A PROPOSAL AND CONSIDERATIONS RELATING TO AN Office of Credit UPON Land Security: Proposed to their Excellencies The Lords Justices: And to the Lords of the Privy Council; AND Parliament of Ireland.  
By Dr. HUGH CHAMBERLAIN.  
London, Printed and Sold by T. Sowle in White-Hart-Court in Gracious-street; and at the Bible in Leaden-hall-street near the Marked, 1697.   

A PROPOSAL AND CONSIDERATIONS Relating to an Office of Credit upon Land Security, etc.  
1. 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 Market. It is therefore the undoubted Interest of the People of Ireland; 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, and all other Kingdoms and States that have applied themselves to Commerce.  
2. Consideration. The Kingdom of Ireland is as Capable of making Advantages by Trade, as any other Kingdom or State; being Surrounded with good Seaports 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, Loughs, and Seas. This Kingdom hath likewise 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 with 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 Kingdom 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.  
3. Consideration. The People of this Kingdom, who have had Liberal Education, are generally in all Countries allowed to be of sufficient Ingenuity and Diligence; and the Commons being Docil and Tractable, and likewise Robust and Vigorous of Body; and sufficiently 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.  
4. Consideration. It is most certainly true in Fact; nor can it be unknown to the Intelligent in 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 and Application to Traffic; but 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 Proper 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 will 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.  
5. Consideration. The Titles and Tenors of Estates, especially Land Estates, in this Kingdom being well known, Sure, and Stated; and with sufficient ease and certainty Examinable, by reason of the Records here in use; and that the Titles are Dependant on late Acts of Parliament; 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 exceed that in practice with 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 Propounded for this Kingdom.  
Upon these Considerations, which may so justly be Presumed to Induce the Right Honourable the Lord's Justices, and Council, and the Lords and Commons of Parliament in Ireland, to receive and examine a Proposal, that renders to this Kingdom the certain and effectual Means of so great Wealth and Honour;  
The said Dr. Hugh Chamberlain Humbly Offers to their Wisdom,  
A PROPOSAL for Establishing a Solid National and Current Credit upon Land, for the Kingdom of Ireland, viz.  
THat an Act of Parliament, proper to such an end, do pass in this Kingdom of Ireland, to enable to Issue Credit upon Land, in a Method and Regulation ready to be therefore tendered.  
That this Credit be made Current in all Payments, to and from this Crown, and to and from all other Persons and Bodies Corporate or Politic; and that Payment or Tender in this Credit, be to all Intents and Purposes as good as if made in the usual Species of Money; and that all Bargains, Contracts and Agreements tending to impair the Currency of this Credit, so as to reduce it beneath a Par, with the usual Species of the common Current Money, be null and void; and the Contractors Fineable in the King's Courts; one half to the King, and the other half to the Prosecutor.  
That the Lords Justices, together with about Eight or Ten other Noble Men, or other Persons of Quality, may by the said Act be appointed Noble Visitors, to Inspect and Prevent any Damage, by Mis-management, to the King and Country.  
That the Constitution and Establishment of this Office of Land-Credit do consist of three chief Branches, viz.  
1. The Branch of Noble Visitors; to consist of Twelve Noble Persons, or Persons of Quality.  
2. The Branch of Land Proprietors; to consist of the whole Body, or any Hundred or more of them.  
3. The Branch of Managers; to consist of 36 Persons, of whom the Original Undertakers are always part.  

And of Three Principal Chambers, viz.  
1. The Chamber of Comptrol; Representing the Branch of the Visitors; to consist of 36 Gentlemen of Quality; 12 of them chosen by the Visitors; 12 by the Land Proprietors; and 12 by the Managers.  
2. The Chamber of Trade; Representing the Branch of the Land Proprietors; to consist of 36 Merchants, or Gentlemen skilled in Trade: Of whom, 12 chosen by the Visitors; 12 by the Land Proprietors; and 12 by the Managers.  
3. The Chamber of Original Undertakers and Intendants; Representing the Branch of Managers; to consist only of Dr. Chamberlain, and the English Gentlemen, his Associates; and not exceeding 13 in Number.   
That there be other Subordinate Chambers; as, of trusties, of Audit, of Treasury, of Survey, of Account, of Counsel, of Bills, of Check, of Securities, of Insurance, and all needful and convenient Officers, and Ministers, as Agent, Secretaries, Register, Clerks, Housekeepers, Chamber-keepers, Messengers, watchmans, etc.  
That the Chamber of Original Undertakers and Intendants have the sole right to prepare the Manner of Transacting throughout the whole; and all Rules, Orders, and By-laws, which are to be confirmed by the Visitors, Managers, and Comptrollers, as they see cause.  
That each Chamber Govern its own Members, and the Persons immediately Subordinate to it; but that Appeals may lie: All (except the Visitors) may appeal to the Managers; and from the Managers to the Visitors; and from the Visitors to the Five Governing Branches and Chambers, viz. Of Visitors, of Managers, of Original Undertakers and Intendants, of Comptrol, and of Trade: Who, or any three or more, have the final Decision: The Managers can appeal only to the Visitors; and from thence to the said Five Governing Branches and Chambers; to whichlast, the Visitors can only Appeal.  
The Branch of Land Proprietors have no share in the Governing Part: They may meet and Represent; and the Five Governing Branches and Chambers are to meet and Consider of what the Proprietors shall Represent; and Order therein as they the said Branches and Chambers shall think fit. The Land Proprietors are only twice to be Assembled of absolute necessity, viz. Once, when 50000 l. per Annum is Subscribed; and the second time, when 100000 l. per Annum shall be Actually Settled; or at any time after, upon the Order and Desire of the Five Governing Branches and Chambers, or any three or more of them: Or by Order of the Branch of Visitors, upon Request of any Fifty Persons or more, being Proprietors for one Third or more, of the whole of the Annual Payments then in being to the Undertaking.  
That the Chamber of Trade shall Defray itself, and make its own Orders; but shall obey all Orders of the Five Governing Branches and Chambers, or any Three or more of them. That, to the English Undertakers and Managers, there be also added a double Number in that Station, of Persons of the Kingdom of Ireland.  
That in all Stations, the English Undertakers have the entire Nomination, for the first Seven Years, of one Third part; the other two Thirds to be filled by joint Consent of all the Undertakers and Managers, both English and Irish: But that, after the first Seven Years, all Vacancies be supplied by the Branch of Managers, which will consist of two Thirds Irish, to one Third English.  
That out of every Estate to be thus settled on the Office; the Credit being, as aforesaid, made Current by Law; One Tenth part of the Credit shall be placed in the Joint Stock of Trade; the Profits to be to the Use of the Crown; but the Principal not to be drawn out, till the end of the Undertaking.  
That the Credit to be Raised upon Estates be thus, viz.  
One Hundred and Fifty Pounds per Annum being settled for 150 Years; to Secure the Payment of 100 l. per Annum for 100 Years; One Hundred Years Credit is thereupon to be Raised, by way of Anticipation, and Issued to the several Parties or Uses in Four Payments in equal Portions: That is to say, One Fourth at Sealing the Writings; One Fourth at the end of one Year; One other Fourth at the end of two Years; and the remaining Fourth at the end of three Years.  
And the Credit so Issued will be to these Uses, viz.  
Forty Years Value to the Proprietor.  
Thirty Years Value in Joint Stock of Trade; the Profits of which are, First, To Indemnify the Lands; and the Surplus (if any be) to the Proprietor; and the Principal is to go, when all the 100 Payments are satisfied, to those, that shall then have the Right of the Lands. But in the mean time not to be liable to be drawn out, nor to be affected by any Bankrupcy, Judgement, Statute, Assignment, Sale, Device, Bequest, or other Conveyance, or Encumbrance; nor to pass as a Chattel to Executors or Administrators: But to attend the Possession of the Land, from whence it was raised.  
Ten Years Value to be placed also in the Joint Stock of Trade, whose Profits to go to the Use of the Crown; but the Principal not to be drawn out, till the end of the Undertaking.  
And Twenty Years Value, for support of the Office, and the Residue, if any, to Reward the Original Proposers and Undertakers their Executors and Administrators.  
That all necessary Encouragements and Privileges be given to this Office, and its Joint Stock of Trade.  
That all Estates, settled on this Office, shall be Obliged to make good the Annual Payments, notwithstanding any Parliamentary or other Privileges; or tho' the Possession should be Recovered from the Grantor; and that a brief Entry serve instead of tedious Forms.  
That there be a Proviso in the Act of Parliament; that, if by reason of any War, or other Public Calamity, a stop shall be put to the Payments of these Annuities, or any of them; that in such Case the Non Payment thereof shall be no Breach of Covenant in any Land Proprietor; but that a further Term, of so many Years, as shall happen to be in Arrear, shall be added to the 150 Years, so as to secure the entire Payment of the 100 Years. And, if any Difference arise between the Office and any Proprietor, as to having the Benefit of this Proviso; the same to be decided by the Chief Governor, and Privy Council; both Parties being first heard.  
That these Bills be made Current in all Payments; and, as they are paid Yearly for Rent to the Undertakers, they are by them to be Destroyed: So that, at the end of One Hundred 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 Revolution 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 otherwise could not be done: Thus may all the Poor be Profitably Employed, all due Improvements made in Husbandry, and all needful Arts and Manufactures, especially the Fishery and Linen Manufactures, 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 the very entry into it; besides what their share in the future Trade will produce; and all other Persons, as well as Land Subscribers, will be great Gainers by the Plenty of the said Bills to supply the place of Money.  
No Person is forced to be Concerned; yet all are permitted, that shall desire it; which renders it truly a free and 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 greater 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 Manufacturies of the Kingdom. The Banks of Holland and Venice are Pregnant Instances of the Power of Credit, under wise Regulation; and yet the Credits of both those Banks are far Inferior to the Credit hereby propounded: They take the ready Money, and employ it for the Government, and give their Bills to negotiate in Payment: So that, in any Exigence of State, if all their Creditors should at once call for their several Debts, it may reasonably be doubted, whether either of these Banks should be able to answer their Credit: So that Opinion or Reputation is their great Support. But the Bank, hereby Propounded, touches no Man's ready Money, makes all Men concerned in it presently much Richer than before; lays sure Foundations of lasting National Trades; and becomes every Year a stronger Security than before; for, as the Term of Years lessens, 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.  

A Comparison of Money and Credit.  
Money is a Common and Secure Pledge, instituted to supply the Defects of Barter, and to be the Measure, Medium, and Account of Trade.  
Whatever can answer these ends, is duly qualified to be made Money by the Laws of any Nation.  

Money must have these Essential Qualities, viz.  
1. Value, to make it a Security in Exchange for all sorts of Goods.  
2. Different Values, for convenience of greater and smaller Payments.  
3. Stamp of the Government, not to give, but to attest its Value, and to Authorise the Currency of it.  
4. Durability, to prevent loss by wearing out or easily Perishing.  
5. Portability, for Ease of Carriage.   
The Tallies, Bills of Credit, or Land-Money, hereby Proposed by Dr. Chamberlain, will have all these Qualities of Money, equally with Money of Gold and Silver, in all Respects, and Superior in some.  
1. As to Value; Money of Gold and Silver exceeds not its Value by weight at the most, and is very often short of it, either by too great Alloy in Coinage, or by Washing, Filing, or Dipping; whereas every Bill of this Credit will be Secured by Land of greater Worth than it is Coined for; and is not subject to any Alloy in Coinage, nor to have its Value diminished by any sort of Fraudulent Arts whatever.  
2. As to different Values; that will be settled, as shall be Judged most Efficacious for the Ends of Trade.  
3. Stamp of the Government, 4. Durability, 5. Portability, are equally provided for, as in Gold and Silver; indeed more as to Portability; for 100 l. in Credit, will be of very little Weight or Bulk.  
Money is not so convient as this Credit in these respects, viz. for daily use in large Payments; for the trouble and loss of time in Telling and Retelling; the danger of clipped and counterfeit Money; the trouble of carrying great Sums from House to House; it's being subject to be Transported to other Nations, and to be hoarded by Misers, who fond dote on the Metals.  
Money is only a secure Pledge of a known Value, that a Man shall be repaid in some other Commodity, for the Commodity he parts with; and it serves but to supply the Intervals of Time, between the felling one Commodity, and buying of another.  
Now the proposed Bills of Credit, can well supply that Interval, and are yet a more secure pledge than Money of Gold and Silver; for 10000 l. in Money of Gold and Silver, is of no greater Value than what it pretends; and is very often of a less Value; but 10000 l. in this Credit, will be secured by 22500 l. in Land, for to so much amounts 150 l. per Annum, the payment thereof for 100 Years being secured by 150 Years; tho' to be void upon an Hundred Annual Payments.  
The Difference between the true value of Land and Money is evident; in that Money is willingly turned into Land; but Land is not turned into Money, but through Necessity and Constraint: All Men allow Land a sufficient and the best security for Money; what secures must then be more eligible, than what is secured.   

A Comparison of the Circulation of Gold and of Credit.  
A settles his Land for 100 Years, to pay 100 l. of annual Rent, in Bills of Credit to the Office, he receiving in the same Credit a Sum or Consideration for the purchase of it: B. makes a like settlement of Lands to C. to pay 100 l. in Gold for the same term of Years, having received his purchase Money in Gold.  
A. pays a Debt of 100 l. in this Credit to his Coach Maker, the Coach Maker pays it to the Currier for Leather, the Currier pays the same to the Tanner for Hides, the Tanner pays the same to the Butcher for Skins and raw Hides, the Butcher to a Grazier for Cattle, the Grazier to a Farmer for Corn and Grass, the Farmer pays it to A. his Landlord, and A. pays it to the Office, for his annual Rent: Now here is all their Occasions answered, and none the worse or the poorer by it, but the contrary, the Office receiving back what is delivered out.   

Now take the Payments, as running in Gold.  
B. pays a Debt in Gold of 100 l. to his Coach-Maker, the Coach-Maker pays the same to a Currier for Leather, the Currier pays it to a Tanner for Hides, the Tanner to a Butcher for Skins and raw Hides, the Butcher to a Grazier for Cattle, the Grazier pays it to a Farmer for Corn and Grass, the Farmer pays it to B. his Landlord for Rent, and the Landlord pays the same Gold to C. for his annual Rent: Now, by this comparison it is plain, in the circulation and course of Dealing, from the Office to the Landlord and back to the Office again, the Turn is as well served as in the Instance of Gold; and the Office is no poorer in receiving back the Credit, nor C. no richer in receiving back his Gold; than both were at the issuing of their several Sums, in Credit, and Gold.   

Arguments to Accept Dr. Chamberlen's Proposal.  
The Proposal offers 70 Years Purchase; (that is, 40 down, and 30 in a Joint Stock of Trade) for 100 Years Annual Rent; and this Bargain is to be had in Possession, before any Rent paid: In the same Specie that is Paid for the Purchase, in the very same, and no other, the Annual Rent is to be Paid; so that here is nothing given but what will be received back; and and if any Man is Compelled by Law to receive Debt or Payment in this Specie; another is by the same Law Bound to receive it from him again; and so from Hand to Hand, till at last it ends in the Annual Rent, which the Land is Obliged to Pay; and there it Ceaseth.  
Would it do Ireland a Service to bring some Millions of Gold and Silver into it? This is Equivalent: For, since Credit, upon a less secure Fund, performs in other Countries, all the Uses and Offices of Gold and Silver: What should hinder the same Effects here, upon a better Fund? But however, if an Act of Parliament pass, de bene esse, the Nation runs no Risk, if it do not take; if it doth take, there is a Mine of Treasure opened to them Gratis. The passing the Act Compels no Man to come in, and Engage his Land. The Proposal is not so very Obscure or Mysterious, to such as will take the pains to Read it two or three times over Deliberately and Attentively, and will then hearken, to what Answers can be given to any seeming Difficulty. The manner of putting it into Practice, and actual Administration of it, will indeed require an uncommon Skill and Understanding: And this part, Dr. Chamberlain (whose Invention and Contrivance this design is, and who has been more than Thirty Years Maturing it) can best Discharge, so as to reduce all to such an exact Method, as shall make the whole Clear and Facile; and prevent all Confusion and Disorder; which, should they happen, might Disgrace and Ruin the Undertaking: But to settle this Point, and concert the Matter of Trade for the greatest Benefit of this Kingdom; the Doctor, in case the Act pass, will be ready upon Request to come into Ireland.   
FINIS.