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Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
england_n	abate_v	money_n	supply_v	17	3	10.6313	5	false

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ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A25531	An Answer to a libel entituled, A dialogue between Dr. H.C. [i.e. Hugh Chamberlen] and a country-gentleman		1696 (1696)	Wing A3321; ESTC R15857	22,916	26

the Fund proposed is the Estates of Landed Gentlemen in England and tho' one or two prove bad it does not follow that all must be so and it 's much if the badness of the Title be not discovered upon so strickt an enquiry as will be made so that if any other can shew a better Title the present Subscriber shall not be admitted and if the fraud be discovered before four Years are expired then there will presently be a stop put to the Bills on that Estate but suppose that some few Titles prove bad yet there will be enough besides to make all good there being an allowance for bad Titles as Merchants allow for Ware and Tare Losses at Sea and Bad Debts So that I hope here is enough said for the badness of the Fund in respect to its Title Then it remains only to speak to its badness in respect of its insufficiency viz. that 150 l. a Year is not a Security for 10000 l. and he makes the Doctor to answer I don't say it is so do I and quotes the Rod for the Fools Back page 6th in which Page I find it thus exprest For neither the Doctor nor the Author do any where affirm that 2000 l. Fund or Value in Land is a Security for 10000 l. as you say they do to sell at the Market-Price as it now goes This was said in Answer to a Scurrilous Pamphlet against the Doctor put forth by one Blake a Scrivener as 't is reported he bragg'd by advice of Jo. Briscoe and a little after the Doctor 's Proposal it self is set down which says That 150 l. a Year together with the 2000 l. Stock in Trade is a sufficient Security for the Payment of a Rent of 100 l. a Year to the Office which does not amount to that great Sum of 10000 l. till 100 Years are expired And a little lower it follows thus That the 10000 l. is not to be borrowed at Interest of any Private Person or Publick Society but to be made out of the Mint and Lent to the Subscribers and other uses aforesaid and to be repaid but not all at once with Interest as in the Case of all other common Mortgages where the Creditor can call in both Principal and Interest when he pleases but to be a hundred Years in paying at 100 l. a Year only which in the end makes up 10000 l. and thus the 150 l. a Year and Stock may be Security enough When this Book was Printed it was hoped and endeavoured by Dr. Chamberlen to prevail with the Parliament to make the Tickets for want of Money to pass by an Act as ready Money in all payments so that then there would not have been any need of a Summ in specie in the Office to circulate them and therefore the said Security was in all respects very sufficient to answer 10000 l. in such a length of time as the Doctor proposed it should be repaid though not all presently as if the Estates were to be sold at the present Market Price And whereas he makes the Doctor speak thus viz. I say they will have 22500 l. Security for every 10000 l. Tickets that will be delivered out which hath occasion'd one whole Column of Scribble in the said Dialogue In Answer it is necessary to let you know that Mr. Impudence the then Objector did then as our present Dialogue-monger does now make no difference between a Fund of Land settled for the payment of 10000 l. presently as they understand it and 10000 l. to be an hundred years in paying it being in no sort equal or the same thing or of the same value as they fallaciously represent it and therefore it is thus express'd in the Rod for Fools Back Page 10th I would ask both Blockhead and Briscoe this one Question suppose they had 10000 l. to dispose of and here are two Offers made them one of 500 l. per Annum to be sold for such a Summ and another of 150 l. a Year to be Mortgaged for 150 Years the Profits whereof do plainly amount to 22500 at the end of the said Term and as so much ready Money according to their Notion is to be valued which of these two Offers will they let go their 10000 l. for No doubt they would think it an hard Bargain if they were forced to take the 150 l. per Annum for their Money though according to their own way of reckoning it will raise 22500 l. and on this score and for this Reason it was so exprest in the Bank Dialogue But to proceed with the Pamphlet in Hand Make out that Doctor says our nameless Libeller and you do your Work for I do not find any more than an 150 l. per Annum Security for 10000 l. page 2. I find this Jack Nubibus is not so very lucky as he thinks himself at Bantering ' or at making Objections or else he would have said That tho' the Office does not like a common Mortgage oblige the Subscriber to pay in all his 10000 l presently or on half a years notice yet other People will bring in the Bills and will expect either to have their Money presently paid at sight of the Bills or will not take the Bills because the Security of 150 l. per annum is not sufficient to answer for them presently which I take to be the weightiest Objection And yet take it which way you will it is not truly stated for as the Doctor hath now proposed it there is 3000 l. deposited in the Joynt Stock besides the 150 l. per annum to be Security for the 10000 l. and is very sufficient according to what Jo. Briscoe one of the Doctor 's principal Adversaries has affirmed in his answer to the Usurers Objection viz. But I propose a way to the Freeholder how he may have 1500 l. on 100 l. per annum for 3 l. per Cent. being no more than 45 l. per Cent. per Annum and that without any further charge and if he will sell his Estate after such Reduction of Interest he shall have 40 years Purchase for it for Land will be worth 40 years purchase if Interest be reduced to 3 l. per Cent. I fancy our Vsurer will not be able with all his Rhetorick to perswade the Freeholder that this is but an Imaginary and not a Real Improvement of his Estate and that he is never a whit the richer And the Methods by which he proposes the Reduction of Interest are by Bills of Credit which he confirms in all his Papers and particularly in his Queries at the end of the said quoted Print which he desires the Usurer to answer Query 2d If there be not Money in Specie sufficient for our Trade whether we must not make use of Credit to supply that Defect or must leave Trading And a little lower If Credit supplying the Defects of Money abates the Interest of Money why may not the Freeholders of England have a Credit upon their Lands as well as others upon their bare Notes without paying 6 l. per Cent. per Annum for the same Then I say Since it is fairly granted and indeed warranted by continual Practice that Bills of Credit can supply the

want of Money and that by giving out Bills of Credit to the value of 15 years Purchase on an Estate it will reduce Interest of Money to 3 l. per Cent. and consequently advance Land to 40 years Purchase it must by the same Rule of Reason follow that raising above treble the value in Credit on an Estate will lower Interest to 2 l. per Cent. and so advance Land to 60 years Purchase and then 150 l. per annum will be worth 9000 l. which with the 3000 l. in Stock makes 12000 l. which sure will pass for a very good Security for 10000 l. And at 40 years Purchase it will be worth 6000 l. which with the 3000 l. Stock makes 9000 l. And this comes something near the matter and 1000 l. extraordinary more than what such an Estate will yield may be allowed to be raised thereon as well as to trust any Man with 100 l. or 1000 l. on his bare Note only without other Security for that the Estate in time will certainly pay it off and in a few years bring it to the fore said Security of 9000 l. But the Personal Credit is very hazardous and hath often proved Fatal as many Gentlemen too well know by Woful Experience of several Banking Goldsmiths But suppose that every 10000 l. had 600 l. per annum tyed to make it good and such a Security I find would satisfie this Man of Censure and make him and all such scrupulous Objectors like him more Nice than Wise allow the Bills to pass for good and suppose too that they were to be bought all up at 100 l. a year are the Bills the better for that there is more Land tied to make them good since there will be still the same length of time before they will be all bought up as the 100 l. a year of the 600 l. will annually do And notwithstanding but 150 l. a year is tied and that the Office does want Moneys to exchange the Bills must the Estate be presently sold any more the sooner than if there were 600 l. a year to answer 10000 l. in which case it 's possible the Office on some emergent occasions may equally be under the same wants of ready Cash No certainly for the Bills will perform their Office of paying Debts as well then as before when there was Cash to exchange them and like a Gentleman's Rents the next Week or Quarter more Money comes in to supply that defect and it 's much better to know the utmost Credit that will be given out on an Estate and the certain times when it will be discharged than do as the other Banks that pretend to grant but 15 years Bills of Credit yet privately give out 2 or 300 years Credit without Notice Leave or Limitation By all which Premises it appears plainly I think that the Doctor 's proposed Security can answer fully as to length of time and otherwise also according to his Adversary Briscoe's Judgment on the account of raising a large Credit thereupon for that he proposeth to lend 500 l. more than any Scrivener or Usurer will commonly lend on 100 l. per annum It only remains to satisfie the World That the Bills shall be all answered with Ready Money and then this Dialogue is fully answered and its Malice will be of no force Let it then be considered that tho' 10000 l. be raised on 150 l. per annum yet not all at once and not till four years are compleated there being to be delivered out the first year but 1000 l. in Bills to circulate which besides other provision of Money 400 l. in specie is paid in by the Subscribers or some others for them a year after 1100 l. in Bills and 300 l. in specie paid in two years from thence 1200 l. in Bills and 200 l. in specie So then the Bills in all without the Money to exchange them will be 2400 l. And certainly 150 l. per annum will be full Security for so many Bills and 900 l. in specie sufficient to circulate 2400 l. in Bills which is more than other Banks have ever yet allowed In the mean time the Bills will be scattered all about in the Nation and in all probability will gain such a Reputation as may make them unquestionable for the future especially when it shall be known that many other great moneyed Persons as well as the Subscribers have assured the Doctor and his Managers That they will deposit all their Cash and order all their Rents and other Payments to be made and brought into this Office as now they do in Goldsmiths hands and take our Bills of Credit as now their Notes being satisfied with this consideration That tho' it should happen which is very unlikely that all the Cash should be exhausted at any time yet the Land is obliged annually to buy them up so that they shall not nor can be Losers And supposing the worst yet the Returns of the Joynt Stock in Trade together with the Rents of the Subscribers and others cannot let the Office be long out of Cash to answer the Bills The third year there will be above 3000 l. paid to the Subscriber but before that time the Joynt Stock will be in motion and as the Governours of the Stock pay away their Bills for Goods so they will agree to take the Bills again as readily as Money in specie for all their Goods as they trade in which will circulate the Bills as well as if they were changed for ready Money Besides the Subscribers agreeing to take them in Rents and Fines as well as all other Payments will encourage their Tenants to receive them so that Men need not trouble themselves always to go or send to the Office to exchange their Bills because there will be so many Persons scatter'd all over the Nation who will receive or change them as well as the Office Credit does always beget Credit or else how comes a young Goldsmith not worth above 500 l. in about three or four years if careful and exact in his Payments to be trusted with above 10000 l. and give out Bills to 4 or 5000 l. at least tho' never any Goldsmith did settle any Land or Fund for all this Money or Credit And thus he shall have a far better Credit than a Gentleman of 2000 l. a year in Land There can be no other Reason than that such Gentlemen mind their pleasures and spend their Money more profusely not caring to be so exact in their Times and Payments but think they may do Business at their leasure neither have they occasion to deal with so many Men of Business in the World or endeavour to increase their Estates as appears by so vast