SECT. I.

THat according to the revolution of money, or that which goes for such, such is the revolution of Commo­dity or Trade is doubtlesse (as I have intimated in my former dis­courses) evident to all men.

Now if every person who hath money owing to him, had a Bill ex­pressing the sum, and day of payment; and if this Bill would passe from hand to hand for commodity, until such day of payment, this would tend exceedingly both to the Advancement of Trade, Imployment of the Poore, and Encrease of Custome and Excise.

For suppose a Debtor owes his Creditor 100. l. to bee paid at Six months; if this 100. l. passes no further till the end of those Six months, in this case it lies like money hoarded up in the hands only of that Creditor; whereas if [Page 6]it could in the mean time bee made to passe in a Bill through six or eight hands like so much money, it would beget six or eight times as much return of commodity.

Now if all the debts of the Nation were given thus in Bills unto the Creditors, it would amount to a sum of as great a value as the Credit of all the Tradesmen in the Nation, which is usually two or three times as much as their Estates.

This sum if it could bee returned in commodity six or eight times in half a year, that is, twelve or sixteen times in the whole year, would prove to be of incredible advan­tage.

Again, if I have a Bill for 100. l. payable at six months with interest at 8 per Cent. and keep this Bill three months in my hands before I have occasion to transferre it to any other; it wil at the end of three months be valued at 102. l. and hee that receives it, if hee keeps it the other three months is to be allowed 104. l. for it.

So that whereas hee who receives money hath no kind of advantage during the time of its lying by, he who re­ceives these Bills, hath that which like the fruit of a tree, grows whilst it is in his possession.

Now if it be doubted how such a quantity of these Bils, may,

First, be dispersed throughout the whole Land immedi­ately, and

Secondly, Made to passe from hand to hand in such sort as is here expressed: I referre you for that to what fol­lows.

SECT. II.

TO the end that the two things last premised may bee speedily accomplished, let it be admitte,

That there were an Act of Parliament ford removing the obstructions in Law, and other difficulties that are found in transferring of Bills from one to another; to which purpose, there is a Petition it seems already presen­ted, whereof, I am very glad; yet, I humbly desire that the things following, may also be considered, viz.

That it were enacted, that such Bills shall be payable in Law, before any Book debts, Bills, or Bonds whatsoever, viz. in the same rank and order, and in all respects in the same manner, as if a man had confessed a Judgment upon his whole estate for the payment thereof.

That whosoever accepting of these Bills transfers them to any other person, shall (being caused to subscribe them) be liable to the payment of them equally with him that first gave them forth, as jointly bound with him, in such sort as in Bills of Exchange the underwriter is obliged as wel as the Drawer.

That whosoever hath any debts owing to him at the time of this Acts commencing, shall have power to de­mand such Bills of his Debtor, and the Debtor shall not deny to grant the same under a certain penalty.

Provided, That all debts contracted before the com­mencing of this Act (for which there is such Bills as afore­said taken) shall be payable before any other that shall af­terwards be contracted; and that in the same rank and or­der as they would have been payable, though this Act had never been made.

Many other things which I shall referre to debates by [Page 8]word of mouth are needfull to be added; chiefly in order to the preventing of cheats by counterfeit Bills: But these particulars being Enacted, it would follow,

That no man for the future would deliver ware upon trust without such Bills, and those that had already so de­livered ware, would immediately upon the commencing of this Act demand such Bills from their Debtors.

The reason is cleer, because no man would bee willing that another should have better security then himselfe, when he himselfe may have the same security for asking; which if others obtaining he should miss of, it makes his debts liable to secure the debts of those others, but not the debts of those others to secure his.

Now if every man do at once demand of these Bills for his debts, it would immediately follow that every mans hands would be full of these Bills; so as there would be as many Bills dispersed at once throughout the land, as the debts of all the men in the Nation do amount unto.

The means to accomplish which was the first thing to be discovered, the cleering of the second particular fol­lows.

SECT. III.

NOw that these Bills would hereupon become so farre forth currant as to pass from hand to hand for com­modity; let it be considered,

That there is scarce any Trader in England, but is used to trust some one person or other, and is able to find out some one or other that is willing to trust him.

Let it therefore be supposed that A. hath taken up ware [Page 9]of B. and that this B. hath credit with C. though he should give him no security.

Then let B. taking a Bill from A. take up ware from C. and transferre that Bill unto C. which he had of A.

Now in case C. is not willing to accept of this Bill, not knowing whether A. be a sufficient man.

Yet in regard that C. is willing to trust B. (although he had no security from him) let B. subscribe the same Bill which he had of A. ingaging himselfe thereby to make it good in case A. should fail so to doe.

Hereby C. will have double security, for if B. should fail, yet A. is bound to make good the debt, neither will C. much doubt but that A. is of some ability, or else his friend B. would not have trusted him.

Further, let C. having credit with D. take up ware upon the same Bill, engaging himself to make it good.

Thus shall D. have treble security, viz. both from A. B and C. which with his own credit as a fourth person, can­not choose but inable him to take up ware upon this Bill much better then upon his own single credit without it.

And for the same reason a fifth person may much more easily procure ware upon it from a sixth person, and so on till the money become due.

So that from all this it is evident, that if Bills will but passe the first hand, they will not fail to passe currantly through all the rest.

And the rather for that they increase by the interest in e­very mans hand, during the time of their lying by, as I have already shewed.

And it is as cleer, that except men cease for the future to deal any more upon credit, these Bills will not faile to be accepted at the first hand.

Especially in regard that, they will prove as good security [Page 10]at the very first hand, as if the Debtor had confessed a Judgment for the payment of them.

Now if every mans hands were full of such Bills as would passe for money, what man is there but for the im­provement of his stock, would bee taking up commodity upon them?

And consequently the generality of men would bee in present capacity to sell their commodity by accepting of them, and to procure new commodity with them by trans­ferring them to others; whereby the commodity so taken up upon Bills, would immediately be vended again by the revolution of the same Bills, and so perpetually.

SECT. IV.

IF it be objected, that there would by this means bee so many Bills stirring, as men would receive little or no money werewith to pay their debts.

I anser, mens Bills going about uutill the day for pay­ment of them in money, will not make the money in the Land ever the less, nor the sums payable in money ever the more.

2. Hee who is to pay money the first of Iune next, upon some Bills of his own giving forth, if in the mean time hee receive Bils payable upon the first of May next, the mony which hee receiveth upon these Bills in May, will serve towards the payment of his own bills in Iune.

3. Those Bills which he finds not payable till after the said first of Iune, hee may lay out again in commodity as fast as he receiveth, which commodity, with all the rest of his stock, will give him credit to borrow mony wherewith to pay his debts.

[Page 11]And to the end that men who are able to give security, may never be driven to extremities for procuring money to pay their debts at any day appointed whatsoever, as now they usually are.

Let it be supposed that at each City or Town of consi­derable resort, there were places appointed where those Bills should be made payable.

Hence it would come to pass, that the paiment of al these Bills in those places, would suddainly bring in all the mo­ney in the land into these houses as into so many banks, as I shall make to appear when need requires.

By this means there would never want millions of mo­ney in bank to lend unto those men who are able to give security for the repayment thereof.

Yet neither those that borrow pay to others, nor yet those others that are to receive the money, will trouble themselves to take it out of the bank.

But to prevent the surprisall of the money by any Insur­rection or Commotion, it may bee lent forth upon good security and small interest to all that are willing to bor­row it, which as fast as it comes in again by the hands of others, may be lent forth again immediately; so as there should not at any time be any considerable quantity there­of remaining in bank.

There are also other ways whereby the money might be dispersed into severall hands, so as each mans Chest should be in effect so many severall Banks, and yet sufficient secu­rity for millions of money to bee forth coming at three days warning.

The vast consequences of such Banks is already experi­enced in severall parts of the World: And if I might here inlarge, I could demonstrate that the same quantity of money would by this means soon occasion ten times as [Page 12]much trading as now it doth and yeeld five times as much iuterest, although the Borrower should not pay above half that rate per cent.

But if this way of Banks be not approved of, yet I desire that it may be observed that the aforesaid way of Bils may be carried on, though they should not be made payable in one place.

If any thing which is here taken for granted be question­ed, I am ready to make good what I say to those who desire it.

SECT. V.

VVHat can bee further objected against any thing that hath been proposed hitherto, I know not.

For if it should be alleaged, that such an Act as is alrea­dy mentioned, would make all Creditors for the future to have equall title to the debts that are owing to them.

Answ. 1. What Justice is there for the contrary?

2. Why should it bee in the power of the Debtor to confess a Judgment to some one of his Creditors, when his Estate will not serve to pay halfe the rest of his debts?

3. Or why should that Creditor which deals most roughly with his Debtor have all the Estate, whereby those that are more favourable are enforced to lose their right?

4. This makes most Creditors (jealous lest others should prevent them) to be more cruel with their Debtors then they should or otherwise would.

5. Such an Act would prevent an infinite number of Law-suits, with the many inconveniences incident there­unto.

[Page 13]Now if it be yeelded, that an Act whereby to give each man equal right to the debts that are owing to him (whe­ther or no he use any violent means by Law to procure the same) is no less then just, then the laying of a necessity up­on men to take some written or printed evidence whereby such their right may appear, cannot be excepted against: for,

• 1. Otherwise the right could not so well appeare.
• 2. There is no earthly prejudice in taking of Bills more then in trusting men without Bills.
• 3. Mens Words cannot pass about to the Advantage of trade as Bills may.
• 4. Rich men set the Poor on work, and for want of rea­dy money pay them at leasure, or if they bee so poore as they cannot stay for their money, they take an advantage thereby to grind their faces by making them work at un­der rates; now if the poore man had the rich mans Obli­gation in paper it would be ready money to him.
• 5. Though there were no such Act as whereby to make such Bills equall to Judgments, yet it would not bee the least prejudice to the Debtor to give Bills, but much ad­vantage to the Creditor demand them.

For the Creditor by demanding a Bill shall know whe­ther his Debtor will give him only his own single credit or assign him some Bill of a good debt besides his own estate for his security, and therefore may trust him for more or less accordingly; and likewise the same Creditor having received a Bill from the Debtor, will by producing this evidence have much better credit with a third person then otherwise.

Obj. But I have a Bill payable at London, which I have occasion to assign to some friend living at Yorke.

Answ. When the mony is paid in at the bank in London, [Page 14]it may upon notice by those are concerned therein be paid out again at the bank in Yorke.

Obj. I had a bill made over to mee, but it is lost or sur­prised by violence in some journey, or otherwise.

Answ. This Objection holds as strongly against the use of money as of bills; for if a man lose his money, what re­medy, except he who finds it be willing to make restituti­on?

2. He that hath lost the bill causeth proclamation to be made of what number it is, and from what person origi­nally it came. In which case seeing he that hath surprised or found this bill or his assignee must repair to the bank by the day of payment, or else is like never to be the better for it, he must there look to be apprehended for not discove­ring it upon the aforesaid proclamation.

This might be much better cleered, but that I must bee brief.

SECT. VI.

HOw much these last Proposalls tend to promote that other way of making bills currant by a Corporation of men engaged to pay them in money within six months after the demanding thereof, mentioned in my former Discourses.

And how much that way doth exceed in respect of the method here propounded, though this be much more ad­vantagious then the ordinary way of trading, shall God willing be made to appear, if not in print publickly, yet in private debates with those who are concerned therein up­on the next opportunity.

[Page 15]In the mean time that such scruples as may possibly pre­judice men (against what hath been already published) may be removed, if any who have not read the aforesaid Trea­tise, called, The Key of Wealth, should bee troubled at the greatnesse of the undertaking in the Title page; let it bee considered (as was acknowledged by one who well under­standeth things of this nature) that whatsoever cannot be counterfeited is Gold (which he spake not to flatter, but to shew his diffidence in order to what was affirmed in that particular) if therefore Gold may be made of Paper with­out considerable charge, what is it amongst earthly things that may not safely be undertaken?

If any say, that to prevent the falsifying of Bills is im­possible, yet it will bee no great trouble to challenge him upon it who is both engaged and willing to make it appear possible; wishing that the matter were once wholly brought to that issue, not doubting in the mean time but through Gods assistance to demonstrate that there was not any one thing promised in either of the aforesaid Discourses, with­out such wariness as becomes a publick undertaking.

If the difficulty and hazard of Suretyships be pleaded.

Some difficulty and some hazzard was alwaies acknow­ledged to be incident to this attempt: but was there ever a thing of so great concernment so easily accomplishable? Is not the ordinary way of trading incident to much grea­ter hazzard? Is there any other imaginable inconvenience that can possibly be put into the ballance, against all those important effects which are the issues of this attempt? And yet to silence all gain-saying, I have undertaken to disco­ver how both the difficulty and hazzard of that manner of Suretyship which was formerly proposed, may bee remo­ved, and possibly it will appear to be after a manner better then is yet expected.

[Page 16]And to conclude in a word: How upon a bill of tenne pound, or more one may fetch ware of severall persons to the value of two or three shillings the peece, or less, as there shall bee occasion, and that without considerable trouble or prejudice, I shall also, as I have formerly under­taken, discover when it will bee seasonable, if that bee thought needfull.