ALL Kingdoms and States being more or less opulent and potent, as Trade and Industry is promoted and encou­raged by them; and no Nation being better situated for Trade than this Kingdom of England, it is certain that nothing can hinder our being the most flourishing People in the Uni­verse, if our own Endeavours are not wanting to promote it. Trade therefore being the only Medium whereby Riches can be conveyed to us, we ought to exert the utmost of our Abilities to encourage it, and to take care that nothing be done which may prove injurious, much less destructive to it.

Now there having been greater Sums of Money required to carry on the War against France, than could be raised on Lands, Houses, Personal Estates, Poll-Money, &c. the Parliament have been ne­cessitated (for the enabling their Majesties to prosecute the same) to raise Money by such new Methods as they thought would be least burdensom to Trade, and most easy to the Subject, such as are the Funds of the Million-Act, Lottery-Act, and Bank of Eng­land; but though the Duties upon which such Funds are settled may not be very prejudicial to Trade, yet it is to be feared that the great Encouragement given to those who advanced Money on these Funds will be very detrimental to Trade, and injurious to the greatest Part of the Nation. And because it may be reasonably supposed that those who have tasted the Sweetness of high Interest, and other the like Advantages, will endeavour the next Sessions of Parliament to promote the raising more Money by the same Methods; I think my self obliged in Duty to their Majesties, and for the preserving many Gentlemen and poor industrious Traders and their Families from Ruin, occasion'd by the Scarcity of Money and high Interest, to represent the many Evils that will unavoidably ensue the great En­couragements given such who advanced Money on the late Funds, and then humbly to propose Ways by which the Parliament (if they shall think fit) may not only plentifully supply their Majesties [Page 6] with Money, but how they may enrich the Subjects, by the ve­ry Taxes which shall be raised upon them. But before I enter up­on it, it may not be improper to make some few Remarks upon the aforesaid Acts.

The Million-Act settles a Fund for ninety nine Years, to pay an hundred Thousand Pound per annum, for the first seven Years, and seventy Thousand Pound per annum for the Residue of the nine­ty nine Years, free of all Taxes, to the Contributors of a Million of Money, or their Nominees, with Benefit of Survivorship, until there shall be but seven Nominees living, after which there shall be no more Benefit of Survivorship; but upon the Death of any of the said Nominees, such Nominees seventh Part shall revert to their Majesties, their Heirs or Successors: but in case the whole Million of Money were not advanced before the first Day of May, 1693. upon Survivorship, then any Person after the said first Day of May, until the twenty ninth Day of September following, should have fourteen Pound per Cent. per annum, free of all Taxes for every hundred Pound paid in by him or her during the Life of such No­minee.

The Lottery-Act settles a Fund to pay an hundred and forty Thousand Pound per annum, free of all Taxes to the Contributors of one Million of Money for sixteen Years, to be divided among them according to their several Lots or Adventures.

The Act for the Bank of England settles a Fund to pay an hun­dred Thousand Pounds per annum for ever, free of all Taxes, to the Subscribers of twelve hundred Thousand Pound, with this Reser­vation, that if the twelve hundred Thousand Pound shall be repaid them at any time after the first Day of August, Anno Dom. 1705. the yearly Payments of one hundred Thousand Pounds per annum, from thence forward shall cease and determine.

Now that it may appear upon what Disadvantages to the Nati­on their Majesties are supplied with Money on these Funds, I have hereunto subjoined exact Tables, calculated (for the more Exact­ness) to the 20th part of a Farthing, showing in what term of Years the several Contributors or Adventurers will be repaid their whole Principal, and Interest, with Interest upon Interest, after the [Page 7] rate of five Pound per Cent. per annum, on which Terms any Man might have had Money upon good Security, before this unhappy way of raising Money on these Funds took place; and also how much the Nation must pay over and above after they shall have fully paid and satisfied the advanced Money, and Interest, and Interest upon Interest.

And herein I have no Regard to what any particular Person may receive, by reason of Survivorship, or as fortunate or unfortunate, but only what the Nation (bona fide) must pay, among all those who advanced their Money on the said Funds: And as I have com­puted the advanced Money at five Pound per cent. per annum In­terest, with Interest upon Interest; so I have cast up the Money payable yearly out of these Funds, at five Pound per cent. per annum Interest, with Interest upon Interest, but with this Advantage to the Contributors, that although their Majesties pay the Money, arising by some of these Funds weekly, I have cast it up as if it was paid to the Contributors at every Year's End only, as will more plainly appear upon Examination of the following Tables.

[Page 10]The Table of the Bank of England.

[Page 12] To apply the said Tables to my present Purpose.

Had the Million-Act been fill'd up with Annuities, and ad­mitting that upon each Nominee's Life, one with another, there had been 500 l. advanced, there would have been in the whole 2000 Nominees, among whom (supposing there were several Children and young People) it is very probable that 7 of the 2000 Nominees would be living sixty Years after the Commencement of the Act; and so long as seven shall be living, the whole yearly Fund of seventy thousand Pounds per annum must be paid to the Sur­vivors. Now the whole Million advanced, and Interest, with In­terest upon Interest, being over-paid (as appears in the Table) in 19 Years, the Nation must pay 70000 l. per annum to the Survivors, for 41 Years after the Principal and Interest, and Interest upon In­terest shall be paid, which comes to 9314216 l. 13 s. 9 d.

The Annuity on the Lottery-Act is not so disadvantageous to the Nation, because it is of a shorter Continuance; yet the whole Mil­lion advanced being paid in about nine Years time, with Interest, and Interest upon Interest, the 140000 l. per annum must notwith­standing be continued to be paid for seven Years longer, after the Contributors shall be repaid the whole advanced Million, with In­terest, and Interest upon Interest, as aforesaid, which amounts to 1129174 l. 5 s. 2 d. so much being given for an Encouragement to advance one Million of Money for 16 Years.

The Bank of England (if not redeemed by Parliament at the 11 Years end) will be the most detrimental of all the three, as here­after will more plainly appear: For supposing the Contributors to the Bank should pay the whole 1200000 Pounds they have sub­scribed in to the Bank, they will be repaid the whole 1200000 l. and Interest, with Interest upon Interest, in less than nineteen Years, and then the Nation must notwithstanding pay them 100000 l. per annum for ever, although the full Principal and In­terest, with Interest upon Interest, is paid: However, we will sup­pose it were to terminate at 60 Years End, (for so far I have traced it) the Contributors will receive almost 14 Millions more than their [Page 13] Principal and Interest, with Interest upon Interest; a most prodi­gious Sum for advancing 1200000 Pounds, besides those many Ad­vantages in discounting Merchants Bills, Exchequer-Tallies, &c.

Having thus shewn the Advantages the Contributors will receive for advancing their Money on these Funds, I now come to shew the many Evils that unavoidably attend the raising Money by those Methods.

And here I might take notice how the monied Men are en­rich'd by the Ruines of the poor and industrious Traders, how Gentlemen (whose Estates are in Land) are pressed with Taxes, while the monied Men are in a manner Tax-free; the Landed-man paying more Taxes to their Majesties out of an Estate of 100 l. per annum, than the monied Men do for 10000 l. in Money, (what they advance on those Funds being excused from Taxes by Act of Parliament) notwithstanding they receive more Profit by 1000 Pounds in Money than a Gentleman can receive out of an Estate in Land worth 3000 Pounds, as I doubt not but to make appear.

I might also have shown how landed Gentlemen and the poor in­dustrious Tradesmen raise Money not only to carry on the War, but to enrich those who advance Money on these Funds, they having no small Part of the Money raised, as appears by the foregoing Tables.

I might also take notice of the extraordinary Advantages given to monied Men; such as putting a Person into a Capacity for 500 l. or less, to receive from 100 l. per annum, to 10000 l. per annum An­nuity, as in the Million-Act; and for 10 Pounds, to have from 10 Pounds per annum, to 1000 Pounds per annum, as in the Lottery-Act: But I shall wave these, because if this had been all the Grie­vance, the Evil had been the less, in regard the Nation would have been never the poorer, but only one Subject enrich'd by the Spoils of another; but I will prove, that this new Method of raising Mo­ney endangers the Nation it self, and that in divers Respects.

First; It will most certainly ruine our Trade, without which the Nation cannot long subsist, much less be able to maintain a War.

Secondly; It will be a Means to carry out our Wealth, and there­by will impoverish the Kingdom.

Thirdly; It will ruine many Gentlemen of Estates, and bring Land to 12 or 14 Years Purchase.

[Page 14] That these Funds will ruine our Trade, I prove by these Ar­guments. Whatsoever draws the Money out of Trade, or impairs the Credit of Traders, must necessarily be very injurious, if not de­structive to Trade, because no Trade can be managed without Mo­ney or Credit: but these Funds do draw the Money out of Trade, and impair the Credit of Traders, and consequently are ve­ry injurious, if not destructive to Trade.

My first Proposition all Men must grant; I shall therefore apply my self to prove the second Proposition, viz. That these Funds draw the Money out of Trade, and impair the Credit of Traders.

To prove which I shall consider Traders as trading with their own Stocks, or borrowing Money at Interest, to drive their Trades. To begin therefore with such who trade with their own Stocks: Be­fore these Encouragements were given to those who advanced Money on these late Funds, our Merchants, and considerable Traders, if they could get 12 or 14 per cent. per annum clear for every 100 Pounds they had in Stock, were well contented, thinking themselves sufficiently rewarded for their Pains and In­dustry, not knowing any other way, wherein to employ their Mo­ney to the like Advantage: but these late Funds have divert­ed that Humour, and turn'd their Genius from Trade, quite another way; for whereas formerly a great Part of their Time was taken up in contriving how to improve their Money to the best Ad­vantage in the way of their Trade, and to provide for their Fami­lies, by an honest Industry; now almost their whole Discourse is of Lottery-Tickets, Annuities, Bank-Bills, &c. and in contriving how they may draw their Money out of Trade, to put it in upon some of these late Funds, upon the Prospect of the great Advan­tages they are capable of receiving thereby, beyond what they can expect to gain by their Trade, and that also free from Taxes. Now although their Majesties have been supplied with Money by these Means, yet the greatest Part of the Money so advanced being drawn out of Trade, must necessarily impair and lessen the Trade of the Na­tion, for want of sufficient Stock to carry it on: which will more plain­ly appear, if we cast our Eye upon the poor industrious Traders, who not having Stock enough of their own, wherewith to drive their [Page 15] Trades, having been forc'd to borrow Money at Interest, to supply that Defect; their Creditors who formerly (not being able other­wise to dispose of their Money) courted them to take their Money at easy Interest, knowing them to be Honest and Careful in their Bu­siness; now call in their Money, alledging they can make 10, 15, or 20 l. per Cent. per annum, by lending it to the Government, or by paying it in upon these Funds: which sudden Demands, the poor Tradesmen being unable to comply with, they are forc'd to pacify their Creditors, with Promises of larger Interest. But the poor Men, not being able to drive their Trades on such disadvantage­ous Terms, and to provide for their Families, are forc'd to leave off their Trades, and get in their Money to pay off their Creditors, and betake themselves to some other Employments for their Li­velyhoods, or else they sink under their Burdens, being no longer able to bear the Pressures of them.

I come now to show how Injurious these Funds are to our Foreign Trade, the Preservation whereof is of no small Import to the Nation; for that being once Lost, is not easily Regained: and that these Funds are Injurious to our Foreign Trade, I prove by these Arguments. Those Merchants who can sell their Commodities cheapest at any Foreign Markets, may Engross to themselves the Trade of those Foreign Parts; those who pay a less Interest for Money, as supposing 3 or 4 per Cent. per Annum, can sell their Commodities cheaper, than those who pay a greater Interest, viz. 8 or 10 per Cent. per Annum: but some of our Neighbours pay no more than 3 or 4 per Cent. per Annum for In­terest, and our English Merchants must pay 8 or 10 per Cent. per Annum for Interest; and consequently those our Neighbours may Engross to themselves the Trade of those Foreign Parts.

The Truth of these Propositions are so obvious, that I need not bring any Proof to corroborate them, but I shall only il­lustrate them by one plain Instance, viz. I suppose none will deny, that Interest of Money in Holland, is not above 3, or at highest 4 per Cent. per Annum, and any Dutch Merchants may have what Money they please on those Terms; now how is it possible for our English Merchants, who must pay almost 3 times the Interest for [Page 16] Money, to sell their Commodities so cheap as the Dutch Mer­chants? for suppose a Dutch Merchant takes up Money at Inte­rest, and therewith trades to Turkey, or to any other Part, where our English Merchants trade, if the Dutch Merchant makes 20 or 25 per Cent. Profit of his Money, and hath his Returns in a Year or t [...] he is well satisfied with his Gain, and continues on his Trade, having 12 or 14 or 16 per Cent. Profit, more than his Interest; but if our English Merchant makes but 20 or 25 per Cent. Profit in the like time, the great Interest he must pay, will swallow up almost his whole Profit, leaving him little or nothing for his Adventure. Now this in process of Time, will dishearten our Merchants, discourage Navigation, ruin our Trade, and will leave it in the Hand of those who can trade with less Disadvantages than we can, and who having once got the Trade in their Hand, will not easily part with it.

Object. If any Object, that there is not such scarcity of Money among Merchants, or Traders, as I have set forth; neither do they give such high Interest for Money as 8 or 10 per Cent. per An­num.

Answ. I Answer, the scarcity of Money, and the great Com­plaints of all sorts of Traders for want of Money, (since it hath been drawn out of Trade, to advance on the late Funds) is a Truth too well known, to be denied; and that our Merchants, and other Traders, must pay 8 or 10 per Cent. per Annum Interest for Money (if they want it) is as demonstrable; for admit a Trader must take up Money at Interest, can it be reasonably suppo­sed, that any Man will lend his Money for 5 or 6 per Cent. per Annum, when he can make 8 or 10 per Cent. per Annum, by ad­vancing it on these Funds? or can it be thought, that Persons will continue their Money in Tradesmens hands at the usual Interest, when they can have almost double the Interest, by lending it to the Government; especially when they come to be well satisfied, that what they advance on the said Funds, is safe and secure?

Object. But a great part of the Money was advanced by such who had plenty of Money, and did not employ it in Trade, and not by Trades­men.

[Page 17] Answ. That very many Traders paid in large Sums of Mo­ney from 1000 to 10000 l. apiece, cannot be denied by any, who have seen the Lists of the Names of the Contributors to the several Funds; and the Money advanced by those who had no Trade, was notwithstanding taken out of Trade, as being drawn out of Tradesmens hands, to whom such Money was lent, as hath been already set forth.

Object. But many of our Merchants trade with their own Stocks, and have no occasion to take up Money at Interest.

Answ. This amounts to one and the same thing; for if our Mer­chants can get as much by advancing their Money on these Funds, as they can by Trading abroad, can we think they will be so im­prudent, to venture their Estates to Foreign Parts out of their Reach, and subject to so many Risques, as Dishonesty or Insol­vency of Factors, hazard of the Sea, and danger of the Enemy? At the best, it cannot be supposed they will employ so much of their Estates in Trade, as they would have done, had they not had this Opportunity of making such considerable Advantages of their Money at home, by paying it in on these Funds; and no doubt when they have found the Sweet of it, they will draw the remain­der of their Estates out of Trade, in expectation of the like oppor­tunity, if the Parliament shall think fit to raise more Money by the like Methods.

I come in the next place to show, that the great Encouragements given to Persons to advance Money on the late Funds, will be a means to carry out our Wealth, and thereby will impoverish the Kingdom. I need not form any Arguments to prove this Assertion: those who know what high Interest is, must acknowledg it is generally destructive to those who pay it, but is a certain Profit to such who receive it; and there being leave given to all Foreign­ers to advance Money on the said Funds, and very considerable Sums (as I have been inform'd) being remitted from Foreign Parts, and paid in by Foreigners for that purpose, it cannot be expected but the Interest of such Money, must be sent out of the Nation every Year, as it grows due, which in 16 Years, will be above 330 l. for every 100 l. advanced by them on the Lottery Act, [Page 18] and above 3000 l. for every 100 in 60 Years time, for all they pay into the Bank of England; besides their Parts or Shares in the great Advantages, that will be made by discounting Bills, Exchequer-Tallies, &c. And if that Maxim holds true, as it must and does in this present case, That the Wealth of a Nation is greater or lesser in Proportion, according as its Imports and Exports do more or less exceed each other; I am sure, the great Sums that must be sent over yearly for the Interest of Money advanced by Foreigners from abroad, must in time beggar the Nation; since we receive nothing again in return for what is so sent out: and if it be an Evil (as it really is) to enrich a few of our own Subjects, by the ruin of the far greater Part, I am sure, à fortiori, it is a much greater Mischief for us to enrich Foreigners by the Spoils of our English Subjects: and therefore whatsoever value any Person may put up­on the bringing great Sums of Money into the Nation from abroad; it is plain it is not for the Nation's Interest to encourage it.

I come now to show, that the great Encouragements given to those who advanced Money on the late Funds, fall no less heavy on Gentlemen whose Estates are in Land, the value of which al­ways bears some proportion with the Interest of Money, these being pincht both ways: for as the Taxes (necessarily laid on Lands) make Land less esteemed, and consequently less valuable than formerly; so this Encouragment given to the Contributors to the late Funds (which is in effect a creating a new sort of Pur­chases much more advantageous than Land) will certainly bring Land to 12 or 14 Years purchase, if not less. For Men will hard­ly be prevailed with to keep, much less to purchase Estates in Land, by which they cannot have 4 l. per Cent. per Annum for their Money, when they can buy a perpetual Rent-charge on the Crown, (as in the Bank of England) which will bring them in above 8 l. per Cent. per Annum, clear of all Taxes, besides the other propo­sed Advantages. For admit any Person hath 50 l. per Annum Estate in Land, the Taxes of 4 s. in the Pound, Charges for finding Arms, Trophy-Money, &c. swallow up 11 or 12 l. per Annum, by which means the Owner hath not above 38 or 39 l. per Annum at most, clear to himself; if therefore he sells his [Page 19] Land but at 12 Years purchase, it will yield him 600 l. with which he may purchase 50 l. per Annum in the Bank free of all Taxes, which is 11 or 12 l. per Annum more than he could re­ceive out of his Estate during the War, and as much as his Estate will bring him in in time of Peace, besides his Interest in the afore­mentioned Advantages.

And who will not choose to have the Bank-Bills rather than Land at 20 Years Purchase, if they go current, with 3 l. per cent. per an­num Interest? which is almost as much as his Lands will bring him in; the Bank-Bills being so much more preferable than Land, as they are always as so much ready Money by a Man to answer any present Occasions; while the Land, like a Drug, lies on his Hands, upon which he is not able to raise half the Value, unless he sells it out-right, which he cannot do without great Expence of Time and Money, in examining Titles, drawing Conveyances, levying Fines, &c. Far better had it been for the Gentlemen whose Estates are in Land, to have paid half their yearly Incomes in Taxes, since that would have pinch'd them only for the present, during the War; and by retrenching their Expences, they might have preserv'd their Estates; which, if notwithstanding they had been necessitated to sell, they might have had as many Years Purchase within a Year or two, as they could have had before the Taxes were laid upon them, the Purchasers knowing these Taxes will not last always. But now perpetual Rent-Charges (if I may so call them) being to be bought, so far more advantageous than Land, and the Bank-Bills being so profitable, and (for the Reasons aforesaid) more eligible than Land, it cannot be expected if the War were ended, that Land should sell for 18, much less for 20 Years Purchase, when a Man at the same time may buy a perpetual Income from the Crown, free from Taxes, for 12 Years Purchase.

Object. But it may be objected, that there are not any Estates in Land to be sold at such low Rates as 12 or 14 Years Purchase, as hath been suggested.

Answ. I grant it, for tho there are many Estates to be sold, and ne­ver more than at this time, those who have lent Money upon Gen­tlemens Estates calling it in to advance upon some of these late Funds; [Page 20] yet Persons are very loth to part with their Estates at an Under­value, tho part with them they must, such whose Estates are in Mortgage: and if they cannot sell their Estates for what they would, they must sell them for what they can get, or else must expect to be ejected, or barr'd of the Equity of Redemption. Besides, these Funds being as yet but Novelties, every one is not ready to em­barque in them; but when People once find that when they go to the Exchequer, or to the Bank, they have their Annuities or In­terest-Money paid them punctually every half Year, upon Demand, without any farther Trouble or Defalcation for Taxes, it will quick­ly cause them to disesteem Land, with which they meet with so much Trouble, and upon which are so may Taxes; and therefore it is not rational to take our Measures from the present Value of Lands, but rather from the Value we may reasonably suppose Lands will come to be sold for, when Gentlemen whose Estates are mort­gaged, are under a Force and absolute Necessity of selling their Estates, and when Persons are a little better acquainted with, and reconciled to these new sorts of Purchases.

Object. I shall answer one Objection more, no less frivolous than com­mon, viz. That the Money paid in on these Funds will circulate.

Answ. I grant it does circulate; for Money is made to pass from one to another in Payment, but does it circulate into the Trades­man's Stock again, out of which it was taken, so as to enable him to drive as great a Trade as formerly, before he lessen'd his Stock, by advancing his Money upon these Funds? Is the poor Trader re­lieved thereby, who was forc'd to draw his Money out of his Trade to satisfy his Creditors? Is the Gentleman whose Estate is mortgaged, any thing the better for this Circulation? or is the In­terest of Money lower'd thereby? or does it not rather in time cir­culate into the Pockets it came out of? as I have already shown it does.

Much might be said of the Bank of England in particular, as they are a Body of Men incorporated by their Majesties, and con­firm'd by Parliament. And I cannot but take notice of the prudent Foresight of our Legislators, who wisely provided against the Dan­ger of creating so great a Body, without fit Bounds and Limitati­ons, [Page 21] and did therefore prohibit the Bank, to buy, sell, or trade in any Goods or Merchandize, that so the Subject might not be op­press'd by their monopolizing with their commanding Stock; but yet I find they are enabled to purchase and enjoy to them and their Successors, Lands, Rents, Tenements and Hereditaments, of what Nature or Quality soever (Crown-Lands excepted) without any such Limitation, as is usual in other Charters: and if by the Statute of Mortmain, 15 Rich. 2. all petty Corporations of Cities, Towns, or Boroughs, which have a perpetual Commonalty, were prohibi­ted to purchase Lands, because they have perpetual Succession, I doubt not but the Parliament (if they shall think fit to continue the Corporation of the Bank for a longer time than eleven Years) will be pleased to put them under some Limitations, in respect of Purchases. For suppose this Bank have never no other Fund or Revenue settled upon them, upon their advancing more Money to their Majesties, (which without doubt they have an eye to, and those who enter not into the Account of it, may think it will be no small Advan­tage to their Majesties and the Kingdom, to have such a Bank ready at any time to assist their Majesties with Money upon any extraor­dinary occasions) the Bank (with the 100000 l. per Annum already settled upon them, if it be continued to them and their Successors for 60 Years) may divide 5 l. per Cent. per Annum, every Year a­mong them, and may have above fourteen Millions (being more than all the Money supposed to be in the Kingdom) in their hands: So that (in such case) all Persons must in time come to them for Money if they want it, and must give them what Premium, or Con­sideration they shall think fit, for the Loan of it; and being once Masters of the whole Cash of the Nation, what shall hinder them of being (in time) Masters of the Land too, since there will be indi­gent Persons to the End of the World, that will sell their Estates? And if the Directors of the Bank manage their Business as they may, none else having Money, there can be no Buyers but themselves; and consequently they may have Gentlemens Estates at their own rates, and will be Masters of the Estates as well as the Cash of the Nation: and what shall hinder them, but they may in time make the Nation it self pay what they please for the Loan of Money, if [Page 22] they shall stand in need of it? And tho I doubt not, but many may make a Jest of this my Suggestion; yet nothing is more plain than that it may be so, if they are continued a Corporation for 60 Years, (the time I have supposed) against which we have no other Security, but the Gentlemens good Nature, that they will not be so unkind to their Prince, nor so severe to their fellow-Subjects: for if it be granted, that there be not 12 Milli­ons of Money in the Nation (whereas some compute, that there are not 8 Millions in the Kingdom) and the Governour and Directors of the Bank are not obliged to make Dividends but when they please, as I do not find by the Act they are, they may have all the Money in the Nation three times over in 60 Years.

Obj. But some may say, that all this Business which I make such a Scarecrow of, is but 3 l. per Cent. per Annum extraordinary Interest, paid to such who advance Money to their Majesties; and the Nation must be in a very sorry Condition, if the paying 3 l. per Cent. per Annum extraordinary Interest, will ruin it.

Answ. Those who make a Butt of 3 l. per Cent. per Annum, know not what they say; they may as well say, it is but 30000 l. per Annum extraordinary for a Million of Money, and that in 60 Years time comes to above 11 Millions, at 5 l. per Cent. per Annum Interest, with Interest upon Interest, upon one Million of Money only; and what loss must it be then to the Nation, if we should take up many Millions at the same Terms? And yet this is the least of the Nation's Loss, for it occasions the loss of our Trade, the ruin of Families, and the destruction of Gentlemens Estates, as hath been already shown: so that nothing is more obvious, than that the raising Money on Funds, by the late Methods, will ruin Trade, discourage our Navigation, lessen their Maje­sties Customs, impoverish the Subjects, abate the value of Lands to 12 or 14 Years Purchase; and if the War shoud continue a few Years longer, I cannot foresee which way the Parliament can raise Money, to enable their Majesties to prosecute the War, or how they will be able to settle Funds sufficient, whereon to raise Money for the supply of their Majesties, if they pursue the same Methods of raising it.

[Page 23] Having thus shown, upon what disadvantageous Terms both to their Majesties and the Kingdom, their Majesties are supplied with Money on the said Funds; I now come to show, how their Majesties may be plentifully supplied with Money, and the Sub­jects enrich'd by the Taxes raised on them.