4. 10s. per chaldron upon all the coals shipped at Newcastle, and 1 per
cent. on the ships which carry them.
What these four articles would pay to the Exchequer yearly it would be
very difficult to calculate, and I am too near the end of this book to
attempt it: but I believe no tax ever given since this war has come near
it.
It is true, out of this the public would be to pay half-pay to the seamen
who shall be out of employ, and all the losses, and damages on goods and
ships; which, though it might be considerable, would be small, compared
to the payment aforesaid: for as the premium of 4 per cent. is but small,
so the safety lies upon all men being bound to insure. For I believe any
one will grant me this: it is not the smallness of a premium ruins the
insurer, but it is the smallness of the quantity he insures; and I am not
at all ashamed to affirm that, let but a premium of £4 per cent. be paid
into one man’s hand for all goods imported and exported, and any man may
be the general insurer of the kingdom, and yet that premium can never
hurt the merchant either.
So that the vast revenue this would raise would be felt nowhere: neither
poor nor rich would pay the more for coals; foreign goods would be
brought home cheaper, and our own goods carried to market cheaper; owners
would get more by ships, merchants by goods; and losses by sea would be
no loss at all to anybody, because repaid by the public stock.
Another unseen advantage would arise by it: we should be able to outwork
all our neighbours, even the Dutch themselves, by sailing as cheap and
carrying goods as cheap in a time of war as in peace—an advantage which
has more in it than is easily thought of, and would have a noble
influence upon all our foreign trade. For what could the Dutch do in
trade if we could carry our goods to Cadiz at 50s. per ton freight, and
they give £8 or £10 and the like in other places? Whereby we could be
able to sell cheaper or get more than our neighbours.
There are several considerable clauses might be added to this proposal
(some of great advantage to the general trade of the kingdom, some to
particular trades, and more to the public), but I avoid being too
particular in things which are but the product of my own private opinion.
If the Government should ever proceed to the experiment, no question but
much more than has been hinted at would appear; nor do I see any great
difficulty in the attempt, or who would be aggrieved at it; and there I
leave it, rather wishing than expecting to see it undertaken.