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Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
cause_n	worth_a	year_n	yearly_a	14	3	10.3552	5	false

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ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A48293	Proposals to the King and Parliament, or, A large model of a bank shewing how a fund of a bank may be made without much charge or any hazard, that may give out bills of credit to a vast extent, that all Europe will accept of rather than mony : together with some general proposals in order to an act of Parliament for the establishing this bank : also many of the great advantages that will accrue to the nation, to the crown, and to the people, are mentioned, with an answer to the objections that may be made against it / by M.L.	Lewis, M. (Mark), fl. 1678.	1678 (1678)	Wing L1848; ESTC R29943	42,251	47

say all others shall one way or an other be advantaged to be sure they shall have no loss The manner how it may be done is thus Divide the Nation into Precincts suppose two or three hundred into a Precinct as the nature of the place and the reason of the thing shall require A County is generally too big a Hundred is too little therefore so many Hundreds may be cast into one Precinct as shall be judged convenient London Westminster and Southwark and the adjacent Suburbs may be divided into several Precincts In the whole Nation there may be three or four hundred Precincts Offices may be erected in each of these Precincts in the most convenient places to return Mony to any part of the Nation where it shall be desired on purpose to prevent High-way-Robbing and to expedite the returns of Mony That is if a person is at London and desires a hundred Pounds at York he pays in his hundred Pounds at the Office at London and receivs a Bill of Credit to receive this at York so that none need to carry any more Mony than just to defray his Charges upon the Road. Mony in a Nation is like bloud in the Veins if that circulates in all the parts of it the whole body is in health if it withdraws it self from any part that languishes and withers as we find by experience if the bloud stagnates as the Mony doth here about the City the Limbs are child and the Heart not benefited These methods of returning Mony would bring it again into the remote parts of the Nation and a little expeditiously returned would seem a great deal doing the work of four times the same quantity moving slowly as a Stick moved round very quick seems to be in every place That Statute of El. 1. Cap. 9. By which the Hundred is bound to repair men Robbed may be repealed when no body needs to carry their own Mony if any man will do it let it be at their own perils Thus all the Mony taken from honest men which is not inconsiderable by a pack of Rogues may be saved and the lives of many men now lost in the defence of their Mony will be preserved All greater payments suppose a hundred pounds and upwards may be ordered to be made at these Offices to be attested by them to prevent frauds else the payments shall not be good in Law Many times greater payments are pretended to be made when they are not so that some are cheated and divers are involved in unnecessary sutes in Law It is less troublesome in Cities and great places where men are near these Offics to go to the Office and transmit their mony there deposited than it is for them to tell it in a Tavern and lodge it in their Inn or to carry it to their dwellings If any person be to pay any great Sum suppose a thousand Pounds possibly he cannot provide this all at once when he hath got some part of it he must lay it some where till he can procure the rest and no place is so sit as these Offices where the person receiving it will be glad to leave it till he can lend it out or lay it out though he has no interest because it is safer than in his own Chest All persons that please shall have liberty upon such conditions after mentioned to deposite their Mony in these Offices where the Officer shall give a Bill of Credit to the depositer that he hath so much Mony of his and that it shall be paid to him or his assigns upon demand No man shall be forced to leave his Mony in these Offices but shall be in the same condition when the Offices are erected as he is now before the erecting of them If he can get no good by them he shall not need to receive any damage from them There is no reason a man should have any interest for his Mony deposited in these Offices for it lies there as Cash in his own Chest that pays him no interest till he lends it out or lays it out thus he may do with his Credit or Mony in the Bank as soon as he can If any desire to leave his Mony it shall be upon such terms as are after mentioned which none are forced to submit to unless they think they can get by so doing These Bills of Credit shall be made transferrable Men will usually transfer their Credit from one to another at the Office but in case they are at a distance and will run the risk whether the Bill is counterseited or no they may assign their interest in the Office so far as that Bill goes to whom they please who shall have the right of receiving the Mony as the party had to whom it was first given No Mony deposited in these Offices shall be liable to any forfeitures to the Crown but the party depositing it shall have liberty to dispose of it as fully and freely as if he were not at all obnoxious This will give some Credit and Reputation to Bank Mony whilst it is freed from this inconvenience It will be no great prejudice to the Crown the personal Estates of Men convicted for Felonies are usually imbezeled and the King is cheated of them Besides he may be recompensed another way out of the profit of these Offices The whole Estate of the neighbour-hood real and personal shall be obliged to make good all the acts of their Office as the Hundred is now bound to repair men robbed The Free-men of London are bound as I have been informed to make good the acts of the Lord Major Court of Aldermen and Common Council The whole Nation is a Fund to raise rates for the poor and to pay the assessments the Parliament shall lay upon it this is for charge and therefore may with good reason may become a Fund in expectation of profit where there is so little appearance of any loss This will be no prejudice to any mans Estate Land without this incumbrance is not worth above twenty years purchase set up these Offices and with this incumbrance in a little time the same Lands will be worth forty years purchase so that Owners will have no cause to complain That this Incumberance may be the less the Neighbourhood of every Precinct shall choose yearly their stated Officers who shall give Security to the Neighbourhood the Precinct shall not be damnified The Neighbourhood ought to choose their own Officers because they must be responsible for the Actions of their Officers For this Reason the Freemen choose their Common-Counsel If they choose their Officers they will endeavour to choose able and honest men that may deal justly and the neighbourhood will be in no more danger of being damnified by their Officers than the Freemen of London have been prejudiced by theirs in the Chamber of London which hath been nothing at all for many years as far as ever I have heard Besides these Stated Officers the

every Man to make further inferences as he pleases their own occasions and necessities will teach all to make their advantages of this infinite Credit which is an inexhaustible Treasure To Conclude make the Gentry rich the Farmer flourish the Merchant trade Ships increase Sea-men to be imployed set up Manifacture for the labouring Poor provide Maintenance for the Impotent set up new Manufactures incourage the Old What may not a King be and do that Reigns over such a People that are not inferiour in courage to any and doubtless their Spirits will rise higher when they find they have Purses superiour to all Objections Answered There are Three main Objections that lie against these Banks Object 1. Men will not be willing to bring an incumbrance upon their Estates to be answerable for the Acts of their Officers which may be very prejudicial to them Answ 1. The Precinct chooses their own Officers and may if they please choose such as are able and honest who do give them security the Precinct shall not be damnified Answ 2. The Assistants of every Precinct supervise their Office once every month Answ 3. The accounts of these particular stated Officers are sent up every Moneth to be ballanced by the Superiour Officers Answ 4. The City of London hath never suffered as far as ever I heard by their Officers in the Chamber let their practice be a Precedent Answ 5. This Incumbrance may be ballanced by the advantage every Precinct will have in that they will be freed from the charge of repairing persons Rob'd and also from that intollerable charge of maintaining the poor by a monthly rate Answ A full Answer to this Objection is this Lands without this incumberance are now not worth above twenty years Purchase will be worth at least forty years Purchase when this incumbrance is upon them when these Banks are set up so that the owners of Lands will have no cause to complain whilst the value of their Land is double Object 2. The Crown may justly be jealous the People when they are thus rich may be armed for and disposed to Rebellion Answ 6. Government is so Sacred and necessary to the well-being of People especially if they be rich and live at ease that they never rise in Rebellion for fear of losing their riches and least they be disquieted in and deprived of that peaceable and plentiful condition they possess Fools may grow wanton with Peace and Plenty they will be easily curb'd but it is oppression only that makes wise men mad Then people Rebel when they are or at least think themselves to be so opprest or that their condition will suddenly be so bad that if they be disappointed in their Rebellion it cannot be much worse The Prince hath the Militia by Sea and Land the power of Peace and War a considerable revenue his friends at home and confederates abroad and may easie disperse a Storm arising from a small party of inconsiderable wanton fools The Estates of the people will be in these Banks if they prove restie they are obnoxious to Justice Though the people are rich in Goods and Lands yet they will have little mony in specie which are the cords of War The lasy persons are allwaies the most turbulent persons imploy'd in honest occupations that brings in a pleasant livelihood never think of making disturbance but mind their own business Object 3. The other great Objection is from the People against the Prince Suppose say they the bulk of the money of the Nation is gathered into and lodged in these Banks the King hath the Militia and may easily surprise it and so make himself Absolute and for this reason Banks and Trade never thrive under a Monarchy Answ It s very true the great Trade of the World hath been driven by Commonwealths as Tyre Athens Rhodes Syracuse Agrigentum Carthage Venice Amsterdam but I do not see any reason why it may not flourish under a Monarchy as it did sometimes at Bruges and Antwerp and doth now at Florence supposing the Monarchy is bounded as it is here with us Trade indeed can never rise to and continue at any great height in France by reason the King is so Absolute It is against the very Nature of Man that is ingenious to be frugal and industrious when the fruit of all his Labour is obnoxious to the pleasure of an other Man But as things stand with us 1. Our Monarch cannot 2. Our Monarch will not violate these Banks 1. Our Monarch cannot though he hath the Militia violate these Banks because they are set up in several places and cannot be surprized all at once If great numbers be sent to one place the other Banks will disperse their mony before that can be attempted Jealousie is very quick sighted If there be the least appearance of danger the Bank will disperse the mony amongst the Neighbour-hood as is provided in the Act they will rather disperse it ten times when there is no just cause than be surprized once especially seeing they can so easily call it in again Thus the Prince cannot seise the Banks to get any considerable quantity of mony 2. We can hardly imagine such a King will ever arise in England that will violate these Banks Interest Rules the World and we may suppose it will over-rule Princes when it is considerable evident and apparent It is evident no King will violate these Banks because 1. he can get nothing considerable by attempting them but 2ly must lose a great deal by offering any violence to them 1. He can get no great store of mony as I have shewed if there should be any considerable quantity of Tin there when the Souldiers have taken it out all at once it would be worth little no people would give them any thing for it but rather tell them they have stolen it As the King can get no mony and can make little use of Tin so he can make no use of Bills of Credit which the Souldier may force the Master of the Bank to give out but the Banks being under violence their Credit immediately ceases to be currant like the Apples of Sodom touch them and they turn to dust 2ly The King by offering violence to these Banks must lose all the great advantages before mentioned appropriate to the Crown or more mediately coming to it by the peoples advantage He kills the Goose that lays the golden Egg and knows there are no more in her Belly which is to be imprudent beyond the Fable We can hardly imagine any Prince should so far forget himself if he had in truth that fabulous Philosophers Stone that he should in meer humour cast it away These Banks rightly managed would every way answer the advantages of that Stone if it could be had If a Prince had really that Stone he would not keep it himself and turn Founder that is below him besides he must needs be tortured with continual fears least it should be stolen from him

a difficult thing it may be for London Southwark and Westminster in an instant to raise Two Millians of ready Mony and carry it to the Exchequer though all Men should do their utmost to be sure it would make a very great hole in every Mans Cash One hundred or two hundred thousand pounds raised upon an emergency drains the change shrewdly Consider then how mony would abound if Ten Millions or twenty Millions of ready mony or Credit currant equivalent to mony should in a little time be added to the present Stock of the Nation These Banks probably will do all this and much more As to the Bank at Venice it is not of any very long standing it had its first rise from the dishonesty of the Bankers The Bankers at Venice did just as our Bankers have done here they got Mens mony into their hands at Interest and used it as was necessary to their best advantage that they might make a better profit of their mony than the Interest they paied they lent it out to insolvent persons or laid out in desperate cases as our Bankers did Hence when they were disappointed they did unavoidably break the Creditor lost his mony the Commonwealth their Trade for the Banker got what he could and fled out of their Territories as ours do into the Kings Bench. The States finding such an intollerable inconvenience as we now do if Men lent out their mony many times they lose it if it lie dead by them Trade dwindles away by this fragnation just in such a time as this is the States set up their Bank and their Officers became Casheirs as at Amsterdam for about two Millions of Duccates a Bank sufficient for their Trade which was kept in specie to be taken in or paied out as the Merchants desired it until the necessity of their Affairs in the late Turkish Wars forced them to expend all the mony in specie which was lodged in the Bank now there is no mony at all neither is any mony in specie ever paid out but their Bank is a perfect Credit Bank and the Fund is a meer imaginary thing yet because the Fund being as I said Four Millions of Duccates which Venice is able to raise and the States have obliged to pay though they are never like to pay a farthing of it to the end of World all Men accept this Credit as mony nay since it hath been in this condition the very Credit hath been worth Twenty per Cent. more than Cash in specie all Merchants trading thither can tell you Credit in the Bank is much better than Cash in the Chest the reason is what I have first mentioned Credit in Bank is more safe more portable and more transferable than mony in specie and so of greater value as Gold is better than Silver Not many years since Credit in the Bank at Venice as our Merchants can remember was better than Cash in specie by more than Twenty in the hundred which the States found inconvenient for their Trade the States could not by any Law suppress this excessive Exchange though they made it capital to take about Twenty per Cent. till at last they were advised by a sagacious Merchant to bring mony in specie into the Bank to answer their Credit this presently brought down the Exchange hence some Merchant here thought the Credit of the Bank was impared because the Exchange fell when as it was quite contrary the Bank paid mony in specie instead of writing off Credit from one to another this made the Exchange less This I had from a very good hand then upon the place I was easily induced to believe it because there is such demonstrable reason for it though I believe some will think it a Romance for their satisfaction I shall answer one Objection Object What use can the Creditor make of his Credit in this Bank that it should be of such a value You acknowledg no mony can be had there Answ Suppose betwen Ten and twelve of the Clock this Bank is open to transmit Credit from one to another as soon as ever Credit is Trnsmitted several persons are attending who will instantly apply themselves to the new Creditor to know of him whether he will sell his Credit in Bank for mony in specie which they are ready to give to him at the price currant because they can make something more of the Credit by selling it to others then they pay as our Brokers do of what they buy When mony was paied in specie it was no better then such mony in specie and so could not be changed for Profit no more than one penny loafe will exchange for an other to any advantage The Case is something like this at the Bank in Holland where the Exchange is two or three sometime four per Cent. Exchange not because the Dollars in Bank are so much better than Dollars currant though there is a differance but because Credit in Bank is more safe more portable and more transferable than Cash in specie is Duccats in Bank must needs be something better than Cash in the Chest because they lie there untold and are never stirred the wast of our Silver by carrying and recarrying and frequent telling it is no small matter in seven years and we shall find it so if ever our mony becomes a Commodity as it may be without inconveniencie if these Banks be once set up in the Nation its true a thin Groat passes for Four pence in England but would not be worth Two pence in France where the intrinsick value and not the Coin is considered it may be Bank-mony for this cause is better than worn mony in Holland where it may be exported at Pleasure and therefore is valued according to its weight and fineness not its denomination Our Banks in England would be better than this at Venice which is under most of the same inconveniences as that at Amsterdam as will appear by reflecting upon what hath been said before Doubtless a Bill of Credit upon our Banks or Credit transferred will be more valuable here in England and all the World over when once the State of them is rightly understood as well as it is at Venice and Amsterdam The Parliament then ought to leave no Stone unturn'd in their indeavouring to set up Banks here all the inconveniences that may insue upon Laws made for this purpose and all the pains that any shall take in Executing these Laws will be abundantly recompenced in the vast and apparent profit that will arise from these Banks Christopherus Columbus offered to discover the Indies for us but was slighted The Spaniard accept the tender and are possessed of those Rich Mines by which he might have made himself very great if he had imployed those Riches to incourage Industry as he has used them to nourish Luxury This is the first Discovery of making such Banks upon so sure a Fund with such ease and so little hazard to a general Advantage if the Proposals are neglected and others shall improve them to their profit we may repent it when it is too late I could shew how the Nation may raise Two Millions of Mony by a Monthly Tax in a Year for the Publick Service and how every peason shall be reimbursed again in a few Months without any charge to any body by this reimbursement whatsoever they have disbursed towards this Tax so that there shall be an addition of Two Millions to the running Cash of the Nation which shall be of as great use in Trade as Six Millions if we have so much now is But I will first see how what I have discoursed is accepted of FINIS ERRATA PAge p. 1. l. 5. dele us p. 14. l. 29. for day read pay p. 24. much of that discourse about making Paper and that whole Paragraph of Burying in Linnen were 〈◊〉 in by the Bookseller without my knowledge as may appear by the incoherence of it p. 22. l. 39. for your r. poor p. 31. l. 3. for as good as can be r. as good Security as can be Literal faults that do not alter the sense I omit