HUMBLE PROPOSALS TO THE Honourable the Council FOR TRADE: And all Merchants and others who desire to improve their Estates.  
SHOWING What particulars if Enacted by Parliament would (as with due submission is conceived) conduce TO Advance Trade, Employ the Poor, Diminish Interest, Improve Public Revenues; And prevent the cruelty of Creditors, and the injustice of Debtors.  
Tending (likewise) speedily to promote the Enterprise discovered in a late treatise, entitled, The Key of wealth, And in an Abstract thereof, called, The Trades-man's Jewel.  ECCLES. 3.13. That every man eateth and drinketh, and seethe the commodity of all his labour, this is the gift of God. PSAL. 82.4. Deliver the Poor and needy, save them from the hand of the Oppressor. 
LONDON, Printed for Edward Husband, at the Golden Dragon in Fleetstreet, 1651.   

To the Reader.  
Courteous Reader,  
WHen I first undertook to publish my Apprehensions concerning the Enterprise mentioned in a Treatise called the Key of Wealth, truly I did expect much charge and toil, but (considering as I then noted the general averseness of men's minds towards those things which are vulgarly called new devices) I had little hope of fruit during my present life, either to the Nation in general, or to myself in particular, other than the comfort of doing my duty in sowing that seed, which happily being rotten in the earth might in time spring up to the advantage of some succeeding generation: And I must needs confess, my fear of being esteemed one given to self-conceit, & bringing my name on the stage upon that account, I found to be the strongest temptation I had to wrestle with.  
But seeing through the good hand of providence, what I have hitherto proposed is generally resented by those who haveperused the same, it gives me now some ground to expect better things, which I cannot but esteem a special call to lay out the utmost of my weak ability in prosecuting a matter of such universal concernment.  
And for that amongst other particulars already intimated, there is one which tends by making Bills currant throughout the whole Nation at once) to bring on (with much greater facility and speed then otherwise can be expected) all the rest of those wished consequences which will necessarily follow from the practice of the aforesaid Enterprise; It is my purpose to show first how this may be effected, referring other things (as in some sort depending thereon) to such further opportunity as God shall be graciously pleased to grant: In the mean time I desire still to remain,  
Hopeful and solicitous of England's prosperity, W. Potter.   


SECT. I.  
THat according to the revolution of money, or that which goes for such, such is the revolution of Commodity or Trade is doubtless (as I have intimated in my former discourses) evident to all men.  
Now if every person who hath money owing to him, had a Bill expressing the sum, and day of payment; and if this Bill would pass from hand to hand for commodity, until such day of payment, this would tend exceedingly both to the Advancement of Trade, Employment of the Poor, and Increase of Custom and Excise.  
For suppose a Debtor owes his Creditor 100 l. to be paid at Six months; if this 100 l. passes no further till the end of those Six months, in this case it lies like money hoarded up in the hands only of that Creditor; whereas if it could in the mean time be made to pass in a Bill through six or eight hands like so much money, it would beget six or eight times as much return of commodity.  
Now if all the debts of the Nation were given thus in Bills unto the Creditors, it would amount to a sum of as great a value as the Credit of all the Tradesmen in the Nation, which is usually two or three times as much as their Estates.  
This sum if it could be returned in commodity six or eight times in half a year, that is, twelve or sixteen times in the whole year, would prove to be of incredible advantage.  
Again, if I have a Bill for 100 l. payable at six months with interest at 8 per Cent. and keep this Bill three months in my hands before I have occasion to transfer it to any other; it will at the end of three months be valued at 102. l. and he that receives it, if he keeps it the other three months is to be allowed 104. l. for it.  
So that whereas he who receives money hath no kind of advantage during the time of its lying by, he who receives these Bills, hath that which like the fruit of a tree, grows whilst it is in his possession.  
Now if it be doubted how such a quantity of these Bills, may,  
First, be dispersed throughout the whole Land immediately, and  
Secondly, Made to pass from hand to hand in such sort as is here expressed: I refer you for that to what follows.   

SECT. II.  
TO the end that the two things last premised may be speedily accomplished, let it be admit,  
That there were an Act of Parliament ford removing the obstructions in Law, and other difficulties that are found in transferring of Bills from one to another; to which purpose, there is a Petition it seems already presented, whereof, I am very glad; yet, I humbly desire that the things following, may also be considered, viz.  
That it were enacted, that such Bills shall be payable in Law, before any Book debts, Bills, or Bonds whatsoever, viz. in the same rank and order, and in all respects in the same manner, as if a man had confessed a Judgement upon his whole estate for the payment thereof.  
That whosoever accepting of these Bills transfers them to any other person, shall (being caused to subscribe them) be liable to the payment of them equally with him that first gave them forth, as jointly bound with him, in such sort as in Bills of Exchange the underwriter is obliged as well as the Drawer.  
That whosoever hath any debts owing to him at the time of this Acts commencing, shall have power to demand such Bills of his Debtor, and the Debtor shall not deny to grant the same under a certain penalty.  
Provided, That all debts contracted before the commencing of this Act (for which there is such Bills as aforesaid taken) shall be payable before any other that shall afterwards be contracted; and that in the same rank and order as they would have been payable, though this Act had never been made.  
Many other things which I shall refer to debates by word of mouth are needful to be added; chief in order to the preventing of cheats by counterfeit Bills: But these particulars being Enacted, it would follow,  
That no man for the future would deliver ware upon trust without such Bills, and those that had already so delivered ware, would immediately upon the commencing of this Act demand such Bills from their Debtors.  
The reason is clear, because no man would be willing that another should have better security than himself, when he himself may have the same security for ask; which if others obtaining he should miss of, it makes his debts liable to secure the debts of those others, but not the debts of those others to secure his.  
Now if every man do at once demand of these Bills for his debts, it would immediately follow that every man's hands would be full of these Bills; so as there would be as many Bills dispersed at once throughout the land, as the debts of all the men in the Nation do amount unto.  
The means to accomplish which was the first thing to be discovered, the clearing of the second particular follows.   

SECT. III.  
NOw that these Bills would hereupon become so fare forth currant as to pass from hand to hand for commodity; let it be considered,  
That there is scarce any Trader in England, but is used to trust some one person or other, and is able to find out some one or other that is willing to trust him.  
Let it therefore be supposed that A. hath taken up ware of B. and that this B. hath credit with C. though he should give him no security.  
Then let B. taking a Bill from A. take up ware from C. and transfer that Bill unto C. which he had of A.  
Now in case C. is not willing to accept of this Bill, not knowing whether A. be a sufficient man.  
Yet in regard that C. is willing to trust B. (although he had no security from him) let B. subscribe the same Bill which he had of A. engaging himself thereby to make it good in case A. should fail so to do.  
Hereby C. will have double security, for if B. should fail, yet A. is bound to make good the debt, neither will C. much doubt but that A. is of some ability, or else his friend B. would not have trusted him.  
Further, let C. having credit with D. take up ware upon the same Bill, engaging himself to make it good.  
Thus shall D. have triple security, viz. both from A. B and C. which with his own credit as a fourth person, cannot choose but enable him to take up ware upon this Bill much better than upon his own single credit without it.  
And for the same reason a fifth person may much more easily procure ware upon it from a sixth person, and so on till the money become due.  
So that from all this it is evident, that if Bills will but pass the first hand, they will not fail to pass currently through all the rest.  
And the rather for that they increase by the interest in every man's hand, during the time of their lying by, as I have already showed.  
And it is as clear, that except men cease for the future to deal any more upon credit, these Bills will not fail to be accepted at the first hand.  
Especially in regard that, they will prove as good security at the very first hand, as if the Debtor had confessed a Judgement for the payment of them.  
Now if every man's hands were full of such Bills as would pass for money, what man is there but for the improvement of his stock, would be taking up commodity upon them?  
And consequently the generality of men would be in present capacity to sell their commodity by accepting of them, and to procure new commodity with them by transferring them to others; whereby the commodity so taken up upon Bills, would immediately be vended again by the revolution of the same Bills, and so perpetually.   

SECT. iv  
IF it be objected, that there would by this means be so many Bills stirring, as men would receive little or no money wherewith to pay their debts.  
I anser, mens Bills going about vutill the day for payment of them in money, will not make the money in the Land ever the less, nor the sums payable in money ever the more.  
2. He who is to pay money the first of june next, upon some Bills of his own giving forth, if in the mean time he receive Bills payable upon the first of May next, the money which he receiveth upon these Bills in May, will serve towards the payment of his own bills in june.  
3. Those Bills which he finds not payable till after the said first of june, he may lay out again in commodity as fast as he receiveth, which commodity, with all the rest of his stock, will give him credit to borrow money wherewith to pay his debts.  
And to the end that men who are able to give security, may never be driven to extremities for procuring money to pay their debts at any day appointed whatsoever, as now they usually are.  
Let it be supposed that at each City or Town of considerable resort, there were places appointed where those Bills should be made payable.  
Hence it would come to pass, that the payment of all these Bills in those places, would suddenly bring in all the money in the land into these houses as into so many banks, as I shall make to appear when need requires.  
By this means there would never want millions of money in bank to lend unto those men who are able to give security for the repayment thereof.  
Yet neither those that borrow pay to others, nor yet those others that are to receive the money, will trouble themselves to take it out of the bank.  
But to prevent the surprisal of the money by any Insurrection or Commotion, it may be lent forth upon good security and small interest to all that are willing to borrow it, which as fast as it comes in again by the hands of others, may be lent forth again immediately; so as there should not at any time be any considerable quantity thereof remaining in bank.  
There are also other ways whereby the money might be dispersed into several hands, so as each man's Chest should be in effect so many several Banks, and yet sufficient security for millions of money to be forth coming at three days warning.  
The vast consequences of such Banks is already experienced in several parts of the World: And if I might here enlarge, I could demonstrate that the same quantity of money would by this means soon occasion ten times as much trading as now it doth and yield five times as much iuterest, although the Borrower should not pay above half that rate per cent.  
But if this way of Banks be not approved of, yet I desire that it may be observed that the aforesaid way of Bills may be carried on, though they should not be made payable in one place.  
If any thing which is here taken for granted be questioned, I am ready to make good what I say to those who desire it.   

SECT. V  
What can be further objected against any thing that hath been proposed hitherto, I know not.  
For if it should be alleged, that such an Act as is already mentioned, would make all Creditors for the future to have equal title to the debts that are owing to them.  
Answ. 1. What Justice is there for the contrary?  
2. Why should it be in the power of the Debtor to confess a Judgement to some one of his Creditors, when his Estate will not serve to pay half the rest of his debts?  
3. Or why should that Creditor which deals most roughly with his Debtor have all the Estate, whereby those that are more favourable are enforced to lose their right?  
4. This makes most Creditors (jealous lest others should prevent them) to be more cruel with their Debtors then they should or otherwise would.  
5. Such an Act would prevent an infinite number of Lawsuits, with the many inconveniences incident thereunto.  
Now if it be yielded, that an Act whereby to give each man equal right to the debts that are owing to him (whether or no he use any violent means by Law to procure the same) is no less than just, than the laying of a necessity upon men to take some written or printed evidence whereby such their right may appear, cannot be excepted against: for,  

1. Otherwise the right could not so well appear.  
2. There is no earthly prejudice in taking of Bills more than in trusting men without Bills.  
3. men's Words cannot pass about to the Advantage of trade as Bills may.  
4. Rich men set the Poor on work, and for want of ready money pay them at leisure, or if they be so poor as they cannot stay for their money, they take an advantage thereby to grind their faces by making them work at under rates; now if the poor man had the rich man's Obligation in paper it would be ready money to him.  
5. Though there were no such Act as whereby to make such Bills equal to Judgements, yet it would not be the least prejudice to the Debtor to give Bills, but much advantage to the Creditor demand them.   
For the Creditor by demanding a Bill shall know whether his Debtor will give him only his own single credit or assign him some Bill of a good debt besides his own estate for his security, and therefore may trust him for more or less accordingly; and likewise the same Creditor having received a Bill from the Debtor, will by producing this evidence have much better credit with a third person than otherwise.  
Obj. But I have a Bill payable at London, which I have occasion to assign to some friend living at York.  
Answ. When the money is paid in at the bank in London, it may upon notice by those are concerned therein be paid out again at the bank in York.  
Obj. I had a bill made over to me, but it is lost or surprised by violence in some journey, or otherwise.  
Answ. This Objection holds as strongly against the use of money as of bills; for if a man lose his money, what remedy, except he who finds it be willing to make restitution?  
2. He that hath lost the bill causeth proclamation to be made of what number it is, and from what person originally it came. In which case seeing he that hath surprised or found this bill or his assignee must repair to the bank by the day of payment, or else is like never to be the better for it, he must there look to be apprehended for not discovering it upon the aforesaid proclamation.  
This might be much better cleared, but that I must be brief.   

SECT. VI  
HOw much these last Proposals tend to promote that other way of making bills currant by a Corporation of men engaged to pay them in money within six months after the demanding thereof, mentioned in my former Discourses.  
And how much that way doth exceed in respect of the method here propounded, though this be much more advantageous than the ordinary way of trading, shall God willing be made to appear, if not in print publicly, yet in private debates with those who are concerned therein upon the next opportunity.  
In the mean time that such scruples as may possibly prejudice men (against what hath been already published) may be removed, if any who have not read the aforesaid Treatise, called, The Key of Wealth, should be troubled at the greatness of the undertaking in the Title page; let it be considered (as was acknowledged by one who well understandeth things of this nature) that whatsoever cannot be counterfeited is Gold (which he spoke not to flatter, but to show his diffidence in order to what was affirmed in that particular) if therefore Gold may be made of Paper without considerable charge, what is it amongst earthly things that may not safely be undertaken?  
If any say, that to prevent the falsifying of Bills is impossible, yet it will be no great trouble to challenge him upon it who is both engaged and willing to make it appear possible; wishing that the matter were once wholly brought to that issue, not doubting in the mean time but through God's assistance to demonstrate that there was not any one thing promised in either of the aforesaid Discourses, without such wariness as becomes a public undertaking.  
If the difficulty and hazard of Suretyships be pleaded.  
Some difficulty and some hazard was always acknowledged to be incident to this attempt: but was there ever a thing of so great concernment so easily accomplishable? Is not the ordinary way of trading incident to much greater hazard? Is there any other imaginable inconvenience that can possibly be put into the balance, against all those important effects which are the issues of this attempt? And yet to silence all gainsaying, I have undertaken to discover how both the difficulty and hazard of that manner of Suretyship which was formerly proposed, may be removed, and possibly it will appear to be after a manner better than is yet expected.  
And to conclude in a word: How upon a bill of ten pound, or more one may fetch ware of several persons to the value of two or three shillings the piece, or less, as there shall be occasion, and that without considerable trouble or prejudice, I shall also, as I have formerly undertaken, discover when it will be seasonable, if that be thought needful.   
FINIS.