THat all Money may be indiffe­rently respected as a Metall, and as a Coin. As a Metall 'tis serviceable to many other good purposes, and being rated ac­cordingly, it would not rise in price much above other Metalls. As a Coin, 'tis no more then a Counter. Yet, as the matter now goes, that is it which now raises it in value infi­nitely above all other Metalls in the world; and we Annually part with great quantities of our best Staple Commodities, to the value of many hun­dred thousand pounds worth, to purchase so much of the aforesaid Metalls, as would supply our want of Money; which, as was said, are nothing else but certain Authorised Coins or Medals, that like Tokens of Account are sure upon every Com­mutation of Commodities to yield their Impressed value, serving onely to supply the interval of time between the selling of one Commodity, and the buying of another: Which Credit, grounded on good Security, can as well perform, by transferring the same from one to another, as the Ownership of Money in Foreign Banks, for that is by many accepted, and often preferred before Money, is that [Page 4] onely, not use, that will both attract and command it to any place or person whatsoever. Nor is Mo­ney so to be thought the life of Trade, as though it could not subsist without it, seeing 'tis well known there hath been very great Trading by way of Commutation, or Barter, when there was but little Money stirring in the world. The Dutch, Italians, &c. have such remedies against this want, that it can neither decay nor hinder their Trade; because they commonly transport Bills of Debt, and have both Publick and Private Banks, wherein they assign their respective Credits daily, for very great Sums, and that with great ease and satisfaction, by Writings onely; whilst in the in­terim, that mass of Treasure, giving foundation to the aforesaid Credit, is employed in Forreign Trade and Merchandise, &c. And by those means they have little other use of Money, more then for their ordinary Expences.

The benefit or grand effect of the aforesaid Banks, whether Publick or Private, are sufficiently known, though not so well understood at first; and were introduc'd into the Low-Countreys by a Pub­lick Edict or Placaet of the State, requiring all Payments, exceeding such a Sum, to be made at one place; which being fairly Registred, and put to each mans Account, the Bank, in nature of a Re­cord, becomes of course a Witness to all Receipts and Payments made there: Avoiding thereby ma­ny litigious Disputes in Law, which usually hap­pen in other Countreys, to the great obstruction of Commerce.

And although every man might indifferently carry off his Money in Specie to his own house, or have it placed on his account; yet forasmuch as by Law, all were obliged to pay it there, whensoe­ver they had occasion to issue it out again, they chose rather to pass over their respective Credits by way of Assignation, which came in a continual suit to a hundred; by means whereof, an hundred pound was sufficient to answer the Credit of an hundred times as much in Bank.

That this Bank Credit was as well current with the State, as with and amongst the Merchants, otherwise it would have happened to them, as with private Cashiers in this City, where the sleighting their Bills of Credit, have ever proved fatal to them.

And therefore if ever His Majesty designs any thing of this nature, He must be sure, that the same Credit he would have currently received by others throughout His own Dominions, be made so in all publick Receipts and Paiments, which alone would make it current to all; else 'tis not to be expected His Majesty's Credit should pass, or be ever accepted by any man.

That all those places where Banks are erected, and Bills of Debt transported in Trade, Money is allowed to be brought in, and carried out at plea­sure, without any loss or prejudice to Trade: And in truth, 'tis reckon'd in those places no more then a Commodity, rising and falling in value, as the same increaseth or diminisheth in quantity, as all other Commodities do.

And whereas it may be thought, the King­dom, both in respect of the Government, and some other accidents frequently objected, is under those Circumstances, as may render it wholly incompa­tible with any thing of this nature, then which, no­thing could be offered more to the disgrace of Mo­narchy, so much admited and celebrated by the greatest part of mankind, as the best of Govern­ments. It remains to propose how, notwithstand­ing, to reduce it to practise in this, as well as in other Countreys.

1. That certain publick places, called Banks, or Grand Cash, assignable by His Majesty, in the most convenient parts of the Kingdom, be erected, where all Receipts and Payments to and from the Crown, especially exceeding such a sum, may be respectively made.

2. That all persons receiving Money in Bank, or other aforesaid Grand Cash, have liberty indiffe­rently to assign over his or their Credits, where the same shall be placed, to each mans Account, by way of Debt and Credit, according to what is receiv'd and paid, or carry the same away in Specie, provided Security be first given, to make his or their respective Paiments there, for the value re­ceived, when ever they have occasion to deliver it out again.

3. That the aforesaid Credit being made Cur­rent in all publick Receipts and Paiments of the Crown, His Majesty shall never be without the Annual Value of His Revenue in Cash, without [Page 7] taking up the same (as heretofore) on Interest, but to imploy and improve to the best advantage of the Crown and Kingdom. Or thus.

4. That in all cases of necessity, and in defect of money, Tallies be struck in the Exchequer, not exceeding the Annual value of His Majesties Re­venue.

5. That there be a certain publick place, where all persons receiving the said Tallies, may reposit the same under the custody and care of some gene­ral Cashier or Banker, appointed by Authority, who shall upon receipt thereof, under the Seal of His Majesties Exchequer, or some other pecu­liar Stamp, like those in the Power Impressed on Money, cause the same, at the Election of the Pro­prietors, to be Coined into small Bills of Credit, as low as 5 l. or under, and delivered out accordingly on demand.

6. That to the end the same may become Cur­rent throughout the whole Kingdom in Trade, it is humbly proposed, that it may be ordained by His Majesties Prerogative Royal, or in Parliament. That the said Bills of Credit, thus grounded and supported as aforesaid, shall be allowed and acce­pted in all publick Receipts and Paiments made to the King, who by those great Sums of Money, giving foundation to the aforesaid Credit, (being all that while in the Subjects hands) may be em­ployed in Trade and Merchandise, to the incre­dible increase thereof, and further advance of His Majesties Revenue.

7. And that I may not be thought to be mista­ken in the notion of a Tally, I conceive all Tallies are delivered out of the Exchequer, upon Receipts of Money paid in, and is in nature of an Acquit­tance or Discharge for the same, in order to their Quietus. But in this place, nothing more is meant, then some publick Significavit from the Crown, that may be reckoned both an Evidence and Se­curity in Law, that shall accordingly be Current in all publick Receipts and Paiments as aforesaid.

8. But forasmuch as some part of the said Pub­lick Receipts is made to His Majesty but for term of life, and so may be reckoned a Contingency; to the end the aforesaid Credit may meet with no rub in the course of Trade, to the obstructing His Majesties more weighty concerns, it is humbly conceived necessary, that the said Contingency be provided against by His Majesty in Parliament, or in such other way as to His Majesty's great Wis­dom shall seem best.

9. Thus the said Authorised Bills of Credit shall be reckoned a new Specie of Money, which His Majesty creates and superads to the general Stock of the Kingdom, to the great benefit of Trade, which by this means is considerably ad­vanc'd and augmented, producing the like effects in the Revenue of the Crown. And it may be di­stinguished from the general Coin of the King­dom, and pass under the name of Check or Bank­money. Hereby His Majesty's Security and Pay, without altering any setled course of His Exche­quer, [Page 9] or incumbring it, may be made as Current and Satisfying as any man's, if not superiour to that of any Prince or State whatsoever, and thereby become. Current in Trade and Commerce, equal to any Coin, the counterfeiting thereof being made in like manner Capital.

10. That though the said Bills of Credit may be made so, as the Bank cannot be deceived, there may be yet some difficulty in reference to the Subject, who may not possibly be able to distinguish the true and legitimate Bills from the counterfeit: The best way for cure in this case is this, after the example of the Venetians, especially to write of their respective Credits at the Bank. This practise duly observed, will be of singular use and advantage to the Crown, and for ought we know, may be equal in value to His Majesty's Customs.

As for example, Suppose His Majesty should lend 100 l. or 1000 l. upon Security Real or Personal; the said person by the aforesaid Rules being obliged, when ever they have occasion to deliver out this money in paiment to others, to bring it to the Bank, they will chuse rather to leave it there, where it lies under that Security; so transferring it to a Third; he, for the like reason, to a Fourth, and so to a hun­dred; whereby the King shall receive the Benefit and Interest of a hundred times that Sum per Annum: mean while the Credit, grounded on the Security onely, is really found, which it ought not to exceed at any time; and though profitable to His Majesty, as aforesaid, can be no damage to any man; for if the [Page 10] Security which any man would accept for the mo­ney could be made Current, 'tis as good as the mo­ney it self.

This done, it cannot be doubted, but this new Specie of money will pass from the King, where he is immediate Debter, from them again to theirs; and so with all persons concerned in publick Paiments, as Merchants, Brewers, and the like, with their de­pendents, which will go a great way in Trade, and in effect concludes all. By means whereof, His Ma­jesties Land and Naval Forces are accommodated. Nor, by the way, will it be difficult for Sea-men, or other Soldiers, to convert the same into money, when transmitted to them under these circumstances; for being discharged the Publick, they put them­selves into the service of private Merchants, who at that time Freighting Ships to Sea, have always con­siderable Paiments to make to the King; seeing it may as well be done in one Specie as in another, and being desired it may at any time be turned into mo­ney by Bankers and others, with but small allowance of common Interest, forasmuch as they can imme­diately pass the same to the Merchants, and in ma­king publick Paiments, as aforesaid, with like allow­ance of Interest from them, receiving in effect dou­ble Interest.

Thus the like may be delivered out upon the Se­curity of His Majesty's Fee-farms, valued at so many years purchase as they are really worth, or would yield to be sold, to be allowed and accepted in all publick Paiments to the King, as aforesaid: mean [Page 11] while, bringing in their Annual Rents into the Ex­chequer, or Chamber of London, to be always an­swerable for the credit grafted thereon.