AN EXPEDIENT For Taking away all IMPOSITIONS, AND For Raising a REVENVE without TAXES.  
HUMBLY PRESENTED His most Excellent MAJESTY King Charles the II.  
By Francis Cradocke Merchant.  
LONDON, Printed for Henry Seile, Stationer to the Kings most Excellent Majesty. 1660.   

May it please Your most Excellent Majesty:  
HOw unfit and unworthy a choice I have made of myself, to appear in a work of this nature, mine own Reason, though exceeding weak, hath sufficiently resolved me: And notwithstanding Opinion better than Truth can travel the world without a passport, where there are as many internal forms of Minds, as external figures of Men; yet my hopes are, that by publishing the honour done by Your Royal Perusal to the Manuscript, before it saw the press, and recommending the same to Your majesty's most honourable Privy Council, this may obtain the favour of their Debate, and receive the better common acceptation.  
I have had it under my consideration about four years, (and thought it a jewel unfit to cast before such governors:) What esteem it will receive by others I cannot promise to myself, my ambition in it is to serve my Sovereign Lord and country, whereunto I am more obliged than many others, in that Your Majesty hath dealt so bountifully by,  
Dread Sovereign, Your majesty's Most thankful Subject and Servant, FRAN. CRADOCKE.   

AN EXPEDIENT For taking away all Impositions, and raising a Revenue without TAXES, By Erecting banks for the Encouragement of TRADE.  
I Expect so little credit will be given the Title, that, should I be large on the Subject, I question whether it would be esteemed worth perusal: And having propounded so great advantage by erecting Banks, I conceive it proper first to give You some hints of the nature of them.  
A bank is a certain number of sufficient men of Credit and Estates joined together in a stock, as it were for keeping several men's Cash in one Treasury, and letting out imaginary money at Interest, for 3. or more in the hundred per annum, to tradesmen or others, that agree with them for the same, and making payment thereof by Assignation, passing each man's account from one to another, yet paying little money: Insomuch; that if a Merchant or other person want money, if he hath or can procure credit in bank, he may make as good payment by Assignment in bank without it: As for Example, the said Merchant buys Cloth of a Clothier for 100l. value more or less, and goes with him to the bank, where he is Debtor for so much as he takes up, and the Clothier is made Creditor for so much as he sold his Goods for to the said Merchant: Then such Clothier having occasion to pay money to a Stapler or Wool-monger for wool bought, the said Clothier is made debtor, and the Wool-monger Creditor upon account, the said Wool-monger buys wool from a country Farmer, for so much money more or less, so the Wool-monger is made Debtor and the Farmer Creditor; the Farmer must pay Rent to his Landlord, and is likewise made Debtor and his Landlord Creditor; the said Landlord for his occasions buys goods of a Mercer, Grocer, Vintner, or the like, or from all, than he is made Debtor, and such Mercer or other tradesman Creditor; then peradventure such Mercer or other tradesman buys goods from the same Merchant that took up the first credit in bank, and stands yet Debtor there, but upon sale of his goods to the Mercer or other tradesman, both clears their accounts in bank. And so in all Trades, as occasion presents.  
These banks in the several parts of Europe where erected, being so held by Merchants and others, joined together in a stock, and credited by the moneys brought in thereunto (which money for the most part there remaining, and payments being made upon the credit thereof by assignment in bank as aforesaid) might as well be done here only upon the credits of Landed men, whereof they have few in Holland, and in other parts, lying convenient for Trade; where Land is, the Owners thereof are seldom found to be Merchants: So that England (if but sensible of it) hath an advantage of all parts in the world, as lying in the centre of the Trade of Europe, enjoying safe and commodious Harbours, wanting few necessaries, no Lands nor persons naturally inclined to Trade, if not discouraged by great customs, Excise, and the abuses in Collecting it, and by the want of stock, or a supply thereof at reasonable Interest.  
To free England of these inconveniencies, and supply it with a stock for Trade, as great as shall be requisite, without bringing in more Bullion, it may be done three manner of ways, never yet practised in Europe, and the whole profits thereof (which will be considerable) be also converted to His majesty's Revenue for defraying the public charge of his Kingdom, in case His Majesty and Parliament shall think fit to erect either of these following kind of banks, for the accommodation of Trade, in the most proper places of England; assigning to each a proportionable division of the country adjoining, where all men's Estates in lands, houses or rents, either for Lease of years, Lives or in Fee, 
This may be done, so as all fraudulent Conveyances may be pretended, and yet no man's Estate be discovered more than at present: For if the propriety be found to be in A by the Register, it's no matter though B be the true proprietor, for then A can wrong none but B, who hath entrusted him; or if B be doubtful to trust A, and yet desire to conceal his Estate, which he cannot well do without him, B himself may own the Estate, and allow A to enter a mortgage to (or near) the value, and take his defeizance for the same: so that in this case A cannot cheat B if he would, nor either of them any other, though both should combine therein.  may be registered; as also all mortgages, claims or other interests pretended thereunto, with mortgages or purchases at any time to be made thereupon.  
That the said places for banks being established, Estates registered, and a Survey taken of such Estates, whereby the value may not be entered above its real worth. Any persons may be admitted to have credit in bank, for any sum safely to be lent under the value of his Estate, without other security or ceremony of Conveyances, 
This Survey may be taken by a Jury in every Parish, and delivered to the Sheriff of the County, or at the bank upon Oath, and will be done with a small charge to His Majesty, and in little time.  than the hand and consent of such person as is the proprietor, he paying Interest for the same at 4. per cent. per ann. quarterly into the said Office.  
First then, to effect the end aforesaid, it may be done without money, by a Law enjoining all payments to be made in bank of any sum above 20ls. sterling, for all lands, goods and merchandizes sold whatsoever, which is done voluntary in other parts, where banks are erected by almost all persons, who find both ease and accommodation thereby, and the banks here (like those in foreign parts) will be and serve as a general or National Cashkeeper of all men's moneys and accounts, transferring them from one person and country to another with much facility, not only preventing the danger of Robbery, but the trouble of counting, and loss in receiving clipped and bad money, which is the cause that payments made in bank are generally esteemed better than in specie by ten shillings in an hundred pound; 
At first erecting banks in Holland, all local payments were enjoined to be made in this manner, but the ease and accommodation being found thereby, it became a most voluntary act, as it doth at this day continue, to the great enriching that country.  which would have the like esteem in England, were banks once erected.  
The second Expedient is, without any Imposition, leaving all persons free to take or make payment, either in bank, or by money in specie; which will, I presume, bring in the same advantage to His majesty's Revenue; but not properly be erected without two millions of money; but if once settled would out of the same produce a million per annum profit, and stand always as a constant increasing Revenue: For, by computation there is yearly paid in England for Interest Bortomree, and other kinds of Usury, two millions; for which should all Usurers call in their principal, it would amount unto thirty five millions; when there hath been but twenty two millions coined in England in and since the Reign of King Edward the Sixt▪ both in Gold and Silver, which, I presume, is at least one half exported, whorded up, or melted down; and allowing the Usurous propriety to be the moiety in all coin passing from one hand to another, it must necessarily follow, that all the said great Revenue is brought into them by five millions and an, half real sterling money; which is no Paradox, considering that all moneys, though passing but through the hands of Usurers, doth yield to each of them the full yearly Interest; which may by done for one and the same sum of moneys ten times in twelve months; moreover by the money brought into bank, 
The two Millions herein mentioned, is intended for the payment of all such as desire their money out of bank, for it's presumed such there will be, and such a bank as this must have money always ready; for the being punctual in payment will so creditifie bank, that most will keep their Cash therein for their own advantage.  (which under the settled Government of so hopeful a Prince will be undoubtedly most that shall be employed in Trade) why may not His Majesty make a profit thereof as well as the States of Holand, which doth let out the same at Interest, as they have done great sums in England, and yet support a much greater Bank without Land upon their credits only, it being generally conceived that they have not at any time in ready Cash the tenth part of what the bank stands Debtor for to private persons, although they abound in money for want of Land to purchase.  
The third is such a Bank as may conveniently be erected both of money and credit with a less sum, setting Interest at such differing rates, as in time may invite all men to esteem credit as good as money, which is accounted better in foreign parts, as in truth it is, though seemingly otherwise; which disparity will be at all times reconciled by an Exchange or kind of brokeridg, like that of Plate and Black-money, where currant; which several kinds of banks having no precedent, I shall not presume to prefer either as most proper, 
In this way the bank will not be prejudiced for want of money, but be supplied with Bills, which may be a Sovereign stamp be allowed to pass in a City or County instead of money, and be returned within a year, so that by setting a lower Interest thereon, will cause it to be equal in esteem with real money.  but submit them all with confidence, that the worst of them will prove of great use and advantage to England, if once erected.  
That all Merchants that have no Estates real in Lands or Leases as aforesaid, may also have credit in bank, upon depositing any Goods (not perishable) of an equivalent value in his majesty's warehouse, in every Port or other place where such Bank shall be erected; and that any person having moneys in Cash or in Bank in one place, desiring to have it transferred for his accommodation, and to have it again either in Cash or in bank in another, may be accommodated, allowing only 10. for every hundred pounds so exchanged or remitted.  
That every the aforesaid banks may furnish another petty bank (or Mount) of Charity with a competent stock, to lend any sum under ten pounds upon Pawns at a reasonable Interest, for the accommodation of poor people and others desiring the same. And that the persons put in to govern in these Banks may have the management of all other public receipts within their several districts, which will lessen the public charge: And if such Banks are found to be advantageous, others may be also erected in Scotland and Ireland in like manner, 
The foundatiof these Banks being Land, will be esteemed (as in truth they are) the most secure in Europe, for that every Creditor will be sure of land in case the Bank should fail of money, and neither His Majesty nor Officer will be entrusted, but the Estate of one man Debtor to another.  for the accommodation of those there resident, as well as others living in England and trading thither.  

The advantages which either of these banks by an ingenious management will bring into his majesty's Revenue.  
By the help of these Banks his Majesty or Kingdom shall have credit at any time (wanting moneys) either in England or in foreign parts, for a million, without engaging private persons for the same.  
It will add to the reputation and honour of this Kingdom, and render it more it esteem with foreign States and Princes, by so much as the Trade and wealth of England will thereby increase, and consequently the strength at Sea by the many ships which will be more employed.  
It will bring into his majesty's Revenue all the Interest money paid in England, and money paid on Bottomree to Scriveners and others, which at 6 per cent. amounts unto by computation yearly two millions; and when to be had at 4 per cent. will be one million three hundred and thirty thousand pounds per ann.  
It will also bring in a profit by the persons that now deal for time, who will then get credit in bank, and pay ready money for their Commodities, which by computation are now bought upon credit to the value of five millions yearly, the Interest whereof at 4 per cent. will amount unto two hundred thousand pounds per ann.  
Moreover, all Merchants that usually keep unvendible goods by them, as a dead stock upon their hands, will take up credit in bank thereupon for continuing their Trade, of which goods there is by a like computation at all times remaining as a Drug on the hands of Merchants the value of four millions, which at 4 per cent. is one hundred and sixty thousand pounds per ann.  
Also when there is a certain conveyance by Exchange of money (or by imaginary money) from one place to another at so easy a rate as 10. for an hundred pounds, no person will then adventure to carry any sum considerable, though but a day's journey, considering the having it in bank will be esteemed worth so much in the hundred, the profit of which remittances cannot amount unto less yearly than thirty thousand pounds.  
By the petty banks to be erected, when money will be had at easy rates, and without charge or trouble of Bonds and personal security, the numerous (though small sums) to be taken up, will, I presume, yield profit to Bank ten thousand pound per ann.  
The Revenue estimated that this will bring in to His majesty's Revenue is one million seven hundred and thirty thousand pounds per ann. which will not cost in managing twenty thousand pounds per ann. which is four times as much as is made of Customs and Excise of goods brought into and exported from England: Besides this Kingdom will so flourish under a free Trade, that it will soon become the Mart or Emporium of Europe for all foreign commerce. And this Revenue being supported by Trade, and a supporter of Trades will by an ingenious management accordingly be improved.   

The benefit to the Subjects.  
By registering all Estates, every man's title will appear in reality what it is, and many controversies and suits in Law be prevented.  
It will very much advance the price of Land, and preserve many Families from being ruined by the extortion of Usurers, and yet make the usurer's gainers also.  
The Nation may be degrees (as the Revenue doth increase) be eased of all Taxes, at least Excise may forthwith be taken away from all foreign goods, and Custom also where i●s found a burden on Trade, if this Revenue (or profit of these banks) doth amount unto but the one sixt part of the sum e●imated; so that England will flourish under a free Trade, ●to he encouragement of Merchandizing, the building of Shipping, and support of Navigation.  
By the benefits of banks most ingenious men will be furnished with stock to trade at small Interest, and honest and able men be supported in their credits.  
It will make English Merchants capable to engross the commodities of another country, and withhold it from others, as the Dutch do at present from us by the help of their banks.  
It will procure English Merchants credit in foreign parts, or in foreign banks to buy any commodity there without money, as well or better than with money, and upon as good terms at the Hollander or any others.  
By taking away the duties from foreign Goods brought into England, we may (by a prudent management) get the Duties taken off from English Manufactures in foreign parts, and by that means undersell all others, which the Hollander will not be able to prevent nor obtain themselves.  
It will in fine increase Trade, Trade will increase wealth, wealth and Trade will encourage our native manufacture, and all will employ the poor, and I doubt not but in few years it will make England the Staple of Commerce, as Holland is at present.  
I have not given so plain a demonstration, nor reasons on the particulars of either of these Banks, as the subject indeed more proper for debate, and sufficient for a large Volume, requires; neither have I spoken any thing in defence of the many Objections which may seem to arise and Eclipse the utility thereof, presuming that no rational person will prejudge therein, till I have had command to answer his Objections, which I doubt not but to be satisfactory in, humbly conceiving that what I have in short hinted at, will be understood and amplified by the more ingenuous: I shall therefore conclude it with saying, that were this manner of Banking practicable in Holland, or that if the Hollander were possessed of England, they would by this means soon become Masters of all the Trade in the World.   

Other necessary heads to be considered for the increase of Trade, and encouragement of Navigation.  
I presume, none will deny but that Trade ought to be considered, as well with respect had to public as private interest; and therefore, I hope I shall be held excused for my Opinion, in holding that foreigners ought to have the like privileges with Natives, both Trading in English shipping, which I conceive to be the best Expedient to make Exports of England, exceed the Imports, without which this Kingdom cannot be richer than it is, and since every particular will in some measure be concerned within the general good of Trade, I shall presume to hint how far, (and with what restraint) it ought to be encouraged.  
First, for Exportation of our native Commodities, such as Lead, Tin, Wax, &c. of little or no workmanship; England cannot be too liberal in, nor grant too many immunities and privileges, (though to her very Enemies) that may encourage the sending out of all Manufactures perfectly wrought up and Fabricated: regard being had to Wools, Timber and Leather, which in no respects ought to be Exported.  
Secondly, for Importing of foreign Goods, such as linen, Sugars, Raw-silk, &c. which we stand in need of. It ought not neither to be discouraged by Impositions, though otherwise it be proper, to lay convenient duties on such Commodities Imported, as obstruct the sale of our own Manufactures; whereby to hold a balance in Trade without prohibiting foreign Goods, which if we once do, other Nations will do the like by us; and so obstruct our Trade in General.  
Thirdly, for Transportation of such foreign Commodities, as are first Imported, (if done in English shipping) it will prove a great help to the overbalance of Trade, and therefore ought to have the like due encouragement with a reasonable respect shown to foreign Vessels, though not equal to our own.  
In all which three respects, England might have advantage of all the World, and by industry (under good laws) soon become the Mart of Europe, by reason of its situation surrounded by the Sea; the safeness of her harbours and superfluities of sundry Commodities which other Nations stand in need of, which would be the sooner effected, were these ten particulars observed, there being many others also worthy, which I omit at present.  
1. By Imposing all duties to be paid alike, upon all Goods, by all persons, the difference to be only upon Commodities Imported or Exported in foreign Bottoms, (viz.) ships not built in England, and failed by English mariners.  
2. By permitting all people of foreign Nations to Live, Purchase and Trade freely amongst us, whereby most of them will soon become profitable Natives, and bestow their wealth brought hither or here gotten, in Lands for their posterity; which the present laws of England compels them to Export, to the great enriching of foreign parts, and impoverishing of this Nation.  
3. By using all ways of encouragement to advance the Fishing employment, and His majesty's assuming His Prerogative of being Lord of the British Ocean, which by the most ancient prescription ever belonged as Rightly due to the Kings of England; so that by prohibiting others to Fish on our Coast, and improving the same to this Nation, it will soon become of more worth to England, than the West Indies are to the Kingdom of Spain.  
4. By encouraging new Manufactures and profitable inventions with due rewards and privileges, which will bring artificers from foreign parts, and in time (by industry) make all Arts common amongst us; wherein we come much short of other Countries, to the disadvantage of our own.  
5. By erecting a standing Committee of Trade, whose correspondency should reach over all Trading parts of the World; the effect whereof will not only enable them the better to contain the improvement of Trade here: but also to prevent many inconveniences that have late fallen on England by the undermining actings of foreign Nations, who have robbed us both of our Money and Trade, for want of a timely remedy.  
6. By Con●●ituting a Court of Merchants, where all Merchants and Merchant-like causes and differences may be Summarily decided.  
7. By using means to increase the general stock of England, either in raising the value of money for encouraging it to be Imported, (which I will not much commend) but rather do encourage the supplying it imaginary upon the Credit of Lands, to pass in payment by assignment in Bank as aforesaid, one of which is absolutely necessary in order to the increase of Trade in this Kingdom.  
8. By taking way Excise from all Imported Goods, or at least forthwith to produce the same under the management of the customs whereby to take off the superfluous number of offences,) it being but a small advance to the revenue, and an intolerable bur●hen on Trade, in the way it's now managed.  
9 By lightning the duty of customs, especially on Goods Exported and Manufactured here in England, and so regulating the Book of Rates made for payment thereof; that in few or no particulars the Rates exceed what is paid for the like Commodities in Holland.  
10. By granting a free Transportation of foreign Commodities with little or no customs detained for the same, whereby Goods here Imported may go out without being loaded with impositions, and find a market in foreign parts to the same advantage, which will make England the magazine or store-house of Europe.  
Each of these ten particulars deserves to be more amply set forth, but I have been short in this as in the former, submititing it also to the ingenious Reader to Paraphrase thereon, taking only to set forth how much the putting them in use will decrease the Revenue.  
There being nothing in this whole discourse that reflects on the Revenue, but the taking away Excise from foreign Goods usually amounting to 175000l. per annum, and the granting a free Transportation thereof, 19000l. per annum, which is in all 194000l. per annum, which doth cost in managing 35000l. per annum, so the real decrease is but 159000l. yearly, which I am bold to affirm puts the whole Nation to as much Charge, by the trouble and other inconveniences of keeping a greater number of servants to attend the several Offices; the fetching of Tickets, and the interruption of the (too many) Excise Officers in the improper manner it's now collected, which sum so expended would be otherwise employed in Trade; and His Majesty, I presume, might have as much advantage by a reasonable Custom out of the returns made thereof, which would be then really paid, for that none will hazard their Goods, but all make due entries; so that the continuing those Duties fills the Chests in the Exchequer, as water doth a vessel, being poured in at the Specket whilst it runs out at the Bung.    

POSTSCRIPT.  
I Have late published some few lines, touching regulating the Custom and Excise, wherein I did set forth that two hundred thousand pounds per annum, hath for many years been visibly lost for want of a better method in the collecting thereof: I presume to say, I can give a plain demonstration wherein it's lost, and how it may be remedied. It is also proper for the consideration of His majesty's most Honourable Privy Counsel, unto whom I most humbly submit, &c.  
FINIS.