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<DATE>2014-10-09</DATE>
<RESPSTMT>
<NAME>TCP Staff (Michigan)</NAME>
<RESP>MURP</RESP>
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<ITEM>Proofed and reviewed as part of batch B140716.pdcc.</ITEM>
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<EEBO>
<IDG S="marc" R="UM" ID="B29328">
<STC T="W">S865aA</STC>
<STC T="G">712.m.1[42]</STC>
<STC T="C">R225321</STC>
<STC T="C">R225334</STC>
<BIBNO T="umi">99886039</BIBNO>
<VID>186410</VID>
</IDG><!-- alt.stc G712.m.1[42] --><!-- alt.stc CR225321 --><!-- alt.stc CR225334 -->
<TEXT LANG="eng">
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<DIV1 TYPE="text">
<PB REF="1" MS="y">
<HEAD>The <HI>Scheme</HI> of the <HI>Propo&s;als</HI> for making a Fund for grant|ing Annuities for Lives, <HI>&amp;c.</HI> With the terms of Joyning the &s;ame to the <HI>Million-Bank.</HI> An&s;wered, and the fallacy detected.</HEAD>
<P>HAving heard the &s;aid Propo&s;als for granting Annuities, <HI>&amp;c.</HI> very highly applauded, and meeting the Project in Print, dated the 24th of <HI>October,</HI> 1695. I expected to find &s;ome|thing extraordinary therein; but at the fir&s;t reading thereof, I found it a project cunning|ly put together, with a de&s;ign to deceive Innocent and Well-meaning Per&s;ons, and to draw them into an apparent lo&s;s, under the pretence of Letting them into a more than ordinary Profit and Advantage.</P>
<P>It was affirmed &s;ome time &s;ince, That the de&s;ign was laid to &s;erve the <HI>Million Bank,</HI> the ill Managery whereof had rendred their Credit &s;u&s;pected. And that which might be a rea&s;onable ground of &s;uch Report, was, That the <HI>Projector</HI> of the Annuities is Father to one of the Di|rectors of the &s;aid Bank, and very well acquainted with the re&s;t of them, who being a per&s;on of a Fair Reputation, was made u&s;e of by them as a fit In&s;trument to accompli&s;h &s;uch their de&s;igns.</P>
<P>But to wave what might be &s;aid in relation thereto, I &s;hall apply my &s;elf to the Printed Paper, wherein the Directors of the Million Bank bring up the Rear. And that the Reader may not be confounded with their different Propo&s;als; I &s;hall take notice thereof, as it is already divi|ded by them into three parts. The fir&s;t con&s;i&s;ting of nine particulars, I will for di&s;tinctions &s;ake call the <HI>Propo&s;als.</HI></P>
<P>The &s;econd part con&s;i&s;ting of eleven particulars, I &s;hall call the <HI>Propo&s;itions.</HI></P>
<P>The third part con&s;i&s;ting of &s;ix Particulars, being their Project of Union, I &s;hall call the <HI>Project.</HI></P>
<P>In the <HI>Propo&s;als,</HI> it is Provided, That any Per&s;on may Sub&s;cribe Money or Land for granting Annuities for term of years, or for One, Two, or Three Lives, at 10, 12, and 14 years pur|cha&s;e, renewable at any time for a rea&s;onable Fine.</P>
<P>That the Money-&s;ub&s;cribers &s;hould have &s;ix pounds <HI>per Cent. per Annum</HI> Intere&s;t for their Money. And the Sub&s;cribers for Land &s;hould be accommodated with Money at three pounds <HI>per Cent. per Annum</HI> Intere&s;t, and the remainder of the Profit to be divided between the Land and Money.</P>
<P>That any Per&s;on may Sub&s;cribe to purcha&s;e Annuities at the afore&s;aid rates, and the Sub|&s;cribers of Money may, if they think fit, transfer the &s;ame to the account of Annuities for a term of years, or for One, Two, or Three Lives, as they like be&s;t. But that the Money or what is purcha&s;ed therewith, &s;hall in the fir&s;t place be liable to pay the &s;aid Annuities; and in ca&s;e they fall &s;hort, the Land to be charged. With liberty given to the Sub&s;cribers, of revoking till the 4th of <HI>November</HI> next.</P>
<P>The Propo&s;itions tells us how much the Fund of Money and Land is intended to be, <HI>viz.</HI> 120000 <HI>l.</HI> to be paid before the 9th of <HI>November,</HI> 100000 <HI>l.</HI> whereof to be laid out in purcha&s;ing 20000 <HI>l. per Annum</HI> in Rever&s;ions, on the Lives in the Exchequer: and the remaining 20000 <HI>l.</HI> to buy about 3000 <HI>l. per Annum</HI> of Lottery Tickets for 15 years: which 20000 <HI>l. per Annum,</HI> in Rever&s;ion, and the 3000 <HI>l. per Annum</HI> in po&s;&s;e&s;&s;ion for 15 years, is to be backt with 20000 <HI>l. per Annum</HI> Land, whereupon to grant Annuities for One, Two, or Three Lives, to the value of 20000 <HI>l. per Annum;</HI> which at 11 years purcha&s;e (the Medium of the rates propo&s;ed) will come to 220000 <HI>l.</HI> with 120000 <HI>l.</HI> of which they propo&s;e to purcha&s;e 17000 <HI>l. per Annum</HI> more of Lottery Tickets to make the fir&s;t 3000 <HI>l. per Annum.</HI> 20000 <HI>l. per Annum</HI> in po&s;&s;e&s;&s;ion; and the remaining 100000 <HI>l.</HI> is to be lent to the Land-&s;ub&s;cribers at 3 <HI>l. per Cent. per Annum,</HI> and the Remainder of the profits is to divided, <HI>viz.</HI> Two thirds to the &s;ub&s;cribers of the 120000 in money, And one third to the &s;ub&s;cribers, of 400000 <HI>l.</HI> value in Land, being 20000 <HI>l. per Annum</HI> at 20 years purcha&s;e; which (&s;ay they) by a mode&s;t computation may make 16 <HI>l. per Cent. per Annum</HI> to the money, and near 30 <HI>l. per Annum</HI> on every 100 <HI>l. per Annum</HI> in Land. And that the &s;aid Fund may not fail, one fifth part of the profits, &s;hall during the 15 years be annually laid out to pur|cha&s;e &s;omething to an&s;wer tho&s;e lives that may happen to be then left, of tho&s;e that the rever&s;ions were purcha&s;ed from the Exchequer.</P>
<P>Having thus briefly run through their <HI>Propo&s;als</HI> and <HI>Propo&s;itions,</HI> it remains, That I examine how the propo&s;ed profit is like to ari&s;e, and what the fifth part of the profit will amount to that is to be laid out annually to purcha&s;e an equivalent to the lives that happen to be left as afore&s;aid. And that the Gentlemens mode&s;ty in their computation may more plainly appear; I &s;hall for once &s;tate their accompt of profit by way of Debtor and Creditor, <HI>viz.</HI></P>
<PB REF="2">
<P><TABLE>
<ROW>
<CELL ROLE="label">Money is</CELL>
<CELL ROLE="label"><HI>Dr.</HI></CELL>
</ROW>
<ROW>
<CELL>Sub&s;cribed, for which is to be paid 6 <HI>l. per Cent. per Annum.</HI></CELL>
<CELL>120000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>Received for 20000 <HI>l. per An|num,</HI> Annuities at 11 years purcha&s;e.</CELL>
<CELL>220000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>&nbsp;</CELL>
<CELL ROLE="total">340000 <HI>l.</HI></CELL>
</ROW>
</TABLE>
<TABLE>
<ROW>
<CELL ROLE="label">Money is</CELL>
<CELL ROLE="label"><HI>Cr.</HI></CELL>
</ROW>
<ROW>
<CELL>Paid for 20000 <HI>l. per Annum</HI> Rever&s;ions.</CELL>
<CELL>100000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>Paid for 3000 <HI>l. per An|num,</HI> Lottery Tickets&punc;</CELL>
<CELL>20000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>Paid for 17000 <HI>l. per Annum.</HI> Do.</CELL>
<CELL>120000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>Lent the Landed Men at 3 <HI>l. per Cent. per Annum.</HI></CELL>
<CELL>100000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>&nbsp;</CELL>
<CELL ROLE="total">340000 <HI>l.</HI></CELL>
</ROW>
</TABLE></P>
<P>By which account of money it appears that they have made their Bread and Chee&s;e even, and laid out their whole money to a farthing.</P>
<P>It remains that I now examine how much <HI>per Annum</HI> will come in clear to the &s;ub&s;cribers, which will more plainly appear by the ballance of their annual incomes.</P>
<P><TABLE>
<ROW>
<CELL ROLE="label"><HI>Annual Incomes.</HI></CELL>
<CELL ROLE="label">Dr.</CELL>
</ROW>
<ROW>
<CELL>To Intere&s;t paid the Money'd men for 120000 <HI>l.</HI> at 6 <HI>l. per Cent. per Annum.</HI></CELL>
<CELL>7200 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>To Annuities &s;old at 11 years purcha&s;e, <HI>per Annum.</HI></CELL>
<CELL>20000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL><HI>per Annum</HI></CELL>
<CELL ROLE="total">27200 <HI>l.</HI></CELL>
</ROW>
</TABLE>
<TABLE>
<ROW>
<CELL ROLE="label"><HI>Annual Incomes.</HI></CELL>
<CELL ROLE="label">Cr.</CELL>
</ROW>
<ROW>
<CELL>By 20000 <HI>l. per Annum</HI> in Rever|&s;ion.</CELL>
<CELL>&nbsp;</CELL>
</ROW>
<ROW>
<CELL>Lottery Tickets in po&s;&s;e&s;&s;ion for 15 years <HI>per Annum.</HI></CELL>
<CELL>20000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>By Intere&s;t for 100000 <HI>l.</HI> lent at 3 <HI>l. per Cent. per Annum.</HI></CELL>
<CELL>3000 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>Paid every year more than re|ceived <HI>per Annum.</HI></CELL>
<CELL>4200 <HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>&nbsp;</CELL>
<CELL ROLE="total">27200 <HI>l.</HI></CELL>
</ROW>
</TABLE></P>
<P>So that it is plain by this account, that there will be got every year 4200 <HI>l. per Annum</HI> over the left &s;houlder, be&s;ides the charges that will nece&s;&s;arily attend it; which I leave our mode&s;t Gentlemen to divide between the Landed and Monied men, and hope that neither party being &s;o flu&s;ht with &s;ucce&s;s will knock Logger-Heads together about making the Dividend; For nothing is more plain than in&s;tead of a great profit the &s;ub&s;cribers will be brought into an apparent lo&s;s, and all that they can expect to help them&s;elves is to wait for Dead Folks &s;hoes, and if no more than one fourth part of tho&s;e upon who&s;e lives the Rever&s;ions depend, and the like part of tho&s;e to whom the annuities &s;hall be granted &s;hall dye in 15 years, at which time the 20000 <HI>l. per Annum,</HI> payable out of the Lottery Tickets will expire, as it is very probable not above that number may dye, there will be then above 14000 <HI>l. per Annum</HI> clear lo&s;s, &s;o that here will be a certain di&s;advantage, and no gain can be expected till 30 or 40 years hence.</P>
<P>Be&s;ides I cannot but remark their great di&s;ingenuity in &s;ugge&s;ting that they can buy the value of 140000 in Lottery Tickets at the pre&s;ent Market price, they having already publi&s;hed their de&s;ign of &s;o doing in print, &s;o that it's mo&s;t evident they never de&s;igned the thing, but only to lay Baits to catch Woodcocks, or in plain Engli&s;h to draw in Innocent per&s;ons to &s;upport their tottering Bank.</P>
<P>I come now to their <HI>Project of &V;nion,</HI> wherein they tell us that 50 <HI>l. per Cent.</HI> of the &s;aid Bank &s;tock is already paid in, but I doubt they have as little hone&s;ty as they have mode&s;ty, el&s;e they would fairly have publi&s;ht that in little more than three months time; they have drawn out 4 <HI>l.</HI> for every 50 <HI>l.</HI> that is in the Bank under the pretence of making a dividend, &s;o that <HI>bona fide</HI> there cannot be more than 46 <HI>l. per Cent.</HI> in the Bank, if there be &s;o much, for it is mo&s;t apparent their bu&s;ine&s;s hath not been &s;o con&s;iderable as to get any thing by it. So far have they been from get|ting any thing to divide.</P>
<P>But what is further worthy of ob&s;ervation, they tell us that the other 50 <HI>l. per Cent.</HI> Is &s;u&s;pend|ed or delayed till there &s;hall be occa&s;ion for the &s;ame. And yet in a few lines after, they tell us they will admit of a further &s;ub&s;cription, of an Additional &s;tock for their Bank.</P>
<P>If they have no occa&s;ion for money they need not open their books, if they have, why do they not pay in the other 50 <HI>l. per Cent?</HI> So that nothing is more plain than that they want a &s;tock of money, and being con&s;cious to them&s;elves that none will &s;ub&s;cribe to their Bank, they have made u&s;e of this project as a <HI>decoy</HI> to draw in fre&s;h people to be engaged with them.</P>
<P>For if it were &s;o profitable as is pretended, tho&s;e who rule the Roa&s;t among them, it's well known, have too narrow &s;ouls to forgo an advantage of 16 <HI>l. per Cent. per Annum,</HI> to complement others into their Bank; but if they believe what they them&s;elves a&s;&s;ert, they would undoubtedly have called in the other 50 <HI>l. per Cent.</HI> which they tell us is &s;u&s;pended till there &s;hall be occa&s;ion for the &s;ame as afore&s;aid. Much more might be &s;aid on the &s;ame &s;ubject, but I &s;hall conclude, having limitted my &s;elf to half a &s;heet of paper.</P>
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