A PROPOSAL For the more Easy Advancing to the Crown, ANY Fixed Sum of Money, To Carry on the War against FRANCE; And Payment of the DEBTS Contracted thereby.  By ROBERT MURRAY, Gent. 
WHEREAS the Crown is often forced to take up great Sums, on Borrowing Clauses, at heavy Interest, to the Clogging the Revenue; whereby, and by slow Coming-in of Money, the Service of the Crown hath been, and may be greatly Obstructed: And what the Crown now gives for Security of Money, for Stores or Service, as Tallies, Orders of Treasury, Privy-Seals, etc. is, in a manner, dead and useless, till Actual Payment; which is a great Bondage upon Trade, and Damage to the Subject; from which they ease Themselves,  They can, by Raising the Price of Stores and Goods, to the Public Loss and Dis-service.  
AND, since Tallies are the best Security His Majesty can give, because always placed on some Branch of the Royal Revenue; which doth as much oblige the Crown and Exchequer, as Bonds and Sealed and Delivered Deeds, doth Personal Debts, and Real Estates:  

It is therefore Proposed,  
THAT some Branch of the Royal Revenue, already Settled, or to be Settled on the Crown, be Charged, by Act of Parliament, with an Annual Payment, for a limited Term; For Instance, 400000 Pounds, for Eleven Years.  
THAT Tallies of Pro be struck upon This Fund, for the Revenue of the whole Term of Eleven Years.  
THAT Doubling the Annual Sum, abates Half the Time; or, Doubling the Time, abates Half the Annual Payment: that is to say, 200000 Pounds for Twenty-Two Years, or 400000 Pounds for Eleven Years, pays Four Millions, with Contingencies.  
THAT trusties, or Commissioners, be appointed and empowered by Parliament, to Give out Bills of Credit, upon these Tallies, by Order of the Treasury.  
THAT these Bills of Credit be made Currant, in all manner of Payments, To and From the Crown, for the said Term of Eleven Years; and a Surplusage of Six or Twelve Months, to be allowed for the entire bringing of them in; of which Public Notice to be Given by Proclamation.  
THAT the said Bills be from an Hundred Pounds, down to Five Pounds, for the greater Coveniency of Trade and Dealing; and that they be made Payable to A. B. or Bearer, and Indented; which will render them as Useful and Currant as Money.  
THAT, upon Payment or Tender of these Bills, in any Deuce to the Crown, none to be liable in his or their Persons, Goods, Possessions, or Estate whatsoever, to any Extent, Distress, Seizure, Sequestration, Forfeiture, or other Legal Process; but shall be Reckoned a Good Tender.  
THAT every Year the trusties do take up, from the Exchequer, One Years Revenue of the said Tickets, and Cancel and Deface them, returning the Tallies for Them; by which Means, at the End of the Term, the Debts, Tickets, and Tallies, will be all Satisfied and Cleared, without the Use of any Actual Money.  
THAT Counterfeiting of these Tickets be made as Criminal, as to Counterfeit Money: But that Provision be made, to cause Them to be next to impossible, to be Counterfeited; which may be several Ways done.  
THAT the Act ascertain the manner of Giving out the said Tickets, or Bills, to any of the Persons, that either have had, or have (as yet) no Tallies; and to any others, for Stores, Service, or otherwise.  
THAT the Form of the said Bills, and Method for Management, be declared by the Act; and that all Commissioners, or Farmers of any Branch of the Revenue, be obliged to take the said Bills, viz.   

The FORM of the said BILL: LONDON, The _____ Day of _____ 1696.  By his Majesty's Commissioners, or trusties, etc. 
This Indented BILL, 
Tally 522 Bill 59  Currant to C.D. or Bearer, for Five Pounds, being Part of the Sum of One Thousand Pounds, Charged by Tally upon His Majesty 's Exchequer, Payable to A. B.  
[The Mark and Number of the Tallies, or Bills, to be Inserted in the Margin.]  
AS to the Objection, That it seems a Diminution of the Honour of the Government, to Supply the Defect of Money by Bills; It is Answered,  
THAT the Fund or Capital, and Reputation of Merchants, is always Esteemed to be Firm and Solid, when the Credit of their Bills is Good and Currant; of which they have the most nice and tender Regard, as being else accounted rather Bankrupts, than Bankers or Merchants: So, by Parity of Reason, it will prove in the Government, when it shall come once to have fixed the Method of it.  
Benefits arising by this Method, are many: Instead of Paying Interest at Six per Cent. for Two Millions for ever, which is 120000 Pounds per Annum; that, by the Method Proposed, a Debt of Two Millions, and an Advance of so much, will both be Cleared in Eleven Years: That Interest-Money is this Way saved, the Bilis being as Useful as Money.  
THIS Proposal will assuredly remove all Jealousies between the Government and People, in matters of mutual Dealing; answers all Ends of speedy Raising Taxes, appointed to be paid by Act of Parliament: It makes the Public Credit as safe, as between Private Persons; and secures the Government all necessary Stores as cheap, as those that Buy for ready Money.  
ALL Postponing and Delays of Payments by the Crown, are prevented, a quick Motion, and Circulation of Trade will naturally follow.  
SHIPS of War may be cleared without Demurrage, and the Seamen thereby greatly Encouraged.  
THAT these Tickets, thus made Currant, will be as readily Exchanged for Money, as Guineas are, and with as little Charge; and that these Tickets are as an Addition of so much ready Money to the Stock of the Nation; and, in the Annual Rotation of Trade, will gain the Nation at lest Cent. per Cent. besides the Augmentation of the Royal Revenue, by increase of Customs, etc.  
THE Sum of this Proposal, is, That the whole Two Millions is paid by its own Interest, with Contingencies, in 22 Years time, at 5 l. per Cent. which must needs be allowed to be more Eligible, than to pay 6 per Cent. for ever.  
IT will beget an assured Confidence in the People, of the great Honour, Tenderness, Justice, and Regard of the Crown towards them; and will add a new Obligation of Interest to their bounden Duty of Allegiance.  
THAT these Bills, (being thus grounded on Tallies, which, by Authority of Law, are placed upon some Branch of the Royal Revenue, and only issuable for real Money Paid in, or Goods and Stores Delivered) will be of great use to the Crown and People, by being made Currant in all Payments, to and from the Crown; for that these Bills do exceedingly enlarge the Benefit of these Tallies, because divided into smaller Sums: Yet if the Wisdom of the Parliament shall make these Bills universally Currant, and Payment and Tender therein to be as good and effectual, as if made in the present common Money; the Benefits to be reaped thereby will be vastly enlarged to the Crown and Kingdom; for that it will do the Office of so much additional Money, brought into the Stock of the Nation; and, by being universally Diffused, without Obstruction, through all the Veins of the Political Body, it will give fresh Vigour throughout the Whole, instead of being restrained only to some Parts: The Reasons for making these Blls generally Currant, are Obvious, and Cogent.  
1. It will extend their Benefit to all. All are equally safe in them, as in Money, they having all the Essential Qualities, and Conveniences of Money; and consequently, will as readily be taken up at Inierest, as (if doubted) can easily be made out; They are more safe than the present general Money, which usually falls short 30 or 40 per Cent. of what it ought to be; and therefore, were it called in, there would be a Loss of about one Third; whereas there's no possibility of any Loss by the Bills, because placed on a sure Fund, by the Sanction of a Law.  
AND, tho' by the Intended Regulation of our COIN, it will be Reduced to its former Standard, both for Fineness and Weight; yet, seeing our Stock in Cash is very much Sunk, and like to be Sunk much more, upon the Calling-in and Melting-down our Light and Clipped Money, till the same can be Re-supplyed by the Mint: This Expedient seems to be of like Absolute Necessity, to Supply the Deficiency of it, and to Prevent a Stagnation in the Circulation of our Trade and Commerce; which may else Expose us to Foreign Attempts.  
THAT, by the Issuing out of Credit, the Exchequer is not only Excused the Issuing so much Money; but, instead of Ready Money, much of the Taxes, and other Impositions, will this way be, in great Part, Answered in Commodity, by Furnishing the Crown with Stores and Provisions for His Majesty's Royal Navy and Land Forces; whereby the Nation will be vastly Gainers, and that small Stock in Cash remaining, found Sufficient to make good the Balance; and yet the Exchequer better stored with Cash, than heretofore.  
THAT, without This, or some such like Method, 'tis impossible for the Crown, Rebus sic Stantibus, to be Accommodated, or the Currant of our Trade Maintained, and Kept on Foot: For Trade is not managed so much by our Stock in Currant Cash, and Ready Money, as Credit; which is, and hath been ever accounted the great Engine and Support of all Trade, not only Here, but in all the known Trading Parts and Places of the World: There being the same, if not greater Disproportion and Inequality between Coin and Credit, as between Coppery Tokens and Silver: So that all Coins of Gold and Silver, are not otherwise to be Reckoned or Esteemed in the Body of Trade, than as the Fractions, and smaller Particles of Credit, ordained only to Answer it in the most Minute Occasions thereof; and Answers to Credit, as Silver to Gold, and Tokens to Silver; which are, and ever will (notwithstanding) be necessary to Even such Reckon, as cannot otherwise be Adjusted.  
THAT since the Public Revenues are founded in the People originally, and flow from them to the Crown; and that the Credit of the Crown is a Consequent of it, and derived from the same Fountain; and being secured by Law, as aforesaid, whereby it has all the Uses and Qualifications of Money; and since the Public Good is hereby greatly Furthered, and without Damage to Particulars: If the Wisdom of Parliament should think fit to use the Coercive Power, it may not be unreasonable to impose the General Currancy of such Credit on the People, whence it's derived, as from its proper Root and Fountain; and to whom Immense Benefits will certainly accrue by it: For whose Ease, in Conjunction with His Majesty's Service, this Credit is wholly intended: Nevertheless to Restrain the Credit of such Bills to the Crown only, is sufficient to Render it Eligible among Traders and Merchants, as if made Currant at large, as Coin.  
Wherefore, to Conclude, This Great Design will have the Greater Effect, being Assisted under the Management and Direction of a Well-Constituted, and Truly National Bank, to be Established by Law, under Check and Inspection of the National Magistracy and Government: And nothing can be more Safe, nor more Honourable; for that the Nation is its own Trustee; and consequently, neither can, nor will Betray it Self, or Government; that being Unnatural to suppose: And  Change of Government, or State-Convulsions should happen, none can seize a Treasure thus Secured, without drawing the Justice and Vengeance of the whole Nation upon them: And for the Government, or Nation, to stoop to little Banks, carried on by Private Persons, is to do them too much Honour, and subject the Public to Danger and Loss, from Designing Spirits; And, at the same Time, to forget, that the Wisdom, Power, and Integrity of a Nation, is certainly its own Best, and most Natural Refuge and Safety; and are Fittest and Ablest to Assist the Government in all Emergencies: The Credit of such a BANK must needs Obtain both at Home, and Abroad, through all Parts and Places of the World, where we hold any Commerce, or Traffic; when Private Banks cannot be Trusted by our nearest Neighbours, t'other Side of the Water.  
All which is Humbly Offered to the Wisdom and Consideration of the Honourable HOUSE of COMMONS.  
FINIS.