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A62677 Some remarks upon the bank and other pretended banks with reasons humbly offered to the consideration of the present Parliament for establishing a real land-fund, or a money and land bank; under a regular managery, with unquestionable controuls and checks upon them: By Philalethes. Tindall, William. 1696 (1696) Wing T1304A; ESTC R219328 4,973 7

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Some REMARKS upon the BANK and other pretended Banks with Reasons humbly offered to the Consideration of the Present Parliament for establishing a REAL LAND-FUND or a MONEY AND LAND BANK under a regular Managery with unquestionable Controuls and Checks upon them By Philalethes THE Bank of England crept into the World not being in any Votes by that Name but an Act for grantting to their Majesties several Duties upon Tunnage of Ships Beer Ale c. for securing certain Recompences to such as should voluntarily advance 1200000 l. on a Fund 8 l. per Cent. perpetual if not redeemed by Parliament This was for the King to pay dear for the Money as he doth to T. P. H.C.A.S.B. who will not account for what they have received c. Whereas if it had been in the Votes That such a Bank was intended there were those that would have given the King as much for it or lent a Million gratis for 7 years which by a more regular Managery might have redressed Grievances done Acts of Charity and have been more advantageous to the Kingdom and since the Settlement of that Bank many Stock-jobbers c. being excluded consulted with Dr. Chamberlain with whom they pretended to join in his Land-Credit but robb'd him of some Notions he had and afterward set up for themselves one for a Land-Bank the other for a National Land-Bank Then they and the Usurers having no more Wit quarrel'd and expose themselves in Print to that degree that they appear'd most notorious in their Principles and Practices Besides their Art of Stock-jobbing by which many Families have been ruin'd and one was to have ¼ part of the Prosits and the other 1000 l. per an for ever above what he could make by his Art in Managery and Stock-jobbing the same Persons telling the Landed-Men they should have ● 4 of the Value of their Land at 3 l. 10 s. or 3 l. per cent Interest and to get in Money-Subscribers told them if they came in with their Money in a short time they would make 30 if not 40 l per Cent. if they made haste least their Books were fill'd and shut up in such a time and they excluded This mighty Prospect of Advantage they were to make out telling the Monied-Men that in a short time 100 l. would circulate 1000 l. made several Persons subscribe both Money and Land tho' many of their Gang that did so to help the work on had neither except some worthy Members of Parliament that subscrib'd intending for a Publick Good which gave them both Life and Reputation Then the Usurers by Jerry-Squirt and a Rod for the Fool 's Back were whipt about as in truth they deserved it for by their geting Subscriptions and making People keep up their Money and pay nothing but clipt or bad on purpose to make their Bills pass on little Land and less Money Now we may hope by their quarrelling they will make good the Proverb That when Knaves fall out honest Men will come by their own and that their joining together will not give them more Credit but rather less for the two Johns in Nubibus in Conjunction in the House of Venus being filled with Mercury are run retrograde into the Square of Saturn Latet anguis in herba That the King may be served with 2 Millions and ½ upon his Terms on the Fund proposed but not by the General Land-Bank or National Land-Bank by the Projectors contrived but upon a Real Land-Fund or a Money and Land-Bank by Reconciling the Monied and Landed-Men Increasing Trade Supplying the Defects of Money the Improvement of Land to the great Benefit of the Publick and of every individual Member of it grounded upon the Reasons following viz. As all natural Bodies are the best Directors for the Establishing the most regular and most certain Effects so all other Bodies whether Politick or Artificial which are the Contrivances of Men are most sure when they are best suted to that of the Natural As for Example If the Monied and Landed-Men mutually agree by a regular and honest Managery they may let the Landed-Men have Money on their Freehold-Estates at 3 l. 10 s. or 3 l. per Cent. per Annum they being Trustees for their own Money and their own and others Lands makes all others that deal with them safe and get 10 if not 20 l. per Cent. by the Money-Stock and ●nrich and make the Landed-Men easy by the improving their Estates A Demonstration of this is plain If the printed Calculations of the Value of the Land of England be true that it's worth between 3 and 400 Millions and the Money of the Kingdom about 6 Millions and not 3 Millions good but suppose the Land to be 300 Millions then there is but 3 Millions of good Money that might circulate which is but 1 Million to 100 which with some difficulty of late hath served turn then in proportion we may well admit that one will negotiate or circulate ten so that if the Money-Stock give 6 l. per Cent. to the Usurers or Widows c. that live upon the Use of their Money or all that can be lent and you lend it on Land-Bills at 3 l. 10 s. per Cent. per Annum then you get 29 l. per Cent. but if you find your own Money in Stock or Bank by what you subscribe then you have 35 l. per Cent. for your Stock and this will be but for 2 or 3 years till the Value of your Bills is understood and then they will circulate themselves when so you will have the Interest of 2 or 3 Millions for nothing which is 105000 l. per Ann. to inrich your Bank and supply the Defects of Money and that these few Millions we are like to have of Mill'd Money or truly valuable Gold may be imployed in our Trade and attend our Manufactures and Growth and circulate them for the Benefit of the Publick and to improve your Lands to above 30 if not 40 years Purchase This Method may serve the Government but then this is by one sort of a Money and Land-Bank and on a better Basis than any Banks now in being which may lend 2 or 3 Millions on a good Fund at 6 l. per Cent. and in a short time get as much But if we are 12 Millions of People as is presumed we are no less then there may be 11 Millions 992 thousand Persons that have little advantage by it But it will inrich those that ingage in it which may be about 8000 Families because Money in such wise and rich hands 100 l. in time may negotiate ten which will be at least 20 or 30 l. per Cent. but in 3 or 4 years after much more being their Bills will pass more current than Money but at first must be negotiated with Money till it 's better understood and put in Practice But for these few years last past the Badness of our Money made the Bills of very ordinary Goldsmiths