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Transcript of Daniel Defoe
Education became a matter of literacy and having a library card Mercantilism Presented by:
Chantel Colley Priest
Abigail Shakespeare The South Sea Bubble
1719-1720 Financed Britain's debt at 6% interest and was given a monopoly on trade with Spanish colonies in the South Seas (South America) Bullionism: idea of accumulating precious metals
Idea that state should focus on export and minimal import so that deficits be paid in bullion
Only import raw materials not in abundance
Encourage government subsidies such as monopolies and tariffs that encouraged industry The South Sea Bubble The company was focused on generating hype for their inflated shares instead of profit from commerce When management realized how grossly overinflated the stock was they pulled out and the bubble popped South Sea shares were issued and became extremely fashionable to purchase...SS company issued more and more shares at exceedingly higher prices Issac Newton, Voltaire, John Locke...
having strong moral decency, or honour. The chapter refers heavily to the fact that individuals and nations who are honourable or have probity are to have more credit than others. Key Terms and People Perriwig: Duns: "his door crowded with Duns" p 54 Solomon: King Solomon, from Bible (son of David)
Said "money answereth all things" Ecc 10: 19
Defoe: nor will Money itself...purchase this thing call'd Credit, or restore it when lost Queen Anne Summary Defoe counters the argument that the National Credit will dwindle with the continuation of the war, as Parliament may be unable to raise sufficient funds Credit is produced through integrity and honour Credit is never chained to men's names or families, "but to their actions" (53) National Credit had been established through the actions of the Her Majesty the Queen and Parliament, following the breach under the former Monarch The Queen reestablished and maintained credit by: -Raising taxes
-Contributing 100,000 pounds of her own money
-Solely appointed honourable officers and,
-Removed those officials that misapply the National Credit Trade: "barber wont trust him for a perriwig" p52 popular queen, Anglican, modern views
wanted to relieve tax burden on citizens so donated her own personal money
this gave people faith in her as well as showed them it was obviously worth it to pay taxes Discussion 1.) Why does Defoe employ allegory, metaphor, and narrative so often in the essay?
2.) Does an essay like this benefit in terms of clarity and ease of comprehension from Defoe’s literary language, or would it be better written in a detached, scientific voice?
3.) Is Defoe’s definition of credit in line with Addison’s definition in “Public Credit”? Literary Elements in Defoe’s “An Essay Upon Publick Credit”
Wind that blows
Sun-shine, not the Sun
the Blood in the Veins
National Credit and The Allegory of the Clock
Narrative Elements Example:
p.53: “It is vain to talk of Credit without this Probity: Honesty will raise Credit without money, but all the Money in the World will not raise Credit without this principle.
someone who is honourable and poor will have a better life than someone with money and no morals effect of a having probity "the profitable exchanging of Goods from Nation to Nation"