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<DATE>2014-10-03</DATE>
<RESPSTMT>
<NAME>Simon Charles</NAME>
<RESP>MURP</RESP>
</RESPSTMT>
<ITEM>Proofed and reviewed as part of batch Z140411.pdcc.</ITEM>
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<EEBO>
<IDG S="marc" R="OX" ID="B25480">
<STC T="W">K471</STC>
<BIBNO T="oclc">[ocm]09369885</BIBNO>
<VID>173701</VID>
</IDG>
<TEXT LANG="eng">
<BODY>
<DIV1 TYPE="proposal">
<PB N="1" REF="1" MS="y">
<HEAD>To the King and Queens Mo&s;t Excellent Maje&s;ties; the Lords Spiritual and Temporal; and to the Knights, Citizens, and Burge&s;&s;es a&s;&s;embled in Parliament.</HEAD>
<HEAD>An humble Propo&s;al &s;hewing how this Nation may be va&s;t Gainers by all Sums of Mony given to the Crown, without le&s;&s;ening the Prerogative.</HEAD>
<DIV2 TYPE="introduction">
<P>I Put this De&s;ign in writing at the reque&s;t of &s;everal con|&s;iderable Members of both Hou&s;es of Parliament, in the Reign of King <HI>Charles</HI> II. when a War was voted a|gain&s;t <HI>France;</HI> but a Peace being concluded, no Mo|ny was given; and &s;ince that I have had no opportunity to do my Country the Service I de&s;igned by this Propo&s;al.</P>
<P>But the general Approbation this Paper had from all that &s;aw it, in three &s;everal Parliaments, and very many con|&s;iderable Members having declared that they could not couch any one rational Objection again&s;t what I here humb|ly offer; I have thought fit in this iuncture of time to revive this De&s;ign, and mo&s;t humbly refer it to the Wi&s;dom of the King and Queen, and both Hou&s;es of Parliament.</P>
<P>As I have not the nomination of the Sums now to be gi|ven to the Crown, &s;o I &s;hall only &s;uppo&s;e a Sum of two Millions, but the Ca&s;e will hold on all Occa&s;ions of the &s;ame nature.</P>
<P>I humbly beg pardon if I am plain and &s;hort, I pretend not to Eloquence; I &s;hall fir&s;t &s;et down what I would have done, and then &s;hew what Advantage this Nation will reap by &s;o doing; la&s;tly, I will an&s;wer all Objections that have hitherto been made, and &s;hall be ready to an&s;wer any Objection that may hereafter be made.</P>
</DIV2>
<DIV2 TYPE="list of proposals">
<HEAD>PROPOSALS.</HEAD>
<P N="1">I. THat a Tax be &s;et that will rai&s;e 300000 Pounds <HI>per Ann.</HI> this Tax to continue till 2000000 <HI>l.</HI> is paid with the Intere&s;t and Charges.</P>
<PB N="2" REF="2">
<P N="2">II. Let there be an Office erected in the City of <HI>London</HI> near the <HI>Royal Exchange,</HI> let the Tax of 300000 <HI>l.</HI> be paid into the &s;aid Office, which mu&s;t be compo&s;ed thus,
<TABLE>
<ROW>
<CELL>&nbsp;</CELL>
<CELL ROLE="label"><HI>l. per ann.</HI></CELL>
</ROW>
<ROW>
<CELL>7 <HI>Commi&s;&s;ioners,</HI> of which one or more to be <HI>Trea&s;urers</HI></CELL>
<CELL>7000</CELL>
</ROW>
<ROW>
<CELL>1 <HI>Secretary,</HI></CELL>
<CELL>500</CELL>
</ROW>
<ROW>
<CELL>10 <HI>Clerks,</HI></CELL>
<CELL>1200</CELL>
</ROW>
<ROW>
<CELL>2 <HI>Door-Keepers,</HI></CELL>
<CELL>200</CELL>
</ROW>
<ROW>
<CELL>6 <HI>Me&s;&s;engers,</HI></CELL>
<CELL>300</CELL>
</ROW>
<ROW>
<CELL><HI>Hou&s;e-Rent, Fire, Candle, Paper,</HI> &amp;c.</CELL>
<CELL>800</CELL>
</ROW>
<ROW>
<CELL>&nbsp;</CELL>
<CELL ROLE="total">10000</CELL>
</ROW>
</TABLE></P>
<P N="3">III. The Tax and Office being fram'd, it mu&s;t by Act of Parliament be order'd that the Office &s;hall be govern'd thus.</P>
<P N="4">IV. The Office mu&s;t be open, and the Commi&s;&s;ioners mu&s;t &s;it from Eight of the Clock till Twelve every Morning (except <HI>Sundays</HI> and Holy-Days) and from Two till Four in the Afternoon.</P>
<P N="5">V. The Office mu&s;t accommodate all Per&s;ons without Fees or Delays.</P>
<P N="6">VI. The Office mu&s;t pay every Creditor in as many Bonds as the Creditor plea&s;es, and at the Creditor's Choice to have his Name in the Bonds, or Blank; &s;aying, Payable to <HI>A. B.</HI> or to the Bearer; this la&s;t is be&s;t, becau&s;e of transferring them.</P>
<P N="7">VII. No Bonds to be above a Hundred Pounds, nor none under Five; for the le&s;&s;er the Bonds are, the better they will pa&s;s in Trade.</P>
<P N="8">VIII. The Act of Parliament mu&s;t al&s;o make it Trea&s;on for the Office to i&s;&s;ue out more in Bond than is ordered by the &s;aid Act; el&s;e like too much Allay in Coin, the Bonds would be imba&s;ed: The&s;e Bonds mu&s;t al&s;o be Signed by Three Commi&s;&s;ioners at the lea&s;t, be&s;ides the Secretary.</P>
<P N="9">IX. At the expiration of every Six Months, the Office mu&s;t pay the Intere&s;t of every Bond &s;tanding out, and ac|cording to their Date, and mark tho&s;e Bonds they de&s;ign to
<PB N="3" REF="3"> pay off at the expiration of the next Six Months, by writ|ing on the&s;e Bonds thus, <HI>This Bond &s;hall be paid off Prin|cipal and Intere&s;t this day Six Months:</HI> This mu&s;t al&s;o be regi&s;tred in the <HI>Folio</HI> of tho&s;e Bonds in the Office-Books.</P>
<P N="10">X. The Commi&s;&s;ioners mu&s;t i&s;&s;ue out the&s;e Bonds or War|rants from the Trea&s;ury, by which means the Crown not the Trea&s;ury are not le&s;&s;ened, but remain &s;till the Fountain-Head.</P>
<P N="11">XI. The&s;e Warrants mu&s;t be brought by &s;ome Per&s;on or Per&s;ons authorized for that purpo&s;e, to avoid fal&s;e War|rants. The Trea&s;ury mu&s;t al&s;o &s;end a Letter of Advice, be|fore &s;uch Warrants may be accepted.</P>
<P N="12">XII. If any Bonds are lo&s;t, &s;toln, or burned, the Parties concerned mu&s;t give notice thereof to the Office, to the end that the Office may &s;top them that bring the Bonds, and give notice thereof to the Owners: But if the Bonds are &s;o lo&s;t or burnt that they come not to the Office, then it mu&s;t be made publick in the Gazette &s;everal times; and if the Bonds appear not in Six Months, the Office mu&s;t give the Owners new Bonds, on good Security that they are the Parties who&s;e Names were la&s;t regi&s;tred in the Office-Books for the lo&s;t or burned Bonds.</P>
<P N="13">XIII. The &s;ame Act that &s;ettles the Office and the Tax, mu&s;t declare that the Crown has Credit at the Office for Two Millions payable thus; The Parties concerned to receive the Mony, &s;hall on Warrants from the Trea&s;ury receive the Office Bonds, and 6 <HI>l. per cent. per ann.</HI> Intere&s;t. That the In|tere&s;t &s;hall be paid every &s;ix Months, and &s;ix Months warn|ing given before the Principal &s;hall be paid off; this becau&s;e People &s;hall have time to find out other ways to di&s;po&s;e of their Mony to new Advantages.</P>
<P N="14">XIV. The Act further declaring, that the Office-Bonds &s;hall not only be transferrable, but currant, as Mony in all Payments what&s;oever, even into the Exchequer: And it mu&s;t be made Trea&s;on for any of the publick Receivers, to refu&s;e the Office-Bonds when tendered in the Payments. The Counterfeiting of the&s;e Bonds mu&s;t al&s;o be made Capital,
<PB N="4" REF="4"> altho I know 'tis impo&s;&s;ible to Counterfeit the Bonds, which mu&s;t be made on a marbled or flouri&s;h'd Paper fairly tallied and regi&s;tred in the Office-Books, where the Counterparts mu&s;t be kept.</P>
<P N="15">XV. It mu&s;t al&s;o be made Capital for the Office to make any u&s;e or private advantage of the publick Ca&s;h; and they mu&s;t order it &s;o, as to have a good Ca&s;h, becau&s;e many times the Tax may not be paid in time enough, it may be a Month or two later than the Intere&s;t is due.</P>
<P N="16">XVI. The&s;e Bonds being thus made currant, and grounded on a Law and the Security of the whole Nation, they will not only be of an intrin&s;ick Value equal with Gold and Silver, but &s;uperior to either, and of the &s;ame con&s;equence, as if &s;o much Mony were imported and given this Nation to trade with.</P>
<P N="17">XVII. I &s;ay the&s;e Bonds will be &s;uperior to Gold or Silver, becau&s;e the&s;e Bonds cannot be counterfeited, lo&s;t, &s;toln, or burnt without recovery; they will be a new <HI>Species</HI> of Mony that will grow in our Coffers, every day increa&s;ing, which Gold nor Silver does not, but is liable to many Inconvenien|cies, as Thieves, fal&s;e and clipt Mony, counterfeiting, lo&s;s of time in counting, and chargeable to carry in large Sums.</P>
<P N="18">XVIII. The&s;e Bonds will &s;oon become our be&s;t Payments and Coin, for every one will covet them, nor will any &s;cru|ple to fetch their Payments at the Office, more than now they do to fetch their Mony at the Exchequer or <HI>Lombard|i&s;treet;</HI> and the Bonds mu&s;t be transfer'd at the Office, be|cau&s;e the Counterparts are kept there, the Office becomes Witne&s;s to the Payments, and avoids Di&s;putes at Law.</P>
<P N="19">XIX. All Mankind mu&s;t confe&s;s, that Credit grounded on a good and &s;olid Security, if it can be made currant, is not only as good, but better than Mony it &s;elf; for Mony does no Man good, until he has di&s;po&s;ed of it for good Security; and I de&s;ire to know what Security can be offered &s;o great and of &s;o intrin&s;ick a Value as the&s;e Bonds.</P>
<PB N="5" REF="4">
<P N="20">XX. The fir&s;t Years Account &s;tated.
<TABLE>
<ROW>
<CELL>&nbsp;</CELL>
<CELL ROLE="label"><HI>l.</HI></CELL>
<CELL ROLE="label"><HI>l.</HI></CELL>
</ROW>
<ROW>
<CELL>In Bonds the Debt is</CELL>
<CELL>&nbsp;</CELL>
<CELL>2000000</CELL>
</ROW>
<ROW>
<CELL>For Intere&s;t at <GAP DESC="illegible" RESP="OXF" EXTENT="1 letter"> l. <HI>per Cent.</HI></CELL>
<CELL>120000</CELL>
<CELL ROWS="2">130000</CELL>
</ROW>
<ROW>
<CELL>For the Office Charges</CELL>
<CELL>10000</CELL>
</ROW>
<ROW>
<CELL>The Tax comes to</CELL>
<CELL>300000</CELL>
<CELL>&nbsp;</CELL>
</ROW>
<ROW>
<CELL>The Charges</CELL>
<CELL>130000</CELL>
<CELL>&nbsp;</CELL>
</ROW>
<ROW>
<CELL>There will re&s;t in Ca&s;h</CELL>
<CELL>170000</CELL>
<CELL>&nbsp;</CELL>
</ROW>
</TABLE></P>
<P>Thus then at Twelve Months end the Intere&s;t and Charges of the Office will be paid, and there will be 170000 <HI>l.</HI> in Ca&s;h, out of which may be paid 150000 <HI>l.</HI> of the Bonds, and keep 20000 <HI>l.</HI> in Ca&s;h, and for the future Pay of Part of the Debt, proportionable every Six Months, keeping &s;till a Ca&s;h of 20000 or 30000 <HI>l.</HI> more or le&s;s, as &s;hall be thought fit.</P>
<P>Thus the Debt of 2000000 <HI>l.</HI> at the Years end is dimini&s;h|ed to 1850000 <HI>l.</HI> and will dwindle away in a few Years, by a rebate of Intere&s;t upon Intere&s;t, and by a &s;mall Tax the Na|tion will not feel.</P>
<P N="21">XXI. Now in ca&s;e greater Sums mu&s;t be given, or a War car|ried on, which may require large Sums, and yearly, &s;o long as a War la&s;ts, then the Taxes mu&s;t be made proportionable.</P>
<P>But &s;till there will be no nece&s;&s;ity ever to &s;et any Tax above what will pay double or treble the Intere&s;t of the Mo|ny given to the Crown. And now let us &s;ee the Advantages that will ari&s;e from this Method of giving Mony.</P>
</DIV2>
<DIV2 TYPE="list of benefits">
<HEAD>Benefits ari&s;ing to the Crown and to the Nation by this way of giving Mony.</HEAD>
<P N="1">I. BY this means the Crown receives the entire Sums of Mo|ny given by the Parliaments, and the Crown has the Mony immediately, without &s;taying till the Taxes come in, or being obliged to take up Mony, or buy Stores at hard rates, and paying by uncertain A&s;&s;ignments; &s;o that part by the rai&s;ing and collecting the Taxes, part by taking up Mony and buying Goods on credit; This will &s;ave very near one third part of what is given by the Nation, be&s;ides the great Di&s;appointments our Kings have met with by delays, and
<PB N="6" REF="5"> the Nation al&s;o, who expect from the Crown the &s;ame thing as if the Crown had the whole Sums given, and in due time.</P>
<P N="2">II. The Crown will buy all Stores at lea&s;t 20 <HI>per Cent.</HI> cheaper than u&s;ually; for Men will prefer the&s;e Bonds before any A&s;&s;ignments or Mony it &s;elf, becau&s;e the&s;e Bonds will in|crea&s;e in their Coffers, and are not lyable to a Po&s;tpone: For the Crown may as ea&s;ily call back the Mony paid out of the Ex|chequer, as &s;top what is given out for Mony, and made cur|rant by a Law; be&s;ides the&s;e Bonds will be in the hands and po&s;&s;e&s;&s;ion of the People.</P>
<P N="3">III. This currant Credit will do the duty of Gold and Sil|ver, and is the &s;ame thing in all re&s;pects as &s;o much Mony imported and di&s;tributed, and added to the general Stock of the Nation, which will increa&s;e our Trade proportionably, as the Crown will &s;oon find by the increa&s;e of the Revenue; for we have not Seven Millions in Mony to &s;upport our Trade and Con&s;umption, and by adding Two or more Millions of this currant Credit, we add proportionably to our Trade and Con&s;umption.</P>
<P N="4">IV. The&s;e Bonds will produce a double Gain to the Na|tion; fir&s;t by drawing out the Mony which lies dead for want of Security; &s;econdly, Men will trade with the&s;e Bonds, or draw the Intere&s;t, which makes the Bonds daily of more value, altho they lie dead in their Coffers.</P>
<P N="5">V. Our poorer &s;ort of People may improve their &s;mall Ta|lents without the Expences of Scriveners, Brokers, and the like, who daily make a Prey of them, and often let their Mony lie dead, and take not always good Security: But by this Method Men may put their Mony to a &s;ecure Intere&s;t, and without Charges, and have their Mony &s;till in their own keeping, ready to make a new Advantage by it, which they cannot do by our u&s;ual ways, nor be &s;ecured that they &s;hall have their Mony or Intere&s;t when it is due.</P>
<P N="6">VI. This undeniable Security will bring Bullion from a|broad, as <HI>Holland</HI> and other places, where they draw but 4 <HI>per Cent.</HI> and it will di&s;per&s;e our own Mony, which now
<PB N="7" REF="6"> lies dead for want of Security, and make it more free and common among&s;t us.</P>
<P N="7">VII. Our Retailers, through who&s;e Hands pa&s;&s;eth the greate&s;t part of our currant Ca&s;h will change or buy the&s;e Bonds, as &s;oon as they have but 5 or 10 <HI>l</HI> in their Shops; for they let &s;uch Sums lie by them, till they have a Stock either to pay a Debt or go to Market, which they may as well do with the&s;e Bonds, by which they will gain more in the Inter|e&s;t than their &s;hare of the Tax will come to.</P>
<P N="8">VIII. The&s;e Bonds (like Mony) will pa&s;s through five or &s;ix Hundred hands in a Year, every Trade gaining 10 <HI>l. per Cent.</HI> as they mu&s;t needs do, or they cannot &s;ub&s;i&s;t, becau&s;e mo&s;t Traders pay 6 <HI>l. per Cent.</HI> for the Mony they trade with. Now I will &s;uppo&s;e the&s;e Bonds, the one with the other, pa&s;s through forty hands only in a Year, every Trader gaining but 5 <HI>l. per Cent.</HI> then every 100 <HI>l.</HI> in the&s;e Bonds produce 200 <HI>l. per Ann.</HI> Gains to the Nation, as long as they are &s;tanding out. If &s;o, then the Nation may well di&s;pen&s;e with the Charges of the Office and Intere&s;t, &s;ince for 2000000 <HI>l.</HI> given, the Nation will gain 400000 <HI>l.</HI> the fir&s;t Year, little le&s;s the &s;econd and third Years. Con&s;ider then the Advantage accrues to the Nation on the whole, and before all the Bonds are paid off.</P>
<P N="9">IX. I could &s;ay much more on every Paragraph in this Pa|per, but am loth to be too tedious; be&s;ides this Bu&s;ine&s;s re|quires to be di&s;cour&s;ed, and it does not become me to &s;ay more till commanded.</P>
<P>Note, This Nation would &s;oon be weary of paying a yearly Tax to &s;upport a Years War, and it is ea&s;ier to pay 20 <HI>s.</HI> a Year for twenty Years &s;ucce&s;&s;ively, than to pay down 20 <HI>l.</HI> at once: Now by this Method the Taxes will not be felt, al|though they la&s;t many Years; and if required, I could name Taxes that would &s;carce be felt.</P>
</DIV2>
<DIV2 TYPE="list of objections">
<HEAD>Objections An&s;wered.</HEAD>
<P N="1">I. THis is a new Project, and <HI>England</HI> has long been a glorious Nation without this Propo&s;al, and new Me|thods will not be ea&s;ie.</P>
<PB N="8" REF="7" MS="y">
<P><HI>An&s;w.</HI> This Objector &s;hould then wear a Ruff and Trow&s;es in lieu of rowling-Breeches and a Cravat, which his Great Grand father ne|ver wore; and that we have now altered our Habit, is becau&s;e the Habit we now wear is ea&s;ier than formerly were worn: Nay a Go|vernment is alterable when not ea&s;ie, and altered for the better.</P>
<P N="2">II. Some think this Credit will le&s;&s;en the Value of Hou&s;es and Lands.</P>
<P><HI>An&s;w.</HI> The&s;e Objectors allow then the Credit to be good, and better than Hou&s;es or Lands.</P>
<P>Let the&s;e Men make the Titles of their Lands and Hou&s;es to be clear and good, then this Credit will do them no harm, but the con|trary; if we have more Trade and Credit, Men will become more able to buy Lands and Hou&s;es, which are always preferrable.</P>
<P><HI>Holland</HI> has va&s;t Sums &s;tanding out in Obligations or Bonds tran&s;|ferrable, but not currant, yet &s;o valuable, that I have &s;old them in <HI>London</HI> at 6&frac14; <HI>per Cent.</HI> and this does not hinder Lands to be at 40 and 50 Years purcha&s;e, and it was this kind of Credit or Obliga|tions that rai&s;ed that State and &s;upported it.</P>
<P N="3">III. How &s;ecure us again&s;t the Misfortune of the Bankers, or a &s;trong hand?</P>
<P><HI>An&s;w.</HI> The Bankers Mony was in the Exchequer; the&s;e Bonds will be in the hands and po&s;&s;e&s;&s;ion of the People: and I have already &s;aid the Crown may as ea&s;ily call back the Mony paid out of the Exchequer, as &s;top what is paid out for Mony, and made currant by a Law. Secondly, the Office will have little in it worth &s;eizing, and we may as well fear the plundering of <HI>Lombard-&s;treet</HI> or the City.</P>
<P N="4">IV. We &s;hall have nothing but Paper-Mony.</P>
<P><HI>An&s;w.</HI> If it does the &s;ame Duty, it is as good. By adding this cur|rant Credit we do not bani&s;h Gold nor Silver, but make it more free and common among&s;t us, and Men will rather hoard up the&s;e Bonds than Mony, becau&s;e this Species increa&s;eth in their Coffers.</P>
<P N="5">V. My own Objection is, that Men will hoard up the&s;e Bonds as the be&s;t and &s;ecure&s;t Trea&s;ure, and &s;o &s;poil my De&s;ign of making them run in Trade.</P>
<P>But if they do, they mu&s;t purcha&s;e them with Mony or Goods, which then will turn to the &s;ame account.</P>
<P>If more Objections ari&s;e, they &s;hall be readily an&s;wered by</P>
<CLOSER><SIGNED>William Killigrew.</SIGNED></CLOSER>
</DIV2>
</DIV1>
</BODY>
</TEXT>
</EEBO>
</ETS>
