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which making War on other Nations may be justifiable； viz。 Fighting for Territory when we are over…people； and want Land for them； which our Neighbours have； but will not part with on amicable and reasonable Terms。 And as this； and necessary Self…defence is all the just Foundation War can ever have； so War for any other Causes is Murder； aggravated by the horrible Addition of all the Thousands that are destroy'd on both Sides。 This must be so； because it's monstrous to imagine； the Author of the World hath constituted Things so； as to make it any Ways necessary for Mankind to murder and destroy each other： And yet he must have constituted Things thus monstrously； if War be necessary on any other Foundation whatsoever。 I will not proceed to shew； that the State of the Nation； in Respect of the Trade thereof； is really very different； and much worse than it was about the Year 1688。 Erasmus Phillips says； Page 15； that the Year above mentioned was perhaps the Time； when England was in Possession of the greatest Quantity of Wealth she ever did enjoy； She was then inrich'd with the Treasure she had been accumulating for about 150 Years； for so long we may date the Progress of Trade in this Nation。 And Page 17； he says；As to the Specie of the Nation； the Recoining 3 Years afterwards makes that sum almost apparent as to the Silver； for from 1691 to 1697； there was brought to the London and Country Mints； 8；400；000 l。 of clipt； light； and hammer'd Money； and in all Probability there might be a great Sum standing out。 The mill'd Silver coin'd in King Charles IId； and King James IId's Reign； might be 2；200；000 l。 so that we may suppose subsisting in Silver Money； at that Time； about 11 Millions； And the Gold we may reckon thus：
Coin'd in Queen Elizabeth's Time who reform'd most of the old Specie： L。 1；500；000 Coin'd in King James Ist's Time L。 800；000 Coin'd in King Charles Ist's Time L。 1；723；456 And in the Reigns of King Charles IId； and King James IId。 L。 6；500；000 In all L。 10；523；456
But allowing for Deficiencies and Wastes of all Kinds L。 3；000；000 The Gold Specie then remains L。 7；523；456 Silver Specie as above L。 11；000；000 Total of the Specie circulating in the Nation about the Year 1688 L。 18；523；456
And Page 18； he says； There is Reason to believe this was the State of the Nation in Respect to Trade and Money in the Year 1688。 And I will endeavour to shew； that the Trade of the Nation had really stood on such a Foot； during the whole Period of the Coinage above set forth； that is was not likely we had thereby diminished any Part of the Specie abovemention'd； on which however so large a Sum as 3 Millions is allow'd for Deficiencies and Waste。 In the Year 1645 there were 7966 Christen'd； and 11479 Buried。 In the Year 1789 there were 14777 Christen'd and 23502 Buried。 The Christenings and Burials； then； being at the Year 1689； about double the Number they were at the Year 1645； makes it evident that the People in London and Westminister； etc。 within the Bills of Mortality； were doubled in about 44 Years； notwithstanding that great Plague which happened in this Period。 And Dr Nichols hath assured us； that the Country increased in the same Time； though not in the like； yet in a considerable Proportion。 Not since the Prices of all things in general were as high； if not higher； when the People were so much increased； than the Prices of the same Things in general were when the Number of the People were so much less （and this I shall take for granted as a Thing sufficiently known；） therefore； since we had at the Year 1688 no considerable national Debts； or Paper Effects operating as Money； and thereby inhancing the prices of things above the Rates which the Specie itself would support them at； as every Thing which hath the operation of Money； though it be not such； will never fail to do； I say； this could be only the Effect of a vast Increase of real specie circulating； which thus supported； if not raised the Number of People； as there was in London； etc。 and in the Kingdom in general； or at about the Year 1688； above the Number there was about 44 Years before。 And since we （having no mines） could only have such an increase of specie arise； by the Balance of Trade being so mightily in our Favour； as to increase the Money so vastly in so short a time as about 44 Years； I think there can be no room to imagine； the Specie； coin'd as above； was at all lessen'd in this Period。 But it will still be a Question； whether the Specie was not diminish'd before the Year 1645； since the Beginning of the Coinage goes much further back。 To which I answer； that is is well know that our Trade at 1645 was but of about 100 Years Date； and therefore I shall say it was but in its Youth。 And as it is a Circumstance； always attending the Beginnings of foreign Trade in every Nation； to have the Balance in their Favour； because such Nations having no Mines； cannot have much Money amongst them；（28*） on which Account their Produce and Manufacturers must needs be low in their Price： And as this is the chief； if not the only Circumstance which lays the Foundation of the Exportation of the Commodities of any Country； so this being then our Case； must needs be the Means of increasing the Gold and Silver amongst us； from the Time of Reforming the old Specie by Queen Elizabeth； to the Time whence I begin that great Increase of the People。 But further to establish this Point； give me Leave again to make use of Dr Nichols's Authority in the beforecited Place； where he says； 〃To consider further how mightily this Nation of ours hath increased within a Century or two； notwithstanding the many civil and external Wars； and those vast Drains of People that have been made into our Plantations since the Discovery of America。〃 If the Nation did really increase so mightily within a Century or two； and it be an undeniable Fact that the Prices of Things advanced too during that Time； we must during that Time have had an Increase of the People and Prices of Things； as hath been before reason'd on this Point。 Therefore I think it appears more than probable； that the Specie coin'd as above； was not diminish'd； but really circulating amongst us about the Year 1688。 Let us now see how different the State of the Nation； and consequently the Trade thereof； now is in this Respect。
The Cash of the Nation is by most People； so far as I can learn； esteem'd to be about 10 or 12 Millions。 But Erasmus Phillips endeavours to she that it is（29*） L。 15；000；000 And in his Preface； he says； the National Debt is 53 Millions； a sixth Part of which； he says； Foreigners are generally supposed to have； which； allowing the Debt to be now somewhat lessen'd； can hardly be put lower than（30*） L。 8；000；000。 The Balance of Specie； which we may then call our own； will be L。 7；000；000。
That is 11 millions and a half less than we had about the Year 1688。 Now whether this great Diminution of our Species be attributed chiefly to the vast Expence of King William and Queen Anne's Wars； as without doubt it must in a great degree； or that the balance of Trade since that Time hath been against us； and contributed to this Diminution； it's evident the State of the Nation； being now so vastly different in respect of real Specie we can call our own； must have a malignant Influence on our Trade； whilst the Prices of most Commodities and Necessaries of Life； by the Operation of Paper…Effects； are maintain'd at higher Rates than those Things bore before the Year 1688。 Therefore I conclude； Since we have so much less Specie we can call our own； and such a vast Value of Paper…Effects operating as Money； and are indebted to Foreigners such a great Sum； the Interest of which they are continually drawing from us； besides a vast national Debt； that the State of Trade is as much worse than it was in the Year 1688； as the State of the Nation is so： For the Relation between these are such；if rightly consider'd； that they ought to be esteem'd as but one and the same Thing； notwithstanding we seem to distinguish them by different Names。 Another Point； whence I argue that the Trade of this Nation is in a worse State than it was about the Year 1688； is the different Increase of the People since that Time to the Increase in the preceding 44 Years。 In the Year 1730； there were 17118 Christen'd and 26761 Buried。 In 1689； （which I stopt at；） 14777 Christen'd and 23502 Buried。 The difference increased is； Christen'd 2341 and Buried 3259； or about 1/7 Part of the Number of the Year 1689； which shews the Increase of the People since that Time to be about so much： Which being so far short of the preceding Period of 44 Years； shews that our Trade is in as much worse State； as the Increase is less in near the same Length of Time。 But the great Increase； in the before…mention'd 44 Years； will be greatly ascribed to the great Number of French Refugees； that came and settled here in that Period。 But I think they could not have found a Settlement with us； if our Trade had not been in