[
{"content": "It has always been the practice of the East-India Company to sell all their goods by the inch of candle in the East-India House, in accordance with the preamble that every adventurer subscribes to before being admitted into the stock. They provide convenient notice of the time of their sales, along with printed books containing the accounts of the quantities and sorts of every particular commodity, as they are indifferently disposed into several lots.\nThe Managers of the Company have recently changed the aforementioned practices by selling goods among themselves through private contracts; monopolizing commodities in high demand at below market rates for their own use; and goods monopolized by some Committee members have been later sold at public auction, still listed as Company property, with brokers appointed to bid significantly higher prices than the private purchases, with no intention other than deceiving other buyers. This has caused significant disappointment for the petitioners, resulting in significant losses and damage. Foreign commissions cannot be secured and domestic opportunities cannot be met.\nThe managers of the joint-stock have, after publishing notices of intended sales with specified lots of commodities, indirectly altered the appointed lots at the time of sale, combining large quantities of some goods into one lot to the surprise of buyers. This practice, which has occurred over the past two years, has caused a loss of over One Hundred Thousand Pounds to the joint-stock and prevented the petitioners from conducting their trade. The petitioners request redress from this House for these arbitrary abuses.", "creation_year": 1720, "creation_year_earliest": 1720, "creation_year_latest": 1720, "source_dataset": "EEBO", "source_dataset_detailed": "EEBO_Phase1"},
{"content": "For the Good of the Public: A True Method for Purchasing an Estate or Provision for Posterity with Idle Expenses: A Gentleman's Guide to Advancing His Children's Fortune without Impairing His Estate, and a Tradesman's Method to Do the Same without Depleting His Stock; and How None Can Be So Poor as Not to Be a Purchaser.\n\nAdditionally, methods for enlarging Trade and Commerce, the Improvement of Navigation, and the Advancement of the King's Revenues, plentifully supplying the poor; and for the common good of all Merchants and Traders, either by Sea or Land.\n\nRecommended to all Cities and Corporations in Great Britain and Ireland.\n\nBy John Middleton, Esq\n\nFirst Edition\n\nEdinburgh: Printed for the Author\n\nSold at the Union-Crown-Fire-Office, in the Head of the Canongate. Price: Sixpence.\nRight Honourable, as it has been the constant practice of your noble ancestors to do good, a virtue whose radiant lustre shines no less refully in your honour; for which reason, Sir, first asking your honour's pardon, I make bold to shelter this my labour under the shadow of your honourable name, not doubting but that you will not only patronize but encourage any undertaking that may be for the public good and welfare of all ranks and degrees of men, in this ancient and loyal city, of which your honour fills the preeminent chair.\nI cannot do less than convince myself that your Honor and all who hold office in this ancient body, being Gentlemen of such noble worth and unblemished characters, placed as rulers over this honorable town by the unerring hand of Divine Providence, to defend the rights of its people by your just administration of law and justice; all men having just reason to believe, you have its welfare near at heart; will give all suitable encouragement to promote any undertaking that will be for the good of all ranks and degrees of men.\n\nAnd that every particular member may not be wanting to carry on so good a work, I do assure them, if any of them please to embark in this undertaking, that a true method is found out, showing how to purchase an estate out of idle expenses and to make provision for posterity, for less than one penny per day for \u013920, and less than five pence per day for \u0139100.\n\nBy your most obedient servant, J. M.\nCourteous reader,\n\nDespite several funds being established in various parts of this kingdom to promote the public good, none have been as beneficial as this one. In this fund, every participant is assured of a gain; therefore, there is no risk involved for any reason. This fund will not only be advantageous and profitable in general but also serve as a bank for its members, providing assistance during emergencies and preventing them from being exploited by ruthless pawnbrokers and usurers. These individuals often ruin their neighbors under the guise of friendship, imposing exorbitant interest rates that are neither justified by God's nor man's laws.\nI have known several persons who have been obliged to pay at a rate of sixty percent to these extortioners, which have ruined themselves and their families by paying such extravagant interest. From now on, this bank will prevent such misfortunes for every one of its members; for every subscriber will have whatever money they require at five percent, without any trouble or charge. This will certainly be a great advantage. Insuring on lives and other insuring offices are allowed by several acts of parliament to be founded on truth and justice, and are for the apparent benefit of the public, settled upon funds, contingencies answering their ends, whereby the members will greatly gain, and the undertaking will be supported, and the ruin of many prevented.\nThe author, having no other design in promoting this undertaking than the common good of all men, as a duty incumbent upon all, and especially when the public good and the interest of the poor are so nearly concerned: I hope here will be a fund where they or their posterity may be rich, which that they may, is the desire of your humble servant, J. M.\nBefore I proceed to the Articles, here's something useful for a better understanding of the Articles themselves: You have a noble prospect before you. If you embark on this undertaking, you will be a gainer. This enterprise will never fail to achieve its desired end, as it is based on the foundation of law and justice. No fraud or deceit can be committed by the governors, nor can they run away with one penny of the profit. The governors will be chosen from among the subscribers, those who take out ten bonds and insure on ten lives each. They will be elected by the rest of the subscribers. Therefore, the governors will be gentlemen or substantial tradesmen, and certainly men of honor who would not commit fraud for fifty shillings.\nAnd this undertaking will be advantageous to all ranks and degrees of men is very demonstrable to the meanest capacity. A gentleman may advance the fortune of his children and leave them one or two hundred pounds for less than 5p per day for a L100, and never miss it at the year's end. A flourishing tradesman may do the same by his, and never miss it out of his stock. Likewise, mechanicks for less than one penny a day may leave their children L20 out of idle expenses, and seafaring or laboring men may do the same and not miss it at the year's end, because it will go out by so small a matter at a time. This fully persuades me that there can be none so poor, but may be purchasers in this undertaking, if they please. As will appear more fully by the following articles.\nTHAT there shall be Five, Seven, or Nineteen Governors, with the Secretary, who shall always be one of the Governors, and the rest of the Governors shall be elected annually, from among the Subscribers who insure upon ten lives each.\n\nART. II. Every person who insures in this Company shall pay for every life insured upon: the Stamp-Duty, one shilling for the Bond; two shillings entrance fee to the Secretary, his Deputy, or Clerk; and five shillings and sixpence per quarter to the Company, and sixpence per quarter to the Secretary, for defraying of charges.\n\nART. III. Every person who insures shall pay, for every life insured upon, five shillings and sixpence per quarter to the Company, and sixpence per quarter to the Secretary, for the defraying of charges belonging to the Office.\nArticle IV: The Company's fund shall be used to settle claims as they become due.\n\nArticle V: A subscriber insuring a person under the age specified, who pays for nine months, is entitled to 20 pounds in the company's stock. Upon the nominee's death, the subscriber shall receive the amount within 15 days after the next quarter day.\n\nUpon the nominee's death, the subscriber must notify the Secretary, his deputy, or clerk. If the insured person dies outside of town, the insurer must provide a certificate signed by the minister, churchwardens, and parish clerk of the parish where the person died, to confirm the death to the governors.\nTo prevent any fraudulent practice being put upon the Company, the person committing it shall be excluded from all right or interest in this Undertaking.\n\nArticle VI. Any subscriber may insure on the life of any person, of any age or sex, without their knowledge or consent, by providing in writing their name and place of abode, allowing them to be entered in the office book.\n\nArticle VII. Any person may insure upon as many lives as they please, paying upon each life insured the stamp duty, and one shilling for the bond, two shillings entrance fee to the Secretary, his deputy, or clerk, and 5 shillings and 6 pence per quarter to the Company, and 6 pence per quarter to the Secretary for defraying charges.\n\nArticle VIII. [No content]\nEvery subscriber insuring ten lives receives five upon interest, eight lives receives four, seven lives receives three, six lives receives two, five lives receives one, and one, two, three, or more lives insured entitles the subscriber to one upon interest for each life. The interest is paid every quarter, with the principal deducted as claims arise.\n\nArticle IX: If a person insured or insured upon moves, they must notify the clerk and have their bond endorsed at the office, paying a shilling to the clerk.\nEvery Person insuring shall pay their quarterly contribution within 15 days after every Quarter-Day, forfeiting their bond; a receipt shall be given upon payment, signed by the Secretary or Clerk of the Company.\n\nArticle X: If a Person insured dies before their named beneficiary, the interest of their bond continues to their heirs, executors, administrators, and assigns, who take out a new bond in their own name and pay for it according to the second article; at this time they must return the old bond to be filed in the Office.\n\nArticle XI.\nA general court shall be held within 14 days after every quarter-day at the office where all claims will be paid, according to the exact tenor of these articles. At the receipt of which, 5% shall be deducted, and all such deductions shall be paid back into the company's stock to increase and augment it. At all such quarterly courts, notice shall be given to the subscribers to come and elect their governors, according to the first article, from among the senior members who have not yet served as governors.\n\nArticle XII. No person insuring in this office of insurance on lives shall pay quarterage exceeding ten years on one life. After ten years have expired, all payments to this company cease, except two shillings per quarter for the first 500. These two shillings per quarter will entitle them to L20 in the company's stock forever. And at the death of every new nominee they insure upon, they shall receive L20. The second 500 shall be entitled to L.\nArticle XII. Members of this Company are required to hold a stock worth 20 pounds, which they must maintain as long as they live. They must pay one shilling per quarter after ten years have passed for each new nominee's death. Sixpence per quarter goes to the secretary for covering charges, and the remainder is added to the company's stock. Those who join late, specifically the last 500, will receive 20 pounds at the death of every new nominee, as long as they live, and the last 1000, provided they take out bonds and pay their quarterage, will be entitled to 20 pounds in the company's stock.\n\nArticle XIII. No one can claim or receive benefits until nine months have elapsed. If the insured person dies in the tenth month, they will receive 20 pounds. If the insured person dies before the nine-month period, the insurer may take out another bond and become entitled to 20 pounds and the same benefit at the death of their nominee.\n\nArticle XIV.\nIf it pleases God, should the parts be afflicted with the Plague, Pestilence, Famine, or any other violent and rampant Distemper, in such a case, the office shall be closed, and no claims paid until such contagion is over. No subscriber insuring who lays violent hands on themselves, dies by dueling, suffers for Treason, Rebellion, or any other capital crime, or dies any other than a natural death, shall receive any claim. However, to prevent any losses from this undertaking, any person who experiences such misfortune shall have the liberty to take out a new bond and pay no quarterage until the same expires that they had before paid, and at the death of their nominee, receive L. 20.\n\nArt. XV\nMembers receiving money from this Company should leave their bonds as collateral with the Secretary or deputy, along with a note for the loaned money and a promise to pay back the principal with interest at 5% per quarter. Upon repayment, a receipt will be given. Insurers may assign or transfer the interest in their bonds to others, who must take out new bonds in their own names, with the original insured party and pay a fee of L. 20 for each assigned bond. This privilege continues upon the death of the nominee, with the same benefits.\n\nArticle XVI\nJohn Middleton, Gentleman, and his assigns shall be the Secretary and chief clerk of this Company of Insurance on Lives forever. The Secretary shall be accountable to the Governors for all subscribers' money paid into the Office within 15 days after every quarter-day. The Secretary shall pay all charges, such as the rent of the Office, books, printing, pens, ink, paper, fire, candle, and the Governors' charges, for the time being, until their salaries can be settled from the Sixpence per Quarter. What remains over and above the payment of the aforementioned charges shall be employed by the Secretary for his own proper use.\n\nArticle XVII. A strong chest be provided to keep the Company's cash, with three, five, or seven keys. The keys shall be kept by the Secretary and the Governors for the time being.\nEach of them shall have a particular Key and always be present at the opening of the Chest every Quarter-Day. The company shall have the care of the cash in their own hands and be their own security, which will be sufficient satisfaction to the subscribers that no fraud can be committed by any. In case of equality at any Quarterly Courts, the senior governor shall have the casting vote. The secretary and the rest of the governors have the power to make any by-law, rules, or orders for the good and welfare of the company, and may buy land for their security when they have sufficient stock.\n\nArticle XVIII.\nThat the insured person be in perfect health at the time of entrance, and that 250 bonds be delivered before a proper office place is taken, governors elected, and claims paid as they become due: To dispel any suspicion of fraud or hazard, this assures every subscriber they will pay no quarterage to the office until the governors are ready to take charge of the cash.\n\nArticle XIX: Once the company is complete and governors' salaries are settled, a deed of settlement will be drawn between the secretary and the governors, enrolled in the High Court of Chancery according to parliamentary act, and a true and exact copy kept in the office, read over to the company annually before governor elections, and an alterable office seal.\nTo demonstrate that this enterprise is based on facts rather than the whims of an idle and fanciful mind, I will present the following information in a clear and understandable manner. I will show the number of annual deaths according to common life computation, the money the claimants will receive, the annual interest of the grand stock or bank, and the increases over a ten-year period.\n\nIf 1000 people insure in the first year, 15 may die, and the claimants will receive \u00a3300. The insured will pay \u00a31100, resulting in a \u00a3815 increase in the first year.\n\nIf 1500 insure in the second year, 30 may die, and the claimants will receive \u00a3600. The insured will pay \u00a31500.\nIf 1650 remains, which will pay the claims, and \u00a31080 remains; which with the interest of \u00a3815, which is \u00a340 sh. 15; and the \u00a330 deduction, will in this Year be \u00a32935 sh. 15.\n\nIf 2000 insure in the third year, 60 may die, and the claimants receive \u00a31200, and the insured pay \u00a32200, which with \u00a360 deducted, and the interest of \u00a32935 sh. 15, which is \u00a3146 sh. 15 and 9d, will pay all claims, and \u00a34141 sh. 10 and 9d will remain this year.\n\nIn the fourth year, if 60 die, and the claimants receive \u00a31200, and the insured pay \u00a32200, which with the interest of \u00a34141 sh. 10 and 9d and the \u00a360 deducted, will pay all claims, and \u00a35408 sh. 12 d. 3 \u00bd will remain.\n\nIn the fifth year, if 60 die, and the claimants receive \u00a31200, and the insured pay \u00a32200, which with the interest of \u00a35408 sh. 12 d. 3 \u00bd, which is \u00a3278 sh. 8 d. 6 \u00be, and so \u00a360 deducted, will pay all claims, and \u00a36746 sh. 18 d. 10 \u00bc will remain.\n\nIn the sixth year, if 60 die, and the claimants receive \u00a31200, and the insured pay \u00a32200, which with the interest of \u00a36746 sh. 18 d. 10 \u00bc, will pay all claims.\nIn the seventh year, if 60 insure dies, the claimants receive L. 1200, and the insured pay L. 2200. With the interest of L. 8144.5.10.25 (L. 405.4.3.75), all claims will be paid, and L. 9609.10.2 remain.\n\nIn the eighth year, if 60 insure dies, the claimants receive L. 1200, and the insured pay L. 2200. With the interest of L. 9609.10.2 (L. 480.9.6), all claims will be paid, and L. 11149.19.8 remain.\n\nIn the ninth year, if 60 insure dies, the claimants receive L. 1200, and the insured pay L. 2200. With the interest of L. 11149.19.8 (L. 557.9.11.75), all claims will be paid, and L. 12767.9.7.25 remain.\n\nIn the tenth year, if 60 insure dies, the claimants receive L. 1200, and the insured pay L. 2200. With the interest of L. 12767.9.7.25, all claims will be paid.\n7 \u00bc equals L. 638 sh. 7 d. 6. After deducting L. 60, all claims will be paid, leaving L. 14,465 sh. 17 d. 1 \u00be. In the eleventh year, claims totaling L. 1,200 are paid, with the insured contributing L. 2,200. The interest on L. 14,465 sh. 17 d. 1 \u00be, which is L. 723 sh. 5 d. 9, along with the L. 60 deduction, will cover all claims. At the end of the eleventh year, L. 16,249 sh. 2 d. 10 \u00be will remain, sufficient to cover all claims according to the articles. Every year, the company receives additional funds of L. 800 to pay the first and second installments of L. 500, as well as quarterage for those who have not paid for ten years, totaling L. 200 per year, and L. 600 from those who have received their claims, along with their quarterage.\nSo that you clearly see, this Company will have no hazard run, and no person who embarks can be in fear of being a loser, as there will be sufficient fund to pay the claims of the first 500 subscribers and their heirs forever, and the second during their life, with the stock continually increasing. This undertaking, which several wise and ingenious men acknowledge, upon full understanding, to be the most useful and beneficial to all ranks and degrees of men ever made public, I recommend to your serious consideration as highly useful and necessary for the public good. I have no doubt it will meet with great encouragement in many more parts of this kingdom where it would be highly useful and a means to advance the fortunes of many for the future.\nAnd whereas by several Acts of Parliament, a 6% allowance and above for some, and up to 12% for others, is granted to merchants for prompt payment of customs on imported goods. However, many merchants and traders, despite having good credit and substance, face great straits and necessities due to losses abroad and disappointments at home. Lacking ready money, they are compelled to pay exorbitant premiums, in addition to interest for advance payments, to settle customs. Most of these customs must be paid before goods can be landed. Alternatively, they are forced to leave their entire cargo aboard ships or in the king's warehouses or boats, where goods often suffer damage, the merchant loses a good market, and if perishable wares, the king sometimes loses customs, and the trader is ruined.\nThe better to promote trade and prevent future mischief, it is proposed that at this Office, considerable sums of money will be kept. These funds will be managed by some rich and substantial gentlemen, serving as governors and directors of this Society. These governors will be on the same footing as the South Sea and East India Companies. This will be an advantage to all merchants, as well as the Crown.\n\nThe fund is to supply all merchants and traders with ready money for three or four months without interest, enabling prompt payment for goods, wares, and merchandise settled upon the Crown by Parliamentary acts, for the swift discharge of all ships. This is clearly in the interest of merchants and traders, whether by sea or land.\nThis method will certainly make Scotland's trade flourish. Foreign ships will find no shortage of money or funds upon arrival, eliminating delays in unloading and clearing, allowing for multiple voyages in a year instead of just one. Merchants and traders will greatly benefit from a constant supply of ready money, preventing potential ruin.\nBy this scheme, all traders will be encouraged, and the poor have plenty of work and a better price for it. All other traders whatsoever will partake of the same benefit, and the king's revenues will be increased. No person will be imposed upon or pay or run sixpence hazard on any account whatsoever. The like has never been known in any public undertaking in Europe.\n\nBy several Acts of Parliament for the consideration of prompt payment, which, by a true medium, may reasonably be supposed to amount to 9 percent, take one sort of goods with another, this 9 percent being often returned, may make to the company 18 percent per annum. I hope this will not only be a benefit to the founder of this office but also to every one that is concerned in it.\n\nThis method is so fully explained and so fully demonstrated to all capacities that the very nature of the undertaking explains itself. There is no doubt but it will answer every particular of the proposed end.\nI have spared no cost or effort to answer all objections and make clear the advantages of this office for merchants and tradesmen. The caution of merchants and gentlemen in entering bonds with the crown often results in their paying high interest rates to money traders. However, with this scheme, they can obtain money without involving friends in their affairs, making it a greater advantage to have interest-free money. I hope this company will be established on a foundation as solid as any European company, bank, or fund.\nFor which the author hopes all persons who acquire this book will have concern, as well as prayers and well-wishes to God for this undertaking's advantage on behalf of the poor.\n\nNote: Those unable to fully understand the true intent and meaning of this undertaking may inquire at Mr. Bailie's in the Canongate for clarification from the author or his clerk, who will be present until the office opens.\n\nAnyone purchasing one of these books and subscribing will have their money returned when they take out their bond and receive the book for free.\nTo secure the rights and properties of copies in the proprietor's possession, in accordance with several Acts of Parliament, and to prevent publishing by any person whatsoever: Notice is given that the author has registered and entered these presents in the Hall-Book of Offices. If any person or persons print, reprint, or publish these articles or any part thereof, or anything belonging to them, the proprietor will, in pursuance to the liberty allowed by the said Acts of Parliament, prosecute all and every of the said persons, printers, and publishers whatsoever.", "creation_year": 1720, "creation_year_earliest": 1720, "creation_year_latest": 1720, "source_dataset": "EEBO", "source_dataset_detailed": "EEBO_Phase2"},
{"content": "That the laying of an additional subsidy on Tobacco of 1 d. per Pound, above the 5 d. already laid by Act of Parliament, will become a great injury to the trade of this Kingdom, and to the plantations of Virginia and Maryland.\n\nI. Because this will encourage foreign markets, gradually bringing the trade of our plantations out of use, as the affordable pricing of our plantations' Tobacco is a significant occasion and support for our trade to Holland and the Baltic Seas, the great expense of Tobacco being among the poorer sort of people. Furthermore, it is evident to all who know Holland and other adjacent areas such as Gelderland, Utrecht, Hanover, Brabant, and several other parts of Germany, that they plant great quantities of Tobacco yearly, estimated to be of equal quantity to either of the provinces of Virginia or Maryland, and would expand their planting if made dearer by law.\nII. Such duties may lead to greater duties on our plantation tobacco in foreign parts, encouraging their own growth, which they have not done previously.\nIII. The lessening consumption will result from its dearness, as the poorest laboring people are the greatest consumers, besides the debauchery from stalks, and it was previously used to make it cheap.\nIV. Such a great duty will result in large quantities being smuggled in through various ports and creeks of the kingdom, to the ruin of those paying the duty, and to the destruction of fair traders.\nV. The duty will swell to such a great sum that traders in it will not be able to advance it, nor will it be worth anyone's doing it, because the interest of the money required to redeem the goods will exceed the value of the principal of the goods; thus, the plantations will inevitably be discouraged.\nVI. The risks of accruing debts through tobacco sales will be so significant that no one will engage in trade, as merchants are forced to offer credit worth eight times the initial value for freight and charges. This will discourage all merchandise.\nVII. Furthermore, this will significantly reduce navigation to those plantations, harming our nation, which deploys at least 200 ships annually for this purpose.\nVIII. Additionally, it will decrease the consumption of our kingdom's manufactures by those plantations, which have relied on them and have been more beneficial to our nation than any other plantations, all while laws are being enacted to support the wool manufacturing industry. This, however, discourages it for those plantations.\nIX. The planter will be encouraged to abandon tobacco farming and instead focus on manufacturing, planting cotton-wool, hemp, and flax, and raising sheep for clothing. This has already been attempted to some extent, as the labor required to grow tobacco cannot cover their necessities. Once they consider this, the tobacco trade in Virginia and Maryland will effectively dissolve.\n\nX. This heavy duty will completely sever the affections of these plantations from England, as they find themselves charged twenty times more in this duty than their neighboring plantations for their produce, which is more profitable to them than tobacco is to Virginia and Maryland.\nXI. And it was lateexperience that discovered the import of 3d per pound had such an effect on the planter, leading several counties in Virginia and Maryland to abandon tobacco planting in favor of linen and wool manufacturing. These counties now supply their neighboring territories, and wool, once worthless to them, is now in high demand and sold for 12d per pound.", "creation_year": 1720, "creation_year_earliest": 1720, "creation_year_latest": 1720, "source_dataset": "EEBO", "source_dataset_detailed": "EEBO_Phase2"}
]