I don't doubt that the Paper-money propos'd being given out equal to the Demand, would bring the yearly value of Scotland to 3 Millions, tho the Fishing and other Branches of forreign Trade (which might be improv'd to great advantage) were neglected. But suppose the yearly value increas'd only half a Million, of which a 4th spent in a greater Consumption of the Product and Manufacture of the Country, a 4th in the greater Consumption of Forreign Goods and Expense abroad, a 4th laid up in Magazines of Forreign Goods, a 4th would still be due of Ballance and brought home in Silver.
If the Consumption and Expense increas'd equal to, or beyond the Improvement; as the Paper-money could not be exported, so the people would not be set idle, nor the Manufacture decay: That Money being like an Estate intail'd. We might continue to consume equal to the yearly value, but could not lessen the yearly value, nor be poore if we could.
If a greater value of Goods was imported than was exported, and Credit given for the Ballance; forreigners to pay themselves, would send a lesser value of Goods the year after. But such Restrictions may be put on the Consumption of our own and forreign Goods, as may make a Ballance due.
The Revenue of the Commission will be a great help toward the advancing our Trade in its Infancy: What incourages the Export of Goods, incourages the Manufacture of them; And the Money given as a Draw-back, will not only encourage the Export and Manufacture; but likewise regain the Reputation our Goods have lost, and give them a better Reputation than the Goods of other Nations.
The Draw-back ought not to be given to all Goods, but so such as do not yield a reasonable Profit Abroad; and upon condition they are found sufficient.
The Seal of the Office of Draw-back ought to be apply'd to these goods that receive the Draw-bakc; and these intrustd with the Draw-bakc, should give security to pay the price of such Goods, with all charges, if found insufficient.
When Manufacture and Trade prospers, the landed Mans Rent is well payed, and increases: When they decay, his Rent is ill pay'd, and decreases, a Drawback is so effectual a way, to encourage and promote Manufacture and Trade; That it were the landed Mens interest to Tax themselves, rather than a Draw-back should not be given, where it is necessary.
A Draw-back is more necessary here than in other Countries, for we do not manufacture so well as other Nations: We are not able to sell for the same Profit, our Stocks being much smaller; And the Goods of other Nations will be preferr'd to ours, because our Goods are suspected.
Some object that this Proposal is new, and has not been practis'd in any Nation.
The Example of another Nation ought not to determine us, to follow the same measures, without examining whether that Nation was the better or the worse by such measures; and whether our Circumstances and theirs don't differ so, as to make that hurful or ineffectual to us, which was of advantage to them.on the other hand, it is no Argument against any thing propos'd for the general good, to say it is new, and what has not been practis'd.
When any thing propos'd has been already practis'd by other Nations, 'tis a Presumption in favours of such a Proposal; and it's a Presumption against it, if it has been refused: But a wise Nation ought not to be determined by Example, to follow or refuse without examining.
This Proposal has not been refus'd. The essential part is now practis'd in France, for Paper is current by Law: And tho after a manner that in all appearance ought to have hindred its currency, yet I'm inform'd forreign Bills are bought with Paper money, the same as with Silver or Gold.
The Example of Nations in relation to Money would be a very uncertain Rule. For as has been said page 35, opposite measures have been us'd in some Countries to what have been used in others, and contrary measures have been used in the same Countries to what was used immediately before, not because of any difference in their Circumstances, but from the Opinion, that since the Method used had not the effect design'd, a contrary would; And there are good Reasons to think that the Nature of Money is not yet rightly understood.
Any other Objections that I have yet heard against this Proposal, are such as may be fully answered, and so far as I can see into it, with all the Application I have been capable of, I cannot find any Objection but what may be fully answer'd; nor any difficulty in the Execution, but what may be removed: If there is any Fallacy in the Position I lay down, or any wrong Consequences drawn from these Positions, I have not been able to discover them.
