ADVERTISEMENT.

The following Propoſal, with the Objections, Anſwers, and other Papers relating thereunto, having been Conſidered by the Committee of Parliament, were ordered to be Printed: To the end, that all Perſons, who have any other Objections to make, might give in the ſame to the Clerk of the Committee, againſt their next Meeting: Which is to be upon the 18 day of this inſtant July 1693.

To his Grace William Duke of Hamilton, their Majeſties High Commiſſioner, and the Honourable Eſtates of PARLIAMENT. The following Conſiderations and Propoſals are humbly Preſented by Dr. Hugh Chamberlen.

WHereas it is moſt evident, Conſide∣ration. 1ſt, That a Wiſe and Large Eſtabliſhment, and a continued courſe of Conſiderable Trade, is a ſure way whereby • ny Nation, capable of it, may attain to Honour, Wealth, and Power: becauſe that thereby will ariſe; Firſt, A great Increaſe of Mo • ey, which anſwereth all things: Secondly, An Increaſe of People, which is the ſtrength of any Kingdom or State, and who do always gather to thoſe places where Money is in abundance. And Thirdly, An Increaſe of Shipping which is the ſtrongeſt Rampart of an Iſland; And by which Merchandize is conveyed to the moſt profitable Market. It is therefore the undoubted Intereſt of the People of Scot • and, eſpecially thoſe who have the greateſt Eſtates, whether of • and or Money, to imploy themſelves to the Improvement of Trade, as univerſally as is poſſible. And it is humbly conceived, • hat this propoſition needs no other proof or illuſtration, than what • lainly ariſes from the Obſervation of thoſe many and great Ad • antages derived from Trade, to the Kingdom of England, the • tates of the Ʋnited Provinces, and all other Kingdoms and States, that have applyed themſelves to Commerce.

The Kingdom of Scotland is as Capable of making Advantages by Trade, Conſi∣deration. 2d. as any other Kingdom or State, being ſurrounded with good Sea Ports upon all its Coaſts, and having a very great and profitable Subject of Trade, • roper to it: The Land affording Grain, Cattel, Wool, Flax, Coal, • alt, Copper, Iron, Lead, and other Native Products; beſides the • iſhing of the Rivers, Loghs, and Seas. This Kingdom hath likewiſe great numbers of People, either not imployed, or not ſo fully • nd profitably as might be; And hath alſo ſuch a Proviſion of Ship • ing as may ſerve to begin a Trade, and may ſoon be increaſed, if a greater Trade be ſet up▪ The truth of this Conſideration will ap • ear, by Comparing the Particulars therein contained, to thoſe of • he United Provinces, where the proper Subject of Trade, comes very far ſhort of that of this Kingdom: Which Provinces from very ſmall beginnings, and under the diſcouragement of a War with Spain, at that time the moſt potent King of Europe, have yet raiſed • hemſelves within a ſhort period of Years, to that immenſe Wealth, Grandeur, and Power, that now they poſſeſs: and have acquir • d it chiefly by their Trafficking in thoſe Subjects of Trade, which properly belong to this and other Nations.

The People of this Kingdom who have had liberal Education, Conſide∣ration. 3d. are generally in all Countries allowed to be of great Ingenuity and Diligence, and ſo well inclined to Vertue and Frugality; and ſo averſe from Luxury, that where they are employed abroad, they are outdone by none; and the Commons being docil • and Tractable, and likewiſe Robuſt and Vigorous of Body, and ſufficiently inclined to beſtow their Labour, where there is proſpect of moderat Gain: And being hitherto accuſtomed to ſmall Wages; It may juſtly be concluded, that no People in the World are naturally more fitted or better qualified for ſetting up, managing, and proſecuting a great and conſiderable Trade▪

It is moſt certainly true in Fact, Conſide∣ration. 4th. nor can it be unknown to the Intelligent in this Nation, that the greateſt Tradings in the World are carryed on, not ſo much by the Species of Money, which is in Stock and Caſh, as by a great Credit attained to by means, partly of their viſible Subject of Trade, partly of their pains in, and application to Traffick, but moſt of all upon account of the reputation and Opinion of the great Profits made in the courſe of a proſperous Trade, even where the Native and Proper Subject of Trade keeps no proportion with the Trade carried on: as it is in the United Provinces; where Credit is the chief Inſtrument of their Commerce, and that Credit raiſed upon a Fund more of Opinion or Reputation than Real. If therefore in this Kingdom, the want of a ſufficient Stock of Money, for the Carrying on a great Trade, can be made up by a Credit grounded upon a more Real and Subſtantial Fund, than the Credit of any other Nation, either at preſent is, or probably can be founded upon, then certainly it may moſt reaſonably follow, that this Kingdom is rather more capable of carrying on great and National Trades than moſt other Kingdoms or States in Europe.

The Titles and Tenures of Eſtates, eſpecially Land Eſtates in this Kingdom, Conſide∣ration. 5th. being more known ſure and ſtated, and with greater eaſe and certainty examinable, by reaſon of the Records here in uſe▪ than in any other Countrey; and an evident clear and firm Security upon Land, being the beſt and moſt ſubſtanital Fund of Credit: This Kingdom is capable in this reſpect, to raiſe a Credit ſufficient for improving to the uttermoſt the great ſubject of Trade, that now 〈1 page duplicate〉 it unprofitably poſſeſſes; and this Credit as far to exceed that of other Nations, as a real ſolid and permanent Fund exceeds thoſe of Opinion and Reputation, for ſuch all thoſe of other Nations will be found to be when duly weighed, with that hereby proponed for this Kingdom.

Upon theſe Conſiderations, which may ſo juſtly be preſumed to induce the Right Honourable Eſtates of Parliament, to receive and Examine a Propoſal, that Tenders to this Kingdom the certain and Effectual Means of ſo great Wealth and Honour.

The ſaid Doctor Hugh Chamberlen, Humbly offers to the Wiſdom of this Auguſt Aſſembly the following Propoſal.

THE PROPOSAL.

THat a Statute or Law of this Kingdom may be Enacted, for Nominating certain Truſtees or Commiſſioners to be appointed now, and from time to time, by Parliament, and accountable thereunto: which Truſtees are to have Power to receive and examine the Titles and Eſtates of all ſuch as are willing to engage their Lands for the forming ſuch a ſecure current Credit. Upon findding any ſuch Eſtate clear in Title, the ſaid Truſtees to take a Conveya • ce thereof for 150 Years, upon Condition to be void when 100 Years payment ſhall have been made to them of the Rent agreed; and ſuch Rent to be payed, not in Money or Gold, but only in the Bills of Credit iſſued to the Granter by the ſaid Truſtees; and the Heretor or granter to enjoy the free and undiſturbed Poſſeſſion of ſuch Eſtate for the whole Term, he duly paying ſuch Annualrent. Upon the making over any ſuch Eſtate, the Truſtees thereupon direct their Warrant to the Maſter of a proper Office, therefore to be erected, to Iſſue 100 years value of ſuch Eſtate in Bills of Credit of ſeveral values, the better to accommodat the uſes of Trade: Which Bills of Credit are to be thus divided, viz. 40 Years Value to the Proprietor; 30 years Value for his uſe, but to be employed in ſuch publick Trade or Trades, as the ſeveral Proprietors ſhall in a Body agree upon: 10 years Purchaſe to the Government in eaſe of the People in point of Taxes, and may be appropriated to ſuch uſes where th • honour of the Crown, and Intereſt of the Nation may equally meet: And the reſidue to the uſe of the ſaid Doctor Chamberlen, as Maſter of ſuch Office; who, and his Heirs to be perpetually ſ • , in reward of this • ervice done the Nation. And the Maſter of the Office is out of ſuch his part, to pay all the Charge of the Office, which will be very great; and to anſwer all Contingencies of it: and alſo generous and becoming Appointments to thoſe Honourable Gentlemen to be made Truſtees by the Parliament, to ſee Juſtice ••• e to the People, and the Honour and Security of the Bank preſerved inviolable. The Heretors, or Proprietors that raiſe this Fund, are to be a Corporation, with perpetual Succeſſion, and all neceſſary Powers, for managing and carrying on ſuch National Trade or Trades as they ſhall agree upon. From 120 to 150 Pounds Sterling per annum, is to be made over for the payment of every 100 Pound Per annum, to be engag •• for this Fund, and ſo in proportion; and this to the end that all Credit thus to be iſſued, may be ſupported by a greater Value than it ſelf.

That theſe Bills be made current in all Payments: and as they are payed yearly for Rent to the Truſtees, they are by them to be deſtroyed: ſo that at the end of 100 years they will be all recall •• 〈◊〉 Bills of Credit thus founded upon Land, and Strengthened by the Sanction of Law, and made in a form incapable of Forgery, will be found an excellent Inſtrument or Medium of Trade, equal equal in all reſpects to Gold and Silver Money, and Superior to them in diverſe regards. They are more ſure than any Bills, Bonds, or Morgages, or any manner of Credit now known in the World: They have a real ſolid extrinſick and permanent Value inſeparably adhering to them by Law: Nor can their value be impaired or their Uſe taken away, by any future Parliaments, or by any Revolution of State, where all mens properties will not alſo be ſwallowed up. By this means a Conſiderable part of the Rents of the Nation may be applyed to Trade, which otherwiſe could not be done, Thus may all the Poor be profitably imployed: All due improvements made in Husbandry, and all needful Arts and Manufacturies; The Shipping and ſtrength of the Nation will be encreaſed by Sea and Land. Publick Taxes will become eaſie to the Subjects, and all who Contribute to this Fund will be made richer by it, at their very entry into it: Beſides what their Share in the future Trade will produce,

No perſon is forced to be concerned in it, yet all are permitted that ſhall deſire it; which renders it truly a free and Common-Good. Altho' at the end of 100 years, all this Credit will be called in; yet the Courſe of Trade managed with it, cannot in the mean time but produce Gold, Silver, and other Valuable Commodities, and that to a far greater Value than the Bills themſelves; And the Trade founded by them, will be perpetual. Theſe Bills not paſſing out of the Kingdom, are an Advantage: For all wiſe Laws reſtrain Money from going out: and forraign Trade ought not to be managed with Money, but with the Native Product and Manufacturies of the Kingdom. The Banks of Holland and Venice are pregnant Inſtances of the power of Credit, under wiſe Regulation▪ And yet the Credit of both thoſe Banks, are far inferior to the Credit hereby proponed. They take the ready Money, and imploy i • for the Government, and give their Bills to Negotiate, in payment So that in any exigence of State, if all their Creditors ſhould at once call for their ſeveral Debts, it may reaſonably be doubted if either of theſe Banks ſhould be able to anſwer their Credit: So that Opinion or Reputation, is their great Support. But the Bank hereby proponed, touches no mans ready Money; makes all men concerned in it preſently much Richer than before; lays ſure Foundation of laſting National Trades▪ and becomes every year a ſtronger Security than before: For as the Term of years le • ſens, the Security becomes more ſtrong. Upon the whole, It is humbly conceived to have all the Force of Demonſtration, that this Kingdom Receiving and Enacting this propoſal, cannot fail of a Succeſs ſuperio • to either of thoſe Powerful and Opulent States; becauſe of the Advantages before enumerated, that this Kingdom poſſeſſes ove • them.

It is therefore humbly Prayed, by Oliver Salusbury, and Peter Chamberlen, Gentlemen, Agents on this behalf, o • the ſaid Doctor Chamberlen, That his Grace the Lor • High Commiſſioner, and the Right Honourable the Eſtate of Parliament, may pleaſe to commit the Conſideration 〈◊〉 this Propoſal to be examined, and Report being made, m •• determine therein as in their great Wiſdom they ſhall 〈◊〉 Cauſe.

THeir Majeſties High Commisſioner and the Eſtates of Parliament, having conſidered the above written Propoſal; They remit it to the Earls of Linlithgow and Lothian, the Viſcount of Stair, and Lord Polwarth, Sir John Lock hart of Caſtle-hill, Sir John Maxwel of Pollock, John Swinton of that Ilk, and Duncan Forbes of Colloden, Sir John Hall, Sir Archbald Muire, Sir William Hamilton, and Maſter James Smollet, together with the Officers of State, or the Major pa • t of them, being a Quorum, as a ſelect Committee to conſider of the ſaid Propoſal, ond to prep ••• a Report thereanent, to the next Seſſion • f this, as any other enſuing Parliament, and to meet at Edinburgh the 20. day of June inſtant for the firſt Dyer, and to adjourn their Meetings the reafter, to ſuch times and places as they ſhall think convenient.

TWEEDDALE Cancel. I.P.D. Parl. Edinburgh June 14. 1693.

Arguments to Accept Dr. Chamberlains Propoſal.

THe Propoſal offers 70 years purchaſe (that is 40 down, and 30 in a joint Stock of Trade) for 100 years Annualrent: And this Bargain is to be had in poſſeſſion before any Rent payed. In the ſame ſpecie, that is payed for the Purchaſe, in the very ſame, and in no other, the Annualrent is to be paid; ſo that here is nothing given, but what will be received back. And if any man is compelled by Law, to receive a debt or Payment in this ſpecie, another is by the ſame Law, bound to receive it from him again: and ſo from hand to hand, till it ends at laſt in the Annualrent which the Land is obliged to pay; and there it ceaſeth. Would it do Scotland a ſervice to bring ſome Millions of Gold and Silver into it? this is Equivalent. For ſince Credit, upon a leſs ſecure Fund, performs in other Countries, all the uſes and Offices of Gold and Silver; what ſhould hinder the ſame Effects here, upon a better Fund? But however, if an Act of Parliament paſs de bene eſſe: the Nation runs no Riſque, if it do not take: If it does take there is a Mine of Treaſure opened to them, gratis. The paſſing the Act, compelis no man to come in and engage his Land. The Propoſer, if deſired, will be obliged to cauſe bring in 100000 lib. ſterling or more, and purchaſe Lands in Scotland, and give 30 years Purchaſe for them, the Act being Paſſed; and then engage the Lands ſo purchaſed, in the Deſign. The Propoſal is not ſo very obſcure, or Myſterious, to ſuch as will take the pains to read it two or three times over deliberately and attentively, and will then hearken to what Anſwers can be given to any ſeeming Difficulty. The manner of putting it into practice, and actual adminiſtration of it, will indeed require an uncommon Skill and Underſtanding: and this part, Dr. Chamberlen, whoſe invention and contrivance this deſign is, and who has been thirty years maturing it, can beſt diſcharge, ſo as to reduce all to ſuch an exact method, as ſhall make the whole clear and facile, and prevent all confuſion and diſorder: which ſhould they happen, might diſgrace and ruine the undertaking: but to ſettle this point, and concert the matter of Trade, for the greateſt benefit of this Kingdom; the Dr. in caſe the Act paſs, will come to Scotland.

A Compariſon of the Circulation of Gold, and of Credit.

A. Settles his Land for a hundred years, to pay a hundred lib. of Annualrent, in Bills of Credit to the Office; he receiving in the ſame Credit, a Sum or Conſideration for the Purchaſe of it.

B. Makes a like Settlement of Lands to C. to pay a hundred lib. in Gold. for the ſame term of years; having received his Purchaſe Money in Gold.

A. Pays a Debt of a hundred lib. in this Credit, to his Coach-maker; the Coach-maker pays it to the Currier for Leather; the Currier pays the ſame to the Tanner for Hides: the Tanner pays the ſame to the Butcher for Skins and raw Hides: the Butcher pays it to a Graſier for Cattle: the Graſier to a Farmer for Corn and Graſs: the Farmer pays it to A. his Land-lord: and A. pays it to the Office for his Annualrent. Now here is all their occaſions anſwered: and none the worſe, or the poorer by it; but the contrary: the Office receiving back what it delivered out.

Now take the Payments as running in Gold.

B. pays a Debt in Gold of a hundred pound, to his Coach-maker: the Coach-maker pays the ſame to a Currier for Leather: the Currier pays it to a Tanner for Hides: the Tanner to a Butcher for Skins and raw Hides: the Butcher to a Graſier for Cattle: the Graſier pays it to a Farmer for Corn and Graſs: the Farmer pays it to B. his Landlord for Rent: and the Landlord pays the ſame Gold to C. for his Annualrent. Now by this Compariſon it is plain, that in the Circulation and courſe of Dealing, from the Office to the Landlord, and back to the Office again, the turn is as well ſerved as in the inſtance of Gold. And the Office is no poorer in receiving back the Credit: Nor C. no richer in receiving Back his Gold; than both were, at the iſſuing of their ſeveral Sums in Credit and Gold.

Three OBJECTIONS againſt the Propoſal, given in to the Committee, the 30 of June, 1693.

ABSTRACT of, and ANSWER to, the firſt and third OBJECTIONS.

FOr theſe two differ not in ſubſtance. The ſcope of them is, That all the Debts upon Land being paid by this Propoſal; and all the Subject of Trade wholly taken up by it: What ſhall become of thoſe who ſubſiſt only upon the Intereſt of their Mony? For there will be no Land to purchaſe, at leaſt for ſome years; nor none to borrow at Intereſt: And Trade, either is not underſtood by ſuch Perſons; or there is not room to receive them.

Anſwer 1. Would this Objection be raiſed, if theſe Debts were paid, and ſuch a Trade Driven by Money of Gold and Silver? If it were then raiſed, it muſt needs be thought groundleſs: unleſs it be a Crime to pay Debts; and drive a National Trade, without the excluſion of any private Perſon. If it would then be thought groundleſs; there is equal reaſon it ſhould be thought ſo in this caſe. For this Credit is equal in all reſpects, and Superior in many, to coyned Gold and Silver, which is after made appear.

2. If this Propoſal be a publick and National Good, the private intereſt of ſome few particular Perſons, ought to give way to it: which has ever been the Rule of all wiſe Governments.

3. The payment of all Debts upon Land will be greatly to the honour and advantage of the Nation: and will preſerve the Eſtates & Honours of the ancient Nobility & Gentry and will alſo of natural Conſequence drive into Trade, which is the Nations Strength and Riches, the greater part of that Money that now preys upon the vitals and nobleſt parts of the Kingdom by devouring Uſury, which is the known deſtruction of untrading Perſons.

4. It is denyed, that the whole Subject of Trade in this Kingdom, can be exhauſted by the intended Stock, ſo as that any can want Imployment for their Money: For no Nation ever was known to be too Rich: And the Uſes and Occaſions of Money do always naturally multiply faſter than Money it ſelf. Scotland has many profitable and improveable Subjects of Trade: and had ſhe Money to give Life to Ingenuity and Induſtry, the Productions of Nature, and improvement of Art, might in few years be many hundred times improved.

The Sea alone is an inexhauſtible Treaſure, and can imploy many Millions. Holland, who has no Subject of Trade; nor can have any; yet by vaſt Wealth in Coin and Credit, Drives the greateſt Trade of the World, and grows Rich by the product of other Countries; And by making her ſelf the general Store-houſe of Europe, and almoſt of the World; and the Carrier alſo of the Goods of all Nations to and fro, wherever ſhe is permitted.

In what place ſoever there is great plenty of a Common Meaſure or Medium of Trade, which we uſually terme Money, it is impoſſible in ſhould ly Dead, Uſeleſs, or ſtagnate: For like ſtreams of Water, wherever they break out, they will by natural and politick Reaſon force their own way into the wide Sea of Trade.

5. But to deſcend nearer to the Moneyed Men, Women, or Children. There will always more or leſs, be Money taken up at Intereſt. The difference this Propoſol will make, will be thus, That now Money is for the moſt part let to Intereſt, to the ruine of thoſe that pay it; being a dead weight upon their Eſtates. But in our Caſe, the induſtrious Merchant only will take up Money at Uſe; who will at the ſame time enrich himſelf, and ſerve the Creditor; by which alſo the Nation it ſelf is improved.

6. But further, two thirds of each Landed-Mans Stock in Trade may be made allienable at pleaſure; In order to the taking in of Moneyed-men, and thereby diffuſing the Benefits of this Propoſal to the greater number of Perſons, to the end it may become the more National.

7. Alſo, it may be enacted, that every Creditor upon Land, ſhall have Right to the value of half his Debt upon the Land it ſelf, as if he were Proprietor for ſo much; but the other half he to accept in Credit; with which he may alſo purchaſe Shares in the Trade of ſuch as are deſirous to ſell. And thus may ſuch perſons be profitably concerned in Trade, tho unskilled therein; and without any juſt fear, as I have ſhewed before, of want of Room to receive them.

8. But if there ſhould be any found ſo idle or unhappy, after the Springs of Trade thus ſtrongly fixed, as to know no better way to imploy their Money, thus taken in Credit, than at Intereſt; Let them put it into the Bank upon theſe Terms, viz. To have 4 per cent Intereſt: And if they call out their Money, which not to be till after two years certain, and then giving ſix Months Notice; they ſhall accept it in this Credit: But if the Bank put it upon them, then to be paid in Gold and Silver; and the Bank to give alſo ſix Months notice to the Creditors.

Abſtract of, and Anſwer, to the ſecond Objection.

THe Objection ſuppoſes that all the Natural and Artificial Product of Scotland, exceeds not yearly one Million. And therefore, if two Millions be Coined; one muſt be idle and the Poſſeſſor of it muſt Starve. For the Money is only paſſable in Scotland: and all Goods there, are bought up with the firſt Million. And ſince no other Nation will give Goods for the Tallies, there will be no uſe for them.

Anſwer. Granting that all the preſent product of Scotland, Natural and Artificial does not exceed a Million; yet I deny the Inferrence, that if one other Million, or ten other Millions be coined, they muſt be idle, and the poſſeſſor ſtarve. Let Scotland be deprived of all her preſent Money, and her preſent product will inſtantly abate; and in few years come to nothing. Increaſe her Money and her product will be accordingly. Who knows how far the Natural Product of this Kingdom may extend when there is Money, that cauſae ſine qua non, to improve things to their higheſt Perfection. Many Grounds ly now waſte for want of Stock to imploy them: And the Nerves of Induſtry are every where ſlackned, by the ſcarcity of this precious Material, that gives Life and Motion to every political Body. Money, or what anſwers it, is the Nouriſhment of Kingdoms and States: Withdraw that Food, and they inſtantly languiſh: Supply it plentifully, and they become full of Health and Vigour. Lands and Hands are the Material and efficient Cauſes of Wealth: Scotland has enough of both to raiſe her to a flouriſhing condition, if Money were added to enable her hands, and cultivate her Lands. Add to this the Improvement of ſo many Arts and Manufactories, as never fail to offer themſelves where there is plenty of Money; And theſe in Conjunction with your Natural product, muſt be perpetual Springs of Wealth. What does Holland perform, without any Natural product, only by her Manufactories and Artificial Products. Gold and Silver can only come to Scotland, by means of an enlarged and extended Trade: Trade can be only enlarged and extended by a mighty increaſe and Perfection of Natural and Artificial product: And thoſe products, as in all other places, ſo here alſo, can only be obtained by great plenty of Money: Which plenty this Propoſal undenyably offers. Your Product in great plenty, in great Perfection, and at moderate Price will command a Trade: And all thoſe Advantages are the neceſſary Effects of a vaſt Treaſure of Money, which will naturally make its own way to Trade. That Money, becauſe of its plenty, can lie idle, and its Poſſeſſors ſtarve, is a Poſition till now unheard of. All Experience is againſt it: For I deny that any one inſtance can be given, where part of a Nation ſtarved, becauſe the whole was rich. It has as little Foundation in Reaſon as in Experience. For what Cauſe can be aſſigned, why Plenty ſhould occaſion Poverty? Miſuſe of Plenty may do it: But then the miſapplication, not the Plenty is in fault. But thoſe Miſapplications are only perſonal Follies; they are nat chargeable upon Nations with regard to Trade.

That our propoſed Credit, or Land-money, is only paſſable in Scotland, is an Excellency it poſſeſſes ſuperior to Money of Gold and Silver. The Laws made by all Nations to reſtrain the Export of Money, are a plain Demonſtration that it ought to be kept at Home. And this Benefit is Eſſential to this Credit, it is in its own Nature Local, and needs not the reſtraint of Laws.

That any can want Employment for this Money, or ſtarve in the Poſſeſſion of it, I think I have ſufficiently evinced to be impoſſible. Which yet may further appear by Paragraph the fourth of the Anſwer to the firſt and third Objections.

Eight other Objections to Doctor Chamberlens Propoſal, given in to the Committee, on Tueſday the 4 of July 1693

THe great Medium of Trade and Commerce, ſuppoſed meant by the Propoſal, being to be a kind of Coin, which is to derive its value from an Act of Parliament, and of which the Pieces being to paſs for ſo great a value (as ſome of them for 100, ſome for 50, and the leaſt for 5 lib. Sterling) may be a great temptation for ill Men to bend their wits, and hazard their Lives, to counterfeit the ſame. Quaeritur, How the Nation ſhall be ſecured againſt an Evil of ſo daugerous a conſequence?

II. The Propoſal deſigning ſeveral Millions Sterling, which this Coin is to paſs for, and which cannot be uſeful to the Nation, and owners thereof, unleſs thereby an univerſal Trade through all the World be carried on by them; which cannot be without an additional Stock in real Species of Gold and Silver, to ſerve in Exchange for the Minute uſes of the Nation, whilſt this Coin is to have courſe: And alſo requires Trafficking Merchants. who are acquainted and experienced in a Trade of ſo vaſt an extent, for carrying it on. Quaeritur, How the Nation ſhall be ſecured of this additional Stock, (of an hundred thouſand Pounds Sterling, or more) which the maker of the Propoſal offers; and that ſuch Merchants ſhall take up their Reſidence here, and carry on the Trade propoſed, and inſtruct thoſe of this Nation in it.

III. There being little or no uſe of Annual-rent, if the Propoſal take effect, thoſe who have Money, and are not acquainted with Trade, will be obliged to carry their Money out of the Kingdom, that they may have Annualrent for it elſe where. Quaeritur, How the Nation ſhall be ſecured againſt the draining, this way, of the Gold and Silver that ſhall be in the Kingdom, out of it, and nothing left but this Statutory Coin?

IV. The Debts of all the Landed men will be paid, by the fourty years Purchaſe, given for their Lands. And if the Act of Parliament, propoſed to be made, ſhould happen to be thereafter Reſcinded; the Creditors (who ſhould have nothing but this Statutory Coin at that time in their hands) ſhould come to be ruined.

V. The Propoſal being deſigned for the good of the Nation; and carrying a manifeſt and extraordinary advantage to the Landed men (above what they could have projected, or reaſonably deſired) but ſeeming rather prejudicial then profitable to the Merchants and Moneyed men; both in reſpect that the Trade of the Nation, which is now only lodged in their hands, comes to be lodged in the hands of the Landed men; and that the Merchants and M ••• ved men are to be deprived of the ſecurity, which they formerly had, for their Money, upon the Eſtates of their Debitors; and of the Annualrents, whereby many of them lived very plentifully. Quaeritur, What method is proper to bring the loſs and gain of the Landed & Money'd men to a more equal Ballance? And how the Moneyed Men ſhall be ſecured in the payment of their Annualrents, at ſix per cent, for five or ſix years, untill they be taught the way of Trading with their Money?

VI. The Propoſal being made to the Engliſh Parliament, the Members whereof are underſtood to be a Wiſe and Trading People, and the ſame (as it's reported,) Rejected by them, though Calculat, (as it would ſeem) rather for the great Wealth and Subſtance of England, than for the preſent Condition of this Nation. Queritur, How can it be made appear, that it is reaſonable for this Nation, to imbrace a Propoſal rejected by that Wiſe People? As alſo, it would be cleared, how a propoſal commenſured for them, can be agreeable to us.

VII. If Money ſhall be multiplyed at the rate of the Propoſal, all Commodities will riſe in their prices, and Workmen will exact greater Wages, And it is not to be ſuppoſed, that people getting their payment in Statutory Coin, will take the ſame price as if they were getting payment in Gold or Silver. And the Advantage that the Maſters of Manufactories have, in this Nation, above thoſe in England is, that the Wages of the Workmen of Scotland is much leſs than of thoſe in England. Quaeritur, How this prejudice can be prevented, and the Nation ſecured againſt the ſame?

VIII. The Coin to be made uſe of, conform to this propoſal, being to be definit in the Quantity: How ſhall the Nation be made ſecure, that no more be Coined, or made uſe of in the Kingdom than that preciſe quantity agreed upon?

A Compariſon of Money and Credit, given in to the Committee, on Tueſday July 4th 1693. and relating to the Objections and Anſwers then given in.

MOney is a Common and Secure Pledge, inſtituted to ſupply the Defects of Barter: and to be the Meaſure, Medium, and Account of Trade.

What ever can anſwer thoſe ends, is duely Qualified to be made Money, by the Laws of any Nation.

Money muſt have theſe Eſſential Qualities, viz. 1. Value: to make it a Security in Exchange for all ſorts of Goods. 2. Different Values, for convenience of ſmaller and greater Payments. 3. Stamp of the Government: not to give, but to atteſt its Value, and to Authorize the Currency of it. 4. Durability: to prevent loſs by wearing out, or eaſily periſhing. 5. Portability: for eaſe of Carriage.

The Tallies, Bills of Credit, or Land-money, propoſed by Dr. Chamberlen, will have all theſe qualities of Money, equally with Money of Gold and Silver in all reſpects, and ſuperior in ſome.

1. As to Value: Money of Gold and Silver, exceeds not its Value by Weight, at the moſt: and is very often ſhort of it; either by too great Allay in Coynage; or by Waſhing, Filing, or Clipping. Whereas every Bill of this Credit will be ſecured by Land of greater worth than it is Coyned for: and is not ſubject to any Allay in Coynage; nor to have its value diminiſhed by any ſort of fraudulent Arts whatever.

2ly. As to different Values: that will be ſettled as ſhall be judged moſt Efficacious for the ends of Trade.

3dly. Stamp of the Government. 4thly. Durability. 5thly. Portability, are equally provided for as in Gold and Silver: indeed more, as to Portability: for 100 pound in Credit, will ſcarce exceed an Ounce of Silver, in Weight or Bulk.

Money is not ſo convenient, as this Credit, in theſe reſpects, viz. For daily uſe in large Payments; for the trouble and Loſs of time in Telling and Retelling; the Danger of Clipt and Counterfeit Money; the trouble of carrying great Sums from Houſe to Houſe; its being ſubject to be Tranſported to other Nations; and to be hoarded by Miſers, who fondly doat upon the Metalls.

Money is only a ſecure Pledge, of a known Value, that a man ſhall be repayd in ſome other Commodity, for the Commodity he parts withal: and it ſerves but to ſupply the Interval of time, between the ſelling of one Commodity, and the buying of another.

Now the propoſed Tallies can well ſupply that Interval, and are yet a more ſecure Pledge than Money of Gold and Silver: For ten thouſand Pounds in Money of Gold and Silver, is of no greater value than what it pretends; and is very often of a leſs value. But ten thouſand Pounds in this Credit will be ſecured by 22500 pounds in Land: For to ſo much amounts 150 pound per annum, the payment thereof for 100 years, being ſecured by 150 years, tho to be void upon 100 Annual Payments.

The Difference between the true value of Land, and Money, is evident, in that Money is willingly turned into Land; but Land is not turned into Money, but through Neceſſity and Conſtraint. All men allow Land a ſufficient, and the beſt Security for Money: what Secures muſt then be more eligible than what is ſecured.

ANSWER to the Eight Objections given in to the Committee, upon the 4th. of July 1693.

To the Firſt.

THe Medium of Trade propoſed by Dr. Chamberlen, is a Species of Money, or Bills of Credit, not deriving any value from an Act of Parliament, but having the Authority of a Law to Atteſt, that they have a real Value inſeparably annexed, and adhering to them; and ſecured by a Fund of Land of greater intrinſick Value than ſo much Gold or Silver, as the Credit is to paſs for. And that this will, de facto, be the Caſe, the Compariſon of Money and Credit, this day alſo given into the Committee, plainly makes out. As to the preventing Forgery and Counterfeits; I grant the Propoſal to be worth nothing if there be not an effectual Proviſion againſt them. But the Method of that, and Management of the whole, without Diſorder, are Secrets that the Doctor, in Prudence, reſerves to himſelf, until the Nation have Secured to him the Reward of his Service, according to his Printed Propoſal given in to the Parliament the 14th of June laſt.

To the Second.

AN Univerſal Trade, and through all the World, are very large and Extenſive Terms: and a far leſs Compaſs will take up ten times a greater Sum than is meant by the Propoſal. I confeſs that Gold and Silver will be always uſeful to ſerve the Minute Neceſſitys of Trade; and thoſe Neceſſities will occaſion a double Benefit: They will both preſerve the preſent Money within the Kingdom: and cauſe Returns of more, as the Ballance of Trade. But if in the mean time, 100000 lib. be deſired, Security ſhall be given to have it brought into the Kingdom upon very reaſonable Terms; in caſe the Propoſal be Eſtabliſhed by Law, to the Satisfaction of Dr. Chamberlen. The Doctor will alſo cauſe preſent the Nation with ſuch a Scheme of Trade; aſſiſted with ſuch eminent underſtanding and expe ••• nced Merchants, as ſhall give a fair and open proſpect of all the Advantages, that reſult from a proportional Stock, and a well laid Commerce.

To the Third.

THere will be no neceſſity for any Man to carry his Money to be put to Intereſt out of the Kingdom, in caſe this Propoſal take effect: For it is before plainly ſhewed how Moneyed men may more profitably employ their Money at home. The Laws of the Kingdom againſt Exporting Money being reinforced; between the fear of them and the Advantages of Keeping their Money at home, the Nation will be in no danger of being drained of their Gold and Silver. Beſides, the great increaſe of Trade, which muſt be the neceſſary Conſequent of this Propoſal, will occaſion a mighty encreaſe of Gold and Silver in a very few years.

To the Fourth.

THis Objection ſeems to fear, that the Nobility and Gentry having paid their Debts by this means, the Act may afterwards come to be reſcinded, to the Ruine of their Creditors. But the Honour, Juſtice, and Intereſt of the whole Nation will ſufficiently ſecure all men; from the fear that a Law made to this end can ever be reſcinded by any Deſign or Inclination of the Nobility and Gentry. For, were they capable of ſo unjuſt and ungenerous Thoughts, what need they go ſo far about; and do at twice what may be done at once? One ſingle Act of Parliament to diſcharge all their Debts will do the whole Work at a Blow. But further, the reſcinding ſuch a Law will be utterly impoſſible; for the Credit is founded upon Securities made by private perſons, for valuable Conſiderations, and in vertue of a Law for the Eſtabliſhing a National Trade. As well may it be feared, that an Act ſhould paſs to Suppreſs the preſent Money, and leave it uſeleſs: or to deprive any number of men of their Legal Inheritance. But further, The reſcinding this Law would be for the Nation to Rob it ſelf: for the Credit being Current in all payments would preſently diffuſe it ſelf through the whole Body of the people: and the Nobility and Gentry would always be well furniſhed with it, by Rent from their Tennants: beſides the very great loſs they would ſuſtain by being deprived of their ſhares in the National Trade, which as ſounded upon the Credit, muſt immediatly ſink with it. When this is well conſidered, there can be no imagination ſo ſickly to entertain ſo wild and ſo impoſſible a Dream. And yet if the Parliament think fit (tho' I am ſure there can be no need) they may inſert a Clauſe, that in caſe ſuch Act ſhould be reſcinded, each Creditor and Debtor ſhall ſtand in the ſame terms and relation to each other, with regard to their Debts and Credits, and the Legal Obligations to Payment, and Remedies for Recovery, as at the time of making ſuch Act.

To the Fifth.

The advantage of this Propoſal is not ſo limited to the Landed Man, but that mediatly, or immediatly its influence and benefit muſt be extended through the whole Nation in general. and more or leſs to every individual. It is a miſtake to ſuppoſe that either Merchants or Moneyed men will be prejudiced. It is already ſhewed, how money'd men may ſufficiently find their Account. As to the Merchants; is it reaſonable for them to oppoſe the Flouriſhing of their Country, by a large and National Trade; in favour of their preſent little Dealings, that deſerve not the name of Commerce? It ought to ſuffice the Merchants, that not one of them ſhall be excluded from driving whatever Trade he thinks fit. And ſuch of them as have Land or money, may come in and be actual Sharers: and ſuch others, whoſe ſkill and fitneſs ſhall recommend them, will no doubt be employed as the Managers of this National Trade; where they may gain without hazard: For the Nobility and Gentry, whoſe Education fits them more for State and Military Employments, than for Commerce, will unqueſtionably call in the Aſſiſtance of the Skilful Merchants. If 1000 Forreign Merchants, with each 10000 lib. Stock, ſhould Petition the Parliament for leave to reſide in this Kingdom, and to follow Merchandize here; is it probable the Government would deny to receive them, becauſe the Merchants of little ſtocks ſhould oppoſe it? The publick Intereſt is firſt to be ſought; and no little ends are to be brought in Competition with the proſperity of a Nation.

To the Sixth.

It is not true that this Propoſal was ever Rejected by the Engliſh Parliament. But if it had; it is not the firſt time the Engliſh have miſtaken their Intereſt. They mi •• to be Maſters of the Weſt-Indies, by neglecting the Propoſer. A wiſe Nation Acts by its own Reaſon; and does not implicitly take Rules from others. The Wiſdom of this Nation is, or ought to be the beſt Judge of its own Wants, and whether this propoſal be a proper Cure. I think it a Soleciſm, to ſay, the Propoſal ſeems better Calcutate for the great Wealth & Subſtance of England, than for the preſent Condition of this Nation. The contrary is true: For the whole have leſs need of the Phyſician.

To the Seventh.

The Increaſe of the Medium of Trade, will not ſo raiſe the Price of Commodites, as this Objection fears. For as money multiplies, ſo do the Uſes and Occaſins for it, and Arts and Manufactures in proportion. No wiſe man throws away his money, or pays too dear, becauſe he is rich. And the poor, who ſubſiſt by their Labour, muſt endanger to ſtarve themſelves and Families, if they ſtand ſtiff upon extravagant prices. Beſides, they cannot all combine to do ſo; and want will ſoon Reduce the Obſtinate. But the inſtance of the Dutch is as good as a thouſand Arguments. They are vaſtly Rich, both in Coyn and current Credit; yet neither Scotland nor Ireland) though bare enough of Money) can produce their Manufactures cheaper than the Dutch.

To the Eighth.

The Security to the Nation, that no Tallies can be iſſued, but what are firſt ſecured by Land, ariſes from the Care and Inſpection of the Truſtees appointed by Parliament; and from the Order and method of management; and the Checks upon each officer, ſo contrived; as to make it impoſſible for a ſingle Tally to be Coined, that is not firſt duly Secured by Land. And the like exactneſs will be uſed in the yearly receiving back the Tallies, and cancelling of them as they come in.