Mr. J. BRISCOE, A Director in the National Land-Bank, his Defence of Dr. Hugh Chamberlen's Bank or Office of Land-Credit. In a LETTER to the DOCTOR.  

TO THE READER.  
HAving written so much in Defence of the Office of Land-Credit, which hath not yet been Answered, much less Confuted; I am, I confess, very unwilling to trouble myself or others any farther in this matter: But (having by me a Letter in favour of my said Office, wherein the length of Time, and Reasonableness of it, are sufficientl justified, written sometime since by my said old Friend Mr. J.B. upon occasion of some Objections against my Proposal for Scotland, (of the same Nature and length of Time) sent me by some anonymous, bashful, Scotch Author, as unwilling to stand the shock of the Contest, as seems to be a late Nameless Author of a Bank-Dialogue betwixt Dr. H. C. and a Country Gentleman) I suppose Publishing the same will, by reason of the Great Reputation M. Briscoe hath among some of our Senators, as well as our Citizens, more strongly recommend this Bank or Office of Land-Credit, and give more Satisfaction to the World, than anything I can say or write: Which Justice of Publishing the same, I thought was owing to Mr. Briscoe, and for which I hope he will not grudge me his Thanks: For, tho', by his setting up an Undertaking of Less Advantage to the Subscribers, he may seem to have changed his Mind, yet he, who best understands his own meaning, hath declared to a Friend, That he was sure there lay no good Objection against my Undertaking; but, if the People could not see their own great Advantage, perhaps it might be prudent to treat them according to their Understandings, or indeed their Wilfulness; and so much the rather, because such a small Essay might possibly by degrees introduce the Greater: So that he thought the Nation fit to be fed at first with Milk, thun with strong Meat. Farewell.  
H: CHAMBERLAIN.    

The Letter follows, which was sent me to be Published, as I saw occasion.  
SIR, London the 23th of October, 1693.  
I Received a Paper from you, which I have returned you again here enclosed, entitled, Observations upon Dr. Chamberlen's Project of Trade; upon which you desire my Remarks: But upon Reading the Paper, I find the Objections so weak, and so ill digested, that I thought it not worth my while to spend either Time or Paper upon them. However, to gratify your Request, I have sent you my Observations upon them, and I think have fully Answered them; only I have not done it in order, as they stand in his Paper, but as I found it was proper for the fully stating and clearing of the Business.  
I doubt the Gentleman, who sent you this Paper, hath not read your printed Paper; if he hath, 
Mr. J. B's Commendations of the Design, though 'twas for 150 years.  surely he doth not understand it, else he would not have laid down so false a Position, and from thence have drawn as erroneous a Conclusion: I do profess, without Flattery, the Design seems to me so well laid, that I did not believe that any Person born beyond the River Tweed, (as I find by the Gentleman's stile he was) could have objected against it. Hath a Man a clear Estate in Land? 
Further Commendations.  His Estate will certainly be improved by this Project, and he shall have undoubted Security to have 
* This mistaken for 40, as in the Printed Proposal.  30 years purchase paid him for his Estate, the same day the Act passes. Is a man's Estate encumbered, and without hope of Redemption? Here is a fair Opportunity to clear his Estate. Hath a Man Money and no Land? He will have an Opportunity (which he never yet had) to improve his Money in the National Trade to be established, 
Commendations continued.  although he hath no Skill or Understanding in Trade, as in our East-India and African Companies, where a Widow or Orphan may have as great an Interest in the Trade, as the Skilfullest Merchant. 
The General Benefit by it.  Hath a Man neither Land nor Money? If he hath Credit, he will find (if the Project succeeds) such Plenty of Money, that he cannot fail of Money upon easy Interest to raise his Fortunes. But if a Man hath neither Land, Money, nor Credit, he may indeed, with the Fox in the Fable, who had lost his Tail, advise the others to cut their Tails off, 
'Tis a piece of wisdom not to reject this Proposal without solid Reasons. Opposing this, was an Argument it was not understood.  because they were too cumbersome: But I do not in the least doubt the Scotch Nation will be so wise that, as they will not Receive, so they will not Reject this Project, without solid Reasons. And because the Gentleman, who hath sent these Observations, hath entered upon a Business he doth not at all understand, I think it highly requisite he be undeceived; and therefore what I have said is enough by way of Preliminary. I shall proceed now to make my Remarks upon his Observations.  
In his First, Third, Sixth and Seventh Observations, which are all of one Piece, and therefore I shall answer them together. The Gentleman saith,  
That Money being the common Measure of Commerce, 
The Gentleman's Objection.  all Nations are scrupulous in introducing new Species, or Value of Coin, and no Nation have bettered their Trade, by making considerable Alteration in their Coin; it being the Prudence of a Kingdom to preserve such a Standard of their Coin, as does in some measure agree with that of their Neighbour Nations, which this Copper Coin does not; And whatsoever lessens the Credit of Coin, does proportionably lessen and weaken the Credit of Trade, and consequently must tend to the loss and damage of the Nation.  
The Doctor in the Fourth Consideration of his Printed Paper tells you, Answer. 
Credit is here allowed by Mr. J. B. to answer Money. He prefers Land Credit to the Dutch, and acknowledges it may be an Instrument for greater Trade h●n the Dutch. Credit serve, for Money.  That the greatest Trade in the World are carried on not so much by a Species of Money, of Stock and Cash, as by a great Credit; and he instances the United Provinces, where Credit is the chief Instrument of their Commerce; and that their Credit is raised more upon an Opinion or Reputation, than upon a real Fund; and thereupon the Doctor in the Fifth Consideration proposes an Evident and Firm Security upon Land, as a more Substantial Fund of Credit, for the carrying on and establishing as great or greater Trade in the Kingdom of Scotland; And this New Species of Credit the Gentleman terms a New Species of Coin, and frames his Arguments and Observations thereupon; Whereas these Tallies are no more a Species of Money than Bankers Bills, or the Bank-Money of Amsterdam. As for Example: The States of Holland, who are a wise and cunning People, to supply the Exigence of the State, and want of Money for Commerce, did Erect a Bank of several Millions of Money, which is at this time no more than an Imaginary Credit, 
Mr. B. finds no fault with the largeness of the sum, though for Scotland, a poor Kingdom, destitute of Trade.  established upon little or no other Fund but the Public Faith. The intended Project for Scotland, (for the same Reasons, especially the latter) is to coin as many Millions of Money upon the Public Faith of the Kingdom, and a solid and permanent Fund of Land, over and above. The Bank at Amsterdam makes use of Paper to transfer and make passable the Credit thereof from one to another. The intended Bank in Scotland proposes to make use of some Metal, as more durable, to transfer their Credit from one to the other. Now the Gentleman might with as much Candour and Reason have argued thus: 
Proof of the goodness of Credit, as to its serving the Uses of, Money. Mr. B's indignation at the Argument, and further proof of the benefit of Credit.  A piece of Paper is not of equal value with one hundred, or one thousand Pounds Sterling Money, Ergo the Dutch introducing a New Species of Coin, viz. their Paper-Money, which bears no Proportion to the Standard of the Coin of other Kingdoms, must consequently lessen their Trade, and tend to the loss and damage of their State.  
Now what a parcel of Stuff is this? And yet the Parallel is as plain as it is Day at Noon; and it is as visible to all the World that by this their new Species of Credit (or Paper Money you may call it, if you please) together with their Industry, they are grown to be as great Traders, and as Opulent a People as any in the World.  
Yes, O j ct. 8 saith our Observator; but (Objection 8.) saith he, Your inference of the Usefulness of the intended Copper Coin, from the Parallel between it and the Bank of Amsterdam, and Goldsmith's Notes, and Wooden Tallies, is a mere Fallacy: For these have a true and solid Foundation of Credit; Whereas the Credit on Copper Tallies is unusual and imaginary, and is to depend upon a Statute which may prove impracticable, and destructive to the Commerce of the Kingdom at Home and Abroad.  
Had one of our Nation said that the Lands of Scotland, Answer. 
L●●● he believes the 〈…〉 what is here done by Law, is equal to an A●● of Parliament in Scotland, especially where Credit is not imposed, as was intended by the Scotch Act; but to be free as Goldsmith Notes and Bank-Bills.  settled for the aforesaid Uses by Act of Parliament, as a Fund for a Bank of Credit, are imaginary; I believe the Gentleman, if he hath any value for the Honour and Reputation of his Country, would have highly resented it: But let the Gentleman take what Freedom he pleases with his Country, I am of opinion, That the Lands of Scotland, settled by Act of Parliament for a Fund of Credit, are better, and a far more substantial Fund, than the bare Promise or Public Faith of any Kingdom or State, without any real Fund to answer it. And as to the Bankers Bills and Timber-Tallyes, the shutting up the Exchequer in England, and the failure of so many Bankers, are too fresh in our Memories, for us to believe that they are a better and more substantial Fund than the Land in Scotland, settled by Act of Parliament.  
As to the Second Observation, That plenty of Money and Riches is the genuine Effect and Product of Trade; Object. 2 
The Value of Credit.  this we readily grant: But by the Gentleman's Favour, Credit is the Causa sine qua non; No Nation was ever known to grow rich by Trade, where the Current or Intercourse by Credit is stopped; and that Credit, which is the Primum Movens, or chief Engine of Trade, can ruin it, I confess to me is a Paradox. But the Gentleman saith further, That these Tallies are Copper, and of a fictitious Value, to be decreed only from a new Statute. I am afraid the Legislators of Scotland have disobliged this Gentleman: I thought only an Act of Parliament had been all that a reasonable Man can desire, in order to confirm his Title; and for my part, I shall never seek after a better Title to any Estate I have, if I have only an Act of Parliament to confirm the same to me and mine.  
As to the Fourth and Fifth Observations, Obj ct. 4, 5. That the Nation trusts the Projector, who is Debtor to the Nation for the Statutory Coin, or the value of the Money, as he shall be authorized to Coin, or strike into Copper Tallies; that the allowing the Advantage intended to the Sellers of Land, is a squandering the Public Credit of the Nation, for the gratifying particular Persons, and will redound to the hurt and prejudice of the Nation in general.  
The Doctor in his Printed Paper Proposes, Answer. 
Mr. S. believes it not be●ow the Best ●n the Kingdom to be trusties. ●o that 'tis no indecent presumption in the Dr. to submit his Office to Visitation of such as are Trusted for State, Law, and Equity. M. B. justifies the Pro●ect against all Objections. Mr. B's further good opinion of my Design.  That trusties should be appointed by Parliament, who alone were to have Power to Authorise the Counage, and order the Distribution of them; and therefore it is plain there is no Trust reposed in the Doctor, but in the trusties, who are proposed to be the most considerable Persons in the Kingdom, to be appointed by Parliament. And as to the Advantage the Sellers of Land may reap by this Project, this Gentleman needs not envy them, since he and as many of the Nation as have Land, may reap the like Advantage, if they settle their Land in the said Fund. But since the Objector doth not think the Lands of Scotland any more than an Imaginary Security, being settled only by Act of Parliament, I must desire his Pardon, if I do not believe that this Project will be Ruinous, Dangerous, Destructive Loss, Damage, of Ill Consequence to the Nation (as he is pleased to represent it throughout his Paper) only upon his ipse dixit, when the contrary is so palpably visible.  
Sir, I doubt I have been too prolix; This I have said, being what at present occurs, for I have not time to spend upon thinking of this your Design, as it merits: As is the Scotch Nation, so consequently the thing will be Foreign to me; only if I may be admitted to fling my Mite into their Joint Stock, if it succeeds, 
This were to be wished.  I shall be not only Industrious, but faithful to the Interest in which I embark; and my desire after the settling this in Scotland is the greater, 
The Design is so good, that it wants not Mr. B's good With●s for it● 〈◊〉 in 〈◊〉.  because I flatter myself, it will consequently introduce the same in England, which will render it the most flourishing Kingdom in the Universe. I shall only add, That I am,  
SIR, To my Honoured Friend Dr. Chamberlain: at his House in Essex-Street, present. Your Real Friend and Humble Servant, JOHN BRISCOE.  
As a stronger Confirmation of the good Opinion Mr. B. had of the Doctors 100 Years Proposal, he Subscribed 200 l. per Annum to it.   

AT Numb●● in the New Buildings in Lincoln's Inn, Every Monday, Wednesday, and Friday after Six in the Evening, Attendance is given, and will be continued, to remove every Doubt or Objection offered by any against Dr. Chamberlain 's Office of Land-Credit. It is therefore presumed no Persons will make Objections in other Places, where none are present to Answer them: Or at least that no ingenious Person will esteem either the Person making, or the Objection so made. Valour is more valuable in the Face, than in the Absence of an Enemy.   

London, Printed and Sold by T. Soil in White Hart-court in Grace-Church Street, 1696.