Selected quad for the lemma: cause_n
Text snippets containing the quad
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A31637
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To His Grace, William, Duke of Hamilton, Their Majesties High Commissioner and the Honourable Estates of Parliament, the following considerations and proposals are humbly presented by Dr. Hugh Chamberlen.
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Chamberlen, Hugh.
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1693
(1693)
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Wing C1893A; ESTC R9059
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4,107
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6
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agree upon 10 Years purchase to the Government in ease of the People in point of Taxes and may be appropriated to such uses where the honour of the Crown Interest of the Nation may equallie meet And the residue to the use of the said Doctor Chamberlen as Master of such Office who and his Heirs to be perpetually so in reward of this service done the Nation And the Master of the Office is out of such his part to pay all the charge of the Office which will be very great and to answer all contingencies of it And also generous and becoming appointments to those Honourable Gentlemen to be made Trustees by the Parliament to see justice done to the people and the honour and security of the bank preserved inviolable The Heritors or Proprietors that raise this Fund are to be a Corporation with perpetual Succession and all necessary powers for mannaging and carrieing on such National Trade or Trades as they shal agree upon From 120 to 150 Pound Sterling Per annum is to be made over for the payment of every 100 Per annum to be engaged for this Fund and so in proportion And this to the end that all credit thus to be issued may be supported by a greater value than it self That these Bills be made Current in all payments and as they are payed Yearly for Rent to the Trustees they are by them to be destroyed so that at the end of 100 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 diverse regards They are more sure than any Bills Bonds or Morgages or any manner of Credit now known in the World They have a real solid extrinsick 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 revolutions of State where all mens properties will not also be swallowed up By this means a considerable part of the Rents of the Nation may be applyed to Trade which otherwayes could not be done Thus may all the poor be profitably imployed all Due Improvements made in Husbandry and all needful Arts and Manufacturies The Shipping and strength of the Nation will be increased by Sea and Land Publick Taxes will become easie to the Subiects and all who Contribute to this Fund will be made Richer by it at their very entry into it Besides what their share in the future Trade will produce No person is forced to be concerned in it yet all are permited that shall desire it which renders it truly a free 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 greâ—ter value than the Bills themselves And the Trade founded by them will be perpetual These Bills not passing out of the Kingdome are an advantage For all wise Laws restrain Money from going out and forraign Trade ought not to be mannaged with Money but with the native product and Manufactures of the Kingdom The Banks of Holland and Venâ—ee are pregnant instances of the power of Credit under wise Râ—gulation And yet the Credit of both those Banks are far inferior to the Credit herâ—by proponed They take the ready Money and imploy it for the Government anâ— give their Bills to Negotiate in payment So that in any exigence of State if all thâ—ir Creditors should at once call for their several debts it may reasonably be doubted if either of these Banks should be able to answer their Credit So that Opinion oâ— Reputation is their great support But the Bank hereby Proponed Touches no â—â—ans ready Money makes all men concerned in it presently much Richer than beâ—ore layes sure Foundations of lasting National Trades and becomes every year a â—tronger 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 Kingdome 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 Kingdome possesses over them It is therefore humbly Prayed by Oliver Salusbury and Peter Chamberlen Gentlemen Agents on this behalf of the said doctor Chamberlen That his Grace the Lord High Commissioner and the Right Honourable the Estates of Parliament may please to commit the Consideration of this Proposal to be examined and Repâ—â—â— being made may determine therein as in their Great Wisdom they shall see Cause