that of
having the Property of the Lands transferr'd to another Country, it
appears absolutely necessary for every Colony, that finds or suspects
that to be its own Case, to think timely of all proper Means for
preventing it; such as encouraging Iron-Works, Ship-building, raising
and manufacturing of Hemp and Flax, and all other Manufactures not
prohibited by their Mother Country. They might likewise save
considerable Sums, which are now sent to _England_, by setting up and
establishing an Insurance-Office. This, I think, might effectually
be done by an Act of Assembly for impowering the Trustees of the
Loan-Office to subscribe all Policies that should be brought to them,
on such Terms as should be settled by the said Trustees jointly with
a Committee of Assembly, at a Meeting for that Purpose, once a Month,
or oftner if necessary. Besides the saving to the Country in the
Article of Trade, it would probably yield a considerable yearly
Income towards the Support of Government; it being evident, that most
prudent Insurers are great Gainers upon the Whole of their
Insurances, after all Losses are deducted.
Upon the Execution of this Scheme, I am persuaded, two very
great Advantages must accrue; _First_, That the Export would be
increased, and consequently bring the Ballance of Trade more in
favour of the Province: And, _Secondly_, that the Rate of Exchange
would be fixed and ascertained; which, 'tis hoped, would effectually
remove the Prejudices which the Merchants in _England_ seem to have
conceived against a Paper Currency in the Colonies.
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