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A60872 Some thoughts of the interest of England Shewing first, how the nation may be eas'd of all manner of taxes at the small charge of two pence per pound, on the annual incom. Secondly, how to reduce all exchequer tallies (if there be ten millions of them) to a par with money, paying only two and a half per cent discount. Thirdly, save the nation all the interest the king now pays (which is about one million per annum) by a lover of commerce. Lover of commerce. 1697 (1697) Wing S4629; ESTC R214020 5,256 16

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Some Thoughts of the INTEREST OF ENGLAND SHEWING First How the Nation may be eas'd of all manner of Taxes at the small charge of two Pence per Pound on the Annual Incom Secondly How to reduce all Exchequer Tallies if there be ten Millions of them to a par with Money paying only two and a half per Cent discount Thirdly Save the Nation all the Interest the King now pays which is about one million per Annum By a Lover of Commerce London Printed by T. S. and Sold by E. Whitlock near Stationers-Hall 1697. THE Author's Preface TO THE READER THE Subject of the ensuing Discourse being matter of observation and experiment admits of no embellishment of expression to usher it into the World The Vniversal Interest of the Nation whom it equally concerns and the seasonableness of such a Proposal in this juncture of Affairs will no doubt invite many to read and peruse it and if they will but do themselves and me the Justice to suspend their Judgments till they have seriously and maturely weigh'd and digested every particular I shall not much fear a welcome Reception for the general bane of all Proposals of this nature is either the precipitancy or partiality of the Readers who being over-fond of their received Opinions and impatient of what is new or uncommon are not easily brought off their old Byass or enclin'd to joyn issue with any thing that relishes of novelty But it is the unprejudic'd and judicious Reader whose approbation I chiefly covet I could easily have found out other more solemn Methods of conveying these Thoughts to the knowledge of the Publick but that I thought this simple and homely way of appearance might as well serve my design of advancing the glory and good of my King and Country at a time when the People just possess'd of a welcome and honourable Peace are expecting to be freed of the heavy Taxes entail'd upon them by the preceding War which I think the following Scheme does effectually compass without empairing His Majesties Treasury Some Thoughts of the Interest of England HAving taken into Consideration the Burdensom and Heavy Taxes occasioned by the late Expensive War and withal the Necessity of Continuing the same for supplying the Deficiency of former Funds and Paying the Debts of the Crown I have bended my Thoughts upon an Expedient for removing that Eye-sore and Raising equal Sums of Money for the Use of the Publick without them Which I Humbly Offer in the following Particulars 1. That an Act of Parliament do lay two and a half per Cent. or six pence per Pound on the Receiver of all Money in Specie being not under five Pounds and that the Bank of England be branched into every City and Market-Town in England and that the several branches be accountable to the General Bank at London for the Profits of their respective branches the Capital Stock remaining at the disposal of those who have lodged their Money in such branches on their Notes and any Person who is owner of one or more of these Notes shall give their Vote for establishing of Officers Employed in managing such particular Branches only the King may appoint one Officer in every branch to Inspect into the said Tax of six Pence per Pound 2. That no payment in Money be discharged if not under five Pounds unless paid at the Bank or Branches with a Stamp-discharge made on purpose certifying the Payment of the said Tax of six Pence per Pound under a large penalty and forfeiture of the Money illegally paid and that no Person shall by Law be discharged for paying any Sum of Money of five Pounds or upward without a Stamp-discharge from the Bank or Branches 3. That all Persons that shall accept the Credit of this Bank or Branches and pay in any Sum of Money not under five Pounds on their Notes shall receive one per Cent. which is one Shilling for every five Pounds so paid in which will presently bring into the Bank and Branches several Millions and enable them to lend the King on Parliamentary Funds what ready money he shall desire and also buy up all the Exchequer Tallies in the space of one Year at two and a half per Cent. discount as shall appear afterwards 4. That the said Tax of two and a half per Cent. upon receipt of Money be continued and kept in force for the same number of Years as is granted to the Bank of England and that this two and a half per Cent. after the aforesaid one per Cent. is deducted be a Fund to make good the Credit of this Bank and Branches and after the Credit is secured the said remaining Tax of one and a half per Cent shall remain and be at the disposal of Parliament and appropriated to the discharge of the Crown-Debts contracted by the late War 5. That the Annual Profits of this Bank and Branches shall be divided among the Proprietors of the Bank of England and the King in proportion to their Stocks the Kings dividend being at the disposal of Parliament 6. That the Bank of England and every particular Branch of it by Act of Parliament do in fourteen days after the Lodgment of any Sum or Sums of Money on their Credit or Notes lend or utter in Notes one fifth of their several Stocks then in Cash One third of which fifth is to be Lent the King on Parliamentary Funds at three and a half per Cent. Interest and the other two thirds on the forwardest Exchequer Tallies at two and a half per Cent. discount both to be paid in Notes And at the end of other 14 days the said Bank and Branches shall again lend in Notes one fitfth more of their several Stocks then in Cash on the same Securities and so on till all the Exchequer Tallies c. are brought into the Bank and Branches As supposing this Bank and Branches to have in Cash by them at the end of every 14 days but 3 Millions and a half the Bank and Branches by Computation will then lend the King six Millions on Parliamentary Funds and bring in above 12 Millions of Exchequer Tallies c. in the space of one Year at two and a half per Cent. discount which Tallies are now discounted at very great loss to the unspeakable prejudice of the King and Subject and thereby sink the vast Interest of about one Million per Annum which the King now pays and will then be discharged by the Publick's giving Credit to the Bank and Branches This Method will also enable them to lend the King on Parliamentary Funds 500000 l. per Month at three and a half per Cent. Interest and supply His Majesty with ready Money to pay the Army and Navy and purchase Provisions and Stores at the best hand which are now taken up at extravagant Rates as also inable the principal Trading-men of the Kingdom who most of them have considerable Stocks in Tallies to carry on their