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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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And lastly That the said now Undertakers and Managers or the Undertakers and Managers at any time hereafter for the time being may at any time hereafter by Advice of Councel Learned in the Law Make Seal and Execute any further or other Deed or Instrument for the better Explanation or Execution of all or any of the Clauses Articles Trusts and Powers in and by this present Constitution and Settlement mentioned or intended In Witness whereof the said Vndertakers and Managers herein before first above-named have hereunto set their Hands and Seals Dated at London the Fifteenth Day of July in the Eighth Year of the Reign of our Soveraign Lord WILLIAM the Third by the Grace of God King of England Scotland France and Ireland Defender of the Faith c. Annoque Dom. 1696. FINIS London Printed and are to be Sold by T. Sowle in White-Hart-Court in Gracious-Street 1696. The Parties Preamble Benefit of Credit to Trade Bills of Credit Superior to Money The Author of this Contrivance and his Motives Material and efficient causes of Riches Money is but polilitical not real Wealth Land Credit more Secure Inconveniencies of Gold and Silver for being the common Measure of Trade where they are not the native product Ends and Motives of the Doctors pains The Doctor communicates his thoughts c. The late Encouragement of Banks by this Nation is the effect of the Doctor 's Endeavours Tendency and Benefit of this undertaking Divers have Subscribed to it Now for the better Effecting this Matter It is Declared that there is want of good Credit Good Credit is Money under another Name What Money is Those possessed of Estates in Fee Simple c. can by Law settle them to what Vses they please except in certain Cases Property sacred by Law Land the best Security The Mother of all wealth Landed men how Considerable Ends of this Vndertaking What it offers To raise 100 Years Credit of which Seventy to the Proprietor viz. 40. to himself Manner of paying the forty Years value And the remaining thirty Years value to the joint stock of Trade Profits of it to be proportionably divided Capital to remain Not transferable but with the Estate Vse and benefit of the joint stock Money at first necessary to circulate the Credit The Vndertakers to find Expedients for Money in the best manner they can And to have 10 Years Value of each Annuity to assist them to raise such Money The Hundred Years Benefits thereby Preference of this Credit to that of Money Banks This Credit more than doubly secured The Land must Annually call for these Bills And the Office must Annually destroy them These Bills will all be cancelled at the end of 100 Years Why must this Credit continue no more nor less than 100 Year Answer How 100 Years Value can be raised upon Land that will sell but for 20 Answer How this Credit secured 10000 l. therein is secured By 22500 l. which is therefore a more than double Security that such Credit shall be duly Discharged The Premises illustrated by an Example Bills for 100 Years may be safely current the while and as useful as those payable at a short Term. The Security of these Bills grows stronger yearly A part may be improved to a greater Value than the whole was before or can be without such Improvement And a Term thus applied is better than the Perpetuity not so applied Mortgages a very ancient sort of Credit But troublesome And not well suited to general Occasions Dead Pledges and but an imperfect Credit Interest necessary upon Mortgages and why But not upon these Bills and why This Vndertaking not calculated for narrow or sinister Ends. The Noble and Advantagious Contrivance of this Office Care against Bad Titles Proprietors to be always in possession of their Lands thus setled Vnless two Year in Arrear For then the Office may Enter and Hold till Satisfaction But to do no Damage Nor Vnder-lett But rather improve the Estate And restore it at any time upon Demand and Payment Accounting for Mesne profits Vpon Improvement of any Estate the Proprietor may raise more Credit Or may free such Overplus from the Engagement to the Office The Office being safe things to be interpreted in favour of Proprietors Who before or after Entry may make Leases not hurting the Title or lessening the Rent Bills so contrived that none need be deceived with false No Bill can be issued without a due Fund All Bills must be cancelled as their Fund ceases Provision for support of the Office Nature of the Management of the Joint-stock All its Books and Proceedings may be enquired into when fairly desired The Vndertaking consists of three principal parts First the Lords Visitor What is submitted to their Care Quorum of the Visitors Visitors Power and manner of redressing what 's amiss Intent of their Superintendance Visitor ceases to be so if Six Months absent His Place how supplied Choice of their Auditor Choice of their Comptrolers and Governors of Trade All which for Life unless c. Each Visitor one Vote Their Comptrolers In case the Visitors neglect to chuse them Comptrolers Employment Governours of Trade chosen in proportion by the Visitors And an Auditor in case the Visitors neglect such choice Chamber of Comptroul Business of the said Chamber Secondly the Land-proprietors they chuse their Governours of Trade an Auditor and Comptrolers Comptrolers Duty Land-proprietors may exchange their Securities And may upon Joint-agreement within the first five Years withdraw their Securities Any single Subscriber may upon request withdraw at any time after Thirdly The Vndertakers and Managers chuse Councel at Law Trustees for Estates A third of the Governours of Trade An Auditor and Comptrolers Vndertakers are in particular to make due provision for the Expence of the Office To prevent and detect Counterfeit Bills And for the just Administration of the whole This Branch to consist of at least 11 and at most 21 besides the 10 herein named Honorary Managers which are only Temperary How many Transact New Members Chosen Vndertakers make Rules and Orders And Chuse all officers Not herein limited to be otherwise chosen And do provide and defray And have a general Care and Inspection The Credit extended to Leases and Houses And on what Terms as to Leases As to Houses to be Insured against Fire Provision against Negligence or Damage by any relating to this Constitution Freedom reserved to Dr. Chamberlen the Vndertakers or Managers and Comptrolers to be present at the debates of any of the several Chambers Governors of Trade the Constant Representatives of the Proprietors Yet that the Body of the Proprietors may upon occasion assemble or be assem●led in person or by Proxy What the Proprietors being assembled may do Their Memorials remitted to the Judgment of the three Chambers of Comptrol of Trade and of Management First Meeting of the Land Subscribers Their second Meeting Till when represented by the Chamber of Trade What they do at their second Meeting How the Branch of Land Subscribers to be Summoned Number of Votes in the Chamber of Trade Their Quorum Votes in the Chamber of Comptrol Their Quorum One Comptroler of each Branch to attest every Bill And that the Bills be duely Cancelled Care of the Treasury Treasurers duty Comptrolers and Governors of Trade belonging to the Visitors or Subscribers are to fill up the Vacancy of any Office of their respective Branches Place of paying the Rent Charges and the time When the first Payment is to commence Joint-stock is to defray its proper charge and expence out of the fourth part of the neat Profits Salary of the Governors of Trade Contingent Perquisites to the Governours of Trade And to their Subordinate Officers and others for Eminent Service Of which the Governours of Trade are to judge Yet an Appeal lies and when Chambers of Trade chuse their own Officers Powers of the Chamber of Trade Subject to an Enquiry by the several Branches and Chambers of Comptroul and of Vndertakers And the Reason why Against Exclusive Ingrossings to the publick prejudice Profits limited in case of Ingrossing to 10 per Cent. in some cases and to 20 in others Care for Monied Persons Widows and Orphans The reason for their Admission The time for the Joint-stock to Accompt Office to be held in or about London c. Business of every Chamber to be therein hung up in Tables All Officers for Life except c. The Salaries to go out of the Profits Only Subsistance to some for a Year from Midsummer 1696. How payment of Salaries afterwards Confirmation of Orders already made Provision against Election of Vnqualified Persons for Auditors Comptrolers or Governours of Trade Reserve for furthe● Deed for better Explanation c.