THE PROPOSAL OF Edw. Backwell, Esq; TO HIS CREDITORS.  
THE said Mr. Backwell having through all the course of those unhappy Calamities which fell upon the Bankers and their Creditors by the stop of Payments in the Exchequer, shown a more than common zeal and care for his Creditors, by continuing the Payment of their Interest when others stopped, and when he could receive none for that vast Debt due unto him from his Majesty; Has reaped none other benefit from this his care, than an unfortunate Opinion in his Creditors, That his Estate (which hath been indeed for the most part mortgaged or sold to enable him to pay such Interest,) is sufficient to pay his Debts, without any part of the sum granted to him by his Majesty's Patent payable out of the Excise; By means whereof very few of his Creditors have taken Assignments from him for their Debts, and even some who have taken such Assignments from other Goldsmiths, have refused to accept them from him; So that there is no one of the Bankers hath so great a Debt due to him from his Majesty as the said Mr. Backwell, or doth owe so much to his Creditors.  
But now being no longer able to continue the constant payment of his Interest, but exceedingly desirous to manifest the continuance of his care for their satisfaction to the utmost of his power, Doth hereby Propose, To pay unto his Creditors, one fifth part of the Principal (due to them) in Money, and the other four fifth parts of their said Principal with all Interest due for their whole Debt by Assignments of proportionable parts of the yearly Sum granted unto him by his Majesty out of the Hereditary-excise.  
The said Assignments to be made, and the one Moiety of the said fifth part to be paid in Money (by the sale of such part of the Estate as will be soon sold) within three months after all his said Creditors Subscriptions to accept this Proposal, and upon their discharging such Securities as they have for their respective Debts: And the other Moiety with Interest for the same within six months then next following, by the sale of the Residue of the said Estate (which is conveyed to trusties who are to raise the said fifth part by such sale, together with such Money as they are to receive from his Majesty and the Friends of the said Mr. Backwell for that purpose,) and in the mean time to be secured by Bond from the said Edward Backwell and by the said Estate, in the hands of the trusties, (if they may safely proceed in raising the said fifth part in manner aforesaid by the general consent of the Creditors.)  
Wherefore this Proposal is upon condition that all his Creditors shall to the satisfaction of his trusties agree to accept and subscribe the same before Christmas next, by such Writing as is left with Mr. Richard Snagg at Mr. Valentine Duncomb's Shop in , London, and to be there subscribed, and in case of such as are absent, by some other Writing of the same tenure, to be delivered herewith.  
And the said Edward Backwell doth with all imaginable Integrity assure his Creditors, that he hath no reserve, and that his whole Estate (the Patent for perpetual Interest on the Excise excepted) will not be sufficient (when the Engagements thereon which were made to enable him to pay their Interest are discharged) to raise the said fifth part, if what is due from his Majesty be not paid; but he relies on some of his Friends who have promised to assist him in it, if it so fall short. And to the end his Creditors may not altogether take his Word, he desires them to receive satisfaction herein from Sir William Pritchard, Sir Benjamin Newland, Sir John Buckworth, John Bathurst and Christopher Boone, Esquires; Persons of known Worth and Integrity, in London; who have inspected and know the posture and truth of his Estate.  
And in this assurance he hopes his Creditors will rest satisfied, and that none of them through any vain hopes of making their Condition better than the Rest, will proceed to any violent course, especially when they shall consider that this is the utmost satisfaction they can ever receive from him or his Estate; and that he hath dealt with them in all candour and integrity, and that the Interest which he hath paid them in Money since the stop has amounted to above 50 l. per cent. of their Principal Money, and is more by 50000 l. than he ever received in Money from his Majesty. Which is the reason his Estate will extend no further now than to one fifth part of the Principal in Money.  
And he desires his Creditors will please to hasten their Subscriptions and to take notice that the Payments of their fifth parts in Money shall be made in course according to the Dates of their respective Subscriptions, which shall be duly numbered, and the numbers of Payments shall be continually published in the Gazette or otherwise as is usual; But the Subscriptions of such as are absent above 20 Miles from London shall have the same preferrence as if they had subscribed in London fourteen days sooner.  
And the said Edward Backwell is the more instant and pressing with his Creditors, to accept of this his utmost endeavour for their satisfaction, and to be speedy in it, because finding his Estate growing daily less, he cannot be without fear of having the same Fate attend his, as has done his Neighbour's, to wit, That what would have paid five per Cent. by perpetual Interest, and was so offered; by being refused, became not able to pay three, after almost that value was spent to get a better satisfaction: And this he instances merely out of the true desire he hath (whilst he is living) to give his Creditors the best Payment he is able.  
And he humbly desires his Creditors to take notice that he pays by this Proposal one fifth part of his whole Debt in Money, whereas others have paid the greatest part of theirs by Assignments only.  
And as the great Losses and Damages he has sustained, and the Discouragements he hath lain under by and since the stop of Payments in the Exchequer (which has reduced him to this Proposal) have never lessened his Care and Industry for obtaining the Payment of the Perpetual Interest for the benefit of his Creditors, so he assures them that their ready acceptance of this Proposal, will be of great use to them not only by adding the interest of so many Friends for the better obtaining the continuance of that Payment, but by obliging the said Mr. Backwell to the continuance of his Care for that purpose; which he hopes they will believe, since whatever will remain unto him for his subsistence, will be part of that Fund.