2. 40000 lib. first cost of Goods Imported, and 20000 lib. spent Abroad, lessen'd the consumption of the Goods of the Country; and the Export was by so much greater, as the Consumption of the Goods of the Country was lessen'd. But this Regulation occasioning a greater Consumption of the Goods of the Country, the Export will be less.
3. Several Merchants may have Exported Goods, tho they had not much Profit upon the Export of them; but because of the Profit to be made upon the Import; which being lessen'd, may likewise lessen the Export.
4. If Scotland Discharge or put a very high Duty on the Goods of other Nations, other Nations may Discharge Scots Goods.
Allowing there were no difficulties in Regulating the Ballance of Trade, and that the same Measures were followed as are followed in Holland; We would grow Richer, but their Riches would encrease in the same proportion: And 50 Years hence Scotland would be as Poor as now, in comparison with Holland.
If two Countries equal in their Product, People etc. the one with a 100000 lib. of Money, and Living within its yearly Value; so that the first Year a Ballance is due of 20000 lib. the second Year of 25000 lib. and so on. The other Country with 20 Millions of Money, and consuming more than the yearly Value; so that a Million is sent out to pay the Ballance, the second Year 1200000 lib. and so on. This Country will be soon Poor, and the other soon Rich: But if that People who has 20 Millions of Money, will retrench in proportion to the other; they will be Rich and Powerful in comparison with the other.
Considering how small a share we have of the Money of Europe, and how much Trade depends on Money: It will not be found very practicable to better our Condition, but by an addition to our Money. Or if it is practicable without it, it is much more so with it.
The Bank will add little to the Money; For as Credit is voluntary, it depends on the Quantity of Money in the Country. And tho the Bank had never fail'd, yet it could not have kept its Credit much longer. Because, the Quantity of Money in Scotland is not sufficient to give a Circulation to such a Sum of Notes, as will pay the Charges of the Bank, and the Interest to the Owners.
'Tis thought the Proprietors of the Bank design to apply to the Parliament for further Priviledges: But as their design is not yet made publick, I shall only say in general, that if other Priviledges aer to be given, then it is not the same Bank; at least not on the same Establishment it was: In either of these cases, every Person should be allowed to share in it.
When a Bank is Establish't every Person may have a share, upon the Terms of the Act of Parliament; and he that Offers first is preferred. Suppose upon the setting up of the Bank, A.B. and C. did not Subscribe to it, because they thought the establishment not favourable enough: So long as they who did Subscribe can support the Bank upon the Terms of the Act of Parliament, none will pretend to any share in it; unless the Subscribers are pleas'd to sell. But if other Priviledges are given, A.B. and C. as any others of the Country may desire the Books to be open'd, that they be allow'd to share in it;and any other set of Men who offer the same Security, may at the same time be allowed to set up a Bank with the same Priviledges: So every Shire in Scotland will desire one. And if new Privileges are given to this Bank, it were a hardship to refuse the same to others, who are able and willing to give the same Security, especially when the Nation stands in need of more Money than this Bank would be allowed to give out.
