A PROPOSAL TO THE BANK of England, And the BANKS now Setting up.  
With some Few Considerations about GOLDSMITHS Notes.  
THE Stronger and Clearer the Credit of any Bank is, the more Thriving and Profitable it will be to itself, and it is so as it renders the Trust put in, or given, to them most safe and secure: And although no Security on Earth can be infallible, yet that Bank of Credit which is best bottomed, and makes the Terms of its Credit most free of all Hazards and Scruples to the Creditors, will have the most Credit, and consequently the most Profit; this is a Position few will Dispute.  
And therefore if the Proposal made here be pursuant to such an end, it's to be hoped it will easily be complied with; and when the Considerations following are well weighed, it's not much doubted, but that the Banks or Goldsmiths, who can stand on their own Bottom, independent on others, will see Cause so to do: It's but one Short Proposition, viz.  
That all Notes, whether of Banks, or Goldsmiths, that are payable on Demand, and put into a Bank, or Goldsmiths Hands to receive, shall be received or returned in Twenty Four Hours after, or lie at the Hazard of the Bank, or Goldsmith that receives them.  
And although the Equity and Justice of such a Proposition, be enough to recommend it to your practise, as what follows will Evince, yet your Interest also is not, as is humbly conceived, inconsistent with it; for that Bottom that can stand of itself, most free from depending on others, gives the best Demonstration of its own Sufficiency.  
He that considers with what Assiduity and Industry the Goldsmiths, Bankers of Lombardstreet, &c. have laboured to affix the Losses and Hazards of such Notes on the Merchant, who entrust, or pay them into their Hands, and exempt themselves from all Hazards in Trusting one another, may be led to see, that although it's a great slain and Slur they put upon the Credit of their own Notes, by their Disputes and Law-suits hereby, yet they look upon that as a lesser Mischief to themselves, than that of taking one another's Notes at their own Hazard.  
If a Merchant in receiving his Debts, Collects a Number o● Goldsmiths Notes, suppose Nineteen Hundred Pound Notes, and he hath one for the like Sum of as Eminent a Merchant as any in the City, all on Demand, he carries these to his Goldsmith, who will give him a Note for Two Thousand Pounds on Demand, and in the margin writ thus, 1900 l. Cash. 100 Merchant's Name. 2000 implying the Merchant's Note, must be made good, if not received; and as any Body would think, thus Expressing Goldsmiths Notes as Cash, entering them so in their Cash-book, and the Merchant's Note into a Bill-book, take them as Money,( and are liable, and frequently do, to pay that Money the next Hour, or Moment after they so take them) and yet upon the insolvency of a Goldsmith, any of them were due from, they demand such Money of the Merchant notwithstanding.  
And if they be in the Right, then the Merchant in the Case before stated, supposing the Nineteen Notes were on so many several Goldsmiths, was bound for, and run the Hazard of Twenty at the same time, him in whose Hands he left or paid them for the whole 1900 l. and if it be good there, there is Nineteen more he is Bound and Security for, whereas possibly, if he were asked to be Bound for either of them in a Bond for 50 l. he would refuse to do it  
And yet they frequently receive Notes from Persons they know not, and give one of their own, payable to that Person, or any other Stranger or Bearer on demand, and will ( and then must) pay it to any that brings it the next Hour, whether they have received the Notes or no: Some Goldsmiths Notes they will refuse frequently, but never scruple or question the Person that pays them, whom they have much more reason to do than the Goldsmiths who drew them, and on whom they are, if the Person who brings them be liable to make them good.  
An Instance somewhat like this you have last Term, in a trial betwixt Mr. Lamb the Goldsmith, and Mr. nut, about a Note of Tassell's, made payable to Mr. bolt, or Bearer: It was proved in Court, that Lamb threatened to Sue Mr. Hatzell, as supposing he had left it with his Man; and his Man said, He would Swear it was Hatzell; and yet upon Inquiry, found it was nut left it; and he was the Man Sued.  
If the Persons who thus delivers Notes in Payment, be liable to make them good, then here is an Effectual Security, that every Bank, or Goldsmith, hath, for all Notes, all Banks, and Goldsmiths, and is such a Foundation, as all manner of Frauds may be Built upon it: They may not only Cement and Strengthen one another with such a Credit, and bear with, and forbear, and receive Interest one of another, support a Breaking or Tottering Friend; but it's possible that Two or Three Persons may agree, the one to give out Notes to the utmost of his Credit;( and it's very well known what Credit hath been given, to very slender Foundations;) and the other two retain such a Man's Notes in their Hands, until very considerable Sums grows due, and give the other notice of it, who may retire to White-friers, Mint, &c. in such a Case there may be a very Considerable Dividend made betwixt the Three, if the Persons who paid them be liable to make them good.  
I have more Respect and Charity for the Goldsmiths of London, than to believe any such thing was ever yet practised by any of them; and put the Case only as possible to be, and although but possible, no Wise Men will put it to the Hazard; for although the present Goldsmiths would Scorn and loathe such a practise, as is verily believed, yet as there is no Community, but either hath, or may have, Evil Men crowd in amongst them, so while such a thing is but barely possible, it ought to be prevented. For,  
Those Persons that thus entrust or Pay Notes into Goldsmiths Hands, most, if not all, do it without the least prospect of Advantage, further than by taking it out again, as their Occasions do call for it; and they not only hereby give an Opportunity and Means to them, of making Profit of their Money, but becomes engaged, that they may so do, without Hazard to themselves from any other Goldsmiths whatsoever; and is a Security, not only for that one, into whose Hands they are deposited, but for every Individual who first gave them out; and a few Months Trade, to many Traders, will thus involve them, as Bound for they know not who, how many, how much, nor how long; and while he is securely Dreaming of an Estate he hath, a run upon the Goldsmiths, as we have had many, will make them run also.  
If it be Objected, That a Bank or Goldsmith may have so many Notes on each other, as cannot be received in Twenty Four Hours, and why should they run the Hazard then?  
It's Answered, either he that cats them, or they who are entrusted, must, while they are unreceived; and is it not more reasonable, that he who makes the Profit, should run the Hazard, than he who proposes none, but gives the Opportunity of Advantage? Besides they may refuse any Note they like not, as before is said they frequently have done, and reserve in their Hands unreceived such as are indubitable; for some such there are, or they are in a bad Case that Trust them. There is none, Objects, but all foreign Bills must be received in that very Day they fall Due; and there may as many of them come in one Day as Goldsmiths Notes; and if there be a Necessity for receiving Bills, where so many are Bound for making them Good, why should the delay be made on Notes, where but one is Bound, as the Payer?  
But not to enlarge further, where it's presumed enough is suggested to persuade you to a Compliance, where your own interest will induce you, upon reflecting, that either you must free the Persons from such Contingencies who entrust you, or give them leave, who consider their Danger, to keep out o●●t, by not entrusting you.  
Although the Justice of the Nation in these Cases hath, and I doubt not but will protect the Persons pleaded for herein, yet Law-Disputes are Vexatious and Chargeable, and none that Loves their Peace, but will endeavour to avoid them. And all Bankers, and Goldsmiths, Notifying publicly the Terms on which they will Accept such Notes, will End these Disputes.  
FINIS.