AN Explanatory Dialogue Of a late Treatise, entitled, A Discourse on the late Funds of the Million-Act, Lottery-Act, and Bank of England.  
With Proposals for Supplying their Majesties with Money on easy Terms, Exempting the Nobility, Gentry, etc. from Taxes, enlarging their yearly Estates, and enriching all the Subjects in the Kingdom.  
Together with several Speeches to the Honourable the House of Commons, by a Moneyed Man, a Freeholder, and a Merchant.  
Humbly offered to the Consideration of the Lords and Commons in Parliament assembled. By I. Briscoe.  O fortunatos nimium, bona si sua nôrint, Anglitanoes! 
London, Printed in the Year M.DC.XCIV.   

TO THE LORDS Spiritual and Temporal, And COMMONS in Parliament assembled.  
May it please your Honours:  
BY my endeavouring to avoid one Inconvenience, I am informed I am fallen into a greater; and that for fear of being too tedious I have made the latter part of my Treatise, which I have presented to your Honours, not so plain and intelligible as it might have been, had I been more copious: but I hope the ensuing Dialogue will clear up to your Honours all the obscure Places in my Book. I herewith also present your Honours with an Idea of the various Circumstances of the several Subjects in the Kingdom, and have brought in a moneyed Man, a Freeholder, and a Merchant delivering their Minds to the honourable the House of Commons. But I hope your Honours will not blame me as guilty of Levity for my so doing; for I was far from any such Temper when I writ it: That Person must have an Adamantine Heart, and be of a Diabolical Spirit, who can take pleasure in contemplating on the most sad and calamitous Condition of the poor Freeholders and others in the several Parts of the Kingdom: for the Destruction of Families, and the utter Ruin of Gentlemen and their Estates, is no laughing Matter; nor is it pleasurable to think of the Miseries, the Sighs and Groans of very many of our Fellow-Subjects, who with their distressed Families are forcibly turned out of doors, and deprived of their Freeholds; neither is it matter of Pastime to consider how our Trade, nay even the Nation itself, is likely to be ruined in a few Years, if the War should continue. For my part I see nothing in this to excite our Laughter; I have therefore brought the poor Freeholder, etc. delivering their Minds to the honourable the House of Commons, as being the most lively and pathetical Representation of the deplorable Condition that very great numbers of the Subjects are under.  
I have been told within these few days, that there were about 160 Bills exhibited in the Court of Chancery this last Term, to foreclose Gentlemen from the Equity of Redemption: your Honours may quickly be satisfied whether it be so or no; but I fear there is too much Truth in it. And a Member of the Bank, whom I discoursed with about it, to mend the Matter, told me it was for their nonpayment of Interest that they were sued in Chancery: admit i● be so, does not this so much the more bespeak the great Distress and Poverty that is among the Freeholders of the Nation? and does it not the more loudly call upon your Honours to give them some Ease under these their sore Pressures?  
That honourable and most worthy Person who is to pronounce those fatal Words, Let them be foreclosed, without doubt will do it with no small reluctancy: and although, virtute officii, he may, so no doubt but he will suspend for some time the rigorous execution of the Law, in tenderness to the poor Freeholders; but yet his Honour cannot help it, sooner or later he must (though unwillingly) pronounce his definitive and final Decree, to the utter Ruin of the Freeholders and their Families.  
It may be replied, it is the Freeholder's own fault, why does he not pay the Money he owes on his Estate? why the Answer is ready, All the Money is got into Hucksters hands; and if I am not misinformed, there is 5 or 600000 l. laid up safe in Mercers or Grocers-Hall, ready for another Fund of perpetual Interest.  
Whom therefore have the poor Freeholders to flee to but unto your Honours: and pardon me if I say, it is in your Power (and in your Power only) to help them; and I hope your Honours will incline to help the Freeholders rather than to favour the moneyed Men, of whom the greatest part in the Bank (as I have been told) are Foreigners.  
But because notwithstanding all that hath been said by me, some Persons will not be convinced that the Subjects ought to be obliged to take these proposed Bills of Credit for payment, I shall state the Case to your Honours more fully than I may have yet done.  
All Deal between Man and Man in reference to buying and selling, are nothing else but a Commutation or Exchange of one Commodity for another; and Gold and Silver are likewise Commodities, whether in Bullion or Coined; and whosoever takes them to be otherwise, are very much mistaken: and for whatsoever any Person buys, he ought to give the Seller an Equivalent, or the Value agreed upon between them. Now if I buy a Horse of any Man, and I am by agreement to give 20 Bushels of Wheat for it; or if I buy 20 Quarters of Oats, and I agree to give an Acre of Land for them, I do by delivering my Wheat or conveying my Land, as actually pay the one for his Horse, and the other for his Oats, as if I paid them in Gold or Silver. Now although this manner of buying and selling, or bartering one Commodity for another, was formerly altogether in use, yet by reason of the uncertainty of the Value or Goodness of the things bartered, the Inconvenience of Carriage and Recarriage, and some Goods being perishable and subject to decay, it put Persons upon considering of some Commodity that might be most fit to serve for a Medium of Trade and Commerce; and Gold and Silver were agreed upon for the Reasons following.  
1. Because the Value might be ascertained by their being brought to a certain Standard.  
2. Because they are portable, and of easy conveyance.  
3. Gold and Silver may be divided into almost any equal Parts.  
4. They are capable of receiving any Signature that shall be thought fit to be impressed upon them to show their Value.  
5. They are less perishable than any other Commodities.  
For the aforesaid Reasons, and to prevent that Confusion that was generally occasioned by exchanging other Commodities, it was at last thought fit by common Consent to oblige every Man to accept of Gold and Silver in exchange for what was sold, (if tendered to them) unless some previous Agreement was made to the contrary: And hence it is that those two Commodities, Gold and Silver, came to be made the Medium of Trade and Commerce, and in time obtained the Name of Money, being divided into greater and smaller pieces, distinguished by divers Marks or Stamps impressed upon them, according to their several Values, each piece having also given it a several Denomination or Name; and all Persons were obliged by Law to receive those Commodities so coined, according to the Value impressed upon them.  
Now if the Subjects for the aforesaid Reasons are obliged to take Gold and Silver in payment, I hope if something else can be found that may have all, nay more than these requisite Qualities to recommend it to be a Medium of Trade and Commerce, wherein the Person who takes it can be no loser, it can be no more looked upon, or esteemed as an Imposition upon, or Injury to the Subject, if your Honours should also oblige them to receive that in payment, than the Subjects could think themselves injured or imposed upon, by being obliged by a former Parliament, to take Gold and Silver, especially since I have proved that your Honours, by so doing, will bring so great Advantage to the whole Nation: And that which I have pitched upon, is, to convert your Honour's Lands into Money, and to make them current in payment as Gold and Silver now are, and not Bits of Paper, as some inconsiderately object.  
To begin therefore with the several Qualifications that Gold and Silver are induced with.  
1. The Ascertaining their Value, by bringing them to a known Standard; which is performed by the Skill of the Workman, and by being brought to the Test.  
And I propose to ascertain the Value of every Man's Estate, which shall be settled in order to be turned into Money, by the inspection of the Commissioners Agents, the Examination of the Titles by the Commissioners Counsel, and by the Oaths of two or more credible Witnesses.  
2. As to the Portability, or Easiness of Conveyance. Though Land is not portable, yet it is more easily conveyed than Gold and Silver; in regard a Parchment or Paper-Deed, can convey more Land in Value, than many Wagon Loads of Gold and Silver: and he who is seized of such Land, by virtue of such Writing, is as absolutely possessed of such Land, as he is of the Gold or Silver, who tells it over, and takes the same into his Custody.  
3. Land is as capable of being divided into as many needful Parts as Gold or Silver: And an hundred pounds' Value in Land, if settled in Trust as by me proposed, may be paid to twenty several Persons; and each Person may assign his Interest or Title unto such Land to another, and that Person to a Third, and so ad infinitum: And the proposed Bills of Credit being no other than so many Mortgages, and proposed to be from 5 l. to 100 l. Value, they will answer all Occasions as well as Gold and Silver; only for small Sums under 5 l. Gold and Silver may be subservient to Land, as Copper is now subservient to Gold and Silver.  
4. The Land by virtue of these Bills of Credit will be as capable of any Signature as Gold or Silver: and although the Gold and Silver Pieces may, and now are generally of far less Value than the Stamp denotes them to be, these Bills of Credit will convey a much greater Value along with them than will be mentioned in the Bills.  
5. Land is less perishable than Gold or Silver; those will waste and decay, whereas Land will not.  
Land therefore being invested with all the Properties or Qualifications, so far as relates to Commutation or Dealing between Man and Man, give me leave to say wherein our Land exceeds Gold and Silver.  
1st. In regard it will not only serve to pass and repass in Payment, as Money will, but it is a living Stock, the Land being prolific and fertile, whereas Gold and Silver in the Chest produces nothing but the Canker.  
2dly. Gold and Silver is impaired and wasted by Clipping, Filing, etc. Lands will still keep and retain their Value so as to be more than enough in Value to secure those who take it in Payment, that they shall be no Losers, in regard there will be no Bills of Credit advanced to their Majesties, but there will be almost three times the Value engaged to make it good.  
But I have heard it objected by some worthy Gentlemen, and I find it is a Notion promoted by the Bank, one of the Directors making use of it as his main Argument, that People will not part with their Goods, but they will make their Bargain not to take this Land-Money, but Gold or Silver Money: whereas this is but begging the Question; for I may with more Reason assert, that People will rather make it part of their Bargain that they will not accept of their Payment in Silver Money, where they must take 50 l. for 100 l. but that they will have Land-Money, where they are sure they can be no Losers; for whensoever your Honours shall think fit to take the Business of our Money into your Consideration, so as to reduce it to its true Weight, I doubt, wherever it falls, there will be 50 l. per cent. Loss; and it may be worth your Honour's Consideration, whether it is fit that the Freeholders Lands that have been eat up by the moneyed Men, or the Money itself wheresoever it is found, should bear the Loss for want of Weight: and the Bank of England are already so sagacious and quicksighted, that they are treasuring up all the Guineas they can get, insomuch that our Guineas are already come to pass for almost as much as our broad Gold. And therefore unless a more substantial Argument can be brought against these Bills of Credit or Land-Money than this, that People will refuse to take them, I hope your Honours will not think it reasonable that the Gentlemen of England should be ruined, and our Trade destroyed, to gratify the Humours, or suit with the Advantage of some particular Persons.  
What I propose is no Herculean Task, but I have made it as plain as is the Sun when in his Meridian, that it is both reasonable and practicable; and therefore I hope your Honours will consider the Persons Circumstances as well as their Arguments, who shall object against these Proposals: for I must needs say, I have found the greatest Part of my Opponents either such who have little or no Land to settle, or who deal with the Government, and make a Merchandise of it, by working upon our Necessity, or who right or wrong, will endeavour to support some little Interest of their own in the Bank, or some of the other Funds.  
I must confess I am sorry to see that Littleness of Spirit, and Narrowness of Soul, that is too frequent among us: How few are there who can sincerely say, Dulce & decorum est pro Patria mori? But I fear I shall transgress, only I beg leave to inform your Honours, that some Persons have industriously reported, and Dr. Chamberlain himself would seem to insinuate, that my Proposals are borrowed from him, but that I have something disguised the same: I shall therefore give your Honours a very brief Account of his and my Proposals, as I have it out of his own printed Papers, which I am at any time ready to produce before your Honours. But because I find the Doctor is unresolved, and very apt to alter his Mind, as appears by two several Papers by him published this Year, I shall take notice of them both. In his Book entitled, Some useful Reflections upon a Pamphlet, called, A brief Account of the intended Bank of England, he proposes that any Person who hath an Estate of 150 l per annum, may subscribe the same for 150 Years, for Payment of 100 l. per annum for 100 Years. In his last Paper, entitled, A short Abstract of Dr. Chamberleu 's Proposals, he proposes that 100 l. per annum should be subscribed to pay 100 l. per annum by 100 annual Payments in 150 Years. Both by his Book in Page 18 and 23. and in his Paper, he proposes that 10000 l. value in Brass Tickets be issued out thereupon, 4000 to be paid the Subscriber, 2000 to a Joint Stock, 2000 to the War, and 2000 to himself to defray the Charges.  
So that, 1st, the Doctor proposes by his Book to oblige the Subject to take 10000 l. in Tickets upon 3000 l. Security; or, according to his last Paper, upon 2000 l. Fund, which is no Security: whereas I propose that no more than 2000 l. shall be issued out upon 2000 l. Value in Land, upon the Pain and Penalty of High Treason.  
2dly. The Doctor proposes 2000 l. out of every hundred Pound per annum to himself and Friends for Management, which is the full Value of all the Land proposed by him to be subscribed; which for 20 Millions, of which their Majesties are to have but 4 Millions, the Doctor is to have four Millions to himself, etc. for Management: whereas I propose only 40000 l. per annum payable to the Commissioners and Directors for 20 Millions advanced to their Majesties, for so long time as it shall remain unpaid.  
3dly. The Doctor in his Book proposes a Gentleman to pay 100 l. per annum out of 150 l. per annum, for 100 Years; and by the last Paper he proposes that the Subscribers part with their whole Estates subscribed for 100 Years: whereas on the contrary I propose to double a Gentleman's yearly Estate, by bringing it from 80 l. to 150 or 160 l. per annum, unless a Gentleman take up Bills of Credit upon his Estate; in such case, I propose an easy way to accommodate him upon Payment of 10 s. per cent. per annum, or upon a small Annuity, which the Doctor never pretended to mention a Word of.  
The Doctor proposes that the Freehold-Land should pay the whole advanced Brass Tickets; whereas I propose the Money lent their Majesties should be paid out of a Parliamentary Fund.  
Then the Doctor insinuates, that my Proposals are less encouraging to the Freeholder than those proposed by him; in which he very much mistakes: for but barely to mention that he proposes to bury gentlemen's yearly Estates for 100 Years, and I propose to double them, yet admit that according to his Reckoning a Gentleman may have 6000 l. upon Payment of 100 l. per annum for 100 Years, whoever will take the Pains to consider my Proposals, will find a Gentleman may have 6666 l. 13 s. 4. d. for 100 l. per annum for the like Term of 100 Years: So that the Doctor is very much out in his Calculation, and indeed it is plain he knows not himself what he would be at. However he having, as he sets forth, taken a great deal of Pains, I hearty wish that although he hath not been so happy as to bring to Maturity what he hath been so long hammering upon, or to render it practicable, that he may be notwithstanding gratified at least for his good Intention, so that his Expectations be within the Bounds of Reason. I should not have troubled your Honours with this, had not the Doctor, without any Provocation from me, writ a Pamphlet against me, wherein he hath most plainly misrepresented, I may indeed say falsified, both his own and my Proposals, which a Friend of mine hath fully answered. I am  
Your Honour's most Humble and most Obedient Servant, JOHN BRISCOE.   

A DIALOGUE between a Freeholder and Philanglus.  Freeholder. 
SIR, I understand you have lately offered some Proposals to the Parliament for supplying their Majesties with Money, and enriching all the Subjects in the Kingdom; but although I have read your Proposals, and perused your Tables, I confess I do not well understand them.  Philanglus. 
Sir, probably you are not used to Figures, or to the casting up of great Sums, for I have endeavoured to draw them up with as much Perspicuity and Plainness as possibly I could; but however I will resolve you any Question you shall please to ask me relating to my Scheme.  Freeh. 
Sir, I thank you; and because we generally comprehend any thing relating to our own Affairs more readily than that wherein we are no ways interested, I shall propose a Question to you that particularly concerns myself.  
I have an Estate of 100 l. per annum in Oxfordshire, and I would willingly have some of your Bills of Credit upon it, pray how must I settle my Estate?  Philang. 
There is to be a general Register kept in London, and a particular Register in the chief City or Town in each County, wherein all Estates proposed to be settled, are to be entered, (as in Proposal 2.) In this general Register in London, and in the particular Register kept in Oxon, you are to enter your Christian and Surname, the Title you give yourself, as Knight, Esquire, Gentleman, Merchant, etc. your Place of Abode, the Particulars of and Title to your Estate, (as in Proposal 3.) You having done this, the Commissioners Agents in the City of Oxon will examine whether you are the Owner of the said Estate, how you came by such Estate, whether as an Heir, Legatee or Purchaser; and how much your Estate is worth per annum, etc. and what Information they meet with they are to transmit it to the Commissioners, (as in Proposal 4.) You are likewise to carry the Writings of your Estate to the Commissioners, who will appoint three Counsel to examine, whether it appears by the Writings you have a good Title to such Estate; and if the Counsel shall approve of the Title, they are to signify such their Approbation under their Hands, (as in Proposal 5.) And if no Caveat be entered in the general or particular Registers against your settling the said Estate, for the space of six Months after your entry of the same in the said Registers, you must bring two credible Persons who are to make Oath before the Commissioners, that your Estate is worth (bona fide) 100 l. per annum; and the Commissioners thereupon will settle your Estate by entering it in their Books, and will issue out Bills of Credit for 2000 l. being the Value of 20 Years Purchase of your Estate, (as in Proposal 3.) you first settling your Estate upon 20 Commissioners to be appointed (as in the first Proposal) for that purpose, in Trust for a Security to make good all the said 2000 Pound Bills of Credit, (as in Proposal 1.)  Freeh. 
Here is a deal of Ceremony indeed; why few Men are at half this trouble in purchasing, as you propose there shall be in settling an Estate.  Philang. 
There is no more proposed than what is necessary, as well for the Security of the Freeholder, as for those who shall take the Bills of Credit issued out upon the Security of their Estates.  Freeh. 
Why, at this rate it will be almost impossible that any undue Settlements can be made.  Philang. 
It will not be very easy for any Person to settle an Estate he hath no Right to.  Freeh. 
But suppose, notwithstanding all your Precaution, an Estate should be settled by a Person who hath no Right to settle it, for there may be dormant Titles; nay, two or three may juggle together to make a Cheat of it: and what must those do who take the Bills of Credit issued out on such Estate?  Philang. 
Do? all one as if the Title were good; for let who will have the right Title, the Estate, if once settled, shall be a Security for the Bills of Credit issued out thereupon.  Freeh. 
I find than you have taken Care that no Persons can be losers by the Bills of Credit: but pray what must the poor Freeholder do whose Estate is dipped for these Bills of Credit?  Philang. 
He shall have his Remedy at Law against the Person who made such undue Settlement, and shall be entitled to all Profits that have been or shall be made by virtue of such undue Settlement, (as in Proposal 7.)  Freeh. 
Then the undue Settlement doth not divest any Man of his Freehold.  Philang. 
No; if it shall appear that he is the right Owner, the Fee will still be continued to him; all the Damage to him will be, what Profits he who shall have settled the Estate will have received by virtue of such undue Settlement, and for that he will have his Remedy at Law, as hath been said.  Freeh. 
True; but suppose he be gone beyond Sea out of the Freeholder's reach.  Philang. 
If he could produce so good a Title as to deceive the Commissioners, their Counsel and Agents, he might as well have sold this Estate and have gone away with the Money.  Freeh. 
What then? the Freeholder would have had his Estate.  Philang. 
Yes, but the Purchaser would have lost his Money; and a Cheat is a Cheat, let it be on which side it will: but yet I will make it appear that notwithstanding such undue Settlement, the Freeholder may then sell his Estate for as much as now he can.  Freeh. 
If you can prove that, you will do something.  Philang. 
I will. I suppose you will grant, that an Estate in Land will not yield now above 20 Years Purchase; and I have proved in my Book, that these late Funds will in time bring Land to 12 or 14 Years Purchase, especially if we should raise more Money by the same Methods. Now if my Proposals take effect, Land will be worth 40 or 50 Years Purchase, and no Man can engage any Estate for more than 20 Years Purchase; so that the Remainder or Fee will be worth 20 if not 30 Years Purchase, being as much or more than he can now sell it for.  Freeh. 
You will do well to make that out.  Philang. 
Sir, I shall do it in the Series of our Discourse, but it will be too great a Digression from what we were upon, and therefore for the present I refer you to read the 17th and 18th Queries.  Freeh. 
I am contented. Now as to the Settlement of my Estate; suppose I have some little Flaw in my Title, may I not notwithstanding settle my Estate?  Philang. 
No, by no means; for no Person may be permitted to settle his Estate, till he hath cleared up his Title, (as in Proposal 6.)  Freeh. 
But may I not then settle my Estate if it be mortgaged?  Philang. 
Yes, you may; but than you must give the Mortgagee three months' notice in Writing of such your intended Settlement, and you must pay the Mortgagee his Principal, Interest and Charges, before you can receive any Advantage by such Settlement, (as in Proposal 8.)  Freeh. 
But suppose the Mortgagee hath the Writings of my Estate, what must I do for them to carry them to the Commissioners Counsel, if the Mortgagee will not let me have them?  Philang. 
The Commissioners may have Power by the Act to command such Writings out of the Mortgagee's Hands for so long time as they shall think necessary for the perusal of them, any two or more of the Commissioners signifying the Receipt of such Writings under their Hands.  Freeh. 
But shall every Man who hath an Estate be forced to settle it?  Philang. 
No, any Man may, but no Person is to be compelled to settle his Estate, (as in Proposal 1.)  Freeh. 
But when I have got my 2000 l. Bills of Credit, what can I do with them?  Philang. 
The same that you would do with 2000 l. in Money, the said Bills being to be current in Payment by Endorsement toties quoties, (as in Proposal 9)  Freeh. 
But suppose I lend my 2000 l. Bills to their Majesties, what Advantage shall I have for the Loan of them?  Philang. 
You shall have 3 l. per cent. per annum Interest, (as in Proposal▪ 17.) and be excused from the Land-Tax of 4 s. in the Pound, (as in Proposal 20.)  Freeh. 
But who must receive the Profits of my Estate?  Philang. 
Yourself; and whereas you receive now from your Tenant 80 l. per annum in Money, and 20 l. per annum in Tax-Bills for your 100 l. per annum, you will receive then by my Method 100 l. per annum in Money from your Tenant, and 30 l. every half Year from the Commissioners; so that you will have 160 l. per annum instead of 80 l. per annum, (as in Proposal 17.)  Freeh. 
Why this will double my Estate: But when must my Estate be clear from this Encumbrance?  Philang. 
When the Government or yourself pay off the 2000 l. Bills of Credit.  Freeh. 
At that rate my Estate may never be cleared, unless their Majesties pay off the Money and clear it.  Philang. 
To what purpose should you desire to clear your Estate, unless you had rather have 80 l. or 100 l. per annum, than 160 l. per annum?  Freeh. 
But how can I sell my Estate if I have a mind to do it?  Philang. 
As well as you may or can do now; for any Man that would settle an Estate will buy an Estate that is settled, and so much the rather because the Title is approved: But I must needs say I am against this Payment of perpetual Interest, though it be but 3 l. per cent. per annum, because it entails a perpetual Tax upon the Subject.  Freeh. 
It is true, it does; but have you then any other or better way for the Supply of their Majesties?  Philang. 
Yes; and that is to advance Bills of Credit to their Majesties upon the Payment of an Annuity for some certain Term of Years, (as in Proposal 18.)  Freeh. 
But which way must the Interest-Money and these Annuities be paid?  Ph. 
They must be paid out of some Fund to be settled by Parliament for that purpose, as the Fund of 100000 l. per annum, payable out of the Excise, was settled by the Parliament for the Payment of perpetual Interest for 1200000 l. to the Bank of England, (as in Proposal 18, 28.)  Fr. 
Why then these Bills of Credit will have a double Security; First, a Security of Freehold Land at the first issuing out of the Bills: Secondly, a Parliamentary Fund settled for the Payment of Principal and Interest upon advancing them to their Majesties.  Ph. 
They have so.  Fr. 
If the Parliament had raised Money on that Fund by your Methods, they might have had much more Money than they had of the Bank.  Ph. 
Yes, they might have had above three Millions and three hundred thirty three thousand Pounds on the same Fund.  Fr. 
There is a vast Disproportion.  Ph. 
Yes, the Difference is as 3 l. per cent. is to 8 l. 6 s. 8 d. per cent. per annum; so that by that one Article the Nation might have saved 64000 l. per annum.  Fr. 
And that is a great deal of Money: But pray favour me in explaining the Table of Annuities in Proposal 18. which I do not well understand; for I find you have proposed, that their Majesties, their Heirs and Successors shall pay the said Annuities according to the several Terms or Number of Years therein particularly set down and expressed: But how do you propose the Principal shall be paid?  Ph. 
The said Annuities are to be paid in lieu of Principal and Interest for the Bills of Credit issued out to their Majesties.  Fr. 
That is impossible. Can 6 l. 10 s. per annum for 25 Years, discharge the Principal and Interest of 100 l. advanced to their Majesties, as in Proposal 18. when the Bank of England have 8 l. 6 s. 8 d. per cent. per annum, perpetual Interest?  Ph. 
Yes, and I have made it plain; for in Proposal 19 you will find that the Commissioners and Directors are to pay 2 l. 10 s. per cent. per annum to the Persons, upon the Security of whose Estates such Bills of Credit are issued out, and with the Residue of such Annuities they are to pay off and cancel every Year part of the Bills of Credit in discharge of so much of the Principal, till all shall be paid and cancelled; so that the 2 l. 10 s. per cent. per annum paid to the Freeholder, being deducted out of the 6 l. 10 s. per cent. per annum Annuity, there will remain 4 l. per annum, which in 25 Years pays off the 100 l. Principal.  Fr. 
This indeed is very plain; but because it is a Notion I have not been used to, I desire to state a Case myself.  
Suppose I settle my Estate of 100 l. per annum, upon which the Commissioners, etc. issue out 2000 l. Bills of Credit; these I lend their Majesties upon an Annuity paiable out of some Parliamentary Fund for 20 Years, which by your Table of Annuities in Proposal 18. is 7 l. 10 s. per cent. per annum: so that (if I apprehend it right) the Commissioners receive out of a Fund (payable we will suppose out of the Excise) 150 l. per annum Annuity for my 2000 l. Bills of Credit, and the like for every 2000 pounds' value in Bills of Credit advanced to their Majesties for the said Term: the Commissioners with 100 l. per annum, part of the said Annuity of 150 l. per annum, pay off and cancel every Year Bills of Credit to the value of 100 l. and so in 20 Years time the whole 2000 l. will be paid off and cancelled, and then my Estate will be clear; and the other 50 l. per annum, the Residue of the Annuity of 150 l. per annum, the Commissioners are to pay me during the whole 20 Years, till the last 100 l. Principal shall be paid, and my Estate cleared.  Ph. 
Sir, you apprehend it very right.  Fr. 
Why at this rate their Majesties might have had a Million of Money for 8 l. 15 s. per cent. per annum Annuity for 16 Years, whereas they paid the Contributors to the Lottery-Act 14 l. per cent. per annum for 16 Years, and that amounts to a great deal upon a Million of Money.  Ph. 
Yes, it would have saved 52500 l. per annum to their Majesties, as I will show you presently when I come to explain the third and fourth Tables in pag. 34. for they are calculated from this Table of Annuities.  Fr. 
Seeing those Tables are calculated from this Table of Annuities, I think, with submission, it is no Interruption to your Explanation of the Proposals, to explain those Tables now before we proceed further.  Ph. 
With all my Heart, though these Tables explain themselves. If you observe the second and third Columns in both Tables, they answer to a tittle this Table of Annuities, except the word Perpetual in each of the second Columns, and the 3 l. in each of the third Columns, which answer to the 16th Proposal. Now in this Table of Annuities in Proposal 18. I set forth, that their Majesties are to pay 8 l. 15 s. per annum Annuity for 16 Years for 100 l. Of this in Proposal 19 the Freeholder who settles his Estate for the Security of the Bills of Credit, must have 2 l. 10 s. per annum, and the Residue, being 6 l. 5 s. per annum, is to pay off the 100 l. Principal in 16 Years. Now as this Table is to show the Annuity of 100 l. for any Term of Years, those Tables are to show the Annuity for one or more Millions on the same Terms: As for Example, The Annuity of 100 l. for 16 Years is 8 l. 15 s. and the Annuity of a Million after the rate of 8 l. 15 s. per cent. per annum, comes to 87500 l. per annum, as you may perceive by the 4th Table in the 4th Column: The 2 l. 10 s. per cent. per annum payable to the Freeholder for a Million value of Bills of Credit, comes to 25000 l. per annum, as in the 7th Column; and the 6 l. 5 s. per cent. per annum, which is to pay off the Principal for a Million of Money, comes to 62500 l. per annum, as in the 7th Column of the 4th Table: So that whereas their Majesties pay now 140000 l. per annum, being 14 l. per cent. per annum, for 16 Years for a Million, their Majesties will have a Million for 87500 l. per annum, being but 8 l. 15 s. per cent. per annum for 16 Years, which will be 52500 l. per annum saved to their Majesties in one Million of Money. And the Gentlemen who should settle their Estates to the value of 50000 l. per annum, as in the 5th Column, for the Security of the Million value in Bills of Credit, will be exempted from Taxes, and almost double their Estate, having 150 l. per annum, where they have now but 80 l. per annum.  Fr. 
Why this (according to the old Proverb) is killing two Birds with one Stone; for, first, their Majesties will save 52500 l. per annum, and the Gentlemen will be excused from Taxes, and will have their Estates almost doubled.  Ph. 
You have rightly observed.  Fr. 
Why this will bring all the Freeholders of England into their Majesty's Interest.  Ph. 
It will so without doubt.  Fr. 
I think now you have made out the Title Page of your Book: But pray explain the third Table.  Ph. 
It is the same with the fourth Table; only as the fourth Table shows what Annuity the Parliament may settle for a Million advanced for any Term of Years, so the third Table shows how much Money they may raise upon 100000 l. per annum Annuity settled for any certain Term: As suppose the Parliament settle an Excise, or other Annual Fund for the Payment of 100000 l. per annum Annuity, they may know by this Table for what Term to settle it, according to the Sum which they have occasion to raise; if they want almost 3 Millions upon it, they must settle it for 100 Years; if only two Millions be required, 40 Years Settlement is enough; but if they want no more than one Million, they need settle it for no longer than 13 Years, 4 Months.  Fr. 
And pray, why 13 Years 4 Months, and not 13 or 14 Years?  Ph. 
I am not for guess-Work, but for doing Business with Exactness: I have proposed in the 7th Column of the third and fourth Tables 75000 l. per annum to pay off a Million in 13 Years 4 Months, and that will do it; whereas if I should have put down but 13 Years, there would have been 25000 l. too little; and if I had put down 14 Years, there would have been 50000 l. too much.  Fr. 
I now apprehend your Reasons for the odd Months, and I suppose it is the same for 66 Years 8 Months, and 33 Years 4 Months.  Ph. 
It is so.  Fr. 
But pray, what must those have who settle their Estates to the value of 50000 l. per an. for the Security of a Million value in Bills of Credit?  Ph. 
The sixth Column in both Tables shows you it is 25000 l. per annum.  Fr. 
I now understand it perfectly; for by the third Table 100000 l. per annum Fund settled for 66 Years 8 Months, will at 4 l. per cent. per annum, raise 2500000 l. Bills of Credit: Gentlemen must settle 125000 l. per annum Freehold Estates for the Security of those Bills of Credit, they must have 62500 l. per annum among them for settling their Estates, and 37500 l. per annum in 66 Years 8 Months pays off the 2500000 l. Principal.  Ph. 
You take it right.  Fr. 
But have you not proposed too little Advantage to such who shall advance their Bills of Credit, issued out upon the Security of their Estates, to their Majesties upon the Payment of an Annuity?  Ph. 
No, I have proposed 7 l. per cent. per annum during the War, and 5 l. per cent. per annum in time of Peace.  Fr. 
And if I misremember not, you said just now, that such who advanced their Bills of Credit to their Majesties upon Payment of an Annuity, should have 2 l. 10 s. per cent. per annum.  Ph. 
I did so, and yet both my Assertions are true; admit I advance 1000 l. Bills of Credit to their Majesties upon the Payment of 12 l. 10 s. per cent. per annum for 10 Years, their Majesties are to pay 125 l. per annum for 10 Years for 1000 l. the Commissioners with 100 l. per annum part of the said Annuity, are to pay off one tenth part of the Principal every Year, and the 25 l. per annum I must receive till the last 100 l. be paid; so that I must not reckon my Estate is engaged for 1000 l. but for 500 l. the Medium of 1000 l. and the 25 l. per annum, which I am to receive from the Commissioners, and 10 l. per annum I shall save in Taxes during the War, is 35 l. which upon 500 l. is 7 l. per cent. per an.  Fr. 
So, say you, my Estate is engaged for as much less than 500 l. the five last Years, as it is engaged for more than 500 l. for the five first Years; but notwithstanding the Encumbrance is lessened, my Annuity of 25 l. per annum is continued.  Ph. 
Yes, you have my meaning.  Fr. 
But suppose I want Bills of Credit for my own Occasions, how must I have them?  Ph. 
You may have the Bills of Credit on the Security of your own Estate for your own proper Use; but than you must not expect to be exempted from Taxes.  Fr. 
No? Why I thought all that settled their Estates were to be excused from the Taxes of 4 s. in the Pound.  Ph. 
No, you mistake, those only are to be free from the Land-Tax who advance their Bills of Credit to their Majesties.  Fr. 
Now I understand it: But a Person of my Acquaintance was saying, that it would be an Injury to the Government to excuse any one from Taxes; and that you propose to give their Majesties with one Hand, and to take away with the other.  Ph. 
I believe I know your Friend, he hath advanced a good round Sum of Money upon these late Funds, if I am not misinformed.  Fr. 
Yes, he hath so.  Ph. 
And I am sure the Money he advanced is excused from Taxes by Act of Parliament; but I find some People are very careful that the Freeholders of England shall not be excused a Farthing, for their Backs are broad enough: but to show the Weakness of this Gentleman's Objection, Suppose you settle your Estate of 100 l. per annum, and advance to their Majesty's 2000 l. Bills of Credit on an Annuity for 25 Years, the Annuity for 25 Years is 6 l. 10 s. per cent. per an. the 20 l. per an. you were to have paid for Taxes upon the 100 l. per an. is but 1 l. per cent. upon the 2000 l. which makes the Annuity but 7 l. 10 s. per cent. per annum for 25 Years, instead of 8 l. 6 s. 8 d. per annum perpetual Interest; or if you add 1 l. per cent. Taxes to 3 l. per cent. Interest, the Taxes and Interest come but to 4 l. per cent. per annum.  Fr. 
You have convinced me of the Reasonableness of it; but what must I pay for the Bills of Credit that I have for my own Use?  Ph. 
You must pay 10 s. per cent. per annum to the Commissioners and Directors for issuing out and renewing your Bills of Credit, etc. (as in Proposal 22.)  Fr. 
And is that all I must pay?  Ph. 
Yes.  Fr. 
That cannot be; for suppose I take up Bills of Credit for 2000 l. on the Security of my Estate of 100 l. per annum, shall I pay no more than 10 l. per annum for the 2000 l.  Ph. 
No, not a Farthing more.  Fr. 
That is very strange, for I am sure I pay now 120 l. per annum Interest for 2000 l. and was forced to make over 200 l. per annum Freehold Land as good as any in England, for a Security.  Ph. 
I believe what you say, but I know no reason for it, and I will bring the Business close to the Touchstone: Their Majesty's having occasion for Money, the Gentlemen of the Bank purchase of the Government 100000 l. per annum for twelve hundred thousand Pounds: this done, they desire leave of the Parliament to issue out Bank-Bills for twelve hundred thousand Pounds upon the Security of their said Purchase; the Parliament give them leave, upon Condition that the 100000 l. per annum, for which they are to pay 1200000 l. be a Security; whereupon the Gentlemen of the Bank consent that the Fund of 100000 l. per annum should be a Security for 1200000 l. But say the Parliament, if you take up more than 1200000 l. you shall be obliged in your private Capacities. It's agreed, and the 100000 l. per annum settled. Well, and I come in the Name of the Freeholders of England, and desire, that (since they have been pleased to grant the Bank of England leave to issue out Bank-Bills, on the Security of their Estate of 100000 l. per annum, to the Value of 1200000 l. the Purchase-Money) that they would be pleased to grant the Freeholders the like Liberty, to issue out Bills of Credit upon the Security of their Freeholds, to the value of 20 Years Purchase, being no more than what their Estates, bona Fide, cost them.  Fr. 
Why this indeed seems to be a most reasonable Request.  Ph. 
You will say so by and by; for to induce the Parliament to grant the Freeholders the like Favour they have showed the moneyed Men, I propose further to lend their Majesties the Bills of Credit, secured by the Freehold-Land of the Kingdom, at 3 l. per cent. per annum Interest; or else for 6 l. 10 s. per cent. per an. for an Annuity for 25 Years, instead of 8 l. 6 s. 8 d. perpetual Interest.  Fr. 
Here is very great Odds between your Offer and what the Nation pays.  Ph. 
There is so: But suppose now the Parliament should grant this the Freeholders Request, or rather my Request for the Freeholders, and provide that their Estates should be settled as by me proposed; what Reason is there that the Freeholder should pay more for Bills of Credit issued out upon his Estate, than the Gentlemen of the Bank give for their Bank-Bills?  Fr. 
There is no Reason the Freeholder should give more; but you propose they should not give so much; for do not the Gentlemen of the Bank give 2 d. per cent. per diem for their Bank-Bills, which is above 3 l. per cent. per annum?  Ph. 
Yes, they do so; but that is spontaneous, and their own voluntary Act, in order to get all the Money into their Hands: but what I speak of is, what they are enjoined to do by the Government, for the Parliament hath not obliged them to give a Penny Consideration for running Cash or Bank-Bills, call it which you please, but have only provided that those who take their Bills to the value of their Purchase-Money, should have the Fund by them purchased for their Security.  Fr. 
I am convinced by what you say: But suppose I take up 2000 l. Bills of Credit upon my Estate, pray how must I pay it again, if I have disposed or made use of my Bills?  Ph. 
I pray how will you pay your 2000 l. you now own, and for which you just now told me that you pay 120 l. per annum for Interest, if you question how you shall pay it, when you pay but 10 l. per annum? Will you not save 110 l. per annum out of the very Interest you now pay towards the Discharge of the Principal?  Fr. 
You have indeed fully answered me; but may I pay any part of my Money in as I can raise it?  Ph. 
Yes, you may: This Scheme is purely designed for the ease of the Subject; you shall be welcome, pay what you can, and when you can: and if you pay 500 l. your Estate will then stand engaged for 1500 l. for which you must pay 7 l. 10 s. per annum to the Commissioners.  Fr. 
Why there I was mistaken, for I thought I was to have paid the 10 l. per annum till the whole 2000 l. was paid off.  Ph. 
No; you are to pay no more 10 s. than there are hundred Pounds owing by you upon your Estate.  Fr. 
I must confess this is a most extraordinary Proposal as ever I heard of; and as you have well observed in your Book, No Man can be a Loser by these Bills of Credit, because there is a Real Estate to be settled for the Security of them, before any Bill can be issued out, and a Parliamentary Fund settled for the Payment of them before any are advanced to their Majesties. But in Proposal 23, you have another Table of Annuities, pray oblige me in showing me the Use of that Table.  Ph. 
Sir, I will willingly do it. As the Table of Annuities, in Proposal 18, is to show how much per cent. per annum is to be paid out of any Parliamentary Fund for Bills of Credit advanced to their Majesties, so the Table in Proposal 23 is to show how much the Freeholder is to pay for an Annuity for any Term of Years, in discharge of what Bills of Credit he shall take up on the Security of his Estate for his own proper use.  Fr. 
I understand you: Suppose than I should take up 100 l. on my Estate, what Annuity must I pay for 20 Years?  Ph. 
You must pay 5 l. 10 s. per cent. per annum for 20 Years, and that will discharge both Principal and Interest: for 5 l. per annum (part of the said Annuity) will pay off the 100 l. Principal; and the 10 s. per annum pays the Commissioners and Directors for their Charge and Trouble.  Fr. 
Why, this is stupendous, for at this rate I shall have 100 l. down, for to pay 110 l. in 20 Years time, in 20 annual Payments.  Ph. 
Yes, you will so, or 100 l. to pay 105 l. and have 10 Years to pay it, in 10 annual Payments of 10 l. 10 s. per annum each, as you may see by the Table.  Fr. 
I profess, Sir, you perfectly amaze me; and yet your Proposals, as you have now explained them to me, and the Instances and Examples you have brought, are as plain and evident as any thing under the Sun: all the Freeholders of England will be extremely obliged to you if this Act passes. But, Sir, you have two Tables in Pag. 32, 33. which I suppose are calculated by this Table of Annuities: pray, before we go any further, explain these Tables to me.  Ph. 
With all my Heart: To begin therefore with the first Table.  
You were proposing to me to settle 100 l. per annum in the County of Oxon, and to take up 2000 l. Bills of Credit upon the Security of it: When therefore you have your 2000 l. Bills, you know best how much per annum you can spare out of your Estate to discharge and pay off the Principal: now for the longer time you settle your Estate, the less Annuity are you to pay; and on the other hand, the greater the Annuity is which you pay, the sooner will your Estate be clear.  Fr. 
That every one knows: But suppose I am willing to pay 50 l. per annum for my 2000 l. Bills of Credit; for how long time must I settle my Estate to pay off the 2000 l. Principal and Interest?  Ph. 
You must look in the top of the Table, and in the 4th Column you will find this Title Interest or Annuity, under that Title you will find 50, just against it in the 3d Column you will find 50 Years: So that upon settling 100 l. per annum, as in the first Column, you shall have 2000 l. Bills, as in the 2d Column, to pay an Annuity for 50 Years, as in the 3d Column, of 50 l. per annum, as in the fourth Column: With 40 l. per annum, part of the said Annuity, the Commissioners are to discharge part of the Principal, which will pay all the 2000 l. off in 50 Years, as in the fifth Column; and the other 10 l. per annum the Commissioners and Directors are to have, as in the sixth Column, as you may see in Proposal 23.  Fr. 
This is indeed very plain, but here ariseth a Difficulty: Suppose I settle my Estate of 100 l. per annum for 10 Years, I must pay for 2000 l. Bills of Credit 210 l. per annum: But when I have got the Bills of Credit, suppose I will not pay the Annuity, the Commissioners can only enter upon my Estate; and if they shall receive all the Profits in 10 Years time, they will amount to no more than 1000 l. and how then must the 2000 l. Bills be paid with 1000 l.?  Ph. 
I perceive, Sir, you very much mistake; you must not expect that the Commissioner's will accept of an Annuity of 100 l. per annum for 10 Years for the Security of 2000 l. no, but you engage the ●ee of your Estate for to pay an Annuity of 210 l. per annum for 10 Years.  Fr. 
Well, but suppose I do not pay my Annuity, what will the Commissioners do then?  Ph. 
The Commissioners will in such case have Power to sell your Estate at a public Sale, to those who will give most for it; and having paid themselves so much as you are in Arrears, they must pay you the overplus.  Fr. 
But would not that be very severe?  Ph. 
No, not at all; for that Person who for 2000 l. paid him down, is to pay no more than 2100 l. in ten Years time, at ten several Payments, (for you are to pay no more) will deserve no Favour, if he shall give the Commissioners any unnecessary Trouble: For suppose you take up 2000 l. now upon the Mortgage of your Estate, you must pay 2120 l. in 12 Months; which is more by 20 l. than you are to pay (according to my Proposals) in ten Years; and yet upon your non-paiment of Principal and Interest, the Mortgagee may eject you or foreclose you in Chancery.  Fr. 
I confess what you say is true and highly reasonable; but I observe in the third Column the word Perpetual, what mean you by that?  Ph. 
In Proposal 22, Page 28, it is provided, that any Person (whose Estate shall have been settled six Months) may have what Bills of Credit they please for their own proper Use, paying the Commissioners and Directors 10 s. per cent. per annum for their Charges in issuing out and renewing such Bills. Now these Bills of Credit being taken up for an uncertain Time, I put the word Perpetual against it, intimating that they must constantly pay the said 10 s. per cent. per annum, until they shall discharge the Bills of Credit by them taken up as aforesaid; whereas the 10 s. per cent. allowed the Commissioners upon Bills of Credit issued out to a Freeholder for his own proper Use, upon his payment of an Annuity, is included in the several Annuities, as in Proposal 23.  Fr. 
Well, but what signifies the word Perpetual in the third and fourth Tables in Page 34?  Ph. 
That their Majesties are to pay 3 l. per cent. per annum perpetual Interest till the advanced Money be paid, as they do 8 l. 6 s. 8 d. per cent. per annum to the Bank of England.  Fr. 
But I forgot to ask you one question, What am I to pay for the Bills of Credit I advance to their Majesties?  Ph. 
Not a Farthing, for in Proposal 16 it is said, their Majesties may allow 1000 l. per annum to the Commissioners and Directors, for the Charge of each Million, until the Bills of Credit issued out for such Million shall be paid and canceled; so that their Majesties, not the Freeholders of England, are to pay the Charge of all the Bills of Credit advanced to their Majesties.  Fr. 
I do now perfectly understand the 1st Table, pray explain the 2d Table to me.  Ph. 
I shall readily do it, that Table being of most excellent use: Suppose than you have a mind to know what Bills of Credit you may have upon any Estate, admit it be 750 l. per annum, look in the first Column under the Title of Estates to be settled, for 750, and against it in the second Column under the Title of Bills of Credit you will find 15000 l. and so much value in Bills of Credit may you have upon settling an Estate of 750 l. per annum; or suppose I have a mind to pay an Annuity of 450 l. per annum for 25 Years, and I would willingly know what value in Bills of Credit I may have upon the Payment of that Annuity, and what Yearly Estate I must settle, I look in the seventh Column under the Title of 25 Years for 450, I then look in a straight Line towards my Lefthand, and in the second Column under the Title of Bills of Credit, I find 10000 l. and against it in the first Column I find 500; so that I may have 10000 l. in Bills of Credit upon the Security of 500 l. per annum, and must pay an Annuity of 450 l. per annum for 25 Years in discharge of Principal and Interest, which is just 4 l. 10 s. per cent. per annum for 25 Years, as you may perceive by the Table of Annuities, in Proposal 23.  Fr. 
But, Sir, I have an Acquaintance who hath mortgaged his Estate of 1000 l. per annum for ten thousand Pounds, for this he now pays 600 l. per annum for the bare Interest; he hath three or four fine Children at Men and women's Estate, and, poor Gentleman, he hath not a Farthing to give them: for Taxes, Repairs and one Charge or other comes so fast upon him, that sometimes (between you and me) to my knowledge, his Family do almost want Bread. Now this unfortunate Gentleman hath often lamented and deplored his Condition to me with Tears in his Eyes, telling me, that he can never look upon his Children, but it pierces his Heart to see such hopeful Branches in a fair way to be ruined, because he hath not a Farthing to give them wherewith to settle or dispose of them in the World.  Ph. 
This indeed is the sad Condition of very many thousand Families at this present, and my proposed Method would effectually free them from all these their Pressures.  Fr. 
But could you find any way by your Method to clear his Estate in time, and to give his Children something to settle or dispose of them in the World? For whereas he now pays 600 l. per annum for bare Interest, I would, if it could be so contrived, turn this perpetual Interest that he now pays into an Annuity of 600 l. per annum by your Method, and then in time his Estate will be clear again. Now pray tell me what value in Bills of Credit may he have upon his Payment of 600 l. per annum for 40 or 50 Years?  Ph. 
If you look in the fifth Column under the Title of 40 Years, you will find 600, then look in a straight Line towards your Lefthand, and in the second Column under the Title of Bills of Credit, you will find 20000 l. and even with that in the first Column you will find 1000 l. so that this Gentleman may upon his 1000 l. per annum, have 20000 l. Bills of Credit upon the Payment of 600 l. per annum for 40 Years, when his Estate will be clear; with which Bills he may pay off his 10000 l. Mortgage, and give 10000 l. among his Children.  Fr. 
If this Act should pass, it would make this poor Gentleman weep for Joy, who hath so often wept when he hath contemplated on the most deplorable Condition of himself and Family. But how shall I know what he might have upon settling 600 l. per annum for 50 Years? for I cannot find 600 in the fourth Column of 50 Years.  Ph. 
I know you cannot, but you may find 500  Fr. 
Yes.  Ph. 
And then you may find 100 in the same Column.  Fr. 
Yes, I do so.  Ph. 
Why then, I think, 500 and 100 make 600; for the 500 l. per annum Annuity for 50 Years, he may have 20000 l. for the 100 l. per annum Annuity for 50 Years, he may have 4000 l. more, in all 24000 l. for an Annuity of 600 l. per annum for 50 Years: but this he cannot have upon the Security of 1000 l. per annum; for there must not be above 20 Years value in Bills issued out upon any Estate.  Fr. 
Nay, Sir, as to that, 40 Years Settlement is sufficient, and he will have Money enough; but I only proposed it for my perfect understanding of the Table. But, Sir, I desire to be informed in one thing further; Suppose my Friend should die in five or ten Years time after he hath thus settled his Estate, and admit his eldest Son, who is indeed a very hopeful Gentleman, should marry some Lady with a noble Fortune; he would probably be willing to pay off this Encumbrance, and clear his Estate, which he cannot do because the Estate is settled for so long time as 40 Years.  Ph. 
This is easily answered, only you must take this Note or Observation along with you; That as the Commissioners are trusties for the Safety of those who take the Bills of Credit, so they are trusties for the Ease and Benefit of the Freeholders: and it is not the design of my Proposals, That any Estate shall be any more absolutely tied up for 50 Years, though settled for so long time, than it is to be tied up for ever upon 10 s. per cent. per annum perpetual Interest; and therefore I shall presently solve your Question. Suppose this Gentleman lives 10 Years after this Settlement, and hath paid 10 Years Annuity of 600 l. per annum; he dying, his Son, say you, is desirous to clear the Estate with his Lady's Portion; why the Gentleman must see how much is owing upon this his Estate; his Father having paid 10 Years Annuity, being one fourth part of the Term of 40 Years, there will be consequently one fourth part of his 20000 l. paid, which is 5000 l. so that he will owe 15000 l. upon his Estate.  Fr. 
Sure you mistake; for 10 Years Annuity of 600 l. per annum, is 6000 l. and you reckon but 5000 l.  Ph. 
True; but if you look in the third Column (against 20000 l. in the second Column) you will find 100 l. and so much is to be allowed every Year to the Commissioners and Directors out of the Annuity of 600 l. per annum for their Charge and Trouble; so that the Father having paid 5000 l. Principal in 10 Years, the Son upon Payment of 15000 l. shall have the Estate clear, notwithstanding his Father's Settlement, and the Commissioners upon Receipt of the same must cancel Bills of Credit for 15000 l.  Fr. 
But suppose the Son should not have above 5000 l. with his Lady, and this he is willing to pay the Commissioners, that his Estate may be cleared the sooner; pray what must he do in this case? for the Father having paid off 5000 l. and the Son 5000 l. more, there will remain but 10000 l. Encumbrance upon his Estate.  Ph. 
Look in the second Column under the Title of Bills of Credit for 10000 l. and in the first Column against it you will find 500; look on forward to the eighth Column under the Title of 20 Years, and there you will find 550: so this Gentleman, who, by virtue of his Father's Settlement, was to pay 600 l. per annum for 30 Years on the Security of the whole Estate of 1000 l. per annum, having paid 5000 l. (his Lady's Portion) to the Commissioners, is now to pay only 550 l. per annum for 20 Years upon the Security of 500 l. per annum only.  Fr. 
May any Man then who hath settled his Estate for the Payment of an Annuity for any Term of Years, altar the Annuity and Term of Years?  Ph. 
Yes, with the Commissioners Consent, but not otherwise; for if you apprehend me aright, it is not designed, as you may perceive, by what hath been already said, that the Gentleman who settled his Estate for the Payment of 600 l. per annum for 40 Years, upon his Receipt of 20000 l. Bills of Credit, should be obliged to continue his Estate upon that Settlement all that time, but only that the Bills of Credit should be paid off some time or other, in such manner as best suited the Gentleman's Conveniency, and that the Estate should secure the Payment of them.  Fr. 
Why, suppose I settle my Estate to pay 50 l. per annum for 50 Years, as in the fourth Column, may I alter my Annuity to 110 l. per annum for 20 Years, as in the eighth Column?  Ph. 
Yes: or if you are to pay 110 l. per annum for 20 Years, as in the eighth Column, you may alter it with the Commissioners Consent for an Annuity of 90 l. per annum for 25 Years, as in the seventh Column; or for an Annuity of 70 l. per annum for 33 Years 4 Months, as in the sixth Column, according to your various Circumstances.  Fr. 
Sir, I thank you for this Table, and the Explanation, for I think I throughly understand it.  Ph. 
I am glad you do, but only I shall leave one Remark more with you, That if you compare the third and ninth Columns of this Table together, you will find a Gentleman will pay less Interest by 40 l. per annum for an hundred thousand Pounds, than he must now pay for 9000 l. at 6 l. per cent. per annum; and you may by comparing the eighth and ninth Columns together, perceive that a Gentleman may pay off Principal and Interest, upon the Payment of a less Annual Payment or Annuity for 20 Years, than now he must pay for single Interest only.  Fr. 
But I have heard some Men of Sense say we shall have too many of these Bills of Credit.  Ph. 
I think I have sufficiently answered this in my Treatise in pag. 45. to which I refer you; but I doubt your Men of Sense take their Measures from our present Trade, and not from what Trade we are capable of managing: Can these Men of Sense tell how many Millions of Money it would require to employ all the idle Hands in the Nation? Can they tell what Stock it will take up to establish several Manufactures in England, that we now import from Foreign Parts? Can they tell how many Millions may be employed in our Greenland, Newfoundland, Irish and our home Fisheries? Can they tell how many Millions are owing on the Freehold Estates of the Nation, more than there are Millions of Money in the Kingdom?  Fr. 
No, I believe they never studied that Point.  Ph. 
I believe so too; and how then can they tell how many Millions are sufficient for the Trade of the Kingdom, since there are many Trades that we have little or no share in, and other Trades we manage by halves for want of Stock sufficient? And therefore I do not wonder to find ourselves outdone by our Neighbours, who have plenty of Money, and therewith employ all their Poor, while ours are begging up and down in every Street.  Fr. 
If I am not mistaken, the Parliament have the Business of the Poor before them, and no doubt but they will do all that can possibly be done for the Cure of this great Mischief.  Ph. 
They will so without Question; but though it is difficult to say what a Parliament of England cannot do, yet I think it is no wise derogatory to the Honour of that August Assembly, to say they cannot do Impossibilities; and Money being the Sine qua non, without which the Poor cannot be set to Work, the high Interest of Money renders it next to impossible to effect it.  Fr. 
You seem then to ascribe the great Numbers of our Poor to the high Interest of Money.  Ph. 
I do so, and it is a most certain Sign, that a Kingdom is poor, where Interest of Money runs high.  Fr. 
Why, Sir, that is no strange thing, for it is the Scarcity of Money that causes high Interest.  Ph. 
And I say, it is high Interest that causes a scarcity of Money, in regard it is destructive to our Trade, which must bring the Money into the Nation.  Fr. 
You have indeed convinced me, that high Interest is very pernicious to the Kingdom.  Ph. 
Pernicious, that is too soft a Word, I say, it is ruinous to the Kingdom: And this puts me in mind of a melancholy Sight I saw some Months since at Southampton, a neat healthy Place, and curiously situated for Trade, where I took notice of several noble and sumptuous Buildings, with as spacious Valuts as any in London, whose Roofs were fallen in upon the upper Floors, and some other Houses lying flat on the Ground; I enquired who were the Owners, and understood they were Men of good yearly Estates, but they did not think it worth while to build their Houses, because it would not answer the Charge to take up Money at Interest to build or keep them in repair: Whereas if these Gentlemen could have had Money on the Security of their Estates, upon easy Terms, and without those presiminary Charges of examining Titles, Mortgage-Deeds, Procuration, Continuation, etc. those Houses in probability would never have been suffered to fall to decay.  Fr. 
You are much in the right; and to be sure if these Gentlemen could have had 500 l. on their Estates for 50 s. per annum, they would never have suffered those fine Houses to tumble; for though a Man in Prudence will not lay out 500 l. for which he must pay 30 l. per annum Interest, for to build or repair a House that will not yield him probably so much per annum as his Interest comes to; yet if a Man could have 500 l. for 10 s. per cent. per annum, he would bestow it upon such a House though he were sure it would not bring him in more than 20 l. per annum. But, Sir, I have heard it objected, that these Bills of Credit may be counterfeited; now, what Method will you take to prevent Counterfeits?  Ph. 
What Danger is there that these Bills of Credit will be counterfeited any more than Bank-Bills? and yet I never heard that Objection made use of against the Bills issued out by the Bank; but those who have a mind to counterfeit, I suppose, will rather choose a Pillory, than a Hurdle and a Halter, (vide Proposal 29); but I have a farther Method of securing the Bills against Counterfeits more than the Bank have, if once it were come to that: Besides, I have also proposed, that all Bills of Credit shall be current in payment by Endorsement, toties quoties; so that we shall be easily able to trace out a Counterfeit, as in Proposal 9  Fr. 
But if you propose that no Bill shall be paid but by Endorsement, toties quoties, a Bill will be quickly filled up, what must be done in that Case?  Ph. 
You may renew it again without Fee or Reward, as in Proposal 24.  Fr. 
But suppose I have a Bill of Credit for 100 l. what must I do if I want to pay away 5 l? for I cannot expect any Man will pay me 95 l. in Money out of an hundred pound Bill; besides, if he would, it would be very troublesome to receive it.  Ph. 
But he may give you Bills of Credit back for 95 l. or else you may send or carry your Bill of 100 l. to the Commissioners, and may have twenty 5 l. Bills for one Bill of 100 l. if you desire so many, without paying a Farthing, as in Proposal 25.  Fr. 
It is a thousand Pities that such a Proposal as this is, which will be the making all the Freeholders in the Kingdom, should meet with any Opposition; and yet I find several are against your Proposals.  Ph. 
That may probably be, if they have not read them, or do not understand them: But some moneyed Men, who have no Land to settle, they will not understand: He that hath been used to 6 l. per cent. per annum Interest, or hath lent 10 or 20000 l. at eight, ten, or 12 l. per cent. per annum to the Government, he will not understand the meaning of a Gentleman's having a Bill of Credit upon his Estate for 10 s. per cent. per annum, or their Majesty's being supplied for 3 l. per cent. per annum: or he that hath 20000 l. lying by him ready to catch up a good Estate of Freehold-Land for 16 or 18 Years Purchase, he will not understand my Proposals; which if they succeed, he must pay 40 or 50 Years Purchase for the same Estate.  Fr. 
It is true, there are too many such in the World, I wish they were in the Condition that many poor Freeholders are in, they would not then oppose it as they do.  Ph. 
Those who oppose me with Reason, I shall readily submit to them; and therefore I pray let me know what you have heard objected against my Proposals, that I may examine whether their Objections have any weight in them.  Fr. 
Why, one main Objection is against your ninth Proposal, where you say, that these Bills of Credit shall be current in payment by Endorsement, toties quoties: Now I doubt that will never go down, to oblige the People to take Paper-Money.  Ph. 
I think I have fully answered that in my Treatise, in pag. 43, 44, 45. to which, for brevity, I refer you: But pardon me if I likewise tell you, that I took you to be a Person of more Sense than to call it Paper-Money; for what I propose is to take the Freehold Land of England for Money, or at least for a Security; and the Paper is only the Medium to convey such Land or Security till the Bills of Credit shall be satisfied, in regard Land is fixed, and cannot be taken in a Man's Hand, in order to be delivered to another, but must be conveyed by some Writing, to signify that the Property is transferred or alienated; and therefore we use Writings in Parchment or Paper, to signify such Conveyance or Transference of the Property of the Land from one to another. Now suppose you should lend any Person 10000 l. upon the Security of an Estate of 1000 l. per annum, the Person to whom you lend your Money, conveys over his Estate to you, you giving him a Defezance to reconvey to him his said Estate, upon his paying you Principal and Interest, and delivers you at the same time all the Writings of the Estate; which probably he brings along with him under his Arm, or in some little Bag. Now could any Man forbear smiling at that Person who should laugh and ridicule you, for giving a Cartload of Money for a handful of Papers, or a few Skins of Parchment?  Fr. 
By your favour, I think that Case and this is different.  Ph. 
And by your favour, I think not at all.  Fr. 
Sir, pardon me, you mistake; as I take it there is a material difference: for I have a Title to that individual Estate mentioned in those Writings; and if the Person whose Estate it is, fails to pay me my Principal and Interest, I can eject him, and enter upon the Estate.  Ph. 
You may so, and be his Rent-gatherer; and he, by a Bill in Chancery, and upon payment of Principal and Interest, will be reinstated, and put into the possession of his Estate.  Fr. 
Yes, that is if he pays his Principal and Interest; but if he does not, the Court will decree the Estate to me.  Ph. 
By your leave, the Court will not, till first they have given the Proprietor of such Estate some reasonable Time for the disposal of it: But if he cannot get a Chapman who will give him more for his Estate than the Money you have upon it, the Court, will decree it to you, upon his non-paiment of Principal and Interest: So that if you have the Estate, you have it, as we say, upon Force; because if you have not the Estate, you will have nothing: and it is not because the Mortgager may not, but because he cannot fallen it to any Person else.  Fr. 
I think you are in the right.  Ph. 
I am sure I am, and I will now state both Cases by way of Parallel. A mortgages his Estate to B for 10000 l. in Money. C settles his Estate upon the Commissioners for the Security of 10000 l. Bills of Credit. A is to pay B for Interest, 600 l. per annum. C is to pay the Commissioners, in lieu of Principal and Interest, an Annuity of 550 l. per annum for 20 Years. A receives the Profits of his Estate from his Tenants. C receives the Profits of his Estate from his Tenants. B upon non-paiment of Principal and Interest, enters upon the Estate of A. The Commissioners upon non-paiment of the Annuity, enter upon the Estate of C. B, by Decree in Chancery, sells the Estate of A, paying him the Overplus. The Commissioners by virtue of the like Authority, sell the Estate of C, and pay him the Overplus. The Writings of the Estate, entitle B to the Estate of A, The Settlement of the Estate entitles the Commissioners to the Estate of C, Which is the Security of B, and of his and every Assignee, toties quoties. Which is the Security for all such who take the Bills of Credit by Endorsement, toties quoties. And I may add something further, such Bills of Credit which are advanced to their Majesties, will have a Parliamentary Security, besides the Freehold Estates, as hath been said.  Fr. 
I must confess, I did not consider this so much before; for the Estates being invested in the Commissioners, who are trusties for all those who take the Bills of Credit, it is the same thing as if the Estate was made over to each individual Person. I confess you have stated the Case right on both Sides; but I find generally, if People get a Whimsy in their Crowns, they run away with it right or wrong.  Ph. 
Sir, Custom is very prevalent over men's Minds; and it is not un●●●tly said to be a second Nature: And (as I have heard) an Act of Parliament formerly made in Ireland, prohibiting the Irish to fasten their Ploughs, etc. to their Horse Tails, had like to have bred no small Disturbance among them; but I hope I have to do with Persons that will not come prepossessed, for (as Des Cats well observes) There is no greater hindrance to the attaining true Knowledge, than preconceived Notions, which People retain as Maxims not to be receded from, without so much as once examining into the Reason of such their Opinions; and from thence ariseth the great Difficulty of reducing those Persons to Reason, whose main Argument is, I am certain it is so, because it is so: but my Comfort is, I have to do with the Parliament of England, who are Masters of Reason, and if they shall approve of my Proposals, I value not what the unthinking part of Mankind say of them.  Fr. 
But I will assure you, I heard one of the Directors of the Bank say, that those who are against the Bank, are against the Government.  Ph. 
And probably he spoke as he thought; but this I assert, That those who are for the Government's paying Extortion, and making their Majesties pay 100000 l. per annum, for the same Sum which they may have for 36000 l. per annum, that shall be for loading the Freehold Lands of England with Taxes, and making the Subjects uneasy under them, when they may be eased from, nay even enriched by the Taxes, do rather deserve that Character: For my part, I act not as an Enemy to the Bank, nor to any Man living, but (as every true English Man ought to be) I am sincerely zealous to promote the Welfare of their Majesties, and of all the Subjects of England.  Fr. 
I believe what you say, but I find People more scared than hurt: for I cannot perceive how any Person can be a loser who shall take any of these Bills of Credit; and therefore it is not unjust or unreasonable for the Parliament to enact that the Subjects shall take them.  Ph. 
I will give you only one Instance more, and then I will leave any Man to judge of the Justness and Reasonableness of it. You gave me a melancholy Account just now of your Friend, who owes 10000 l. upon his Estate of 1000 l. per annum. Now notwithstanding this poor Gentleman's calamitous Circumstances, Do not the Parliament in effect say to him every time they grant a Land-Tax of 4 s. in the Pound, Sir, you must pay 200 l. this Year to their Majesties out of your Estate? Do not the Parliament in effect say to him again, when they grant a Poll-Tax, You must pay 21 s. a Quarter for your own Head, besides 12 d. a Quarter for each of your children's, because you are worth 600 l.? Do not the Parliament further say, you must mount two Men upon able Horses, and give them: Month's Pay in their Pockets to go out with the Militia? The poor Gertleman (if it were permitted him to help himself by speaking) might say, Truly, Gentlemen, my Circumstances are such, that if you knew them, they would excite your Pity and Commiseration; but if my Estate must bear such a Tax to be laid upon it, it seems equitable, and I hope you will think it just, That he that receives 600 l. per annum of me out of my Estate might pay his Proportion of the Taxes for what he receives. Now I say, shall it be looked upon reasonable and fit for the Supply of their Majesties, to oblige a Gentleman in so distressed and deplorable a Condition to pay so much out of that little he has, and shall it be thought unreasonable for the Parliament to enact, that you must take a Bill of Credit for 5, 10, 20, 50, or 100 l. which another must take from you in Payment, and a third must take from him; and for the Security whereof, there is a Freehold Estate of as much or more than the value, settled for the making it good to you and to all who shall receive it, besides a Fund settled by Parliament for the Payment of it? I dare appeal to any Man in the World if this be Sense or no, and therefore I think I have fully answered and done with this Objection.  Fr. 
Then upon the whole I find you do not propose to have Money as the Bank of England have.  Ph. 
For my part I had rather be without Money than to have such clipped Money as we now have; could we have Money of a due Weight and Standard, I should like it well, but else I know not why we should covet to have 50 pounds' worth of Silver for 100 l. but however, those who are for a Maypole let them have it; and the Commissioners will also have Money for those who have a mind to dirty their Fingers in telling it; for suppose the Parliament settle a Fund for the Payment of an Annuity of 250000 l. per annum for 10 Years for two Millions of Money, being 12 l. 10 s. per cent. per annum, will there not be 5000 l. per Week coming in (supposing the Parliament ordered it to be paid in in specie) to pay such that have a mind to have Money? and if the Parliament please, the Freeholders of England without one farthing of Money, by the bare accrueing Profits of their Bills of Credit over and above their yearly Estates, may raise the most noble Bank in the whole World, far exceeding the Banks of Amsterdam, Venice and Genova, put them all in one, as I am ready to demonstrate.  Fr. 
Nay, without doubt it will be most extraordinary; for first, here will be the Freehold Lands of England, or if you will, England itself for a Fund; here will be Parliamentary Funds for a collateral Security, and here will be a Bank of Money raised by the accrueing Profits: so that those who take these Bills will have a most undoubted Security; besides, there will be Money for those who will have it. The Management of it is proposed to be in Commissioners appointed by King, Lords and Commons, and Directors to be chose by the Freeholders of England; and this Bank will furnish their Majesties for 3 l. per cent. per annum Interest, or for an Annuity of 6 l. 10 s. per cent. per annum for 25 Years, which is cheaper than any Prince in the World is served, and that for as many Millions as shall be wanting, and at the same time the yearly Estates of the Freeholders in England will be doubled. In fine, to recount all the Advantages that will arise to the Subjects of the Kingdom as well as to their Majesties by this proposed Method, would be endless.  Ph. 
It will certainly make this Land the Paradise of the World; for without doubt it will set all Hands at work, and all Freeholders will be building, repairing, draining, planting, fencing, etc. and what I may add, this proposed Method will prevent the Destruction of a great deal of Timber that is now cut down to make a Penny of.  Fr. 
Why now you put me in mind of it, I did intent to have sold 500 l. worth of Timber off from my own Land this Year; but now it shall stand and improve for my Son, since I can have 500 l. upon my Estate for 50 s. per annum.  Ph. 
Well, Sir, without doubt it pleases your Fancy who have an Estate in Land to settle; I am sure I have often been diverted with contemplating on the great Alteration that I conceive it will make in the Nation for the better, if this Act passes: but it lies before the Parliament, who are more competent Judges of these Proposals than you or me; and though I have endeavoured in my whole Treatise to make Reason my Rule, yet it is fit that every private Man's Reason should submit to what our Legislators shall think most reasonable and conducive to the Good of the whole Community or Body of the People. But in regard it gins to grow late, I desire that we may conclude our Discourse at this time; only I hearty wish, that every one of our Senators would be pleased to form such a lively Idea in their Minds, as I have done of the present Condition and Circumstances of all the Subjects in the Kingdom in their divers Capacities, and imagine that they saw all sorts of People thus severally addressing themselves unto them: And first, that they would suppose all the Moneyed Men of divers Nations and Countries, as well as those of our own Nation, together with the Gentlemen of the Bank, delivering their Minds (by one selected out from among themselves for that purpose) in the following manner.   

The Moneyed Man's Speech.  
THeir Majesty's being engaged in a long and expensive War, for the reinstating both you and us in our once lost Liberties, and Money being the Sinews of War, and we having all the Money in the Kingdom among us, the Country Gentlemen being unable to assist their Majesties therewith, most of them having dipped their Estates to one or other of us, We come to tender our Services to you the Gentlemen of the House of Commons, who (by the Constitution of the Government) have the Privilege of prescribing the Methods, whereby the Money shall be raised for the Supply of their Majesties. We have at several times (as it is not unknown to you) advanced upon the Credit of your Acts, Million after Million; and very lately, as a Specimen of our Abilities, several of us raised 1200000 l. in a few days space, for the Nation's Service: What could their Majesties and the Kingdom have done, if we had not come in so timely with our Supplies? What would become of their Majesty's Jura Pacis & Belli, if we should close our Purse-strings? What, with Submission, would all your Votes, and Be it enacted, signify, if we, as well as his Majesty, did not put our Fiat to it? And therefore our Readiness to supply their Majesties in these their Exigencies, is a sufficient Indication of our good Inclinations to their Majesties and the Nation's Interest. It is true, you have well rewarded us for what we have done, and do not you find the Fruits and Effects of it? Have not these Encouragements you have given us invited over the Moneyed Men of all Nations, who are come along with us to make a Tender to this Honourable House of whole Cargoes of Dollars, Ducats, Pieces of Eight, Lovis d'ors, etc. and to engage their Fortunes in their Majesty's Interest? Several of us, who were once Tradesmen, have left off our Trades, and drawn in all our Effects to advance upon the late Funds; and others of us who have lent our Money to Tradesmen, and to Gentlemen upon the Security of their Estates, have called it all out of their Hands: Some of us again have turned our very Freehold Estates into Money for the aforesaid Purposes; so that (as Men swallowed up in their Majesties and the Kingdom's Interest) we resolve wholly to leave off all other Business, and to devote our Time and Estates (which formerly were employed in Trade) to their Majesty's Service.  
And we the Gentlemen of the Bank (who have received particular Marks of Favour from this Honourable House) doubt not, but in a little time, we shall arise to such a height of Reputation, that vote as many Millions as you please, we will furnish their Majesties with our Bank-Bills (to whatsoever Value) as there shall be Occasion, upon your settling a good Fund upon us for the payment of 8 l. per cent. per annum perpetual Interest, out of which we will give 2 d. per cent. per diem, for the Circulation of our Bills, which will be an Addition of so many Millions of Money to the Stock of the Nation; and with the same Bills we can accommodate the Gentlemen and Merchants with Money at 6 l. per cent. per annum, upon a Mortgage of their Estates, or a Deposite of a sufficient Value in Goods for our Security. And this further we humbly offer, which (in our Opinion) will be no small advantage to the Nation, that if any Gentlemen shall have a Desire to part with their Estates, upon Application to us, we shall be always ready to accommodate them, without giving them the trouble of tedious Attendances, or to wait any longer time, than must be necessarily taken up in examining the Titles, and drawing the Conveyances: And let the Purchase be never so great, we shall always have Money, or Bank-Bills, (which are better than Money by 3 l. per cent. per annum) at their Services; and by this means we who have at present no more than an Imaginary Security, for all the Bills we shall issue out for above 1200000 l. shall then have a real and solid Fund of good Freehold Land: And if we have such Reputation now, what Credit may we not then hope for? and what Assistance may not their Majesties and the whole Nation expect to receive from us?  
The Prolocutor of the Bank having finished his Speech, all the moneyed Men repeated their Assurances to the Parliament, that they would stand by their Majesties with their Lives and Fortunes; and that that Honourable House need take no farther Care, but only to raise another Land-Tax of four Shillings in the Pound: and for whatsoever more shall be wanting, if they pleased to lay an Excise upon Soap, Leather, or some other Commodities, which may bring in 3 or 400000 l. per annum, they would supply their Majesties with Three or Four Millions of Money, or Bills, on the said Funds, upon the like Encouragements as were given by the late Acts: And having all of them made their submissive Bows, they withdrew.  
The Freeholders of England who were all this while attending, as well to lay their Grievances before the Parliament, as to make a Tender of their Lives and Estates for the Service of their Majesties, and in the Defence of their Country, being called in, came, attended with a numerous Company of Merchants, Tradesmen, Handicrafts, and others, who making their humble Obeisances to the Speaker, and the rest of the Members of that Honourable House, desired leave (in regard they were so numerous) to appoint some of their Number to speak in their behalf, and to acquaint the House with their Business, pursuant to the Instructions they had received from them. Which Request being granted, and some Gentlemen and Merchants (who by the Indulgence of their Representatives, behind whom they stood all the while, and had heard what the moneyed Men said) being appointed for that purpose, one of the Gentlemen spoke in the following manner.   

The Freeholder's Speech.  
Mr. Speaker, and you the Gentlemen of this Honourable House;  
IT is not unknown to you who are our Representatives, how cheerfully we have paid all those Taxes out of our Estates, which you have thought fit to lay upon us for the Service of their Majesties; which we have never yet desired to be eased from, wholly confiding in your great Wisdom, that you would not have imposed those Taxes upon us, had there not been an absolute Necessity for your so doing: And though there are (as it is well known) not a few Gentlemen in the Nation who have large and noble Estates, without the least Encumbrance upon them, yet you are not ignorant that many of our Estates descended to us from our Ancestors, charged with no small Sums for Portions for younger Brothers and Sisters. Others among us have been forced to mortgage our Estates ourselves, to settle our Sons in the World, or to dispose of our Daughters in Marriage: So that what with the Interest of Money which we pay, and the Taxes raised upon us, very many of us (though of considerable Estates) are reduced to the last Extremity: And to consummate our Miseries, our Creditors (to whom our Estates are engaged) will not be satisfied, nor stay any longer for their Money, telling us, they can make a greater Advantage of it by lending it to the Government. Some of us, to satisfy their Anger and allay their Fury, are forced to make them Presents of a considerable Value, instead of a greater Interest, which formerly they were ashamed to ask, nor did they dare to take: But now if we do not comply with their unjust Demands, they knowing there is no Money to be borrowed, and that therefore we cannot pay off our Mortgages, and clear our Estates, a great part of the Money in the Kingdom being advanced upon the late Funds, we are forced (such of us who are under these Circumstances) to part with that little Remainder which we had left us to buy Bread for our Wives and Children, to satisfy those devouring Harpies, without which we should not have enjoyed our Liberties, but must have been imprisoned and outed of our Estates. Others of us again who have nothing left us but Preces & Lachrimae to the Great God of Heaven, are served with Leases of Ejectment and Subpoena 's in Chancery, in order to foreclose us of the Equity of Redemption: And as if we (who are the Gentry of the Kingdom) were made for Beasts of Burden, several of us whose Estates are mortgaged, and pay 60 or 70 l. per annum Interest, out of every 100 l. per annum we have, are notwithstanding forced to pay 20 l. per annum more, out of the small Pittance that is left us, for Taxes to their Majesties, while the Persons who have our Estates in their Clutches, and receive of us probably two Thirds or more of our yearly Incomes, pay not one Penny towards the Taxes. And that which pierces like a Dart to the Heart of any generous Soul, we who are descended from Noble Ancestors and Ancient Families, must be forced to bear the Insults of our Creditors, and to hear ourselves upbraided with the Title of Beggars: We have done all we can to sell our Estates, but every one we ask tells us, they had rather sell than purchase Land, upon which there are so many Taxes; and that there are a new sort of Purchases lately come in fashion, whereby a Man may have above 8 l. per cent. per annum perpetual Interest, clear of all Charges; besides his Part in many other Advantages, which may in all probability, in time, amount to as much more; upon which he may raise whatsoever Money he wants, and pay it in whensoever he pleases, for 5 or 6 l. per cent. per annum Interest; and that without long Delays, and the Charge of examining Titles, Procuration, Continuation, Mortgage-Deeds, etc. That if they sell their Lands for 12 Years Purchase, and buy an Interest in the Bank, it will bring them in as much as their Lands will in time of Peace, and a fifth Part more during the War, if they have no more nor other Advantages than the bare 8 l. per cent. per annum. And further they tell us, that the very Bank-Bills are better than our Land, carrying 3 l. per cent. per annum along with them, and are ready Money at an Hour's warning. We have indeed examined into the Nature of these Funds, and find they are generally settled upon the Excise of Beer and Ale, etc. which is made of the Product of our Lands: And it is a Riddle to us, that what our Lands produce every Year, should be esteemed a better Fund or Security than our Lands themselves.  
I have (under the protection of a worthy Member of this Honourable House) been present, and have heard what hath been urged by the moneyed Men; and if he who was born Dumb, cried out, when he saw the Knife at his Father's Throat, can we be silent when we see our Liberties, Estates, etc. in so apparent Danger? His Majesty (to his Eternal Honour) is fight our Battles abroad; of whom we may truly say, Quod omnem metum atque inexorabile fatum subjecit Pedibus: and shall we enslave ourselves to our fellow Subjects, under the Notion of raising Money to defend our Liberties? Have they not told you (what I fear you will find too true, if more Money should be raised by the late Methods) that they have all the Money, and consequently the Power of Peace and War in their Hands; and that your Acts for raising Money are insignificant, unless they please to open their Purses? And be assured, they will never part with their Money unless for more than ordinary Advantage. And as to these Foreigners of several Nations, who come to offer their Money, pretendedly for their Majesty's Service, do not they tell you, it is the great Interest invited them to make a Tender of it? And then the Prolocutor of the Bank, he tells you, that the Directors of the Bank will furnish you with what Bills you please, raise as many Millions as you will, upon your settling a Fund to pay them 8 l. per cent. per annum, perpetual Interest: Whereas, Gentlemen, I entreat you to peruse these Tables in my Hand, wherein you may see how many Millions you give them for one, and how in a few Years they will have all the Money in the Nation in their Hands; and then they may truly say, that nothing can be done without their Fiat. And for my part, gentlemans, I no less wonder at your Patience in hearing, than at his Confidence in making so unreasonable a Proposal: But that which did not a little damp my Spirits, insomuch that I can hardly yet recover myself, is, how genteely the Prolocutor offers to ease us of our Estates: And I must confess there seems a tendency thereunto; for when they have once made us Poor, by their 8 l. per cent. per annum Interest, I know not what should hinder them from having our Estates. And I find the Purchase of our Estates is quickly cast up, for 1200000 l. in Money paid for 100000 l. per annum, is just 12 Years Purchase; and so much we may expect for our Freeholds. And though I doubt not in the least these gentlemen's Civility, in giving us a quick Dispatch, and sending us out of Town with their Bank-Bills, in exchange for our Terra Firma, yet I very much question, whether their Goodness will extend so far as to give more Years Purchase for our Lands, than they give to the Government for the Funds: And to give the Gentlemen of the Bank their Due, they have a very good Plea why they ought not to give so many Years Purchase for Land, because there is 4 s. in the Pound paid yearly during the War for Taxes out of our Land; whereas the Funds are excused from all Taxes by Act of Parliament. So soon as I heard the Prolocutor mention the purchasing our Lands with their Bank-Bills, it put me in mind of Pharaoh 's seven lean ill-favoured Kine, who did eat up the seven fat and well-favoured Kine; or rather the seven thin Ears of Barley, when made into Malt, devouring the seven full Ears of Barley, with the Land upon which it grew. However my Thoughts were quickly interrupted, when I heard him say, that as soon as they had got our Estates, they should have a Fund of good Freehold-Land for the security of their Bank-Bills: That suited exactly with my Notion, and I thought with myself, why may not our Estates be as good a Fund or Security in our Hands as in theirs? Which, Gentlemen, leads me to the Point which I have in Command to lay before this Honourable House, which is, to acquaint you, that by reason of high Interest occasioned by those late Funds, we the Freeholders of England are in a fair way to be ruined, the Nation impoverished, and what indeed I ought to have mentioned in the first place, their Majesties and our Parliaments will be at last forced to truckle to the Moneyed Men, among whom are very many Foreigners as well as Subjects of our own Nation.  
Pardon me therefore, Right Horourable, Honourable, and thrice worthy Patriots, if I make it my most humble Request to you, in the Name of all the Freeholders of England, That you would be pleased to take the Premises into your serious Consideration. I presume to say, that a more weighty Affair in respect of their Majesties or the Kingdom, cannot come before you; be pleased to peruse this Book, examine the Tables, consider the several Arguments and Objections, with the several Answers, read over the Proposals, and sedately ponder them; and if you find any thing therein that is not consentaneous or agreeable to your Judgements, be pleased to hear what Reasons may be given by the Proposer for such his Proposal, before you totally cast it aside as impracticable. The Proposer doth not pretend to lay a complete and perfect Scheme before your Honours, but only to bring you the Treasure in the Mass, Rudis indigestaque Moles, well knowing, that if you shall be pleased with the Matter, that there are not wanting among you Persons of great Wisdom and profound Judgements, who are able to form and methodise it far beyond what the Proposer can or will pretend.  
The Design is to settle our Lands, upon which may be issued out Bills of Credit, not only for the Service of their Majesties, but of all the Subjects in the Kingdom; and we cannot but hope that your Honours will think it as reasonable for us to issue out Bills of Credit upon the Security of our Freehold Estates in Land, as you have been pleased to give Leave to the Gentlemen of the Bank to issue out Bills upon Security of the 100000 l. per annum, payable out of the Excise: whereby their Majesties will be enabled to carry on the War with a yet greater Vigour than ever, and we the Freeholders of England will have an opportunity to clear our Estates from all Encumbrances, and raise Portions for our Children; and such of us who are now unable to help ourselves, and are in a starving Condition, will be put into a Capacity to lend their Majesties our Bills of Credit for 3 l. per cent. per annum, who now pay above 8 l. per cent. per annum perpetual Interest. But I fear I have trespassed too much upon your Patience, and therefore what might be said in respect of Trade, I refer it to this Gentleman, who is a considerable Merchant in the City, and understands the Method of Trade far better than I can pretend to. Begging therefore the Divine Benediction upon all your Debates and Consultations, I leave with your Honours the true, though deplorable, Estate and Condition of the Freeholders of this Nation, hoping you will be pleased to take it into your serious Consideration, to give them some Ease under the great and sore Pressures that very many of them are under: That as their Majesties (under God) may be said to be the Restorers of our Liberties, so it may be as truly said of you, to the eternising your Names to future Generations, That such a Parliament, Anno sexto Willielmi & Mariae, set all the Freeholders in England at Liberty from their worse than Egyptian Taskmasters.  
The Gentleman having thus finished his Discourse, one of the Merchants attending being ordered to acquaint the House with what he had to say in reference to the Trade of the Nation, delivered himself in the following manner.   

The Merchant's Speech.  
I Count it no small Honour, Mr. Speaker, and you the Gentlemen of this Honourable House, that I am singled out from among so many eminent Merchants, to acquaint your Honours how far these late Funds are or may be detrimental to the Trade of the Nation: but this Gentleman who hath spoke in the behalf of the Freeholders of England, hath delivered himself in so extraordinary and pathetical a manner, that I humbly offer it as my Opinion, with Submission to your greater Judgements, there is no need of any thing that I can say to enforce or add a farther Weight to his Arguments; however, in Obedience to your Commands, I shall deliver my Thoughts with as much Brevity as I can.  
Those Seas and the mighty Ocean which surround this Land, and were formerly a Ne plus ultra to the Inhabitants thereof, forbidding all Access to or Commerce with them, through the favourable Smiles of indulgent Providence, have opened us a Way (by the help of Navigation) to the remotest Regions, whither our Merchants carry the Product of your Land, and the Manufactures of the Kingdom, and in return bring back the Treasures and Riches of those Countries: and what is more, thereby the Fame of this Island, which in former Ages was scarcely known so much as by Name, is now spread abroad, both far and near, in all the Nations and Kingdoms of the Universe; so that we may truly say with the Poet, Quae Regio in Terris nostri non plena laboris? And I hope your Honours and the Country Gentlemen (whom we shall always esteem and value as our elder Brethren) will pardon me if I say, that nothing can aggrandise and make this Nation rich and potent like Trade and Commerce, and that it is the Interest of all the Nobility and Gentry in the Nation to encourage it: for Trade (generally speaking) produceth Profit; Profit brings People of all sorts into a Nation, whether Merchants, Tradesmen, or Artificers, who will all flock to those Places where they can find their Advantage; and People consume the Product of your Lands. Again, the more we export of the Growth and Product of the Nation, the richer will be the Gentleman; the cheaper we can sell our Goods at Foreign Markets, the more we shall export; and the less Interest our Merchants pay, the cheaper can they afford their Merchandise, and consequently, the more Commodities of our Growth and Manufacture will be exported: So that, gentlemans, you may plainly see there is no small Affinity (if I may so call it) between the Freeholders and trading part of the Nation; and therefore I presume to say, that the Subject of Trade is not unworthy your first Thoughts and prime Debates; and give me leave to say further, Those mighty Waters which (as I just now hinted) are serviceable to convey our Riches and Treasures to us, will as well serve to bring a Foreign Enemy upon us, as formerly the Romans, Saxons, Danes and Normans. And what can prevent the Insults of a Foreign Power, but our Moenia Regni, our Ships of War? which not only defend us, but, to our Fame and Renown abroad, offend our Enemies, and are at this present a Bridle to curb the Insolence of the French Monarch, who by his Policy and Cunning in giving all due Encouragement to Trade, and Men of Industry, which he well knows will not a little contribute to the Strength as well as the Riches of his Kingdom, from a despicable Enemy at Sea but a few Years ago, is come to be an almost equal Match for England, which was formerly esteemed the Empress of the Ocean.  
But, Gentlemen, of what use would these floating Castles be unto us, had we not Seamen to manage them? and who supplies us with Seamen but our Merchants? who by their Trade and Commerce do yearly increase the Number of them: So that you see the industrious Merchant, not only creates a Trade, setting to work Handicrafts and Artificers, but constantly employs great Numbers of Seamen, who are ready upon all occasions to supply their Majesty's Ships of War, which are the Strength and Bulwarks of the Nation. So that, gentlemans, I hope you will be of Opinion, that the Trade of the Kingdom is not unworthy your Consideration.  
Now, Gentlemen, that which hath been no small Detriment to the Trade of the Nation, hath been our high Interest, for so I call 5 or 6 l. per cent. per annum, compared with 3 l. per cent. per annum, which our Neighbours pay; by which means we have quite lost many of our Trades, and divers others are in their Declension: and had we as little a Spot of Land as the Hollanders, our Improvidence in the Management of our Trade would certainly have ruined us long since; but kind Heaven hath provided better for us, placing us in a Terrestrial Paradise, where nothing is wanting but a prudent Management and Industry, to consummate and complete our Happiness, so as to make us the most flourishing People in the whole Universe. But these great Encouragements given to the Contributors to the late Funds, have put our Merchants under yet greater Disadvantages than before, and have made the Terms for the Loan of Money more severe than ever, whereby such Merchants who have been forced to take up Money to enlarge their Stocks, are now rendered uncapable to trade to Foreign Parts, where they are outdone by Merchants of other Nations; and such of our Merchants who have Estates of their own, choose rather to enjoy their Ease, and reap the Sweet of those great Advantages at home, without exposing their Estates to the hazard of the Sea, or danger of Privateers: So that, gentlemans, we are tamely resigning up our Trade to others who are industriously prosecuting their Business, and to whom doubtless it is no small Diversion, to see us (who are a trading People) pursuing Butterflies, and busying ourselves with Lotteries, while they are studiously employed in minding their Business, and are taking our Trade (that inestimable Jewel) out of our Hands.  
Nor is this high Interest less injurious to our Domestic than it is to our Foreign Trade, being an effectual Bar to all Improvements, hindering the bringing new Manufactures into the Nation, and setting the Poor to work in the several parts of the Kingdom; and what is worse, it endangers the loss of those Trades which even God and Nature have appropriated to this Island, I mean our Woollen Manufactures; insomuch that the severest Penalties inflicted upon Offenders, do not deter the shipping off our Wool to other Places, where they can work it with less Disadvantage: And give me leave to add a Word in favour of these Proposals, that whereas most of the Proposals I have seen or heard of for the raising Money for the Supply of their Majesties, are without any Regard to the Good of the Nation; not considering that their Majesties may lose in their Subjects Affections more than the Money proposed; and so instead of serving they may disserve their Majesties; I beg leave to say, that these Proposals are adapted to all Occasions, being equally beneficial both to their Majesties, and to all the Subjects in general.  
1. To their Majesties, by engaging the Hearts as well as the Estates of their Subjects in their Interest, and making the Subjects easy under their Government. By supplying them with Money on easy Terms; and enabling them to carry on the War with a yet greater Vigour than ever. By increasing greatly their yearly Revenues of Customs, Excise, etc. as I can prove by undeniable Arguments.  
2. To the Nobility, Gentry, and Freeholders, by enlarging their yearly Incomes, and bringing their Estates in Land to 40 or 50 Years Purchase: By exempting them from Taxes: By enabling them to clear their Estates from Encumbrances, to raise Portions for their Children, and to improve their Estates, by Building, Repairing, Planting, etc. By raising the greatest Bank in the World without a Penny, and making their Lands a living Stock, and passable from one to another as so much Money, and thereby capacitating them to lend to others, who have not wherewith to help themselves.  
3. To the Merchants and Tradesmen, by enabling them to carry on and increase their Trade, and to establish new Manufactures in the Kingdom: And by furnishing them with Money at easy Interest.  
4. To the Public, by setting all the Poor to work in the several Parts of the Kingdom. By loading the Subjects with fewer Funds: And by preserving our Timber, which is now too often cut down to make a Penny of long before it comes to Maturity.  
And when your Honours shall have considered the whole, I cannot but hope you will be of Opinion, that these Proposals are much more advantageous to their Majesties and the Kingdom in general, than any that have been hither to proposed to your Honours. I have indeed been told that these Proposals come too late, the Methods for raising Money for the following Year being already concerted; and that the Bank of England are to furnish their Majesties with Money at 6 l. per Cent. per Annum: but I cannot be brought to believe it; for though I am well satisfied it is the Duty of all the Subjects to propose to your Honours whatsoever may occur to any of them for the Service of the Public, in order to make your great Work facile and easy to you, yet I cannot think that any are so vain to suppose that your Honour's Actions are to be regulated by their Determinations, or that you are confined to follow whatsoever Methods shall be prescribed unto you.  
For can any Man think that a few moneyed Men (among whom are no small Number of other Nations, who support their Lives by sucking our Balsamic Blood, and preying upon our very Vitals) will be more regarded by the Parliament than the trading Part of the Nation; nay, even than all the Freeholders of England, of whom your Honours are the Representatives? Or can any Man say it is too late at the very Beginning of the Sessions to rescue such of the poor Gentlemen and Freeholders in the Nation, who are under the extended Talons of their usurious Creditors? or too late for your Honours to take the State of the Trade of the Kingdom into your serious Consideration? That due Veneration and Esteem for our English Parliaments, which is inherent in me, cannot permit me to think that your Honours can, much less that you will be so regardless of their Majesties or the Nation's Interest.  
Now the God of Heaven direct and guide you in all your Debates and Consultations; and may he bestow upon every one of you (the Members of this Honourable House) the Blessings of the Right-hand and of the Left, viz. Length of Days and Riches, and Honour: and to consummate your Felicity, may you have such an Everlasting Possession or Freehold, that hath no need of any farther Settlement.  
FINIS.