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 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 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 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 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 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 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 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 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 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 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 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 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 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.

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 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.)

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 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, 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 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 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, 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 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 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 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.

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 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 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, 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 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 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:

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 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,

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.

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 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 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 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 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.

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 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 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 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.