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A24456 An account of Dr Assheton's proposal (as improved and managed by the worshipful Company of Mercers, London) for the benefit of widows of clergymen and others, by settling joyntures and annuities at the rate of thirty per cent Assheton, William, 1641-1711. 1699 (1699) Wing A203; ESTC R1254 7,841 24

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Reasons not now to be repeated that they were not capable to accept his Proposal His next Application was to the Royal Bank of England Where he did not doubt of sufficient Security for the Subcribers But for some Reasons which are obvious to Men of Business this Royal Bank at present is not so Modell'd as to manage this Proposal Though thus far disappointed yet Dr. Assheton was not Discouraged And being admonished that a City-Company was very capable to Undertake his Proposal And that the Mercers was the Best both for Management and Revenue he immediately applied himself to that Company And having first waited upon the present Master whose known Worth and inclination to promote Charitable Designs gave him great encouragement of Success he next attended the Wardens and several others of the Members After some time a General Court of the said Company was held on Friday the 11th of November 1698. Where Dr. Assheton's Proposal was read to the said Company And the Doctor being then asked what he had further to say he Replyed to this Effect viz. He was very sensible that Wise men who are not apt to be imposed on do look upon Projects with Caution and at a distance And therefore he was not so vain as to expect that this Proposal should be unanimously received after one single Reading at a General Court For the Reasons of such an Undertaking are not always obvious but require some Thought and Application of Mind He therefore humbly moved That a Committee might be appointed to consider and examine the Reasons of the Proposal together with such a Method as should be thought most Expedient for the Management of it Whereupon a Committee was appointed to consider of the same and what Security the Company could give to the Subscribers The which Committee after several Meetings and Discourses with Dr. A●sheten made ●●eir Report to another General Court the 23 d of December 1698. Which Court having read the Report of the Committee d●● suspend their Resolution of the same for that time And another General Court was appointed to be held the 13th of January following that so all the Members of ●●● said Company might have time to consider ●● the said Proposal and the Report of the Committee thereupon that so they might the better be enabled to give their Resolutions in the whole Affair And at this Third and Last General Court the Company did accept of the said Proposal And did Publish and Declare their Acceptance in Manner and Form following By the Wardens and Commonalty of the Mystery of the MERCERS at Mercers-Hall in Cheapside London the 8th Day of February 1698. THE Reverend William Assheton Doctor in Divinity Rector of Beckenham in Rent and Chaplain to his Grace the Duke of Ormond having out of a Charitable Design for the Maintenance and Relief of Widows of the Clergy which very frequently are left in a poor Condition when their Husbands dye employ'd his Thoughts to consider of a Way for their Relief and Support and thereupon thought of a Proposal in which he includes also others beside Clergy-men viz. Physicians Lawyers Merchants Traders or any other Persons that shall Subscribe the Sum of 100 l. or more during the Time of their joint Lives in case the Husband shall die and leave his Wife a Widow that then there should be paid her during her Life the Sum of 30 l. a Year per Gent. free of all Charges at the two usual Feasts of the Annunciation of the Blessed Virgin Mary and St. Michael the Archangel and that the Sum to be Subscribed should be limited to 100000 l. And in case the Wife dye during her Husband's Life-time the same to go to the Benefit of those that did undertake the same The said Reverend Dr. Assheton considering w●here the said Subscription-Money might be lodged safely and reasonable Security given for the due Payment of the Widows did think it could not be better secured than in the Hands of the Worshipful Company of Mercers London and did at a General Court of the said Company held on Friday the 11th of Nov●mber 1698 make this Proposal to the said Company who thereupon appointed a Commi●tee to consider of the same and what Secu●i●y the Company could give which Committe had several Meetings th●reupon and having had several Discourses with Dr. Assheton and acquainted him what Estate they had to settle for Security being clear rents 2888 l. 8 s. 10 d. per. Ann. besides the Payments by the Benefactors to be paid out of the same which by a moderate Calcuation would yield when the Leases come out above 13500 l. per Annum clear as aforesaid And the said Dr. Assheton judging the same to be reasonable Security the said Committee made their Report to a General Court the 23d of Decemb. 1698. Which Court having read the Report of the Committee did suspend their Resolution of the same for that time and another General Court was appointed to be held the 13th of January following that so all the Members of the said Company might have time to consider of the said Proposal and the Report of the Committee thereupon that so they might the better be enabled to give their Resolutions in the whole Affair And at the said General Court the Company did accept of the said Proposal And do hereby publish and declare 1. That in case 100000 l. shall be subscribed and paid in to the Company in such manner as i● hereafter mentioned The said Company do undertake to pay unto the Widows of the Subscribers according to the aforesaid Proposition 30 l. per Cent. per Ann. free of Taxes and Charges at the two usual Feasts of the Annunciation of the Blessed Virgin Mary and St. Michael the Archangel 2. That for better Security of the Payments as soon as the said 100000 l. shall be Subscribed the said Company will settle and convey in due Form of Law the Lands Houses and Estate before mentioned in Trustees for the due payment of the said Annuities 3. That all married Clergymen and other married Persons Except as hereafter is Excepted that inhabit in the Kingdom of England and do not exceed the Age of 60 Years at the time of the Payment of the Money and receiving the Company 's Bond and are then in good and perfect Health and have Subscribed any Sum not less than 50 l. nor exceeding the Sum of 300 l. in case they die in the Kingdom of England and leave their Wives Widows the said Widows shall receive as before-mentioned the Sum of 30 l. yearly for every 100 l. so Subscribed and so proportionably for a greater or lesser Sum as before-mentioned 4. That every Person at the time of his Subscription which shall be made in Person shall express the Place of his Abode the Name of his Wife and his and her several Age in such manner as is hereafter mentioned 5. That no Person that goes to Sea nor Soldier that goes into the Wars shall be admitted