







 
   
     
       
         A safe and easy method for supplying the want of coin and raising as many millions as the occasions of the publick may require. Humbly offered to the consideration of the present Parliament. With some remarks upon the Bank of England, Dr. Chamberlain's Bank, the Land-Bank, so called, and the National Land-Bank.
         Atwood, William, d. 1705?
      
       
         
           1695
        
      
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         A26182
         Wing A4181
         ESTC R215808
         99827577
         99827577
         31999
         
           
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         Images scanned from microfilm: (Early English books, 1641-1700 ; 1861:25)
      
       
         
           
             A safe and easy method for supplying the want of coin and raising as many millions as the occasions of the publick may require. Humbly offered to the consideration of the present Parliament. With some remarks upon the Bank of England, Dr. Chamberlain's Bank, the Land-Bank, so called, and the National Land-Bank.
             Atwood, William, d. 1705?
          
           8 p.
           
             printed for Roger Clavel, at the Peacock in Fleetstreet,
             [London :
             1695]
          
           
             Caption title.
             Imprint from colophon.
             By William Atwood.
             Reproduction of the original in the Bodleian Library.
          
        
      
    
     
       
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         eng
      
       
         
           Money -- England -- Early works to 1800.
           Land banks -- England -- Early works to 1800.
        
      
    
     
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           A
           safe
           and
           easy
           Method
           for
           supplying
           the
           want
           of
           Coin
           ,
           and
           raising
           as
           many
           Millions
           as
           the
           Occasions
           of
           the
           Publick
           may
           require
           .
           Humbly
           offered
           to
           the
           consideration
           of
           the
           present
           Parliament
           .
           With
           some
           Remarks
           upon
           the
           Bank
           of
           England
           ,
           Dr.
           
           Chamberlain's
           Bank
           ,
           the
           Land-Bank
           ,
           so
           called
           ,
           and
           the
           
             National
             Land-Bank
          
           .
        
         
           
             Ego
             certè
             reip
             .
             non
             deero
             ;
             &
             quicquid
             acciderit
             ,
             a
             quo
             mea
             culpa
             absit
             ,
             animo
             forti
             feram
             .
          
           
             Cic.
             Cornificio
             .
          
        
         
           IT
           cannot
           be
           denied
           ,
           that
           the
           want
           of
           good
           Coin
           gave
           rise
           to
           the
           several
           Banks
           now
           on
           foot
           ,
           by
           which
           many
           private
           Persons
           have
           enriched
           themselves
           ,
           and
           more
           probably
           expect
           it
           ,
           not
           without
           benefit
           to
           the
           Publick
           :
           It
           being
           evident
           ,
           that
           every
           Summ
           paid
           by
           Bill
           of
           Credit
           is
           in
           effect
           ,
           for
           the
           time
           the
           Bills
           do
           pass
           ,
           so
           much
           Money
           added
           to
           the
           Coin
           of
           the
           Kingdom
           .
           But
           it
           is
           to
           be
           presumed
           ,
           that
           the
           Parliament
           will
           give
           a
           check
           to
           that
           endless
           encrease
           of
           Bills
           of
           Credit
           ,
           which
           ,
           upon
           the
           failure
           of
           any
           of
           the
           Banks
           to
           answer
           in
           Specie
           ,
           when
           generally
           called
           for
           ,
           may
           prove
           a
           greater
           mischief
           than
           that
           which
           they
           would
           remedy
           .
        
         
           If
           therefore
           a
           way
           can
           be
           found
           to
           supply
           the
           want
           of
           Coin
           by
           Credit
           ,
           and
           that
           Credit
           to
           have
           so
           true
           a
           Foundation
           ,
           that
           it
           shall
           certainly
           be
           made
           good
           in
           specie
           ,
           and
           that
           within
           few
           years
           ,
           which
           has
           not
           been
           pretended
           to
           by
           any
           Proposer
           of
           Banks
           ,
           this
           may
           at
           the
           least
           deserve
           to
           be
           considered
           in
           Parliament
           :
           where
           what
           is
           crudely
           proposed
           may
           be
           maturely
           digested
           and
           improved
           ,
           by
           the
           collective
           wisdom
           of
           the
           Nation
           .
        
         
           Wherefore
           it
           is
           proposed
           ,
        
         
           1.
           
           That
           a
           Fund
           of
           500000
           
             l.
             per
             an
          
           .
           more
           or
           less
           ,
           according
           to
           the
           Summ
           to
           be
           raised
           ,
           be
           settled
           for
           eight
           Years
           ,
           or
           if
           for
           a
           longer
           time
           ,
           a
           less
           Fund
           ;
           and
           this
           may
           be
           of
           such
           a
           nature
           ,
           as
           may
           give
           general
           satisfaction
           :
           but
           to
           name
           a
           Fund
           which
           may
           be
           rejected
           ,
           might
           prejudice
           a
           Method
           applicable
           to
           any
           good
           Fund
           .
        
         
           2.
           
           Let
           the
           Money
           arising
           by
           the
           Fund
           be
           paid
           into
           an
           Office
           ,
           to
           be
           erected
           at
           London
           ,
           or
           within
           the
           Suburbs
           ,
           to
           be
           called
           the
           Crown-Bank
           ,
           or
           Publick-Bank
           :
           For
           which
           Office
           let
           there
           be
           as
           many
           Commissioners
           ,
           or
           Directors
           ,
           as
           the
           Parliament
           shall
           think
           fit
           ;
           they
           to
           be
           intrusted
           to
           appoint
           Collectors
           ,
           and
           other
           Officers
           ,
           and
           to
           ascertain
           their
           Sallaries
           ,
           and
           the
           like
           .
        
         
           3.
           
           At
           that
           Bank
           let
           there
           be
           drawn
           on
           Vellom
           ,
           or
           Parchment
           ,
           or
           thick
           Paper
           ,
           made
           there
           ,
           and
           imprinted
           with
           
             Greek
             ,
             Hebrew
          
           ,
           or
           some
           other
           particular
           Characters
           ,
           in
           a
           Mill
           for
           that
           purpose
           ,
           so
           many
           Bills
           from
           5
           l.
           to
           100
           l.
           signed
           by
           5
           Commissioners
           or
           Directors
           at
           the
           least
           ,
           as
           shall
           make
           up
           as
           many
           Millions
           as
           are
           wanting
           :
           let
           each
           of
           these
           Tickets
           have
           its
           particular
           Number
           ,
           and
           the
           Year
           expressed
           in
           which
           it
           is
           to
           be
           brought
           back
           into
           the
           Office
           ,
           and
           there
           discharged
           :
           Let
           the
           peices
           of
           Vellom
           ,
           or
           Parchment
           ,
           or
           thick
           Paper
           ,
           be
           cut
           in
           the
           middle
           of
           the
           Impression
           ▪
           and
           let
           that
           part
           which
           has
           the
           other
           half
           of
           the
           Impression
           be
           kept
           in
           the
           Office
           ,
           having
           upon
           it
           the
           same
           Number
           with
           the
           other
           ,
           and
           a
           Memorandum
           of
           the
           Summ
           contained
           in
           it
           ,
           and
           be
           signed
           as
           the
           other
           .
        
         
           4.
           
           Let
           all
           the
           Bills
           be
           current
           at
           the
           Vallues
           expressed
           in
           them
           ,
           and
           immediately
           pass
           in
           all
           Payments
           as
           lawful
           Coin
           ,
           and
           be
           
           Assignable
           ,
           and
           to
           be
           Lent
           out
           at
           Interest
           as
           Money
           .
           But
           if
           any
           Bill
           be
           not
           brought
           *
           back
           into
           the
           Office
           in
           the
           Year
           appointed
           for
           it
           to
           come
           in
           ,
           let
           it
           from
           thenceforth
           be
           wholly
           void
           :
           And
           after
           the
           Bills
           have
           been
           brought
           in
           ,
           and
           the
           Money
           upon
           them
           paid
           ,
           and
           the
           Account
           for
           that
           Year
           pass'd
           ▪
           let
           them
           be
           Cancelled
           .
        
         
           5.
           
           Let
           the
           Mill
           where
           the
           Vellom
           ,
           or
           Parchm●nt
           ,
           or
           thick
           Paper
           ,
           is
           imprinted
           ,
           be
           fram'd
           at
           the
           place
           where
           it
           is
           to
           be
           used
           .
           And
           let
           it
           be
           Capital
           for
           the
           same
           ,
           or
           any
           other
           of
           that
           kind
           ,
           to
           be
           found
           elsewhere
           at
           any
           time
           ▪
           or
           there
           unbroken
           after
           the
           whole
           Number
           of
           Bills
           making
           up
           the
           appointed
           Summ
           ,
           together
           with
           the
           Counter-parts
           ,
           have
           been
           once
           imprinted
           ;
           or
           for
           any
           Persons
           to
           counterfeit
           any
           of
           the
           Bills
           ,
           or
           the
           Impression
           on
           the
           Vellom
           ,
           or
           Parchment
           ,
           or
           Paper
           ,
           or
           so
           to
           imprint
           more
           pieces
           of
           Parchment
           ,
           or
           Vellom
           ,
           or
           Paper
           ,
           than
           the
           appointed
           number
           .
        
         
           6.
           
           To
           prevent
           the
           confusion
           and
           uncertainty
           of
           hurrying
           in
           all
           the
           Bills
           of
           each
           Year
           at
           the
           end
           of
           each
           Year
           ;
           let
           the
           Bills
           of
           the
           Year
           be
           brought
           in
           at
           any
           time
           after
           the
           first
           six
           months
           ;
           and
           if
           the
           money
           which
           should
           pay
           the
           same
           be
           not
           come
           into
           the
           Office
           ,
           let
           the
           Commissioners
           or
           Directors
           ,
           give
           Bills
           of
           Credit
           upon
           Vellom
           ,
           or
           Parchment
           ,
           or
           Paper
           ,
           of
           another
           Impression
           ,
           for
           so
           much
           money
           as
           every
           Bill
           carries
           ,
           payable
           within
           six
           months
           at
           the
           farthest
           ,
           with
           Interest
           at
           4
           
             l.
             per
             Cent.
          
           till
           payment
           .
           And
           let
           it
           be
           Actionable
           ,
           and
           highly
           Penal
           for
           them
           to
           refuse
           or
           neglect
           payment
           ,
           if
           there
           be
           Cash
           for
           it
           ,
           or
           not
           to
           give
           such
           Bills
           if
           Cash
           fail
           ,
           or
           to
           imbezil
           the
           money
           ,
           or
           to
           postpone
           Payments
           ,
           or
           to
           employ
           it
           to
           any
           other
           use
           or
           purpose
           ,
           than
           the
           payment
           of
           the
           Bills
           in
           the
           first
           place
           ,
           next
           to
           the
           defraying
           the
           annual
           Charges
           of
           the
           Bank
           ,
           and
           let
           the
           overplus
           be
           paid
           into
           the
           Exchequer
           .
        
         
           7.
           
           In
           case
           the
           Fund
           shall
           be
           deficient
           in
           any
           Year
           ,
           let
           what
           is
           wanting
           to
           clear
           the
           Bills
           and
           the
           Charges
           of
           the
           Office
           ,
           be
           paid
           out
           of
           such
           money
           as
           shall
           be
           in
           the
           Exchequer
           ;
           and
           if
           it
           be
           not
           paid
           before
           the
           then
           
             next
             Parliament
          
           ,
           let
           it
           be
           supplyed
           our
           of
           the
           
             next
             publick
             Tax
          
           .
        
         
           8.
           
           Let
           the
           
             Commissioners
             or
             Directors
          
           at
           the
           end
           of
           every
           Year
           Account
           to
           the
           
             Lord
             Treasurer
          
           ,
           or
           
             Commissioners
             of
             the
             Treasury
          
           for
           the
           time
           being
           ,
           who
           are
           to
           transmit
           the
           Accompt
           to
           Parliament
           .
        
         
           
             
               Obj.
            
             1
          
           If
           it
           be
           said
           ,
           that
           these
           Bills
           being
           to
           come
           in
           within
           the
           year
           for
           which
           they
           are
           appointed
           ,
           will
           not
           pass
           abroad
           in
           Foreign
           Trade
           .
        
         
           
             
               Answ
               .
            
             1
          
           If
           that
           were
           so
           ,
           possibly
           it
           might
           be
           an
           Argument
           to
           recommend
           them
           ,
           as
           Riches
           kept
           at
           home
           ;
           the
           chief
           Topick
           against
           regulating
           our
           Coin
           being
           the
           fear
           of
           enriching
           our
           Neighbours
           with
           it
           .
        
         
           
             
               Answ
               .
            
             2
          
           However
           ,
           this
           Objection
           would
           lie
           only
           against
           the
           Bills
           which
           are
           to
           come
           back
           within
           the
           first
           year
           ,
           whereas
           there
           are
           enough
           of
           others
           which
           may
           lie
           out
           some
           Years
           ,
           long
           enough
           for
           traficking
           abroad
           with
           them
           ,
           and
           making
           Returns
           ,
           upon
           which
           the
           Money
           will
           be
           received
           in
           Specie
           .
        
         
           
             
               Answ
               .
            
             3
          
           These
           Bills
           ,
           if
           they
           were
           wholly
           kept
           within
           the
           Nation
           ,
           as
           they
           in
           effect
           increase
           the
           money
           ,
           will
           advance
           the
           home
           Manufactures
           ,
           enable
           Traders
           to
           employ
           more
           hands
           ,
           and
           so
           lower
           the
           interest
           of
           money
           ,
           that
           we
           may
           buy
           and
           sell
           as
           cheap
           as
           our
           Neighbours
           ;
           and
           by
           consequence
           turn
           the
           Ballance
           of
           Trade
           on
           our
           side
           ,
           which
           is
           now
           against
           us
           ,
           and
           therefore
           will
           bring
           mony
           and
           Bullion
           from
           Abroad
           .
           And
           this
           not
           being
           the
           only
           Coin
           we
           have
           ,
           but
           an
           increase
           of
           it
           ;
           there
           will
           be
           enough
           of
           Silver
           and
           Gold
           to
           send
           into
           foreign
           parts
           .
        
         
           
             
               Obj.
            
             2
          
           If
           it
           be
           said
           that
           these
           Bills
           may
           be
           counterfeited
           ,
           or
           at
           least
           they
           who
           are
           at
           distance
           from
           London
           cannot
           be
           assured
           of
           the
           contrary
           .
        
         
           
             
               Answ
               .
            
             1
          
           There
           is
           as
           much
           security
           in
           these
           Bills
           as
           in
           any
           Deed
           ,
           which
           may
           possibly
           be
           forged
           ;
           but
           Forgeries
           happen
           so
           rarely
           ,
           that
           they
           work
           no
           interruption
           of
           business
           ,
           and
           common
           Credit
           ▪
        
         
           
             
               Answ
               .
            
             2
          
           The
           Hands
           of
           so
           many
           Commissioners
           being
           required
           ,
           there
           can
           be
           no
           part
           of
           England
           where
           the
           Hands
           of
           some
           of
           them
           will
           not
           be
           soon
           known
           .
        
         
           
             
               Answ
               .
            
             3
          
           No
           true
           Bills
           can
           fail
           of
           being
           paid
           in
           Specie
           :
           And
           if
           the
           Publick
           should
           be
           charged
           with
           some
           Counterfeits
           ,
           the
           Loss
           will
           bring
           no
           sensible
           inconvenience
           ;
           nor
           can
           it
           bear
           any
           proportion
           with
           the
           vast
           benefit
           of
           such
           an
           encrease
           of
           the
           Wealth
           of
           the
           Nation
           ,
           so
           seasonably
           applyed
           .
        
         
           
             
               Answ
               .
            
             4
          
           No
           Objection
           will
           lie
           against
           these
           Bills
           ▪
           but
           what
           will
           be
           at
           least
           equal
           against
           those
           of
           the
           
             Bank
             of
             England
          
           ,
           and
           all
           other
           Banks
           ;
           which
           yet
           men
           are
           very
           ready
           to
           venture
           upon
           ,
           with
           a
           much
           less
           certain
           
           prospect
           of
           receiving
           Money
           for
           Bills
           of
           Credit
           ,
           or
           what
           may
           yield
           money
           when
           they
           have
           occasion
           ;
           which
           leads
           me
           to
           the
           consideration
           of
           the
           most
           promising
           of
           the
           other
           Banks
           .
        
         
           
           The
           
             Bank
             of
             England
          
           has
           raised
           the
           King
           1200000
           l.
           and
           perhaps
           has
           saved
           him
           200000
           l.
           in
           the
           Remittances
           of
           money
           .
           This
           has
           a
           Fund
           of
           100000
           
             l.
             per
             An.
          
           for
           12
           years
           absolute
           ,
           and
           for
           ever
           till
           redeemed
           by
           Parliament
           ;
           which
           is
           in
           effect
           a
           perpetuity
           ,
           and
           if
           employed
           as
           above
           for
           100
           years
           ,
           is
           worth
           10
           Millions
           .
        
         
           This
           Bank
           is
           said
           to
           have
           paid
           1200000
           l.
           in
           to
           the
           Exchequer
           in
           Money
           and
           Bills
           ,
           before
           one
           Third
           of
           it
           was
           advanced
           by
           the
           Subscribers
           :
           and
           to
           this
           day
           but
           60
           
             l.
             per
             Cent.
          
           is
           paid
           in
           ;
           and
           yet
           that
           60
           l.
           sells
           for
           100
           l.
           notwithstanding
           large
           Dividends
           ,
           and
           the
           loss
           perhaps
           of
           200000
           l.
           by
           the
           foreign
           Exchange
           ,
           besides
           such
           Bills
           as
           they
           have
           publickly
           made
           known
           to
           have
           been
           counterfeited
           ,
           and
           all
           wherein
           they
           have
           concealed
           their
           Losses
           .
        
         
           This
           has
           been
           done
           by
           the
           help
           of
           Bills
           of
           Credit
           ,
           though
           there
           could
           be
           no
           certainty
           but
           money
           might
           be
           called
           for
           faster
           than
           it
           came
           in
           :
           Nor
           is
           it
           certain
           ,
           as
           it
           would
           be
           in
           the
           Crown-Bank
           ,
           that
           the
           Credit
           shall
           not
           extend
           ,
           not
           only
           beyond
           the
           Fund
           ,
           as
           it
           has
           already
           ,
           but
           farther
           than
           they
           can
           Answer
           in
           payments
           .
           Tho
           foreign
           Merchants
           may
           take
           their
           Bills
           ,
           because
           of
           their
           commerce
           here
           ;
           it
           is
           visible
           that
           it
           has
           not
           yet
           obtained
           Credit
           with
           the
           Bank
           at
           Amsterdam
           ;
           for
           if
           it
           had
           ,
           it
           could
           not
           have
           lost
           so
           much
           by
           the
           Exchange
           ;
           nor
           is
           it
           to
           be
           supposed
           that
           it
           ever
           will
           gain
           full
           Credit
           there
           ,
           because
           of
           the
           extent
           of
           its
           Credit
           at
           home
           beyond
           the
           real
           Fund
           .
        
         
           
             
             Doctor
             
             Chamberlain's
             Proposal
             as
             far
             as
             I
             can
             look
             into
             the
             Mystery
             ,
             is
             this
             .
          
        
         
           IF
           a
           man
           makes
           over
           150
           
             l.
             per
             annum
          
           .
           for
           150
           Years
           ,
           to
           secure
           the
           payment
           of
           100
           l.
           yearly
           into
           his
           Office
           ,
           in
           money
           or
           his
           Bank
           Bills
           ,
           for
           100
           Years
           ;
           and
           also
           pays
           1000
           l.
           in
           Money
           at
           4
           payments
           ,
           400
           l.
           at
           setling
           the
           Estate
           ,
           300
           l.
           at
           the
           end
           of
           the
           first
           year
           ,
           200
           l.
           at
           the
           end
           of
           the
           second
           100
           l.
           at
           the
           end
           of
           the
           third
           ;
           he
           shall
           have
           Bills
           for
           6000
           l.
           including
           his
           own
           1000
           l.
           of
           which
           1000
           l.
           when
           he
           seals
           ,
           1100
           l.
           at
           the
           end
           of
           the
           first
           year
           ,
           1200
           l.
           at
           the
           end
           of
           the
           second
           ,
           1300
           l.
           at
           the
           end
           of
           the
           third
           ,
           1400
           l.
           at
           the
           end
           of
           the
           forth
           ,
           besides
           2000
           l.
           in
           Bills
           ,
           which
           with
           his
           400
           l.
           advanced
           shall
           immediately
           be
           paid
           to
           the
           Treasurer
           of
           the
           joint
           Stock
           in
           Trade
           ,
           to
           which
           600
           l.
           must
           be
           added
           as
           it
           comes
           in
           ,
           and
           the
           party
           must
           pay
           5
           
             ●
             .
             per
             cent
          
           .
           yearly
           for
           the
           whole
           8000
           l.
           for
           the
           charges
           of
           the
           Office
           ;
           and
           if
           men
           will
           lend
           Money
           ,
           he
           proposes
           for
           1000
           l.
           to
           pay
           1400
           l.
           in
           4
           years
           .
           Where
           its
           observable
           .
        
         
           1.
           
           Whereas
           the
           Office
           pretends
           to
           but
           5
           
             ●
             .
             per
             cent
          
           .
           it
           is
           a
           full
           fifth
           of
           the
           whole
           value
           ,
           for
           it
           is
           2000
           l.
           Bills
           to
           the
           parties
           8000
           ●
           .
           except
           his
           own
           1000
           l.
           and
           't
           is
           better
           than
           a
           third
           of
           what
           he
           receives
           to
           dispose
           of
           ,
           should
           we
           admit
           that
           his
           bills
           will
           circulate
           .
        
         
           2.
           
           He
           is
           so
           far
           from
           supposing
           that
           these
           Bills
           will
           ever
           be
           paid
           in
           Specie
           ,
           that
           he
           makes
           no
           manner
           of
           provision
           for
           it
           ,
           but
           allows
           the
           annuity
           ,
           which
           is
           the
           fund
           for
           the
           Bills
           ,
           to
           be
           paid
           in
           Bills
           :
           and
           so
           the
           Bills
           are
           to
           carry
           themselves
           from
           the
           Bank
           and
           to
           the
           Bank
           ,
           without
           any
           Circulation
           or
           Profit
           .
        
         
           3.
           
           The
           Circulation
           ,
           if
           any
           ,
           must
           be
           performed
           at
           the
           very
           beginning
           by
           one
           upon
           seven
           and
           an
           half
           ,
           400
           l.
           being
           all
           that
           is
           to
           be
           paid
           till
           the
           end
           of
           the
           first
           year
           to
           circulate
           the
           1000
           l.
           in
           Bills
           received
           by
           the
           party
           ,
           and
           the
           2000
           l.
           in
           Bills
           put
           to
           the
           stock
           of
           Trade
           ;
           unless
           what
           is
           accidental
           upon
           the
           coming
           in
           of
           Moneys
           lent
           ,
           which
           in
           truth
           ,
           clogg
           the
           Bank
           with
           50
           ●
           .
           
             per
             annum
          
           .
           loss
           for
           every
           1000
           l.
           and
           that
           money
           will
           be
           no
           more
           than
           is
           requisite
           to
           clear
           incumbrances
           upon
           Estates
           subscribed
           .
        
         
           And
           if
           any
           part
           of
           the
           400
           l.
           first
           brought
           in
           be
           employed
           in
           Trade
           ,
           that
           ,
           before
           profitable
           returns
           ,
           leaves
           the
           less
           to
           circulate
           the
           Bills
           ,
           and
           if
           half
           be
           employed
           in
           trade
           1
           l.
           must
           circulate
           15
           l.
           
        
         
           4.
           
           If
           the
           Annuities
           were
           to
           be
           paid
           in
           Money
           ,
           which
           would
           be
           very
           hard
           upon
           them
           who
           have
           the
           Bills
           dead
           by
           them
           ;
           yet
           the
           distance
           of
           100
           years
           makes
           it
           very
           questionable
           what
           150
           
             l.
             per
             annum
          
           shall
           hold
           out
           100
           
             l.
             per
             annum
          
           in
           all
           Events
           .
        
         
           5.
           
           If
           this
           were
           practicable
           ,
           it
           would
           be
           far
           from
           answering
           the
           great
           end
           which
           the
           Doctor
           does
           ,
           or
           ought
           to
           propound
           ,
           of
           lessning
           the
           burthen
           upon
           Land
           ;
           for
           either
           men
           with
           encumbred
           Estates
           must
           not
           come
           
           in
           ,
           or
           if
           they
           do
           ,
           they
           will
           greatly
           abate
           the
           possibility
           of
           circulating
           the
           Bills
           .
        
         
           Suppose
           a
           man
           of
           150
           
             l.
             per
             annum
          
           owes
           1000
           l.
           and
           takes
           up
           the
           1000
           l.
           which
           he
           must
           advance
           ;
           or
           suppose
           only
           the
           first
           400
           l.
           be
           in
           Money
           ,
           but
           for
           the
           rest
           he
           may
           bring
           the
           Bills
           he
           received
           from
           the
           Bank.
           
        
         
           In
           the
           first
           case
           ,
           he
           has
           occasion
           for
           five
           times
           as
           much
           money
           as
           a
           man
           of
           a
           clear
           Estate
           brings
           to
           the
           Bank
           ;
           if
           only
           the
           400
           l.
           be
           to
           be
           paid
           in
           mony
           ,
           then
           indeed
           he
           will
           have
           occasion
           for
           less
           then
           4
           times
           as
           much
           as
           the
           other
           brings
           ,
           but
           by
           the
           same
           rule
           there
           may
           never
           be
           more
           than
           the
           first
           400
           l
           for
           every
           150
           
             l.
             per
             annum
          
           .
           subscribed
           to
           circulate
           all
           the
           Bills
           .
           But
           if
           the
           man
           owe
           1500
           l.
           he
           is
           excluded
           from
           all
           benefit
           of
           this
           Bank.
           
        
         
           6.
           
           The
           Lender
           will
           expect
           better
           security
           than
           can
           be
           found
           here
           .
           Shall
           he
           resort
           to
           his
           own
           money
           ?
           That
           is
           lent
           out
           to
           subscribers
           of
           Land.
           Shall
           he
           go
           to
           their
           Land
           ?
           that
           is
           made
           over
           to
           answer
           the
           Annuities
           to
           the
           Bank
           in
           its
           Bills
           or
           Money
           :
           If
           in
           Bills
           they
           are
           never
           likely
           to
           yield
           money
           ;
           if
           in
           Money
           ,
           that
           must
           be
           laid
           out
           to
           purchase
           Bills
           ,
           and
           they
           are
           to
           be
           cancelled
           ;
           If
           to
           the
           Stock
           in
           Trade
           ;
           that
           is
           first
           to
           answer
           the
           interest
           of
           3000
           l.
           to
           every
           subscriber
           of
           150
           
             l.
             per
             Ann.
          
           and
           let
           the
           Lender
           catch
           the
           rest
           where
           he
           can
           .
        
         
           It
           is
           needless
           here
           to
           object
           the
           want
           of
           sufficient
           certainty
           ,
           that
           the
           Bills
           of
           Credit
           shall
           come
           in
           upon
           any
           other
           account
           than
           their
           lying
           dead
           ;
           or
           that
           the
           Governours
           of
           this
           Bank
           shall
           not
           mismanage
           in
           several
           particulars
           ,
           which
           might
           require
           parliamentary
           provisions
           .
        
         
           
           The
           
             Lin●olns-Inn
             ,
             Exeter-Exchange
             ,
             Asgill
             Bank
             ,
          
           or
           whatever
           Name
           you
           will
           give
           it
           ,
           rather
           than
           that
           which
           it
           assumes
           of
           Land-Bank
           ,
           has
           a
           Subscription
           of
           500000
           l.
           with
           which
           4
           expeditious
           Gentlemen
           who
           are
           Directors
           and
           
             slanding
             Council
          
           ,
           pretend
           to
           pass
           so
           many
           real
           Securities
           as
           shall
           make
           to
           the
           Bank
           30
           
             l.
             per
             Cent.
          
           at
           3
           l.
           10
           
             s.
             per
             Cent.
          
           but
           as
           it
           is
           said
           1
           
             l.
             per
             Cent.
          
           more
           goes
           for
           the
           Writings
           ,
           and
           Mr.
           Asgil
           and
           another
           have
           5000
           
             l.
             Credit
          
           in
           the
           Stock
           for
           the
           Invention
           ;
           so
           that
           they
           and
           the
           Councel
           are
           sure
           to
           get
           well
           if
           the
           Bank
           should
           have
           no
           Credit
           beyond
           the
           Summ
           subscribed
           ,
           in
           which
           case
           the
           Bank
           would
           not
           get
           2
           
             l.
             per
             C●nt
          
           .
           considering
           the
           Charges
           ,
           the
           Time
           the
           Money
           must
           lie
           dead
           before
           Securities
           pass
           ,
           and
           the
           2
           
             l.
             per
             Cent.
          
           upon
           their
           Bills
           ,
           as
           long
           as
           they
           pass
           .
           However
           they
           propose
           to
           themselves
           to
           raise
           30
           
             l.
             per
             Cent.
          
           by
           Bills
           of
           Credit
           ,
           upon
           the
           particular
           Estates
           conveyed
           to
           the
           Bank
           ,
           which
           Bills
           are
           to
           carry
           2
           
             l.
             per
             Cent.
          
           interest
           from
           6
           months
           to
           6
           months
           ,
           and
           to
           charge
           Men's
           Estates
           till
           6
           months
           notice
           for
           their
           coming
           in
           :
           yet
           if
           Landed-men
           could
           have
           money
           no
           where
           else
           at
           their
           Rate
           ,
           and
           there
           were
           no
           flaws
           in
           their
           Settlement
           ,
           they
           might
           not
           be
           much
           out
           in
           their
           reckoning
           .
        
         
           But
           I
           cannot
           see
           how
           they
           can
           ever
           lend
           to
           the
           value
           of
           their
           Subscription
           ,
           because
           ,
        
         
           
             
               Obj.
            
             1
          
           There
           is
           an
           other
           Bank
           much
           better
           sounded
           ,
           and
           with
           fairer
           pretentions
           to
           a
           
             Parliamentary
             Establishment
          
           ,
           which
           will
           lend
           at
           3
           l.
           10
           
             d.
             per
             cent
          
           .
           and
           where
           the
           Borrower
           may
           clear
           his
           Estate
           when
           ever
           he
           pays
           his
           Money
           ;
           nor
           is
           it
           improbable
           that
           the
           
             Bank
             of
             England
          
           ,
           and
           such
           other
           Banks
           as
           are
           ,
           or
           may
           be
           on
           foot
           ,
           will
           so
           sink
           interest
           ,
           that
           money
           will
           be
           commonly
           had
           elsewhere
           at
           the
           same
           rate
           ,
           nay
           is
           already
           often
           let
           out
           at
           4
           
             l.
             per
             cent
          
           .
        
         
           
             
               Obj.
            
             2
          
           
           The
           settlement
           empowers
           a
           servant
           of
           the
           Bank
           to
           charge
           any
           man's
           Estate
           in
           the
           name
           of
           the
           Trustees
           ;
           they
           declare
           themselves
           chargeable
           only
           with
           
             willfull
             Fraud
          
           :
           how
           then
           shall
           a
           man
           be
           secured
           against
           the
           Servants
           ,
           granting
           out
           double
           the
           due
           number
           of
           Bills
           ,
           where
           all
           that
           receive
           them
           shall
           have
           a
           like
           claim
           to
           be
           satisfied
           out
           of
           the
           Estate
           ?
        
         
           
             
               Obj.
            
             3
          
           Their
           Bills
           of
           Credit
           being
           designed
           to
           charge
           the
           respective
           Estates
           ,
           as
           long
           as
           the
           bills
           upon
           them
           are
           out
           ,
           or
           till
           six
           months
           notice
           for
           their
           coming
           in
           ;
           can
           any
           man
           be
           sure
           to
           have
           his
           Estate
           cleared
           till
           six
           months
           after
           the
           paying
           the
           money
           which
           he
           owes
           ?
           Or
           what
           ground
           of
           certainty
           is
           there
           ,
           that
           six
           months
           notice
           shall
           be
           duely
           given
           for
           the
           discharging
           his
           Estate
           at
           the
           end
           of
           six
           months
           ?
           If
           it
           be
           said
           the
           subscriptions
           and
           insurance
           Fund
           are
           their
           security
           ,
           that
           the
           Bills
           shall
           never
           trouble
           them
           .
        
         
           1.
           
           The
           Subscription
           Money
           all
           but
           10000
           l.
           for
           insurance
           must
           be
           supposed
           to
           be
           lent
           out
           in
           Mortgages
           ,
           and
           no
           Estate
           can
           or
           ought
           to
           be
           a
           security
           that
           an
           other
           mans
           Estate
           shall
           be
           cleared
           upon
           bringing
           his
           Money
           .
        
         
           2.
           
           Tho'
           they
           have
           acted
           a
           good
           while
           ,
           it
           does
           not
           appear
           that
           the
           10000
           l.
           or
           any
           part
           of
           it
           is
           yet
           laid
           out
           ,
           notwithstanding
           their
           Covenant
           or
           Promise
           to
           purchase
           
           with
           it
           a
           
             present
             Fund
          
           for
           insurance
           .
        
         
           3.
           
           That
           Fund
           is
           to
           be
           farther
           supplied
           only
           with
           10
           
             s.
             per
             cent
          
           out
           of
           such
           interest
           as
           they
           shall
           receive
           ;
           which
           ,
           if
           the
           whole
           500000
           l.
           were
           let
           out
           ,
           would
           be
           but
           2500
           
             l.
             per
             annum
          
           ,
           and
           if
           but
           100000
           l.
           but
           500
           
             l.
             per
             annum
          
           ,
           which
           must
           be
           charged
           with
           bad
           Bills
           as
           well
           as
           with
           the
           good
           ones
           lying
           out
           ,
           and
           possibly
           with
           a
           charge
           yet
           more
           heavy
           from
           the
           defects
           of
           their
           settlement
           .
           Besides
           the
           Subscribers
           will
           certainly
           expect
           to
           be
           first
           serv'd
           with
           at
           least
           2
           
             per
             cent
          
           .
           before
           they
           will
           suffer
           any
           part
           of
           the
           profits
           of
           the
           Bank
           to
           be
           laid
           out
           for
           this
           purpose
           .
        
         
           4.
           
           No
           security
           is
           equal
           to
           the
           actual
           clearing
           an
           Estate
           ,
           when
           the
           money
           due
           upon
           it
           is
           paid
           :
           and
           it
           will
           be
           impossible
           for
           many
           to
           raise
           the
           Money
           by
           the
           sale
           of
           any
           part
           of
           the
           Estate
           ,
           or
           otherwise
           ,
           unless
           the
           Estate
           can
           be
           assigned
           over
           absolutely
           clear
           at
           the
           time
           of
           payment
           .
        
         
           
             
               Obj.
            
             4
          
           Their
           Bills
           not
           being
           intended
           to
           charge
           all
           the
           Estates
           conveyed
           to
           their
           Trustees
           ,
           but
           only
           particular
           Estates
           respectively
           ,
           some
           of
           which
           may
           fail
           ;
           the
           apprehension
           which
           any
           man
           may
           justly
           have
           ,
           that
           his
           Bill
           is
           charged
           upon
           such
           an
           Estate
           ,
           must
           needs
           hinder
           the
           currency
           of
           their
           Bills
           .
        
         
           
             
               Obj.
            
             5
          
           Will
           it
           not
           be
           a
           fatal
           Objection
           against
           their
           Bills
           ,
           that
           he
           who
           has
           one
           may
           have
           mislayed
           it
           ,
           or
           returns
           not
           from
           abroad
           till
           the
           six
           months
           expire
           ,
           or
           might
           never
           have
           observed
           the
           Notice
           ,
           and
           yet
           his
           Bill
           signifies
           no
           more
           than
           if
           it
           were
           charged
           upon
           a
           bad
           Title
           ?
           And
           where
           shall
           he
           have
           his
           remedy
           ?
        
         
           Shall
           he
           sue
           the
           Trustees
           ?
           They
           declare
           before
           hand
           they
           will
           be
           answerable
           only
           for
           
             Willful
             Fraud
          
           .
           Shall
           he
           lay
           hold
           of
           the
           Fund
           for
           insurance
           ?
           That
           is
           yet
           in
           the
           land
           of
           Promise
           ,
           and
           where
           ever
           it
           is
           ,
           will
           be
           loaded
           with
           clearing
           the
           Borrowers
           Estate
           from
           Supernumerary
           or
           other
           bills
           lying
           out
           ,
           and
           with
           making
           good
           bad
           Bills
           ,
           besides
           this
           of
           paying
           Bills
           when
           the
           Estate
           on
           which
           they
           were
           charged
           is
           gone
           .
           Shall
           the
           Trustees
           be
           obliged
           to
           assign
           any
           one
           of
           the
           other
           Mortgages
           ?
           They
           are
           to
           bear
           only
           their
           own
           burthen
           of
           Bills
           ,
           and
           enough
           too
           ,
           if
           their
           design
           could
           take
           .
        
         
           
             
               Obj.
            
             6
          
           Suppose
           a
           Bill
           be
           charged
           ,
           as
           far
           as
           it
           can
           be
           by
           their
           method
           upon
           a
           good
           Estate
           ,
           shall
           the
           man
           who
           has
           the
           Bill
           reach
           this
           Estate
           by
           Law
           or
           Equity
           ?
        
         
           I
           take
           it
           by
           neither
           :
           And
           that
           this
           may
           appear
           by
           a
           bare
           representation
           of
           the
           
             projected
             Settlement
          
           .
        
         
           
           The
           
             legal
             Estate
          
           is
           setled
           upon
           the
           
             present
             Trustees
          
           ,
           and
           that
           by
           a
           new
           term
           not
           known
           in
           our
           Law
           ,
           is
           to
           attend
           the
           equitable
           Interest
           ,
           which
           is
           to
           vest
           in
           
             New
             Trustees
          
           to
           be
           chosen
           from
           time
           to
           time
           ,
           and
           that
           by
           virtue
           of
           their
           Election
           ,
           without
           any
           
             actual
             transferr
             or
             assignment
          
           ;
           and
           they
           to
           whom
           the
           equity
           was
           never
           transferred
           ,
           are
           to
           charge
           an
           Estate
           to
           which
           they
           have
           no
           Title
           ;
           and
           this
           not
           by
           their
           immediate
           act
           ,
           but
           by
           their
           Servant
           receiving
           power
           from
           them
           ,
           and
           that
           in
           and
           by
           the
           name
           which
           they
           assume
           without
           Authoriry
           ,
           not
           being
           incorporated
           ;
           and
           this
           charge
           is
           to
           be
           made
           barely
           by
           the
           Servant's
           reference
           to
           a
           Book
           where
           the
           Estate
           is
           entred
           ,
           tho'
           that
           reference
           names
           not
           the
           party
           whose
           Estate
           they
           would
           charge
           ,
           nor
           yet
           the
           Estate
           ,
           least
           the
           Bills
           upon
           that
           Estate
           should
           not
           pass
           .
           These
           bills
           not
           being
           personal
           charges
           ;
        
         
           
             
               Quere
            
             1
          
           Whether
           the
           party
           that
           receives
           them
           be
           in
           as
           good
           a
           condition
           ,
           as
           he
           that
           receives
           a
           Note
           from
           a
           Bankers
           man
           ?
        
         
           
             
               Quere
            
             2
          
           Whether
           this
           perversion
           of
           the
           nature
           of
           Bills
           of
           Exchange
           ,
           which
           hitherto
           have
           been
           personal
           ,
           and
           now
           are
           turned
           upon
           Land
           (
           which
           can
           neither
           answer
           nor
           receive
           Letters
           of
           Advice
           ,
           nor
           be
           out
           of
           countenance
           when
           bills
           are
           protested
           )
           be
           not
           an
           invention
           as
           new
           to
           the
           Lawyers
           ,
           as
           to
           the
           Merchants
           ?
        
         
           
             
               Obj.
            
             7
          
           Suppose
           the
           Bank
           lend
           10000
           l.
           to
           a
           man
           ,
           who
           after
           setling
           his
           Estate
           to
           the
           use
           of
           the
           Bank
           ,
           according
           to
           this
           new
           contrivance
           ,
           mortgages
           to
           an
           other
           who
           knows
           nothing
           of
           the
           first
           mortgage
           ,
           for
           10000
           
             l.
             Bona
             Fide
          
           paid
           .
        
         
           
             
               Quere
            
          
           Whether
           the
           second
           mortgagee
           shall
           not
           in
           equity
           compell
           the
           first
           Trustees
           to
           assign
           the
           
             legal
             Estate
          
           to
           him
           ,
           and
           exclude
           the
           
             new
             Trustees
          
           from
           an
           Equity
           ,
           which
           had
           been
           no
           otherwise
           vested
           in
           them
           than
           as
           above
           ?
           And
           what
           regard
           in
           this
           case
           ,
           would
           the
           Court
           of
           Chancery
           have
           to
           the
           intended
           charge
           upon
           the
           Estate
           ,
           by
           that
           blind
           and
           inauthoritative
           reference
           to
           a
           Book
           of
           entries
           ?
        
         
           Or
           suppose
           the
           Trustees
           to
           whom
           the
           state
           was
           conveyed
           ,
           and
           are
           likely
           to
           be
           disobliged
           by
           being
           voted
           out
           of
           the
           trust
           of
           the
           Equity
           ,
           which
           is
           designed
           to
           govern
           the
           
             Legal
             Interest
          
           ,
           should
           join
           with
           the
           
           Mortgagor
           in
           assurances
           to
           others
           ;
           who
           would
           be
           in
           the
           best
           condition
           those
           other
           persons
           or
           the
           Bank
           ?
        
         
           
           In
           such
           difficulties
           are
           these
           Gentlemen
           involv'd
           ,
           by
           running
           in
           the
           Dark
           byond
           their
           Guide
           ,
           Mr.
           Briscoe
           ,
           who
           sometime
           before
           they
           set
           up
           had
           made
           a
           very
           rational
           Proposal
           ,
           for
           turning
           all
           the
           Land
           of
           the
           Kingdom
           which
           shall
           be
           conveyed
           to
           Trustees
           for
           the
           use
           of
           the
           Bank
           ,
           into
           a
           
             living
             Stock
          
           ,
           and
           easing
           others
           of
           their
           excessive
           Loads
           ;
           by
           bringing
           a
           million
           of
           money
           to
           circulate
           4
           millions
           of
           Bills
           ,
           charged
           upon
           Land
           and
           Money
           ,
           the
           whole
           Fund
           making
           good
           every
           Bill
           .
        
         
           Yet
           no
           Man's
           Land
           is
           to
           continue
           in
           longer
           than
           he
           pleases
           ,
           but
           he
           may
           withdraw
           it
           at
           any
           time
           ,
           paying
           the
           money
           which
           he
           has
           taken
           up
           there
           ,
           and
           his
           proportion
           of
           loss
           if
           any
           has
           then
           happened
           .
           And
           whether
           he
           has
           occasion
           for
           money
           or
           no
           ,
           he
           is
           to
           take
           up
           one
           Years
           Revenue
           of
           his
           Land
           ,
           that
           the
           Bank
           may
           be
           the
           first
           Mortgagee
           ,
           if
           after
           settling
           his
           Estate
           he
           should
           borrow
           elsewhere
           ,
           and
           then
           take
           up
           money
           of
           the
           Bank.
           Indeed
           Mr.
           Neal
           has
           added
           to
           this
           ,
           Bills
           for
           an
           other
           Years
           Revenue
           ,
           to
           be
           lent
           the
           Bank
           as
           so
           much
           Cash
           :
           But
           I
           do
           not
           see
           how
           these
           Bills
           can
           yield
           more
           Credit
           than
           those
           which
           the
           Directors
           have
           power
           to
           charge
           upon
           the
           whole
           Fund
           ,
           and
           consequently
           upon
           every
           particular
           Estate
           .
        
         
           But
           as
           the
           Bills
           are
           likely
           to
           be
           current
           to
           the
           value
           of
           the
           Fund
           ,
           and
           all
           the
           Land
           mortgaged
           to
           the
           Bank
           ,
           for
           so
           much
           as
           is
           borrowed
           becomes
           Fund
           ,
           though
           not
           entituled
           to
           Profit
           and
           Loss
           ;
           the
           Fund
           for
           making
           good
           the
           Bills
           ,
           may
           extend
           as
           far
           as
           the
           Occasions
           of
           the
           Landed-men
           ;
           and
           therefore
           the
           Bank's
           Bills
           may
           pass
           as
           far
           ,
           with
           the
           help
           of
           such
           money
           as
           will
           flow
           into
           it
           .
           When
           the
           Values
           of
           the
           Lands
           and
           the
           Titles
           are
           ascertained
           ,
           they
           cannot
           fail
           of
           being
           a
           Fund
           of
           Credit
           for
           3
           4
           ths
           of
           the
           value
           ;
           and
           therefore
           he
           who
           subscribes
           100
           
             l.
             per
             Ann.
          
           is
           to
           have
           credit
           for
           1500
           l.
           and
           his
           share
           in
           the
           Bank
           accordingly
           ,
           and
           yet
           shall
           receive
           the
           yearly
           Income
           ,
           paying
           his
           proportion
           of
           loss
           ,
           and
           such
           Money
           or
           Bills
           as
           he
           takes
           up
           ;
           and
           as
           the
           Interest
           which
           himself
           pays
           is
           part
           of
           the
           profits
           in
           which
           he
           shares
           ,
           it
           is
           highly
           probably
           that
           he
           cannot
           pay
           2
           
             l.
             per
             Cent.
          
           after
           the
           first
           year
           ,
           and
           after
           that
           would
           receive
           more
           
             per
             Cent
             ▪
          
           than
           he
           had
           paid
           .
        
         
           On
           the
           other
           side
           ,
           he
           that
           subscribes
           1500
           l.
           shall
           have
           equal
           Advantages
           with
           the
           subscriber
           of
           100
           
             l
             per
             An.
          
           and
           3
           
             l.
             per
             Cent.
          
           for
           the
           whole
           from
           his
           first
           payment
           ,
           nor
           can
           his
           money
           be
           called
           in
           faster
           than
           at
           10
           quarterly
           payments
           :
           But
           if
           he
           chuse
           to
           pay
           faster
           ,
           he
           may
           have
           Interest
           at
           3
           
             l.
             per
             Cent.
          
           for
           all
           above
           the
           payment
           then
           due
           ;
           yet
           some
           of
           the
           present
           Directors
           lodge
           many
           Thousands
           there
           without
           interest
           .
        
         
           And
           if
           we
           may
           conjecture
           by
           the
           encrease
           of
           Credit
           in
           the
           
             Bank
             of
             England
          
           ,
           wch
           .
           has
           a
           much
           less
           ,
           and
           less
           certain
           Fund
           ,
           it
           is
           not
           to
           be
           thought
           that
           more
           than
           half
           the
           subscription-money
           need
           be
           called
           in
           ,
           and
           then
           they
           will
           have
           6
           
             l.
             per
             Cent.
          
           certain
           besides
           their
           share
           in
           the
           profits
           .
        
         
           Though
           these
           payments
           may
           seem
           too
           slow
           to
           set
           the
           Bank
           in
           credit
           ,
           especially
           after
           the
           Coin
           is
           regulated
           ,
           and
           men
           will
           be
           less
           fond
           of
           Bills
           than
           they
           have
           been
           ;
           yet
           such
           a
           Fund
           can
           never
           fail
           of
           commanding
           money
           where
           it
           is
           needfull
           ;
           nor
           will
           men
           unnecessarily
           call
           for
           money
           ,
           while
           they
           can
           have
           so
           good
           Bills
           ;
           especially
           if
           this
           Bank
           were
           established
           by
           
             Ast
             of
             Parliament
          
           :
           in
           consequence
           of
           which
           it
           would
           soon
           become
           a
           Registry
           for
           most
           of
           the
           Lands
           in
           the
           Kingdom
           ,
           and
           if
           it
           were
           made
           so
           for
           such
           as
           would
           voluntarily
           enter
           their
           Lands
           and
           Incumbrances
           ,
           or
           the
           Claims
           which
           they
           have
           ;
           and
           were
           100000
           
             l.
             per
             An
             ▪
          
           settled
           for
           40
           Years
           for
           1600000
           l.
           to
           the
           publick
           (
           whereas
           the
           
             Bank
             of
             England
          
           has
           in
           effect
           a
           perpetuity
           for
           1200000
           l.
           it
           would
           make
           this
           Bank
           no
           mean
           Rival
           to
           that
           of
           Amsterdam
           ;
           besides
           the
           raising
           Land
           to
           40
           Years
           purchase
           generally
           ,
           and
           that
           in
           Bank
           to
           much
           more
           .
        
         
           Nor
           can
           it
           be
           thought
           that
           the
           Landed-men
           ,
           who
           must
           needs
           have
           the
           prevailing
           Interest
           in
           Parliament
           ,
           can
           long
           neglect
           those
           Advantages
           ,
           which
           would
           set
           them
           upon
           an
           equal
           bottom
           with
           the
           Traders
           and
           Usurers
           .
        
         
           The
           most
           weighty
           Objections
           which
           I
           have
           met
           with
           against
           this
           Bank
           are
           these
           two
           .
        
         
           
             
               Obj.
            
             1
          
           That
           the
           subscribers
           of
           Money
           are
           not
           secure
           ,
           because
           the
           Landed-man
           may
           withdraw
           his
           Estate
           .
        
         
           
             
               Answ
               .
            
             1
          
           But
           it
           is
           to
           be
           considered
           ,
           That
           this
           hazard
           is
           the
           same
           to
           every
           Landed-man
           that
           continues
           in
           ,
           and
           besides
           ,
           all
           bear
           their
           pro
           portions
           while
           they
           stay
           in
           ,
           and
           pay
           at
           
           their
           going
           out
           ;
           and
           therefore
           are
           upon
           equal
           hazard
           ▪
        
         
           
             
               Answ
               .
            
             2
          
           If
           I
           mistake
           not
           ,
           the
           Monied-man
           may
           have
           Credit
           for
           3
           4ths
           of
           the
           value
           of
           his
           whole
           Subscription
           ,
           and
           extend
           that
           Credit
           in
           Bank
           bills
           ;
           and
           if
           this
           use
           of
           his
           Stock
           would
           not
           for
           that
           time
           be
           like
           a
           With-drawing
           so
           much
           ;
           yet
           if
           he
           should
           never
           be
           able
           to
           bring
           this
           back
           to
           the
           Bank
           ,
           this
           might
           be
           worse
           than
           a
           
           Landman's
           with-drawing
           his
           Land.
           
        
         
           
             
               Answ
               .
            
             3
          
           The
           Subscribers
           of
           Land
           either
           come
           with
           clear
           Estates
           ,
           or
           owe
           Money
           upon
           them
           :
           In
           the
           first
           case
           the
           monied
           Man
           has
           great
           reason
           to
           be
           thankful
           ,
           that
           they
           give
           the
           Bank
           Credit
           for
           2000
           l.
           actually
           conveyed
           ,
           and
           in
           effect
           brought
           in
           ,
           to
           every
           1500
           l.
           subscribed
           in
           mony
           when
           but
           a
           10th
           .
           part
           is
           paid
           in
           ,
           and
           possibly
           there
           may
           never
           be
           4
           ▪
           10ths
           more
           .
           And
           if
           any
           Landed
           men
           should
           withdraw
           ,
           the
           Benefit
           that
           is
           expected
           ,
           and
           would
           be
           certain
           ,
           when
           ever
           Estates
           to
           the
           value
           of
           2
           or
           3
           Millions
           were
           setled
           ,
           would
           bring
           in
           enough
           of
           clear
           Estates
           ,
           when
           they
           saw
           the
           certainty
           of
           receiving
           their
           Revenue
           ,
           and
           yet
           having
           large
           Interest
           ,
           as
           if
           they
           had
           advanced
           1500
           l.
           for
           every
           100
           
             l.
             per
             Ann.
          
           
        
         
           If
           the
           Estates
           are
           encumbered
           ,
           it
           must
           be
           under
           3
           4ths
           of
           the
           value
           ,
           or
           they
           cannot
           be
           admitted
           into
           the
           Bank
           ;
           but
           if
           all
           the
           Subscribers
           of
           Land
           took
           up
           the
           3
           4ths
           ,
           the
           monied
           Man's
           profit
           would
           be
           the
           greater
           ,
           and
           such
           men
           the
           Bank
           is
           sure
           of
           till
           they
           can
           pay
           their
           money
           ,
           and
           in
           the
           mean
           while
           it
           has
           their
           Estates
           as
           a
           Fund
           of
           Credit
           ,
           not
           only
           for
           that
           money
           ,
           but
           for
           the
           remaining
           4th
           which
           the
           Land-Bank
           ,
           so
           called
           ,
           cannot
           pretend
           to
           ,
           any
           farther
           than
           as
           a
           Security
           for
           the
           money
           borrowed
           upon
           the
           respective
           Estates
           .
        
         
           
             
               Obj.
            
             2
          
           The
           other
           Objection
           is
           ,
           what
           lies
           as
           well
           against
           the
           Bank
           of
           England
           ,
           and
           the
           Land-Bank
           so
           called
           ,
           which
           is
           the
           possibillity
           of
           bad
           Titles
           ,
           and
           counterfeit
           Bills
           .
        
         
           
             
               Answ
               .
            
             1
          
           But
           the
           loss
           upon
           either
           ,
           or
           both
           ,
           must
           be
           first
           out
           of
           the
           Profits
           ,
           and
           if
           ,
           Losses
           excepted
           ,
           but
           3
           
             l.
             per
             Cent.
          
           were
           clear'd
           ,
           that
           would
           be
           150000
           l.
           which
           no
           man
           can
           imagine
           should
           be
           loss'd
           in
           any
           year
           .
           And
           there
           is
           no
           doubt
           ,
           but
           the
           reasonable
           expectation
           of
           a
           much
           greater
           gain
           ,
           will
           induce
           numbers
           of
           prudent
           men
           to
           venture
           with
           clear
           Estates
           .
           However
           the
           Bank
           could
           stand
           without
           them
           ,
           and
           no
           man
           who
           owes
           1500
           l.
           or
           1000
           l.
           upon
           100
           
             l.
             per
             An.
          
           can
           possibly
           be
           discouraged
           from
           such
           a
           method
           of
           lessening
           his
           burden
           ;
           nor
           is
           it
           to
           be
           thought
           ,
           but
           many
           would
           come
           in
           ,
           if
           it
           were
           for
           no
           other
           end
           ,
           but
           to
           set
           an
           example
           for
           such
           a
           National
           Good
           ,
           as
           has
           been
           wanted
           for
           many
           Ages
           .
           
        
         
           Indeed
           Objections
           have
           been
           published
           by
           some
           body
           concern'd
           in
           the
           
             Land
             Bank
          
           so
           called
           ,
           which
           have
           so
           little
           in
           them
           ,
           and
           so
           much
           mistake
           plain
           fact
           ,
           that
           they
           hardly
           deserve
           notice
           ,
           as
           ,
        
         
           
             
               Obj.
            
             1
          
           That
           Mr.
           Briscoe
           proposes
           3
           millions
           Fund
           ,
           one
           in
           Money
           ,
           two
           in
           Land.
           When
           the
           proposal
           is
           for
           5
           millions
           ,
           and
           but
           one
           in
           Money
           .
           So
           that
           whereas
           the
           profit
           to
           the
           moneyed
           man
           is
           supposed
           to
           be
           one
           3d.
           besides
           his
           3
           
             l.
             per
             cent
          
           .
           it
           is
           but
           one
           5
           l.
           of
           the
           whole
           .
        
         
           
             
               Obj.
            
             2
          
           He
           will
           have
           all
           the
           profit
           to
           the
           Subscribers
           ,
           to
           arise
           by
           taking
           running
           cash
           at
           2
           
             l.
             per
             cent
          
           .
           and
           letting
           it
           out
           at
           3
           l.
           upon
           which
           he
           raises
           a
           vain
           calculation
           how
           many
           millions
           at
           1
           
             l.
             per
             cent
          
           .
           clear
           profit
           must
           circulate
           to
           make
           6
           
             l.
             per
             cent
          
           to
           the
           Subscribers
           .
        
         
           Not
           considering
           that
           this
           would
           be
           an
           Objection
           against
           their
           Bank
           ;
           for
           if
           neither
           can
           extend
           its
           credit
           beyond
           the
           money
           in
           Bank
           ,
           or
           advanced
           in
           Specie
           ;
           it
           were
           to
           no
           purpose
           to
           pretend
           to
           a
           
             Bank
             of
             Credit
          
           .
        
         
           But
           suppose
           the
           million
           subscribed
           in
           money
           should
           circulate
           but
           the
           single
           value
           of
           the
           original
           Fund
           ,
           which
           is
           all
           as
           money
           to
           help
           circulation
           ,
           this
           would
           turn
           to
           much
           better
           account
           than
           with
           reason
           can
           be
           expected
           in
           their
           Bank
           ,
           as
           will
           appear
           by
           the
           next
           Objection
           .
        
         
           
             
               Obj.
            
             3
          
           He
           says
           ,
           the
           inequallity
           of
           Interest
           between
           the
           Land
           and
           Money
           Subscribers
           can
           admit
           of
           no
           reconciliation
           for
           3
           
             l.
             per
             cent
          
           .
           gain
           ,
           raises
           the
           money'd
           man's
           Interest
           but
           to
           six
           ,
           and
           yet
           makes
           the
           landed
           man
           borrow
           money
           for
           nothing
           .
        
         
           Whereas
           if
           this
           be
           done
           with
           half
           the
           subscription
           money
           paid
           in
           ,
           the
           mony'd
           man
           has
           at
           the
           rate
           of
           12
           
             l.
             per
             cent
          
           .
           and
           then
           he
           need
           not
           envy
           the
           landed
           man
           the
           advantage
           which
           is
           not
           gained
           by
           the
           money
           only
           ,
           but
           advanced
           by
           the
           credit
           of
           the
           Land
           ;
           which
           ,
           as
           was
           before
           observed
           ,
           is
           2000
           l.
           actually
           conveyed
           to
           1500
           l.
           subscribed
           ,
           and
           but
           half
           that
           paid
           and
           perhaps
           much
           less
           ,
           when
           yet
           ,
           if
           I
           mistake
           not
           ,
           the
           money'd
           man
           shall
           have
           credit
           to
           supply
           his
           occasions
           for
           three
           forths
           of
           his
           Subscription
           .
        
         
           
             
               Obj.
            
             4
          
           It
           is
           urged
           that
           the
           Land
           Subscribers
           being
           the
           majority
           ,
           the
           money
           must
           be
           disposed
           of
           at
           the
           will
           of
           the
           ●orrowers
           .
        
         
           
             
               Answ
               .
            
          
           But
           wherein
           they
           can
           prejudice
           the
           money'd
           man
           ,
           I
           cannot
           understand
           .
        
         
           Can
           they
           ca●l
           in
           the
           money
           too
           fast
           ?
           This
           cannot
           be
           faster
           then
           at
           10
           quarterly
           payments
           ,
           
           whereas
           the
           landed
           man
           conveys
           his
           Estate
           at
           first
           ,
           and
           the
           more
           money
           is
           called
           in
           ,
           the
           more
           is
           supposed
           to
           be
           let
           out
           at
           interest
           ,
           which
           each
           shares
           in
           according
           to
           his
           proportion
           ▪
           Can
           it
           be
           thought
           the
           landed
           men
           will
           the
           rather
           encline
           to
           put
           the
           money
           out
           upon
           bad
           securities
           ?
           that
           becomes
           a
           charge
           upon
           their
           own
           land
           ,
           and
           whatever
           advantages
           they
           make
           to
           the
           Bank
           ,
           redound
           to
           the
           others
           benefit
           ;
           and
           they
           who
           have
           the
           largest
           stake
           there
           will
           be
           more
           concerned
           for
           improving
           the
           stock
           ,
           than
           they
           who
           may
           venture
           a
           little
           there
           ,
           the
           better
           to
           raise
           the
           much
           greater
           interest
           which
           they
           have
           elsewhere
           :
           and
           yet
           no
           landed
           man
           ,
           how
           much
           soever
           he
           has
           subscribed
           ,
           can
           have
           ▪
           〈◊〉
           then
           5
           Votes
           .
        
         
           
             
               Obj.
            
             5
          
           There
           is
           an
           other
           Objection
           ,
           not
           to
           have
           been
           expected
           from
           one
           of
           that
           other
           Bank
           ,
           which
           is
           the
           inconvenience
           and
           hazard
           that
           Mr.
           
           Briscoe's
           subscribers
           may
           meet
           with
           ,
           by
           
             an
             unpresidented
             settlement
             of
             their
             Estates
             .
          
        
         
           
             
               Answ
               .
            
          
           But
           as
           I
           cannot
           find
           any
           President
           for
           their
           fanciful
           Settlement
           ;
           neither
           can
           I
           apprehend
           any
           difficulty
           in
           settling
           an
           Estate
           upon
           Trustees
           ,
           to
           be
           subject
           to
           its
           proportion
           of
           Loss
           and
           Gain
           ;
           nor
           can
           the
           fear
           of
           Loss
           reasonably
           deter
           ,
           where
           the
           Gain
           is
           so
           probable
           and
           inviting
           .
        
         
           I
           must
           needs
           say
           it
           has
           not
           appeared
           to
           me
           ,
           that
           ever
           any
           body
           before
           Mr.
           Briscoe
           proposed
           a
           practicable
           Scheme
           for
           this
           ,
           and
           yet
           Sir
           
             William
             Petty
          
           seems
           in
           the
           year
           1682
           ,
           to
           have
           had
           something
           of
           the
           like
           kind
           in
           view
           ,
           when
           to
           the
           Question
           .
        
         
           
           
             What
             Remedy
             is
             there
             if
             we
             have
             too
             little
             money
             ?
          
        
         
           He
           says
           .
        
         
           
             We
             must
             erect
             a
             Bank
             ,
             which
             well
             computed
             doth
             allmost
             double
             the
             effect
             of
             our
             coined
             money
             ;
             and
             we
             have
             in
             England
             materials
             for
             a
             Bank
             which
             shall
             furnish
             stock
             enough
             to
             drive
             the
             Trade
             of
             the
             whole
             commercial
             World.
             
          
        
         
           The
           hint
           of
           so
           great
           a
           Man
           is
           not
           to
           be
           despised
           at
           least
           shews
           ,
           That
           
             Banks
             of
             Credit
          
           are
           
           not
           to
           be
           lookt
           on
           as
           vain
           projects
           .
           In
           this
           belief
           I
           am
           farther
           confirmed
           ,
           by
           perusing
           a
           Treatise
           now
           in
           my
           hands
           ,
           wherein
           a
           Person
           of
           great
           Judgment
           and
           Experience
           not
           only
           holds
           ,
           That
           it
           is
           necessary
           at
           this
           time
           for
           the
           Parliament
           to
           appoint
           Bills
           of
           Credit
           ,
           but
           that
           they
           may
           be
           effectual
           with
           only
           Parliamentary
           Security
           ,
           without
           any
           particular
           present
           Fund
           .
        
         
           And
           if
           I
           am
           not
           much
           mistaken
           ,
           it
           appears
           by
           what
           I
           have
           observed
           of
           other
           Banks
           ,
           that
           the
           
             Crown
             Bank
          
           which
           I
           propose
           ,
           to
           supply
           the
           present
           Exigencies
           ,
           is
           lyable
           to
           no
           Objection
           ,
           but
           what
           will
           fall
           upon
           the
           best
           of
           the
           others
           :
           and
           that
           all
           but
           the
           National
           Land
           Bank
           labour
           with
           Objections
           which
           cannot
           be
           urged
           against
           this
           .
           For
           the
           recommending
           of
           which
           it
           may
           be
           observed
           .
        
         
           1.
           
           That
           here
           is
           an
           absolute
           certainty
           that
           the
           Credit
           shall
           never
           be
           stretched
           beyond
           its
           real
           and
           certain
           Fund
           ,
           which
           shall
           yield
           
             in
             Specie
          
           all
           the
           Money
           for
           which
           it
           gives
           Credit
           .
        
         
           2.
           
           Till
           the
           Money
           is
           paid
           by
           the
           publick
           ,
           the
           Bills
           will
           be
           as
           Money
           ,
           and
           passing
           as
           such
           from
           one
           to
           an
           other
           ,
           are
           as
           capable
           of
           yielding
           interest
           :
           and
           consequently
           there
           will
           be
           no
           need
           of
           the
           Crowns
           ,
           paying
           interest
           ,
           when
           it
           at
           the
           very
           first
           pays
           Bills
           ,
           which
           are
           current
           ,
           not
           only
           because
           they
           shall
           in
           their
           time
           be
           paid
           in
           Money
           ,
           but
           in
           the
           mean
           while
           are
           as
           true
           a
           Medium
           of
           Trade
           and
           Profit
           .
           This
           therefore
           in
           few
           years
           time
           would
           save
           the
           Nation
           some
           Millions
           as
           well
           as
           yeild
           Millions
           for
           the
           present
           occasion
           .
        
         
           3.
           
           Whereas
           it
           will
           be
           some
           years
           before
           the
           benefit
           of
           the
           best
           of
           the
           other
           Banks
           can
           be
           diffused
           over
           the
           whole
           Nation
           ;
           this
           may
           be
           in
           few
           weeks
           ,
           as
           soon
           as
           the
           Bills
           can
           be
           finished
           ,
           and
           delivered
           out
           .
        
         
           4.
           
           If
           there
           be
           any
           apprehension
           that
           other
           Banks
           may
           be
           too
           powerful
           ,
           or
           may
           be
           a
           means
           of
           ingrossing
           Commodities
           ,
           and
           enhansing
           their
           Prizes
           ;
           this
           has
           its
           certain
           limits
           ,
           and
           reaches
           no
           farther
           ,
           than
           the
           necessities
           of
           the
           publick
           require
           .
        
         
           5.
           
           Forwardness
           to
           close
           with
           invitations
           to
           honest
           profit
           ,
           may
           lead
           the
           Directors
           of
           other
           Banks
           to
           pass
           bad
           Titles
           ,
           or
           what
           was
           fairly
           adventured
           may
           miscarry
           :
           But
           the
           Crown-Bank
           proposed
           is
           ,
           in
           its
           nature
           ,
           as
           firm
           and
           stable
           as
           the
           Foundations
           of
           this
           Monarchy
           ;
           which
           can
           never
           be
           moved
           ,
           but
           by
           such
           a
           Calamity
           as
           should
           leave
           us
           no
           visible
           means
           of
           continuing
           a
           protestant
           Nation
           ,
           or
           free
           people
           .
        
         
           FINIS
           .
        
      
    
     
       
         Notes, typically marginal, from the original text
         
           Notes for div A26182-e10
           
             *
             This
             to
             secure
             the
             coming
             in
             of
             the
             Bills
             ▪
             yet
             they
             that
             are
             to
             come
             in
             last
             will
             be
             of
             like
             benefit
             with
             the
             first
             ,
             〈◊〉
             the
             last
             pass
             for
             Money
             ,
             and
             may
             be
             disposed
             of
             ,
             or
             put
             out
             at
             interest
             from
             the
             beginning
             .
          
           
             Of
             the
             Bank
             of
             England
             .
          
           
             Of
             Doctor
             Chamberlain's
             Bank.
             
          
           
             Of
             the
             Land-Bank
             so
             called
             .
          
           
             vid.
             The
             printed
             Settlement
             .
          
           
             vid.
             The
             printed
             Settlement
             .
          
           
             Of
             the
             National
             Land
             Bank.
             
          
           
             vid.
             The
             Letter
             from
             a
             Citizen
             concerning
             the
             Land-Bank
             .
          
           
             Sir
             Will.
             Pe●●●'s
             
               quantulum
               cu●que
            
             concerning
             Money
             .
          
           
             
               vid.
               Mr.
            
             John
             Blackwell's
             Essay
             towards
             carrying
             on
             the
             War
             against
             France
             .
          
        
      
    
  

