THE Deſign of this Propoſal is, To raiſe the Value of Tallies to ſuch a Proportion, that all Tallies may be diſcounted for five or ſix per Cent. and that the worſt of them being thoſe at the greateſt diſtance to be payd, ſhall be the beſt; which is done by the Profit that is gain'd from the often diſpoſing of them.

The Method is thus:

I. THat an Office be ſettled by Act of Parliament for Transferring and Diſcounting Bills drawn on Tallies: Theſe Bills to be ſo limitted, that they may not exceed the Value of the Tallies, and ſo diſtinguiſh'd, as to be known upon what Funds they are drawn, that it may appear when they are payd off by their ſeveral Funds, and when to be brought to the Lords of the Treaſury to be Cancell'd.

II. That all Perſons have liberty to ſubſcribe their Tallies to this Office, which is to be the Stock of the Office, every Hundred Pound Tally, being One Hundred Pound Stock; and at the time of ſuch Subſcription, Five Pounds per Cent. in Money be payd into the Office for every Hundred Pound Tally, to raiſe a Fund of Money to diſcount the Bills.

III. That theſe Bills be made payable by the Office upon a Months Notice, and not at demand: That they be drawn on the Value of the whole Stock, by equal Proportion of Ten per Cent; and that they be delivered to the ſeveral Owners of the Stock, at ſuch diſtance of time, as never to exceed the Money in the Office that lies to diſcount them.

IV. That after the Rate of Five Pounds per Cent. be allowed for Diſcounting the Bills, and be payd to the Office at the time of the Months Notice; and that Five Pounds per Share, be payd upon Transferring the Stock of the Office, with other ſmall Fees for entring the Bills and Transfer's not exceeding five Shillings per Cent; which Fees are to belong to the Owners of the Stock, and are to encreaſe the Fund of money for diſcounting Bills.

V. That there be a Clauſe in the Act of Parliament, that no Obligation or Promiſe to Transfer any Bill or Stock of the Office ſhall be good in Law, or oblige to Transfer them; and that only the actual Transferring in the Books of the Office ſhall paſs the right of any Bill or Stock: This will effectually prevent Stock-jobbing, which would leſſen and diſturb the value of the Bills and Stock; And, if not prevented, will fruſtrate the whole deſign: For the Bills and Stock of the Office, would be continually ſold by Contracts and Policies, to avoid paying Fees, as is uſual in other Stocks.

From theſe Conſiderations, that the five per Cent' paid for diſcounting the Bills, will increaſe the money depoſited for diſcounting them; and with the Intereſt, will be always more than Ten per Cent. of the Stock, that the Bills being made payable upon a months notice, the Office will know a month before, what is to be paid; and therefore can the better provide for Payment; and that from delivering the Bills to the Owners of the Stock, in ſuch proportion of Ten per Cent, as never to exceed the money that lies for diſcounting them. It plainly appears, that there will always be a ſufficient Fund of money in the Office, to diſcount theſe Bills; and that theſe Bills will always be punctually paid; becauſe of the Profit by diſcounting them; and therefore will have an undoubted Credit.

Theſe Bills having gained a Credit, will paſs current betwixt man and man, after the rate of Ninety five Pounds for one hundred; becauſe upon Payment of five Pounds, the hundred Pound Bill will certainly be paid by the Office; which makes the ſame reckoning as if the Bills paſſed for one hundred; and there can be no Loſs by them; becauſe being at firſt delivered to the Owners of the Stock, if they paſs them away after the rate of ninety five for one hundred, they receive the five Pounds again in the value of their Stock, when ever the Bills are diſcounted.

Beſides, the five Pound, paid for Transferring the Stock, will encreaſe the value of it; and the oftner it is Transferred, the greater will be the value. Whereas otherwiſe the great neceſſity for money at this time, that the general Scarcity of it will occaſion many Sellers, which would very much ſink the value of the Stock, as in all other caſes the many Sellers and few Buyers makes things cheap; and the Stock would be of the ſame value or worſe than the Tallies now are, whereof many of them cannot be diſcounted for Thirty, nor Forty per Cent.

But if it be conſidered what great Profit the Office may probably get, by the often diſcounting of Bills, and Transferring of Stock: That if the Bills ſhould be delivered out to half the value of the Stock, and the Stock ſhould be Transferred ten times, the firſt value of the whole Stock would be paid to the Office; and that if the Profit ſhould not be ſo great, it will be always certain without any Loſs: It is very evident, that all the Tallies ſubſcribed to this Office will ſo riſe in their value as to be current money, upon paying the Charge of Transferring them (being five per Cent'); and thoſe that are now the worſe Tallies, will be the beſt, becauſe they continuing longeſt in the Office before they are paid off, will receive the greateſt Share of Profit which may be ſo great in time as to Double the firſt value.

Thus by Settling this Office, the Publick Credit may be Raiſed, and Paper-Credit Reſtored. But if theſe Tally's ſhould be Subſcribed to the Bank of England, it would be very uncertain whether it can be done, tho' they ſhould endeavour to follow the ſame method; becauſe the Subſcribers will never be able to Raiſe ſo much Mony, at this time of Scarcity, as will be ſufficient to Diſcount the Bank of Englands Bills, and thoſe drawn on Tally's; which cannot be leſs than near Two Millions, to pay off the Bank of Englands Bills, beſides what will be neceſſary to diſcount their Own.

For, tho' it may be ſuppoſed, that the Bank of Englands Bills, may be taken into the Subſcriptions with the Tally's, and then leſs mony will ſerve, that cannot be Rely'd on, unleſs thoſe that have the Bills are forced to Subſcribe; which would be Unreaſonable: For, it being a known Truth, that their credit can never be Rais'd without Paying their Bills; thoſe that have them will not Subſcribe; becauſe they know when the Bank is engaged in ſuch a Deſign, they will be under a neceſſity to pay their Bills with Ready Mony: And this conſideration will be an obſtruction to the Subſcribing the Tally's; becauſe they will be Apprehenſive, that the ready mony, that they depoſite, for the Diſcounting of their own Bills, will be made uſe of to pay off the Bank of England's; which will make the whole deſign Uncertain.

And, beſides the danger of Relying on ſuch an Uncertainty, at a time when the Nation ſo much wants credit, from the ill conſequences, if they ſhould not ſucceed; it may be as dangerous, on the contrary, to the Nation, if the Bank of England ſhould ſucceed; for then by the Conjunction of Seven or Eight Millions, they would have ſo great credit, as might give them ſuch a Power, as to make them dangerous to the Conſtitution of England; and let the Inconveniency be found hereafter never ſo great, it may be out of the power of the Government to Remedy; becauſe they are founded upon a PERPETƲITY not redeemable, but upon a Great Sum of Mony; which will be very difficult for a PARLIAMENT to raiſe, when ſuch a Powerful intereſt may joyn to oppoſe the Raiſing of it. Whereas, if this Office be Settled, it will in time determine of it ſelf, when the Tally's are paid off, and the power in the interim may be ſo limitted, as no ſuch Jealouſy may ariſe from their Conſtitution.