CHAPPEL, Samuel.

£2,500 · Offered by Peter Harrington · No longer available

A Diamond or Rich Jewel, presented To the Common-wealth of England, for inriching of the Nation; First edition of this mercantilist tract, proposing methods "to make England the richest nation in Europe", including establishing a national bank, preventing English coins flowing to other countries, and bolstering trade with the English colonies in America.The new commonwealth's economic position was precarious after almost a decade of civil war, and there was much national debate about economic and trade policy. Chappel, a merchant from Freminton in Devon, wrote the tract from a debtor's prison. The mercantilist position he upholds seeks to create national self-sufficiency within the country and its colonies and to prevent coinage and precious metals from leaving the country. The American aspect has not been widely noted - Sabin's bibliography of books relating to America does not list the tract - but is substantial. Chappel deals with insuring ships against American pirates, expanding the herring trade to supply New England and Newfoundland, promoting trade with Virginia, and supporting tobacco-growing.The author's proposal to establish a national bank in London would "put all the nation upon industry to live without beggars". The bank will guarantee depositors a five per cent annual return and invest the funds into trade and domestic industry. Chappel mentions existing banks in Venice and Genoa, and by the end of the century the Bank of England was established.

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