great decrease of Trade for want of Stock to employ or drive it on 2. The fewer Manufactures made here and by that means our Staple is exported unwrought 3. It occasions the Hollander that has Stock at command to buy our Wooll carry it home and being now become Artists are able to bring it in again wrought and undersell us in our own Commodity at home as they have done of late years in all forain parts where formerly the English had the only Trade 4. That so little Fish is caught by the English when the Hollanders by their great Stock come and takes it even at our Dores in great abundance to their greater profit which were there a competent Stock in England his Majesty by re-assuming his Prerogative of being Lord of the British Ocean which by the most ancient Prescription alwayes belonged as rightly due to the Kings of England and countenancing the English in prohibiting others to fish on our Coasts might in a short time bring it to be of more worth to his Kingdoms then the Spanish Indies are to the Kingdom of Spain 5. By the want of Money and decrease of Trade the rich that should support others are diminished in Number and weakened in Means and the poor that should be upheld are encreased both in Number and Necessities 6. Were there more Money or Stock almost all the Lands in England might be made to yield much more encrease by imploying more in manuring the same 7. Many Husband-men want wherewith to stock their gound whereby perhaps the Nation suffers more then many times by much unseasonable weather 8. A great part of Ireland lyes waste which without more Stock to plant is like to continue 9. There are great quantities of Oazey Ground about the Sea-coast and other Fens and waste Grounds besides Forrests and Commons which drained and improved might equalize in value some two or three Counties in England 10. There are many Mines in England Ireland and Scotland which being wrought would much encrease the Exportation and be imployment for poor men that want it So that in effect the Trade Manufacture Shipping strength repute and flourishing estate of the Nation is decreased for want of Money and not to be encouraged but by some way that tends to the encrease of the Estates of some without impoverishing others for whatsoever takes from the Estate of one man as much as it adds to another doth not enrich the Nation Now then if the introducing so much current Credit as shall be needfull to supply all mens necessities and those wants and defects in general without the least diminution to the Estate of any man in particular be a thing worth encouragement I submit Whether by the erecting such Banks as are described in manner as aforesaid must not in the judgements of all judicious persons prove an effectual remedy even to the value of five or ten times more Money if there be occasion for so much then ever this Nation was Owner of in Coyn And if this be reason who then can finde matter to oppose so advantagious a Proposal Sure I am that if a person of an ingenuous spirit and of quality and repute should be sick and groaning under heavy debts which he is not able by his greatest care and diligence to compass in which case I think to any truly of desert no sickness can be worse and some friend of his being intrusted with a considerable Bequest of Treasure from another not to be delivered him but in that necessity or untill his becoming of the age of forty years or the like at which time men are generally most sollid and fittest to become Owners of great Estates whereof this person entrusted acquainting him and bidding him dig in such a place where he should finde it accordingly I presume none can imagine but that this newes would be welcome and such person would not neglect much time before he went to dig for this Treasure and be satisfied of the truth of so unexpected a Fortune Now then let us but consider and apply this to the Nation so wanting Money or Stock as aforesaid Is not their case the same with this and may they not at pleasure supply themselves by that gift which God and Nature hath left them as their own without being obliged to Forain Nations or parting with their own Staple to disadvantage to purchase Money since that which is within themselves if as it were dugg up for the trouble in comparison is no more might serve the turn as well and better and is also of the same intrinsick value as the best Gold or Silver in the World I hope some in the Nation will be of age to understand it to be of better worth and value insomuch as neither Gold nor Silver being found or dug out of the ground can be esteemed worth more then its present current value But this Credit in Bank will be found of the same use and value in the Kingdom and yet produce also an yearly growing Revenue of at least two Millions to the King for a supply of his occasions without more or so many publique Burthens or Taxes and whether this may not amount to the supplying all men wanting Moneys at a reasonable Interest and to encrease the Stock of the Kingdom with the encouragement both of Forain and In-land Trade I also appeal unto those that will but consider the validity and accommodations of the aforesaid Banks and now am come to my last Proposition How this great yearly Revenue may be raised to his Majesty in Money by the â—ase of his People The advantage which I propose to the King is by Gentlemen Merchants Tradesmen and others that are in the Usurers Books and deal upon Interest money who are now constrained to have others bound with them or to make tedious Morgages the writings of which in little sums come to as much as Interest and to pay Scriveners and Brokers for procuration and besides all this to pay 6 per cent per ann Interest now such having entred their Estates in Bank may have Credit there without any of this Charge But because the King and Law do give them this Priviledge and Stamp their Goods and Lands for current Credit as a great Talent or Prerogative not to be done by any other power they shall pay the King Three per cent per ann as long as they use this Credit in Bank thereupon and untill this Credit be again discharged the Interest shall be paid in Sterling Money half yearly but nothing for such time as mens Estates stand only written there as ready but not used in Credit This will bring in all the Interest Money now paid in England into the Kings Treasury for that the Bank will be the sole Usurer and those that have been so too long will become more profitable Subjects to their King and better Benefactors to their Countrey for now they will rather trade or fall to purchase Land and improve it then
of this Expedient that have prompted me to a second Essay the subject whereof I know to be of such importance both to his Sacred Majesty and faithfull Subjects that I could be content to be esteemed any thing so the design might take effect in order to so publique ends I confesse some have written before of Banks and under that title endeavoured to promote it in publique but it was of Banks of another nature And though others for want of better information fancy this in effect the same matter I answer such That no man yet ever wrote of Banks in this manner desiring whomsoever pretends I have done him Prejudice to do himself right in Print which will be answered and the Controversie be decided like that of Solomon between the two Harlots For such reports tend more to destroy then advance or further the Proposal and I may truely take up that Excuse for all incident Errors which Lucretiâ—â— doth even in this very case that Avia Pieridum peragro loca nullius ante Trita solo I confesse the Books which I have seen written upon the subject of Banks for I go not beyond the compass of mine own Library are Malynes in his Lex Mâ—râ—atorin Lewis Roberts in his Mappe of Commerce Henry Robertson in his Book entituled Trades Encrease 〈◊〉 England 's Safety and Samuel Lamb in his Book styled Seasonable Observations In all which I finde nothing more then an Encouragement for us in England to imitate others in Forain parts or a Declaration of what is now practised in Holland Genoway Florence c. and that also by Banks of Money which neither there take away the Peoples burthens nor augment the publick Revenue But the task I have now undertaken is to prove and shew how Banks may be here erected without Money that shall answer all the ends of Banks of Money established abroad How all men wanting Money may be supplyed at a low Interest to their satisfaction yet not with Money How the Stock of the Kingdom may be encreased to five times more then ever this Nation was owner of in Coyn of as true an intrinsique value as Gold and Silver with an encrease both of Forain and Inland Trade accordingly also without Money and how a very great yearly Revenue exceeding any the former Kings of England may be thereby raised in Money And all to be done by the ease of and accommodation to the people But as I must not make the dore wider then the room neither may I be larger in promising least I incurre the censure of some Vtopian Student so may I not omit the remembrance of Mr. William Potter whose name I finde written in a Book published by the ingenuous Author Samuel Hartlib Esq entituled his Legacy of Husbandry wherein are some hints of a Land-bank or an improvement of Lands never thought on in former Ages contained in a Manuscript written by the said Mr. Potter Which although I have not perused yet by discourse had with the Gentleman I cannot but render him an Ingenuous person and of a publique spirit I wish there were more such that would labour to promote so profitable a design or that would but spare time to read what is here written wherein I presume many will receive so good satisfaction as that they will become furtherers of it in what they may My request to all is that none will pre-judge of it before the reading and that those who begin to read part will end the whole which is not long considering the subject and if not thereby satisfied the Author will be ready at all times more fully to explain it for the understanding of such as desire it or make amends in reading twice as much of theirs to as little purpose From my Lodgings at the Lyon and Sugar loaf at Charing-cross the 25 of April 1661. By a Well-wisher of his Countreyes good Fran. Cradocke Wealth Discovered SUch is the unhappiness of our Age that most men delight more in the enjoying what they have then industriously to seek for what they want or have not and it 's seldom seen of the few Ingenious persons who out of love to their Neighbours or Native Countrey expend the greatest part and prime of their years in study to contrive the publique good that such endeavours are held acceptable further then to be scan'd for information to shew us how far our particular may stand concerned or rather how we may apply it so as to reap a singular benefit without admitting others to share therein By which means and for want of some better incouragement by publick Authority I presume many the ingenious Inventions of persons small in power and of weak Interest have been either stifled in their birth or laid asleep to be awakened again some years after when perhaps they come presented to the World by an ambitious Stepfather so metamorphosed to make the people believe it 's of his own begetting that wanting all naturall helps they thrive not at all or at least so little to purpose that they bring a scandal and reproach to others of worth and desert insomuch that the name of Projector is with us esteemed and given in derision when the Ancients attributed the most Divine Honours to the Authors of Noble Inventions and gave only the Honour or Title of Heroes to the founders of Cities Law-makers or the Deliverers of their Countrey from Tyranny and the like Which they did upon this just ground for that the benefits of new Inventions may extend to all mankinde universal but the good of Civil Atchievements can respect but some particulars and of the many profitable and rare Inventions found out for the help and accommodation of mankinde throughout the World how few can England especially of late years boast of or claim a share in as Authors to her great dishonour abroad and small incouragement of Ingenuity at home Besides let us but consider the vertue efficacy and consequences of three Mechanical Inventions but late found out and that were unknown to the Antients to wit the Art of Printing Gunpowder and the Mariners Needle which have so changed the estate and condition of almost all things in the universal world the first in the matter of Learning the second in Warre and the last in Navigation that even the very manners of men and all other affairs of Kingdoms Countreys and qualities whatsoever are become the better governed instructed enriched supported and accommodated by those Inventions and why may there not be as without peradventure there are as worthy secrets yet undiscovered or at least not yet reduced into practice I speak not this in favour of Innovations or Inventions whereby to invite others into more then a reasonable esteem of them neither would I have any to speak in a condemning or deriding way of such which perhaps may seem altogether impossible to them as being not suited to their apprehensions yet to the judgements of others may at first sight or at least upon
my errour but till then I desire excuse for sure I am that amongst those dorment Titles are often found pernicious practises which prove to be the occasion of most Suits and Controversies and by that means the ruine of whole Families who by seeking remedy from Lawyers finde a greater malady the too often effects of Law But I may not stay longer on this since I expect a further Objection 6. That the discovering of Conveyances Titles and Incumbrances on Estates will rather augment then abbreviate Suits for that many by enquiry and search made at the Register will either finde matter to destroy or set up Titles or Incumbrances to Estates by discovering flawes or imperfections in Conveyances or by some want of puntillioes to be observed by rules of Law To this I likewise answer That no man will be obliged to discover his Conveyances or to shew them at the Bank for he that will may bring a Brief of his Deeds drawn up by his own Counsell which will be sufficient for the Register to enter since as I said before 't is not intended Conveyances shall be registred at large And as no man will be obliged or compelled to discover what he apprehends may tend to his prejudice so are not others debarred from putting in their Claims or prosecuting thereof upon what they have or may discover which is neither more or lesse then what either may do at present and cannot be said properly to augment Suits since by the determining of all Contests about Estates in a short time to be prefixed and taking away the cause will prove a future prevention of such effects True it is that Suits may be multiplied for a year two or three especially upon the discovering of Incumbrances but it will chiefly fall out where two or more dorment Deeds Morgages or Incumbrances are found upon one and the same Estate for in that case each will strive to be first satisfied or desirous to know who hath the best right and being determined hath its end which by lying dorment would have produced the like or greater evils to the same or other persons almost ad infinitum This considered no new matter can be found or imperfection discovered that may either unjustly set up or destroy Titles by means of these Registers but many new accommodations and advantages as I have before shewen may Yet others perhaps will object That the Registring all Estates and Incumbrances is a thing impossible the keeping so great Accounts as it were of all the Cash in the Nation impracticable And many more such Objections may be made that to answer would require a Volume of more time then I have spare to spend in writing or men of businesse patience to read But if it may be allowed those already handled are indifferently resolved I am satisfied all others are too inferior to deserve an answer So that in generall whether the prejudice or advantage by the establishing such Registers will be greatest I submit to all and as soon to those the most ingenious Gentlemen of the long Robe as any who in the opinion of many will be no friends to further it in Parliament where the alone subject of a Register has been formerly debated and as I am informed found parties neer equal But when it shall be there presented with Honours in the one hand good Deeds on the other before it the greatest accommodations and after it the most flourishing Trade of Europe and Crowned yearly with two Millions of Gold a Revenue for a gracious Prince by the ease of loving Subjects that will render the Nation as terrible abroad as it will be happy at home Surely no ingenuous Lawyer or true English man will appear against it Now having done with those Objections I return to the main proposition which as I have shewen is no other then a complication of several things already practised in the world and arising chiefly from the grounds of reason whereupon Forain Banks consist and upon the whole do appeal to all indifferent Judges That if Banks were erected in England of Credit only without Money upon the reasons laid down whether would not such Credit in effect answer all those ends of Credit in Bank grounded upon Money Foundations in Forain parts And if so what then may hinder it from being practicable since nothing is wanting but the countenance and furtherance of Authority whose concernment is not the least therein The next thing I propose is To shew how all men wanting Moneyes may be supplyed at low Interest to their satisfaction yet not with Money c. To which I cannot properly speak as to the remaining also I may not without admission that such Banks of Credit as are proposed be established by Authority and Estates registred accordingly This being allowed there is no man whatsoever of an Estate that doth or may want Money to pay Debts to purchase Lands to buy Goods to improve his Lands augment his Trade or the like but will assuredly take up Credit in Bank upon his Lands or other real Chattels or Pledge of Security as soon as such Bank Credit is known to be current payment in manner as aforesaid and this they will the rather do out of respect 1. That but three per cent per ann will be demanded for Interest 2. That the Interest being paid half yearly the principal if taken upon real security of Land will never be demanded 3. That no man will be obliged to pay Interest for above a Moneth in case he can discharge the Credit sooner 4. That nothing will be paid for Bonds Morgages or Conveyances upon taking up such Credit 5. No obliging persons to become bound or Counter-bonds to be given to save harmless 6. No Brokeridge for procuration or Money to be paid for continuance 7. All fear of forfeitures taken away and the danger of falling into the hands of unmercifull Usurers avoyded 8. An assured certainty of having what we need at pleasure These and other advantages will accrue to the people of England upon the obtaining Money at Interest at Three per cent the Inconveniences certainly are none considering what hath been said before in favour of Usurers Widows and Orphans for otherwise there need no Law of injunction to prohibit the taking or paying high Usury as we finde done under all Governments which is occasioned more by the want of a competency of Stock to supply all mens occasions then by any deserving value there is extraordinary in Money For in Holland where it 's generally more plentifull you may have it upon security at 4 ½ or 5 per cent when the intrinsique value is the same as with us in England where I am perswaded were all men left at liberty to take and give for Money at Interest what they pleas'd it would soon come up to Ten if not more in the Hundred which is an infallible argument that Money is much wanting amongst us and being so much wanting it hereby followes 1. The