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<DATE>2012-05-22</DATE>
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<NAME>Mona Logarbo</NAME>
<RESP>MURP</RESP>
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<ITEM>Proofed and reviewed as part of batch B120410.pdcc.</ITEM>
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<EEBO>
<IDG S="marc" R="UM" ID="A96294">
<STC T="W">W1587</STC>
<STC T="C">R230821</STC>
<BIBNO T="umi">99896060</BIBNO>
<VID>153752</VID>
</IDG>
<TEXT LANG="eng">
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<DIV1 TYPE="text">
<PB REF="1" MS="y">
<HEAD><HI>Now is the Time:</HI> Or, The Propo&s;al of the <HI>LOAN-BANK</HI> Sea&s;onable.</HEAD>
<BYLINE>By <HI>T. W.</HI></BYLINE>
<DIV2 N="1" TYPE="part">
<HEAD><HI>I.</HI> An Additional Propo&s;al concerning <HI>Guineas.</HI></HEAD>
<P>THAT for every Guinea brought into the <HI>Loan-Bank</HI> before the &mdash; day of &mdash; be deliver'd 10 <HI>s.</HI> of Current Silver Coyn in hand,<NOTE PLACE="marg">Mr. <HI>Blackwel</HI>'s E&s;&s;ay towards carrying on the pre&s;ent War, <HI>&amp;c. p.</HI> 4.</NOTE> and a Bill of 20 <HI>s.</HI> payable at the time appointed to repay the Banks their Princi|pal, or (as PARLIAMENT &s;hall appoint. And that &mdash; (after the expiration of the time limited for receiving the&s;e Guineas) no Guinea &s;hall pa&s;s for above &mdash; <HI>s.</HI></P>
<P>By this means all the Inconveniences of the enhaunced rate of Guineas are not on|ly prevented, but turned to the great Advantage of the Nation: For, no per&s;on can lo&s;e by Guineas, and every Guinea will be about double &s;o much to the Nation. The King being thus &s;upply'd with Guineas for his Foreign Occa&s;ions, the new Mill'd Mony will be kept at home; all the Conveniences of the <HI>Loan-Banks,</HI> &s;o un|&s;peakably for the Good of the King and People, will be effectually retriev'd; the the Bottom broad enough to bear what&s;oever Structure is to be rais'd upon it; All the Advantages mention'd in my former Papers, and many more, certainly Se|cur'd; and the Credit of the&s;e Banks forthwith confirm'd: For, the Owners of Guineas, that knew how to advance <HI>them</HI> &s;o much above their Real Value, cannot want Means of giving a Credit to the <HI>Loan-Bills</HI> an&s;werable to the true Value of them (Bills in&s;ured by an Act of Parliament, on an indubitable Fund, every day im|proving on their hands, and never in danger of &s;inking); nor can they want Mo|tives to do it, their own Intere&s;t being &s;o deeply engag'd. They that could ad|vance a Guinea near one third above its real Value (in danger of &s;inking, and not improvable by keeping) may much more ea&s;ily advance a <HI>Loan-Bill</HI> one Quarter's Intere&s;t, at lea&s;t, above its pre&s;ent value, when only lying by a little while will make it really worth &s;o much. And, if this &s;hould be the Ca&s;e, then our Work is done, our Bank's Credit &s;ecure, no danger of their &s;inking, their Bills Current, and the mo&s;t Popular Objections all remov'd at once: For,</P>
<P>Who would pay their <HI>Loan-Bills</HI> in Taxes, or return them to the Banks, and re|ceive their Principal, (unle&s;s Compel'd thereunto by Parliament) when they mu&s;t Lo&s;e thereby? And, who would not prefer a <HI>Loan-Bill</HI> of 20 <HI>s.</HI> before 20 <HI>s.</HI> in Coyn, when the Bill will bring him more than 20 <HI>s.</HI>? Nor will there be any danger of Want of Current Silver Coin to exchange the&s;e Bills, when the Gold, being thus reduced, keeps our Silver at home. Nor is this only a di&s;tant Probability; 'tis morally impo&s;&s;ible, if this Propo&s;al concerning Guineas be accepted, it &s;hould be otherwi&s;e.</P>
<P>What made the <HI>Venice</HI> Bills, without Fund or Intere&s;t, advance 20 <HI>per Cent.?</HI><NOTE N="*" PLACE="marg">Mr. <HI>Black|wel</HI>'s E&s;&s;ay, &amp;c. <HI>p.</HI> 18.</NOTE> <HI>The Ea&s;e of counting, carriage, preventing damage to the Receiver by Counterfeit, Clip'd, and Ba&s;e Coyn; the Advantage that was to be made by the Exchange,</HI> &amp;c. Surely we may ex|pect, where to all this is added the Be&s;t Security and Highe&s;t Intere&s;t that the Land can afford, our <HI>Loan-Bills</HI> would not be le&s;s valuable, but be counted good Pur|cha&s;e, and, like our Guineas, ri&s;e upon us, till it may be nece&s;&s;ary to put a Re&s;traint upon them, le&s;t they al&s;o become extravagant, and le&s;s u&s;eful for Commerce. The &s;ame Heads are as likely to do the one as the other; which they will not fail to attempt, their Intere&s;t equally engaging them, and the danger of Lo&s;s not being &s;o great. The Humour of the <HI>Exchange</HI> might in One day, have &s;unk the Guineas on their hands, and left them without Redre&s;s: The&s;e Bills, by their very <HI>lying by,</HI> will in time encrea&s;e up to their enhaunced price.</P>
</DIV2>
<DIV2 N="2" TYPE="part">
<HEAD><HI>II.</HI> The Sea&s;onablene&s;s of E&s;tabli&s;hing the&s;e Loan-Banks now.</HEAD>
<P>Let but a Tax or Security be granted, &s;ufficient to an&s;wer the Intere&s;t (with a Sur|plu&s;age to en&s;ure the Intere&s;t) of the Sum allow'd to be Continu'd or Lent, allotting to every <HI>Loan-Bank</HI> its proportion, with provi&s;ion that the <HI>Tax</HI> or Security be conti|nued, till the Principal be paid; and that <HI>That</HI> be made payable before any other Debts not yet contracted: This is &s;ufficient to give the <HI>Banks</HI> a Bottom. Nor need we fear creating too much Credit to the People, or taking in too much Mony; there be ways enough to di&s;po&s;e of it, Debts to be paid, <HI>&amp;c.</HI> Nor can it do us any hurt to be beforehand. And it would be a lucky Contrivance, if while we carry on a <HI>War</HI> we could be doing the Works of <HI>Peace,</HI> clearing old Scores, advancing the Stock of the Nation, <HI>&amp;c.</HI> And, for <HI>all</HI> this,</P>
</DIV2>
<DIV2 TYPE="part">
<HEAD>Now is the Time.</HEAD>
<P N="1">1. The Guineas (if the 'foremention'd Propo&s;al takes) mu&s;t come into the&s;e <HI>Loan-Banks,</HI> unle&s;s you will &s;uppo&s;e Men willing rather to lo&s;e near a third part, than tru&s;t
<PB REF="2">upon the be&s;t Intere&s;t and Security, and <HI>Men</HI> that will know how to <HI><GAP DESC="illegible" EXTENT="1 letter">&s;e</HI> their Bills a<GAP DESC="illegible" EXTENT="1 letter"> they did the Guineas, and mu&s;t do it, or give over the <HI><GAP DESC="illegible" EXTENT="1 chunk">r<GAP DESC="illegible" EXTENT="1 letter">de.</HI></P>
<P N="2">2. This will &s;upport the Credit of the <HI>Exchequer</HI> under its pre&s;ent Difficulties: for, that being thus &s;upplied with Gold, will be better able to i&s;&s;ue forth Silver, an|&s;wer the Demands made upon it, and circulate the Current Coyn.</P>
<P N="3">3. The greatne&s;s of the Taxes will further the De&s;ign; the People will be le&s;s afraid of parting with their Mony for Bills, when they are &s;ure that the&s;e Bills will pay their Taxes: And &s;o far, at lea&s;t, they are better than Mony. Nor can the <HI>Exchequer</HI> be Sufferer by it, which had the Mony before hand.</P>
<P N="4">4. The Calling in of the Bad Mony (of which more may be left than we imagin) is another Help; the People mu&s;t now either &s;tand by the Lo&s;s of their Bad Mony, or pay it all at once in <HI>Taxes,</HI> or lend it to the King. Some have more than enough to pay their <HI>Taxes,</HI> but not enough to make a Sum to lend the King; the&s;e will glad|ly take the opportunity of throwing it into the Banks, by which they &s;hall rid their hands of it, receive Intere&s;t, and have their Bills ready to pay <HI>Taxes.</HI> And many of them may have Fore&s;ight enough to make a tryal what <HI>Mony</HI> they had be&s;t to part with when their <HI>Taxes</HI> come to be paid, <HI>Coyn</HI> or <HI>Bills.</HI></P>
<P N="5">5. <HI>This is the Time,</HI> &mdash; To prevent the Stop of Commerce; to relieve the Nece&s;&s;ities of the Poorer &s;ort of People, and &s;ilence their Clamours, without giving our Enemies Hopes of &s;eeing any thing <HI>wor&s;e</HI> than Complaints, nor for the future <HI>them;</HI> to prevent the Exportation of Bullion, occa&s;ion'd by the Extravagant Rate we &s;et upon Gold, or (with &s;ome it may be) from <HI>wor&s;e</HI> Motives; to draw forth the Broad and Mill'd Mony, for the hoarding of which (Bad Mony being call'd in, Guineas re|duced, and a Credit created) there will be no more Temptation, and they that have kept it up out of any <HI>Mi&s;chievous Intentions,</HI> will find their Ends di&s;appointed.</P>
<P>In a word, to Cure all our pre&s;ent Maladies, and prevent future Dangers; to make the Contrivances of our Enemies again&s;t us &s;o many Advantages to our &s;elves, and turn their Hopes to De&s;pair; unle&s;s our Enemies &s;hould be more apprehen&s;ive than our Friends, and by their Arts and Mi&s;repre&s;entations &s;o far prevail, as to ob&s;truct all Good De&s;igns, which might prevent their Bad ones.</P>
<P N="6">6. La&s;tly, <HI>This is the Time</HI> to let both our Friends and Foes abroad know, that <HI>England</HI> hath now a <HI>Parliament</HI> that will never fail their <HI>King,</HI> nor &s;uffer him to be <HI>outwinded;</HI> that not only readily and unanimou&s;ly &s;upply'd his pre&s;ent Occa&s;ions, but have re&s;olv'd to continue &s;o to do; and have therefore cut out the Method by which neither He nor We &s;hall ever want Mony, or be weary of the War; and be &s;o far from being Beggar'd by it, that, let it hold as long as it will, we &s;hall leave off Gain|ers, and, by the Experiment now made upon <HI>France,</HI> let all the World know what a dangerous thing it will be for the future to provoke <HI>England.</HI></P>
</DIV2>
<DIV2 TYPE="postscript">
<HEAD>POSTSCRIPT.</HEAD>
<P>ONE Objection I have met with, again&s;t which I had not expre&s;ly made any pro|vi&s;ion in my former Papers, which is this: <HI>If Loan-Bills be payable in all <GAP DESC="illegible" EXTENT="1 word">, how &s;hall the&s;e Taxes pay either Intere&s;t or Principal?</HI></P>
<P><LABEL>An&s;.</LABEL>
<LIST>
<ITEM>1. Tho' all <HI>may,</HI> yet many <HI>cannot,</HI> and &s;ome <HI>will not</HI> lend even &s;o much as their Taxes; the&s;e mu&s;t pay in Coyn, this may be enough to an&s;wer the intere&s;t. Or, &s;uppo&s;e not.</ITEM>
<ITEM>2. If the Credit of the&s;e Bills prevail, &s;o as to enhaunce the Value of them, then no Bills will be paid in Taxes, and con&s;equently there will be Mony enough; and we have rea&s;on to believe the Value of them will advance, having much more in <HI>them&s;elves</HI> to commend them, than the Bills of any other Banks (which yet advance) can have, and Per&s;ons <HI>well vers'd in the Trade,</HI> by their own Intere&s;t, engag'd to make them as dear a Purcha&s;e as they can.</ITEM>
<ITEM>3. The Credit thus advanc'd, the People will be &s;o far from de&s;iring their Principal, that they'l be afraid it &s;hould be forced upon them; and till they de&s;ire it, what need is there of paying it, unle&s;s the Parliament find the continuation of it at Intere&s;t a Grievance to the Nation? But that it will be far from being &s;o, &s;ee what I have &s;aid in my <HI>Loan-Office,</HI> Advant. IX, X.</ITEM>
<ITEM>4. But la&s;tly, to provide for the wor&s;t. As for Principal, <HI>That</HI> the Parliament may from time to time gradually reduce as they plea&s;e, either out of the Surplu&s;age of the Tax remaining after the <HI>Intere&s;t</HI> is paid, or by an After-Tax appropriated to that purpo&s;e, to be paid in Mony to the Bank, to &s;ink the Principal; Altho' if you &s;uppo&s;e the Bills to be returned &s;o quick, there will be no need of reducing them; they'l di&s;|&s;olve them&s;elves.</ITEM>
</LIST></P>
<P>And as for <HI>Intere&s;t,</HI> it will be no hard matter for the Parliament to find out Appro|priating Clau&s;es to be paid only in Coyn, if <HI>they think</HI> they need &s;uch Precautions, or this Difficulty be too great for the Bank it &s;elf to provide again&s;t.</P>
</DIV2>
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<P><HI>London,</HI> Printed by <HI>T. M.</HI> for the Author, and are to be had at Mr. <HI>Carter</HI>'s, in <HI>Old Palace-yard</HI> near the <HI>Parliament-hou&s;e;</HI> as likewi&s;e <HI>The Loan-Office,</HI> and an <HI>Advantageous METHOD,</HI> &amp;c. 1691/6.</P>
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