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<DATE>2012-05-21</DATE>
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<NAME>Pip Willcox</NAME>
<RESP>MURP</RESP>
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<IDG S="marc" R="OX" ID="B06540">
<STC T="W">W1583A</STC>
<STC T="C">R233239</STC>
<BIBNO T="oclc">52529091</BIBNO>
<VID>179238</VID>
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<TEXT LANG="eng">
<BODY>
<DIV1 TYPE="proposal">
<PB N="1" REF="1">
<HEAD>An Advantageous METHOD of Extricating the Nation out of its Pre&s;ent Difficulties.<NOTE PLACE="marg">&rindx; <HI>See</HI> Ad|verti&s;ement at the End, and read it Fir&s;t.</NOTE></HEAD>
<BYLINE>Humbly Propo&s;ed by <HI>THOMAS WHATELY.</HI></BYLINE>
<DIV2 TYPE="proposals">
<HEAD><HI>I.</HI> The PROPOSALS.</HEAD>
<P><Q REND="margQuotes">'THAT in every Corporation and Market-Town (to be named) be erected an Office under the Government and Direction of the Mayor and Al|dermen, or Chief Officers of the Place, or Per&s;ons of Reputation (to be named) to be Receivers and Tru&s;tees for &s;uch Money, as, being appointed to be changed, &s;hall be offered to them, and to enter the name of the Owner, and Sum, into a Book procured for that purpo&s;e, numbred accor|ding to the Order of the Entry; and delivering a Ticket of the Name of the Owner, the Sum, and the Number of the Entry.</Q></P>
<P>This Office may be call'd the Town-Bank or Market-Bank of that place.</P>
<P><LABEL>Object.</LABEL> Many Market-Towns will not afford Men qualify'd for &s;uch a Tru&s;t.</P>
<P N="1"><LABEL><HI>An&s;.</HI> 1.</LABEL> For the pre&s;ent Exigency, Ju&s;tices of the Peace, or other Commi&s;&s;ioners may be appointed to pre&s;ede, <HI>&amp;c.</HI></P>
<P N="2">2. Every Per&s;on may be left at liberty to choo&s;e into what Market-Bank he will enter his Money, which both le&s;&s;ens the Objection, and very much promotes the following De&s;ign.</P>
<P N="3">3. For the future, the Intere&s;t of the Town, as we &s;hall &s;hew by and by, will en|gage their Care their proper bu&s;ine&s;s will be to cho&s;e Officers to meet once a Quarter, to &s;ee Accounts &s;tated, and Officers payd out of the Fees (to be named) and to take care of their Poors Stock, if &s;uch a Stock &s;hould by de|<GAP DESC="illegible" RESP="OXF" EXTENT="1 letter">rees ari&s;e out of the &s;urplu&s;age of the Fees, after the Officers are payd; or from any other means that may hereafter be propo&s;ed. This is all the Con|cern they will have with Money.</P>
<P N="4">4. The great Tru&s;t will remain where it is now in the King's Receiver, who will have the Money. And therefore let my Second Propo&s;ition be,</P>
<P N="2">II. <Q REND="margQuotes">'THAT there be fixed in every Bank-Town a King's Receiver, to whom the Collectors of the adjacent Pari&s;hes &s;hall return their Collections.</Q></P>
<P N="3">III. <Q REND="margQuotes">'THAT the Market-Bank appoint a place to receive full Pounds, and be al|lowed for Charges by the Owner 1 <HI>s.</HI> in the Pound for all defective Money: But that the Bank abate the 1 <HI>s.</HI> in the Pound to every Per&s;on that &s;hall bring 5 <HI>s.</HI> in the Pound of Current (Unclip'd or Mill'd) Money, that is with 15 <HI>s.</HI> of defective Mo|ney, 5 <HI>s.</HI> of Current Money.</Q></P>
<P>This will be &s;ufficient Motive to bring forth the Current Money for pre&s;ent U&s;e, when every 5 <HI>s.</HI> will &s;ave the Owner 1 <HI>s.</HI> every 20 <HI>l.</HI> will &s;ave 5 <HI>l.</HI></P>
<P N="4">IV. <Q REND="margQuotes">'THAT the Market-Bank appoint another di&s;tinct place to exchange any de|&s;ective Money under 20 <HI>s.</HI> for the Current Money, the bearer of the Money allowing to the Bank for Charges 1 <HI>d.</HI> in the Shilling.</Q></P>
<P>The Poor who cannot be without the u&s;e of their Money will have little Rea&s;on to repine at lo&s;ing 1 <HI>d.</HI> in the Shilling for ready Money.</P>
<P N="5">V. <Q REND="margQuotes">'THAT, if there remain a &s;urplu&s;age of Current Money (procured by the for|mer Means (Prop. III.) or any other expedient) the &s;ame be layd out in paying of 1 <HI>l.</HI> of the Sum total of every particular Per&s;on on the Regi&s;ter, according to the Or|der of their Entry; and &s;o round again till the Current Money be all di&s;po&s;ed of. And that every Per&s;on when he enters his Money, declare whether he claims a &s;hare in this Dividend, or choo&s;e rather to let his Sum remain entire; which the Regi&s;ter mu&s;t note.</Q></P>
<PB N="2" REF="2" MS="y">
<P>By this means the Regi&s;ter will be able to give exact notice to what Number this Dividend will reach; and the Current Money will be di&s;tributed into their Hands that have mo&s;t need of it. Thus,
<TABLE>
<ROW>
<CELL>N^o 1.</CELL>
<CELL><HI>A</HI> hath paid into the Market-Bank</CELL>
<CELL>1000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 2</CELL>
<CELL><HI>B</HI> hath paid into the Market-Bank</CELL>
<CELL>100 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 3</CELL>
<CELL><HI>C</HI> hath paid into the Market-Bank</CELL>
<CELL>55 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 4</CELL>
<CELL><HI>D</HI> hath paid into the Market-Bank</CELL>
<CELL>40 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 5</CELL>
<CELL><HI>E</HI> hath paid into the Market-Bank</CELL>
<CELL>25 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 6</CELL>
<CELL><HI>F</HI> hath paid into the Market-Bank</CELL>
<CELL>20 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 7</CELL>
<CELL><HI>G</HI> hath paid into the Market-Bank</CELL>
<CELL>11 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 8</CELL>
<CELL><HI>H</HI> hath paid into the Market-Bank</CELL>
<CELL>3 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 9</CELL>
<CELL><HI>I</HI> hath paid into the Market-Bank</CELL>
<CELL>2 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>N^o 10</CELL>
<CELL><HI>K</HI> hath paid into the Market-Bank</CELL>
<CELL>1 <HI>l.</HI></CELL>
</ROW>
</TABLE></P>
<P><HI>A B D F,</HI> by the Mark at the end of their Sum, are known to decline this Dividend, and keep their Sums entire, when all the re&s;t have received 1 <HI>l.</HI> a piece, <HI>K</HI> will be wholly di&s;charged, <HI>I</HI> will have received half his Mony, <HI>H</HI> one part of three, <HI>C</HI> one part of it.</P>
<P>Whereas if this Dividend be made with an even proportion, according to the quantity of the Sum total of every per&s;on on the Regi&s;ter, <HI>A</HI> will receive &s;o much as will <GAP DESC="illegible" RESP="OXF" EXTENT="3 letters">|&s;trate the end of it, <HI>viz.</HI> the di&s;tribution of the Good Mony &s;o equally into many Hands, for ordinary Commerce, that <HI>Bankers, &amp;c.</HI> may not ea&s;ily Hoard it up again, and make it Scarce.</P>
<P N="6">VI. <Q REND="margQuotes">'That immediately (after the expiration of the limited time) every <HI>Market-Bank,</HI> cau&s;e all their Defective Mony to be Sealed up in Bags, in the pre&s;ence of &mdash;, with a Label of the Name of the <HI>Market-Bank,</HI> the Sum, and the Weight; and to be convey'd &s;o Sealed before the &mdash; day of &mdash; at the Charge of the County, to the King's <HI>Ex|chequer;</HI> and, that a <HI>Tally</HI> of the Sum total be delivered there for the u&s;e of every <HI>Market-Bank.</HI></Q></P>
<P N="7"><Q REND="margQuotes">'VII. THAT the Market-Bank call in the number'd Tickets, and deliver to every Per|&s;on concern'd a Bill, or Bills, of the Mony remaining due to him from that Bank; and that &s;uch bills be a<GAP DESC="illegible" RESP="OXF" EXTENT="2 letters">gnable by Indor&s;ement or Transfer in the Market-Bank; and, that no Per&s;on of a Fixed Habitation within Ten Miles of the Bank, Sue any Per&s;on for <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> Debt, not exceeding the Mony he hath there, if the Debtor offer to transfer to his Cre|ditor &s;o much in that Bank as would pay his Debt, (except for Debts upon Bonds and Lea&s;es) till (a time to be named, within which time all the Mony may be &s;uppo&s;ed to be return'd in Current Coyn.)</Q></P>
<P N="8">VIII. <Q REND="margQuotes">'THAT the Mony be Return'd in Current Coyn at &s;everal Payments,&mdash;And be di&s;tributed by every Market-Bank, to the per&s;ons concern'd (bringing their Bills) in as equal proportion, according to the Quantity of their Sums.</Q> But,</P>
<P N="9">IX. <Q REND="margQuotes">'THAT every Market-Bank, upon the Security of the <HI>Act</HI> for the Tax to man good our Coyn, and for Loans, <HI>&amp;c.</HI> may have Liberty to continue their Mony, or &s;ome part of it (&s;aving every Man's Right) for the King's Intere&s;t, &s;o long as the Parliament &s;hall think expedient. And that the King's Receiver at every Market-Bank pay the Bank their Intere&s;t quarterly, and their Principal, as it becomes due. &mdash; And the the Acquittance of that Bank be pa&s;&s;ed in his Accounts.</Q></P>
<P>This is the Bottom upon which the Advantages propo&s;ed are founded; and this is no more than affording the Country the Privilege of the City, that is, to Lend to the King, for which this Method opens a &s;afe and ea&s;ie way, and equally for the Service of the King and People. The King delivers but one Tally to a Market-Bank, which will give but lit|tle trouble to his <HI>Exchequer,</HI> and be an Ea&s;e to the King's Receiver in every Bank-town, by Converting part of the Mony to be Returned to the Receiver-General into an Acquit|tance from the Market-Bank, which will pa&s;s with the Mony through all the Offices, without di&s;turbing any Setled Method. Nor will it be le&s;s for the Encouragement of the People, to have their Intere&s;t paid where they plea&s;e, and at the &s;ame time enjoy the U&s;e of the Principal by the Credit it creates. But of the&s;e Advantages more in their proper place.</P>
<P><LABEL>Obj.</LABEL> <HI>This comes &s;omewhat too late, Mo&s;t of the Deficient Mony being already Return'd into the Hands of the King's Receivers.</HI></P>
<PB N="3" REF="2">
<P><LABEL>An&s;.</LABEL> If &s;uch an E&s;tabli&s;hment as is here propo&s;ed be very advantageous to the Nation, (as I doubt not to evince) and the Opportunity be &s;lipping from us, and like never to return again, it ought to be the more readily embraced. There's too little left in &s;ome places for all the Conveniences of &s;uch a De&s;ign, but not too little to Lay the Foundation; e&s;pecially if we con&s;ider what an Acce&s;&s;ion may come to it by <HI>Prop.</HI> XI. Nor would there be wanting other Expedients to recover all the Convenien|ces, were the De&s;ign heartily encourag'd.</P>
<P>X. <Q REND="margQuotes">'THAT no Market-Bank be di&s;&s;olved till all their Mony be Returned. And, that the Tax be Continued (or &s;ome equivalent Security) till every Market-Bank be paid.</Q></P>
<P>This is no more than in other Words, that no Tally or Order be deliver'd up and cancel'd till the Debt be paid by the King: and, that a <HI>Tax</HI> be continued upon the People, till either the King is enabled to pay the Debt, or the Parliament (that is, the People them&s;elves by their Repre&s;entatives) de&s;ire it &s;hould be paid. For, if Experi|ence teach the Nation, that 'tis for the publick Good that this Con&s;titution be not di&s;|&s;olved, the Parliament will not want methods how to perpetuate it. Among many there's one very obvious, <HI>viz.</HI> by abating the <HI>Tax</HI> gradually, till it will only pay the Intere&s;t, with &s;uch a Surplu&s;age (at the Di&s;po&s;e of Parliament from time to time) as &s;hall be nece&s;&s;ary to maintain the Credit, when it is well e&s;tabli&s;h'd. Or, if &s;uch a con|tinued <HI>Tax</HI> &s;hould be counted a Burthen, the Parliament may, when the pre&s;ent occa&s;ion is &s;erved, repay the Market-Banks, and di&s;&s;olve them at plea&s;ure.</P>
<P>XI. <Q REND="margQuotes">'THAT any per&s;on may tran&s;mit any Tally for Mony Lent to the King, from the King's Exchequer to any Market-Bank.</Q></P>
<P>By this means Country Gentlemen would be much ea&s;ed, who might receive a Di&s;charge from the <HI>Exchequer,</HI> with an Order of Admi&s;&s;ion into the Market-Bank that lies mo&s;t for their Convenience, ea&s;ier than now they can have one Quarters Intere&s;t returned them; and for the future have their Mony always paid at Home. Neither will this create any Confu&s;ion to the King's <HI>Exchequer,</HI> becau&s;e there are kept the Accompts of every Mar|ket-Bank, into which &s;uch Transferments may with ea&s;e be Enter'd.</P>
<P>XII. <Q REND="margQuotes">'THAT the Market-Bank-Bills be payable for all Taxes from any Pari&s;h an|nexed to that Bank; that is, that are obliged to return their Collections to the King's Receiver at that Bank-Town.</Q></P>
<P>Q. <HI>What &s;hall the King do with the&s;e Bills? Will they Pay his Army?</HI></P>
<P><LABEL>An&s;.</LABEL> The King hath the Mony already Rais'd, and in his <HI>Exchequer,</HI> for his U&s;e, for which he pays Intere&s;t; and the&s;e Bills &s;ink the Principal, and pay his Debts as effectually as the Mony doth his Army. Thus <HI>B,</HI> the Receiver of the King's Taxes at the Bank of <HI>Banbury,</HI> (who&s;e principal Stock is 1000 <HI>l.</HI> Continued, that is Lent to the King) is to Receive of <HI>D,</HI> the Pari&s;h Collector of the King's Tax at <HI>Dedington,</HI> 100 <HI>l. D</HI> delivers him 40 <HI>l.</HI> in Mony, and 60 <HI>l.</HI> in the Bank-Bills of <HI>Banbury,</HI> which <HI>B</HI> accepts for 100 <HI>l.</HI> The like Returns <HI>B</HI> receives from all the Pari&s;h Collectors that are Obliged to return their Collections unto him. So much as <HI>B</HI> receives in the Bank-Bills of <HI>Banbury,</HI> &s;o much of the Principal of that Bank is &s;unk; that is, &s;o much the King hath paid of his Debt to that Bank.</P>
<P>Q. <HI>Mu&s;t the&s;e Bills be Returned to the Exchequer?</HI> &mdash;</P>
<P><HI>A.</HI> No: On Pay-day <HI>B</HI> having Received 200 <HI>l.</HI> in <HI>Banbury</HI> Bank-Bills, offers them to the Governour, <HI>&amp;c.</HI> of that Bank, who (either give him Mony for them, or) accept them for 200 <HI>l.</HI> Principal due to them from the King, whereby their Bank is &s;unk from 1000 <HI>l.</HI> to 800 <HI>l.</HI> Principal. <HI>B,</HI> be&s;ides this 200 <HI>l.</HI> Principal, pays the Bank of <HI>Banbury</HI> likewi&s;e their Whole Intere&s;t. The Bank of <HI>Banbury</HI> give <HI>B</HI> an Acquittance in Full for Intere&s;t, &mdash; and for 200 <HI>l.</HI> Principal. This one Acquittance is pa&s;&s;ed in the Receivers Accounts for &s;o much Mony thro' all the Offices (without di&s;turbing any &s;etled Method) till it come to its proper place in the King's <HI>Exchequer,</HI> where being compared with the Account of that Bank immediately di&s;covers how Accounts &s;tand between the King and that Bank.</P>
<P>Q. <HI>What becomes of the Bills Delivered by</HI> B <HI>to that Bank?</HI></P>
<P><HI>A.</HI> They are Cancel'd in the pre&s;ence of the Governour, <HI>&amp;c.</HI> &mdash; who need not be Cautioned to &s;ee it done, becau&s;e otherwi&s;e they'l ruin them&s;elves. For the Prin|cipal, as appears by their Acquittance, being reduced from 1000 <HI>l.</HI> to 800 <HI>l.</HI> they can for the future receive no more Intere&s;t than for 800 <HI>l.</HI></P>
<PB N="4" REF="3" MS="y">
<P>Q. <HI>Then the Bank is Di&s;&s;olved when all the Bills are paid in Taxes?</HI></P>
<P><HI>A.</HI> Yes; and then the King's Debt to that-Bank is wholly paid too. And this is the mo&s;t advantageous Way of paying the King's Debts that can be contriv'd.</P>
<P>Q. <HI>How can this Con&s;titution then be Continued down to Po&s;terity, to any Future Advan|tage? The very Taxes will, in time, Di&s;&s;olve it. It may &s;erve indeed as an Expedient for our Pre&s;ent Difficulties.</HI></P>
<P><HI>A.</HI> If it &s;erve the pre&s;ent Occa&s;ion, that's enough to recommend it now to Con&s;idera|ration. But the Con&s;titution of the&s;e Market-Banks may be &s;o contriv'd, as to ren|der them either Durable or Di&s;&s;olvable, at the Plea&s;ure of Parliament.</P>
<P>Q. <HI>May not great part of the Principal be thus Gradually paid during the War, and the Remainder Continued till after the War?</HI></P>
<P><HI>A.</HI> Yes, without any great Inconvenience to any per&s;on, e&s;pecially if the&s;e Bills ob|tain the Expected Credit, and become more De&s;irable than Mony, or a Mortgage, as probably they may, when Men under&s;tand the Security of them, and their own In|tere&s;t. But, 'tis to be &s;uppo&s;ed the Parliament will make Provi&s;ion for paying the Principal at a certain time or times, if demanded; and the Con&s;titution of the&s;e Market-Banks may be &s;o contrived, that the Right of every per&s;on may be &s;ecured, and their Occa&s;ions &s;erved, by receiving their Principal; and yet the Market-Banks may continue great part of their Principal, for the King's Intere&s;t, as long as the Parliament &s;hall think convenient, whereby the <HI>Burden</HI> may be thrown off beyond the War; as may appear by con&s;idering &s;ome of the particular Rules of the Market-banks, compared with the following Advantages.</P>
</DIV2>
<DIV2 TYPE="rules">
<HEAD><HI>II.</HI> R&V;LES for the Regulation of the&s;e <HI>Banks.</HI></HEAD>
<P N="1">I. <Q REND="margQuotes">'THAT every per&s;on that de&s;ires his Principal as it becomes due, deliver in his <HI>Bill</HI> or <HI>Bills</HI> &mdash; Weeks before <HI>Pay-day,</HI> and take a Ticket to come and receive his Mony on or after <HI>Pay-day,</HI> allowing for Charges to the <HI>Bank.</HI></Q> &mdash; (a &s;mall Fee to be named.)</P>
<P N="2">II. <Q REND="margQuotes">'THAT every <HI>Market-Bank</HI> keep a Regi&s;ter of Candidates, or per&s;ons that de&s;ire <HI>Bank-Bills</HI> for their Mony. And, that paying their Mony &mdash; Weeks before Pay-day, or on Pay-day, they receive immediately any Bill or Bills returned to the <HI>Bank.</HI></Q></P>
<P>The <HI>Market-Bank</HI> only is concern'd with the <HI>King,</HI> who&s;e <HI>Tally</HI> it receives: <HI>Particular Per&s;ons</HI> are immediately concerned only with the <HI>Market-Bank,</HI> who&s;e <HI>Bills</HI> they receive. And by the two foregoing Rules provi&s;ion is made for &s;ecuring the Right of every parti|cular per&s;on, in drawing out his Principal, without a nece&s;&s;ity of &s;inking the Principal of the <HI>Bank.</HI> And the Intere&s;t of every place that is the Seat of &s;uch a <HI>Bank</HI> will engage the Governour and Directors, and other Inhabitants, to improve all the Advantages that can be thought of, to maintain the Credit of their <HI>Bank,</HI> by continuing their Principal, or as much of it as they can, for the King's Intere&s;t, as long as they can.</P>
<P N="3">III. <Q REND="margQuotes">'THAT the <HI>Market-Bank-Bills</HI> be only of two &s;orts, the one of 8 <HI>l.</HI> the other of 1 <HI>l.</HI> (the former may be called Shares, the latter parts) and that the&s;e two &s;ort of <HI>Bills</HI> be kept di&s;tinct in two <HI>Books,</HI> and that every per&s;on be allowed to enter his Mony in either of them; that is, to take either the larger or the le&s;&s;er Bills.</Q></P>
<P N="4">IV. <Q REND="margQuotes">'THAT the King's Intere&s;t to the Market-bank be reduced to &s;o much by the Quarter for a Share, or 8 <HI>l.</HI> Bill, as will make an even Number; the Fractions being al|lowed to the <HI>Bank</HI> for Charges (or &mdash;)</Q></P>
<P>By the&s;e two Rules the Commerce and Computation of Country People is con&s;ulted, and the Objection obviated. How will you find Accomptants qualified for <HI>Book-keeping, &amp;c.</HI> for hereby the Accompts in the&s;e Banks may be made &s;o ea&s;ie, that any Town will afford per|&s;ons enough fit to undertake that bu&s;ine&s;s at a cheap rate, provi&s;ion being made here|by (compared with <HI>Prop.</HI> III, &amp; V.) that no Mony but full pounds &s;hall be admitted into the&s;e Market-banks; and the Fractions of the Intere&s;t being thrown off, the Accompts may be &s;o &s;etled, as that neither the Accomptant nor the Country-man can err in their Com|putations; <HI>ex. gr.</HI> Suppo&s;e the Intere&s;t allowed by the King to the&s;e Market-banks be 6 <HI>l. per Cent.</HI> by the Year, the Intere&s;t to be allowed by the Market-bank to particular per&s;ons may be 2 <HI>s.</HI> &amp; 4 <HI>d.</HI> for every Share (or Eight pound) by the Quarter. Eight is an even Number that may be doubl'd <HI>in infinitum,</HI> and divided equally, to an unite without any odd
<PB N="5" REF="3" MS="y">Number or Fraction. Hence it follows, upon the former Suppo&s;ition, that the Intere&s;t of Four parts or pounds will be 1 <HI>s.</HI> &amp; 2 <HI>d.</HI> &mdash; of Two pounds will be 7 <HI>d.</HI>&mdash;of One pound will be 3 <HI>d.</HI> half-penny by the Quarter; and by doubling the Shares, they'l find this to be after the rate of 5 <HI>l.</HI> 16 <HI>s.</HI> 8 <HI>d.</HI> by the Year. The odd 3 <HI>s.</HI> 4 <HI>d.</HI> made by the Fractions may be allowed to the <HI>Bank</HI> for Charges, or to every per&s;on that &s;hall have the Quarterly Inte|re&s;t of an entire 100 <HI>l.</HI> due at one certain Quarter in the Year.</P>
<P>The Hint of facilitating Accompts thus, I took from that accurate Mathematician Bi&s;hop <HI>Wilkins;</HI> and being applied here, it removes the Suppo&s;ed Difficulties, without inferring any other, the <HI>Tallies</HI> and <HI>Acquittances</HI> keeping the received way of computation.</P>
<P>Other particular Rules for the Regulation of the&s;e Banks may be given hereafter, if oc|ca&s;ion &s;hall require.</P>
</DIV2>
<DIV2 TYPE="advantages">
<HEAD><HI>III.</HI> Some Advantages of the&s;e Market-Banks.</HEAD>
<P N="1">I. The&s;e Market-Banks will create Credit, more &s;erviceable to the Nation for many purpo&s;es than Money. And never was there an Exigency in our Nation that could render &s;uch a de&s;ign more de&s;ireable (not to &s;ay nece&s;&s;ary) in order to prevent the &s;top of Com|merce, and to enable the Nation to carry on Trade both at home and abroad, to pay Taxes, and bear with ea&s;e the Charges of a very expen&s;ive but nece&s;&s;ary War.</P>
<P>'Tis certain, that Credit doubly &s;erves the Nation; and con&s;equently, that what Money the&s;e Banks continue at the Kings Intere&s;t, doth &s;erve both King and People.</P>
<P><LABEL>Obj.</LABEL> <HI>Of Banks and Paper Credit we have enough already</HI> &mdash;</P>
<P><LABEL>An&s;.</LABEL> The&s;e Market-banks are very different from any of the Banks on foot: For,</P>
<P N="1">1. The Credit of the&s;e Banks can never exceed their Principal: Whereas in other Banks a Fund of <HI>Ten Thou&s;and Pound</HI> may create a Credit of <HI>Fifty Thou&s;and Pound,</HI> to the manife&s;t profit indeed of the fir&s;t Adventurers, but not without hazard to their Creditors in ca&s;e of failure. Here 'tis quite otherwi&s;e, 100 <HI>l.</HI> Principal can create but 100 <HI>l.</HI> Credit.</P>
<P N="2">2. This is no more Paper Credit, than the <HI>Tallies</HI> of the King's Exchequer; the &s;eve|ral Bills of every Market-bank being indeed but one larger <HI>Tally</HI> divided into &s;everal le&s;&s;er &s;hares or parts: Nor can a Rea&s;on be given, why any per&s;on &s;hould oppo&s;e the e&s;tabli&s;h|ing of &s;uch a Credit, or &s;trive to le&s;&s;en its Reputation, unle&s;s &s;uch as do not rightly ap|prehend the De&s;ign, or are unwilling to part with the gain they make to them&s;elves of the publick nece&s;&s;ities and expences, or envy both the <HI>King</HI> and <HI>People</HI> the Advantages that may be made of it, and are afraid to &s;ee both their Intere&s;ts &s;o clo&s;ely united.</P>
<P><LABEL>Obj.</LABEL> <HI>How can there at fir&s;t be given a due Reputation to this Credit? e&s;pecially in the Coun|try, where the&s;e Market-Banks will be of greate&s;t u&s;e, and where People will not readily be &s;ati&s;|fied with Paper in&s;tead of Money.</HI></P>
<P><LABEL>An&s;.</LABEL> The Credit is &s;uppo&s;ed to be placed on a very &s;ure bottom, an Act of Parli|ament <HI>(Prop. IX, X.)</HI> The Tax is the Fund of Credit, the King's Receivers of the Tax &s;eated in the <HI>Bank-Towns</HI> pay the Intere&s;t and Principal, as they become due to the <HI>Bank.</HI></P>
<P>And altho' Country-people &s;hould not under&s;tand their own Intere&s;t at fir&s;t, yet as a Refuge from greater inconveniences, they mu&s;t needs be plea&s;ed with it, till their de|fective Money can be return'd to them in Current Coyn. Becau&s;e, while their Money is out of their hands, they'll find the&s;e Bills with a <HI>Transfer-Office</HI> for &s;ecurity, will be more &s;erviceable to them for mo&s;t purpo&s;es, than if they had their Money in po&s;&s;e&s;&s;ion: For,</P>
<P N="2">2. Their Money in the Bank will be exempt from all <HI>Taxes,</HI> &mdash; 'tis lent the King.</P>
<P N="3">3. Their <HI>Bank-Bills</HI> will be payable in all <HI>Taxes (Prop. XII.)</HI> And for that purpo&s;e will be valued by all, as well by them that do not rightly under&s;tand the U&s;e of Pa|per Credit placed upon a &s;ure bottom, as by them that do: For every one will find it his Intere&s;t to continue &s;o much of his Money in the <HI>Market-Banks</HI> (that is, con|&s;equently in the King's Exchequer) as will pay his <HI>Taxes,</HI> &s;in the may make &s;ome u&s;e of them in the mean time, and they are ready payment on demand. And by this means mo&s;t per&s;ons will contribute &s;omething towards the E&s;tabli&s;hing the Credit of the&s;e <HI>Bills.</HI></P>
<P N="4">4. Their <HI>Bank Bills</HI> will &s;ecure them from being &s;ued for any Debt not exceeding the Value of their <HI>Bills,</HI> till their Money is returnable <HI>(Prep. VII.)</HI> which will &s;ufficient|ly recommend them to not a few.</P>
<PB N="6" REF="4">
<P N="5">5. By this means they'll ea&s;ily without any further Obligation become payable; for who will refu&s;e a <HI>Bank-Bill,</HI> that may, if he think fit, be converted into Money at a cer|tain time, and will in the interim pay <HI>Taxes</HI> and <HI>Debts.</HI></P>
<P N="6">6. Hereby the convenience and &s;ecurity of the&s;e <HI>Bills</HI> will make them de&s;irable, which while they have in their hands, will bring in Intere&s;t duely payd at home, and at the &s;ame time an&s;wer the Ends of ready Money in Trading and Payments of Debts and Taxes.</P>
<P N="7">7. The&s;e <HI>Bank-Bills</HI> open a door to let in many little Adventurers, every one that can but rai&s;e 20 <HI>s.</HI> having here an Advantage of improving it, which will draw in no &s;mall Numbers, and make a con&s;iderable addition to the Credit of the <HI>Bank.</HI></P>
<P N="8">8. It being the Intere&s;t of every <HI>Bank-Town</HI> to keep up the Credit of their <HI>Bank,</HI> as drawing <HI>Trade</HI> to them, <HI>&amp;c.</HI> they will be indu&s;trious to convince their Neighbours of the benefit and &s;ecurity of their <HI>Bank-Bills,</HI> or rather than fail, will among them&s;elves find out a Method of taking up &s;uch <HI>Bills</HI> as &s;hall be returned to the <HI>Bank,</HI> at lea&s;t &s;o many of them as &s;hall be nece&s;&s;ary to maintain their <HI>Bank</HI> in Credit, <HI>(Rule I. &amp; II.)</HI></P>
<P N="9">9. In every Pari&s;h the Collectors of the King's <HI>Taxes</HI> may give Mony for their Neighbors &s;mall Bank-Bills, and get by the bargain. (<HI>Prop.</HI> XII, and IX.)</P>
<P>Or, Suppo&s;e all the&s;e Advantages not &s;ufficient to E&s;tabli&s;h Credit, yet there are other means that may be u&s;ed &s;o efficacious, that 'twill be morally impo&s;&s;ible the Cre|dit &s;hould fail; and this is no more than the Author is able and ready to make good, as ju&s;t occa&s;ion &s;hall require.</P>
<P N="2">II. The&s;e <HI>Banks</HI> will encourage good Husbandry, and cau&s;e the <HI>Nation</HI> to thrive thereby. The great incentive of good Husbandry, is the hopes of getting a Sum together, that may be placed out at Intere&s;t. When Money comes near &s;uch a Sum, then generally People grow more thrifty and &s;paring, that they may compleat it. The de&s;pair of ever reaching &s;uch a Sum, hath cau&s;ed many that, with &s;uch a Motive, might have been able to pay <HI>Taxes</HI> and Pari&s;h-rates, to &s;ink and need relief them&s;elves. The Servant by making the&s;e Banks (in&s;tead of his Ma&s;ter) his Ca&s;h keeper will (be|&s;ide keeping his little Stock &s;ecure and unbroken) have it upon the increa&s;e, which may be a means of putting many indu&s;trious Per&s;ons into a capacity of beginning the World in good circum&s;tances, and becoming afterward a &s;ervice in&s;tead of burden to their Country.</P>
<P>The Shop-keeper will prefer a Bank-Bill before Money; that is to &s;ay, Money al|ready placed at Intere&s;t, and without any farther trouble every day improving, before Money lying dead by him. Therefore,</P>
<P N="3">III. The&s;e Banks will prevent the hoarding up of Money, &s;o pernicious to the Na|tion: For when <HI>Bank-bills</HI> &s;hall have the U&s;e and Value of Money, they will be prefer|red before it; every &s;ingle Pound in a <HI>Bill</HI> immediately being upon Intere&s;t: and there will be no longer need of hoarding up Money till they can make round Sums (all the while in danger of being broken) before they can put it to any Improvement. By which means a greater quantity of our running Coyn may be &s;pared for Foreign Traf|fick or Exigences of State.</P>
<P N="4">IV. The&s;e <HI>Banks</HI> will &s;ave many Expences both to King and People; to name but one at pre&s;ent: The King will forthwith this year &s;ave (at lea&s;t a very great part of) the Charges of Collecting the <HI>Taxes,</HI> becau&s;e &s;uch a proportion will be before-hand in his <HI>Exchequer,</HI> as the People will be willing to pay with their <HI>Bank-bills (Prop. XII.)</HI> And even the Enemies of the Government will tell you what that's like to be, who will not be le&s;s forward to pay their <HI>Taxes</HI> this way, than the Friends of it.</P>
<P N="5">V. By the&s;e <HI>Market-Banks,</HI> when their Credit is e&s;tabli&s;hed, <HI>Taxes</HI> may be made ve|ry ea&s;ie: For,</P>
<P N="1">1. A great Sum of Money may be rai&s;ed and returned forthwith into the King's Ex|chequer by a &s;mall <HI>Tax.</HI> Suppo&s;e a <HI>Tax</HI> of <HI>Eight Millions</HI> of Money be nece&s;&s;ary, if the Parliament allow to every <HI>Market-bank</HI> to lend its proportion, the Se|curity of <HI>Three Millions</HI> (according to <HI>Prop. X.</HI> or perhaps le&s;s) will be encourage|ment &s;ufficient to rai&s;<GAP DESC="illegible" RESP="OXF" EXTENT="1 letter"> <GAP DESC="illegible" RESP="OXF" EXTENT="2 letters">e Money, and tran&s;mit it forthwith to the <HI>Exchequer;</HI> becau&s;e the <HI>Three Million Tax</HI> will di&s;charge both Principal and Intere&s;t of <HI>Eight Millions</HI> within three years; and yet by Rule I. &amp; II. particular Per&s;ons, as their occa&s;ions require, may draw out their Principal.</P>
<P><LABEL>Obj.</LABEL> <HI>This is but po&s;tponing a Debt, the Principal mu&s;t be paid at la&s;t.</HI></P>
<P><LABEL>An&s;.</LABEL> Suppo&s;e &s;o, yet time will make that an ea&s;ie Burden, which falling all at once,
<PB N="7" REF="4">would be un&s;upportable, e&s;pecially to the poorer &s;ort; and the Method here propo&s;ed, not only avoids all the inconveniences of &s;uch po&s;tponing Debts, to the Nation in gene|ral, and every particular Per&s;on, but makes very great Advantages of it: For,</P>
<P N="2">2. Upon the Security of the Three Million Tax, Eight Millions of Mony is rai&s;ed to the King; and at the &s;ame time Eight Millions of Credit is created to the Subject, in a way that will An&s;wer all the Ends of Mony: So that the King will have the Mony, and the People not feel the want of it; nay, Covet to purcha&s;e &s;uch a Credit with their Mony.</P>
<P N="3">3 The Eight Millions Lent refunds the Nation the whole Intere&s;t of their Principal, which makes the Three Million Tax &s;o much the ea&s;ier.</P>
<P><LABEL>Obj.</LABEL> <HI>The People pay their Tax, and the Tax pays the People their Intere&s;t: This is but giving and taking their Own again, and what's the Advantage?</HI></P>
<P><LABEL>An&s;.</LABEL> Very Great. The Tax is &s;uppo&s;ed nece&s;&s;ary, and by this Method is made much more ea&s;ie at <HI>Fir&s;t,</HI> and becomes gradually ea&s;ier and ea&s;ier; for, if Eight Millions be ne|ce&s;&s;ary, &s;o much mu&s;t be rai&s;ed, whether we can make Advantage of it or no. But by this method Eight Millions being advanced upon the Security of a Tax of Three Millions, creates a Credit proportionable to the Principal, and returns the Intere&s;t of the Principal; which Intere&s;t of the Eight Millions Principal being &s;ub&s;tracted from the Three Million Tax, mu&s;t make the Tax of Three Millions &s;o much le&s;s. If <HI>A</HI> pays <HI>B</HI> 20 <HI>s.</HI> and <HI>B</HI> returns 5 <HI>s.</HI> back again, <HI>A</HI> pays but 15 <HI>s.</HI></P>
<P N="4">4. This Intere&s;t of Eight Millions will be di&s;per&s;ed through the Nation, where 'twill mo&s;t advance the Publick Good, <HI>viz.</HI> among the Frugal and Indu&s;trious: For, when the Nation is by the propo&s;ed Con&s;titution put into a way of thriving, it will by good Hus|bandry encrea&s;e its Real Stock, and will find, that Lending to the King is a ready way of Improving that Stock. Therefore, when the Parliament open the&s;e Banks, (I mean, al|low them to Lend to &s;uch a proportion) every one that can, will be de&s;irous to have &s;omething there. And he'll be an ill Husband that will not &s;ecure there &s;o much at lea&s;t as will pay the Tax, as it becomes due, (<HI>Prop.</HI> XII.) with his Bank-Bills. By this me|thod a wary Shopkeeper, <HI>&amp;c.</HI> by taking Bills in&s;tead of Mony, may gain wherewith either to Pay his Tax, or le&s;&s;en it.</P>
<P><LABEL>Obj.</LABEL> <HI>So much of the Tax as One throws off from him&s;elf, mu&s;t fall upon Another.</HI></P>
<P><LABEL>An&s;.</LABEL> True; but by this method the Tax is much eas'd, and the Burden will fall where it will do lea&s;t Hurt. Tho&s;e who&s;e Nece&s;&s;ities will not allow them to Lend to the King, when the Banks are open, &s;o much as will pay their Tax, would find it as hard to pay the Tax at once; and <HI>Their</HI> Convenience is very much con&s;ulted, by dividing the Tax into ma|ny le&s;&s;er Portions. As for the Unthinking and Unthrifty, that take no Care for the Future, they'l be never the poorer, nor in wor&s;e Circum&s;tances for the Tax, thus divided: And upon them the Burden will fall.</P>
<P N="5">5. The Credit of the Banks being maintained, the remaining part of the Tax of three Millions, after the Intere&s;t of the Principal is paid, will be at the di&s;po&s;al of Parliament (for the People will never di&s;tru&s;t the Fund, while they &s;ee the Mony rai&s;ed among them|&s;elves, pay their Intere&s;t at home, (<HI>Prop.</HI> IX, &amp; XII. and <HI>Rule</HI> I, &amp; II.) And by this means. if Occa&s;ions require, that part of the three Million <HI>Tax,</HI> with a little Additional Security, opening the Banks again, may be advanced to a great Sum for future Occa&s;ions.</P>
<P><LABEL>Obj.</LABEL> <HI>The</HI> People <HI>cannot &s;pare &s;o much Mony.</HI></P>
<P><LABEL>An&s;.</LABEL> If &s;o much <HI>mu&s;t</HI> be found, &mdash; there's no ea&s;ier way of finding it than to open a Door to every one of the King's Subjects throughout the Land, that can &s;pare but 20 <HI>s.</HI> to Lend it to the King; and that in &s;o ea&s;ie and &s;atisfactory a method, when particular per|&s;ons do as it were Lend to what Market-Bank they plea&s;e, and the Market-Bank gathers up the&s;e &s;maller Sums, and returns them forthwith to the King's <HI>Exchequer</HI> in one great one, and receives but one <HI>Tally</HI> for the whole.</P>
<P>I am &s;en&s;ible &s;ome Objections may be rai&s;ed again&s;t what hath been &s;aid under this Head, and perhaps &s;uch as may at fir&s;t appearance &s;eem plau&s;ible, and pretend to demon&s;tration. But 'tis a fallacious way of arguing, to apply Mathematical Axioms (the Subject whereof is fixed, and always the &s;ame) to Moral Affairs, or Matters of Policy, which are always in a &s;tate of change and variation, according to the Circum&s;tances that attend them. This is plain, and capable of demon&s;tration, (without drawing Schemes) that by this method of rai&s;ing a Tax, 100 <HI>l.</HI> doth the &s;ervice of 200 <HI>l.</HI> (not to &s;ay more) to the Nation; that is, is 200 <HI>l.</HI> in u&s;e, tho' not in weight. And let them argue what they will, the People will find them&s;elves ea&s;ed, if eight Millions be rai&s;ed upon a Fund or Tax of three Millions, in &s;uch
<PB N="8" REF="5" MS="y">a manner, that the King hath the eight millions in <HI>&s;pecie,</HI> and the People the Service of eight Millions as truly as if they had it in <HI>&s;pecie,</HI> and that the three Million Tax returns them back the Intere&s;t of the eight Millions.</P>
<P N="6">VI. The&s;e Market-Banks may in time lead us to a method, better than any yet found out, to employ and provide for the Poor. 1. By &s;etling a Poor's Stock in every Market-Bank, under the direction of the Governors thereof. And, 2. By encouraging every Pw|ri&s;h to enter a Poor's Stock into &s;ome Market-Bank, to lye there upon encrea&s;e, for the u&s;e of the Pari&s;h. And 'twere ea&s;ie to &s;hew, that this is both practicable and highly improva|ble for the publick Welfare.</P>
<P N="7">VII. There may be &s;etled a Communication between Market-Banks, by a di&s;charge from one, with order of Admi&s;&s;ion into the Bank de&s;ired, for the &s;ecurity and ea&s;e of tran&s;mitting Mony, without Confu&s;ion of Accompts.</P>
<P><LABEL>Obj.</LABEL> <HI>The Con&s;ultation about the propo&s;ed</HI> Market-Banks <HI>now would retard Affairs too much by creating new Thoughts and fre&s;h Debates, which the multiplicity of other affairs will not admit of.</HI></P>
<P><LABEL>An&s;.</LABEL> 1. The Bottom whereon the&s;e Market-Banks might be with Ea&s;e erected <HI>Now, <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"></HI> no more than this: That in every Corporation and Market-town where Commi&s;&s;ioners, <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> are appointed to receive the defective Mony to be chang'd, there be kept a Regi&s;ter of <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> Owners, and Sums of the Mony there deliver'd; and that no per&s;on be Sued, that &s;hall <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> (in due Form to be appointed) to transfer &s;o much of his Mony on the Regi&s;ter as <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> pay his Debt, until his Mony can be returned unto him. This would not only lay a Founda|tion whereon the&s;e Market-Banks might be placed, but al&s;o prevent many Inconvenience.</P>
<P N="2">2. It may not take up &s;o much time as is imagined, if it be enter'd upon with a Refla|tion, that nothing but what is nece&s;&s;ary, or &s;o very rea&s;onable as not to create Di&s;pute, <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> pre&s;ent taken into con&s;ideration: Farther Methods and Improvements may be deferred <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> time to come.</P>
<P N="3">3. The&s;e Market-Banks will not di&s;turb any &s;etled Method.</P>
<P N="4">4. The Con&s;ultation about them <HI>Now,</HI> by leading the way to a more ready clearing other Difficulties, may prevent more Debates than it creates, and &s;o &s;ave time.</P>
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<DIV1 TYPE="notice">
<HEAD>ADVERTISEMENT.</HEAD>
<OPENER><SALUTE>Reader,</SALUTE></OPENER>
<P>MY De&s;ign in drawing up the&s;e Lines, was, at fir&s;t, intended to an&s;wer m<GAP DESC="illegible" RESP="OXF" EXTENT="3 letters"> Ends than One; and if it come too late for Some of them, it may <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> for All. Reject not therefore the Whole for the Unpromi&s;ing Beginning. <HI>R<GAP DESC="illegible" RESP="OXF" EXTENT="3 letters"> the la&s;t Sheet fir&s;t,</HI> the <HI>Advantages</HI> of the propo&s;ed <HI>Market-banks</HI><NOTE N="*" PLACE="marg">Pag. 5</NOTE>, then Con&s;<GAP DESC="illegible" RESP="OXF" EXTENT="3 letters"> the <HI>Propo&s;als</HI> them&s;elves, <HI>&amp;c.</HI> e&s;pecially the <HI>Four La&s;t,</HI> and laying all toget<GAP DESC="illegible" RESP="OXF" EXTENT="3 letters"> judge whether &s;uch Advantages would not naturally follow from &s;uch an E<GAP DESC="illegible" RESP="OXF" EXTENT="3 letters">|bli&s;hment. I could offer much more than what is here mentioned, and am <GAP DESC="illegible" RESP="OXF" EXTENT="3 letters">|ling to do it, if this E&s;&s;ay open me a pa&s;&s;age, and they for who&s;e Intere&s;t it is <GAP DESC="illegible" RESP="OXF" EXTENT="1 word"> as ready to Hear as I am to Impart it. No more at pre&s;ent, only to beg this <GAP DESC="illegible" RESP="OXF" EXTENT="2 letters">|vour of the Reader, that as the forming this De&s;ign hath co&s;t me many a Thou<GAP DESC="illegible" RESP="OXF" EXTENT="3 letters"> &s;o he would be&s;tow &s;ome upon it before he Condemn he knows not what.</P>
</DIV1>
<DIV1 TYPE="colophon">
<P><HI>LONDON:</HI> Printed by <HI>T. Milbourn,</HI> for the Author, and are to be had at Mr. <HI>Carter</HI>'s in Old <HI>Palace-yard</HI> near the <HI>Parliament-hou&s;e;</HI> and at the <HI>Plow</HI> on the <HI>Royal Exchange</HI> up Stairs on the North &s;ide, 169..</P>
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