Selected quad for the lemma: england_n

Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
england_n	act_n	majesty_n	parliament_n	3,548	5	6.7082	4	false

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ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A29534	An abstract of the Discourse on the late funds of the Million-act, Lottery-act, and Bank of England Together with proposals for the supplying their Majesties with money on easy terms, exempting the nobility and 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.; Discourse on the late funds of the Million-act, Lottery-act, and Bank of England. Abridgments	Briscoe, John, fl. 1695.; Briscoe, John, fl. 1695. Discourse on the late funds of the Million-act, Lottery-act, and Bank of England.	1694 (1694)	Wing B4738; ESTC R212358	8,190	16

AN ABSTRACT OF THE DISCOURSE ON THE Late FUNDS of the million-Million-Act lottery-Lottery-Act and Bank of England Together with PROPOSALS for the supplying their Majesties with Money on easy Terms exempting the Nobility and 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 I Have in a larger Treatise shewed that no Place is better situated for Trade than England but that the great Encouragements given to such who advanced Money on the Funds of the million-Million-Act lottery-Lottery-Act and Bank of England were very prejudicial in that they increased the Interest of Money which I demonstrated to be very destructive to the Trade of the Kingdom I proved that for the Million raised in 1692 had the whole been paid in upon Annuities with Survivorship the Nation would have paid 9314216 l. 13 s. 9 d. more than the Principal and Interest and Interest upon Interest at 5 l. per Cent. per Annum and that for advancing a Million of Money on the lottery-Lottery-Act the Nation will pay 1129174 l. 5 s. 2 d. in sixteen Years time more than their Principal and Interest and Interest upon Interest and that the Bank of England if they shall be continued for sixty Years will be paid for the 1200000 l. advanced by the Contributors to their Majesties above 14 Millions more than their Principal and Interest and Interest upon Interest I have shewed that these great Encouragements to advance Money on the late Funds will ruin the Trade of the Kingdom that Tradesmen who trade with their own Stocks draw their Money out of Trade to advance on these Funds and those who lend Money to Tradesmen wherewith to drive their Trades call it out of their Hands or force them if they continue it with them to give a higher Interest to their undoing by reason they can make a greater advantage by advancing their Money to the Government that this high Interest will fling the Trade of the Nation into the Hands of Foreigners who pay less Interest and who can therefore under-sell us at Foreign Markets and that these Funds divert the Genius of the Subjects from their Business while our Neighbours keep close to their Trade and take that inestimable Jewel out of our Hands I also proved that it is no less destructive to the Nobility and Gentry c. of the Kingdom in that it would bring Land to 12 or 14 Years Purchase that a Person who hath 50 l. per Annum in Land if he sell it for 600 l. being 12 Years Purchase he may purchase 50 l. per Annum in the Bank free from Taxes whereas he must pay for the Tax of 4 s. in the Pound laid on his Land and Charge of the Militia c. at least 12 l. per An. And that he may have 500 l. at an hour's warning of the Bank upon the Security of his 600 l. whereas he cannot without great Difficulty loss of Time and Expence in examining Titles Procuration Continuation c. raise so much upon the Credit of his Estate and that the very Bank-Bills will be preferr'd before Land because a Man may have 60 l. 16 s. 8 d. per Annum Interest for 2000 l. Bank-Bills and have 2000 l. always lying by him whereas 2000 l. laid out in Land will not bring him in more Profit upon which he can hardly raise 1000 l. without great Trouble Charge and loss of Time These Considerations put me upon considering of other Methods for the Supply of their Majesties and for the Ease of the Subject which I laid down in several Proposals in substance as follows viz. PROPOSALS THat it be enacted That any Person who hath an Estate in Fee may have leave to settle his Estate upon twenty Commissioners four to be appointed by their Majesties six by the House of Lords and ten by the House of Commons in Trust for a Security to make good all Bills which shall be issued out upon the Credit of such Estate That the Commissioners shall appoint twenty Counsel to examine the Titles of all the Estates proposed to be settled and that no Estate shall be settled but it shall be first entred in the particular Register to be kept in the chief Town of the County where such Estate lies and in the general Register to be kept in the City of London for the space of six Months in which time if no Caveat shall be entred against the Settlement of such Estate and that three of the Counsel shall signify it under their Hands that it is a good Title such Estate shall be settled and Bills of Credit to the value of 20 Years Purchase of such Estate shall be issued out by the Commissioners upon the Security of the said Estate That the said Bills of Credit shall be made from 5 l. to 100 l. value each and shall be current in Paiment by Endorsement toties quoties and any Person who shall take any of the said Bills may renew them once every Month if they please without Fee or Reward That these Bills of Credit may be advanced to their Majesties by Authority of Parliament and not otherwise their Majesties paying to those upon the Security of whose Estates the said Bills are issued out 3 l. per Cent. per Annum Interest for the same out of any Parliamentary Fund settled or to be settled for those Purposes or upon the Paiment of any of the following Annuities out of some Parliamentary Fund in lieu of Principal and Interest viz.       l. s.   For an Annuity of 100 Years   3 10 per Cent. per An. 66 Years 8 Mon. 4 00 50 Years   4 10 40 Years   5 00 33 Years 4 Mon. 5 10 25 Years   6 10 20 Years   7 10 16 Years   8 15 13 Years 4 Mon. 10 00 10 Years   12 10 For each hundred Pounds value in Bills of Credit so advanced to their Majesties 2 l. 10 s. per Cent. per Annum part of the said Annuities to be paid by the Commissioners to the Persons who shall settle their Estates and all the Residue of the said Annuities to pay off and cancel every Year part of the Bills of Credit by which means all the Bills of Credit will be paid and cancell'd in the determined Number of Years for which the Paiment of such Annuity was settled That those who advance the said Bills of Credit to their Majesties upon any Parliamentary Fund shall be exempted from all Land-Taxes for so much of their yearly Estates in proportion to the Bills of Credit advanced by them to their Majesties That any Person may have Bills of Credit for his own use upon the Security of his Estate paying the Commissioners c. 10 s. per Cent. per Annum for the Charges in issuing out and renewing the said Bills of

destruction of young thriving Timber I shall now briefly answer an Objection or two I have met with since my writing the said Treatise but first I shall add somewhat further by way of an Answer to an Objection which I have already answered viz. Object That we shall have too many of these Bills of Credit Answ The Parliament if they shall be pleased with the Modus of settling Estates and issuing out Bills of Credit upon them by these Methods may if they think fit limit the Settlements though I confess I am not of opinion there will be any need for their so doing for the Money of this Nation is computed to be about eight or at most ten Millions Sterling And a small Treatise lately publish'd by some of the Bank intituled Some Observations upon the Bank of England tells us page 9. That the Bank of Amsterdam hath had above 30 Millions Sterling at once and no small Sums employed in the Lumbard To which if we add all the Money in private Hands we cannot well suppose that there is less if so little as 50 Millions Sterling in Holland The same Author tells us also in page 5. That about an hundred Years ago the King of Spain paid the Bank of Genoua more than twenty Millions of Crowns which is almost as much Money as we have in England for one Year's Interest And page 10. he says That Money may be had at Genoua for 2 l. per cent per annum Now if the King of Spain paid but 2 l. per cent per annum for what he borrowed the Bank must have lent him above two hundred and fifty Millions which is as much as all the Land in England is worth at twenty Years Purchase But suppose the King of Spain paid as much per cent per annum for Interest of Money as their Majesties pay the Bank of England he must have borrowed of them above sixty Millions Sterling So that it is plain we are most miserably cramp'd in our Trade and the Gentlemen of England also as well as the trading part of the Kingdom are great Sufferers for want of Money And why the Kingdom of England which is as well situated for Trade as any place in the World should have less Money to trade with than Holland or Genoua I confess I cannot assign a Reason for I am sure we have almost quite lost our Greenland-Fishery our Russia-Trade and several other Trades I could mention and we are in danger of losing the rest because we are not able to manage our Trade with that Advantage as our Neighbours do for want of sufficient Stock and because our Merchants must pay three times the Interest for Money that others pay and yet some Gentlemen are afraid of our having too much Money whereas I should be glad to see it once come to that for we had better have Money to spare than to want it which if we had a greater Plenty of our Fishery might be revived and our almost-lost Trades regained and the Parliament can check any Exuberancy or Superabundance of these proposed Bills whensoever they shall find them inconvenient to the Nation Object But you propose six Months time before an Estate can be settled and Bills of Credit issued out thereupon so that these Proposals cannot be useful to supply their Majesties with Money timely enough this Year Answ If it be not timely enough for the Supply of their Majesties this Year to begin at the sitting down of the Parliament how can it be time enough next Year unless the Parliament pass it this Sessions And if it should not be of use this Year for the Publick as I can demonstrate it may such of the Nobility Gentry and Free-holders and the trading Part of the Nation who are under any pinching Straits and Exigencies may be relieved by passing it this Sessions Object But it is uncertain whether Gentlemen will settle their Estates and advance the Bills of Credit to their Majesties or no and the Government must not be at this time under any Vncertainties Answ What Certainty had the Parliament that the Subjects would advance their Money on any of the late Funds upon Survivorship or upon the lottery-Lottery-Act or Bank of England there was only a Probability that Men who had Money would accept of such advantageous Offers and there is much more Reason to believe that Gentlemen will settle their Estates on these proposed Advantages Object But where must a Man go for his Money that hath any of these Bills of Credit Answ To what use is Money but to pass and repass in Payment or else to melt it down into Ingots For the first these Bills will be as passable as Money and are in truth better than Money conveying an intrinsick Value along with them which Money does not and for that Reason our Money is as unfit for the latter Use viz. to be melted down The Bank of England do not propose to keep Money by them to answer all their Bills if they did to what use would the Bank be but only so much as is needful to answer the Demands of such whose Occasions require Money in specie and for such Persons the proposed Commissioners will have always Money to answer such Demands For suppose their Majesties borrow two Millions for 7 l. 10 s. per Cent. per Annum Annuity for 20 Years in lieu of Principal and Interest if the Parliament direct that the Annuity shall be paid in Money there will be 150000 l. per Annum coming in to answer all such Demands Object But what must those Gentlemen do who are but Tenants for Life they cannot reap any Advantage by this Act. Answ Yes they may for the Parliament if they please may give them leave to settle such their Estates for Bills of Credit to be issued out to their Majesties upon the Paiment of an Annuity for 20 Years and not longer in which case the Tenant for Life may be excused from the Land-Tax of 4 s. in the Pound which will be Advantage enough for him and the Commissioners may keep in their Hands the Profits accruing by the Loan of such Bills of Credit for the Benefit of him who hath the Fee or Remainder by which means his Estate will be encreasing every Year more and more till he comes into the Possession of it For admit A be Tenant for Life of an Estate of 1000 l. per Annum the Remainder to B Suppose A settles the said Estate and 20000 l. Bills of Credit are issued out thereupon and lent their Majesties upon the Paiment of 7 l. 10 s. per Cent. per Annum out of any Parliamentary Fund for 20 Years A shall be exempted from Taxes which is 200 l. per Annum saved to him The Commissioners who are to receive 1500 l. per Annum Annuity for 20 Years for the said 20000 l. Bills of Credit will pay off every Year 1000 l. per Annum in Discharge of the Principal and the other 500 l. per Annum they may reserve in their Hands for B so that if A lives 20 Years B will have 10000 l. due to him from the Commissioners which is half the Value of his Estate and his Estate clear and tho some may think it unreasonable that a Tenant for Life should settle the Estate of him who hath the Fee yet for the Advantage and Benefit of such Person who hath the Remainder the Parliament may as well give leave to settle such Estates as they did empower Trustees and Guardians to advance the Money of such whose Estates they had in Trust upon the late Funds for Benefit of such Minors c. And if the Parliament think fit Gentlemen who have Estates in Land may easily and that in a few Years raise a Bank without any Money other than by their accruing Profits out of the said Annuities which Bank will have both plenty of Money and the Freehold Estates of the Kingdom for a Fund which will be the greatest most famous and most glorious Bank that is or ever was in the whole World nor will any Nation in the Universe be ever able to cope with us or be capable to erect the like I think it not amiss also to acquaint the Parliament with a Method I showed to an Honourable Member of the Honourable House of Commons about six Months ago which I laid aside as not being near so desirable as this my propos'd Method which because some Persons seem'd then to have an Opinion of I shall also acquaint this Honourable House with the same viz. I propos'd that a Gentleman of 150 l. per annum Estate in Land supposed to be worth 3000 l. might settle his Estate and that 3000 l. Value in Bills of Credit should be issued out thereupon that their Majesties should have 1000 l. Value of the said Bills and that the Person who settled his Estate should have 2000 l. Bills and for the discharging the 3000 l. Bills of Credit he should be obliged to pay 100 l. per annum for 30 Years This indeed would have cleared all mortgaged Estates the Bills of Credit issued out would not have exceeded the Fund settled for Security of them and a Gentleman would have sold a Rent-charge of 100 l. per annum for 30 Years for as much as he can sell the Fee of 100 l. per annum Several other Advantages I proposed by the said Method but all things considered I found it so far short of what Advantages their Majesties and the Nation might reap by the present proposed Method that I totally declined it I fear being too tedious and to transgress the Limits of an Abstract But such of the Members of the Lords or Commons who will honour my Treatise with their Perusal wherein what I have herein barely hinted at is more fully handled shall be presented with the same by Their Honours most humble and most obedient Servant JOHN BRISCOE