Nor would this proceeding be any damage to the seamen in general; for 24s. per month wages, and to be kept in constant service (or half-pay when idle), is really better to the seaman than 45s. per month, as they now take it, considering how long they often lie idle on shore out of pay; for the extravagant price of seamen’s wages, though it has been an intolerable burden to trade, has not visibly enriched the sailors, and they may as well be content with 24s. per month now as formerly.
On the other hand, trade would be sensibly revived by it, the intolerable price of freights would be reduced, and the public would reap an immense benefit by the payments mentioned in the proposal; as—
1. 4s. per month upon the wages of all the seamen employed by the merchant (which if we allow 200,000 seamen always in employ, as there cannot be less in all the ships belonging to England) is £40,000 per month.
2. 40s. per ton freight upon all goods imported.
3. 4 per cent. on the value of all goods exported or imported.
4. 10s. per chaldron upon all the coals shipped at Newcastle, and 1 per cent. on the ships which carry them.
What these four articles would pay to the Exchequer yearly it would be very difficult to calculate, and I am too near the end of this book to attempt it: but I believe no tax ever given since this war has come near it.
It is true, out of this the public would be to pay half-pay to the seamen who shall be out of employ, and all the losses, and damages on goods and ships; which, though it might be considerable, would be small, compared to the payment aforesaid: for as the premium of 4 per cent. is but small, so the safety lies upon all men being bound to insure. For I believe any one will grant me this: it is not the smallness of a premium ruins the insurer, but it is the smallness of the quantity he insures; and I am not at all ashamed to affirm that, let but a premium of £4 per cent. be paid into one man’s hand for all goods imported and exported, and any man may be the general insurer of the kingdom, and yet that premium can never hurt the merchant either.
So that the vast revenue this would raise would be felt nowhere: neither poor nor rich would pay the more for coals; foreign goods would be brought home cheaper, and our own goods carried to market cheaper; owners would get more by ships, merchants by goods; and losses by sea would be no loss at all to anybody, because repaid by the public stock.