A letter to a member of Parliament: shewing how probably the credit of the nation may be speedily raised And not only the publick debts made good without present money, but render'd serviceable to the publick, and a means to free others as well as the creditors from the difficulties that the deficiencies of funds, and scarcity of coin have occasioned. Houghton, Thomas, Gent. 1697 Approx. 10 KB of XML-encoded text transcribed from 5 1-bit group-IV TIFF page images. Text Creation Partnership, Ann Arbor, MI ; Oxford (UK) : 2011-04 (EEBO-TCP Phase 2). A44601 Wing H2930 ESTC R216943 99828656 99828656 33087

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Early English books online. (EEBO-TCP ; phase 2, no. A44601) Transcribed from: (Early English Books Online ; image set 33087) Images scanned from microfilm: (Early English books, 1641-1700 ; 1966:07) A letter to a member of Parliament: shewing how probably the credit of the nation may be speedily raised And not only the publick debts made good without present money, but render'd serviceable to the publick, and a means to free others as well as the creditors from the difficulties that the deficiencies of funds, and scarcity of coin have occasioned. Houghton, Thomas, Gent. 7, [1] p. printed for Tho. Cockerill, at the Three Legs in the Poultry, [London : 1697] Signed at end: T.H. [i.e. Thomas Houghton]. Caption title. Imprint from colophon. Includes an advertisement on verso of last leaf. Reproduction of the original in the Hertford College Library, Oxford.

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eng Debts, Public -- Law and legislation -- England -- Early works to 1800. 2020-09-21 Content of 'availability' element changed when EEBO Phase 2 texts came into the public domain 2009-01 Assigned for keying and markup 2009-03 Keyed and coded from ProQuest page images 2009-04 Sampled and proofread 2009-04 Text and markup reviewed and edited 2009-09 Batch review (QC) and XML conversion
A LETTER TO A Member of Parliament: SHEWING How probably the Credit of the Nation may be ſpeedily Raiſed; And not only the Publick Debts made good without preſent Money, but render'd ſerviceable to the Publick, and a means to free others as well as the Creditors from the Difficulties that the Deficiencies of Funds, and Scarcity of Coin have occaſioned.

THE way I propoſed to encourage and haſten Subſcriptions of Tallies, &c. To enlarge the Bank of England, and make it ſerviceable to the Publick in Trade and otherwiſe, and more advantageous to the Proprietors, as I told you, was,

By the New Eſtabliſhment of the Bank ſo enlarged, to let every one have Bank Stock-bills for his whole Stock; entitling him, his Heirs, Executors and Aſſigns thereunto, with the Dividends of the Principal, the Intereſt, and other Profits that may become due and payable thereupon.

The ſaid Bills to be aſſignable before two Witneſſes, whereby they will be as Uſeful in Trade as Bank-Notes, or as Money, according to the Value of Bank Stock, which will be as eaſily known, as the Rates of Foreign Exchanges, by which ſo much is Negotiated Weekly.

And on ſuch Bills, with the Security of the Proprietor, may Money be taken up, as upon Bills of Exchange, by Endorſments, for a Month, Two, or Three; and for longer time, with more Privacy, and leſs Charge and Trouble, than upon a Real Eſtate, upon any Occaſion, or Proſpect of Advantage: So that though they have a growing Intereſt on them, they will be almoſt as ſo much Money always at Command; the Conveniences whereof I need not further inſiſt on.

And theſe Bills being ſo eaſily and ſafely negotiated, without Charge or Attendance, either at Buying or Selling Bank-Stock, or expoſing the Tranſaction to the Notice or Cenſure of others, will be ſo commodious and agreeable to the Humour of Trade, and Traders, that doubtleſs many will be induced thereby to come into this Enlarging Bank, that otherwiſe would not; for that they can immediately, or unobſerved, ſell out again, all, or what they pleaſe; or borrow upon the Bills, or pay Debts with them.

And though, I cannot ſay, the ſo much fallen Stock, will by this Method, become preſently, of like value with ſo much Mill'd Money, yet doubt I not but ſuch Bank-Stock Bills will immediately be more worth than the Stock, Tallies, and Notes, by which they were purchaſed, and that it will be daily riſing till they come to an equal value with Legal Coin: And mean while ſerving ſo many ways, as ſuggeſted, I conceive it will be obvious to thoſe that underſtand the Methods of Trade, and prefer the Publick before Private Intereſt, that the liquidating the Bank-Stock by this propoſed Method will be of great uſe and ſervice to the Kingdom at this Juncture.

But two ſorts of Men will be againſt this, or any thing that tends to extricate us out of the preſent Difficulties through the want of Credit, and ſeeming want of Coin in the Kingdom; the notion whereof is improved to make it ſo really to the Publick, and many particular Perſons: viz. by the Enemies of the Government, and the Enemies of Mankind; thoſe Canibals I mean, that by their Extravagant Extortions devour men alive; of which kind never before were ſuch Inſtances in England, as I have lately heard from Perſons of their own knowledge. One of which was of 12 l. asked, and 8 l. inſiſted upon, for diſcompt of a Foreign Bill, which afterwards was done for 20 s. by another; nay was offered for 14 s. the bare Intereſt; and tho I know others that lately have refuſed to take more than Legal Intereſt for Mill'd Money, yet I am credibly informed, that above five times the Intereſt is commonly given for Money on like occaſions; which Exorbitances, if not prevented by one way or other, ſuch Extortioners will prove worſe Enemies to the King, and the Kingdom, than the Jacobites are like to be: And therefore I hope the Richeſt and Greateſt monied Men will not be thought the fitteſt to conſult of ways to encreaſe the Stock of Coin and Credit of the Kingdom; nothing being more certain, than that the greater the Stock of Coin and Credit, the greater will be the Profit of the Nation; and the leſs the Stock, the more, in proportion, will be the Profit to the Perſons, that have it.

The danger of forging theſe Bills, will by Numerical Diſtinctions, and a Methodical Courſe of paying the Intereſt and Dividends, appear ſo much leſs than the Bank is ſubject to by their preſent Notes and Bills, that it will not be conſiderable, nor more than that of Tallies.

Nor will the Choice of Directors, or the Qualification of the Electors, be Difficulties in this way of Eſtabliſhment.

And each Bank-Stock-Bill will be ſubjected to the Charges and Loſſes that may happen, all Debts being to be paid before the laſt of the Stock be paid off.

But I have yet a further Propoſal, which I conceive will moſt effectually and ſpeedily accompliſh this Conjuction and Coalleſcene of Funds, and Inlargement of the Bank, and render the whole Stock more uſeful to the Publick, and private Perſons. And humbly preſume it will be conſonant to Reaſon, Prudence, and Juſtice, and to the Honour, and for the Intereſt of the Kingdom, and tend as an Act of Righteouſneſs virtually to exalt them, and actually do it, by raiſing the Publick Credit; and more effectually tending, to leſſen (if not wholly to extricate us out of) the mentioned Difficulties; and without which, I doubt it will be very hard for the Government by Loans to ſupply the early occaſions of it, whilſt ſuch Extortions are practiſed upon private Perſons.

That the Honour and Credit of the Publick is ſunk with the value of the Publick Debts, cannot be denied; and that the Cauſe hath been the Deficiency of the Funds, on which, and the Honour and Juſtice of the Government (as their Security), the Money was lent, or the Goods ſold. That it is incumbent therefore on the Government, in Reaſon and Juſtice ſo effectually to ſupply thoſe Deficiencies, that the Lenders may be no Loſers, and the Debts be as good to them, as if the deſigned Funds had been ſufficient to have paid them in due time. And that by ſo doing, the Publick Credit would ſoon have recovered, ſo as to have raiſed Money again on like occaſions, is little to be doubted.

And ſince it's thought impracticable at this Juncture ſo ſuddenly to raiſe what is requiſite for thoſe and other Occaſions, I propoſe this way, which with little Charge to the Government, more than deſigned upon the Enlargement of the Bank, will I preſume do Juſtice to thoſe Creditors of the Publick, and make all their Debts preſently as good as Legal Money, and (with the Plate-Bill, of ſo much neceſſity at this time) ſoon rectify the Diſorders for want of Coyn and Credit.

And is, By the Eſtabliſhment of the enlarged Bank in the manner propoſed, and by making ſuch Bank-Stock-Bills legal Payment in all Caſes in England, except Foreign Bills; or with a fourth, or a third in Money, as upon thorough conſideration ſhall be thought expedient.

Which though at firſt may be thought hard, and looked upon as a force upon Mankind; yet, I believe, e're ſix Months come about, ſuch Bills (ſuppoſing the Funds indubitable) will be deſired rather than Money.

And this will not only be of preſent Service to the Goverment: But the diſperſing and dividing theſe Bills, will unite the hearts of ſo many the more to ſupport it from time to time.

And though it be without Preſident, yet if it be conſidered that the occaſion, and need thereof, is ſo too, and that theſe are already Publick Debts, which ought to be made good, and in the ordinary way cannot now be done, ſome extraordinary way of doing it may be allowed as neceſſary.

And if it appear ſo to you, and that you think this a proper way, I hope you will pleaſe to promote it for the Publick Good, which is all that I aim at in recommending it. And I am almoſt as much of the Opinion of the Neceſſity of ſome ſuch Courſe now, with reſpect to the Credit of the Nation, as I was at the beginning of the laſt Seſſions, of a Supply of Coyn from the Wrought Plate, when the Clipt Money was called in. Which if we had then had, our Difficulties had not been as they have been, and are, and will, I fear, till that Bill paſs. What I have more to ſay, I ſhall refer till I ſee you, mean while I preſume all Objections to this may be anſwered: And am yours,

T. H.

LONDON: Printed for Tho. Cockerill, at the Three Legs in the Poultry. 1697.

ADVERTISEMENT.

AN Eſſay upon PROJECTS. Printed for Thomas Cockerill.