Cattel for a thousand Years and will certainly if not remedied bring Lands to less than fourteen Years Purchase Land-Security formerly reputed the best Fund or Security in the Nation being now disregarded and Gentlemen of Estates how great soever are their Necessities cannot without very great Difficulty raise Money on Land-Security while some Mens Bills on a less substantial Fund pass currant in Payment as so much Money What may be said to solve this Riddle is That there was a Necessity for Money to carry on the War and no better way was then thought of for raising it and the Parliament chose rather to supply their Majesties by giving Encouragement to all those who would advance Money on the said Funds though thereby they impaired the Value of their own Estates than to subject their Lives Liberties Religion and all that is dearest to them to the Will of the French Monarch however I am not without Hopes if the Methods I have laid down shall be approved of and put in Practice that it will set us all again upon a right Basis their Majesties will be enabled to carry on the War with a yet greater Vigour than ever being so plentifully supplied with Money the Subjects will be easy under their Taxes Trade will encrease and flourish the Value of Lands will be inhanced and what may seem at first a Paradox the more Money any Persons shall advance to their Majesties the more they will have and the longer the War shall continue the richer will be the Subject I am not unsensible that by my writing on this Subject I shall create my self many Enemies such who propose to raise their Estates by making Merchandize of the Government and who care not if they hazard the Kingdom or ruin their Fellow-Subjects so they can enrich themselves I doubt not in the least but there are very many who have advanced Money on the late Funds who are Persons of publick Spirits and if their Majesties can be supplied with Money a better way and the Subject eased they will be as forward as any to encourage it And this Method I have proposed will not only supply their Majesties and ease the Subject but it will enable all the Nobility Gentry and others in the Kingdom who have any Encumbrances upon their Estates and who are even ground to pieces between their Creditors and the Taxes to clear their Estates to raise Portions for their Children and to lend their Majesties Money at easy Interest And as it lies in the Parliament's Power to help all the Freeholders in the Kingdom who are under any pinching Straits or Exigencies so Providence seems to concur in their Deliverance in making it the very Interest of the whole Nation to relieve them ALL Kingdoms and States being more or less opulent and potent as Trade and Industry is promoted and encouraged by them and no Nation being better situated for Trade than this Kingdom of England it is certain that nothing can hinder our being the most flourishing People in the Universe if our own Endeavours are not wanting to promote it Trade therefore being the only Medium whereby Riches can be conveyed to us we ought to exert the utmost of our Abilities to encourage it and to take care that nothing be done which may prove injurious much less destructive to it Now there having been greater Sums of Money required to carry on the War against France than could be raised on Lands Houses Personal Estates Poll-Money c. the Parliament have been necessitated for the enabling their Majesties to prosecute the same to raise Money by such new Methods as they thought would be least burdensom to Trade and most easy to the Subject such as are the Funds of the million-Million-Act lottery-Lottery-Act and Bank of England but though the Duties upon which such Funds are settled may not be very prejudicial to Trade yet it is to be feared that the great Encouragement given to those who advanced Money on these Funds will be very detrimental to Trade and injurious to the greatest Part of the Nation And because it may be reasonably supposed that those who have tasted the Sweetness of high Interest and other the like Advantages will endeavour the next Sessions of Parliament to promote the raising more Money by the same Methods I think my self obliged in Duty to their Majesties and for the preserving many Gentlemen and poor industrious Traders and their Families from Ruin occasion'd by the Scarcity of Money and high Interest to represent the many Evils that will unavoidably ensue the great Encouragements given such who advanced Money on the late Funds and then humbly to propose Ways by which the Parliament if they shall think fit may not only plentifully supply their Majesties with Money but how they may enrich the Subjects by the very Taxes which shall be raised upon them But before I enter upon it it may not be improper to make some few Remarks upon the aforesaid Acts. The Million-Act settles a Fund for ninety nine Years to pay an hundred Thousand Pound per annum for the first seven Years and seventy Thousand Pound per annum for the Residue of the ninety nine Years free of all Taxes to the Contributors of a Million of Money or their Nominees with Benefit of Survivorship until there shall be but seven Nominees living after which there shall be no more Benefit of Survivorship but upon the Death of any of the said Nominees such Nominees seventh Part shall revert to their Majesties their Heirs or Successors but in case the whole Million of Money were not advanced before the first Day of May 1693. upon Survivorship then any Person after the said first Day of May until the twenty ninth Day of September following should have fourteen Pound per Cent. per annum free of all Taxes for every hundred Pound paid in by him or her during the Life of such Nominee The lottery-Lottery-Act settles a Fund to pay an hundred and forty Thousand Pound per annum free of all Taxes to the Contributors of one Million of Money for sixteen Years to be divided among them according to their several Lots or Adventures The Act for the Bank of England settles a Fund to pay an hundred Thousand Pounds per annum for ever free of all Taxes to the Subscribers of twelve hundred Thousand Pound with this Reservation that if the twelve hundred Thousand Pound shall be repaid them at any time after the first Day of August Anno Dom. 1705. the yearly Payments of one hundred Thousand Pounds per annum from thence forward shall cease and determine Now that it may appear upon what Disadvantages to the Nation their Majesties are supplied with Money on these Funds I have hereunto subjoined exact Tables calculated for the more Exactness to the 20 th part of a Farthing showing in what term of Years the several Contributors or Adventurers will be repaid their whole Principal and Interest with Interest upon Interest after the rate
A DISCOURSE ON THE Late FUNDS of the million-Million-Act lottery-Lottery-Act and Bank of England SHEWING That they are Injurious to the Nobility and Gentry and Ruinous to the Trade of the Nation Together with PROPOSALS for the Supplying their Majesties with Money on easy Terms Exempting the Nobility Gentry c. from Taxes Enlarging their Yearly Estates and Enriching all the Subjects in the Kingdom Humbly offered and submitted to the Consideration of the Lords Spiritual and Temporal and Commons in Parliament assembled By J. B. London Printed in the Year MDCXCIV TO THE KING QUEENS Most Excellent Majesties May it please your Majesties THE present Enjoyment of our Religion and Liberty being wholly owing under Heaven to your Majesties and the Preservation of them having engaged your Majesties in an expensive War with the most powerful Enemy to the Religion and Prosperity of this Nation It is become the Duty of every particular Person as well as of the whole Body of the People to contribute his Endeavour for securing and perpetuating those inestimable Blessings This Consideration engaged me upon those Thoughts which I have digested in the following Treatise and now mâ—st humbly present to your Majesties Wherein I principally aim'd to furnish your Majesties with the Hearts and Purses of your Subjects by proposing such a Method for the Supply of your Majesties that it shall be their very Interest to support your Majesties and the Government whether in Peace or War It is the peculiar Felicity of our Constitution that makes this Design practicable only in England for no People under an Absolute or Arbitrary Government is capable of it and if my Zeal does not blind my Judgment I think I have laid a Foundation for this Nation 's Greatness and Riches which none of our Neighbours are capable of disturbing or arriving to themselves That your Majesties may long enjoy the Fruits of it and the Nation long enjoy the Happiness of your Government is the hearty Prayer of Your Majesties most obedient and most faithful Subject and Servant J. BRISCOE THE PREFACE WE generally suspect that Person to be in a declining Condition who pays extravagant Interest for Money to support his Credit or whose Bills or Notes under his Hand are refused to be discounted by monied Men unless for more than an ordinary Premium or Consideration and it cannot but trouble every true English Man who hath any Esteem for his Country to see the Nation not inferiour in Riches to any in Europe treated like a Bankrupt the Nation 's Bills if I may so call Exchequer Tallies Debenters and Sea-mens Tickets sign'd by their Majesties Commissioners being less esteem'd than a Note under the Hand of an ordinary Tradesman to the no small Diminution of the Honour of the Nation and the great Discouragement of our English Sea-men who hazard their Lives in Defence of their Country and their Majesties are obliged to pay Extortion for almost every thing they buy and none for that Reason will trust the Publick but upon the Prospect of most extravagant Profit and Advantage And if we would enter into the Account of it do not these Losses fall upon the Nation If their Majesties must pay three Millions for what might be bought with ready Money for two Millions must not the Nation pay one Million in three extraordinary out of their Estates more than is necessary for want of taking other and better Measures The War it self must needs be very expensive and ought we not then to exercise all the good Husbandry we can to make the Taxes as easy as may be to the Subject Was there ever so great a Complaint of the Scarcity of Money as now there is It would be endless to show the many Hardships and Pressures which many of the Subjects labour under all which is charg'd to the Account of the Government as if their Majesties were the Occasion of them when the real Causes proceed from our selves as will appear in the ensuing Treatise A most unworthy and disingenuous Requital to their Majesties who have been the Instruments under God to restore our expiring Liberties when we had scarce any thing left of our antient Rights I must confess I do not delight to think of these things but heartily wish all were buried in Oblivion could it be and we not forget who were our Restorers It is therefore my Duty to do their Majesties that Right as to let the Subjects know where a great part of the Money goes which they pay for the Vse of their Majesties and that their Majesties have the least part of it to carry on the War And therefore if any of the Subjects be grieved it is fit they should be acquainted that their Pressures if any are upon them proceed not so much from the Taxes as from other Causes which if not removed will in a few Years ruin the Kingdom I have it 's true declared my Opinion against the Manner of raising Money upon the late Funds I mean of the million-Million-Act lottery-Lottery-Act and Bank of England and I believe when my Arguments are well weighed it will appear not to be without Reason I doubt few have entred into the Account of it but whoever lives but a few Years will find them if some other Methods are not taken to prevent it like a Canker which will eat up the Gentlemens Estates in Land and beggar the Trading Part of the Nation and bring all the Subjects in England to be the monied Mens Vassals Some probably may think I am for destroying the Settlements made on those Funds wherein the Parliament have been pleased to invest the several Contributors with a Property whereas I am not for destroying them but for preventing their destroying others and am content that they continue till Time wears them out so that a Stop be put to the raising more Money after the like manner so pernicious to the whole Nation and therefore I hope none need to be offended if I lay before the Great Council of the Kingdom the many Evils that of Necessity do and will attend the great Encouragements given those who advanced Money on the said Funds which are already too visible nor that it will be look'd upon as a Presumption in me if I humbly propose to their great Judgments other Methods of raising Money for the future so far from being grievous that they will be for the Ease Satisfaction and Advantage of the Subject It is likely that some may wonder that the Parliament should pass the said Acts seeing they ever had a very great Regard to keep up the Value of their Lands and for the sake of which they were pleased to prohibit the importing of Irish Cattel which some are of Opinion was no small Advantage to the trading Part of the Nation whereas if it be well examin'd it will appear that the Encouragement given to Persons to advance Money on the said Funds will be more ruinous to Gentlemens Estates than would have been the bringing in Irish
given to the Contributors to the late Funds which is in effect a creating a new sort of Purchases much more advantageous than Land will certainly bring Land to 12 or 14 Years purchase if not less For Men will hardly be prevailed with to keep much less to purchase Estates in Land by which they cannot have 4 l. per Cent. per Annum for their Money when they can buy a perpetual Rent-charge on the Crown as in the Bank of England which will bring them in above 8 l. per Cent. per Annum clear of all Taxes besides the other proposed Advantages For admit any Person hath 50 l. per Annum Estate in Land the Taxes of 4 s. in the Pound Charges for finding Arms Trophy-Money c. swallow up 11 or 12 l. per Annum by which means the Owner hath not above 38 or 39 l. per Annum at most clear to himself if therefore he sells his Land but at 12 Years purchase it will yield him 600 l. with which he may purchase 50 l. per Annum in the Bank free of all Taxes which is 11 or 12 l. per Annum more than he could receive out of his Estate during the War and as much as his Estate will bring him in in time of Peace besides his Interest in the aforementioned Advantages And who will not choose to have the Bank-Bills rather than Land at 20 Years Purchase if they go current with 3 l. per cent per annum Interest which is almost as much as his Lands will bring him in the Bank-Bills being so much more preferable than Land as they are always as so much ready Money by a Man to answer any present Occasions while the Land like a Drug lies on his Hands upon which he is not able to raise half the Value unless he sells it out-right which he cannot do without great Expence of Time and Money in examining Titles drawing Conveyances levying Fines c. Far better had it been for the Gentlemen whose Estates are in Land to have paid half their yearly Incomes in Taxes since that would have pinch'd them only for the present during the War and by retrenching their Expences they might have preserv'd their Estates which if notwithstanding they had been necessitated to sell they might have had as many Years Purchase within a Year or two as they could have had before the Taxes were laid upon them the Purchasers knowing these Taxes will not last always But now perpetual Rent-Charges if I may so call them being to be bought so far more advantageous than Land and the Bank-Bills being so profitable and for the Reasons aforesaid more eligible than Land it cannot be expected if the War were ended that Land should sell for 18 much less for 20 Years Purchase when a Man at the same time may buy a perpetual Income from the Crown free from Taxes for 12 Years Purchase Object But it may be objected that there are not any Estates in Land to be sold at such low Rates as 12 or 14 Years Purchase as hath been suggested Answ I grant it for tho there are many Estates to be sold and never more than at this time those who have lent Money upon Gentlemens Estates calling it in to advance upon some of these late Funds yet Persons are very loth to part with their Estates at an Undervalue tho part with them they must such whose Estates are in Mortgage and if they cannot sell their Estates for what they would they must sell them for what they can get or else must expect to be ejected or barr'd of the Equity of Redemption Besides these Funds being as yet but Novelties every one is not ready to embarque in them but when People once find that when they go to the Exchequer or to the Bank they have their Annuities or Interest-Money paid them punctually every half Year upon Demand without any farther Trouble or Defalcation for Taxes it will quickly cause them to disesteem Land with which they meet with so much Trouble and upon which are so may Taxes and therefore it is not rational to take our Measures from the present Value of Lands but rather from the Value we may reasonably suppose Lands will come to be sold for when Gentlemen whose Estates are mortgaged are under a Force and absolute Necessity of selling their Estates and when Persons are a little better acquainted with and reconciled to these new sorts of Purchases Object I shall answer one Objection more no less frivolous than common viz. That the Money paid in on these Funds will circulate Answ I grant it does circulate for Money is made to pass from one to another in Payment but does it circulate into the Tradesman's Stock again out of which it was taken so as to enable him to drive as great a Trade as formerly before he lessen'd his Stock by advancing his Money upon these Funds Is the poor Trader relieved thereby who was forc'd to draw his Money out of his Trade to satisfy his Creditors Is the Gentleman whose Estate is mortgaged any thing the better for this Circulation or is the Interest of Money lower'd thereby or does it not rather in time circulate into the Pockets it came out of as I have already shown it does Much might be said of the Bank of England in particular as they are a Body of Men incorporated by their Majesties and confirm'd by Parliament And I cannot but take notice of the prudent Foresight of our Legislators who wisely provided against the Danger of creating so great a Body without fit Bounds and Limitations and did therefore prohibit the Bank to buy sell or trade in any Goods or Merchandize that so the Subject might not be oppress'd by their monopolizing with their commanding Stock but yet I find they are enabled to purchase and enjoy to them and their Successors Lands Rents Tenements and Hereditaments of what Nature or Quality soever Crown-Lands excepted without any such Limitation as is usual in other Charters and if by the Statute of Mortmain 15 Rich. 2. all petty Corporations of Cities Towns or Boroughs which have a perpetual Commonalty were prohibited to purchase Lands because they have perpetual Succession I doubt not but the Parliament if they shall think fit to continue the Corporation of the Bank for a longer time than eleven Years will be pleased to put them under some Limitations in respect of Purchases For suppose this Bank have never no other Fund or Revenue settled upon them upon their advancing more Money to their Majesties which without doubt they have an eye to and those who enter not into the Account of it may think it will be no small Advantage to their Majesties and the Kingdom to have such a Bank ready at any time to assist their Majesties with Money upon any extraordinary occasions the Bank with the 100000 l. per Annum already settled upon them if it be continued to them and their Successors for 60 Years may divide 5 l.
and Bills of Credit advanced upon the Security of them in order as they were entred in the General Register without preference or otherwise 22 d. That any Person or Persons after their Estate or Estates shall be settled six Months may have what Bills of Credit they please for their own proper Use or Uses not exceeding 20 Years purchase of the present Yearly value of their Estates paying the Commissioners and Directors for each 100 l. value in Bills of Credit to be kept for their own proper Use or Uses 10 s. per Annum for the Charges which the said Commissioners and Directors must necessarily be at in issuing out and renewing the Bills of Credit and towards the Payment of Salaries to Servants and all other their Charges whatsoever 23 d. That any Person or Persons after their Estate or Estates shall have been settled six Months may have what Bills of Credit they please on their own proper Accounts not exceeding 20 Years purchase of the present Yearly value of their Estates paying the Commissioners and Directors any of the following Annuities according to the several Terms of Years next and immediately herein after set down That is to say For an Annuity of 50 Years 2 l. 10 s. 40 Years 3 l. s. 33.4 Months 3 l. 10 s. 25 Years 4 l. 10 s. 20 Years 5 l. 10 s. 16 Years 6 l. 15 s. 13.4 Months 8 l. s. 10 Years 10 l. 10 s. per Cent. per Annum and no more for each and every 100 l. value in Bills of Credit issued out by the Commissioners and Directors to him or them for his or their own proper Use or Uses 10 s. per cent per annum part of the said Annuities to be paid to the said Commissioners and Directors for their Charges to be equally divided among them and with the Remainder or Residue of the said Annuities the said Commissioners and Directors shall discharge and cancel Bills of Credit for part of the Principal until all and every part of the Principal shall be paid and the Bills of Credit issued out thereupon cancelled 24 th That any Person or Persons who shall have or receive any of the said Bills of Credit may renew them once in every Calendar-Month without Fee or Reward 25 th That any Person or Persons who shall renew any Bill or Bills of Credit may have as many Bills of Credit as they please for any Bill of Credit of the like value but no Bill of Credit is to be made for a less value than 5 l. 26 th That any Commissioner or Director who shall directly or indirectly take any greater Premium Consideration or Reward for doing their Duties enjoined them by this Act he or they shall be suspended from their Place or Places until the next Session of Parliament 27 th That the Commissioners and Directors shall cause a compleat Ballance of their Books to be drawn up every Year in the Month of August unto the first Day of the said Month to be subject to the Inspection of a Committee or Committees of the Lords or Commons in Parliament 28th That every Commissioner or Director who shall issue out Bills of Credit upon the Security of any Estate to a greater value than 20 Years purchase of such Estate as the same shall be sworn to be worth by two or more credible Witnesses or shall issue out Bills of Credit for the Security of which no Estate shall be first settled or shall lend or advance to their Majesties any Bills of Credit otherwise than upon a Parliamentary Fund and by the Consent and Authority of Parliament shall incur and suffer the Pains and Penalties of High-Treason 29 th That it shall be High-Treason to counterfeit any of the said Bills or to offer them in Payment knowing the same to be counterfeited Having thus finished my Proposals I shall mention something of those many great Advantages which their Majesties and the whole Nation will reap by this proposed Method First Their Majesties will be plentifully supplied with Money on much easier Terms and far greater Sums might have been raised on the million-Million-Act lottery-Lottery-Act and Bank of England by this proposed Method than were raised by the said Funds by the late Methods and the like may be done on any future Fund and the more Money any Fund raises the fewer Funds will need to be settled and consequently the Nation will be less burdened Secondly It will certainly unite their Majesties and the People and engage them inseparaâ—ly in each other's Interest Thirdly These proposed Bills of Credit being a new Species of Money and to all Intents and Purposes as useful as Money it will be as it were an introducing of so many more fresh monied Men into the Kingdom with several Millions of Money more than was before for the Supply of their Majesties and will answer all Occasions as the bringing in so many Millions of Money into the Nation would or could have done Fourthly Money naturally begetting Money every Million value in these Bills of Credit will produce as much Profit as a Million of Money and if employed in Trade and but 6 l. per cent per annum got by it each Million value in Bills of Credit issued out upon the Security of Gentlemens Estates will bring in 60000 l. per annum Profit every Year to the Nation Fifthly It will keep great Sums in the Nation that otherwise will be sent out of the Nation for Interest and will enable us to lend who are now forced to borrow of others Sixthly It will animate our Merchants and set them upon the same Level in respect of Trade with our Neighbours Seventhly It will encourage all Artificers and Handicrafts and bring new Manufactures into the Kingdom which cannot now be wrought here by reason of high Interest and set all our Poor at work many Thousands of whom are now in a starving Condition for want of Employment and it will turn the Genius of the Subjects into the right Channel again by putting them upon the improving their Money in Trade Eighthly It will ease all the Nobility and Gentry from Taxes who shall advance Bills of Credit to their Majesties upon the Security of their Estates and will add 50 or 60 l. per annum to every 100 l. per annum of their present Estates Ninthly Gentlemen will have an Opportunity of improving their Estates by building repairing planting draining or watering their Lands who are not now able to do it by reason of Scarcity of Money and high Interest by which means many thousand People who are now chargeable to the Parishes will be employed in all the several Parts of this Kingdom Tenthly It will enable all such whose Estates are mortgaged or otherwise engaged to clear their Estates from Incumbrances and those may have Bills of Credit upon the Security of their own Estates for 10 s. per Cent. per annum as in Proposal 22 who now pay 5 6 or 7 l. per Cent. per annum
Settlements whether that Consideration ought to be any Hindrance to the Settlement of Estates by my proposed Method which I will prove will be above 100 Millions in value Advantage to the Estates of the Kingdom And whether the Nation had not better make good the Loss of such particular Persons if any should be than to lose those great Advantages that will arise by these proposed Settlements Vide Queries 17 18. Q. 16. If the Money advanced on the late Funds had been raised by my proposed Method whether the Subjects would not have saved much more than can be lost by undue Settlements Vide the Tables and their Uses in pag. 32 to 40. Q. 17. If a Man can at any time take up the Value of 20 Years Purchase in Bills of Credit upon his Estate and may therewith clear his Estate and provide for his Children and sink but one tenth Part of his Yearly Income for the Use and Benefit of the same or if a Man can advance such Bills of Credit to their Majesties upon the Security of a Parliamentary Fund and be exempted from Taxes and have 50 or 60 l. per annum added to every 100 l. per annum Estate he hath whether Estates in Land will not be worth 40 or 50 Years Purchase Vide Proposals 17 19 20 22 23. and the Tables in pag. 32 to 37. Q. 18. If a Man can buy a perpetual Rent-Charge of the Crown free from Taxes for 12 Years Purchase and can take up any Sum less than the Capital or purchase Money at an Hour's warning for 5 or 6 l. per cent per annum Interest and pay it in again whensoever he pleases or if he can have 60 l. 16 s. 8 d. per annum Interest for 2000 l. value in Bank-Bills and have in effect 2000 l. always lying by him whether any Man will give 20 Years Purchase for Land loaded every Year with Taxes and upon which he cannot without great Charge loss of Time and Difficulty take up one half of the Purchase-Money paid by him for his Estate Q. 19. If any Person should settle an Estate to which he hath no Right and shall take Bills of Credit to the Value of 20 Years Purchase upon the Credit of such Estate whether the remaining Part or Fee of the Estate will not be worth much more to the Right-owner than the whole Estate will be worth if no such Settlement be made Vide Query 17. Proposal 7. Q. 20. Whether a Trustee or Guardian who is not now able to sell will be able to settle the Estate of any Orphan or other Person of whom he hath the Care or Guardianship if an Act of Parliament should pass for these Settlements And whether such Trustee or Guardian will not be as accountable for his Trust in case this Act should pass as he now is before the passing such Act Vide Prop. 7. Q. 21. Whether the Ruining our Trade the Impoverishing the Nobility and Gentry the Burdening the Subjects with Funds the Bringing Land to 14 Years Purchase the Flinging the Money and the Estates of the Kingdom into a few or into unsafe Hands the Carrying the Money out of the Kingdom to pay the Interest for Money advanced by Foreigners on the late Funds will not be of far worse consequence and more mischievous to their Majesties and the Kingdom than can be all the undue Settlements which we can reasonably imagin or suppose may possibly be made Q. 22. Whether the exempting the Nobility and Gentry from Taxes and making their Estates much more valuable enlarging their Yearly Incomes enabling them to clear their Estates and to raise Portions for their Children the encreasing Trade Navigation and Building of Ships the setting to work Handicrasts Artificers and all the idle Hands in the Kingdom the bringing new Manufactures into the Nation the burdening the Subjects with fewer Funds will not be an Ease to the Subjects enrich the Nobility and Gentry and make the Nation vastly rich by our great Trade to foreign Parts and be a most unspeakable Obligation to the Nobility and Gentry and all the Subjects in the Kingdom And whether it will not river them not only in Interest but in Affection to their Majesties Vide the Tables and their Uses pag. 32 to 40. POSTSCRIPT SOmetime after I had drawn up my Proposals in order to present them to the Parliament which is now about three Months ago and since I have been printing them I have been several times caution'd not to publish or propose any thing to the Parliament that might be opposite to the Interest of the Bank of England for if I did I must not expect to succeed because the Gentlemen of the Bank had a very great Interest in the Parliament and would be too hard for me And another told me that they would certainly cross-bite me to which I replied that it was no hard matter to foil me but that the Controversy if any were would not be between the Bank and me but between the Nobility Gentry and Free-holders of England who were almost ruin'd with those Funds and the Bank and therefore I was not sollicitous about it having also such an Opinion of many Members of the Bank that I did not doubt but they would have preferr'd the publick Good of the Kingdom before any little narrow Interest of their own insomuch that the Person whom I first pitch'd upon to show my Scheme to for his Approbation is one of the Members of the Bank and none of the meanest of them but he being at a considerable distance in the Country prevented me And sometime since a Friend of mine whose Name I shall not mention proposed to bring the Deputy-Governour of the Bank and me together telling me I was a thinking Man and that it might be for my advantage to be acquainted with the Deputy-Governour I thank'd my Friend but altho I have a great Respect for the Deputy-Governour as being a very deserving Person yet for some Reasons did not close with his Offer however they have as they call it cross-bit me and I resolve to let the Parliament and the Gentlemen of the Kingdom know so and that these Acts of Grace lately publish'd by the Directors of the Bank were not design'd in kindness to them but to render ineffectual what I had to propose to the Parliament for having in the Preface to my Discourse on the late Funds mentioned how destructive these Funds are to Trade and that Exchequer-Tallies Debenters and Sea-mens Tickets sign'd by their Majesties Commissioners were less esteemed than a Note under the Hand of an ordinary Tradesman to the great diminution of the Honour of the Nation these Gentlemen publish'd an Order in the Gazette dated the 3 d and 10 th of September last That all Persons who have Tallies and Orders on Funds c. which are not remote may have Money for them without any Allowance together with all past Interest to the day on which they were brought and
that Foreign Bills of Exchange will be discounted after the rate of 4 l. 10 s. per Cent. per Annum This was but a small Bite but whereas in Pag. 18 19 20. and in several parts of my Treatise I set forth the sad Condition of the Gentlemen as well as the trading part of the Nation occasion'd by the late Funds and that Gentlemen whose Estates are in Mortgage are called upon for the Money and know not how to raise it and are therefore ejected out of their Estates and barr'd of the Equity of Redemption and in my Manuscript had introduced the Gentlemen laying these their Grievances before the Parliament which I omitted printing for fear of being too tedious The Directors of the Bank being conscious of the Truth of what I had writ and supposing it might put the Parliament out of Humour with them to cross-bite me for I shall not forget that Expression publish'd the following Order in the Gazette of the first Instant The Court of the Directors of the Bank of England give notice That after the first day of January next when they have paid into the Exchequer the Remainder of the 1200000 l. subscribed they will lend Money on Mortgages and real Securities at 5 l. per Cent. per Annum And I doubt not but they will publish the same in Monday's Gazette again being the day before the Parliament meets for there is nothing like to timing of Business especially when they know so dangerous a thing as my Treatise and Proposals is to come before the Parliament And I hope they will bite me again and offer the Parliament when they meet to furnish their Majesties with their Bank-Bills for 5 l. per Cent. too But that which is one of their Master-pieces is one of their Bylaws concluded yesterday Novem. the 2d at a General Court Which because every one may not understand the meaning of I shall unfold it The Gentlemen of the Bank knowing my Proposals to be so just and reasonable and for the great Advantage not only of their Majesties but of all the Subjects in the Kingdom they feared that the Parliament would be ready to receive my Proposals which they supposed would endanger the Bank this it seems put them upon considering how to bassle my Design They could not object against my proposed Fund for that would have brought an old House upon their Heads to maintain that a Fund payable out of the Excise is more valuable than a Fund settled upon the security of Gentlemens Freehold Estates nor could they therefore maintain that any Man might be injured by taking these proposed Bills of Credit secured by such a Fund it was also no less evident that it is better for the Nation to have their Majesties supplied with Money at 3 l. per cent per annum who do now pay the Bank above 8 l. per cent per annum and that there would be occasion for fewer Funds and that it must needs be a great Ease and Satisfaction to the Nobility and Gentry to be excused from Taxes and to have a considerable Addition to their yearly Estates nor can they deny but many a poor Soul would be relieved by this proposed Method whose Estates are intangled and who between the Taxes and Interest-Money are reduced to such straits that they even want Bread for their Families nor is it less obvious that there are many who are pinch'd in their Fortunes and cannot spare their Children any thing while they live but are forc'd to turn them adrift into the World without a penny to help themseves that by my proposed Method would be enabled to provide for their Children plentifully with a very small dimunition of their yearly Estates and they must be forc'd to acknowledg that it will be a great encouragement for Merchants and Traders to have Money to trade with at 3 l. per cent per annum and that the Trade of the Kingdom would be very much enlarged thereby Well what Arguments will they use with the Parliament against my Proposals why say they we will acquaint the Parliament that these Proposals are not practicable for the Nation will be so pester'd with these Bills of Credit that we shall have more of them than we know what to do with but this say they he hath unluckily answered which I shall give in the words of my Manuscript having varied some thing from it in my printed Book viz. The Bank of England is not limited to any Sum but may issue out Bank-Bills for 50 Millions if they please for which the Nation hath only a personal Security of whom several are Foreigners and consequently the Subjects may be losers whereas no Bills of Credit can be issued out until a sufficient Security out of Gentlemens real Estates be first settled Yes say they but there we have cross-bit him again by our Order or By-law at the last General Court held at Grocers-Hall the 2 d of this Instant November viz. That the Governour Deputy Governour and Directors shall not borrow under the Common Seal any Sum exceeding in the whole 1200000 l. upon the Penalty of 1000 l. c. And now I hope I have unriddled and shown the meaning of that Order or By-law which doubtless made many thinking Men at a stand to know the meaning of it so that our mighty Bank that is to help their Majesties with I know not what great Sums and to furnish all the Gentlemen in England with Money upon the Security of their Estates at 5 l. per cent per annum and to set up a Lumber to lend Merchants and Tradesmen Money upon their Goods and to perform I know not what other extraordinary Feats and supply the defect of many Millions of Money for to serve a turn and to cross-bite me are contented to dwindle for the present into a little diminutive Bank of 1200000 l. Well Gentlemen but cannot those who made those Orders when their turn is served and that they have thereby baffled my Proposals break those Orders again for great and weighty Reasons but I hope the Parliament will not suffer themselves and the Nation to be cross-bit tho the Gentlemen may use their pleasure with me What I have proposed is for the good of the whole Kingdom it lies in the Parliaments Power if they please and I cannot but hope they will to make this the most flourishing Kingdom and the Subjects the most happy People in the Universe to whose great Wisdom I have humbly submitted my Proposals and withal this as an undoubted Maxim That nothing can be more Fatal to any Government than to discountenance and cross-bite those who make it their Study to promote the Good and Welfare of it But I am well satisfied I shall meet with no such evil Treatment from their Majesties or the Parliament FINIS The CONTENTS NO Nation better situated for Trade than England page 5. Trade the Medium to convey Riches to a Nation ibid. The Parliament necessitated to raise Money on the late Funds ibid. The Encouragement given to those who raised Money on the late Funds detrimental to Trade and injurious to the Nation ibid. Remarks on the million-Million-Act lottery-Lottery-Act and Bank of England p. 6. Table of the million-Million-Act p. 7 to 9. Table of the lottery-Lottery-Act p. 9. Table of the Bank of England p. 10 11. Application of the Tables p. 12. The many Evils that attend the raising Money on the late Funds p. 13. It is ruinous to Trade p. 14 to 16. Objections answered p. 16 17. The late Funds a Means to carry the Money out of the Kingdom p. 17. They abate the Value of Lands p. 18. Bank-Bills preferred before Land p. 19. Objections answered p. 19 20. The Bank of England may get all the Money of the Kingdom into their Hands p. 21. May purchase Gentlemens Estates at their own Rates ibid. Objections answered p. 22. The Proposals from p. 23 to 30. Advantages their Majesties and the Subjects will reap by these Proposals p. 30 31. Four Tables of Interest and Annuities p. 32 to 34. Use of the Tables p. 36 to 38. Objections answered p. 38 to 46. Several Queries p. 46 to 51. Postscript p. 52. Errata Pag. 24. lin 2 3. for Proportions read Proprietors p. 30. l. 24. f. inseparately read 〈…〉 the Title of the 2d Table l. 2. take away the Semicolon after Million
after the Contributors shall be repaid the whole advanced Million with Interest and Interest upon Interest as aforesaid which amounts to 1129174 l. 5 s. 2 d. so much being given for an Encouragement to advance one Million of Money for 16 Years The Bank of England if not redeemed by Parliament at the 11 Years end will be the most detrimental of all the three as hereafter will more plainly appear For supposing the Contributors to the Bank should pay the whole 1200000 Pounds they have subscribed in to the Bank they will be repaid the whole 1200000 l. and Interest with Interest upon Interest in less than nineteen Years and then the Nation must notwithstanding pay them 100000 l. per annum for ever although the full Principal and Interest with Interest upon Interest is paid However we will suppose it were to terminate at 60 Years End for so far I have traced it the Contributors will receive almost 14 Millions more than their Principal and Interest with Interest upon Interest a most prodigious Sum for advancing 1200000 Pounds besides those many Advantages in discounting Merchants Bills Exchequer-Tallies c. Having thus shewn the Advantages the Contributors will receive for advancing their Money on these Funds I now come to shew the many Evils that unavoidably attend the raising Money by those Methods And here I might take notice how the monied Men are enrich'd by the Ruines of the poor and industrious Traders how Gentlemen whose Estates are in Land are pressed with Taxes while the monied Men are in a manner Tax-free the Landed-man paying more Taxes to their Majesties out of an Estate of 100 l. per annum than the monied Men do for 10000 l. in Money what they advance on those Funds being excused from Taxes by Act of Parliament notwithstanding they receive more Profit by 1000 Pounds in Money than a Gentleman can receive out of an Estate in Land worth 3000 Pounds as I doubt not but to make appear I might also have shown how landed Gentlemen and the poor industrious Tradesmen raise Money not only to carry on the War but to enrich those who advance Money on these Funds they having no small Part of the Money raised as appears by the foregoing Tables I might also take notice of the extraordinary Advantages given to monied Men such as putting a Person into a Capacity for 500 l. or less to receive from 100 l. per annum to 10000 l. per annum Annuity as in the Million-Act and for 10 Pounds to have from 10 Pounds per annum to 1000 Pounds per annum as in the Lottery-Act But I shall wave these because if this had been all the Grievance the Evil had been the less in regard the Nation would have been never the poorer but only one Subject enrich'd by the Spoils of another but I will prove that this new Method of raising Money endangers the Nation it self and that in divers Respects First It will most certainly ruine our Trade without which the Nation cannot long subsist much less be able to maintain a War Secondly It will be a Means to carry out our Wealth and thereby will impoverish the Kingdom Thirdly It will ruine many Gentlemen of Estates and bring Land to 12 or 14 Years Purchase That these Funds will ruine our Trade I prove by these Arguments Whatsoever draws the Money out of Trade or impairs the Credit of Traders must necessarily be very injurious if not destructive to Trade because no Trade can be managed without Money or Credit but these Funds do draw the Money out of Trade and impair the Credit of Traders and consequently are very injurious if not destructive to Trade My first Proposition all Men must grant I shall therefore apply my self to prove the second Proposition viz. That these Funds draw the Money out of Trade and impair the Credit of Traders To prove which I shall consider Traders as trading with their own Stocks or borrowing Money at Interest to drive their Trades To begin therefore with such who trade with their own Stocks Before these Encouragements were given to those who advanced Money on these late Funds our Merchants and considerable Traders if they could get 12 or 14 per cent per annum clear for every 100 Pounds they had in Stock were well contented thinking themselves sufficiently rewarded for their Pains and Industry not knowing any other way wherein to employ their Money to the like Advantage but these late Funds have diverted that Humour and turn'd their Genius from Trade quite another way for whereas formerly a great Part of their Time was taken up in contriving how to improve their Money to the best Advantage in the way of their Trade and to provide for their Families by an honest Industry now almost their whole Discourse is of Lottery-Tickets Annuities Bank-Bills c. and in contriving how they may draw their Money out of Trade to put it in upon some of these late Funds upon the Prospect of the great Advantages they are capable of receiving thereby beyond what they can expect to gain by their Trade and that also free from Taxes Now although their Majesties have been supplied with Money by these Means yet the greatest Part of the Money so advanced being drawn out of Trade must necessarily impair and lessen the Trade of the Nation for want of sufficient Stock to carry it on which will more plainly appear if we cast our Eye upon the poor industrious Traders who not having Stock enough of their own wherewith to drive their Trades having been forc'd to borrow Money at Interest to supply that Defect their Creditors who formerly not being able otherwise to dispose of their Money courted them to take their Money at easy Interest knowing them to be Honest and Careful in their Business now call in their Money alledging they can make 10 15 or 20 l. per Cent. per annum by lending it to the Government or by paying it in upon these Funds which sudden Demands the poor Tradesmen being unable to comply with they are forc'd to pacify their Creditors with Promises of larger Interest But the poor Men not being able to drive their Trades on such disadvantageous Terms and to provide for their Families are forc'd to leave off their Trades and get in their Money to pay off their Creditors and betake themselves to some other Employments for their Livelyhoods or else they sink under their Burdens being no longer able to bear the Pressures of them I come now to show how Injurious these Funds are to our Foreign Trade the Preservation whereof is of no small Import to the Nation for that being once Lost is not easily Regained and that these Funds are Injurious to our Foreign Trade I prove by these Arguments Those Merchants who can sell their Commodities cheapest at any Foreign Markets may Engross to themselves the Trade of those Foreign Parts those who pay a less Interest for Money as supposing 3 or 4 per Cent. per
Annum can sell their Commodities cheaper than those who pay a greater Interest viz. 8 or 10 per Cent. per Annum but some of our Neighbours pay no more than 3 or 4 per Cent. per Annum for Interest and our English Merchants must pay 8 or 10 per Cent. per Annum for Interest and consequently those our Neighbours may Engross to themselves the Trade of those Foreign Parts The Truth of these Propositions are so obvious that I need not bring any Proof to corroborate them but I shall only illustrate them by one plain Instance viz. I suppose none will deny that Interest of Money in Holland is not above 3 or at highest 4 per Cent. per Annum and any Dutch Merchants may have what Money they please on those Terms now how is it possible for our English Merchants who must pay almost 3 times the Interest for Money to sell their Commodities so cheap as the Dutch Merchants for suppose a Dutch Merchant takes up Money at Interest and therewith trades to Turkey or to any other Part where our English Merchants trade if the Dutch Merchant makes 20 or 25 per Cent. Profit of his Money and hath his Returns in a Year or tâ—â— he is well satisfied with his Gain and continues on his Trade having 12 or 14 or 16 per Cent. Profit more than his Interest but if our English Merchant makes but 20 or 25 per Cent. Profit in the like time the great Interest he must pay will swallow up almost his whole Profit leaving him little or nothing for his Adventure Now this in process of Time will dishearten our Merchants discourage Navigation ruin our Trade and will leave it in the Hand of those who can trade with less Disadvantages than we can and who having once got the Trade in their Hand will not easily part with it Object If any Object that there is not such scarcity of Money among Merchants or Traders as I have set forth neither do they give such high Interest for Money as 8 or 10 per Cent. per Annum Answ I Answer the scarcity of Money and the great Complaints of all sorts of Traders for want of Money since it hath been drawn out of Trade to advance on the late Funds is a Truth too well known to be denied and that our Merchants and other Traders must pay 8 or 10 per Cent. per Annum Interest for Money if they want it is as demonstrable for admit a Trader must take up Money at Interest can it be reasonably supposed that any Man will lend his Money for 5 or 6 per Cent. per Annum when he can make 8 or 10 per Cent. per Annum by advancing it on these Funds or can it be thought that Persons will continue their Money in Tradesmens hands at the usual Interest when they can have almost double the Interest by lending it to the Government especially when they come to be well satisfied that what they advance on the said Funds is safe and secure Object But a great part of the Money was advanced by such who had plenty of Money and did not employ it in Trade and not by Tradesmen Answ That very many Traders paid in large Sums of Money from 1000 to 10000 l. apiece cannot be denied by any who have seen the Lists of the Names of the Contributors to the several Funds and the Money advanced by those who had no Trade was notwithstanding taken out of Trade as being drawn out of Tradesmens hands to whom such Money was lent as hath been already set forth Object But many of our Merchants trade with their own Stocks and have no occasion to take up Money at Interest Answ This amounts to one and the same thing for if our Merchants can get as much by advancing their Money on these Funds as they can by Trading abroad can we think they will be so imprudent to venture their Estates to Foreign Parts out of their Reach and subject to so many Risques as Dishonesty or Insolvency of Factors hazard of the Sea and danger of the Enemy At the best it cannot be supposed they will employ so much of their Estates in Trade as they would have done had they not had this Opportunity of making such considerable Advantages of their Money at home by paying it in on these Funds and no doubt when they have found the Sweet of it they will draw the remainder of their Estates out of Trade in expectation of the like opportunity if the Parliament shall think fit to raise more Money by the like Methods I come in the next place to show that the great Encouragements given to Persons to advance Money on the late Funds will be a means to carry out our Wealth and thereby will impoverish the Kingdom I need not form any Arguments to prove this Assertion those who know what high Interest is must acknowledg it is generally destructive to those who pay it but is a certain Profit to such who receive it and there being leave given to all Foreigners to advance Money on the said Funds and very considerable Sums as I have been inform'd being remitted from Foreign Parts and paid in by Foreigners for that purpose it cannot be expected but the Interest of such Money must be sent out of the Nation every Year as it grows due which in 16 Years will be above 330 l. for every 100 l. advanced by them on the Lottery Act and above 3000 l. for every 100 in 60 Years time for all they pay into the Bank of England besides their Parts or Shares in the great Advantages that will be made by discounting Bills Exchequer-Tallies c. And if that Maxim holds true as it must and does in this present case That the Wealth of a Nation is greater or lesser in Proportion according as its Imports and Exports do more or less exceed each other I am sure the great Sums that must be sent over yearly for the Interest of Money advanced by Foreigners from abroad must in time beggar the Nation since we receive nothing again in return for what is so sent out and if it be an Evil as it really is to enrich a few of our own Subjects by the ruin of the far greater Part I am sure à fortiori it is a much greater Mischief for us to enrich Foreigners by the Spoils of our English Subjects and therefore whatsoever value any Person may put upon the bringing great Sums of Money into the Nation from abroad it is plain it is not for the Nation 's Interest to encourage it I come now to show that the great Encouragements given to those who advanced Money on the late Funds fall no less heavy on Gentlemen whose Estates are in Land the value of which always bears some proportion with the Interest of Money these being pincht both ways for as the Taxes necessarily laid on Lands make Land less esteemed and consequently less valuable than formerly so this Encouragment
50000 25000 10000 l. 66.8 Months 04 l. 00 s. 40000 l. 15000 l. 50 Years 04 l. 10 s. 45000 l. 20000 l. 40 Years 05 l. 00 s. 50000 l. 25000 l. 33.4 Months 05 l. 10 s. 55000 l. 30000 l. 25 Years 06 l. 10 s. 65000 l. 40000 l. 20 Years 07 l. 10 s. 75000 l. 50000 l. 16 Years 08 l. 15 s. 87500 l. 62500 l. 13.4 Months 10 l. 00 s. 100000 l. 75000 l. 10 Years 12 l. 10 s. 125000 l. 100000 l. The Use of the first and second Tables applied to the Proposals ADmit a Gentleman hath barely 100 l. per Annum Estate to live on and hath a Wife and four Children to provide for This Person supposing no Taxes were upon his Estate must be a great Husband to be able to keep his Charge but cannot think of laying up any thing to place out his Children in the World but according to this proposed Method he may give his Children 500 l. a-piece and have 90 l. per annum left for himself and his Wife to live upon the which he may also leave to such of his Children as he pleases after his and his Wife's Decease For first having settled his Estate of 100 l. per annum as in Proposals 1 3. he may have Bills of Credit for 2000 l. for his own proper Use for 10 s. per cent per annum as in Proposal 22. which is but 10 l. per annum for the 2000 l. which being deducted out of his Estate of 100 l. per annum there remains 90 l. per annum clear to himself But suppose this Gentleman hath mortgaged his Estate for 1000 l. for which he pays 60 l. per annum Interest he hath but 40 l. per annum left which will hardly keep his Wife and Children from starving especially if he pays 20 l. per annum Taxes out of that small Pittance having settled his Estate in Land and taken up 2000 l. Bills of Credit upon it he may pay off his 1000 l. Mortgage and give his Children 250 l. a-piece and have 50 l. per annum more than he now hath left him to live upon But admit a Gentleman hath 1000 l. per annum upon which we will suppose he owes 10000 l. at 6 l. per cent per annum Interest not to mention Procuration and Continuation the bare Interest comes to 600 l. per annum the Taxes of 4 s. in the Pound to their Majesties comes to 200 l. per annum more reckoning Repairs Militia-rate Trophy-Money c. he hath not 200 l. per annum left him to maintain himself and Family If this Gentleman settles his Estate as in Proposals 1 2. he may have Bills of Credit for 20000 l. as in Proposal 22. with this he may pay off his 100000 l. Mortagage for which 10000 l. he must pay 10 s. per cent which is 50 l. per annum to the Commissioners and Directors he may lend the other 10000 l. to their Majesties for which he shall have 3 l. per cent per annum as in Proposal 16. which comes to 300 l. per annum and be exempted from half the Taxes upon account of the 10000 l. lent their Majesties as in Proposal 20. So that this Gentleman who has not now 200 l. per annum clear will have almost 1150 l. per annum coming in as appears by the following Parallel The Gentleman 's present Circumstances His Circumstances by my Method Interest of 10000 l. 600 l. per annum Taxes of 4 s. in the Pound 200 l. per annum Remaining for himself not reckoning Militia-rate c. 200 l. per annum 1000 l. per annum His Estate 1000 l. per annum Interest of 10000 l. lent to their Majesties 300 l. per annum 1300 l. per annum Paid the Commission and Direct for 10000 l. Bills 50 l. per annum Taxes 100 l. per annum 150 l. per annum Remains to the Gentleman 1150 l. per annum And his 10000 l. Mortgage paid off But if this Gentleman hath any Children he may give them 10000 l. among them and have 700 l. per annum left viz. Paid the Commissioners and Director 120000 l. Bills of Credit 100 l. per annum Paid Taxes at 4 s. in the Pound 200 l. per annum Remains to the Gentleman 700 l. per annum 1000 l. per annum So here is 10000 l. Mortgage paid 10000 l. given among his Children 200 l. per annum to their Majesties for Taxes and 7â—â— l. per annum the Gentleman will have to live upon But suppose the Gentleman who owes 10000 l. upon his Estate of 1000 l. per annum hath a mind to pay it off gradually by a small Annuity for a Term of Years he shall have 10000 l. Bills of Credit to pay off his 10000 l. for which he must now pay 600 l. per annum for Interest and not a Farthing of the Principal paid upon the Payment of 250 l. per annum for 50 Years and never pay the Principal or if the Gentleman desires to pay it in a less time he may have 10000 l. Bills of Credit for 550 l. per annum Annuity for 20 Years and his Estate then cleared which is less by 50 l. per annum than he must now pay for simple Interest only and at the 20 Years end he will still owe the whole 10000 l. Principal Or does any Gentleman owe greater Sum upon his Estate suppose 50000 l. he must pay 3000 l. for the bare Interest whereas by this Method he shall pay no more than 250 l. per annum for 50000 l. which is 2750 l. per annum saved to him out of 3000 l. per annum Instances of this Nature are numerous I shall now show that it is no less advantageous to the publick than it is to private Persons The Use of the third Table IF the Parliament had raised Money by this Method upon the Fund of 10000 l. per annum settled on the Bank of England they might have had 3333333 l. 6 s. 8 d. which is 2133333 l. 6 s. 8 d. more than was raised upon it and the Gentleman who settled their Estates for Security of the Bills of Credit would have been excused from Taxes and have had 60 l. per annum added to every 100 l. per annum present Estate they now have So that whereas the Parliament upon a Fund of 200000 l. per annum is not able to raise above 2400000 l. which is not the half of one Year's Taxes the Parliament may raise by my Method almost seven Millions upon a Fund of 200000 l. per annum and oblige the Gentlemen of England into the Bargain by an Exemption from Taxes and a considerable Augmentation of their yearly Estates But if the Parliament had settled the said Fund of 100000 l. per annum only for a certain number of Years when the same should have expired and the Nation eased of the Fund if the Parliament instead of a Perpetuity had settled