A safe and easy Method for supplying the want of Coin, and raising as many Millions as the Occasions of the Public 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 Public: It being evident, that every Sum 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 increase 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 Sum 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 entrusted to appoint Collectors, and other Officers, and to ascertain their Salaries, and the like. 3. At that Bank let there be drawn on Vellum, 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 pieces of Vellum, 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 Sum 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 * 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. 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 passed▪ let them be Canceled. 5. Let the Mill where the Vellum, or Parchment, or thick Paper, is imprinted, be framed 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 Sum, together with the Counter-parts, have been once imprinted; or for any Persons to counterfeit any of the Bills, or the Impression on the Vellum, or Parchment, or Paper, or so to imprint more pieces of Parchment, or Vellum, 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 Vellum, 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 supplied our of the next public 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 Account 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 Balance of Trade on our side, which is now against us, and therefore will bring money 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 Public should be charged with some Counterfeit, the Loss will bring no sensible inconvenience; nor can it bear any proportion with the vast benefit of such an increase of the Wealth of the Nation, so seasonably applied. 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. Of the Bank of England. 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 publicly 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. Of Doctor Chamberlain's Bank. 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 settling 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 'tis 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, clog the Bank with 50 ●. per annum. loss for every 1000 l. and that money will be no more than is requisite to clear encumbrances 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 aught to propound, of lessening the burden upon Land; for either men with encumbered 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 money, than indeed he will have occasion for less than 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 canceled; 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 Governors of this Bank shall not mismanage in several particulars, which might require parliamentary provisions. Of the Land-Bank so called. The Lincolns-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 Council are sure to get well if the Bank should have no Credit beyond the Sum 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 pretensions 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 vid. The printed Settlement. The settlement empowers a servant of the Bank to charge any man's Estate in the name of the trusties; they declare themselves chargeable only with wilful 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 duly 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 aught to be a security that an other man's 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 served 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 trusties, 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 trusties? They declare before hand they will be answerable only for Wilful 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 trusties be obliged to assign any one of the other Mortgages? They are to bear only their own burden 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. vid. The printed Settlement. The legal Estate is settled upon the present trusties, and that by a new term not known in our Law, is to attend the equitable Interest, which is to vest in New trusties 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 entered, tho' that reference names not the party whose Estate they would charge, nor yet the Estate, lest 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 settling 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 compel the first trusties to assign the legal Estate to him, and exclude the new trusties 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 trusties 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? Of the National Land Bank. In such difficulties are these Gentlemen involved, 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 trusties 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 entitled 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 this 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 choose 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 increase of Credit in the Bank of England, which. 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 needful; 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 Encumbrances, or the Claims which they have; and were 100000 l. per An▪ settled for 40 Years for 1600000 l. to the public (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 Withdrawing so much; yet if he should never be able to bring this back to the Bank, this might be worse than a Landman's withdrawing his Land. Answ. 3 The Subscribers of Land either come with clear Estates, or owe Money upon them: In the first case the moneyed 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 money 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 settled, 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 moneyed 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 possibility 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 cleared, that would be 150000 l. which no man can imagine should be lossed 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. vid. The Letter from a Citizen concerning the Land-Bank. Indeed Objections have been published by some body concerned 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 inequality of Interest between the Land and Money Subscribers can admit of no reconciliation for 3 l. per cent. gain, raises the moneyed 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 moneyed 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 moneyed 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 moneyed man, I cannot understand. Can they ca●l in the money too fast? This cannot be faster than 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 incline 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▪ 〈◊〉 than 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 Precedent for their fanciful Settlement; neither can I apprehend any difficulty in settling an Estate upon trusties, 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. Sir Will. Pe●●●'s quantulum cu●que concerning Money. What Remedy is there if we have too little money? He says. We must erect a Bank, which well computed doth almost 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 shows, That Banks of Credit are vid. Mr. John Blackwell's Essay towards carrying on the War against France. not to be looked on as vain projects. In this belief I am farther confirmed, by perusing a Treatise now in my hands, wherein a Person of great Judgement 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 liable 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 public, 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 yield 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 engrossing Commodities, and enhansing their Prizes; this has its certain limits, and reaches no farther, than the necessities of the public 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.