[Page] [Page] WEALTH DISCOVERED: Or, An Essay upon a late EXPEDIENT For taking away all IMPOSITIONS, AND Raising a REVENUE without TAXES.

Published, and presented to his most Excellent Majesty, King Charles the II.

By F. C. a Lover of his Countrey.

Whereunto is added his Majesties Gracious Order.

LONDON, Printed by E. C. for A. Seile over against St. Dunstans Church in Fleet-street, 1661.

TO THE KING'S Most Excellent Majesty.

Most Gracious and Royal Soveraign,

IF so ill-promising an Author (upon so fair a tender of freenesse to serve his Countrey gratis) may gain credit, Great Sir, accept this as a discovery of Richer Mines then any the King of Spain is Owner of; and for wealth not much inferior to what Solo­mon possessed in all his Glory.

Royal Sir, I humbly take leave to put you in minde of the great encrease of Wealth and Honour which King Henry the Seventh lost (or mist) by distrusting and refusing the offer of Christopher Columbus: And of this your Majesty may (as King Henry the Seventh could not) make an ex­periment without expending Blood or Treasure: Therefore, out of Duty to your Majesty, and Love to my Native Countrey, (your impoverished Kingdom) I most humbly pray, that it may have your favourable recom­mendation to the Councel of Trade, which is most proper to gain it repu­tation; since your Royal bounty, and Fatherly kindnesse to your People, hath so naturalized their affections to your Person, and their obedience to your Precepts, (as it is their Duty;) that I hope they will unanimously pray, that God Almighty will make your Reign to be long and victerious here, and your new Crown of Gold to become an Everlasting Crown of Glory hereafter; which is the hearty Prayer of

Your Majesties most faithfull Subject and Servant, Fran. Cradocke.

RIght trusty and right well beloved, and trusty and well beloved, We greet you well. Being given to understand that Fran. Cradocke Esq hath written a fuller Explanation upon his Expedient late published, for Raising a great Yearly Revenue by the Ease of the People; We do out of our desire to promote so acceptable an undertaking (in case it may be effected) specially recom­mend it to your speedy consideration, and if upon de­bate you finde the same practicable in England, then to consult how it may be done with most accommodation of Trade, and ease of the People, and report to Us ac­cordingly: And Our Royal will and pleasure further is to order, and We do hereby order and appoint, That the said Francis Cradock, William Godolphin, Geo. March, Samuel Hartlib, and Henry Ford, Esquires, Sir Peter Leare, and Sir William Petty, be added to Our Councel of Trade, as amply as if they had been by Us at first constituted. Given at Our Court at White-hall, the 12th day of April, in the Thirteenth year of Our Reign.

To Our Right Trusty and Right well beloved, and to Our trusty and well beloved, Our Councel of Trade.
By his MAJESTIES command. Will. Morice.

To his Excellency, GEORGE, Duke of Albemarle, Earl of Torrington, Baron Monck of Potheridge, Beauchamp and Teyes; Captain Generall of all his Majesties Forces by Land, Lord Lievtenant of Ireland, and of the County of Devon, Master of the Horse, and Gentleman of the Bed-chamber to his Majesty, one of his Majesties most Honourable Privy Councel, Knight of the most Noble Order of the Garter, and the (never to be forgotten) most renowned and happy Restorer of a most Gracious King, and his Kingdoms to their Rights and Liberties.

May it please your Grace,

IT's observed, that the best Physicions having cured and cleans [...]d the body from all foul humours, do prescribe their Patient some wholsom diet or admo­nition for prev [...]nting future Maladies; which directs me to the consideration of England, a monstrous body without it's Head (late your Patient) and so full of grosse Distempers, that all the advice and help of Europe proved fruitlesse in order to its recovery, untill by Divine Providence your Grace alone become the most Excellent Physician, that without violating her Body, or bl [...]eding the least Member, [...]ath cured her, to the admiration of the World, and your perpetual honour.

Most N [...]ble Sir, I may not ask what wholsom Diet or Admonition you have prescri­bed to prevent the like evills, knowing it's filter for me to hear the Proclamation then to peep in at the key hole of your Councel-chamber: Yet if this which I humbly and freely offer (in the behalf of my Countrey) may receive the honour of your N [...]ble Count [...]nance, and (as you finde it to deserve) your furtherance at the Councel of Trade, (whither the Kings Majesty is graciously pleased to recommend it) I have an assured [...]fidence, it will prove a means to raise two Millions yearly, by the ease of the people; which (if well employed) can prove no prejudice to the future well-being, health, and fl [...]urishing estate of England.

My Lord, that this so great a Revenue may be yearly raised, and the people eased, is truth, and I again affirm it; not out of design to prejudice or please others, or to gain the favour of any to my self, but only to enduce some to believe, and encourage all to promote, so great a Benefit, that concerns both the King and his good Subjects in general; whose Interest I ever prized before my own preservation, as your Grace is my witnesse, that knew my integrity before you had made known your intentions of giving this opportunity to pray in publique (as I hope all will) for his Majesty, and your Grace to live to see his long and happy Reign over us. I am

Your Excellencies most humble Servant, Fran. Cradock.


Courteous READER,

THE Heads I have laid down in this Book to be considered, are such as though very usefull in order to the Temporal good both of King and Subjects, to be believed; yet are least laboured in by any to be understood: and therefore the more subject both to question and doubting, especially with men of the sharpest wits, the most publick spirits, and of the richest endowments, whom Natu [...]e hath prepared for the search of highest matters of publique Concernment; from whose penetrating, fiery wits, will most probably arise such a confident kinde of framing Objections, to themselves appearing so unanswerable, that my hopes of seeing so advantagious a design reduced into practice, are only supported by the delight I have taken in giving many Gentle­men and others (so qualified) such satisfaction in their greatest Objecti­ons, that they are now become favourers of the Proposal; and by finding many not only of my Judgement, but some ambitious to share in the Project.

I could have wished that some excellent Master Work-man, more plentifully abounding both in leisure and Learning, would have taken this task upon him, whereby the many and great advantages to all, so far exceeding the prejudice to any, by the erecting such Banks as were propounded in my last, might have had a better Illustration, assuring you, it's the publique Interest, not private ends or ambition to be esteemed an Author of this Expedient, that have prompted me to a se­cond Essay; the subject whereof I know to be of such importance both to his Sacred Majesty and faithfull Subjects, that I could be content to be esteemed any thing so the design might take effect, in order to so publique ends.

I confesse, some have written before of Banks, and under that title endeavoured to promote it in publique; but it was of Banks of another [Page] nature: And though others, for want of better information, fancy this in effect the same matter: I answer such, That no man yet ever wrote of Banks in this manner, desiring whomsoever pretends I have done him Prejudice, to do himself right in Print; which will be answered, and the Controversie be decided like that of Solomon between the two Harlots: For such reports tend more to destroy then advance or fur­ther the Proposal; and I may truely take up that Excuse for all inci­dent Errors which Lucreti [...] doth even in this very case, that

Avia Pieridum peragro loca, nullius ante
Trita solo—

I confesse, the Books which I have seen written upon the subject of Banks, (for I go not beyond the compass of mine own Library) are Malynes in his Lex M [...]r [...]atorin, Lewis Roberts in his Mappe of Commerce, Henry Robertson in his Book entituled, Trades Encrease [...] England's Safety: and Samuel Lamb, in his Book styled, Seasonable Observations: In all which I finde nothing more then an Encouragement for us in England, to imitate others in Forain parts, or a Declaration of what is now practised in Holland, Genoway, Florence, &c. and that also by Banks of Money, which neither there take away the Peoples burthens, nor aug­ment the publick Revenue: But the task I have now undertaken, is to prove and shew how Banks may be here erected without Money, that shall answer all the ends of Banks of Money established abroad: How all men wanting Money may be supplyed at a low Interest, to their satisfaction (yet not with Money;) How the Stock of the Kingdom may be encreased to five times more then ever this Nation was owner of in Coyn (of as true an intrinsique value as Gold and Silver,) with an encrease both of Forain and Inland Trade accordingly also without Money; and how a very great yearly Revenue, exceeding any the for­mer Kings of England, may be thereby raised in Money: And all to be done by the ease of, and accommodation to, the people. But as I must not make the dore wider then the room, neither may I be larger in promising, least I incurre the censure of some Ʋtopian Student; so may I not omit the remembrance of Mr. William Potter, whose name I finde written in a Book published by the ingenuous Author Samuel Hartlib Esq entituled his Legacy of Husbandry, wherein are some hints of a Land-bank, or an improvement of Lands, never thought on in former Ages, contained in a Manuscript written by the said Mr. Potter. Which although I have not perused, yet by discourse had with the Gentleman, I cannot but render him an Ingenuous person, and of a [Page] publique spirit: I wish there were more such that would labour to promote so profitable a design, or that would but spare time to read what is here written, wherein I presume many will receive so good satisfaction, as that they will become furtherers of it in what they may.

My request to all is, that none will pre-judge of it before the reading; and that those who begin to read part, will end the whole: which is not long considering the subject; and if not thereby satis­fied, the Author will be ready at all times, more fully to explain it for the understanding of such as desire it, or make amends in reading twice as much of theirs to as little purpose.

By a Well-wisher of his Countreyes good, Fran. Cradocke.

Wealth Discovered.

SUch is the unhappiness of our Age, that most men delight more in the enjoying what they have, then industriously to seek for what they want or have not; and it's seldom seen of the few Ingenious persons, who (out of love to their Neighbours or Native Countrey) expend the greatest part and prime of their years in study to contrive the publique good, that such endeavours are held acceptable, further then to be scan'd for information, to shew us, how far our particular may stand concerned, or rather how we may apply it so as to reap a singular benefit without admitting others to share therein.

By which means, and for want of some better incouragement by pub­lick Authority, I presume many the ingenious Inventions of persons small in power, and of weak Interest, have been either stifled in their birth, or laid asleep, to be awakened again some years after, when per­haps they come presented to the World by an ambitious Stepfather, so metamorphosed, to make the people believe it's of his own begetting, that wanting all naturall helps they thrive not at all, or at least so little to purpose, that they bring a scandal and reproach to others of worth and desert, insomuch that the name of Projector is with us esteemed and given in derision; when the Ancients attributed the most Divine Ho­nours to the Authors of Noble Inventions, and gave only the Honour or Title of Heroes to the founders of Cities, Law-makers, or the Delive­rers of their Countrey from Tyranny, and the like: Which they did upon this just ground, for that the benefits of new Inventions may ex­tend to all mankinde universal, but the good of Civil Atchievements can respect but some particulars; and of the many profitable and rare Inventions found out for the help and accommodation of mankinde throughout the World, how few can England (especially of late years) boast of, or claim a share in as Authors, to her great dishonour a­broad, and small incouragement of Ingenuity at home.

Besides, let us but consider the vertue, efficacy and consequences of three Mechanical Inventions but late found out, (and that were un­known [Page 2] to the Antients) to wit, the Art of Printing, Gunpowder, and the Mariners Needle, which have so changed the estate and condition of almost all things in the universal world; the first in the matter of Learning, the second in Warre, and the last in Navigation, that even the very manners of men, and all other affairs of Kingdoms, Countreys and qualities what­soever, are become the better governed, instructed, enriched, supported, and accommodated by those Inventions: and why may there not be (as without peradventure there are) as worthy secrets yet undiscovered, or at least not yet reduced into practice?

I speak not this in favour of Innovations or Inventions, whereby to invite others into more then a reasonable esteem of them; neither would I have any to speak in a condemning or deriding way of such which perhaps may seem altogether impossible to them (as being not suited to their apprehensions) yet to the judgements of others may at first sight (or at least upon mature consideration) appear most practicable and easie. For we know that speaking and writing have their several graces, and things livened by the expression of the Speaker, oft-times take well, which afterwards upon mature review seem either superfluous or flat: I shall therefore prosecute my purpose, intended for the advantage of Trade and ease of publique burthens, under the most distinct heads and deno­minations, for the more clear explanation of the parts thereof; in hopes that it may give it way with divers (such as my self) to whom many things of like nature, at the first reading hath seemed a mysterie (and so laid aside) to invite the more to the Patronage of so beneficial an In­vention.

1. Mankinde subsisting in a state of Property and not of Community, and no one man having property in all things needful for his use, it was necessary in case of borrowing or buying what another had, to introduce the use of some things, which by the common consent and esteem of men might pass as currant in Law, either in pledge or purchase of other things, and be held and taken as a valuable consideration.

This Prerogative of denomination or setting an Extrinsique value or soveraign stamp, hath at all times been given or allowed the King or supream power, and in process of time the things introduced to be cur­rent, have been divers and various: As in the Kingdom of Tombu [...]a in Africa, Shells; in Massa Iron, in Molina Glass Beads; in Bengala a fruit resembling the Almond for small payments, and the Sculls of their slain Enemies for great, in Aethiopia Stones of Salt, in Guinney Shells, in Pegue Leather, in New Spain Cacao, in Peru Coco, in New Spain at another time Cacao and Silver, and Copper and Silver in Old Spain, and in the same places we read of Pepper and Parchment at some times made current, to [Page 3] answer exchange, as in a siege, or the like, for want of sufficient of the aforesaid Money, yet by all these several and invaluable sorts of Coyn, each person held his due Propriety, and trade stood there governed under a good Decorum: for their manner was, (and in many places is to this day) that any man might have as much of that Coyn as he needed to live by, not exceeding the proportion of Goods which he is owner of; which makes either of those Coyns as valuable as the things themselves, or as the product thereof in Money, and is no other but a kinde of Bank, whereby the Owner is supplyed by imaginary Money; the which who­soever takes is excused by the Pledge, and so the next and the next, in infinitum, and no man hurt, or at any inconvenience for want of Money, for this is current, as well because of the Soveraigns Law, and value of the Deposite; as if he had Money, he could do no more with it then with this, for he could not eat Money, nor can he eat this, Money was but currant, and so is this.

So that you see those Coyns or stamps of Soveraignty were originally ordained for no other end then to serve, as now they doe, for a com­mon measure of all things: And time that great Grandfather of Inven­tion, having found by experience, that amongst the diversity of Metalls none was more excellent then Gold and Silver; the Governours in for­mer Ages, thought fit to make them the most general Medium of Ex­change in Commerce, and many (as well for private as publique ends) have reduced them into a certain weight, impression, denomination or proportion in being current, as by experience we finde throughout Europe, and many other parts of the world.

Yet are none of these reductions absolutely necessary, so as the value be ascertained. The Gold in Cbina is not current by impression or de­nomination, or in solid bodies, but kept in Powder; when they pass it away, it is by a double tryal of measure and weight: There is no powder of such a weight, as an ounce will goe into that little measure which Gold will, so if measure and weight agree it's current.

The payments of the Antients were by the weight of tryed Silver, and it was attested as at Goldsmiths-hall, and not by denomination or stamp of certain value, as we finde in Gen. the 23. Abraham bought a buriall place, for which he weighed 400 Shekels of Silver current amongst Mer­chants, which custom to this day remains in many places of the East Indies, as in Maccau, &c. where neither the Inhabitants are held to be disingenuous, nor can the manner of giving a Soveraign stamp or impression to Gold and Silver be esteemed a mysterie amongst them, when (from us and other Nations) they daily receive Coyned Gold and Silver by weight, and being melted into wedges or pieces fit for that purpose, will pay it again in [Page 4] like manner, concluding it's the easier and safer way both to pay and receive in that kinde (as I conceive it may) where all men goe furnished (as there they doe) with fit Instruments for that purpose.

So it is not the manner or figure, solidity or dust of metalls, that ne­cessarily make it current, but the certainty and security of value by which it may be current from one to another, which I hope is sufficiently proved. I shall therefore in the second place shew how payments are and may be made upon the Credit of Money, as well as by Money in specie: Thirdly, that Goods, Jewels and other Pledges, may supply such credit of Money: Fourthly, that Land may be as good, if not better security then Money or Jewels; and then fifthly shew how such credit or security of Jewels, Goods and Lands may pass in payment from one Kingdom, Countrey, place or person, to another, and be esteemed of as good a value, and acceptable as Gold and Silver.

2. I presume it's known to most how usual a thing it is for a person indebted to make over a debt due to him for satisfaction of a third person, which being accepted, is oft-times transferred in like manner to a fourth, for a debt due by the first Assignee, and so on before any Money is either told or received; so that in a short time all are accommodated by trans­ferring the credit or ownership of the Money only; and three of the four persons excused from twice telling over, receiving and paying the same to and from each other: The consideration whereof together with the many fruitless Journeys usually made for Money where due, gave (as I conceive) the first light, and was the only inducement for the erecting Banks in Foraign parts; which though I confess was in it self sufficient, yet I can sum up a most incredible number of advantages and accommo­dations besides, of much greater importance, which is concluded fell in more by accident then design, (whereof I shall speak more hereafter) and the utility of transferring such Bills of Debt, having once introduced that novelty of Banks amongst the Florentine Merchants (which I finde to be the first founders) the Genoes, Venetian, and since Holland and the Low Countreys, have imitated their example, but none as yet taken on them to exceed their method, which for information to those not well ac­quainted in Trade, I shall give a short description of the nature of Banks in general.

A Bank is an incorporated number or Society of sufficient men of cre­dit and Estates, joyned together in a Stock as it were, for keeping several mens Cash in one Treasury, and making payment thereof by assignation, transferring the ownership of Money from one mans account to anothers, so as the propriety remains still intire to the right Owner, and will al­wayes be found on his account, untill transferred by his order to some [Page 5] some other persons: Insomuch that if a person wanting Money can but procure credit in Bank, he may make as good payment by transferring such credit without it, (as for Example) Suppose that all men dealing to­gether in London, should each of them deposite in the hands of one Casheer so much Money as they use to turn in their Trades; and the said Casheer by their appointments doth transferre the ownership thereof from one mans account to anothers, in his Book of their Accounts; it is all one ha­ving a trusty Casheer, as if he to whom it is turned over had it in specie, for there he hath it in credit, and may have it in specie when he will, as well as if he (or each of them) had a special Casheer in his house.

And in truth the Banks of the Low Countreys and Italy, are as it were the common Cash of the Cities or Countreys wherein they are: Thither are millions of Money brought and left in Bank, and being there once deposited, remain scores of years untoucht, only the Ownership thereof is transferred in manner as aforesaid from one mans account to anothers, (it may be ten times or oftner in twelve Moneths) by which divers Merchants and others have thousands in Bank whereof they never toucht nor saw a penny, esteeming such payment in Bank by assignation to be better then payment in specie by ten shillings in a hundred pounds, as preventing the trouble and loss of time in receiving, beside the hazard of clipt and counterfeit Money.

So that I hope there is no ingenuous Reader but will allow that pay­ments are and may be made upon the Credit of Money, as well as by Money in specie, by transferring the Ownership thereof either by Bill or in Bank, from one person to another, both which are of daily practice in the Low Countreys and other parts abroad, and found to be of great advantage in Trade, the first of Bills being much used in England, under the name of Bills of Exchange, though in as improper a method (for want of Lawes suitable to those in Holland) as the Shops of L [...]mbard-street (which are Banks in effect) may be esteemed, when compared with the richest and best governed Banks of other Nations: I shall proceed to my third Allegation, that Goods, Jewels and other Pledges may supply such Credit of Money, which is a great part of my first proposition for the erecting Banks without Money in England.

3. That as there are Banks of Money hoorded up in Nummis numeratis coyned and denominated Shillings, Half-crowns, Dollers, &c. (which I know will not be denyed) why then may there not upon the con­sideration of intrinsique value, be a Bank wherein not only Money coyned, but Wedges and Vessels of Gold or Silver approved for their fineness and goodness by an Assay M [...]ster, or by some such course as at Goldsmiths-hall: And these by the weight and fineness being received [Page 6] into Bank at a value, may lye there for so much, and be as good securi­ty for their value as Baggs of Dollers; and give as current credit when occasion shall be, to answer so much Money in specie.

Of this we see daily practice in Holland by their Store-houses there called Lumbers, whither if any person bring either Barres of Silver, Jewels, Plate or other Goods not soon perishable, the Owner of such Pledge shall have a Bill obliging the Master or Keeper of such Store-house or Lumber (who are men of credit) to pay at a day some time after so much Money as the Goods, Plate or Jewels doth lye deposited for; which Bills are esteemed so good payment, that such person may buy any other Goods to that value, assigning over the said Bill for satisfaction; and likewise the first Assignee may pass the same in like manner to a second, and that second to a third, and so one peradven­ture to a sixth or eighth person, before the Bill become payable; so that hereby upon the bare credit of him that keeps the Lumber, all those several persons are paid to their satisfaction, the Lumber secured by the Goods deposited, and the Owner thereof accommodated at a reasonable Interest, untill he can either sell or redeem his Goods; which if he had first sold at a price current, might perhaps have yielded him the less by twenty or thirty in the hundred.

So then considering the foundation and use of Banks, is credit and security between such as are therein concerned, I humbly submit whe­ther such security or credit in Bank may not as well be by Bullion, by Jewels of known and approved truth and value; by rich Pictures or Hangings deposited, some of which have been esteemed at a thousand pound a Jewel, Picture or suit of Hangings; but this being already re­duced into practice in foraign parts, upon so reasonable grounds, I conceive it useless to enlarge further on proof that it may be made practicable in England, since the same in effect is done by several Brokers already. And if this be reason, that the Banks may have security and give credit upon such other things as well as Money; why not upon other Merchandize that is not periturum or wasting as it lies, but of a firm and enduring value, such as are Linnings, old and new Draperies, Silks, Iron, Sugars, and divers other Commodities? Or why not upon Wines, Tobaccoes, Fruits, and the like, for some small time, to be either redeemed or sold upon a day certain, before the same may become either decayed, rotten or perished.

It is observable, that Tradesmen and Merchants, who have great store of Goods lying by them, but no Moneys, are fain sometimes to sit still three, four or six Moneths, till such a season, Fair or Voyage, and cannot trade the while, for want of some ready Money or perhaps [Page 7] credit; but if by depositing of their Goods in Bank, they may there have credit as others have for Dollars, Plate or Jewels, they may pre­sently be dealing again, and a much vaster Trade be driven then now there is by most particular persons, which will comprehend the general good of Trade: This admitted, (which upon consideration of what has been already laid down, I presume no ingenuous person will deny) makes way to the main proposition, That Lands may be as good, if not better security then Money or Jewels.

4. To my purpose in hand, I conceive it requisite to look into some inconveniences which the latter Ages have found in those metalls of Gold and Silver, which are, First, that there hath not been (at least not yet) a sufficient quantity of either of them to supply all Nations towards that encrease of Trade which a greater Stock would do, and is most necessary in order thereunto; it being an undenyable truth, that the more there is of Money in a Nation, the greater is their Trade, and the quicker are all returns made upon Commodities, or what else Money is ordinarily employed in.

A second inconvenience is, that such Kingdoms or Countreys whose Mines of either Gold or Silver are but inconsiderable (if any at all) must (for the obtaining a thing so necessary to the upholding of ordinary Commerce) part with their best Staple Commodities oft-times to great disadvantage, to purchase what they want from that great Merchant of Gold and Silver, the King of Spain; whereas could there be means used at home to supply it otherwise without paying for, being lyable or be­holding to any other Prince, it would not only render this Kingdom so much richer in general, but prove advantagious to all particular Interests whatsoever.

The third Inconvenience, found more particularly in Silver, (the most common mettal of the two) is the same as I have already laid down, as being dangerous to be kept in a private Cash, continual carry­ing it from one place to another both dangerous and troublesome, be­sides the time spent in counting it, and hazard of receiving clipt and bad Money, are not the least prejudices to Trade in a Kingdom, from which with other causes of inconvenience, (as I have already spoken of) arose that most admirable invention of a Bank, which (amongst Merchants) hath approved it self to be of excellent use for the dispatch of business in payments: But the inconveniences not yet remedied thereby are,

First, that nothing of value besides Money hath been yet introduced for a Medium in Commerce; the necessary requisite to a Bank being in all parts Money, without or beyond which a Bank can neither be raised or extended; since the having more credit current in Bank then [Page 8] there is Money to answer it, is no other then a publique Cheat, and to be accounted so much worse then in any private person, in that Rulers have (by their Office) a more immediate Image of God, and are (in some places of Scripture) honoured with that name; And shall not the Judge of all the Earth, or of all Nations, doe right?

Secondly, that Money deposited in any known place, proves not only a temptation to the Sword, but (if once surprized) becomes a certain loss to all the Owners, which is (as I conceive) the reason so few Banks are erected under Monarchies; most men in these latter Ages being not only afraid to trust each other, but too many doubtfull of relying upon the Faith and Honour of their Prince or Soveraign, the consideration whereof (I confess) put me upon the study of contriving some Engine to take off that Remora, and to frame such a method for Banks in Eng­land, as will wholly obviate that great objection.

Thirdly, Banks have been (hitherto) applyed to the dispatch of busi­ness of payments amongst Merchants only, and not (ordinarily) to the concernments of the rest of the people of the Nation where the Bank is kept or erected.

Having now hinted at the inconveniences of these Metals (Gold and Silver) in which this Medium of Commerce or universall Credit hath formerly been placed, together with the imperfection of Banks, which (though an excellent Invention) by reason of their being grounded upon Money only, are but a lame and short remedy to the inconveniences aforesaid; I shall now offer to your consideration, that such defects may be supplyed in this Kingdom by a Land Bank, or Bank wherein the security of Lands may pass and be held of equal value or credit with any other species whatsoever (as in truth it is) and when reduced into practice, will be found to answer all those ends for which Money was first ordained.

The Lands of England, I presume, may be estimated at neer twenty times the value of all the Sterling Money remaining in the Kingdom: For it's conceived upon the debate of some ingenious men, that of the twenty two Millions Coyned in and since the Reign of King Edward the sixth, scarce the Moyety is left in the Nation, the other being either exported, hoorded up or melted down; so that this small Stock would receive a very great addition, if but the value of a Tenth part of all the real Estates in England were employed in Trade, which by the raising of Bank-credit upon Lands may be multiplyed to the Moyetie; two thirds or three fourths (if not more) of all the Lands of the Nation, and the Lands remain notwithstanding in the possession of the same Proprietor unaltered; whereby that great defect of the generall want of Stock, will [Page 9] not only be supplyed, but such an honest Usurer (I mean the Bank) will be likewise found willing at all times to lend Money upon reasonable security at three per cent. for supplying all mens occasions though dea­ling or owing ten times more then at present.

The second and third inconveniences of purchasing Gold and Silver to our disadvantage from others, and the danger, trouble and loss by keeping, paying and receiving Money in specie, will be prevented, the one by a sufficient supply of Credit instead of Money, the other by making payments by assignation without Money; which by consequence doth likewise answer the three other inconveniences not yet rectified by Banks upon a Money foundation: But the whole yet depending upon this Issue, Whether Lands may be made as good security as Money, Plate or Jewels, which I affirm it may, as at present it is in such Countreys and places wherein every mans reall Estate and claim in Land is registred, and where it is impossible underhand to incumber an Estate; for there an Estate in Land is as sure and certain a security and pledge as Plate or any other Goods of a mans own mark or making: I shall only instance Tuscany (where the Prince is so absolute, yet his Ministers so punctual in payment, and other dealings for their Princes peculiar service, as no Merchant can be more) there all Lands being registred in an Office for that purpose, the true Title thereof is seen in an instant, so that no Land may be there subject to any Incumbrance, but such as may appear with the Register of each precinct: (much like our Copy hold Land in England, which cannot be incumbred but by surrender, which must ap­pear upon the Court Roll, unless it be by Lease, which a Copy-holder hath license to let, and in such case the Lessee is obliged to enter his Lease) and if any man there desires to have credit in Bank upon his Land, he shall be as soon as any admitted, paying Five per cent. the accustomed Interest there current: And as his Majesty in England, so the Bank there to be first satisfied in case of Bankrupt; so that in this way the Duke of Tuscany obtains a great yearly Revenue, and in truth his Banks are governed the neerest to the way or method I here intend, of any Banks in Europe, or the whole World: The only reason (as I conceive) that they have not there taken upon them to regulate their method, and bring the whole profit of their Banks into the Dukes peculiar Treasury, being obstructed by the infinite great sums of Money left by particular persons intayled upon their Posterity, which by a Law made upon the first erecting the Florentine Banks is never to be removed or alienated, and by report is not there in Bank to be returned in specie, if it were to be had out upon demand: But the interest of Five in the hundred being duely paid, the principal may not be questioned. From [Page 10] hence I cannot but observe that great advantage which England might have above other Nations, if but sensible of it; for such a Bank of Credit being here once erected, it will bring in the same advantage to his Majesty as both the Duke of Florence, the Dutch and others have to themselves, and all those whose Estates depend upon or in the Banks, to whom the said Duke and States of Holland pay great yearly sums for Interest, which his Majesty of England will be freed from, and receive the whole profits de claro, when for the reasons aforesaid (with others to be given) neither Dutch, Florentine, Genoes, or other Bankers whatso­ever can either imitate or follow the Example here intended.

Now having shewed you, that payments are and may be made upon the credit of Money as well as by Money in specie; that Goods, Jewels, and other Pledges may supply that Credit, since it serves for no other purpose but as a pawn or ground of security for making good the Credit that runs current instead thereof; there is no doubt to be made, but that Lands being morgaged to a Bank, would serve as well and better for such a pawn which cannot be removed, or made away by force or fraud, as sums of Money lying long in one place may, neither is it a temptation to an Enemy as Banks of Money are: There only remains to shew, how such credit or security of Jewels, Goods and Lands may pass in payment from one Kingdom, Countrey, place or person to another, and be esteemed of as good a value, and acceptable as Gold and Silver.

5. This will be best effected by Banks; which as they are in themselves are nothing else in effect but places where men pawn or deposite their Moneys for obtaining current Credit, as that which they may keep with less danger, and assign to another with less trouble: But previous to the practice thereof in England, these things are necessary.

1. That the Kingdom be divided into a hundred Divisions, or some such like number, and in the middest of each Precinct a convenient place be erected for a standing and constant Bank or Registry.

2. That by Law all Estates in Lands, Houses or Rents, either for Lease of years, Lives, or in Fee, be injoyned to be registred at the Bank of each Precinct, as also all Claims or other interest pretended to such Estates, with all Morgages, Purchases or Bequests at any time to be made on such Estates in like manner, by all Persons resident in England, within six Moneths from a day certain; by such as are out of England, and by this side the Aequinoctial Line, in twelve Moneths, and those be­yond the Line in two years, upon penalty of being barred his claim, interest or title to so much of it as shall be disposed after the expiration of the several times limited, without other remedy then against the [Page 11] person that sold, disposed or morgaged the same.

3. That Proclamation be made thereof in all Cities and Towns Cor­porate, and read in all Parish Churches throughout England and Wales: And that care may be taken to send such Proclamations to all Gover­nors of Plantations abroad, Ambassadours in foraign Kingdoms, and Consuls or other publique Ministers, intrusted by any Society or Corpo­ration in parts beyond the Seas.

4. That the Justices of Peace within each Precinct be ordered to send for the names of twelve of the most able honest men in each Parish, unto whom at the end of six Moneths, an exact Duplicate or Copy of such Entries distinctly, as they belong to each Mannor, Town, Parish or Tithing within each Precinct should be sent respectively, with instructi­ons to inquire into the truth thereof, and whether any the Lands, Rents or Estates be over-valued therein, and how much per Ann. and whether they know or believe that any Orphan, Feme Covert, persons Lunatick or beyond the Seas, have any right or title of claim to any the said Lands, Rents or Estates, whose claim, title or interest is not therein mentioned.

5. That at the end of nine Moneths, a person be sent commissionated from each Bank, with Interrogatories to the end aforesaid, and having sworn and examined the said Jury thereupon, (or such other persons as the said Jury shall direct, for the better clearing any doubt either in the title or value of such Lands or Estates) return thereof may be made ac­cordingly by the persons employed, who might also have power and Instructions given him, to leave three of the properest Persons in every Parish in Commission, whereof two upon the death of one to choose a third, with whom the Bank upon occasion may at all times correspond, for satisfaction of any doubt which perhaps might aftetwards arise.

6. That a method be agreed upon and used alike in all the Banks, for the most exact way and manner of keeping a Register of all Estates, Titles, Conveyances, Incumbrances and Bequests, so as no Deed or Conveyance may be entred at large, and yet all things appear plain and easie to be found or seen: For I am humbly of opinion, that the true meaning of any Conveyance may be best taken in fewer words then the Deed it self, as for Example: Suppose A. purchase an Estate of B. to himself and the Heirs of his body for ever, and for want of such Heirs, then the one moyety of such Estate to go to some charitable use, as building an Almes-house in the Parish of C. for so many poor people, and the other moyety to D. and the Heirs male of his body lawfully to be begotten, and for want of such Heirs then for 99 years to such Daughters as D. shall leave at his decease, in Coheirship with the re­mainder [Page 12] in-tail to the first Heir Male lawfully to be begotten upon any the Coheirs or Daughters of D. and for want of Issue of D. then to E. and his Heirs in like manner; and for any Covenant made between the Devisor and Devisee, it may be also abbreviate (yet so as the true intent may be set forth) that a Deed or Device of two Skins of Parch­ment, may in effect or substance be entred at the Registry in less then half a sheet of Paper.

7. That at the end of twelve Moneths (for I presume by that time the Registers will be so compleated) that all Incumbrances will appear, or such cautions in reference to dorment Titles of Infants, persons Lu­natick or beyond the Line (all others being equitably barred) that the Bank may safely adventure to give credit upon any clear Estate to a half part of the value (or for more to such reputed, known, honest or able men) as shall enter their Estates as a foundation of Credit in Bank, for some less value then the Land it self, and such writing the same in Bank may be made in Law an implyed Recognizance, that the Lands are free of Incumbrance, and of such value as they are entred for.

8. That two years time be allowed for all persons to determine all Controversies upon any Claim or Title pretended in Law to any Estate, (provided the same appear entred upon the Register, and the Suit be commenced within six Moneths after such Claim, Title or Incumbrance be first entred) and that three years in like manner be allowed for ending all Causes depending in Chancery, but no longer; unless the Lord Chancellour or other Judges of the Kings Bench, Common Pleas, &c. shall think fit to continue the same, and certifie so much to the Bank under whose Precinct the Estate in controversie lieth; and that in such Cases of a longer continuance, security may be given the Defen­dant (to be approved in Court) for the making good of dammages to be sustained by him in case of a Non-suite, Plea, Bill or Demurrer, be either over-ruled or dismissed; or other deletory or vexatious proceed­ings, proved to be acted by the Plaintiff.

9. That any person whomsoever having obtained Credit in Bank (by entring his Lands or other Estate there, or by depositing any Goods, or valuable Pledge whatsoever) that such Bank credit may by Law be made as undeniably current in payment for any debt, goods or value, as so much current Coyn either in Gold or Silver (as in truth it is) and that the condition upon the reception of any morgage of Lands, Estates, or other Pledge, be to pay the Interest for so much credit in Bank, after the rate of three pounds per cent. in Money the Principal for all Chattells and Leases determinable, in three moneths after summons (in Bank Credit) and for all Lands, Plate or Jewels, within six moneths from [Page 13] the day that Bank Credit shall (any way) fail to be current, and in default of such payment the Lands, Goods and Pledges to be forfeited without redemption, and to be sold and paid the person who is in truth Owner of the Credit (which will be easily found, though of many years standing) or otherwise to be divided among the Owners of the Credit in Bank.

10. That no person be admitted to take Credit in Bank for any sum less then Twenty pounds, or for less time then one Moneth (to be ac­counted, though not so much) nor shall any payment by assignation be made for any sum under ten pounds, unless it be to even or ballance Accompts; in which case it may be allowable either for the Bank to pay or receive any sum not exceeding Ten pounds, to be done upon demand either of the Banker, or other person whatsoever that desires to ballance their Accounts in Bank.

11. That for the encouragement of Trade, such as have Bank Credit in one place, and are desirous to have it in another (for their accom­modation) may have it remitted, paying after the rate of 10 s. for 100 l. to the Bank; and also that where there happens yearly to be a standing great Mart or Fair, (like that of Sturbridge or Way hill) the Bank of that Division may be removed thither during the Fair time; which will be easily done, since nothing is required but the Books of Debitor and Creditor; so that whosoever shall have occasion to buy Goods there, need only to get his Bill of Credit allowed at the Bank, which may the next day pass for payment, and much trouble and danger of being robbed &c. to such as live remote, be prevented.

12. That no man shall personate another to obtain Credit in Bank, nor counterfeit any Bill or Seal of Office, upon pain of death.

13. That where any Estate (being morgaged to the Bank) shall be found to belong to an Infant, person Lunatick, or that was beyond Sea, the Morgagee shall be lyable to imprisonment without Bayl or Main­prise, and his whole Estate to Sequestration, untill the Credit be dis­charged, and if found to be done knowingly, or the person to depart the Countrey, then to be guilty of death whensoever taken.

And lastly, That this Bank may be established by Law, and his Royal Majesty invested with the Government thereof, which he may please to referre to Commissioners, and such Commissioners substitute proper and sufficient Deputies to manage and govern each Bank, whereof the prin­cipal will be in London; and for the rest, wheresoever seated, it will be proper, that the Post-stages be directed thither, for their better cor­responding with each other: For the foundation of these Banks being Credit, and such Credit transferrable without danger, may be remitted [Page 14] from York to London, and from London to Bristoll, or any other places of like distance in six dayes, which will not prove the least advantage in Trade, especially when all Estates are free from Incumbrances, which will be upon the determination of Suits depending for all matters before in controversie (for I presume there would be lesse cause of Law hereafter, if all obscure Pocket conveyances were discountenanced) which I hope will not be rendred a prejudice to the Kingdome: And if it shall happen that any person Lunatick, or Infant, (the only obstruction that Banks cannot take infallible security) shall afterwards lay claims to any Estate in Morgage to the Bank, and thereupon appeal to his Majesty in equity for relief, (which indeed were hard measure, less Charity, and not like his Royal bounty to deny) especially being to such who of all persons living must be esteemed most friendless (that shall not in that case have some to inspect or discover their Interest or claim before the time limited for entring thereof be expired) that then in such case (if the person that took up the Credit in Bank upon the Estate be insolvent) satisfaction may be made out of the profits of the Bank (which in its proper place I shall shew) will be so considerable, that an inconvenience much greater then this will no more disparage the design, then the giving of six pence in Charity will impoverish the Estate of a rich man.

This duly considered, I hope it will be granted, that a Bank may be formed, wherein real security by Land may be a foundation of Credit in Bank to the Owner, for some less value then the value of the Land, (as first for a moyety, and in three or four years when Incumbrances are determined for two third parts) and that such value may go as current payment in Bank (in manner as aforesaid) and be turned over from one Kingdom, Countrey, place or person to another, as well as if there were so much dead Money lying there.

Now that such credit is as good as Money will appear if it be obser­ved, that Money it self is nothing else but a kinde of security which men receive upon parting with their Commodities, as a ground of hope or assurance that they shall be repayed in some other Commodity; since no man would either sell or part with any for the best Money, but in hopes thereby to procure some other Commodity or Necessary.

True it is, that Coyn which hath no intrinsecal value (viz. Money of Brass, Copper, &c.) though whilest it runs current the Owner may obtain Commodity for it; yet when the use of it is prohibited (no man being engaged to make it good) he suffers loss; which if he had security in Lands of sufficient value would be prevented; whereby it ap­pears, that security answers to the intrinsique value of Coyn.

[Page 15] And that such Credit is as good as Money, is also evident upon this ground: That Money, if it were a better security then it is, yet it serveth only to supply the intervall of time between the selling of one Commodity and the buying of another: Now the best assurances in Land are a security sufficient for the supplying of that intervall: Espe­cially considering that mens Estates are generally either in Land or Commodities; and in Land (though more certain then Commodity) yet if absolutely purchased, there may be a loss by its decrease in value; But if accepted only as a Morgage, that hazard is prevented, and so becomes the most certain security on Earth, and therefore must needs be sufficient to supply the short interval between the selling of Land or Commodity and the buying thereof.

Upon this ground, that securiity is in effect the same thing with Mo­ney, it is that in divers places of the world it runs current instead of Moneys.

Thus Bills in Flanders obliging the Debtor to pay Money at a certain time, are accepted by those who esteem of the man as able and sufficient, whereby such Bills do usually pass from one hand to another, untill they become payable.

Thus in Venice, Legorn, and Amsterdam, the security (commonly called Credit) grounded upon the Depositions of Money in Bank, runs current; and though the Owners may have Money if they please, yet they choose rather to deal by Credit; whereby it appears, that it is neither unpossible, strange nor impracticable for security to be made to supply the place of Money, there being nothing in it but what is daily acted amongst men.

For first the raising of Credit upon the security of Land is no new thing: Witness Tuscany, where Lands being registred, are held to be the best and most infallible security in that Countrey; and at home in our own Countrey, as at Taunton Dean in Somersetshire, the Custom and Tenure of Lands there being the same in effect; for that no man can alien or purchase an Estate, but it must be entred and inrolled at an Office kept for that purpose within the Mannor: Nor can any person grant a Lease for any tearm but it must be there entred in like manner: And hence it comes that Lands of that Tenure are sold for two, three and sometimes four years Purchase more then others, though lying but in the next Parish; and I have heard that some Gentlemen have affir­med, that 100 l. a year there have proved of greater worth and accom­modation to them then 300 l. elsewhere, for that thereupon they have commanded Money at pleasure out of Bank (as I may so properly call it) for that many Usurers in those parts do send their Money thither, upon [Page 16] security of that Land, because an infallible pledge, and let it out at six per cent. rather then at eight elsewhere (when that was the Standard of Interest) and as I have been credibly informed, great sums have been there so taken in and let out again to others at the like advantage, which puts me in minde of Holland, who did the same thing by us not many years since.

Secondly, the making use of Credit in Bank instead of Money, and transferring of such Credit from one man to another in Books kept for that purpose is also practised in the Banks of Florence, Genoway, Venice, Legorn, Holland, and also in China under the great Mogull, then where (by report of some that have been admitted into his Countrey) there are not more famous Banks and better governed in the whole World: Now put those two together, and you have the whole of what I pro­mise in the Preface, To shew first how Banks may be here erected with­out Money, that shall answer all the ends of Banks of Money in foraign parts; whereunto I expect some will object,

1. That this Credit of Lands or other Pledges in Bank, though of as real a value as Gold and Silver, and perhaps may be at some times by some pesons esteemed as acceptable, yet by others, (or peradventure the same persons) at other times it may be disliked for divers reasons, as in the case where a man hath occasion to pay small sums, either for hire of Labourers, or to buy Necessaries for the back and belly, or for Pocket expences, which payments are not to be assigned in Bank, if lesse then Ten pounds, and for which in truth, a man cannot upon all occasions go to the Bank.

To this I answer, that the making payments by assignation current in Bank Credit will be found of so great advantage and ease to all Mer­chants and others of any considerable dealing, in curing all these evils following, (viz.)

  • 1. By avoiding the trouble in counting of Money.
  • 2. The danger of loss by receiving clipt and counterfeit Coyn.
  • 3. The many Journeys in vain made to receive debts.
  • 4. The innumerable Suites of Law about such debts.
  • 5. The imprisonment of mens persons for debt.
  • 6. Much trouble in keeping Accounts.
  • 7. Great loss by trusting those that fail.
  • 8. Cousenage in those who (concealing their Estates) compound with their Creditors.
  • 9. Under-selling the Market for procuring Money to pay debts.
  • 10. Hard bargains by taking up Ware upon trust.
  • 11. Disabling men from managing their Trades, and taking the [Page 17] advantage of the Market, their stock being in other mens hands.
  • 12. The transmitting their Estates without danger, in little time, from one place to another, for the accommodation of Trade.
  • 13. The furnishing such as want Money at three per cent. whereby many will support their Credits, and yet thrive by having Credit at so low Interest.
  • 14. The making English Merchants capable to Engrosse the Com­modities of another Countrey, and to with-hold it from others, as the Dutch do at present by the help of their Banks.
  • 15. The procuring English Merchants credit in Forain parts, or in Forain Banks, to buy any Commodity there without Money as well or better then with Money, and upon as good tearms as the Hollander or any others.

All these benefits and advantages are so plain to be understood, that I need not give any further illustration or proof on the particulars, which (with other accommodations, by introducing so much current credit) will make all sums of Money to be paid above Ten pounds, so great a seeker to be turned into Bank Credit, that I presume (when these con­veniences are approved) Money will not be as acceptable in payments as Credit, till so converted: So that by consequence, he that wants Money for any such use as aforesaid, (or for any other use or accom­modation whatsoever) having Credit in Bank, or something that may obtain credit there, (without which neither Money nor ought else (of value) will be had) he may at pleasure truck or barter the same for Money, which he will have with thanks and content to both Exchangers.

I confess, falling into consideration of the worth and true value of this Bank Credit, and the great accommodations which it seems to promise infallibly upon the erecting such a Bank far exceeding what is now done by money in specie; I did omit (in the method laid down) to insist upon, or speak of the injoyning all payments above twenty pounds (or about that value) to be made payable in Bank, conceiving there will be no necessity of it here (for that no man will scruple the lying of his Credit secure in Bank) though in all other places upon the first erecting Banks it was done, and stands yet in force as well in the Florentine Banks as others, built upon Money foundations, in the Low Countreys, where (at first) he which was bound to receive his Money at a certain place, thought it best to leave it there upon security of the Bank, untill he had occasion to use it; and when he comes to pay it away meets perhaps with another of the same minde, and as willing to excuse trouble takes it by assignment there, and so the next and the next in like manner, till in processe of time payments in Bank became (as at [Page 18] present they are esteemed) better then in specie by ten shillings in a hun­dred pounds, as it will be also in England when Banks are here erected, and if Credit in Bank be better then Money in kinde, no fear of getting Money for Credit.

But to this some perhaps will alleadge, That in the Banks of Hol­land and other places, all men may take out their Money at pleasure, which in the Bankes here premised they cannot doe, since no Money is intended shall be brought into Banke: To which I answer, Let such but consider, that where Money is a commodity, it's exported, imported and trans­ported at pleasure, which together with the declining in Trade by some, and the increasing the Stocks of others, are the great causes of the taking out Money and the paying it into Bank; for were it not for those reasons, it were the same thing, if in Holland a Law were made, that no person should take his Money out of Bank, so he still continue the same Trade without exporting it; and a man may as well there by the same rule procure Money for credit in Bank (since all men will exchange for the better) with thanks to boot, for there is no necessity to withdraw or increase the Stock in Bank, of any person that does not augment or decrease his Trade, whereby to have more or lesse use of it; and this may as well be done, (and the Stock of cre­dit in Bank be either encreased or diminished at pleasure) by the securi­ties here propounded, as by the best Dollars or Coyn whatsoever used in any Bank of Europe.

To make it plain to the meanest capacity, that Credit may as well obtain Money, as Money Credit. I shall shew that it's daily practised in England; the very taking up Money at Interest by those that oblige themselves to pay it again being no other, for it's the Credit of their security which obtains that Money; so contrary, he that gives his Money in one place for a Bill to have so much paid where he owes it in another, does but barter his Money for Credit. We daily see Silver buy Gold, and Gold Silver, and both are current amongst us; and in Holland and other places where Banks are erected, it's the daily practise for Brokers and others to exchange Bank Credit for Money; and as oft Money for Bank credit: Also in Spain you have alwayes current Money of Gold, Silver and Brasse, and with all you may purchase one the other (though at some times the exchange a little varies) where if any mans Cash be in Brasse the worst of Money (in the Language of the place called Vellon) and his occasions calls him presently out of that Kingdom, he may at a dayes warning procure for it Gold the best of mettals. And if Brasse (that has no intrinsick value) will (by vertue only of the So­veraigns Law and Inscription) procure Gold, I hope it will be granted, [Page 19] that Credit in Bank (which is as really good security as the best Gold) may (when made also current and established by Law) obtain Silver, or what else is necessary for the use of man.

Yet some may further object, That the making of Bank Credit current in payments will be an Obstruction in Trade, as in Case where a Person comes to buy with it of another that will have Money for his Commodity, either out of Fancy or Necessity: To whom I answer, That this is no other but like him that refuses a good rate for his Commodities, because tendred him in Gold, not so proper to pay for pints of Wine and Flaggons of Beer as Silver: But I think few are so ignorant as not to appre­hend, that Gold being taken with its allowance for weight, will pur­chase Silver without losse; as Bank Credit also will, in whose weight and value there can be no deceipt.

Besides, it may be alleadged on either hand, That the occasions for Banke Credit are many, and those for Money in kinde more: But I an­swer, That though those of Money be most, yet that of Credit is greatest; for it will oft-time fall out, that Shop-keepers and others, (that have by many little sums received, heaped up a good totall in Sterling Money) must for their accommodation turn it into Bank cre­dit, perhaps to pay it where they owe it in some other Town, City or place far off, or else to pay for some Commodity bought at home from some Merchant or other, who will best esteem of payment made in Bank Credit; which necessities (with other of the like kinde) puts Mo­neys still to be a seeker to obtain Credit; and it will be found that one sum so remitted, will furnish ten that may peradventure want Money for their Houshold necessary Expences. But the scope of my intent being only to vindicate this Bank Credit so far as to prove it most proper for all payments to be made of sums considerable used in Trade, and not to accommodate such by it, as deal in pots of Ale or penyworths of To­bacco, though I could by good demonstration prove it might (if need were) be made extend far in that also.

Conceiving I have sufficiently proved that Credit in Bank will at all times purchase Money by barter or exchange (which is a thing most common in practice) I shall now consider of an answer to such whose too much credulity thereof may perhaps purchase their so great esteem of Credit in Bank, as to cause them to think (and object) that in time it will evacuate the Ʋse of Money.

2. He that shall light upon this objection without having read and considered what is written upon the whole matter, will (I presume) judge my conceptions of this Bank too fantastical and airy to be worthy of debate or consideration by wise and ingenious persons, (it being a [Page 20] thing so repugnant to most Opinions (to think that any man should part with his Lands, Goods or Commodities for Credit in Bank, or as they esteem it a piece of Paper) that had I not met with some Objections (to this purpose) made by an ingenious Gentleman, I should have thought that scarce a person but my self (and some others that have studyed the subject of Banks) would have had so great an esteem of Bank Credit: But before I can come to answer the main ob­jection, I must consider the cause supposed, (which I take to be,) That when these Banks shall be established, all the Credit to be given therein will be (as it were) so much Money new Coyned and passed abroad in current payment in the Kingdom; and that such Credit being (as elsewhere it is) current at more then Gold or Silver Coyn by 10 s. in a hundred pounds the value of Credit above Sterling money, will give it such reputation as that Money will be out of favour here, and therefore exported, since of Credit we can never want to supply the room of Money, for that the Lands of England are irremovable.

To which I answer, That it's true, all Credit taken up in Bank, will be the same as so much new Coyned Money for the time it remains a debt in Bank, but once paid in and discharged, is no longer current, but that Credit ceases; and although it's also true, that there may be as much of this Credit coyned as can be desired, yet will there never be more then is requisite: For it can be no more presumed that any man will take it up and pay three per cent. that has no need of it, then it may in reason be imagined, he that has Silver and Gold (as current in payment as Bank Credit) will let that lie unimployed, and pay Interest in the mean time at the Bank for Credit, since by so converting his Money, he may dis­count and ballance his Account there at pleasure; the great accommo­dation of this Credit in Bank being such, that no man shall ever want it that hath an Estate of value to deposite, nor shall any man be compelled to take more then he hath occasion to imploy; whereby mens Stocks will never be idle, and if there can be no more coyned then is needfull, there will be no more Money sent out of England then must and will go (notwithstanding this or the greatest penalty a Parliament can put by way of prohibition) to supply where we send not out enough of Mer­chandize to purchase what we have from Forain parts; for if we send not out more Goods from England yearly then we import and consume, Plate must and will go to supply it; as on the contrary if we export more then import, the over-ballance must at some time be returned in Bullion; which I affirm to be truth, though it implyes a contradiction to severall Acts of Parliament made against the Exportation of Bullion, which under favour signifies no more then a profit to such persons as can make discovery, but nothing of good to the common Interest of [Page 21] the Nation, and if the over-ballance must be returned in Plate, Bullion or Jewels, and such returns be not altogether converted into Money (by reason that want may be supplyed by Lands in manner as aforesaid) what hurt is there to any, if this Plate or Bullion be converted into all sorts of Dishes, Boles or Cups, or (as in Mexico) if our very Pots and Kettles were of Silver, it being our own, is and will be as valuable as Coyn, and as great a reserve upon all occasions.

3. A third Objection I expect will be made to what I have herein granted by admission: That all Credit taken up in Bank will (as long as it remains unballanced) be the same in effect as if so much Money were new Coyned and dispersed abroad in current payments, which great plenty of Money must (as some will suppose) by consequence cause all Commodities to rise in price or value accordingly.

To this I answer, That although where much Money is current all provisions are usually dear, yet Money is not the cause of it (otherwise then as it is the cause of the encrease of Trade) for where any place or Kingdom abounds in Money and Riches, it is observable, Commerce and Trade there best flourish, and without it are the best Merchants in esteem nothing; so that Money begets Trade, and Trade Wealth and Riches; which where they encrease (Solomon tells us) those are encreased that eat them: By which it appears, the rise of provisions is accidental, either by the situation of the place, scarcenesse or plentifulnesse of Commodity, and number or concourse of people; which being innume­rably gotten together in a place of Trade (as in London) makes things dearer then in Cardigan-shire in Wales, not so populous; and as Cardigan-shire stands in a more barren soyl then London, if London were removed (in case it were possible) thither, her provisions would be dearer then now they are, though her Stock in Money were the same.

True it is, that the Prices rising or falling, the Standard or extrin­sick value or denomination of Coyn would cause all Commodities to rise or fall accordingly in the Countrey or place where it's done; but the intrinsick value (or real worth) stands still the same, both in it self and in esteem with other Nations, for both Gold and Silver are of so known and approved value by weight and fineness throughout the world, that if it were possible for one Countrey or Kingdom to convert their very Iron or Brasse into either of those metals, yet in respect of the use that is (and would be) made thereof throughout the whole Uni­verse, it would not at all vary or alter the intrinsick value thereof, or give it any disproportion to the value before usually current upon Goods and Commodities; for unless it be allowed, that a plenty of Money in England will raise the value of Commodities in France, Spain, [Page 22] and other Countreys, (which I know no man will affirm) it can be no argument that it will raise the price of Commodities here (since God hath ordained one Countrey and place to help another, and raised up Instruments fit to perform the service) for that by Shipping and Mer­chandizing the scarcenesse of a Commodity in one Countrey is supplyed by another that hath it cheaper and to spare, and being brought from the place where it falls out to be at that time cheapest, will not (the fraight adventure and a reasonable profit allowed) be sold for much more then peradventure it sold usually at before in the place whither brought for a Market: And this we finde true by experience in Hol­land, who having little or nothing grown of their own, yet by their great Stock and industry by Trade, purchase all things at so easie rates, that they oft-times furnish others in great abundance by their super­fluity. Which is, I hope, not only plain, that an encrease of Money in one place or Kingdom, will in no respect raise the price of Commo­dities (either within it self, or whereby it may not be afforded to others at as cheap rates as before it was.) But an evident demonstration also that the more Money or Wealth any Nation is Owner of, the greater are their advantages above others.

1. For first, though Goods and Commodities stand the same, yet the value of all real Estates will encrease, because being the foundation of the encrease of Stock will be now more usefull then formerly; and the rise of Land and fall of Interest were never yet esteemed preju­dicial.

2. Secondly, by the help of a great stock at low interest, English Merchants will be enabled to deal for much, and thereby to buy cheap, work cheap, and sell for less profit in the pound (and also to procure their Com­modities at the best hand, viz. at the place of their growth, in their proper seasons) whereby out-trading and under-selling other Nations they obtain the preemption of sale, and so cannot fail of vent abroad.

3. Thirdly, a great Stock at low Interest would enable Merchants to raise the price of our own Native Commodities in forain parts, by keeping them for a good Market, which helps much to the enriching of a Nation by the over-ballance of Trade.

4. Fourthly, by the obtaining Money at so low Interest as three per cent. men will not spare either Sea or Land, but the one by the fishing Trade, the other by Husbandry and all ingenious wayes of improve­ment here in England, by planting in Ireland, and other new Plantations throughout the whole Globe, would bestow all their skill and diligence to multiply Commodity and Livelyhood, to the imployment of innu­merable poor and all other men whatsoever, and the abundant encrease [Page 23] of our Shipping and Dominion on the Sea, and thereby the strength, renown, and flourishing Estate of the Kingdom.

5. And not only so, but if there were such vent here in England, even forain Nations would dispatch their Commodities hither, as to the quickest Market; and by meeting here (as in a Center) might furnish each other with returns, so as England would become (as it were) a generall Mart or Fayre to other Nations, to the great enriching thereof; whereby the Frontier Towns upon the Sea-coast, by reason of Trade would (when all Ports are free, which his Majesty upon erect­ing such a Bank will finde most proper for his advantage) grow so populous, rich and flourishing, that they will become more honourable and strong for the defence of the Nation.

Having spoken as much as I think is needfull to this also, I shall proceed to the next Objection, which I expect some will make in favour of Widowes and Orphans, whose Estates lying in Money at Interest (and who are not capable of imploying it in Trade) will suffer much by the fall of Interest to three per cent. per ann. whereby the Ʋsurer (being supposed to be a loser) will perhaps finde some to pity him, and object the like in his favour also: To which I will first answer.

4. I shall not take upon me to determine the lawfulnesse of Usury, because I finde both Protestant and Papists, Doctors, Divines and Lawyers to disagree in the definition thereof, and both the one and the other have given sundry definitions of Usury much d [...]ffering amongst themselves: But that which on both sides nearest agree is, That whole Countreys practise it with little or no scruple; so sweetly and power­fully doth Gain and Lucre benumb the Conscience, which many not­withstanding have sought to awake by writing and loud preaching, terming it to be Extortion, and forbidden (if intentional) throughout the whole Scripture, and to be utterly sinfull and unlawfull: But whether in the most strict sense (as determined by the Church of Rome) intentionall Usury be a sin mortall, and therefore not pardonable but in the other world or not; sure I am that it hath proved so fatal to many worthy Families (whose Estates have been morgaged to such men) that they could never again redeem them in this world; and of the many that daily go into that Purgatory, few come out but they are well scorched, if not throughly refined and sent to Paradise, where it's hard for a rich man to enter. But to speak to the Usurers losse (who hath gotten sufficiently already) I shall answer that they will have the like advantages with all other persons, by imploying their Stocks in Trade, Husbandry or the like, or to imploy them still at Interest as now they do, if they can be content with the reasonable hire of about [Page 24] Three per cent. per ann. (for it's presumed few or none will give more then they can have it for at the Bank▪) Besides, such Usurers as are in­clined to purchase Land with their Money, (as all may do) will have a far greater advantage then many others, for that by purchasing Land now at a current price of about twenty years purchase, such Lands will in few years (upon the establishing a Register and erecting Banks) so rise that they will soon become worth twenty five, and shortly after thirty years purchase again to be sold, whereby instead of his present In­terest he will have the yearly income of the Estate, a liberty to deal or trade as others do, and an advantage in few years of Forty or Fifty per cent. above many others: And whether the Usurers prejudice by erecting such Banks will be considerable (if any at all) I appeal to all indifferent persons.

Now to speake of Widowes and Orphans, whom we are comman­ded to cherish, and whom in truth (by the provisions and intentions of many their Progenitors, Predecessors and Benefactors, long since deceased) ought both in Charity and Justice to have at least five or thereabouts in the hundred per ann. for Moneys left either in the hands of Trustees, or in the Chamber of any City or Corporation, (which is the most usual rate allowed according to my best observation) and especially where it happens to be belonging to those either past, or not yet of age, or capable to trade, purchase or dispose thereof to advantage, for whom I have thought my self concerned to finde out a remedy, as I hope I have done, (which will both accommodate them and many thousands else besides in the Nation.)

This may be done by petty Banks, to be in like manner established; which may serve instead of the many Brokers, petty Goldsmiths and Scriveners, who deal, some in publique, others more private, in a kinde of petty Usury (or as I may more properly call it great Extortion) whereof there are not so few (by report) as a thousand in London and Precincts that either deal in their own, or take in the Moneys of others and let it out upon Pawns or such like kinde of security, to be paid by some at so much a week for the use of twenty shillings, by others so much per week untill the principal be paid with advantage; and some there are that sell Goods to be paid by the moneth or week, whereby twenty shillings shall be paying in equal proportions perhaps ten or twenty weeks, which considered, together with the manner used by these several kindes of Usurers (but especially by Brokers) in taking their security (for every Art has its mystery) by their bills as they call them (though no other then the persons name, the sum lent, and day when) written upon a Card or the like, and fixed to the Pledge or Pawn left in deposite, for which in every sum of twenty shillings their demand [Page 25] is usually six pence, under twenty shillings four pence, and above forty shillings a shilling; besides, of some persons something will be expected for keeping the account of payments made, and for looking out the Pledge or Pawn upon redemption; but if a part be redeemed (as most usually it is) before the whole, the charge of a new Bill is the least that will suffice, all which comes to thirty, forty, and by some fifty per cent. yearly for the Interest of sums so lent, which usually are under ten or twenty pounds; which abundantly are taken up by divers persons (but principally by poor labouring persons) who are at some times con­strained to supply themselves at such (or any) rates to procure bread for themselves and Families to eat. By which kinde of extorting Usury incredible sums of Money are yearly imployed. Those that are poor made poorer, and such as least deserve it grow rich by the ruines or others, which if prevented, and yet such as want be accommodated at reasonable Interest, it will not be one of the meanest acts of Charity in our times done by publique Authority.

Now I submit, that if the Money of Widows and Orphans were put into some convenient place appointed in every Division, which (for the better content of some) may be in the hands of the Corporation where the great Bank shall be erected (for it will be most proper both Banks should be together) and Officers appointed to deliver out any sum (under what may be had in Credit at the Grand Bank) upon valuable pawns or pledges for any time, after the rate of eight pounds per cent. per ann. whereof five pounds may be yearly paid to the use of the Owners, and the other three pounds to remain with his Majesty (who is most proper to have the superintendency (by his Commissioners) of these Banks also) towards the Salaries of Officers, and in consideration for the allowance of time which perhaps some Moneys may remain in Bank unimployed: And whether by this all Widows and Orphans (that pre­tend to any thing of prejudice by the erecting Banks and fall of Usury) may not be accommodated according to Equity and good Conscience, I appeal, &c. and not only them, but many thousands also be eased and preserved from falling into the hands of such Extortioners, for whom I have not charity enough to spend in contriving their future advan­tages which they will finde in some other way (I doubt not good) them­selves fast enough.

Yet notwithstanding some perhaps will object to this, and ask how I am assured to ascertain the Moneys that shall be brought into the petty Banks, so that it may neither be too much nor too little: for if too much, it will remain unimployed and dead in Bank, and if too little, then all persons that may want will not be accommodated.

[Page 26] For a cure to this, and satisfaction to those that scruple, I answer, These evils may be at any time (in case of defect on either hand) regu­lated, by allowing the payments to be made in the great Bank either more or less; for in case there remain more Money in the petty Bank then is imployed, then by ordering no payment to be made by assigna­tion in the great Bank under twenty pounds instead of the aforesaid Ten pounds will (as it were) press the stream of smaller p [...]yments into the petty Bank, whereby Moneys will there finde a current of employment running quicker then formerly; and so also in like manner may it be stopt if running away thence too fast, by allowing smaller payments to be made by assignation in the great Bank as occasion shall require, which by Proclamation may at any time (when ordered) be made known in all parts of the Nation, and lest some others should call this a Bank of Moneys, and therefore object against the security, under the colour of alleadging (as some do) That no Bank can be safe under a Monarchy; I shall desire them to consider, that although Money be the foundation, yet the Bank may not properly be styled a Bank of Money, for that it's in­tended no Money shall lie still or dead in Bank, as in other parts.

For first the King being obliged to pay 5 per cent. per ann. to Widows & Orphans (which in point of Honour and Charity he will surely perform) he must be as sure to keep it always employed, or else will lose by it, and if always in imployment, there will be little at any time remaining in Bank, or in the hands of the Corporation, or whomsoever is in­trusted.

Secondly, those Banks of Forain parts, though wholly upon Money Foundations, yet are the payments therein made most usual upon the Credits of the Moneys brought in, and not by Money in specie; whereby the Money either doth or ought to remain in Bank, which (so many and great sums constantly lying in Bank, only imployed in that manner by the Credit thereof) are indeed considerable (as in the great Bank here designed upon Land Foundations will be also) and if in Money, I confess were a sufficient temptation to any but a vertuous Prince. But the thing here in consideration being small in it self, may be put into the possession of Corporations, will have at any time little Money lying still in Bank, and that also in several places of the Kingdom, doth belong to Widows and Orphans, and will be under the superintendency of so good and pious a Prince as ours, who can doubt of its being secure will surely believe nothing.

I thought to have shewn how any person first taking up Credit at three per cent. in the great Bank, should have made use of it in the petty Bank as a ground of security, whereby to obtain any sum of Money in [Page 27] specie at 5 per cent. more, and also to have laid down a method for the correspondence of all great and petty Banks, and each of them one with the other: But I fear I have been too large already, and doubt not but those will appear so plain and easie (especially to men of business) that they will be well understood without it.

5. The next great Objection I expect is, That these Banks cannot be established but by a Register, which in Parliament will never be assented to, for that divers Gentlemen and others may be unwilling to have their Estates disco­vered, some perhaps that others should not know what they have, and others to seem to have what they have not, which may on either hand be alleadged, will prove prejudicial.

Although I am no stranger in the Courts of Civil Law, Common Law, and Chancery, (in some or all of which I have now served an Ap­prentiship) yet am no proficient in either, my greatest studies having been only how to get out, and therefore Errors in terms of Law, I hope may be excused. And notwithstanding I have made the Registring of all Estates to be a foundation of infallible security and Credit in these Banks, yet I am of opinion, (and bold to affirm) that these Banks may be erected and carried on to very great profit, advantage and accommoda­tion without it, and his Majesty make as great a benefit thereof as is at present made by all Money let out at Interest in this Kingdom (the differing rates of Interest only considered) for I submit, that if Banks were established in manner as aforesaid (without the registring Estates) and his Majesty should at every Bank maintain an able Councell at Law, (which out of so great a Revenue would be but an inconsiderable charge) to examine all mens Deeds, Writings and Conveyances of Estates, which they should at any time bring to deposite by way of Morgage to the Bank, Whether might not such security prove as good and valuable as what's at present taken by Ʋsurers, Scriveners and Brokers? who sometimes meet with a bad Title as peradventure his Majesty then also may, which nevertheless will prove something better by so much as all debts to the King will be first satisfied: but this though it will be made out upon reasonable grounds, yet is not so proper to my present pur­pose.

To the Objection, I am of opinion that Suits, Pleas, Bills, Plaints, &c. about Titles of Land and other real Estates, are so many, I take this to be one main reason, (viz.) That any man may sell and dispose of his Estate in private to another, without notice taken by some publique Register to be inrolled, for information of those that may have occasion at any time to be satisfied of all incumbrances thereupon; by which means it so often falls out, that some Estates are sold, mor­gaged [Page 28] and made away several times to several persons, when in truth but only one ought to buy it, and no more then one at once can enjoy it; though divers may at the same time pretend as many Titles as they please; so little truth and great danger is there in Pocket con­veyances, that I have been informed by a Gentleman of Credit, how he late arrested a person (then reputed to be of good worth in London) whose Estate in Land was supposed considerable, but being once in the Fleet his Creditors all came in against him, and by sueing forth a Sta­tute of Bankrupt, much of his Land proved to be morgaged several times and so often, that the Gentleman my Informant acknowledged a Morgage of his to be the seventeenth, there being sixteen made of the Land before to other persons. And hence it comes to pass that the greatest Lawyer or wisest man living cannot assure either to himself or any other, that he shall purchase a good Title, so many wayes are there for private Cheats; (flawes and errors in Deeds and Conveyan­ces are no less common) and all Estates (when once in controversie) either in possession or reversion, by Lease, in Fee, or in tail, are but simple remainders for Lawyers to live upon: And that this is true, I shall give you one or two instances.

Suppose a person being about to buy an Estate in Fee, should first go to the most able Council for advise, with a resolution that if he may not be sure of a good Title, he'l not part with his Money upon the Purchase: In this case I affirm that no Council living can give sa­tisfaction, or in truth any incouragement, whereby the person may confide in the certainty of the Title, for as long as the person selling the Land (and also his Ancestors) might preconvey the same by Lease to any other, to commence any time after the death of either, how then can any man be sure of a good Title?

True it is, that Council are good to advise about what Deeds or Coveyances are shewn, and upon those they are best able to distin­guish what Estate may legally pass and what not, and are also able to draw up Covenants binding to either party; but how this can amount to an infallible Title I know not: Conceiving it rather signifies in the general that a man were better to buy Land of a rich man then of a poor, and of an honest man before a knave; for I conceive it's more the war­ranty and security of the person, then the Title or Interest pretended, that comes nearest the best security, since both Seller and Buyer may be deceived notwithstanding the best provisions in Law yet made for prevention.

The like it is in case of an Estate bought of an Executor or Admini­strator, which being given by will of the Testator, and the will conceal'd, [Page 29] when it comes afterwards to be discovered and proved (which may be any time in ten years; and without limitation in case the Executor or principal Legatee be either a Minor or beyond the Seas) the administrati­on by an appeal in Court of Delegates may be made voyd ab initio, so that all Sales and Conveyances made of that Estate, upon the first ad­ministration are in Law to be avoyded, and such also in equity that were not made Bona fide for the discharging the Testators just Debts and Funeral Rights, and the person whose right it is by will is no wayes bound to consider the Purchasor, though purchased for a valuable consideration, but he is left to repair himself at Law or Equity, upon the warranty of his Deed on the first Executor or Administrator, who if having committed waste (as usually they doe) knowes the way to the Kings Bench or into some other Countrey or place of obscurity, and how those Cases with a thousand others of like nature can be foreseen or other wayes prevented then by a County Register, I never could yet understand.

Besides these, are not the only preventions or benefits by a County Register, for of all men that are, I think most are concerned some way or other in or about buying or selling Estates; if in selling, then shall such sell to a greater advantage, for that Lands and Estates will (when the certainty of Title is known) yield much more then otherwise they will, the Title being doubtfull; and such as have occasion to buy shall be sure of a good Title, and may therefore call it his own when paid for; and again for those that shall have occasion either to borrow or lend, (as most have to do either the one or the other) then may such take up Money (or Credit in Bank) upon their alone security without engaging or obliging himself to Friends; and others that lend may know assuredly upon what security: He that sells Goods for time, may know to a person of what Estate; but a greater benefit will be, that few will deal upon Credit for time, when by Registring their Estates they can have Money at Three per cent. whereby a number of inconveniences will be taken away.

The Registring Estates will be a foundation for Credit in Bank, and the Credit taking up in Bank will bring in at least two Millons yearly, for a Revenue to his Majesty, (as shall be proved elsewhere) and that also out of the ease of the people: By this all publique Burdens may be taken away, and by that Trade will be much encouraged; his Majesty wanting Moneys may supply himself upon the Credit of his own Right for at least a Million, without being beholding to his Subjects or aliena­ting Crown Lands; the abundance of Suits in Law and Controversies about Titles will in a short time be ended, and many for time to come [Page 30] be prevented: All these advantages, preventions and accommodations, besides what I named to you before in the Arguments used for proof of the validity of Bank Credit, will in a great measure depend upon the Registring Estates, which being all Conveniences, I shall speak to some supposed Inconveniences that may obstruct it.

The Objection of having Estates discovered (though I think all that can be termed to seem of prejudice thereby, if put in the Ballance with what doth really appear of advantage, would weigh many hundred scruples too light) I shall notwithstanding endeavour to shew that it may be so done as shall answer all these ends, and yet no Estate be far­ther discovered then at present.

I am certain there are no Lands or real Estates in England (other Estates need not be registred) but are reputed to be the Lands or Estates of some known person, though peradventure it may belong in reality to another, and it may be made over by some dorment Deed or Con­veyance to a third, whereby the Property in Law may not be known to be in either: In all which Conveyances there must be trust reposed in some, since it cannot be done without privity. Also there are other Deeds usually made whereby Estates are conveyed in trust, and the trust expressed in the Deeds, for whom and to what end; yet is the Estate in Law the Trustees, though in Equity otherwise: And an Estate in Law may be conveyed to him that knowes not of it, which he might afterwards (upon request) own, and in Conscience preserve for such ends as may be afterwards appointed; yet with all these and the like conceal­ments there must go both trust and privety.

So then admit that A. be the true Proprietor of an Estate, why may not he as well intrust B. to enter it as his own at the Register, which is but a trust, and A. can be found no Proprietor: Or for the better security, in case A. be afraid to intrust B. why may not A. enter the Estate in his own name or in the name of C. and order B. to enter a Morgage too, neer or above the value, and take the defeasance of B. thereupon to himself or a fourth person, which Defeazance against a Morgage may be allowed to rest dorment without prejudice to any, since it's not intended that Morgages or Incumbrances on Estates shall be a ground of Credit or Security in Bank; so that in this case though A. be the true Proprietor, yet the Estate upon the Register appears to be in C. and a Morgage entred by B. thereupon, in which case if C. be desirous to wrong A. he cannot do it without B. for B. may enter upon the Estate by vertue of his Morgage; or if B. and C. should joyn toge­ther in such dishonest intent, A. may then bring forth his Defeazance against the Morgage of B. in whose name soever taken; so that neither [Page 31] B. nor C. can cheat A. nor all or either of them any other.

This and other the like wayes may be contrived for a safe and secure registring of Estates (by ingenuous persons that will be studious therein) so that Estates may be entred at the Register with all Incumbrances thereupon, for satisfaction to the Bank-Masters and others that desire to purchase or the like; and yet the propriety of the real Owner re­main conceal'd with more safety then at present, since it may not now be done without trust and privity, and the trust most commonly in a single hand, which how dangerous it is the longest Speaker of the R—(well skil'd in Law) by experience is best able to advise. The thing most requirable at the Register is, that every Estate has some Owner; for if never so many pretenders the prejudice is only his that hath the best right; and that also but in case of his occasions and intentions to morgage it for Credit in Bank, in which case dammages may be given upon the dismission of Claims, according to the nature of the offence: And for such as set up Titles or Morgages themselves to conceal the Proprie­ty of their Estates, or enter their Estates at less yearly then it's worth, to conceal the value thereof: Their so doing can wrong no man; for the Jury (before spoken of) are directed only to return whether the Estate be of the value entred; and if not worth so much per ann. then how much less, but for what it's worth more, the Bank need not take notice of; the intent being only to credit under the value of Estates; and by those that enter their Estates for less then value, there's no doubt for their coming to Bank for much Credit.

Thus I hope it's cleer that men need not discover more then at present of their Estates, and to those that d [...]sire to seem to have what Estates they have not; I answer, That the chief end of this being to prevent Estates from Incumbrances, whereby no Deeds, Conveyances or Mor­gages may lie dorment; it may not be avoided but that Morgages, Claims and all Incumbrances whatsoever, upon, and to Estates, must be entred by a time limited (except Defeazances upon Morgages as afore­said) so that if herein any be offended (as not willing to have Incum­brances on his Estate discovered) that can make out how in generall it will prove a greater prejudice then profit to the Kingdom, I will freely ask pardon and acknowledge my errour, but till then I desire excuse; for sure I am that amongst those dorment Titles are often found per­nicious practises, which prove to be the occasion of most Suits and Controversies, and by that means the ruine of whole Families, who by seeking remedy from Lawyers finde a greater malady, the too often effects of Law. But I may not stay longer on this, since I expect a further Objection:

[Page 32] 6. That the discovering of Conveyances, Titles and Incumbrances on Estates will rather augment then abbreviate Suits; for that many by enquiry and search made at the Register will either finde matter to destroy, or set up Titles, or In­cumbrances to Estates, by discovering flawes or imperfections in Conveyances; or by some want of puntillioes to be observed by rules of Law.

To this I likewise answer, That no man will be obliged to discover his Conveyances or to shew them at the Bank; for he that will may bring a Brief of his Deeds drawn up by his own Counsell; which will be sufficient for the Register to enter, since (as I said before) 'tis not intended Conveyances shall be registred at large: And as no man will be obliged or compelled to discover what he apprehends may tend to his prejudice, so are not others debarred from putting in their Claims or prosecuting thereof upon what they have or may discover, which is neither more or lesse then what either may do at present, and can­not be said properly to augment Suits, since by the determining of all Contests about Estates in a short time to be prefixed, and taking away the cause, will prove a future prevention of such effects.

True it is that Suits may be multiplied for a year, two or three, espe­cially upon the discovering of Incumbrances, but it will chiefly fall out where two or more dorment Deeds, Morgages or Incumbrances are found upon one and the same Estate; for in that case each will strive to be first satisfied, or desirous to know who hath the best right, and being determined hath its end, which by lying dorment would have produced the like or greater evils (to the same or other persons) almost ad infinitum. This considered, no new matter can be found, or imper­fection discovered, that may either unjustly set up or destroy Titles by means of these Registers, but many new accommodations and advan­tages (as I have before shewen) may.

Yet others perhaps will object, That the Registring all Estates and In­cumbrances is a thing impossible; the keeping so great Accounts (as it were) of all the Cash in the Nation impracticable: And many more such Objections may be made, that to answer would require a Volume of more time then I have spare to spend in writing, or men of businesse patience to read: But if it may be allowed those already handled are indifferently resolved: I am satisfied, all others are too inferior to deserve an answer.

So that in generall (whether the prejudice or advantage by the establishing such Registers will be greatest) I submit to all, and as soon to those the most ingenious Gentlemen of the long Robe as any, who in the opinion of many, will be no friends to further it in Parliament, where the alone subject of a Register has been formerly debated, and as I am informed found parties neer equal: But when it shall be there presented [Page 33] with Honours in the one hand, good Deeds on the other; before it the greatest accommodations, and after it the most flourishing Trade of Europe, and Crowned yearly with two Millions of Gold, a Revenue (for a gracious Prince by the ease of loving Subjects) that will render the Nation as terrible abroad as it will be happy at home: Surely no ingenuous Lawyer or true English man will appear against it.

Now having done with those Objections, I return to the main propo­sition, which as I have shewen, is no other then a complication of several things already practised in the world, and arising chiefly from the grounds of reason whereupon Forain Banks consist; and upon the whole do appeal to all indifferent Judges: That if Banks were erected in England, of Credit only without Money (upon the reasons laid down) whether would not such Credit (in effect) answer all those ends of Credit in Bank, grounded upon Money Foundations in Forain parts? And if so, what then may hinder it from being practicable, since nothing is wanting but the countenance and furtherance of Authority, whose concernment is not the least there­in?

The next thing I propose is, To shew how all men wanting Moneyes, may be supplyed at low Interest, to their satisfaction (yet not with Money) &c. To which I cannot properly speak, (as to the remaining also I may not) without admission, that such Banks of Credit as are proposed be esta­blished by Authority, and Estates registred accordingly.

This being allowed, there is no man whatsoever of an Estate, that doth or may want Money to pay Debts, to purchase Lands, to buy Goods, to improve his Lands, augment his Trade, or the like, but will assuredly take up Credit in Bank upon his Lands or other real Chattels or Pledge of Security, as soon as such Bank Credit is known to be cur­rent payment in manner as aforesaid; and this they will the rather do out of respect,

  • 1. That but three per cent. per ann. will be demanded for Interest.
  • 2. That the Interest being paid half yearly, the principal (if taken upon real security of Land) will never be demanded.
  • 3. That no man will be obliged to pay Interest for above a Moneth, in case he can discharge the Credit sooner.
  • 4. That nothing will be paid for Bonds, Morgages or Conveyances, upon taking up such Credit.
  • 5. No obliging persons to become bound, or Counter-bonds to be given to save harmless.
  • 6. No Brokeridge for procuration, or Money to be paid for conti­nuance.
  • [Page 34] 7. All fear of forfeitures taken away, and the danger of falling into the hands of unmercifull Usurers avoyded.
  • 8. An assured certainty of having what we need at pleasure.

These and other advantages will accrue to the people of England upon the obtaining Money at Interest at Three per cent. the Inconveniences certainly are none (considering what hath been said before in favour of Usurers, Widows and Orphans) for otherwise there need no Law of injunction to prohibit the taking or paying high Usury, as we finde done under all Governments; which is occasioned more by the want of a competency of Stock to supply all mens occasions, then by any de­serving value there is extraordinary in Money: For in Holland where it's generally more plentifull, you may have it upon security at 4 ½ or 5 per cent. when the intrinsique value is the same as with us in England; where I am perswaded (were all men left at liberty to take and give for Money at Interest what they pleas'd) it would soon come up to Ten (if not more) in the Hundred; which is an infallible argument that Money is much wanting amongst us, and being so much wanting, it here­by followes,

1. The great decrease of Trade for want of Stock to employ or drive it on.

2. The fewer Manufactures made here, and by that means our Staple is exported unwrought.

3. It occasions the Hollander (that has Stock at command) to buy our Wooll, carry it home (and being now become Artists) are able to bring it in again wrought, and undersell us in our own Commodity at home, as they have done of late years, in all forain parts where formerly the English had the only Trade.

4. That so little Fish is caught by the English, when the Hollanders by their great Stock come and takes it even at our Dores in great abun­dance, to their greater profit, which were there a competent Stock in England, his Majesty by re-assuming his Prerogative of being Lord of the British Ocean, (which by the most ancient Prescription alwayes be­longed as rightly due to the Kings of England) and countenancing the English in prohibiting others to fish on our Coasts, might in a short time bring it to be of more worth to his Kingdoms then the Spanish Indies are to the Kingdom of Spain.

5. By the want of Money and decrease of Trade, the rich that should support others are diminished in Number and weakened in Means, and the poor that should be upheld are encreased both in Number and Ne­cessities.

[Page 35] 6. Were there more Money or Stock, almost all the Lands in Eng­land might be made to yield much more encrease by imploying more in manuring the same.

7. Many Husband-men want wherewith to stock their gound, where­by (perhaps) the Nation suffers more then many times by much un­seasonable weather.

8. A great part of Ireland lyes waste, which without more Stock to plant is like to continue.

9. There are great quantities of Oazey Ground about the Sea-coast, and other Fens and waste Grounds, besides Forrests and Commons, which drained and improved might equalize in value some two or three Counties in England.

10. There are many Mines in England, Ireland and Scotland, which being wrought, would much encrease the Exportation, and be imployment for poor men that want it.

So that in effect, the Trade, Manufacture, Shipping, strength, repute and flourishing estate of the Nation is decreased for want of Money, and not to be encouraged but by some way that tends to the encrease of the Estates of some without impoverishing others (for whatsoever takes from the Estate of one man as much as it adds to another, doth not enrich the Nation.)

Now then if the introducing so much current Credit as shall be need­full to supply all mens necessities, and those wants and defects in gene­ral, without the least diminution to the Estate of any man in particular; be a thing worth encouragement, I submit, Whether by the erecting such Banks as are described in manner as aforesaid, must not in the judgements of all judicious persons prove an effectual remedy, even to the value of five or ten times more Money (if there be occasion for so much) then ever this Nation was Owner of in Coyn: And if this be reason, who then can finde matter to oppose so advantagious a Proposal?

Sure I am, that if a person of an ingenuous spirit, and of quality and repute, should be sick, and groaning under heavy debts, which he is not able by his greatest care and diligence to compass; in which case (I think to any truly of desert) no sickness can be worse, and some friend of his being intrusted with a considerable Bequest of Treasure from another, not to be delivered him but in that necessity, or untill his be­coming of the age of forty years, or the like (at which time men are generally most sollid, and fittest to become Owners of great Estates) whereof this person entrusted acquainting him, and bidding him dig in such a place, where he should finde it accordingly; I presume none can imagine but that this newes would be welcome, and such person would [Page 36] not neglect much time before he went to dig for this Treasure and be satisfied of the truth of so unexpected a Fortune.

Now then let us but consider, and apply this to the Nation so wanting Money or Stock as aforesaid: Is not their case the same with this? and may they not at pleasure supply themselves by that gift which God and Nature hath left them as their own, without being obliged to Forain Nations, or parting with their own Staple to disadvantage, to pur­chase Money? since that which is within themselves, if (as it were) dugg up (for the trouble in comparison is no more) might serve the turn as well and better, and is also of the same intrinsick value as the best Gold or Silver in the World. I hope some in the Nation will be of age to understand it to be of better worth and value, insomuch as neither Gold nor Silver being found or dug out of the ground can be esteemed worth more then its present current value: But this Credit in Bank will be found of the same use and value in the Kingdom, and yet produce also an yearly growing Revenue of at least two Millions to the King, for a supply of his occasions, without more (or so many) publique Burthens or Taxes; and whether this may not amount to the supplying all men wanting Moneys, at a reasonable Interest, and to encrease the Stock of the Kingdom, with the encouragement both of Forain and In-land Trade: I also appeal unto those that will but consider the validity and accommodations of the aforesaid Banks, and now am come to my last Proposition, How this great yearly Revenue may be raised to his Majesty in Money, by the [...]ase of his People.

The advantage which I propose to the King is, by Gentlemen, Mer­chants, Tradesmen and others, that are in the Usurers Books, and deal upon Interest money, who are now constrained to have others bound with them, or to make tedious Morgages (the writings of which in little sums come to as much as Interest) and to pay Scriveners and Brokers for procuration, and besides all this, to pay 6 per cent. per ann. Interest; now such having entred their Estates in Bank, may have Cre­dit there without any of this Charge: But because the King and Law do give them this Priviledge and Stamp, their Goods and Lands for current Credit (as a great Talent or Prerogative not to be done by any other power) they shall pay the King Three per cent. per ann. as long as they use this Credit in Bank thereupon, and untill this Credit be again dis­charged, the Interest shall be paid in Sterling Money half yearly, (but nothing for such time as mens Estates stand only written there as ready but not used in Credit.)

This will bring in all the Interest Money now paid in England into the Kings Treasury, for that the Bank will be the sole Usurer, and those [Page 37] that have been so (too long) will become more profitable Subjects to their King, and better Benefactors to their Countrey, for now they will rather trade or fall to purchase Land and improve it, then let out their Money at Three per cent. as they must do or none will take it, since at the Bank Credit (which is as good) will be had at that rate.

It will certainly bring in a vast yearly Revenue to his Majesty, by the sums taken up at present from Scriveners, Usurers, at Prottomree, from Brokers, and others, which are as innumerable as impossible to be computed at a certainty: All which in an instant, upon the esta­blishment of such Banks will transfer themselves thither, and for all such sums taken up, will produce a clear yearly profit of Three in the Hundred to his Majesty.

A second advantage will be by those that now deal for time, who will then get Credit in Bank, and pay ready Money for their Commo­dity, considering that no man can buy any Goods for time, but shall pay more then double the Interest at Three per cent. for the forbearance, upon which more then two third parts of the Trade of the Nation is now driven, and whereby more then many persons make bad debts, with other inconveniences already spoken of; which will be by these Banks of Credit prevented, and a great yearly Revenue also thereby come in to his Majesties Treasury.

The third accommodation will be to all Merchants that are con­strained to keep unvendable goods by them as a dead Stock upon their hands, who will then take up Credit in Bank thereupon, to continue their Trades; since they cannot trade the while for want of ready Money (or perhaps Credit) but if by depositing of their Goods in Bank they may there have Credit as others have, such will be presently dealing again, and a much vaster Trade be driven then now there is, whereby will also come in a great yearly Revenue to his Majesty.

The fourth and last advantage will be by the remittances of money, or by imaginary Money from one place to another, which when known to be at so easie a rate, by exchange for Ten shillings in a Hundred pound, no person will adventure to carry any sum considerable, though but a days Journey, considering the having it in Bank will be esteemed worth so much (as is paid for remittance) better then if kept in specie, and will also bring in a considerable profit to his Majesty yearly.

Now then consider, whether the Interest of all Money at present taken up upon any kinde of Usury whatsoever, together with what will be ta­ken up to prevent the buying Goods upon trust, and by such as keep a dead stock in Goods upon their hands, will not at Three per cent. per ann. (with the advantage by remittances) amount unto two Millions [Page 38] yearly; it being the opinion of some ingenuous persons, that it will amount to more, and be also improvable proportionably to the increase of Trade; but for that no exact account can be taken thereof, or com­putation made but upon grounds more reasonable then certain: I sub­mit it also to the ingenuous Reader, as I shall likewise, Whether this Revenue will not come in by the ease of the People? it being most sure, that it's easier for any man to pay Three per cent. then Six for Interest Money; that Money will be had at less trouble and charge in the procuring, and that none will be compelled to use the Bank but such as do finde it to be both for their ease and accommodation.

To what I speak of a general benefit, perhaps some will object, That trading Merchants, who usually have little Lands, or it may be none at all (yet by their Credit and Stock keeps on a Trade to the advantage of the publique Interest) will reap no benefit hereby, but rather a losse, since they shall not now be Credited as those of Lands will.

To which I answer, That such are not the general Interest, neither is any other particular body or Corporation whatsoever a competent weight to sway the Ballance or stand in competition with or against a National concernment; and yet I cannot see wherein such Merchants will be at the least disadvantage: For surely no man will lend them Money upon security at present, without some others bound with them, and if security be to be had that will stand bound to another, why not as soon to the Bank, that takes no notice who hath the Credit, so there be some Estate as a valuable Pledge to answer the Credit and Interest; and for what Estates such Merchants now have either in Goods or Money, it will alwayes be of the same value as at present, and as well to be employed in Trade, or any other way whatsoever; and not only so, but better also by so much as the Goods and personal Estates of such may be upon occasion deposited at the Bank or Lumber (to be provi­ded for that purpose) and will for some convenient time be as good and valid a Pledge for Credit in Bank as the best Lands or real Estates whatsoever, and also a great advantage to such will be, that they shall now sell their Goods either for ready Money or Credit, which is equi­valent; so that keeping their Stocks always going in their own hands, they will be able to deal for more, and make quicker returns here in England, which will expedite returns abroad, and quick returns makes a small Stock equivalent to a great Stock with slow returns.

Now therefore if the Merchants of England could vent all sorts of Commodities here as fast as they could possibly procure them, it would inable them to deal for much, and consequently to buy much cheaper, work cheap, and sell for less profit in the pound; so as in this case there [Page 39] would not want vent for Commodities, either at home, by reason of the plenty of money here; or abroad, by reason of our own out-trading other Nations through the greatnesse of our Stock and quicknesse of Returns. And sure I am, that England being situated (as it were) in the Center for Trade in Europe, enjoying so many safe and commodious Harbours, having plentifull store of Provisions, and many good and rich Staple Commodities; when supplyed also with as much Stock as shall be needfull to employ both in Forain and Domestique Trade, will become the Scale or Mart of Trade to other Nations (which consists in buying the Commodities of other Countreys, working them here and selling them again in Forain parts, wherein every man to improve his Stock, would in some measure be dealing, and many thousands become Merchants more then now there are, all or the most part laying out their Money in Commodities, and those that receive it would be laying it out again upon others, and those upon others, and so on, which would beget a constant return or quick vent for Commodities, pro­portionable to the quantity of Money or Credit so perpetually revolving amongst men:) whereby if England were a City upon a Rock (and held no Land, but Money or Credit) they might be maintained com­fortably, (witnesse Holland.)

Now besides all those general advantages, conveniences, accommo­dations and profits, already shewen to be attainable by the establishing of Banks; there is one more in particular that will prove very accom­modatious to his Royal Majesty, upon any occasion of want of Money, either in his own Kingdoms or abroad in Forain parts: For by the help of those Banks, and upon the Credit of so great a Revenue as two Millions yearly, his Majesty surely cannot want Credit at any time either at home or abroad, for a Million or more in case of necessity: For he as well as others might either draw, remit or accept Bills, and pay them out of such Money as will be received for Interest in Bank, and surely all rational persons must esteem of Bills so accepted by his Ma­jesty (or those his Commissioners before spoken of to govern his Banks) to be as good, sure and certain payment, as if accepted by the most punctual Merchant that walks the Exchange of London, considering that the default in payment but of a hundred thousand would wholly discre­dit and overthrow the Bank, and consequently so great a Revenue; whereunto such Commissioners and Governors ought to have regard, and not to draw more upon any Forain Banks or persons whatsoever, then by the time of return of such Credit they may be able to discharge, which will be a Million every Six Moneths: An accommodation so great, that I think the greatest Prince of Europe cannot boast of the like.

[Page] I might have insisted upon his Majesties real Estate in Lands, and other­wise, which may be valued at some Millions; and that upon this also Credit might be obtained according to proportion of the Estates of his Subjects, upon occasion; but how acceptable that might be I know not, since no Law but his Majesties Royal pleasure in that case can properly be made binding, it being the great Objection against erecting Banks of Money under a Monarchy, which (as they say) is subject to the Kings pleasure, and therefore cannot so properly be called their own, espe­cially when under the power of an Army, or the like. But although I am not wholly of that opinion, because I finde Banks to be erected and flourish, as well under the Great Mogull in the East Indies, as in Tuscany under the great Duke, both which are as absolute Monarchs as any King of Christendome; yet to give satisfaction to all, and especially to those Merchants in London (whom I finde almost generally averse to the erecting such Banks as may submit their Estates to the pleasure of Su­pream Authority or Power) I have studyed these kinde of Banks where­into no man will be compelled to bring his Money; nay (as I have laid it) he cannot bring it if he would: But if at any time by the consent and request of Merchants it be desired, that such as will may deposite their real Money in Bank as a ground of security for either Credit or Money at any time to be again drawn out of Bank at pleasure without paying any Interest more then some small matter for keeping their Accounts: This coming freely from the People, and being by their Representatives enacted in Parliament, may be for their better satisfaction and greater accommodation in Trade, and will be no prejudice at all to his Majesties Revenue, or disparagement in the least to Bank Credit, grounded upon the foundations of Lands or Goods as aforesaid, which is and will be still of as real a value as Gold or Silver, as I have before proved I hope to satisfaction of all men.

I fear I have been too long in the explanation of these Banks, and tyred the Readers patience with Impertinences; yet in some particulars (perhaps) I am short, whereby all may not fully understand what I am desirous none should be ignorant in; which if it be any that may give it a furtherance, or that are inclined to study or promote so publique an undertaking, I should be as glad to spend some further time in an­swering any written Objections, as I am willing to give a meeting to those that desire rather by discourse a more clear or full satisfaction; for having my self found a great benefit by discourse (on this subject) with others, it were not Charity in me to deny the like to any: Some there are that have given me their opinions, and others that have sent it in writing as from unknown hands; and all prompting me to this [Page 41] further Edition, which for the validity of the subject (out of the re­spect I owe my Countrey) I heartily wish it had been handled by a more acute Wit and better Pen then mine.

I have therefore no better way to disperse those clouds which my dirty expressions (in this Treatise) hath cast upon so clear a demonstrati­on of the greatest Temporal advantages to our Soveraign Lord the King and Kingdom; then to give you the opinion of an ingenuous Gentleman, Samuel Hartlipe Esquire, which take in generall as a Case put, (Viz.)

Suppose any company of men should proffer to lend his Majesty two or three hundred Millions of Money gratis, let us consider what he would doe therewith.

1. He could not employ it with safety any otherwise then by lending it forth to the people upon sufficient security, at a reasonable Interest, because it is but lent to him, and therefore must be restored.

2. It may be he would resolve also to raise Banks therewith, whereby the Credit grounded upon such Money might run current amongst the people rather then the Money it self, which is not so fit for daily use in great sums, in respect of the trouble of telling and re-telling, the losse in clipt and counterfeit Money, the hazard which men sustain in keeping much Money by them, the trouble of carrying great sums of Money from house to house, and the danger of conveying it in specie from one Town to another: Whereas dealing in such Credit (as to all great sums) would prevent High-way Thieves, who if they have nothing but goods to seize upon in the Road cannot go long undiscovered, nor can advance any thing thereupon worth their attendance, which would totally discourage them from following that lewd kinde of life, and there­by free the High-way of such kinde of Vermin.

Credit also is better amongst the people in these two respects: First it cannot be transported to other Nations: Secondly, it will not be hoorded up as Money many times is, to the great hinderance of Trade; for that which will be perhaps at first of least esteem amongst the com­mon sort of people (if it be of real value in it self) is most for their good; because every man striving to post it off from himself doth thereby quicken returns in Trade.

Now suppose that (upon these manifold considerations) such Banks should be erected, and it should thereupon come to passe, that this Mo­ney thus lent to the King should lye dead in Bank, and the people should make use of the Credit in stead thereof (as they do in other places) I demand then to what purpose this Money serveth.

If it be said, it lies for a pawn to secure the Credit that runs current instead thereof:

I answer, the Land which was taken for security when the Money [Page 42] was lent to the people, is a sufficient pawn to make good such Credit; if not, then the Money lent upon that security which fails is lost, but if the security hold good it is the same with Money; and therefore if the King might venture to lend the Money it self upon the best security, the people may even as well venture to take such security it self for Money.

Hereupon, there is no doubt but the King (in order to his own se­curity) would restore this Money to the Owners, and proceed without it, as being first altogether superfluous, secondly a great temptation to any home or in-bred disaffected spirits or Enemies; Thirdly, subject in process of time to the fraud of Officers if it lye dead in Bank; and if it goe abroad, then not so fit for daily use as Credit, in the manifold respects already mentioned; and if they thus proceed without the said Money, they do the same thing as is here proposed.

The Premises considered, to dispute against the aforesaid Banks grounded upon security, is the same thing as to oppose the accepting of the aforesaid Money in specie, if it were to be lent the Nation gratis.

This being so, if any should ask whether the King would refuse the free Loan of so much ready Money? I answer, surely no:

1. Because by the lending thereof to the people upon Interest, a Re­venue may be raised to free them from publique burthens.

2. Interest might be brought to a low rate for the incouragement of Trade, and without any compulsive Law.

3. The filling the Land with so exceeding great a quantity of Money would by the revolution thereof quicken Trade in the highest degree.

4. It would be a means to furnish the people with abundance of Stock to imploy in the Forain Trade, Fishing, Plantations, improving their own Lands, drowned and wasted Grounds, Mines, &c. in all the three Nations.

5. By such fall of Interest, Land would rise much in price; which (besides the help of sufficient Stock and quick vent) would much in­courage the improvement thereof.

6. Many publique burthens and grievances would be prevented there­by (as is already observed,) viz. Oppression amongst Brokers and Ex­tortioners; the trouble, charge and hazard in returning of Money, high-way Thieves, imprisonment for debt, innumerable Law-suits, losses by failers, underselling the Market, enhancing Forain Commodities, and debasing the value of our own; and in brief the burthen of all bur­ [...]ens, namely, extream Poverty; with divers other particulars, which I shall not further repeat.

Now considering our present great extremity for want of Stock and Money, who that loves his Countrey would be against the accepting of such an immense Treasure of good and current Coyn, if it were prosse­red this Nation gratis? And yet it plainly appears by the Premises, that [Page 43] all this Treasure lyes within our own reach, in that kinde of Bullion which is better then Money in specie, and wants nothing but the meer stamp of Authority to make it current, and hath this further advantage in it, that it may be made use of to the Worlds end, without fearing it should ever be demanded, which so much Money lent gratis cannot.

To conclude therefore, it plainly appears, that the way to remove Poverty, Taxes and most publique grievances, and to make this Nation abound in Wealth, Trade, Cities, Shipping, People and Renown, is (according to means) neither unpracticable nor difficult: Except we renounce all humane Prudence, and with the Sluggard in the Proverbs, create difficulties to our selves where God hath made none.


THE Author is doubtfull this proposal is mistaken, as well as his person; for there are some that have been pleeased to report him the Son of Cradock the Preacher, so great with Cromwell, to whom the same or others say he presented this Proposal, without successe. Also it's reported, he proposed the same thing to the Elector of Brandenburge, where his projects so dislasted the people, that he was forced to flie from their fury to that Prince for succor: And from hence drawes a conclusion, That it cannot be of worth, since Cromwell and others refused to embrace it.

Now forasmuch as these are most notorious untruths, and reported either to invali­date the Proposal, or for other ends in prejudice to the Author, he cannot do lesse then give this in answer.

And first, that he is not the Son, nor of Kin to the aforesaid Cradock, but was the Son of another of that name, who lived about 17 years since in Somerset shire neer Glastenbury, in which County be had about five bundred pounds per Ann. and was also possest of so loyal a soul, that had his Estate been ten times more, he would have enga­ged all, with his life, which he lost in the service of his King and Countrey: And as to that of divulging this Proposal to Cromwell, the Author doth in the presence of God protest, he never found in himself any inclination to do him the least of good, much less to offer him what he esteems of so much worth; and that he did not discover it to any, untill he had acquainted the Lord General Monck thereof, after his restoring the Secluded Members.

Likewise for that of promoting it in the Elector of Brandenburghs Countrey, the Au­thor doth protest he never saw that Prince, nor set foot in his Countrey; and therefore is abused in that also, conceiving he is mistaken for some other that in Cromwells time did endeavour the establishing Banks of Money in England, or else is misunderstood in a former Book of his, which he so far owns, as that he mentioned it in a Postscript of his late Expedient: It was a book for reducing the Excise of Forain Goods under the management of the Customs, for the case of the abused Merchant, and at the request of some of them was printed in Richards Patliament, and by the Author again reprinted after the Lord Generall had restored the Secluded Members, and took effect in all such duties as were continued. And since the Author for intending good, and freely offering it to serve his Countrey, hath not deserved those ill reports, he hopeth that such as hear the like for time to come, will be so ingenuous as to acquaint him of the reporters, who will have as much thanks from the Author as they deserve, and his short stay in England (from whence so [...]e occasions calls him) permit him to requite.

A TABLE of the most general and principal Heads.

  • THE benefit of Inventions, and small encouragement they receive in Eng­land, pag. 1, 2.
  • The Original cause and use of Money, and the several sorts, introduced to passe currant in Forain parts, p. 2, 3.
  • Gold and Silver made the measure of Com­merce: It's not the denomination or stamp of Soveraignty, but the security of value that makes all Moneys currant, p. 3, 4.
  • That payments are and m [...]y be made upon the Credit of Money, as well as by Money in specie, and of the descrip [...]ion of Banks in generall, 4, 5. 9, 10. 17, 18.
  • That Goods, Jewels, and other pledges, may supply the credit of Money, 5, 6, 7.
  • The inconveniences of Money, &c. 7, 8, 9.
  • That Lands may be made as good or better se­curity then Moneys or Jewels, and will sup­ply the defects of Money, 8, 9, 10.
  • The design for Banks in England, and how the Credit of Lands, Goods, &c. may be made to passe currant in payment from one Countrey or person to another, 10, 11, 12, 13, 14.
  • That the aforesaid credit will be esteemed as good, and h [...]ld acceptable, as the best Gold or Silver, 14, 15, 16.
    • 1. An Answer to such as may object, That though some will approve of Credit in Bank yet others may dislike it at some times for divers reasons, 16, 17, 18, 19.
    • 2. Objection (That the introducing so much current Credit to serve instead of Money will in time evacuate the use of Money) answered, 19, 20, 21.
    • 3. Objection (That the great plenty of Mo­ney, or Credit instead thereof, will cause all Commodities to rise in price accordingly) answered, 21, 22, 23.
    • 4. Objection (That Usurers will be great losers by the erecting such Banks) an­swered, 23, 24.
    • 5. Objection (That Widowes and Orphans will have prejudice thereby) answered, 24, 25, 26, 27.
  • The Description of petty Banks, 25, 26, 27.
    • 6. Objection (That such Banks will not be established without registring Estates, and therefore be opposed in Parliament) an­swered, 27, 28, 29, 30, 31.
    • 7. Objection (That the discovering Titles and Conveyances will rather augment then abbreviate Suits) answered, 32, 33.
  • How all men wanting Moneys, may be supplyed at 3 per Cent. per ann. for Interest; Of the many advantages thereby, and the disad­vantages for want of a competent Stock at low Interest, 33, 34, 35, 36. 16, 17, 22.
  • That a great Revenue (of at least two Mil­lions yearly) will be brought into his Ma­jesties Treasury, by the ease of the people, 36, 37, 38.
    • 8. Objection (That such as have no Lands or real Estates, will have no advantage, but rather a prejudice thereby) answered, 38, 39.
  • That his Majesty hereby (at any time wanting Money) may procure a Million either at home, or in Forain parts, without obliging others for the same, 39, 40.
  • Merchants of England being averse to the erecting Banks of Money, caused the Au­thor to contrive these of another nature, which will prove of much greater advan­tage to the Nation, 8, 40.
  • A recital of a Case put by Samuel Hartlipe Esq in favour of this Credit in Bank upon Lands, &c. 41, 42, 43.

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