People, to whose early Loyalty and Reduction of _Ireland_ is very much
owing, be contented.
4ly, The Mints may be kept Imployed, and the Kingdom thereby filled with
Coin.
5ly, Our Wool may be kept at home, which I humbly conceive can never be
done, till a good Credit be settled, any thing less will not be large
enough to cover the Sore intended to be cured.
6ly, The Plantation Trade may be better secured, especially that of
Tobacco, and Methods may be proposed to render it more profitable, both
to the King, and also to the Subject.
7ly, The Bank of _England_’s Notes may be brought to Par, and Tallies
of all sorts in a short time be paid off at their full Value, which I
humbly conceive will be difficult to be done, any other way, the settling
a Credit on either, or grafting them both together, seem improbable
Methods to answer those ends.
I humbly hope to make Proposals in this present Sessions for putting
these into practise, if a good Credit be timely settled.
Besides these, many other Advantages will accrue to the Nation, many of
which I have set forth in my before recited Essay on Coin and Credit.
Pag. 27, 28, 29.
III. The third Thing is to make some Comparison between the Credit here
proposed, and the present Bank of _England_; which I humbly conceive is
so shaken in its Reputation, as hath rendred it uncapable to be made the
Foundation of a national Credit; and whilst we labour to recover it, we
may run the hazard of destroying our Trade, disturbing the Government,
and keeping our selves under a lingring War, whilst we encourage the
_French_ King, to try his utmost Efforts, hoping, that our Difficulties
at home, will force us to accept of a dishonourable Peace.
’Tis certain, nothing can be the Support of a National Credit, which is
not better, or at least so good as Money; and this is not to be found in
the Bank of _England_, whose Notes whilst they are One _per Cent._ worse
than Specie, will always keep their Coffers empty, because no Man will
put into it a hundred Pounds in Money, when he can purchase a Note of the
same Value for Ninety-nine; and the Consequence will be this, that the
Lender, or rather the Jobber, will never rest till he is repaid, that so
he may be making advantage by a new Purchase; and if this will be the
Effect of a Credit worse only by One _per Cent._ than Money, what will it
be when ’tis sunk to sixteen; Whereas, on the other side, when a Credit
is better than Money, the Coffers will ever be full, because all Men will
endeavour to put in their Money, and be impatient till ’tis done; and
thus it will be, when the Lender thinks himself secure, and makes more
Profit by having his Money in the Bank then in his Chest, who will
therefore receive out no more at a Time, then his Necessities shall
require, and for the same Reason, those to whom he pays it, will
endeavour to return it thither again so soon as they can.
IV. As to the fourth Thing proposed, The Necessity the Nation lies under
to have its Credit settled this present Sessions, it will appear, if we
consider, how _London_ now stands in Competition with all _England_
besides, as to the Specie of Money, and how it will stand before another
Sessions: ’Tis generally agreed, that about one Moiety of the Money of
_England_ is already Center’d in that great City, and the rest is not
enough to pay the Debts owing to it, together with his Majesty’s
Revenues, Bonds already entered into, and Taxes now to be given, for Six
Months longer, besides the Foreign Bills, which are generally made
payable there, all which must be return’d in Specie; for though by an
Act of this present Sessions: Intituled, _An Act for the farther
Remedying the ill State of the Coin of this Kingdom_, it is among other
things provided, That all Money that shall be brought in upon Account of
Taxes, or Revenues, or Loans, at Five Shillings and Eight Pence _per_
Ounce, shall be carried to the next adjacent Mint, in order to be
Re-coined, yet this will no way be Serviceable to the Country, unless a
Credit be settled, it must otherwise be sent up to _London_ after coined
for want of Returns, the Debts due to the Country being paid there in
Bank, which is Sixteen _per Cent._ worse than Money, and those due from
the Country demanded in Specie, so that the Money of _England_ is every
Week brought up thither; and then, if it be next considered, what Methods
are left to the Country to draw it back again, _viz._ by Provisions and
some few other Things, ’twill be reasonable to believe, that seeing the
supply made from that City to the Country is greater than what is made
from the Country thither, all the Cash of _England_ will center there in
a short Time, to the Ruining of the other Trading Cities, and disabling
of the Country to pay future Taxes; and this will make the dependence on
_London_ still greater, till by its own Bloatiness it must at last burst,
when the Estates of the Traders shall consist only in Debts due from the
Country, which must still lye out for want of a Specie to pay them in; so
that all the Advantage _London_ will receive, is, that it will be last
ruined.
Now if a good Credit be settled out of Hand, and the Mints continued in
the Country, the Money that is now there, may be still kept there, and
Methods found out to increase it, and the Trade of _England_ carried on
with an equal Circulation in all places; this will keep up the Rents of
the Lands of _England_, which must otherwise fall in their Values,
suitable to the distance they stand in from that great Metropolis.
If it be objected, That the Management of this Credit will be very costly
to the Nation; I humbly conceive, that the Profits thereof will not only
support its Charge, but also bring in a great Overplus, which may be
usefully Imployed to the Nation’s Advantage; yet were this Objection
true, nothing can be termed good Husbandry which spoils our Trade, the
stopping whereof but for one Month, will be many Millions lost to the
Kingdom.
If by rectifying this, or any better Proposal from a more thinking Head,
the Credit of the Nation may be settled in this present Sessions, I have
reaped the End I aimed at, the Good and Welfare of my Native Country;
which I humbly submit to your Honours great Wisdom, and shall be ready to
explain any Thing that may seem doubtful, when I am thereto commanded.
Your Honours,
Most Obedient Servant,
SOME
CONSIDERATIONS
Relating to the carrying on
The Linnen Manufacture
IN THE
KINGDOM
OF
IRELAND.
By John Cary, Esq;
The Fifth Edition, Corrected.
LONDON:
Printed in the Year M.DCC.XLV.
SOME
CONSIDERATIONS
Relating to
The Linnen Manufacture
In the Kingdom of
IRELAND.
THE Linnen Manufacture in _Ireland_, being a Subject so much discours’d
of the last Sessions of Parliament, I humbly presume to offer some
Thoughts how it may best be carried on.
But, before I enter upon it, I will consider the State of that Kingdom,
with respect to its Foreign Trade; the Ballance whereof I take to be
against them, and must therefore be supplied, by carrying out their Coin,
which is already grown so scarce, that ’tis to be fear’d, in a short
time there will be little left.
To explain this, I will lay down some of those Steps, by which the
Ballance of Trade daily alters to their Prejudice.
1st, The great Fall of their Products, _viz._ Wool, Tallow, Hides, Beef,
&c. which are abated in their Prices above one Third of what they yielded
before the War; so that should the same Quantities of those Commodities
be bought up for Exportation, as formerly there were, yet they would not
amount to the Value they then did.
2ly, The Ports of _Spain_, _France_, and _Flanders_, which were their
great Markets, being now shut against them, the Profits which they made
by their Foreign Trade in the Times of Peace, over and above the first
Value of the Commodities exported, are also lost to the Kingdom.
3ly, The Prohibiting the Exportation of their Woollen Manufactures,
whereby their People were employed, and their Labours sold to Foreign
Nations, hath very much lessened the Ballance of their Foreign Trade,
4ly, The great Sums of Money spent in this Kingdom by the Nobility and
Gentry of _Ireland_, who come over hither for Pleasure, or necessary
Attendances, on the Court, Parliament, or private Affairs, and send
hither their Children for Education; the Purchases they have lately made
of the Forfeited Estates; and the yearly Remittances thence for the Rents
of Lands belonging to the Nobility and Gentry of this Kingdom, do all
make against them.
5ly, The great Consumption of Commodities among them from this Kingdom,
which, though it encreases our Trade, and makes it our Interest to
Support that Kingdom, must be allowed to be a Prejudice to them.
All which being laid together, it seems apparent to me, that the Ballance
of their Trade must every Year grow more against them, till their Money
is drawn away, except some New Manufacture, fit for Exportation, be
encouraged amongst them.
And I think none more proper than that of Linnen; which, besides the
Employment it will give to their Poor, will also take up large Tracts of
Land for raising of Hemp and Flax; and being a Manufacture no way
Interfering with our own, we may take it from them, in Barter for what
they have hence, without any Manner of Prejudice to the Trade of this
Kingdom.
Besides, The People of _Ireland_, being employed on the Linnen
Manufacture, would by degrees be taken off from making so much Worsted
and Woollen Yarn as they now do, which they send hither at Cheaper Rates
than we are able to make ’em: The Price of Labour in all Places being
according to the Rents of Lands, the Poor can afford to work there on
lower Terms than it can be expected they should do here: On the other
side, if the low Labour of the Poor of _Ireland_, was employed on
Spinning of Linnen Yarn, it would be an Advantage to the Kingdom of
_Ireland_, to have it sent hither, because it would enable us to make our
Fustions, and other Manufactures, where it is used, cheaper than now we
do; whilst our own Poor might be employed on Spinning of Wool; and we
might afford to give them better Wages, without fear of being beat out of
our Manufactures by any other Nation, provided Care was taken to keep our
Wool at Home.
The next Thing to be considered is, how this Work may be best carried on;
which I am of Opinion must be done by a Corporation, with a Joint-Stock,
sufficient, not only to buy up what Linnens shall be made, but also to
furnish the Kingdom with Money on easy Terms; which will likewise
encourage the Raising of Hemp and Flax.
If the High Rates of Interest in _Ireland_ be considered, and the present
State of the Linnen Manufacture there, ’twill not be difficult to see,
how unlikely it is to be carried on by private Stocks, who can make Ten
_per Cent. per Annum_, by letting out their Money; ’tis true, the late
Act hath reduced it to Eight, but that Act having no regard to
Incumbrances entred into before the 25th of _March_, 1704, I do not see
how it will much help the People of _Ireland_ at this Time, when the
Scarcity of Money does disable them to discharge prior Engagements; so
that private Men have Opportunities enough to settle theirs at Ten _per
Cent._ which in all probability they will rather chute, than to lay it
out in Linnens, unless they can be assured of a far greater Profit, than
they can make by letting it out.
Besides, as Interest is now managed, ’tis both a Clog to the
Gentlemen’s Estates, and a Discouragement to Traders and Manufacturers,
considering, that the whole Sum borrowed must be paid in at once; by
which means, being got into the Usurer’s Books, they can scarce ever
find the way out; Now if the Borrower had Liberty to pay in the
Principle, by such Parts as he is able to raise it, and the Interest for
so much to cease from that time, this would encourage Industry, and
promote Improvements, both in Product and Manufactures, which are the two
Things that encrease the Wealth of a Nation.
An Infant-Manufacture must be carried on at a small Profit, and must as I
may say, Fight its way through; which cannot be done, where Interest
carries such a Load with it; and, therefore, I am of Opinion, that
nothing less than a Joint-Stock, can make _Ireland_ Flourish; which will
in the Consequence turn likewise to the Advantage of _England_; the
Gentlemen of _Ireland_, being by these Means made more easy in their
Circumstances, and having their former Incumbrances brought Lower, will
spend more of their Money here, and wear more of our Manufactures there.
Nor will this way of Lending out Money be any Disadvantage to a
Corporation, who will find fit Opportunities of Employing their Stock, as
fast as it is paid in; and the Profits thereof being returned hither in
Linnens, they may afford to sell them cheaper than private Stocks can do.
But I do not think this Work can be presently brought about; ’twill not
be easy to persuade the Landlords nor Tenants of _Ireland_, to leave off
the way of Husbandry they are now upon, and to turn their Lands to Hemp
and Flax, till they see some Encouragement; but when they shall find this
new Product bring ready Money, they will soon Set upon it; if the
Manufacturer receive ready Money for his Cioath, he will be able to pay
ready Money both for Materials and Labour, which Circulation will
Encourage both the Farmer and the Manufacturer; and by Degrees, Hemp and
Flax-seed will be Sowed in all Lands proper for them, and the Owners will
soon see the Difference, between raising Commodities, for which there is
a present Demand, and such, as lye on their Hands: For though _Ireland_
may in time produce greater Quantities of Hemp and Flax than they can
work up, yet not more than _England_ may Take off, without Prejudice to
any Foreign Trade we drive; and their Number of Hands will in all
Probability be encreased by the _French_ Refugees, who will be glad to go
thither, where they may be employed in a Manufacture, so natural to them
as Linnen is; which will also give a fatal Blow to the Kingdom of
_France_ in that Manufacture.
The People in the North of _Ireland_, make good Cloth, sell it at
Reasonable Rates, and would every Year make much more, had they Vent for
it; and it is to be observed, that Money is not plentier, nor Rents paid
better, in any Part of _Ireland_, than there.
The Rents of _Ireland_ grow due at two Times of Payment, _viz._ 1st of
_May_, and 1st of _November_, the first becomes payable whilst their
Cattle are lean, which puts the Tenants under great Straits, and forces
them to sell very low, if they are prest for Money; but the Second
Payment is more easily made, their fat Cattle being sold, and their
Harvest over: This is the State of that part of the Kingdom that depends
on Feeding and Tillage; but where the Linnen Manufacture is, the Tenants
are much easier; they spin in the Winter Nights, and at other leisure
times, which being wove into Cloth, and whiten’d early in the Year,
provides Money for their first Payment, without selling their Cattle
before fatted for a Market.
It is necessary for a new Undertaking, to be attended with some lucky
Accident; the Linnen Manufacture can never be begun in _Ireland_ at a
more seasonable Time than now, being imported hither Custom-Free, when
all the other Linnens of _Europe_ pay considerable Duties.
The Gentlemen of _Ireland_ at this Time, seem to be Discontented, they
find themselves Uneasy, but cannot tell where the Sore lies; therefore,
sometimes they Complain of one Thing, and sometimes of another; but the
true Ground of all is this: Their Exports are lessened, whilst their
Imports encrease upon them, and the Specie of their Money decreases every
Day; by which means their Rents come in slowly, their Products fall on
their Hands, and will more, as they encrease above their Expence; so that
their Improvements rather turn to their Disadvantage; and their Lands
must fall (which ’tis our Interest to keep up) unless some new Product
be encouraged, which may be Manufactured amongst them: If this was done,
They would soon see where their Interest lay; and though I do not believe
they would all fall on sowing Hemp and Flax, nor is it necessary they
should, yet there would be so much Land turned that way, as might
restrain their other Products, within the Compass of their Exports, and
Home Consumption, and cause a Circulation of Money through all Parts of
the Kingdom.
This will give a greater Employment to the Poor of _Ireland_, and
encourage People to settle among them, without any Manner of Prejudice to
_England_; and Create a mutual Friendship, and a profitable
Correspondence, between both Kingdoms.
And as the Establishing such a Fund will be an Advantage to that Kingdom,
so it will bring a considerable Profit to the Undertakers, besides the
Benefit which may arise from it to the Government, during the Continuance
of this War.
FINIS.