And as it is this which doth, and which in the very Nature of the Thing should give us and other Nations, who have no Mines, the Advantage of vending Goods to Spain, so as to have the Balance on them, and every Country that hath Gold and Silver Mine: so it will follow, that our Trade is really in a bad condition, if we pay them any Money at all. And yet by our Bills of Entries it appears, that we Exported to Cadiz in Spain, September 7, 1732.... 2000 Ounces of Gold 9,In all 13000 Ounces of Gold or about L. 50,00 in so short a time. I could produce many more instances from the bills of Entry; but these are sufficient to prove that the State of our Trade is not only worse than it formerly was, when we undoubtedly had the Balance in our favour on Spain, but that the Trade of this Nation is in a very bad Way indeed; unless it can be proved that Gold in Spain is so much more valuable in respect of Silver, than it is with us, that it will purchase so more more Silver in Spain than it will do here, as is sufficient to pay the Freight of the Gold out, and of the Silver home, and the Insurance for the Hazard of the Sea out and home, with Postage of Letters, and Commission to the Merchants in Spain, and a Profit sufficient to induce our Merchants to export Gold to bring home Silver for it.
And since the Merchants in Portugal understand getting Money as well as others, can we imagine their Gold would come to us, as we find by its Circulation amongst us it doth, if they could buy Silver with it as such cheaper Rates in Spain, as would enable them to send us Silver at so much higher Rates in respect of Gold, as the Silver would thus cost them less than it is worth with us, in respect of Gold?
Hence therefore I conclude, that nothing but Spain's having such a Balance upon us, can be the Cause of our sending them this Money. And, I think, nothing but our Paper Effects, which are almost immense, if we consider the publick Securities of every Kind, and Bank Notes, etc. which have the Operation of Money amongst us, could possibly raise and keep our Markets so high, as to cause us to receive more Goods in Value from Spain than they take of us. And yet, I think, this must be our Case, tho' we carry them only Gold. And thus it may be said, we carry Coals to Newcastle; nor can the Event be different, if we go on so, except that this Matter is of so much more Importance, as Gold is more valuable than Coals.
I must own I have hear it supposed, that the Merchants in Spain, to avoid the Delays that of late Years have attended the Delivery of the Money from on Board the King's Ships, and also to elude paying the Indulto thereon, have found means to convey their Money by our Ships to England, and that this occasions the Exportation of Gold to Spain; but I think this Trade so dangerous, both to the Merchants in Spain, and our Ships too, that I know not how to admit this for a sufficient Reason.
Another Point, from whence I shall argue that our Trade is in a much worse State than it formerly was, shall be the following Estimate of the necessary Charge of a Family, in the middling Station of Life, consisting of a Man and his Wife, four Children and a Maid-Servant; so as I think a Person that hath such a Family, and employs L. 1000 of his own Money in Trade, ought to live. For if such Families must not have Necessaries enough, and I believe it will appear I have allow'd no Superfluities, I think we ought to give up Trade, and find some other way to live. For Trade terminates ultimately in the Consumption of Things, to which End alone Trade is carried on: Therefore if those that employ L. 1000 of their own Money, shall not be able to supply such a middling Family with needful and common Things, What then becomes of the Consumption of Things? or, in other Words, What becomes of Trade? For, to be sure, not one Person in a good many is the real Owner of such a Sum.
If therefore such Families must retrench and abridge themselves of common needful Things, those in Trade below them, in this respect, must much more do so, if they have Families.
An Estimate of the necessary Charge of a Family in the middling Station of Life, consisting of a Man, his Wife, four Children and one Maid Servant, which I take to be a middling Family.
per Head per Day; Daily Expence; Weekly Expence; Yearly Expence.
Bread for seven persons: 3/4 d.; 5 1/4 d; 3 s. 0 3/4 d.;--Butter: 3/4 d.; 5 1/4 d; 3 s. 0 3/4 d.;--Cheese: 1/4 d.; 1 3/4 d.; 1 s. 0 1/4 d.;--Fish and Flesh Meat: 2 1/2 d.; 1 s. 5 1/2 d.; 10 s. 2 1/2d.;--Roots and Herbs, Salt, Vinegar, Mustard, Pickles, Spices and Grocery, except Tea and Sugar: 1/2d.; 3 1/2d.; 2s 0 1/2d.;--Tea and Sugar: 1d.; 7d.;4s. 1d.;--
Soap for the Family Occasions, and Washing all manner of Things both abroad and at home: 1 1/2d.; 10 1/2d.; 6s. 1 1/2d.; --Threads, Needles, Pins, Tapes, Worsteds, Bindings, and all sorts of Haberdashery: 1/2 d.; 3 1/2d.; 2s. 0 1/2d.
Milk one Day with another: -- ; 3/4 d.; 5 1/4d.; --Candles about 2 1.2 lb. per Week the Year round: -- ; -- ; 1s.
3d.; --
Sand, Fullers Earth, Whiting, Small Coal, Brick-dust: -- ; -- ;2d.; --
10 Shilling Small Beer, a Firkin and a Quarter per Week: -- ; --; 3s. 1 1.2d.; --
Ale for the family and friends: -- ; -- ; 2s. 6 d.; --Coals, between 4 and 5 Chaldron per Annum may be Estimated at: --; -- ; 2s. 6d.; --
Repairs of Houshold Goods, as Table Linnen, Bedding, Sheets, and every Utensil for Houshold Occasions: -- ; -- ; 1s. 6d.; --6 s. 2 d. per Head Weekly for seven Persons amounts to near: -- ;-- ; L.2 3s. 1 1/2d.; L. 112 10s.
Yearly Expence Brought over 112 l. 10 s.
Cloaths of all Kinds for the Master of the Family: 16 l.
Shaving 7s. 6d. per Quarter, and cleaning Shoes 2s. 6d. per Quarter: 2 l.
Cloaths for the Wife, who can't wear much, nor very fine Laces with: 16 l.
Extraordinary Expence attending every Lying in L. 10, supposed to be about once in two years: 5 l.
Cloaths for four Children, at L. 7 per Ann. each Child: 28 L.
Schooling for four Children, including every Charge thereunto relating, supposed to be equal at least to ten Shillings per Quarter for each Child: 8 l.
The Maid's Wages may be: 4 l. 10 s.
