TO HIS GRACE WILLIAM DUKE of HAMILTON THEIR MAJESTY'S HIGH COMMISSIONER And the Honourable ESTATES of PARLIAMENT, The following Considerations and Proposals are humbly presented by Dr. HUGH CHAMBERLAIN  

First Consideration.  WHereas it is most evident, That a Wise and Large Establishment, and a continued course of considerable Trade, is a sure way whereby any Nation Capable of it, may attain to Honour, Wealth, and Power: because that thereby will arise; First, A great Increase of Money, which answereth all things: Secondly, An Increase of People, which is the Strength of any Kingdom or State, and who do always gather to those places where Money is in abundance. And Thirdly, An Increase of Shipping, which is the strongest rampart of an Island; And by which Merchandise is conveyed to the most profitable Mercat. It is therefore the undoubted Interest of the People of Scotland, especially those who have the greatest Estates, whether of Land or Money, to Employ themselves to the Improvement of Trade, as universally as is possible. And it is humbly conceived, that this proposition needs no other Proof or Illustration, than what plainly arises from the Observation of those many and great Advantages derived from Trade, to the Kingdom of England, the States of the united Provinces, & all other Kingdoms, and States, that have applied themselves to Commerce.  

Second Consideration.  The Kingdom of Scotland is as Capable of making Advantages by Trade, as any other Kingdom or State, being surrounded with good Sea Ports upon all its Coasts, and having a very great and profitable Subject of Trade, proper to it; The Land affording Grain, , Wool, Flax, Coal, Salt, Copper, Iron, Led, and other Native Products; besides the Fishing of the Rivers, Loghs, and Seas. This Kingdom hath likeways great numbers of People, either not Employed, or not so fully and profitably as might be: And hath also such a Provision of Shipping as may serve to begin a Trade, and may soon be Increased, if a greater Trade be set up. The truth of this Consideration will appear by comparing the Particulars therein contained, to those of the united Provinces, where the proper Subject of Trade comes very far short of that of this Kingdom: Which Provinces from very small beginnings, and under the Discouragement of a War with Spain, at that time the most potent King of Europe, have yet raised themselves, within a short period of years, to that immense, Wealth, Grandeur, and Power, that now they possess: And have acquired it chief by their Trafficking in those Subjects of Trade, which properly belong to this and other Nations.  

Third Consideration.  The People of this Kingdom, who have had Liberal Education, are generally in all Countries allowed to be of great Ingenuity and Diligence, and so well Inclined to Virtue and Frugality; and so averse from Luxury, that where they are Employed abroad, they are outdone by none; and the Commons being docile and Tractable, and likeways Robust and Vigorous of Body, and sufficienty Inclined to bestow their Labour where there is prospect of moderate Gain: And being hitherto accustomed to small Wages; It may justly be concluded, that no People in the World are naturally more fitted or better qualified for setting up, managing and prosecuting a great and considerable Trade.  

Fourth Consideration.  It is most certainly true in Fact, nor can it be unknown to the Intelligent of this Nation, that the greatest Trade in the World are carried on, not so much by the species of Money, which is in Stock and Cash, as by a great Credit attained to by means, partly of their visible Subject of Trade, partly of their pains in, and application to Traffic, bust most of all upon account of the Reputation and Opinion of the great Profits made in the course of a prosperous Trade, even where the Native and  Subject of Trade keeps no proportion with the Trade carried on, as it is in the United Provinces; Where Credit is the chief Instrument of their Commerce, and that Credit raised upon a Fund more of Opinion or Reputation than Real. If therefore in this Kingdom, the want of a sufficient Stock of Money, for the Carrying on a great Trade, can be made up by a Credit grounded upon a more Real and Substantial Fund, than the Credit of any other Nation, either at present is, or probably can be founded upon, then certainly it may most reasonably follow, that this Kingdom is rather more Capable of carrying on great and National Trades, than most other Kingdoms or States in Europe.  

Fifth Consideration.  The Titles and Tenors of Estates, especially Land Estates in this Kingdom, being more known sure and stated, and with greater ease and certainty examinable, by reason of the Records here in use, than in any other Country; and an evident clear and firm security upon Land, being the best and most substantial Fund of Credit: This Kingdom is capable in this respect, to raise a credit sufficient for improving to the uttermost the great subject of Trade, that now it unprofitably possesses; and this Credit as far to execed that of other Nations, as a real solid and permanent Fund exceeds those of Opinion and Reputation, for such all those of other Nations will be found to be when duly weighed, with that hereby proponed for this Kingdom.  
Upon these considerations, which may so justly be presumed to induce the Right Honourable Estates of Parliament, to receive and examine a proposal, that Tenders to this Kingdom the certain and Effectual Means of so great Wealth and Honour,  

The said Doctor Hugh Chamberlain, humbly offers to the wisdom of this August Assembly, The following Proposal.  
THE PROPOSAL.  
THAT a Statute or Law of this Kingdom may be Enacted, for nominating certain trusties or Commissioners, to be appointed now, and from time to time, by Parliament, & accountable thereunto: which trusties are to have power to receive and examine the titles and Estates of all such as are willing to engage their Lands for the ●orming such a secure current Credit. Upon finding any such estate clear in title, the said trusties to take a conveyance thereof for 150 Years, upon Condition to be void, wh●n 100 Years payment shall have been made to them of the rent agreed; & such rent to be paid, not in Money or Gold, but only in the bills of Credit issued to the Grantor by the said trusties, And the Heritor or Grantor to enjoy the free & undisturbed possession of such Estate for the whole Term; he duly paying such Annualrent. Upon the making over any such Estate, the trusties thereupon direct their Warrant to the Master of a proper Office, therefore to be erected, to Issue 100 years' value of such Estate in bills of Credit of several values, the better to accommodate the uses of Trade: Which bills of Credit are thus to be divided, Viz: 40 Years Value to the Proprietor: 30 Years value for his use, but to be employed in such public Trade or Trades, as the several Proprietors shall in a body agree upon: 10 Years purchase to the Government in ease of the People in point of Taxes, and may be appropriated to such uses where the honour of the Crown, & Interest of the Nation, may equally meet: And the residue to the use of the said Doctor Chamberlain, as Master of such Office; who and his Heirs to be perpetually so, in reward of this service done the Nation. And the Master of the Office, is out of such his part, to pay all the charge of the Office, which will be very great; and to answer all contingencies of it, And also generous and becoming appointments to those Honourable Gentlemen to be made trusties by the Parliament, to see justice done to the people, and the honour, and security of the bank preserved inviolable. The Heritors, or Proprietors that raise this Fund, are to be a Corporation, with perpetual Succession, and all necessary powers, for managing and carrieing on such National Trade, or Trades, as they shall agree upon. From 120 to 150 Pound Sterling, Per annum, is to be made over for the payment of every 100 Per annum, to be engaged for this Fund, and so in proportion; And this to the end, that all credit thus to be issued, may be supported by a greater value than itself.  
That these Bills be made Current in all payments: and as they are paid Yearly, for Rent to the trusties, they are by them to be destroyed: so that at the end of 100 years they will be all recalled. Bills of Credit thus founded upon Land, and strengthened by the Sanction of Law, and made in a form incapable of forgery, will be found an excellent instrument or medium of Trade, equal in all respects to Gold and Silver Money, and superior to them in divers regards. They are more sure than any Bills, Bonds, or Mortgages, or any manner of Credit now known in the World: They have a real solid extrinsic and permanent value, inseparably adhering to them by Law: nor can their value be impaired, or their use taken away, by any future Parliaments, or by any revolutions of State, where all men's properties will not also be swallowed up. By this means, a considerable part of the Rents of the Nation may be applied to Trade, which otherways could not be done. Thus may all the poor be profitably employed: all Due Improvements made in Husbandry, and all needful Arts and Manufacturies; The Shipping and strength of the Nation will be increased by Sea and Land: Public Taxes will become easy to the Subjects: and all who Contribute to this Fund, will be made Richer by it, at their very entry into it: Besides what their share in the future Trade will produce.  
No person is forced to be concerned in it, yet all are permitted that shall desire it; which renders it truly a free & common Good. Although at the end of 100 Years, all this Credit will be called in; Yet the course of Trade managed with it, cannot in the mean time but produce Gold, Silver, and other valuable commodities, and that to a far gre●ter value than the Bills themselves: And the Trade founded by them, will be perpetual. These Bills not passing out of the Kingdom, are an advantage: For all wise Laws restrain Money from going out; and foreign Trade ought not to be managed with Money, but with the native product and Manufactures of the Kingdom. The Banks of Holland and Ven●ee are pregnant instances of the power of Credit, under wise Regulation: And yet the Credit of both those Banks, are far inferior to the Credit hereby proponed. They take the ready Money and employ it for the Government, an● give their Bills to Negotiate, in payment: So that in any exigence of State, if all th●ir Creditors should at once call for their several debts, it may reasonably be doubted if either of these Banks should be able to answer their Credit: So that Opinion o● Reputation, is their great support. But the Bank hereby Proponed; Touches no ●●ans ready Money; makes all men concerned in it presently much Richer than be●ore; lays sure Foundations of lasting National Trades; and becomes every year a stronger security than before: For as the Term of years' Lessons, the security becomes more strong. Upon the whole, It is humbly conceived, to have all the force of demonstration, that this Kingdom Receiving and Enacting this proposal, cannot fail of a success Superior to either of those Powerful and Opulent States; because of the Advantages before enumerated, that this Kingdom possesses over them.  
It is therefore humbly Prayed, by Oliver Salusbury, and Peter Chamberlain, Gentlemen, Agents on this behalf of the said doctor Chamberlain, That his Grace the Lord High Commissioner, and the Right Honourable, the Estates of Parliament, may please to commit the Consideration of this Proposal to be examined and Rep●●● being made, may determine therein as in their Great Wisdom they shall see Cause.