The Scheme of the Proposals for making a Fund for granting Annuities for Lives, &c. With the terms of joining the same to the Million-Bank. Answered, and the fallacy detected.  
HAving heard the said Proposals for granting Annuities, &c. very highly applauded, and meeting the Project in Print, dated the 24th of October, 1695. I expected to find something extraordinary therein; but at the first reading thereof, I found it a project cunningly put together, with a design to deceive Innocent and Well-meaning Persons, and to draw them into an apparent loss, under the pretence of Letting them into a more than ordinary Profit and Advantage.  
It was affirmed some time since, That the design was laid to serve the Million Bank, the ill Managery whereof had rendered their Credit suspected. And that which might be a reasonable ground of such Report, was, That the Projector of the Annuities is Father to one of the Directors of the said Bank, and very well acquainted with the rest of them, who being a person of a Fair Reputation, was made use of by them as a fit Instrument to accomplish such their designs.  
But to wave what might be said in relation thereto, I shall apply myself to the Printed Paper, wherein the Directors of the Million Bank bring up the Rear. And that the Reader may not be confounded with their different Proposals; I shall take notice thereof, as it is already divided by them into three parts. The first consisting of nine particulars, I will for distinctions sake call the Proposals.  
The second part consisting of eleven particulars, I shall call the Propositions.  
The third part consisting of six Particulars, being their Project of Union, I shall call the Project.  
In the Proposals, it is Provided, That any Person may Subscribe Money or Land for granting Annuities for term of years, or for One, Two, or Three Lives, at 10, 12, and 14 years purchase, renewable at any time for a reasonable Fine.  
That the Money-subscribers should have six pounds per Cent. per Annum Interest for their Money. And the Subscribers for Land should be accommodated with Money at three pounds per Cent. per Annum Interest, and the remainder of the Profit to be divided between the Land and Money.  
That any Person may Subscribe to purchase Annuities at the aforesaid rates, and the Subscribers of Money may, if they think fit, transfer the same to the account of Annuities for a term of years, or for One, Two, or Three Lives, as they like best. But that the Money or what is purchased therewith, shall in the first place be liable to pay the said Annuities; and in case they fall short, the Land to be charged. With liberty given to the Subscribers, of revoking till the 4th of November next.  
The Propositions tells us how much the Fund of Money and Land is intended to be, viz. 120000 l. to be paid before the 9th of November, 100000 l. whereof to be laid out in purchasing 20000 l. per Annum in Reversions, on the Lives in the Exchequer: and the remaining 20000 l. to buy about 3000 l. per Annum of Lottery Tickets for 15 years: which 20000 l. per Annum, in Reversion, and the 3000 l. per Annum in possession for 15 years, is to be backed with 20000 l. per Annum Land, whereupon to grant Annuities for One, Two, or Three Lives, to the value of 20000 l. per Annum; which at 11 years purchase( the Medium of the rates proposed) will come to 220000 l. with 120000 l. of which they propose to purchase 17000 l. per Annum more of Lottery Tickets to make the first 3000 l. per Annum. 20000 l. per Annum in possession; and the remaining 100000 l. is to be lent to the Land-subscribers at 3 l. per Cent. per Annum, and the Remainder of the profits is to divided, viz. Two thirds to the subscribers of the 120000 in money, And one third to the subscribers, of 400000 l. value in Land, being 20000 l. per Annum at 20 years purchase; which( say they) by a modest computation may make 16 l. per Cent. per Annum to the money, and near 30 l. per Annum on every 100 l. per Annum in Land. And that the said Fund may not fail, one fifth part of the profits, shall during the 15 years be annually laid out to purchase something to answer those lives that may happen to be then left, of those that the reversions were purchased from the Exchequer.  
Having thus briefly run through their Proposals and Propositions, it remains, That I examine how the proposed profit is like to arise, and what the fifth part of the profit will amount to that is to be laid out annually to purchase an equivalent to the lives that happen to be left as aforesaid. And that the Gentlemens modesty in their computation may more plainly appear; I shall for once state their account of profit by way of Debtor and Creditor, viz.  
Money is Dr. Subscribed, for which is to be paid 6 l. per Cent. per Annum. 120000 l. Received for 20000 l. per Annum, Annuities at 11 years purchase. 220000 l.   340000 l. Money is Cr. Paid for 20000 l. per Annum Reversions. 100000 l. Paid for 3000 l. per Annum, Lottery Tickets▪ 20000 l. Paid for 17000 l. per Annum. Do. 120000 l. Lent the Landed Men at 3 l. per Cent. per Annum. 100000 l.   340000 l.  
By which account of money it appears that they have made their Bread and Cheese even, and laid out their whole money to a farthing.  
It remains that I now examine how much per Annum will come in clear to the subscribers, which will more plainly appear by the balance of their annual incomes.  
Annual Incomes. Dr. To Interest paid the Money'd men for 120000 l. at 6 l. per Cent. per Annum. 7200 l. To Annuities sold at 11 years purchase, per Annum. 20000 l. per Annum 27200 l. Annual Incomes. Cr. By 20000 l. per Annum in Reversion.   Lottery Tickets in possession for 15 years per Annum. 20000 l. By Interest for 100000 l. lent at 3 l. per Cent. per Annum. 3000 l. Paid every year more than received per Annum. 4200 l.   27200 l.  
So that it is plain by this account, that there will be got every year 4200 l. per Annum over the left shoulder, besides the charges that will necessary attend it; which I leave our modest Gentlemen to divide between the Landed and moneyed men, and hope that neither party being so flushed with success will knock Logger-Heads together about making the Dividend; For nothing is more plain than instead of a great profit the subscribers will be brought into an apparent loss, and all that they can expect to help themselves is to wait for Dead Folks shoes, and if no more than one fourth part of those upon whose lives the Reversions depend, and the like part of those to whom the annuities shall be granted shall die in 15 years, at which time the 20000 l. per Annum, payable out of the Lottery Tickets will expire, as it is very probable not above that number may die, there will be then above 14000 l. per Annum clear loss, so that here will be a certain disadvantage, and no gain can be expected till 30 or 40 years hence.  
Besides I cannot but remark their great disingenuity in suggesting that they can buy the value of 140000 in Lottery Tickets at the present Market price, they having already published their design of so doing in print, so that it's most evident they never designed the thing, but only to lay Baits to catch Woodcocks, or in plain English to draw in Innocent persons to support their tottering Bank.  
I come now to their Project of Union, wherein they tell us that 50 l. per Cent. of the said Bank stock is already paid in, but I doubt they have as little honesty as they have modesty, else they would fairly have published that in little more than three months time; they have drawn out 4 l. for every 50 l. that is in the Bank under the pretence of making a dividend, so that bona fide there cannot be more than 46 l. per Cent. in the Bank, if there be so much, for it is most apparent their business hath not been so considerable as to get any thing by it. So far have they been from getting any thing to divide.  
But what is further worthy of observation, they tell us that the other 50 l. per Cent. Is suspended or delayed till there shall be occasion for the same. And yet in a few lines after, they tell us they will admit of a further subscription, of an Additional stock for their Bank.  
If they have no occasion for money they need not open their books, if they have, why do they not pay in the other 50 l. per Cent? So that nothing is more plain than that they want a stock of money, and being conscious to themselves that none will subscribe to their Bank, they have made use of this project as a decoy to draw in fresh people to be engaged with them.  
For if it were so profitable as is pretended, those who rule the Roast among them, it's well known, have too narrow souls to forego an advantage of 16 l. per Cent. per Annum, to compliment others into their Bank; but if they believe what they themselves assert, they would undoubtedly have called in the other 50 l. per Cent. which they tell us is suspended till there shall be occasion for the same as aforesaid. Much more might be said on the same subject, but I shall conclude, having limited myself to half a sheet of paper.