WEALTH DISCOVERED Or An Essay upon a late EXPEDIENT For taking away all IMPOSITIONS AND Raising a REVENUE without TAXES Published and presented to his most Excellent Majesty King Charles the II. By F. C. a Lover of his Countrey Whereunto is added his Majesties Gracious Order LONDON Printed by E. C. for A. Seile over against St. Dunstans Church in Fleet-street 1661. TO THE KING'S Most Excellent Majesty Most Gracious and Royal Soveraign IF so ill-promising an Author upon so fair a tender of freenesse to serve his Countrey gratis may gain credit Great Sir accept this as a discovery of Richer Mines then any the King of Spain is Owner of and for wealth not much inferior to what Solomon possessed in all his Glory Royal Sir I humbly take leave to put you in minde of the great encrease of Wealth and Honour which King Henry the Seventh lost or mist by distrusting and refusing the offer of Christopher Columbus And of this your Majesty may as King Henry the Seventh could not make an experiment without expending Blood or Treasure Therefore out of Duty to your Majesty and Love to my Native Countrey your impoverished Kingdom I most humbly pray that it may have your favourable recommendation to the Councel of Trade which is most proper to gain it reputation since your Royal bounty and Fatherly kindnesse to your People hath so naturalized their affections to your Person and their obedience to your Precepts as it is their Duty that I hope they will unanimously pray that God Almighty will make your Reign to be long and victerious here and your new Crown of Gold to become an Everlasting Crown of Glory hereafter which is the hearty Prayer of Your Majesties most faithfull Subject and Servant Fran. Cradocke CHARLES R RIght trusty and right well beloved and trusty and well beloved We greet you well Being given to understand that Fran. Cradocke Esq hath written a fuller Explanation upon his Expedient late published for Raising a great Yearly Revenue by the Ease of the People We do out of our desire to promote so acceptable an undertaking in case it may be effected specially recommend it to your speedy consideration and if upon debate you finde the same practicable in England then to consult how it may be done with most accommodation of Trade and ease of the People and report to Us accordingly And Our Royal will and pleasure further is to order and We do hereby order and appoint That the said Francis Cradock William Godolphin Geo. March Samuel Hartlib and Henry Ford Esquires Sir Peter Leare and Sir William Petty be added to Our Councel of Trade as amply as if they had been by Us at first constituted Given at Our Court at White-hall the 12th day of April in the Thirteenth year of Our Reign To Our Right Trusty and Right well beloved and to Our trusty and well beloved Our Councel of Trade By his MAJESTIES command Will. Morice To his Excellency GEORGE Duke of Albemarle Earl of Torrington Baron Monck of Potheridge Beauchamp and Teyes Captain Generall of all his Majesties Forces by Land Lord Lievtenant of Ireland and of the County of Devon Master of the Horse and Gentleman of the Bed-chamber to his Majesty one of his Majesties most Honourable Privy Councel Knight of the most Noble Order of the Garter and the never to be forgotten most renowned and happy Restorer of a most Gracious King and his Kingdoms to their Rights and Liberties May it please your Grace IT 's observed that the best Physicions having cured and cleansâ—d the body from all foul humours do prescribe their Patient some wholsom diet or admonition for prevâ—nting future Maladies which directs me to the consideration of England a monstrous body without it's Head late your Patient and so full of grosse Distempers that all the advice and help of Europe proved fruitlesse in order to its recovery untill by Divine Providence your Grace alone become the most Excellent Physician that without violating her Body or blâ—eding the least Member â—ath cured her to the admiration of the World and your perpetual honour Most Nâ—ble Sir I may not ask what wholsom Diet or Admonition you have prescribed to prevent the like evills knowing it's filter for me to hear the Proclamation then to peep in at the key hole of your Councel-chamber Yet if this which I humbly and freely offer in the behalf of my Countrey may receive the honour of your Nâ—ble Countâ—nance and as you finde it to deserve your furtherance at the Councel of Trade whither the Kings Majesty is graciously pleased to recommend it I have an assured â—â—â—fidence it will prove a means to raise two Millions yearly by the ease of the people which if well employed can prove no prejudice to the future well-being health and flâ—urishing estate of England My Lord that this so great a Revenue may be yearly raised and the people eased is truth and I again affirm it not out of design to prejudice or please others or to gain the favour of any to my self but only to enduce some to believe and encourage all to promote so great a Benefit that concerns both the King and his good Subjects in general whose Interest I ever prized before my own preservation as your Grace is my witnesse that knew my integrity before you had made known your intentions of giving this opportunity to pray in publique as I hope all will for his Majesty and your Grace to live to see his long and happy Reign over us I am My LORD Your Excellencies most humble Servant Fran. Cradock THE PREFACE Courteous READER THE Heads I have laid down in this Book to be considered are such as though very usefull in order to the Temporal good both of King and Subjects to be believed yet are least laboured in by any to be understood and therefore the more subject both to question and doubting especially with men of the sharpest wits the most publick spirits and of the richest endowments whom Natuâ—e hath prepared for the search of highest matters of publique Concernment from whose penetrating fiery wits will most probably arise such a confident kinde of framing Objections to themselves appearing so unanswerable that my hopes of seeing so advantagious a design reduced into practice are only supported by the delight I have taken in giving many Gentlemen and others so qualified such satisfaction in their greatest Objections that they are now become favourers of the Proposal and by finding many not only of my Judgement but some ambitious to share in the Project I could have wished that some excellent Master Work-man more plentifully abounding both in leisure and Learning would have taken this task upon him whereby the many and great advantages to all so far exceeding the prejudice to any by the erecting such Banks as were propounded in my last might have had a better Illustration assuring you it 's the publique Interest not private ends or ambition to be esteemed an Author
half a sheet of Paper 7. That at the end of twelve Moneths for I presume by that time the Registers will be so compleated that all Incumbrances will appear or such cautions in reference to dorment Titles of Infants persons Lunatick or beyond the Line all others being equitably barred that the Bank may safely adventure to give credit upon any clear Estate to a half part of the value or for more to such reputed known honest or able men as shall enter their Estates as a foundation of Credit in Bank for some less value then the Land it self and such writing the same in Bank may be made in Law an implyed Recognizance that the Lands are free of Incumbrance and of such value as they are entred for 8. That two years time be allowed for all persons to determine all Controversies upon any Claim or Title pretended in Law to any Estate provided the same appear entred upon the Register and the Suit be commenced within six Moneths after such Claim Title or Incumbrance be first entred and that three years in like manner be allowed for ending all Causes depending in Chancery but no longer unless the Lord Chancellour or other Judges of the Kings Bench Common Pleas c. shall think fit to continue the same and certifie so much to the Bank under whose Precinct the Estate in controversie lieth and that in such Cases of a longer continuance security may be given the Defendant to be approved in Court for the making good of dammages to be sustained by him in case of a Non-suite Plea Bill or Demurrer be either over-ruled or dismissed or other deletory or vexatious proceedings proved to be acted by the Plaintiff 9. That any person whomsoever having obtained Credit in Bank by entring his Lands or other Estate there or by depositing any Goods or valuable Pledge whatsoever that such Bank credit may by Law be made as undeniably current in payment for any debt goods or value as so much current Coyn either in Gold or Silver as in truth it is and that the condition upon the reception of any morgage of Lands Estates or other Pledge be to pay the Interest for so much credit in Bank after the rate of three pounds per cent in Money the Principal for all Chattells and Leases determinable in three moneths after summons in Bank Credit and for all Lands Plate or Jewels within six moneths from the day that Bank Credit shall any way fail to be current and in default of such payment the Lands Goods and Pledges to be forfeited without redemption and to be sold and paid the person who is in truth Owner of the Credit which will be easily found though of many years standing or otherwise to be divided among the Owners of the Credit in Bank 10. That no person be admitted to take Credit in Bank for any sum less then Twenty pounds or for less time then one Moneth to be accounted though not so much nor shall any payment by assignation be made for any sum under ten pounds unless it be to even or ballance Accompts in which case it may be allowable either for the Bank to pay or receive any sum not exceeding Ten pounds to be done upon demand either of the Banker or other person whatsoever that desires to ballance their Accounts in Bank 11. That for the encouragement of Trade such as have Bank Credit in one place and are desirous to have it in another for their accommodation may have it remitted paying after the rate of 10 s. for 100 l. to the Bank and also that where there happens yearly to be a standing great Mart or Fair like that of Sturbridge or Way hill the Bank of that Division may be removed thither during the Fair time which will be easily done since nothing is required but the Books of Debitor and Creditor so that whosoever shall have occasion to buy Goods there need only to get his Bill of Credit allowed at the Bank which may the next day pass for payment and much trouble and danger of being robbed c. to such as live remote be prevented 12. That no man shall personate another to obtain Credit in Bank nor counterfeit any Bill or Seal of Office upon pain of death 13. That where any Estate being morgaged to the Bank shall be found to belong to an Infant person Lunatick or that was beyond Sea the Morgagee shall be lyable to imprisonment without Bayl or Mainprise and his whole Estate to Sequestration untill the Credit be discharged and if found to be done knowingly or the person to depart the Countrey then to be guilty of death whensoever taken And lastly That this Bank may be established by Law and his Royal Majesty invested with the Government thereof which he may please to referre to Commissioners and such Commissioners substitute proper and sufficient Deputies to manage and govern each Bank whereof the principal will be in London and for the rest wheresoever seated it will be proper that the Post-stages be directed thither for their better corresponding with each other For the foundation of these Banks being Credit and such Credit transferrable without danger may be remitted from York to London and from London to Bristoll or any other places of like distance in six dayes which will not prove the least advantage in Trade especially when all Estates are free from Incumbrances which will be upon the determination of Suits depending for all matters before in controversie for I presume there would be lesse cause of Law hereafter if all obscure Pocket conveyances were discountenanced which I hope will not be rendred a prejudice to the Kingdome And if it shall happen that any person Lunatick or Infant the only obstruction that Banks cannot take infallible security shall afterwards lay claims to any Estate in Morgage to the Bank and thereupon appeal to his Majesty in equity for relief which indeed were hard measure less Charity and not like his Royal bounty to deny especially being to such who of all persons living must be esteemed most friendless that shall not in that case have some to inspect or discover their Interest or claim before the time limited for entring thereof be expired that then in such case if the person that took up the Credit in Bank upon the Estate be insolvent satisfaction may be made out of the profits of the Bank which in its proper place I shall shew will be so considerable that an inconvenience much greater then this will no more disparage the design then the giving of six pence in Charity will impoverish the Estate of a rich man This duly considered I hope it will be granted that a Bank may be formed wherein real security by Land may be a foundation of Credit in Bank to the Owner for some less value then the value of the Land as first for a moyety and in three or four years when Incumbrances are determined for two third parts and that such value may go
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
attainable by the establishing of Banks there is one more in particular that will prove very accommodatious to his Royal Majesty upon any occasion of want of Money either in his own Kingdoms or abroad in Forain parts For by the help of those Banks and upon the Credit of so great a Revenue as two Millions yearly his Majesty surely cannot want Credit at any time either at home or abroad for a Million or more in case of necessity For he as well as others might either draw remit or accept Bills and pay them out of such Money as will be received for Interest in Bank and surely all rational persons must esteem of Bills so accepted by his Majesty or those his Commissioners before spoken of to govern his Banks to be as good sure and certain payment as if accepted by the most punctual Merchant that walks the Exchange of London considering that the default in payment but of a hundred thousand would wholly discredit and overthrow the Bank and consequently so great a Revenue whereunto such Commissioners and Governors ought to have regard and not to draw more upon any Forain Banks or persons whatsoever then by the time of return of such Credit they may be able to discharge which will be a Million every Six Moneths An accommodation so great that I think the greatest Prince of Europe cannot boast of the like I might have insisted upon his Majesties real Estate in Lands and otherwise which may be valued at some Millions and that upon this also Credit might be obtained according to proportion of the Estates of his Subjects upon occasion but how acceptable that might be I know not since no Law but his Majesties Royal pleasure in that case can properly be made binding it being the great Objection against erecting Banks of Money under a Monarchy which as they say is subject to the Kings pleasure and therefore cannot so properly be called their own especially when under the power of an Army or the like But although I am not wholly of that opinion because I finde Banks to be erected and flourish as well under the Great Mogull in the East Indies as in Tuscany under the great Duke both which are as absolute Monarchs as any King of Christendome yet to give satisfaction to all and especially to those Merchants in London whom I finde almost generally averse to the erecting such Banks as may submit their Estates to the pleasure of Supream Authority or Power I have studyed these kinde of Banks whereinto no man will be compelled to bring his Money nay as I have laid it he cannot bring it if he would But if at any time by the consent and request of Merchants it be desired that such as will may deposite their real Money in Bank as a ground of security for either Credit or Money at any time to be again drawn out of Bank at pleasure without paying any Interest more then some small matter for keeping their Accounts This coming freely from the People and being by their Representatives enacted in Parliament may be for their better satisfaction and greater accommodation in Trade and will be no prejudice at all to his Majesties Revenue or disparagement in the least to Bank Credit grounded upon the foundations of Lands or Goods as aforesaid which is and will be still of as real a value as Gold or Silver as I have before proved I hope to satisfaction of all men I fear I have been too long in the explanation of these Banks and tyred the Readers patience with Impertinences yet in some particulars perhaps I am short whereby all may not fully understand what I am desirous none should be ignorant in which if it be any that may give it a furtherance or that are inclined to study or promote so publique an undertaking I should be as glad to spend some further time in answering any written Objections as I am willing to give a meeting to those that desire rather by discourse a more clear or full satisfaction for having my self found a great benefit by discourse on this subject with others it were not Charity in me to deny the like to any Some there are that have given me their opinions and others that have sent it in writing as from unknown hands and all prompting me to this further Edition which for the validity of the subject out of the respect I owe my Countrey I heartily wish it had been handled by a more acute Wit and better Pen then mine I have therefore no better way to disperse those clouds which my dirty expressions in this Treatise hath cast upon so clear a demonstration of the greatest Temporal advantages to our Soveraign Lord the King and Kingdom then to give you the opinion of an ingenuous Gentleman Samuel Hartlipe Esquire which take in generall as a Case put Viz. Suppose any company of men should proffer to lend his Majesty two or three hundred Millions of Money gratis let us consider what he would doe therewith 1. He could not employ it with safety any otherwise then by lending it forth to the people upon sufficient security at a reasonable Interest because it is but lent to him and therefore must be restored 2. It may be he would resolve also to raise Banks therewith whereby the Credit grounded upon such Money might run current amongst the people rather then the Money it self which is not so fit for daily use in great sums in respect of the trouble of telling and re-telling the losse in clipt and counterfeit Money the hazard which men sustain in keeping much Money by them the trouble of carrying great sums of Money from house to house and the danger of conveying it in specie from one Town to another Whereas dealing in such Credit as to all great sums would prevent High-way Thieves who if they have nothing but goods to seize upon in the Road cannot go long undiscovered nor can advance any thing thereupon worth their attendance which would totally discourage them from following that lewd kinde of life and thereby free the High-way of such kinde of Vermin Credit also is better amongst the people in these two respects First it cannot be transported to other Nations Secondly it will not be hoorded up as Money many times is to the great hinderance of Trade for that which will be perhaps at first of least esteem amongst the common sort of people if it be of real value in it self is most for their good because every man striving to post it off from himself doth thereby quicken returns in Trade Now suppose that upon these manifold considerations such Banks should be erected and it should thereupon come to passe that this Money thus lent to the King should lye dead in Bank and the people should make use of the Credit in stead thereof as they do in other places I demand then to what purpose this Money serveth If it be said it lies for a pawn to secure the Credit that