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A31619 The Constitution of the Office of Land-Credit, declared in a deed by Hugh Chamberlen, Senior ... and others ... ; inrolled in chancery, Anno Dom. 1696. Chamberlen, Hugh. 1696 (1696) Wing C1871; ESTC R8410 26,929 18

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THE CONSTITUTION OF THE ffice of Land-Credit DECLARED IN A DEED By Hugh Chamberlen Senior M. D. and Others Joynt Undertakers and Managers thereof Inrolled in Chancery Anno Dom. 1696. 1. TO all to whom these Presents shall come Hugh Chamberlen Senior of Essex-street in the Parish of St. Clement-Danes in the County of Midlesex Doctor in Physick And as Honorary Managers of the Undertaking herein and hereby Mentioned and Intended viz. The Right Honourable Charles Earl of Monmouth Arthur Earl of Torrington Henry Earl of Romney Charles Earl of Arran of the Kingdom of Ireland and Baron of Weston in England Robert Lord Viscount Lisle Son and Heir Apparent to the Right Honourable Philip Earl of Leicester Thomas Lord Wentworth Baron of Raby Almeric Lord De Courcy Baron of Kinsale of the Kingdom of Ireland Hildebrand Lord Allington Baron of Killard of the Kingdom of Ireland The Honourable Peregrin Bertie Esquire Vice Chamberlain to his Majesty And William Bridgeman Esquire Secretary to the Right Honourable the Lords Commissioners of the Admiralty And likewise as Undertakers and fixt and constant Managers of the said herein and hereby mentioned and intended Undertaking viz. The Honourable Charles Egerton of Lincolns Inn in the said County of Middlesex Thomas Aston of Aston in the County Palatin of Chester John Weston of Ockham in the County of Surry Peter Smith of the Parish of St. Ann in the Liberty of Westminster in the said County of Middlesex Oliver Salusbury of the middle Temple London Richard Robinson of the Parish of St. Giles in the Feilds in the said County of Middlesex Esquires Andrew Prime Senior of London Merchant Samuel White of Lincolnes Inn aforesaid Gent. William Prewett of the Parish of St. Martin in the Fields in the said County of Middlesex Charles Nicolas Eyre of the Parish of St. James in the Liberty of Westminster aforesaid and Peter Chamberlen of Essex-street aforesaid in the aforesaid Parish and County Esquires Send Greeting 2. Whereas the use of Credit in Trade and Dealing hath by insensible Degrees much obtained Especially for an Age last past or there abouts throughout Europe and most of the Civilized and Trading part of the World to the very great Benefit Ease and Convenience of no small part of Mankind 3. And whereas Notes or Bills of Credit have by experience been found of very great use and being well secured by a good Fund are properly accepted and taken as Ready Money and being preferable to the usual Money in many and equal to it in all Respects may therefore justly be accounted a Superior Species of Money 4. And whereas the said Hugh Chamberlen for above Thirty Years last past having taken into Serious Consideration the nature of Banks and of Credit in general and the necessary convenient and various uses and kinds thereof in divers Kingdoms and States as also here in England and observing the great Utility of sound and good Credit and the deplorable and many Mischiefs frequently resulting from uncertain mistaken personal and precarious Credit to the utter Ruine of multitudes and sometimes to the indangering the publick Safety 5. And further Considering that Lands and Hands are the Material and Efficient causes of all true genuine and natural Riches and that Money as such tho' very good and useful in its first intendment however since Subjected to Abuses is but imaginary or at most but political Wealth and therefore inferior to natural Riches and consequently as such ought to attend the service of Land and Trade and not prey upon both the Lords of the Soil and the Industrious Merchants by that corroding and destructive Canker Usury 6. And the said Hugh Chamberlen also further reflecting that Credit rightly founded upon Land must evidently be more secure than any other sort of Credit And that since Gold and Silver are not of the product of this Kingdom they might by foreign Orders by Edicts of Princes or States by a wrong Ballance of Trade or by other Artifices or Incidents thereof or by some other uncommon Accidents become scarce and rare in this Kingdom which could not happen but to the very great damage of the Publick as being the common Measure Medium Pledge and Account of Trade 7. The said Hugh Chamberlen upon these and other such Reflections and with an earnest desire to serve his Native Country in so great and general a Good applied himself with the utmost intensness of mind to contrive a general Credit to be so founded upon Land as to give it the greatest Safety and Convenience that in its own nature it is Capable of and to make a Credit that should not only be a Succedaneum to Money but in divers respects more noble and useful and indeed a Superior Species indued with all the Uses and Excellence of Metaline Money and in several Regards exceeding the same and particularly herein that in its own Nature it should be Local without the Restraint of Laws 8. And whereas the said Hugh Chamberlen at divers times Communicated these his Conceptions and Designs to divers persons and in particular to the Lords and Gentlemen herein before mentioned in order to Mature and Ripen such his Thoughts and make them more Effectual for the Common Avail 9. And whereas the said Hugh Chamberlen hath made several Attempts and Essaies to bring his said Thoughts and Intentions into Practice for the Common Good but by reason of the great and many Difficulties that generally Accompany all great and good Designes hath not hitherto been able to effect the same but yet the long many repeated and unwearied Attempts and Endeavours of the said Hugh Chamberlen and those at Sundry times Conjoyned wirh him therein have so far awakened this Nation at first and long by him Experienced to be wholly averse to thoughts of this sort that within the Reign of his present Majesty several Banks have been set up and attempted tho' all of them on a far less Basis both as to Extent and Benefit than what hath been divers times offered and Endeavoured by the said Hugh Chamberlen And indeed all the said Banks as can well be made out manifestly owing themselves to the Models frequently proposed and attempted both in Print and Manuscript and publickly and privatly and freely imparted by him to all that thought fit to Inform themselves 10. But for as much as Men Naturally Embrace the greater Good rather than the less as soon as they distinguish them aright and since the Land Credit Proposed and Intended by the said Hugh Chamberlen and his present Friends Associates and Joynt Undertakers therein can be Demonstrably made out to be far Superior to any other sort of Credit in being or attempting in the World And since divers Noblemen Gentlemen Merchants and others have been so far Sensible of the great and general good of the hereby intended Credit of its great extent and Advantage to Trade of its manifest Tendency
to the immediate Raising the real Worth and Value of the English Lands to the preservation of the Honours Estates and Families of our Ancient Nobility and Gentry to the Increase and Perfection of all manner of Arts Sciences and Manufactures among us to the highest Improvement of all our Possible produce to the Extirpating of Poverty Baggary Vice and Sloth and to the Great Encouragement of Virtue Ingenuity and Industry The said Noblemen Gentlemen and others have already Actually Subscribed Land Estates for the Annual Payment of about One hundred thousand pounds Rent Charges to the hereby intended Office of Land Credit which subscriptions will be further Continued to Two hundred thousand pounds per Annum or more as occasion may require And since the said design is now intirely perfected in its Idea Scheme and Model and all Matters and Things are now Framed and Matured for the Speedy and Actual reducing thereof to Practice with all the dispatch that will well Consist with the Safety Establishment and Honour of so great an Undertaking 11. Now for the better Effecting the good Ends and Purposes herein before premised and intimated and herein after to be further mentioned and explained These Presents Witness and the said Hugh Chamberlen and the Lords and Gentlemen aforesaid as joynt Undertakers and Managers of the Office of Land Credit hereby intended Do hereby Declare That forasmuch as the necessity of Credit in Trade is evidently such that Men dayly venture upon what is uncertain rather than want the use of it and when it is made secure beyond possibility of Loss to any it is then Money under another Name and can equally with Money become the Measure Pledge and Account of Trade And since it is most certain That Credit having all the Essentials of the Usual Money and some other Additional Advantages wants nothing but a coercive Law enforceing its currency to enable it to assume the Name of Money being already in possession of all its Nature Uses and Qualifications Which Proposition is Sufficiently Illustrated by rightly defining Money Money therefore is no more than a Legal secure and common Pledge instituted to supply the defects of Barter and to be the Measure Medium and Account of Trade Or in other terms Money is only a secure Pledge of a known Value that a Man shall be repayed in the same or in some other Commodity for the Commodity that he parts with and it serves but to Supply the Intervals of time between the selling of one Commodity and the buying of another All which Offices can be equally performed by sound and good Credit as by the Usual species of common Money 12. And further forasmuch as Credit founded upon Land and secured by more than a double Value must undeniably be safe in its self and good and effectual to all the Intents of Trade and Dealing to the great benefit of all in general and without Loss or Damage to any by it And since it is most certain that such as are Possest of Estates in Fee simple c. Have already by Law an undoubted Right of making whatever Settlements of such their Estates they shall think fit and to what ends and purposes they please Except where Criminal Designs Superstitious Uses or Illegal Mortmains are thereby pursuing or some Invasion thereby made of anothers Right And since the happiness of this Nation is such that a Law cannot pass in England that can prove a Violation of Property This being so and Land well conveyed being Universally allowed to be the best Security and being also the true Mother from whom by Industry all Wealth is born and the Landed Men or Lords of the Soil being upon the matter the Body of the Nation the Natural Defenders of English Rights and Liberties and a chief Support of the expense of War and Splendor of Peace 13. They the said Hugh Chamberlen and the rest of the Joynt Undertakers and Managers before Mentioned Do hereby further declare That this Undertaking in order to publick and private Good and to free our Lands from the Servitude and Tyranny of Devouring Usury offers to all Land-Proprietors a Way how to settle Estates so as to raise One hundred Years Credit upon every Estate to be setled for the ends of this Undertaking to be disposed in manner following that is to say To the Proprietor Seventy Years value for the Rent-charge by him payable for 100 Years of which said 70 Years value only 40 Years value is to be Paid to the Proprietor and that by four Payments in three Years which four Payments are thus to be made viz. Upon Sealing the Conveyance 10 Years Value At the end of One Year 10 Years Value Two Years 10 Years Value Three Years 10 Years Value which is in all 40 Years Value 14. The other thirty Years value residue of the said seventy Years value above Mentioned is to remain in the joynt Stock of Trade herein after further Mentioned and Expressed to be belonging to the whole Body of the Proprietors of the Land Subscribed to this Undertaking In which joynt Trade every Person therein concerned is to have his Proportional Dividend of the Profits But the Capital is not to be drawn out till the hundred Years be expired nor is any Man's stock in Trade alienable or transferable but together with the Estate on which it was raised And its use is such that at the Moderate Estimate of ten per Cent. profit it will not only pay the several Annuities but double as much Yearly to each Proprietor by which means the Estates Settled on this Office or Undertaking will become in effect Exonerated and onely a Collateral Security and such Settlement tho' for One hundred Years will thereby be not a Burthen but a Benefit to such Estates And at the end of the said One hundred Yearly payments of such intended Annuities each respective Proprietor may withdraw his share of the said joynt Stock in Trade 15. And they the said Undertakers and Managers Do hereby further declare that to assist the more ready Circulation of this Credit especially in the beginning and till Time and Experience shall have shown the true worth and solid Fund thereof ready Money is to be provided by the said Undertakers in the best manner they can and by such Expedients Ways and Means as they shall Judge proper to that end And for assisting the said Undertakers to raise Money in order to such Circulation of the hereby intended Bills of Credit they the said Undertakers are to have and employ Ten Years Value of the said Hundred Years Credit so as aforesaid to be raised on each Estate so to be setled as aforesaid on the Office or Undertaking hereby intended the other Twenty Years Value residue of the said One Hundred Years Credit so as aforesaid to be raised being to the sole proper Use Benefit