A proposal for raising a million on a fund of interest by setling one hundred thousand pounds yearly, to pay 8 per cent. for one million two hundred thousand pounds, of which the King to have a million. Neale, Thomas, d. 1699? 1694 Approx. 12 KB of XML-encoded text transcribed from 3 1-bit group-IV TIFF page images. Text Creation Partnership, Ann Arbor, MI ; Oxford (UK) : 2004-03 (EEBO-TCP Phase 1). A52734 Wing N349A ESTC R205799 99825368 99825368 29749 This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Early English Books Online Text Creation Partnership. This Phase I text is available for reuse, according to the terms of Creative Commons 0 1.0 Universal . The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission. Early English books online. (EEBO-TCP ; phase 1, no. A52734) Transcribed from: (Early English Books Online ; image set 29749) Images scanned from microfilm: (Early English books, 1641-1700 ; 1920:19) A proposal for raising a million on a fund of interest by setling one hundred thousand pounds yearly, to pay 8 per cent. for one million two hundred thousand pounds, of which the King to have a million. Neale, Thomas, d. 1699? 4 p. s.n., [S.l. : 1694?] Caption title. Dated at end: January 29th 1693 [i.e. 1694?]. Reproduction of the original in the University of London. Created by converting TCP files to TEI P5 using tcp2tei.xsl, TEI @ Oxford. Re-processed by University of Nebraska-Lincoln and Northwestern, with changes to facilitate morpho-syntactic tagging. Gap elements of known extent have been transformed into placeholder characters or elements to simplify the filling in of gaps by user contributors. 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Copies of the texts have been issued variously as SGML (TCP schema; ASCII text with mnemonic sdata character entities); displayable XML (TCP schema; characters represented either as UTF-8 Unicode or text strings within braces); or lossless XML (TEI P5, characters represented either as UTF-8 Unicode or TEI g elements). Keying and markup guidelines are available at the Text Creation Partnership web site . eng Finance, Public -- Great Britain -- Early works to 1800. 2003-12 TCP Assigned for keying and markup 2003-12 Apex CoVantage Keyed and coded from ProQuest page images 2004-01 Mona Logarbo Sampled and proofread 2004-01 Mona Logarbo Text and markup reviewed and edited 2004-02 pfs Batch review (QC) and XML conversion A PROPOSAL For Raising a MILLION ON A Fund of Interest , By Setling one Hundred Thousand Pounds Yearly , to Pay 8 per Cent. for one Million Two Hundred Thousand Pounds , of which the King to have a Million . THIS Hundred Thousand Pounds yearly to be settled on Trustees , who are at first to bring in Two Hundred Thousand Pounds to Circulate the rest ; for which , as aforesaid , 8 per Cent. is to be paid , and 8 per Cent. for the Million : Out of which last 8 per Cent. for the Million , the Trustees to have half per Cent. for their Conduct and Care , and One and a Half per Cent. Pr●curation ; and those that advance the Money , or take the Bills , to have a Currant Interest on them of 6 per Cent. only ; and yet taking it alt●gether , there must by this Proposition be Ninety Six Thousand Pounds yearly Paid , and for it One Hundred Thousand Pounds yearly settled , which brings this Million to be took up at near 10 l. per Cent. Interest yearly , and that for Eleven Years certain , but at Three Years Warning redeemable after that time . The Fund spoke of for this Settlement is the Tax ( talkt of ) on Salt for Four Years , and then Six Pence out of one Nine Pence Excise on Beer and Ale , engaged for so long , and which after that time may be given and settled for any Use the King and Parliament shall think fit to Enact . A PROPOSAL for Raising Two Millions on part of the Security must be used for Raising , as aforesaid , One Million : And yet the People in General , who are either to Advance ( or be Paid with ) this Money , will have the same Yearly Profit and Interest by it , and as much Security and Satisfaction ( when well understood ) as the other Proposal affords . The way of doing it thus : I. LEt One Hundred and Forty Thousand Pounds yearly , that is , the Nine Pence a Barrel Excise ( agreed on all Hands to be one Hundred and Forty Thousand Pounds yearly ) be settled for ever to pay the Interest of Two Millions and Three Hundred Thousand Pounds , at 6 per Cent. yearly , but redeemable by Parliament on repaying the Principal at any time after the War , supposing it cleared from the present Incumbrance , which may be paid off , as herein after express'd . II. Let Officers on purpose , either in or of the Exchequer , or some other place as fit near the Exchange , be appointed to give out Bills with a running Interest on them of 6 per Cent. to whoever will take them for such Money as the King is to pay to any Man on any Account whatsoever , and at the same time and place , in Books to be purposely kept . Let Credit be given to the Person receiving such Bills for the Money for which those Bills were then given . Let such Credit be made easie Assignable . Let it be Enacted , That the King for his Custom , Excise , or for any other part of his Revenue , shall accept of such Bills and Credit in Payment , which will be no Inconvenience at all to the Crown , because on every occasion ( as they were at first ) they may be again paid out . And let it be also Enacted , That Interest at 6 per Cent , shall be Yearly , Half-yearly , or Quarterly paid to whoever has the Possession of the Bills and Credit so given out for this Money . And thus the whole Two Millions and Three Hundred Thousand Pounds may be disposed by the Crown , as occasion shall require ; and when Merchants and others come to see ( which they 'll presently do ) such a safe Credit and Ease , as this way of paying and receiving Money will give them in every Case , answering Ready Money it self , with this further Advantage , That whereas Money kept by them for any occasion ( which sometimes happens many Months together ) brings them no Profit , Money thus Put out is always Ready Money for every occasion , and yet brings them in 6 per Cent. Interest till the very Hour they use it : And for these Reasons , and the Reasons that follow , both Userers , Merchants and others will quickly be so fond of having thus Money in Bank , that in a very short time ( as in Holland it is ) 't will come to be One or Two per Cent. better than Ready Money it self : And as aforesaid , the whole Two Millions ( and the odd Money going to clear the Anticipation of what is owing now on the Nine Pence ) will be ready Money to the King , and cost the Nation less by near 4 per Cent than 't will by the other Proposal , and be Honourable and Safe for the King and Kingdom , and to all that shall be in it concerned : And if instead of 6 per Cent. as proposed , it shall be thought reasonable , and be Enacted by Parliament , That a Currant Interest of 7 per Cent. yearly shall be Quarterly paid , for what Money soever there shall Credit be given in the Books to be kept for this Bank , in such case the Credit of this Bank will answer just as much Ready Money , as the Fund to be settled will at 6 or 7 per Cent. pay the Interest of , and to shew this will certainly do . It cannot be denied , but that the King may at first Pay it all out as ready Money to whoever his Majesty has occasion to pay any Money to , who would be much more glad to take it than Tallies , to be struck upon any Tax or Revenue , not presently to come in , whatsoever : For when any Tallies are struck ( if not on a Land Tax ) they are Five per Cent. immediately worse than ready Money , because there is no way certain whereby the Person that has them can come to his Money , without hiring some Body to pay it him , at least till the Tally grows due , and must stay longer if the Money by that time be not come in to pay it ; whereas the Man that takes this sort of Payment has not only as good Security , and as good Interest for his Money ( as the Man that takes the Tally has ) but also a way certain of turning it into Money by finding a way how to pay it as such to the King , which for a very small matter at any time may be easily found . Now the great Objection to this is , A Supposition that the King will be paid his Revenue all in this Credit , and what shall he do with it in Case it should happen to be so ? Answer , The King may still Pay it out to others ( on any occasion ) as he did at the first ; but'tisa great mistake to think that that supposed inconvenience can in any great measure happen in this Case For note , As Usurers , when they have well placed out their Money at good Interest in the Hands of Persons that can pay it them again in a short time after 't is called for , they will never call for it , but upon mighty Occasions ; so here when the Money for which Credit is given in the Books of this Bank shall come to belong to Rich Men , ( which in a very short time it will do ) they seeing they have as good a Security , and as good Interest as the Government gives , besides a certain way how to come in to their Money at any time upon Urgent Occasion , they will chuse rather to have Money owing them this way than upon any other Security whatsoever , and will not part with such Credit in the said Bank to any of their Neighbours , without having something more given them than Principal and Interest for so doing , and this will be the Case of this Bank , the Credit of which , as aforesaid , will answer full as much ready Money as the Fund to be given will at Six or Seven per Cent. Pay Interest for , and Three Hundred Thousand Pounds of this Credit will doubtless be chearfully taken as payment by those who are to be paid in Four Years out of the Nine Pence , and so the Nine Pence will be clear to be presently setled ( if the King and Parliament shall so please ) for this Fund . Now , as aforesaid , it must be agreed on all hands , That if the King will receive this Credit in Payment for his Revenue , 't will answer all other ends whatsoever . And The Objection ( and only one more that seems to have weight ) against the King's being obliged to receive back in payment of any of his Revenues , this Credit so before by him paid out , raised by some much concerned in great Money Affairs , is this , say they , The King's Revenue is greatly Anticipated , and is ( as it comes in ) to be paid presently out in specie to those it is Due , who have already Tallies for it : And suppose the Revenue which is to pay them is paid to the King in this Credit ; and that those to whom 't is to be paid , will expect to be paid in hard Money , and will not be content with this Credit , what must be done in that Case ? Note , this is a Supposition only , and it may as well be supposed ( for Reasons aforesaid ) that by the time those Debts grow due , this Credit will , even in the Opinion of those to whom 't will be due , come to be esteemed so much better than ready Money , that 't will be chosen before it , and then the aforesaid Objection will be quite out of Doors ; but supposing those to whom such Debts , as aforesaid , are due already by Tallies , should say , they would not ( when their Debt becomes due ) be content to be paid in this Credit ; it cannot be supposed but that those very Men ( unless out of their Wits , or in Crosness to strive to ruin this Bank ) who have those Tallies , and must stay for payment till such Tallies are due , will be glad if ( instead of such Tallies ) they may be presently paid in this Credit ; since the Objection they themselves make of the King's Revenue being Anticipated will be this way took off ; and if so , they that instead of Tallies shall have this sort of Credit , will have a much easier way of coming in to their Money than when they only had remote Tallies for it ; and the King being Capacitated presently to pay off those Anticipations by this sort of Credit , may without inconvenience do it , being instead thereof enabled to receive his Revenue so cleared , as it shall come in by it , or to engage it for ready Money to others again , if he wants it before it comes in , and if the worst comes to the worst that some of those that have Tallies will not take this Credit now , and resolve to refuse it , ( as aforesaid out of Crosness ) when their Tallies grow due , 't is much unlikely there should be many such ; and for those that are , the Lords of the Treasury may easily contrive to pay them in Money , having such Bills by them to turn into Money , or use to pay others for any other Occasions , who if this Credit were not in being , must be paid in Money , and who instead of Money will always be glad of such pay as this Credit will be . And if ( after all has been said ) the Wisdom of Parliament shall fear in the least the thus Present Supplying the Wants of the Publick with Two Millions of Money at Six per Cent. as aforesaid , ( it being taken for granted , that the Charge of the War ( when ended ) must be paid by the Nation ) it may be Enacted , ( if the King and Parliament please ) that at the end of Seven Years a Tax of Two Shillings in the Pound for Two Years , or of Four Shillings in the Pound for one Year shall be laid upon Land to pay off the Principal , and so free the Kingdom from paying the Interest of it by the Nine Pence till that time secured , which done , and all Persons in such Credit concerned being thereby assured of a time certain when they may ( if they will ) see their Money in specie again , there will be no room left to doubt but that this sort of Credit will most certainly do , and answer Two Millions , if so setled by Parliament as above in this Paper Proposed . January 29th . 1693.