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land_n king_n pound_n shilling_n 1,415 5 10.3498 5 false
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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A52734 A proposal for raising a million on a fund of interest by setling one hundred thousand pounds yearly, to pay 8 per cent. for one million two hundred thousand pounds, of which the King to have a million. Neale, Thomas, d. 1699? 1694 (1694) Wing N349A; ESTC R205799 4,229 6

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Security and as good Interest as the Government gives besides a certain way how to come in to their Money at any time upon Urgent Occasion they will chuse rather to have Money owing them this way than upon any other Security whatsoever and will not part with such Credit in the said Bank to any of their Neighbours without having something more given them than Principal and Interest for so doing and this will be the Case of this Bank the Credit of which as aforesaid will answer full as much ready Money as the Fund to be given will at Six or Seven per Cent. Pay Interest for and Three Hundred Thousand Pounds of this Credit will doubtless be chearfully taken as payment by those who are to be paid in Four Years out of the Nine Pence and so the Nine Pence will be clear to be presently setled if the King and Parliament shall so please for this Fund Now as aforesaid it must be agreed on all hands That if the King will receive this Credit in Payment for his Revenue 't will answer all other ends whatsoever And The Objection and only one more that seems to have weight against the King's being obliged to receive back in payment of any of his Revenues this Credit so before by him paid out raised by some much concerned in great Money Affairs is this say they The King's Revenue is greatly Anticipated and is as it comes in to be paid presently out in specie to those it is Due who have already Tallies for it And suppose the Revenue which is to pay them is paid to the King in this Credit and that those to whom 't is to be paid will expect to be paid in hard Money and will not be content with this Credit what must be done in that Case Note this is a Supposition only and it may as well be supposed for Reasons aforesaid that by the time those Debts grow due this Credit will even in the Opinion of those to whom 't will be due come to be esteemed so much better than ready Money that 't will be chosen before it and then the aforesaid Objection will be quite out of Doors but supposing those to whom such Debts as aforesaid are due already by Tallies should say they would not when their Debt becomes due be content to be paid in this Credit it cannot be supposed but that those very Men unless out of their Wits or in Crosness to strive to ruin this Bank who have those Tallies and must stay for payment till such Tallies are due will be glad if instead of such Tallies they may be presently paid in this Credit since the Objection they themselves make of the King's Revenue being Anticipated will be this way took off and if so they that instead of Tallies shall have this sort of Credit will have a much easier way of coming in to their Money than when they only had remote Tallies for it and the King being Capacitated presently to pay off those Anticipations by this sort of Credit may without inconvenience do it being instead thereof enabled to receive his Revenue so cleared as it shall come in by it or to engage it for ready Money to others again if he wants it before it comes in and if the worst comes to the worst that some of those that have Tallies will not take this Credit now and resolve to refuse it as aforesaid out of Crosness when their Tallies grow due 't is much unlikely there should be many such and for those that are the Lords of the Treasury may easily contrive to pay them in Money having such Bills by them to turn into Money or use to pay others for any other Occasions who if this Credit were not in being must be paid in Money and who instead of Money will always be glad of such pay as this Credit will be And if after all has been said the Wisdom of Parliament shall fear in the least the thus Present Supplying the Wants of the Publick with Two Millions of Money at Six per Cent. as aforesaid it being taken for granted that the Charge of the War when ended must be paid by the Nation it may be Enacted if the King and Parliament please that at the end of Seven Years a Tax of Two Shillings in the Pound for Two Years or of Four Shillings in the Pound for one Year shall be laid upon Land to pay off the Principal and so free the Kingdom from paying the Interest of it by the Nine Pence till that time secured which done and all Persons in such Credit concerned being thereby assured of a time certain when they may if they will see their Money in specie again there will be no room left to doubt but that this sort of Credit will most certainly do and answer Two Millions if so setled by Parliament as above in this Paper Proposed January 29th 1693.