for C^ceulatiooi * ' and ♦'.* ( 95 ) and they are forbid to appropriate then in ah)r ocher Senfe. I am well enough pleafed to repeat ''and explain this Propoficion of my laft Letter, be- caufe you tell me ic furprized and offended Ibme Perfons, cho' there is not a truer Propoficion in Politicks. I did not (ay that ic was lawful for a Prince to call in all the Species of hisJ^ingdom to appropriate chem to himfelf, and leave his Sab- ieds none of them. This is what the Old Govern- ment did in pare in the Recoinage, which occa* fion'd the Money Bills. Biic all the Species of the Kingdom belong to the State, reprefented in France by the King ; and they belong to him ex- a^ly like the Highways, not to include them in his Domains, but to hinder others from including them in theirs ; and as it is lawful for the Klng^ and none but the King, to alter the jgreat Rodds for the Convenieocy of the Publick/ of which he is the only Judge, by himfelf, or by his Officers^ fo ic is lawful for him to change the Species of Gold and Silver into other Signs of Tranfmiflion more advantagious fb'r the Publick, and to receive them himfelf as he receives the others ; and this is the Cafe of the ptefent Government. In the mean Time, as long as the Species of Gold and Silvei^ bear the Effigies of the Prince, or' the publick Mark, and as long as thofe who hoard them up regard them as the Signs of Tranfmiffion, fo long the Prince has full Power to oblige them to give them Out, as Perfons who do not make chat JJi^Q of the Species for which it is defighed. The Prince would have the fame Right over £(lates^ that belong to you in full Property, and may oblige you to fow yourLands^ and to repair the Hottfes which you have in a City ^ on pnii of iofingtbem, becaufe in the triain, your£fiat£s ^'^rc only yojurs on Condition, that^yba ouUte (uch Ufe ff them. ^s i^ fit for rthe Society, :jfiliiiia;&acv it is Ol (96) "iHH better, for avoiding Inquiries/ and Confirca-^ ttons In Money Matters, to trace the Evil to its very Source, and to ^ive Men fuch Money only* as they (hall have no Tempcation to hoard up. Paper then fully anfwers all the Conditions which we look for in Matters of Money. *Tis fafe enough from being altered, fmce it may be eafily changed ac the Bank when 'tis worn, 'cis exadty diTtfible by the Value contained in the Bill) and the (mall Sihrer Coin which will always be left in Trade, fupplles the fmall Divifions necef- fary for the Occasions of Life. It is taken in trante^ and the Prince is always Judge of its Quan'> tity, a«;cording to the Neceffities of the State; Laflly, 'Tis not In ic felf of any Value worth fet- tklg to Account. r/*? Br**: ^m-^^^ n The Bank Bills have alfb another Advantage, which furnifli us with more Reftedions, viz** That being convertible into Spedes, it has a twofold Ufe at the Pleafure of the Bearer, the one to ferve in the Purcbafis of Lands or Merchandize, and the other to produce Money. As the French are not yet accuilonied to the Uiefixlnefs of Credit, fome have thought it hard that they (bould be forbid to bave above Five Hundred Livres in Specie,and ehat Hiey (faould be> ordered to make all Ptymenrs of above One Hundred Livres In Bank Bills. Thefe two Pradice» are neverthelefs authorized by the Example of our Neighbours, who knew Credit before us. I do not fpeak only of the Confifcati-* on of Specie& which has been ufed in all Domini- ons, and in Frsnce it felf, by no other Motive but the reftoring Circulation when ftopp'd. Bm ever fince the fir ft; £(tabli(hment of the Bank of AmfiW'^ dam in 1609, private Perfons have been forbid to take any Stun of Money in Piyment of above Three Hundreds Florins. Without this Rule, the Iaftitation«£GrediT would have fignifjiUnothEtag^ f: . and It ' jwi;,**^ (97) and would have had neither its natural Extentit nor its chief Conveniency. The principal Ad- vantage of a Bank Bill is to make great Payments, while the Species of Silver makes middling ones, and Copper Money the lealt. Now, as there has been a Prohibition in France fo much as to pay away Copper Money to the Value of above One Hundred Sous, there ought to be a Prohibition to pay away above a certain Sum in Silver Money, and the Bank Bill Ihould anfwer all the Overplus. That's the only Method to keep the three Sorts of Money in a convenient Circulation, and in thac Gradation of Credit which they mutually lend each other. Bank Bills would not be taken if. they did not produce Silver for middling Payments, i^or would Silver be taken if it did not produce Money for the leaft. But as to that Matter, what would you think of a Man, who having a Million of Crowns by him in ready Money, (hould under- take to change them all on one Day into Copper Money ? You would fay to him, without dbubt» '^ Ho, what do you mean to do with that Heap ? Would you exhauft a whole Province for a meer Whim ? Is it not enough for you to be able to change fome of your Crowns, one after ano- ther, for your daily Occalions? You will never lay out all thac Sum in fmall Expences, and I advife you to keep the greateft part of it for Payments or Purchafes, which you can only, mdke with Silver Money.'' This is what every one ought to anfwer to himfelf, when the Prmsb were fo eager to realize all their Anions, and all their Bank Bills, But as the Majority of Mankind confifts of the Vulgar, and fuch as are Children t9 new Eftablilhments, they muft be led by Authori- ty to that Point to which F jafon raifes Men of I ears and Parts all at once. In the main all Na- tions refemble one another In their WeaknelTes. €C €t €t who in fuch a Kingdom as Frtfifc«, where publick Commerce is newly \tt on Foot, declaims againfl! the Publick Bill^ or the Bank Bitl^ is in the firft Place as ritilictllous, as he who in a private Trade in which himfelF was con- cerned, mould declaim againft Bills of Exchange, and the other Trading Bills of Bankers and Mer^ chants. , Secondly, He is as ridiculous as the Man who would keep a City of Trade, and fmmenfe Riches, in the bare Ufe of Copper Money, on pre- tence, that when it drove no Trade at ai^ it had no other Money than that which nevertheiefs vva< not then fuffieient forit. '^" ' I know not whether yon will not ftatt an Ob- jedion here, which I atn told is raifed by many. Our Bank Bills, fay they, may be good at Home, but what will become 6f Commerce^with Porei^- ers ? I might anfwer, That never amy Kingdom was better able to (ub^ without Forefgtiers than this \ bur I go farther, and ^dd, that 'tis impoflt- ble for Foreigners to do without US' Nay, Imfnit look upon France as the principal Staple of Com^ .merce, the general Bank of Europe^ and perhaps of the other Parts cf the World'. To confider only the laturai F^rodui^ of our Sot!, we have always delivered more Mierchandize to our Neighbours^ than we have received from them. And fetting^ atide the Diamond^ which the new money 'd Men have bought of Fore^ncrs, who ate neverthelt is anally fs (99) actually p^idi the Balance generally fpeaking has been to our Advantage -, that is to fay, at the end of the Accompc they have always owed us Money. If this Advantage ought to take Place yet more hereafter, For^ners will always be obliged to fend to us the Funds of Gold and Silver which they will owe ;us for the Balance, as the King has lately done on their Account, to put France out of Debt to them^ fo'that the Bank Bill m^kcsno Alteration in the Commerce with Foreigners { or, if at lad Foreigners take our Bills, or our Acti- ons, as the Value of them remains in the King- dom, they will be obliged to bring them back to be paid, or to lay them out in the Merchandize oi France, In a Word, our Paper Credit cannot be in their Hands without making them French' wen in Tome fort, and without intereding them in our Credit and Commerce* Foreigners them- felves have taught us co look upon our Bank Bills as real Money, for their Gain or Lofs was always with them exadly anfwerablc to the Rate of the Exchange upon Gold and Silver. They have gained zj ^ Cent, they afterwards loft it, and, in fine, they got up again to Par, and above Par, jult as the Gold and Silver. Whatever JmprefHon, whether ftrong or weak, what I have faid in this and my two former Let- ters, may have made upon your Mind, or how- ever you are afFe<^ed thereby, whether well or ill, the Syftem is e(|abli(hed. Ic has with great DifR- culcy furmounted the Obftacles raifed againfl ir, and the King and the Publick are fo far ingaged in if, that 1 dare fay, 'tis not podible either for the King or the Publick to deilroy it. This is the Advantage of ail Sy (terns founded upon Truth and Nacure* At firil People do not eafily com- prehend them, but when they have once obtained, Qothing cap eradicate them. If they want to be O 2 toe- :i ( loo ) ODrrct^ed and compleaced, it mud be either by their own Principles, or by themfelves. This has moreover this Advantage, that being a pradi* cal Syflem, it has fo nicely taken in all the Mem- bers of the State^ that 'tis impoffible they can be difingaged from them. The India Company has acquitted the King by taking his Debts upon themfelves, and brings him in moreover Twenty Millions a Year clear Mo- ney. . If the King does but (hake the Syitem, he lofes his Tvi^enty Millions, loads himfelf again with all his Debts, and furcharges himfelf with all thofe which he incurred with refped to the Bank Bills and A(5lions. He has a Credit which is al- ready ten Times more than his Species. From the very Day that he fhould ruin the Syftem, all his Species would be difperfed in indifpenfible Debts, and they would not have Time to come from the Bank to the Royal Treafure, therefore the moft fenfible Enemies of the Syftem even wiih that the King may never give it up. On the other Hand, the Publick is gotie into it intirely, by a Choice which becomes every Day more ne- ceifary ; and fince the Syftem has inriched many» even of thofe who have not taken AtSkions, its Ruin would equally involve both the one and the other. Therefore when I faid in my former Letters, that ro make valid a Syftem of Credit, nothing was wanting but Peoples going into ic, I did not pre* tend to fay, that the Eftablilhmenr, or Succefs of the Syftem, depended on private Perfons ,• 1 only advifed them to come into it fortheir own Advan- tage. No Body could fay fo much for the Old Adminiftracion ; for Peoples going into it, was not enough for them to find their Account in it. How well difpofed, or how capable foever were the M'u nifters who undertook It, jM ^heik Care was only (O ( loi > to teflen the DefeA of the Fund of which they were not the Authors, and to' have as liccle re- courfe as poffible to Impofts and Loans, a Re- fource as ruinous to the King, as cruel to all Or- ders of the State without Exception -, fo that the Principles of the old Adminiftration were fuch, as could never be made ufeof for a good£nd. Whatever they were, it was never the part of a Man of Senfe to drive againft the Government, becaufe the Prince always finds away to ruin thofe that rend him ; what (hall we think then of thofe who murmur againft a New Syftem which has fo much inrich'd thofe that came into it, and which has (ince aiTum'd a vifible and conftant Form, which by its own Nature fecures a more certain Eftablilhment than the Annuities, and fuch an Eftablifhment as may and will grow, whereas the Annuities could never but diminilh, and are funk? n.r 5/f ' There are fome Annuitants who keep their Reimburfments in Bank Bills inftead of taking Actions, which produce a Dividend, and who then complain, that what Eftates they have now^ bring them in nothing. They tell Lies for the Publick, and 'tis their own Fault if they don't lie for themfelver when they pleafe. The Adions, fay they, are only an imaginary Eftate ; but in truth, they don> perceive that the Credit of the Bank Bills is of the fame nature with that of the Actions, and that they even derive their Value from that of the Actions. Some pretend, that thofe ought to have been kept for all the Annui- tants of the Town-houfe. As .o abandoning the A^lions to the Courfe of the Place, there were looo fubftantial Reafons for it with refpeA to the Anions themfelvcs, which fuch Referves and Delays would have deprived of all Favour, Credit, and Revenue ; but can one regret the not \. having iiaving kept ^tiem for Perfpns, fwlio eyen at th|s day only call chpiri a Chini9ric4l-;|^Qace ? Jc mmft njsttercheiefs be granted co.che Enemies qf cibeSy$eip9> K this will be a plealure eo chei9> that they have a certain Power againil ir^ vis^. to f^tard a great many of its advancagious Ope- rations which the People would actually enjoy, i^herto mofi of the Time has been neceilarily la- i^eo up 11^ removing the Obllacleswhiqhfuch £ne- ;ii)i^s, w^^^b^i' ^^^^ ^f ill afF<;d^d, throw in tb^ yi/^y pi che Syflen^y and to repair or hinder thp Wropg which jilj^iy do, or which they would dq. The Jealoufies tl>ey raife in the Publick, aie the f»rif)pipal C^uTip iof the dearnefs of Merchandife. Wor^i^eQ can hirdly be brought to like Bank Billf> (bcicauie they hear them inceifantly rundown; ^nd inany Aferchants who know the Ufe of Papc^: jCiedit be>tter than others do, in order to keep tip Merchandife at an exceffive Price, make a ■|:la9dl^ of the ^difadv^ntagious Prejudices which «hey fee difp^s'^ ?mpng the People againft thq X(oney which is offer'd them ; nay, fome bear vp againft their own Confcienccs, and in fpite d the Exception m^de in their Favour, as to the quafitity pf M^ney which they ipay have, and thisy alio joyn with uf;igrateful People againft a ,^y ftem that has enrich'd then) $ a roi;t of PeopU tji^t a^c now to be met with every where. Bur, an fi99, the Vif^ory of Good over ^vit being near at hand, npt in the I^ipd of ttie ig|iorant and im- potent Maleconcent, but in the Vi^ws of th^ Ppnce and Mafter, w^ (hall Coon fee the Fruit)^ which this imaginary Eftate alone is capable of producing, and which real Eftates would never have produced, fpi^. The Communication of Seas and Rivers, the Repairs of the great Roads, tho Eftabiifhment of pablick Magazines to prevent thq dearnefs of Prpvifip^s even^ in Y(Bar$of ^caicir 21 (fojy if. Indiiilry fc ill "rewarded^ atid fo difcttui^^ it&cnirs; it isttotcidf bt (hairen in iti^ Stktc, w)fhttiicf RejtobUciW w Monarchical, thij!bHcQildttMt$ it. tfie PblltftiHihi^ of rbe laft Ace, ^«'ho created of the ianSs of '/^i- (ttr^im atid rej^Jctf*, loofeM Off fherirtoi be a^ dttraii ble as thofe States themfelves. I have prov'd^it tty be impoinble chat the Royal Bink can ever be deftroy'd either by the King or the Publick : But, beddes, how great is the Advantage of Defpocick Power in the beginning of an Igftitution rubjjed to fo many Rubs from a Natidtf nbbuVd'to it ? 'tis in a manner impoflible to unite foon enough the Opinions of the Heads of a Republick, to remedy the daily and often contradii^ory Inconvensencies which the People raife, and which do, in appear- ance/rom one day to another require contradicto- ry Remedies. The greateft number of Leaders does not give their Opinion the fureft way, and their Experience i^-ehe old government, is the principal C^ufe of lt6enr^&tiilak€s in the new one. A wife Princ^' Mnii^iy fl^of tehs alt thefeDiiii- culcies j and ibrathivich attlvefd^is a poQibility for fome to revive rn^prc'^fs bf 'timb^a King is always in a better Ca^tqity to remedy dheiti, than a So> vereign Council^Whofe Debates siiid Delays mud of neceflity take up Tittle before a majority of Votes can be obtained lipon the mod urgent Affairs^ I may add here, chat *(is the want of a Defpocick Power which keeps up among our Neighbours fo many different Companies chat aim only at the Ruin of each other \ whereas a Jtoing a^ing by himfojf, is capable of reducing . , the ( 104 ) the whole tooneView^ and of giving his King^* dom a general Credit, as the only one that can procnre the Cbnfidtoce even of Foreigners. Be- ndes> Vtance has all the Conditions requiHte for, carrying Credit an^ Commerce to its higheft Fitch, as the Extent and Fertility of its Soil, its Sitaation with refped to both Land and Sea, the Induflry and A^ivity of its Inhabitants, &c. Therefore the Syflem is fo far from being impro- per for it, that 'tis the only State in Europe^ and perhaps in the V7hple World, for which it is bsft fiiited. ... .■^:\^ .a ii:a.f tril, ^.^^ 'sib '%\ ;-• Saturday^ MaytSi X720« '^hlli . '\ p-j.-'} noui o:?i^;.f >. J !. f ■ "■■■':■ K v>/r' l« 1 ■j! V ?i^;5'ib/ III ■-.'a -•4' i/ \ • -it^ «V t «^ vtf ' o ■::?:'.■'■. ("5) tiliRlEMS(«^$M»^l3^^^^0^^@0 *>TTs;Jj' ETTER UPON THE tiijl ^.LH ».*» 1 v.;,»' ^-•^' A" R R E T •i :jt::j f-y Ti -i ■/.&ii 'lyi Vi OF T . H £ Coundl of S T A T E, Dated the a ad of Maj^ 17101 "^ v: -» •♦ »» w^ ' O U are quite wrdng to ^ fo mdch aU«rm*d as you feem to be ac the Arret of the 226 i I confefs that ae firft Sight it does not look very well, batif yduGonfider it a little, you'll find that 't\4ras neoeflaryj and wrongs no body* 'Twas neceiTary to fix a juft Proportion betwitc the Bank Bills and the Spede, therefore we were forced ^o deviate from the former Proportion^ Without which^ the A^ons and Bank Bills muft MtavoidM^y have loft their Credit. ■" T ■ ■. P . It ':i It would have been againft all Reafon to fuffer the Species to be lower'd without lowering the. Bank Bills in proportion, and it niuft have beien impoffible to giye three Masks of Silver fior ono receiv'd. ^ Silver Money is a Piyifion of the Bank Biit, et rather the Bank Bill is Synonymous with Silver* This very Bill is a DiviHon and part of an Adion, therefore no Change can happen in the Silver Species^ which mufl npt equally afFeA^fhe Baii|^ Bill and theA<%i6n* Would k be re)il0nable A diniiaifli the Silver without dinunifiiiai; the Gold in the fame Proportion ? aifuredly this would not be to ad confequentially. t> ^^ J This Arret does wrong to no Body. It dpes none to the A<%onieri who prefetves the fame ReVei^ue^ Thfi Compaiiy .has the fiund Funds CO divide. The Dividend will be the fame* The Ac5fcion gave Two BundfetH^ivres Revenue^ it will give the fame Itill^ and has the fame pro^ ipe^of Increafing. >l v^ >J^a«7-r % ^ At the. Years end, when^ ^ Redii^5ifibM Ihialf be'made, the Adionier will be as rich witl]i his A<5liqn reduced to Five; ThoiifandL livres^ as he was before the Arret with Nine Thoufand Li V res. The Arret does no wrong to the Bearet of the BankBill, alt that he could defire^^s'tot^vetha fame quantity o^ Bumon i» h^^aiuried to the Bank or the Minr> fi^vyiUhave jttft the ftme* He carried in his Silver i|t the xatft of ^ty^ Seventy, and Eighty Lij^rest a Marit, which Silver is to be reduced te» Tlur^y t«tvre9. The BaHfe Bill is reduc'd only in Ch0 (iipe PrppoBtion^ This Arret leaves^ the Bearers :of Reoeipitt iia the fame CoivtitioQ k found them. At the time when notice wa^ given of thjBirReimbarf^ ment, the Mark qf gUvec waaac SixQr L«my r and - * • ./ • . . -'• .• , ^ m.^ ■ .' ■ ■■'■ „ •• ( ,07) ■ imd by CoiAqoehce «rould be diminifliM one half. The iBank Bill will be diniinifli'd no more, and will yield them as many Marks of Silver as they "^'oold have had if thiey had been paid off in Silver at Sixty Livres per Mark. Befidesy the Bearer of Receipts may get a$ much by chem as he would have done at that time. He will have the very .fadne^ number of A^ti* ons. The real worth of an Employment is deriv'd from its Revenue. The Revenue of an Action is not diminilh'd, by confequenqe the real Value of the Adion is not diminim^d. The Adionier was to be paid only in Money* whofe value was lower'd, but he (hall be p^id in Money of a fi:;'d value ; and y^hile Provifions abate in proportion, he- fliall, with the fame Revenue be enabled to bear double, nay, treble ihe Expence whiph he could otherwife have done. ^ To fliew the Worth of the Arret, I will fup- pofe, that inftead of the Diminution which It orders, it had carried the Price of the Mark of Si[yer to double the value, viz, to One Hundred sindEiilhty Livres^ and theAtS^ion to double its value in like manner, viz,, to Eighteen Thoufand liivres, ^ould the Bearer of the Action and the Bank Bill be ever the better thati he is noW ? un- doubtedly no. ;^ .By this Hyppthefis, his Capital would feetii augmented, but all things augmenting in the fame proportion, this Augmentation of the Capital would be only imaginary, and could not do fo much with Eighteen Thoufand Livres as it would have done With Nine Thoufand. As to his Re- yenue, |t would not have augmented according to Numerical Value, the Company having only the fame Funds to divide ^ and Provifions on the contrary augmenting in proportion tp the Aup;- r: ( io8 ) mentation of Species^ it was impoffible thicT«M llundred Livres (hoi^ld go above half fo far as it did before the Augmentation, and confer quendy by the former Hypothelis, the con- dition pf che A^ionier woold- have been woffr. Therefore the A^ionier has no Reafon to com- plaifi of the fi^tpt of ^(ly 22, it does himi no Ia«' jury. Thofe only feeiq tp have Reafon to complain, ^ho having but a fmall Quantity of Bank Bills iii fheir liands, could not reach to the Price of an Athlon, but even thofe have no Right to com- .plain, fpf befides what they made by the Aug- ipentation pf the Species, their Bills are dill kept up at the fame Value for paying Impods, and all the King's Duties ^fo that in Novemhr^ {For InRance, the Peafant will receive for the Price of his Provifions, a Bank Bill at the Rate of Ontt Ifundre^ and Ten Sous, which, (hall be> taken in fill theKing'$ [Receipts at the Rate of Ten Livres, . ^nd fo pf other Bills in {proportion. As to thofe who had a great Quantity of Bank pills by theip, their Lot is not indeed fo fortunate as that of the A^ioniers^ but 'tis their own Faulty , for why did they |(eep their Bank Bills, and hot convert them into Anions ? But feme will fay, may one depend for Time t& come upon any Thing, afc^r all the Variations we hive experienced? Let us narrowly examine thofe prerended Variations, and you will be con-: vinced^ (hat by (hp Arret of the aad, the Regent Jias performed all that j^c promifed. The ^ark of Silver was at Sixty Livres when ihe Regent ingaged tp pay pfFthe Debts of Fif- teen Hundred Millions pwing by the State. Ir cannot be denied, but this Proje^ of paying off I'i^rten Hundred. Miliiqn? pf Jpqb^s was very ad- vantagious :hc ^ vamisijg^iis to the State, ^ th^t iniy intliS : >f an thought himfelf ^ppy lOTCce^^e m Uotvey lit the Rate which 3pe€ites;tDenweQt at, that is to fay, at Sixty Livrts the liQrk, joopfideriog thafc the Contraas on the 'Town l^ad )6ft Sixty Vfi Cent; for in ^he main, th^ C^reditors could oy^f demand or defire what Wai poffible, and it wziHXh> . fvoffible otherwtfe to |>ay o^ the pNsbts of^tHt State. w The Regent by drci^la|ing the l^ark pf Sityei; at Ninety Livres, feemed to fail in the Prbtijafe which he made, not to (itik th^ Coin above $ix- ty Livres^ Mark. Now, he re-entersinto his Engagements wbipK he looks upon as inviolable, an^ which he always had a Defign to fulfiik All the Creditors are paid pfFat the Rate of Sixty Livers the Mark of Silver, notwithftanding the ReduAion of the Afkion to Five ThoufandTLivres, and of the !Pank Bills to one half. I will fuppofe that a Man who had Reimburf- ments of One Hundred Thoufand Franks, when the Nfark of Silver was at Sixty Livres, had laid them out in Anions at the Race of Two Thou^ fand, which is the higheft Price, this Mati had ten A<5tion6, which at the Year's end woi^ld be worth no more than Fifty Thoufand Livres; but as then the lyf ark of Silver will be reduced to Thir- ty Livres, he will be altogether as Rich s|s with pne Hundred Thouikiid Livres, when ch^ Mark of Silver was worth Sixty Livres, and by Confe- quence is no lofen 'Tis the fame Thing with him who "kept his Bank Bills, and he who bought his A<%iQns ^en they were under Two Thoufand, really gaips all the diiFerence of the Price at which he bought them whp|ijthef were up at Jyifo Thou- fend. 1 1' More- 11 tUf Gieditor, win bvre ioskh httatp^eb^if^tk Ui Rfliml IfTwf^iitm. aiia% Hondred _iiib bdbg ptfm;1i^ only Two ||^ the Msuis i6f ^t^ at ^i](cy Li til^ Two Thoofid^ ttnpt tHe Mark of Silver ititUfty timsji smdov Wtife^iieiiGe, propQcfy feea^iife hewiu Ipireaobble. Sfai ate Jh& ^Qflefticms whieh I have ^, , hafte. Thejr are phlv roughs but I llKittgtic that being only co ebikibate your Ftor^ ftnd^not yoiir lU-wlO, it was fufllGient to fet you intherici^ way ; and that if you wou*d pleaw to chre yoiir feiftlN^ trouble of tht^kiogt you will iud ei^HIgH to (atlsfy j|tt yo^r Doubts; I mf^y 5fV, |ec« r f ^14 />'^- i ^ ^ ■■I