1 BEcauſe all Credit Subſiſts either upon a reall or Imaginary Fund or Pawn, and every reall Pledge is better, than an Imaginary one, and of all real Pledges, Land is moſt ſecure, therefore the beſt Fund can b • ſt ſupport the beſt Credit.

2. To prove the 2d no other demonſtration is needfull, than the common uſe of a were Credit in all Trading Countries, and then certainly a better Credit muſt needs do as well.

3. To prove the 2d. may be offered, that this Country ſeems now more diſpoſed to Tra • e, and better acquainted with the uſe and value of Credit, than formerly. That, when this Credit ſhall be ſecured by Parliament upon a known • und, • t becomes as truly Money as Gold and Silver, for all home uſes certainly, the true deſign for Money, and muſt therefore force a larger Exportation of Manu • actures to anſwer the Nations forraign Occaſ ons: and laſtly, that, being an Addition to this Kingdom's Stock of Money, which no other Credit can ſafely be it muſt neceſſarrly Employ all Heads and Hands: Improve all Arts; Increaſe Exportation and Conſumption, both forraign and domeſtick, which muſt in avoidably make Scotland flouriſh and proſper more aboundantly, than it can without it.

Theſe following Queres, way not be Impertinently added to the preceeding Poſitions.

Q. 1. Would a Million of God or more, lent Gratis to ſome few Heritors, willing to engage their Eſtates, for their own and the Publick Service, to repay it in one Hundred Years, by 10000 lib. a Year, be an Advantage, worth the Wiſdom of this Nations incouragement; notwithſtanding that the Sum, might be thought too great: that not all, but few, of the Heritors could partake of the immediat Benefit: That no part of the ſaid Gold, ſhould be exported, but only for repayment of the Annual Debt: that the Widows, Orphans, & others, ſhould be in Danger of being put to their Shifts, how to diſpoſe of their Money? And that there may be ſome difficulty in finding Perſons, for Skill and Fidelity, fit to be truſted, with the Care and Management of the ſame?

2. Or would the loane of a like Sum, under like difficulties, for thirty Years, at only 5 per Cent. Intereſt, without being obliged ever to pay back the Principal: Or for 20 Years without Intereſt, among ſuch Heritors, as would and could ſecure it by Land, deſerve the Governments Encouragement. And ſhould not all leſſer Conſiderations give place to ſo great an Advantage?

3. Does not Credit, tho' but upon Publick Faith, or Private Reputation, ſupply, at leaſt in all Trading Countries, the want of Money, by making Satisfactory Payments, even where there is already great Plenty of Money

4. Will not Credit upon Land ſerve thoſe ends with more ſafety, than either of the aforeſaid Credits.

5. Hath not Scotland Land enough very fitt, becauſe of the Regiſter, to be made a ſecure Fund for Credit.

6. May not Scotland find employment for a Million at leaſt more, than they now have?

7. May not the Eſtabliſhment by Parliament of a Land-Credit in this Kingdom bring the ſame or greater Advantage to it, than me loane of ſo much Gold?

8. Whilſt Bullion is appointed the ſole Material for Money, can there be as good Reaſons offer'd, for it's exportation. as againſt it? Or did ever a Wiſe and conſiderate States-Man plead for it!

9. Does any Perſon now oppoſe this eſtabliſhment, but ſuch as are not fully inform'd, for want of leiſure or Capacity: Or ſome few Money'd Men, who miſtake their true Intereſt, ſince nothing can prove more advantageous to them

THe Advantages in ſhort are all the ſame, that a ſupply of ſo much Money, as this Kingdom may at any time have Occaſion for, or know how to employ, would produce; and what Money can do, is too obvious to need an Explanation.

The diſadvantages, which can but be ſuppoſed, there being really none likely; may be either the miſchief of too much Money, which I confeſs I do not underſtand, Mismanagement, Tyranny, or Conqueſt.

To begin therefore with Miſmanagement, that muſt be either by Counterfeit Bills; iſſueing Credit without a Fund; or by not cancelling the Credit at laſt, when the Land-Fund is to be diſcharged; for all which; there is as good a Proviſion at leaſt made, as there is for any of the preſent Publick Truſts; And, if that will not ſerve to Recommend this it ſeems Reaſonable, all the reſt ſhould be rectified, or Diſcharged.

As to Tyranny, there ſeems to be but one expedient, which is, that every one ſhould now looſe their Heads, leſt hereafter Tyrant ſhould ariſe, cruel enough to Order it.

As to conqueſt, there can be no great Danger; for Fools ſeldom become Conquerors, and the wiſe will never conſent to put out both their own Eyes, that they may the better put out one of the Nations.

By this it may appear, the hazard is nothing, but of being Rich, and the Benefits are many.

Some are of Opinion, Scotland wants no ſuch Aſſiſtance.

Then certainly it wants no money, which if the Individuals of the Nation were examined would ſcarce find a Suffrage among 10000. For the very neceſſities of this Country requires a great Summ; the conveniencies a much greater; but the Superfluities an infinite Summ.

If ever there ſhould hereafter happen to be too much Money in any place, as never yet has happened, None will venture afterwards for Guinia or the Indies for Gold or Silver; And whenever it ſhall be found by experince, there is too much Land-Credit, none will raiſe more upon their Eſtates. But,

In proportion to the Credit or Money, that is Current, not dormant in the Cheſt or Plate, does all the World thrive.

Such Objections, as have occurred, are here endeavoured to be fully anſwered.

1. Obj. That an addition, of ſo great a Summ in current Credit, to the preſent Stock of Money in the Nation, will raiſe the price of all neceſſaries.

1. Anſw. So world an addition of a like Value in Metall in Money, and Yet ſuch an Offer would hardly be here rejected, and therefore it deſerves no anſwer: but

2. It is granted, if the whole Summ were to be iſſue'd in a ſhort time; but that is impracticable, and yet ſuch care is taken, that the Bills can come forth but gradually ſo, as Sellers and Goods may Increaſe propoſtionably with the Buyers, as is evident in London, Paris, &c. where, tho' there is plenty both of Money and Credit, Yet moſt things are cheaper, than in Edinburgh, where there is greater Scarcity of both: But, if that were not to be avoided, the Proverb ſays, a Capon of half a Crown in London is cheaper than one for a Groat in York; becauſe half a Crown is ſooner gained in London, that Groat in York.

2. Obj. That, when this Credit ſhall be made current by Parliament, Tradesmen will not ſell their Good, without at previous Contract to be payed in Silver, of elſe at extravagant Rates.

1. Anſw. 'Tis very unlikely, that ſuch, as now gladly ſell for a dead Credit, will not then more readily ſell for a living Credit.

2. This will however be impoſſible, if Parliaments have Authority to make them current, and power to Puniſh the Offenders ſeverely: For none can loſe, when all muſt take them.

3. It has not this effect in Amſterdam and other places, therefore ſuch deſerve the higheſt ſeverities; becauſe of the great injury they offer their Country and Country-men, without the leaſt benefit to themſelves.

3. Obj. This Land-Credit will be no immediat addition of Riches to this Kingdom.

Answ. 1. Nor would the Loane Gratis of a like Summ in Gold for as many Years; yet none will deny, but the uſe of ſo much ſo long muſt be no ſmall advantage.

2. Coining the Plate in this Kingdom would make no addition of wealth to it, and yet few are ſo ignorant, as to deny it a means to make it Richer, than it now can, by lyeing dead to loſs.

3. Money and Credit are the Tools and Inſtruments by which men are Inriched. A Joiners Tools adds little to his wealth: but yet without them he would ſooner Starve, than thrive.

4. Obj. This will Impoveriſh the Rich, and inrich the Poor, that is, the Poor landed Creditor may be hereby enabled to pay off his Incumbrance; And the gripping Uſurer be Impoveriſhed, by the ceaſing of his Annual-Rents, and by Paper Payments, inſtead of his hard Silver.

1. Anſwer No Rich Amſterdammer is ruined by the currency o • that Credit, and therefore 'tis as reaſonable to ſay, it wil • make a man a Woman, and the contrary, for whatever enriches the Poor muſt unavoidably enrich the wealthy, becauſe of their wealth. Friends, and oportunities: And, if the Parliament has any Power, which ought not to be queſtioned, the Bills of Credit will do all the ſame ſervice, that th • ir hard Silver can be imagined to do.

5 Obj. this will Superſede the uſe of Money, and drive it out of the Nation.

Anſw. Amsſterdam Credit hath nor yet wrought this effect: but 'tis much more probable, it will keep and increaſe the Money; for nothing can carry it out of any Nation to its loſs; but an over-balance of Importation and Forraigne Expenſe; And nothing can keep it but the increaſe of the growth of the Country and of Manufactures, with a well regulated Trade, to which this Credit will contribute very much: Nor is there any more danger, that Credit ſhould Superſede the uſe, or expell the preſent ſtock of Money, than Guineas has Crowns, or Crowns Coppar Money: for the nature of Trade requires as well Copper for ſmall Payments, as Guinias for greater.

6. Obj. This Propoſal was rejected by the Parliament of England.

1. Anſw. If it had? there might have been plauſible Reaſons for ſo doing in England, which may not be ſo here, as leſs neceſſity, the want of a Regiſter, and the Lawyers fears, that it would in time introduce one to the prejudice of their Practice.

2. Tho it did not paſs into a Law, it was reported to the Houſe by the Committee to be both practicable and very Profitable to the Nation, as appears by the Votes Febry. 93 And it occaſioned the paſsing about 15. Millions Sterling in Credit by Parliament, as Dr. Davenant Computes it.

But, becauſe it had no other Fund, than the Publick Faith, it was not thought ſufficient to impoſe it, and therefore they ſupplied that defect by an Intereſt, and made it transferable by Law, tho' not Current, which 15. Millions Credit, notwithſtanding the Wealth of England, was ſo farr from being too much, that it was found much too little; as appears by publick Debts yet remaining

2. Some Governments have Rejected that in haſt, which they have repented at leiſure: Or which hath endangered the calling their Judgements in queſtion. Columbus's offer of America, refuſed by ſeveral Princes, is an Inſtance of the firſt, And Englands not admitting a Regiſter, tho' often moved in Parliament, is of the laſt.

7. Obj. There will, by the addition of this Credit, be a greater Stock current than can be employed.

1. Anſw. When more Credit ſhall be extant, than can be employed, it will Naturally ſtop of it ſelf, tho' if it ſhould not, it may be then time enough to put a reſtraint upon the Increaſe.

2. No Nation hath ever yet been ſo Rich, as to refuſe an addition of either money or good Credit: for occaſions Increaſe as Riches, and in the moſt opulent Cityes there are not a few, who can employ more than they have both to their own and the publick emolument.

3. Above 5 Millions may be employed in Scotland more, than they have, only to augment locall Riches and conveniencies, beſides what may be neceſſary for Forraign Exportations and home comſumption.

4. When all the Subject of Trade in Scotland is taken up, and all hands employed, there may not only be a ſtock and People in other Countries employed; But Unwrought Materials may be Imported, and Forraigne Artificers invited to Manufacture them in this Kingdom.

8. Obj. This offereth what is altogether new, and unheard of before,

1. Anſw. He it granted; Yet, if it appears Practicable and Profitable, this ought to be no Objection.

2. All things were once New; and, if then Rejected for that reaſon, we might at this day have fully poſſeſt the naked enjoyment o Adam; & all known Inventions, which now ſerves our neceſſities, Conveniencies, and Pleaſures, had been ſtill reſerved for a wiſer poſterities diſcovery.

3. There was a time, when Banks were new, and, if they had then waited for a precedent, they would have been ſtill unknown. This here offered is a Nobler deſigne, and has leſs of difficulty to be apprehended, now Banks are known, than Banks had, when firſt contrived.

4. Here is nothing new, but the uſe and application, Mortgaging Land & paſſing Credit are of Ancient practice. Nor is the Sanction of Authority new, no Law having a force without it; All, that is new, is the joyning Land and Credit together by Act of Parliament, to make the Credit current. Or Coining Land virtually into Money, as Metalls are now actually Coined; it is only the application of an old known Subject, or material to a new uſe; And if the Reaſons are as Plain and cogent for Coining Land, as they are for Bullion, will a wiſe Nation refuſe it only for its novelty?

5. One Argument, often uſed againſt Novelties, is that none can forſee the dangerous Conſequences, which may indeed be a good Caution againſt haſty Proceedings, and may adviſe a diligent inquiry into matters: but it can by no means be a general rule to reject new Propoſals at all adventures, without entring into the merits of them

9. Obj. Theſe Bills of Credit may in a little time be counterfeited.

1. Anſw. If that were poſſible, the Damage would not be ſo great, as now happens by Counterfeit Money, and Yet the World continues as fond as formerly, becauſe the advantages by the uſe of Money are greater, than the loſs by counterfeits can be.

2. Every ordinary capacity will ſooner learn to know a true Bill from a falſe, than they can good Money.

3. It will require a large Stock to Counterfeit theſe Bills, and diverſe perſons of different Trades to be in the Confederacy; and the ſeverall neceſſaries to compleat a Bill will be ſo numerous, ſo bulky, and ſo notorious, that 'twill he impoſſible to be concealed; eſpecially when 't will be the Intereſt of the Confederats, as well as of all others, by reaſon of the great rewards and ſevere Puniſhments, to make the diſcovery.

4. There will be publick Offices in all places of Trade and dealing, where the Bills may at any ſeaſonable time be compared with their Counter parts gratis, to prevent any perſons being deceived by them; So that what will be almoſt, if not altogether, Impoſſible to be imitated, and hard to be putt off without imediat diſcovery, may well diſcourage, even undaunted men in their Wits, to attempt; beſides every Bill, having a Particular diſtinction, may be eaſily traced, by entring in the Books of Accompts their particular marks.

10. Obj. This Act may be repeled.

1. Anſw. It can never need nor deſerve it, and, being every mans concerne, 't will be very unlikely; for htat would deſtroy the reputation of former Acts, and the Poſſibility of paſſing more to any purpoſe.

2. If it muſt be ſuppoſed? The Nation will be the better for the time it continued; Nor will any then looſe by it; for the Land muſt be obliged in a Year or two to repurchaſe the Credit, Charged upon them Reſpectivly, So that, tho' the Heritors may be diſappointed of an advantage, neither they, the receivers, nor Poſſeſſors, can ſuffer any loſs.

11. Obj. More Bills may be iſſued, than funds ſecured in Land.

1. Anſw. If any thing is improbable, this muſt, becauſe there • re not only many Checqs in the Office; but 'tis alſo in every private mans power, that pleaſes with a ſmall charge & pains to diſcover it; for the whole management and tranſactions will be plain, fair, regular, and Publick, and accounts of the Lands engaged, and the Bills iſſued, will be conſtantly Printed.

12. Obj. This undertaking may miſcarry.

1. Anſw. Such an Objection, if not well proved, would hinder the admiſſion of all good Propoſals; for all, that is poſsible, is not always probable.

2. When once paſt by Parliament, 't will be almoſt impoſsible to miſcarry; for that gives it Authority and currency; the Land gives it Credit and Stock, And, as for Skill in Trade, and wayes for employing the Stock, the Author, if none elſe, knows where to Provide.

13. Obj. This Land-Credit may be Suſpected to interfere with, or Prejudice the preſent Money-Bank eſtabliſhed by Parliament.

1. Anſw. If it appear to be a greater good, it ought to be encouraged, tho' it ſhould; But this Office will be truly a Mint, and no Bank, for it coines Land into Money, as the Mint does Plate, and neither Lends upon Real nor Perſonal Securities, as the Bank does; Nor will it keep any mans Books or Caſh as Banks uſually do. But,

2. It muſt rather Increaſe, than Diminiſh the Advantage of the Bank; for, without an unfortunate neglect, and imprudence in the Regulation of Trade, there muſt follow a vaſt increaſe of Gold and Silver, which will neceſſarily fall into ther hands and add to their profit.

14. Obj. This Credit will not paſs beyond Sea.

1. Anſw. It is farr from impoſſible, nay highly probable, it may; but it is neither fitt, nor neceſſa • y, Example, Policy, Intereſt, and Reaſon makes it unfit; And a Regulated Trade will prevent a neceſsity.

15. Obj. Money is Univerſall Riches, But Land-Credit is not, Therefore unfit for a meaſure of Trade.

1. Anſw. Money is farr from Univerſall Riches, tho' Gold and Silver are generaly eſteemed but not by much fo generally as Land, and when made Money will be every whit as uſefull and deſireable, as Money of thoſe Metals.

2. Tho' Credit is no meaſure of Trade by Publick ſanction, Yet 'tis every where practiced as ſuch in defect of the other; for there is ſcarce a Country in the World without lending or borrowing, which is Credit, either upon the opinion of the Perſon or a Pawn; but Land is univerſal Riches, valued in all places, as well where there is Money as where there is none.

16. Obj. That Credit of Banks is only Current; becauſe Men may draw out their Money at pleaſure.

Anſw. 1. It is the ſuppoſed Securitie and convenience, which gives Reputation to the Bank-Credit; and only neceſſitie for ſmaller payments than are paſt in Bank, & for ſuch perſons or places, where Credit is unknown, or unuſefull, that compels any to change Credit into Money: for, Many, if not moſt payments, are daily made here, without ſeeing or touching Money at the Bank, and all payments are made at Amsterdam without it, which plainly demonſtrates a poſſibilitie of payments, without ever changing at Banks, and when Credit ſhall be made current by Parliament, and fitted for ſmaller payments, the neceſſitie of changing will be totally removed.

17. Obj. This Credit ought not to be impoſed by Parliament, but left to choice, as the Credit of other Banks is.

Anſw. 1. This Credit ought to be impoſed, becauſe 'tis certain, and ſafe; and becauſe, by being impoſed, it becomes an Addition of ſo much Real Money to the Nations Stock, which is the great Advantage intended, and wanted.

2. Since common Bank-Credit is choſen, tho' not impoſed, before Money, 'tis plain, it muſt anſwer the end and Uſe of Money, better than Money, or 't would never be choſen, therefore a more ſecure & convenient Land-Credit may with much more Reaſon and Prudence be impoſed.

3, The very ſame Reaſons and Motives, which have hitherto prevail'd upon all Governments to impoſe Gold or Silver Money, will juſtify the impoſing this Credit: beſides the preſent Occaſion this Countrey has for ſome ſuch ſupply.

4. But the Credit of Money-Banks ought to be leſt to choice and not impoſed; becauſe, as above alledged, it is more Subject to deceit or force, and can never be ſo ſecure as upon Land, and may prove a loſs upon the People, when Land-Credit cannot. And yet, at Amsterdam and other Banks, Credit is partly impoſed, becauſe all foraign Bils of Exchange are obliged to be payed in the Banks, and cuſtome and convenience makes it always by Transfer in Credit: moreover 'tis but Reaſonable, Money-Credit ſhould be Exchanged for Money, when demanded at the Bank, becauſe there is no other proof, that they have a Fund, for which uncertainty it is unfit to be impoſed, and therefore cannot ſerve all Occaſions, nor ſmal payments: So that p • rſons otherwiſe unwilling, are conſtrained ſometimes, to demand their Money from the Banks, except at Amst • rdam, where the Credit hath ſuch a Reputation, that it yields upon the Exchange in Money 2, or 3 per Cent. ſometimes above the Par; ſo that 't would be a loſs to draw it out of the Bank, and is therefore never practiſed, except upon approaching Dangers.

18. Obj. This Land Credit will not ſo readily paſs in Payments; becauſe the Office does not undertake to change it at any time into Money.

1. Anſw. When Land Credit ſhall be made current by Law, there can be no more need of ſuch a proviſion, than there is for the Mint to keep Silver enough always to change the Gold Coined there.

2. Credit will be then ſo ſafe, uſefull and convenient, that every perſon will be more ready to change it in Money; than they are now at Amſterdam, and other places where there are Banks; ſo there can be no need of ſuch a proviſion.

3. None now changes Bills but ſuch as are jealous of the Security, or have occaſions for ſmall Payments, or for Perſons and Places, where Credit is unknown and uſeleſs; when therefore the Credit ſhall be ſecured by Land, made current by Parliament, and fitted for ſmall occaſions, both the jealouſy and neceſſity for changing Bills into Money at the Office, will be quite removed.

4. But the Cheif Reaſon, ſince there can be no neceſsity, why the Office ſhould not be obliged to exchange Money for their Bills, is, becauſe they muſt either deprive the Nation of the great benefite, intended to Increaſe the Stock of Money, by keeping in the Office as much Money, as they have Credit abroad; Or els run the Hazard of being undone by Malicious and capricious Peoples demanding their Money in Specie by ſurpriſe, which would Change the Deſigne from a Land O ••• ce into a Money Bank, and only exchange the uſe of Money for the uſe of Credit without other advantage.

19 Obj. If the Government ſhould raiſe the preſent Money to double the Value, upon Publick Faith, it might be as ſafe and uſefull to the Nation, as Land-Credit.

Anſw. 1. This may well be denied, for 'tis as much as to ſay, that Credit upon publick faith only, can ſecure the Nation from loſs by it, as well as Credit upon private Eſtates in Land, which I ſuppoſe few will aſſert, & • ewer truſt.

2. Had Governments always maintained their reputation unſpotted, as when the Proverb was verified, as ſure as Checq, this might have been propoſed: But that hath been for ſome time out of Faſhion.

3. A private perſons Eſtate in Land was, is, and ever will be, the beſt of Funds or pawns for ſecuritie and duration, tho' any pawn is ſafer, than either Honour, Reputation, or even publick Faith.

20. Obj. That no perſon muſt be hinderd from calling in his Money at pleaſure,

Anſw. 1. No Mans private Advantage ought to obſtruct a publick Good, eſpeciallie when he can ſuffer no other loſs by it, than of a croſs Humour, or knaviſh deſign.

2. A Proviſo in an Act may eaſily reconcile ſuch an inconſiſtencie: either by continueing the Debt ſufficientlie ſecured, after the Office ſhall be indemnified: Or by diſpoſing of the Eſtate at a Years Value leſs, whereby the Burden charged upon the Eſtate to the Office might be ſecured at the end of the Term.

21. Obj. That the perſons, entruſted with the Management, may, thro' careleſneſs or unfaithfulneſs, diſcharge the Land at the end of the Term, without ſatisfieing the Credit raiſed upon it.

Anſw. 1. The Benefit by this Office will ſo farr tranſcend the ſuſpected damage by unfaithful Management, that in prudence it ought to be hazarded: For this will be the only Life and Spring to ſet all things elſe at Work.

2. This may be as faithfully diſcharged, as other great Truſts now are, as the Chancerie, Courts of Judicature, the Treaſurie, the Mint, & the like, lodged in the Hands of perſons, choſen by the King, or, may be, appointed by Parliament.

3. Great and ſevere Penalties may be Enacted to deterr them.

4. By the Eſtabliſhment, ſuch Proviſion is made, that, tho' all the perſons, entruſted, were neither wiſe nor honeſt; 'twill be impoſſible to behave themſelves deceitfully.

23. Obj. Such propoſals coming from a Stranger may be juſtly ſuſpected.

Anſw. 1. Not in the leaſt, when there is no truſt, nor other Reward, but what muſt ariſe out of his own Induſtry. But let it be ſuſpected, provided it be fairly & wiſely examined, and no doubt but 't will appear plainly, that this Stranger has offer'd no contemptible advantage to this Kingdom, as well as to the Heritors, unleſs a Strangers ſervice be here accounted a Crime, contrary to the practice of the King of France, who, knowing very well the advantageous conſequences of his Generoſitie, uſually rewards Strangers, as well as his own Subjects, for any new or beneficial Invention, farr beyond their expectations.

'Tis tedious and unpleaſant to be bound to anſwer Objections, that are neither pertinent nor probable.