all Men who lived in England, would return to their Estates in Ireland, rather than pay 15. per Cent.[1] for Exchange; not considering, that when Cobs were raised, that Exchange would also rise proportionably. They fancied, that he who sold a Stone of Wooll for two Cobs, call'd 9s. when Cobs were rais'd, would sell his Stone of Wooll of 1½ Cob when called 9s. Nor did they think how this frivolous conceit would have taken away a proportionable part of all Landlords Estates in Ireland. As for Example, those who acted moderately, would have the Money rais'd 1⁄20 part, and the 1⁄20 part of all the Money of Ireland, was then thought to be but about 20,000l. The whole Cash of Ireland being then estimated, but[2] 400 M.l. whereas the Landlords of Ireland, whose Revenue is 800 M.l. per Annum, must have lost 1⁄20 part of their whole Estates for ever, viz. 40 M.l. per Annum upon that empty expedient.
But others, no less sensible of the distress of the People, and the obstructions of Trade by reason of the said decay of Bullion, considering that about 600 M.l. would drive the Trade of that Kingdom; for || that 300 M. would pay one 75 half years Gale of all the Land; 50 M. would pay ¼ rent of all the Housing, and that 150 M. would more than pay a Weeks expence of all the People of Ireland; and that the whole Cash moved chiefly in those Three Circles; They therefore thought to make up their 400 M.l. present Cash by a Bank of 200 M.l. more, the bottom and support whereof should be Land; for the Lands and Houses of Ireland being worth about 8 Millions, whereof 200 M.l. was but the 1⁄40 part. 'Twas[3] thought easy to find many Fortieth parts so free from Incumbrances or question as to give a being to such a Bank.
Note, that Interest in Ireland is 10 per Cent, which is a great hinderance to Trade; since the Interest must enflame the price of Irish Commodities, and consequently give to other Nations the means of underselling.
- ↑ Cox, 'is mistaken & phaps is ye fault of ye Clerk: for one reason why Cobbs should be raysd to 5s is because yt would rayse exg to 20 p cent or higher, and which ye Ir Nobility & gentry being loath to pay, would rather returne and spend their estates in Ireld.'
- ↑ S, 'estimated but.'
- ↑ 1719, 'part. 'twas.'
