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ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A29534	An abstract of the Discourse on the late funds of the Million-act, Lottery-act, and Bank of England Together with proposals for the supplying their Majesties with money on easy terms, exempting the nobility and gentry, &c. from taxes, enlarging their yearly estates, and enriching all the subjects in the kingdom. Humbly offered and submitted to the consideration of the Lords spiritual and temporal, and Commons in Parliament assembled. By J. B.; Discourse on the late funds of the Million-act, Lottery-act, and Bank of England. Abridgments	Briscoe, John, fl. 1695.; Briscoe, John, fl. 1695. Discourse on the late funds of the Million-act, Lottery-act, and Bank of England.	1694 (1694)	Wing B4738; ESTC R212358	8,190	16

destruction of young thriving Timber I shall now briefly answer an Objection or two I have met with since my writing the said Treatise but first I shall add somewhat further by way of an Answer to an Objection which I have already answered viz. Object That we shall have too many of these Bills of Credit Answ The Parliament if they shall be pleased with the Modus of settling Estates and issuing out Bills of Credit upon them by these Methods may if they think fit limit the Settlements though I confess I am not of opinion there will be any need for their so doing for the Money of this Nation is computed to be about eight or at most ten Millions Sterling And a small Treatise lately publish'd by some of the Bank intituled Some Observations upon the Bank of England tells us page 9. That the Bank of Amsterdam hath had above 30 Millions Sterling at once and no small Sums employed in the Lumbard To which if we add all the Money in private Hands we cannot well suppose that there is less if so little as 50 Millions Sterling in Holland The same Author tells us also in page 5. That about an hundred Years ago the King of Spain paid the Bank of Genoua more than twenty Millions of Crowns which is almost as much Money as we have in England for one Year's Interest And page 10. he says That Money may be had at Genoua for 2 l. per cent per annum Now if the King of Spain paid but 2 l. per cent per annum for what he borrowed the Bank must have lent him above two hundred and fifty Millions which is as much as all the Land in England is worth at twenty Years Purchase But suppose the King of Spain paid as much per cent per annum for Interest of Money as their Majesties pay the Bank of England he must have borrowed of them above sixty Millions Sterling So that it is plain we are most miserably cramp'd in our Trade and the Gentlemen of England also as well as the trading part of the Kingdom are great Sufferers for want of Money And why the Kingdom of England which is as well situated for Trade as any place in the World should have less Money to trade with than Holland or Genoua I confess I cannot assign a Reason for I am sure we have almost quite lost our Greenland-Fishery our Russia-Trade and several other Trades I could mention and we are in danger of losing the rest because we are not able to manage our Trade with that Advantage as our Neighbours do for want of sufficient Stock and because our Merchants must pay three times the Interest for Money that others pay and yet some Gentlemen are afraid of our having too much Money whereas I should be glad to see it once come to that for we had better have Money to spare than to want it which if we had a greater Plenty of our Fishery might be revived and our almost-lost Trades regained and the Parliament can check any Exuberancy or Superabundance of these proposed Bills whensoever they shall find them inconvenient to the Nation Object But you propose six Months time before an Estate can be settled and Bills of Credit issued out thereupon so that these Proposals cannot be useful to supply their Majesties with Money timely enough this Year Answ If it be not timely enough for the Supply of their Majesties this Year to begin at the sitting down of the Parliament how can it be time enough next Year unless the Parliament pass it this Sessions And if it should not be of use this Year for the Publick as I can demonstrate it may such of the Nobility Gentry and Free-holders and the trading Part of the Nation who are under any pinching Straits and Exigencies may be relieved by passing it this Sessions Object But it is uncertain whether Gentlemen will settle their Estates and advance the Bills of Credit to their Majesties or no and the Government must not be at this time under any Vncertainties Answ What Certainty had the Parliament that the Subjects would advance their Money on any of the late Funds upon Survivorship or upon the Lottery-Act or Bank of England there was only a Probability that Men who had Money would accept of such advantageous Offers and there is much more Reason to believe that Gentlemen will settle their Estates on these proposed Advantages Object But where must a Man go for his Money that hath any of these Bills of Credit Answ To what use is Money but to pass and repass in Payment or else to melt it down into Ingots For the first these Bills will be as passable as Money and are in truth better than Money conveying an intrinsick Value along with them which Money does not and for that Reason our Money is as unfit for the latter Use viz. to be melted down The Bank of England do not propose to keep Money by them to answer all their Bills if they did to what use would the Bank be but only so much as is needful to answer the Demands of such whose Occasions require Money in specie and for such Persons the proposed Commissioners will have always Money to answer such Demands For suppose their Majesties borrow two Millions for 7 l. 10 s. per Cent. per Annum Annuity for 20 Years in lieu of Principal and Interest if the Parliament direct that the Annuity shall be paid in Money there will be 150000 l. per Annum coming in to answer all such Demands Object But what must those Gentlemen do who are but Tenants for Life they cannot reap any Advantage by this Act. Answ Yes they may for the Parliament if they please may give them leave to settle such their Estates for Bills of Credit to be issued out to their Majesties upon the Paiment of an Annuity for 20 Years and not longer in which case the Tenant for Life may be excused from the Land-Tax of 4 s. in the Pound which will be Advantage enough for him and the Commissioners may keep in their Hands the Profits accruing by the Loan of such Bills of Credit for the Benefit of him who hath the Fee or Remainder by which means his Estate will be encreasing every Year more and more till he comes into the Possession of it For admit A be Tenant for Life of an Estate of 1000 l. per Annum the Remainder to B Suppose A settles the said Estate and 20000 l. Bills of Credit are issued out thereupon and lent their Majesties upon the Paiment of 7 l. 10 s. per Cent. per Annum out of any Parliamentary Fund for 20 Years A shall be exempted from Taxes which is 200 l. per Annum saved to him The Commissioners who are to receive 1500 l. per Annum Annuity for 20 Years for the said 20000 l. Bills of Credit will pay off every Year 1000 l. per Annum in Discharge of the Principal and the other 500 l. per Annum they may reserve in their Hands for B so that if A lives 20 Years B will have 10000 l. due to him from the Commissioners which is half the Value of his Estate and his Estate clear and tho some may think it unreasonable that a Tenant for Life should settle the Estate of him who hath the Fee yet for the Advantage and Benefit of such Person who hath the Remainder the Parliament may as well give leave to settle such Estates as they did empower Trustees and Guardians to advance the Money of such whose Estates they had in Trust upon the late Funds for Benefit of such Minors c. And if the Parliament think fit Gentlemen who have Estates in Land may easily and that in a few Years raise a Bank without any Money other than by their accruing Profits out of the said Annuities which Bank will have both plenty of Money and the Freehold Estates of the Kingdom for a Fund which will be the greatest most famous and most glorious Bank that is or ever was in the whole World nor will any Nation in the Universe be ever able to cope with us or be capable to erect the like I think it not amiss also to acquaint the Parliament with a Method I showed to an Honourable Member of the Honourable House of Commons about six Months ago which I laid aside as not being near so desirable as this my propos'd Method which because some Persons seem'd then to have an Opinion of I shall also acquaint this Honourable House with the same viz. I propos'd that a Gentleman of 150 l. per annum Estate in Land supposed to be worth 3000 l. might settle his Estate and that 3000 l. Value in Bills of Credit should be issued out thereupon that their Majesties should have 1000 l. Value of the said Bills and that the Person who settled his Estate should have 2000 l. Bills and for the discharging the 3000 l. Bills of Credit he should be obliged to pay 100 l. per annum for 30 Years This indeed would have cleared all mortgaged Estates the Bills of Credit issued out would not have exceeded the Fund settled for Security of them and a Gentleman would have sold a Rent-charge of 100 l. per annum for 30 Years for as much as he can sell the Fee of 100 l. per annum Several other Advantages I proposed by the said Method but all things considered I found it so far short of what Advantages their Majesties and the Nation might reap by the present proposed Method that I totally declined it I fear being too tedious and to transgress the Limits of an Abstract But such of the Members of the Lords or Commons who will honour my Treatise with their Perusal wherein what I have herein barely hinted at is more fully handled shall be presented with the same by Their Honours most humble and most obedient Servant JOHN BRISCOE

Credit or upon Paiment of any of the following Annuities in lieu of Principal and Interest that is to say     l. s.   For an Annuity of 50 Years   2 10 per Cent. per An. 40 Years   3 00 33 Years 4 Mon. 3 10 25 Years   4 10 20 Years   5 10 16 Years   6 15 13 Years 4 Mon. 8 00 10 Years   10 10 10 s. per Cent. per An. part of the said Annuities to be paid to the Commissioners c. for their Charges and with the Residue of the said Annuities the Commissioners are to pay off and cancel every Year part of the Bills of Credit till all the Bills of Credit shall be paid and cancelled That it shall be High-Treason to counterfeit any of these Bills or to offer them in Paiment knowing the same to be counterfeited The Advantages of these proposed Bills of Credit will be numerous First Their Majesties will be supplied with Money on easy Terms and the Subject loaded with fewer Funds and it will inseparably unite their Majesties and the People in each others Interest Secondly These propos'd Bills of Credit being a new species of Money and to all Intents as useful as Money it will be as it were an introducing so many fresh-monied Men into the Kingdom with several Millions more than was before for the Supply of their Majesties and each Million value in Bills of Credit issued out upon the Security of Gentlemens Estates being employed in Trade will bring in 60000 l. per Annum Profit every Year to the Nation Thirdly It will keep great Sums in the Nation that are paid to Foreigners for Interest and will enable those Subjects to lend who are now forc'd to borrow of others Fourthly It will animate our Merchants encourage Handicrafts and Artificers it will bring new Manufactures into the Kingdom that cannot now be wrought here by reason of high Interest and set many thousands to work who are in a starving Condition for want of Employment It will turn the Genius of the Subject into the right Channel by putting them upon the improving their Money by Trade It will ease all the Nobility and Gentry from Taxes who shall advance Bills of Credit to their Majesties upon the Security of their Estates and will add 50 or 60 l. per annnm to every 100 l. per annum of their present Estates Fifthly Gentlemen will have an Opportunity of improving their Estates by Building Planting draining or watering their Land who cannot now afford to do it by reason of high Interest and Scarcity of Money It will clear Gentlemens Estates from all Incumbrances and will enable them to raise Portions for their Children and will raise the Value of Land to 40 or 50 Years Purchase A Gentleman of an 100 l. per annum if he settle his Estate may have 2000 l. Bills of Credit upon it which Bills he may lend their Majesties for 3 l. per cent per annum Interest and be exempted from the Taxes of 4 s. in the Pound and have an 160 l. per annum who hath now but 80 l. per annum coming in Or if he lend their Majesties the said 2000 l. Bills of Credit upon the Payment of an Annuity for 20 Years he will have 150 l. per annum coming in for every 80 l. per annum he now hath And one twentieth part of the said 2000 Bills of Credit being paid off every Year his Estate will be clear in 20 Years Or suppose the said Gentleman hath four Children and hath now nothing to give them he may give his Children the 2000 l. Bills of Credit among them which is 500 l. apiece for which he must give to the Commissioners c. but 10 l. per annum So that his Children will have the present Value of his Estate divided among them and he will have 90 l. per annum left for himself to live on Or hath a Gentleman an Estate of 1000 l. per annum upon which he owes 10000 l. he now pays at 6 l. per cent per annum 600 l. per annum Interest-Money he pays for Taxes of 4 s. in the Pound 200 l. per annum in all 800 l. per annum so that reckoning nothing for Repairs Militia-Rate Trophy-Money c. he hath but 200 l. per annum coming in If this Gentleman settles his Estate he may have 20000 l. value in Bills of Credit thereupon being twenty Years Purchase of his Estate With this he may pay off his 10000 l. Mortgage the other 10000 l. he may lend their Majesties at 3 l. per cent per annum and he will have 1150 l. per annum coming in as appears by the following Parallel The Gentleman 's present Circumstances Interest of 10000 l. 600 per annum Taxes of 4 s. in the Pound 200 Left for himself 200   1000 His Circumstances by my proposed Method His Estate brings him in 1000 l. He will receive for 1000● lent their Majesties 300   1300 per annum He must pay the Commissioners c. for 10000 l. Bills of Credit being what he makes use of for himself 50 l. Paid Taxes for ½ of his Estate 100 l. 150 Remains clear to the Gentleman 1150 l. per annum and his 10000 l. Mortgage paid off Or has the Gentleman a mind to clear his Estate upon the Payment of a small Annuity he may have 10000 l. for 4 l. 10 s. per cent per annum for 25 Years or for 5 l. 10 s. per cent per annum for 20 Years and never pay the Principal who must now pay 6 l. per cent per annum for the bare Interest only And as to their Majesties they may be supplied with 1200000 l. for 3 l. per cent per annum which is 36000 l. per annum for which they now pay 100000 l. per annum which would be 64000 l. per annum saved of what their Majesties now pay for 1200000 l. only Or their Majesties might have had 1600000 l. upon the Payment of 140000 l. per annum for sixteen Years which is 600000 l. more than was raised on the Lottery-Act In fine their Majesties might have Money for paying 6 l. 10 s. per cent per annum for twenty five Years who now pay above 8 l. per cent per annum perpetual Interest So that by this Means the Nation is not only served on much easier Terms but Gentlemen will be eased from Taxes will have their yearly Estates augmented may clear their Estates from all Incumbrances and may with Eafe raise Portions for their Children and may very much improve their Estates And I may add that those who are now forc'd for the raising Money to cut down their Timber long before it is come to its full Growth being enabled to supply themselves with Money on such easy Terms will not be under those pinching Necessities to do that which is so very detrimental not only to their own Estates but to the Kingdom by the