A brief narrative of the nature & advantages of the land-bank as proposed by Dr. Hugh Chamberlen, the first author of founding a bank on an annual revenue. Chamberlen, Hugh. 1695 Approx. 13 KB of XML-encoded text transcribed from 2 1-bit group-IV TIFF page images. Text Creation Partnership, Ann Arbor, MI ; Oxford (UK) : 2007-10 (EEBO-TCP Phase 1). A31616 Wing C1869 ESTC R12178 12277641 ocm 12277641 58527 This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Early English Books Online Text Creation Partnership. This Phase I text is available for reuse, according to the terms of Creative Commons 0 1.0 Universal . The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission. Early English books online. (EEBO-TCP ; phase 1, no. A31616) Transcribed from: (Early English Books Online ; image set 58527) Images scanned from microfilm: (Early English books, 1641-1700 ; 134:15) A brief narrative of the nature & advantages of the land-bank as proposed by Dr. Hugh Chamberlen, the first author of founding a bank on an annual revenue. Chamberlen, Hugh. 1 sheet ([2] p.) Printed by T. Sowle ..., London : [1695] Date of publication from Wing. Reproduction of original in Columbia University Library. Created by converting TCP files to TEI P5 using tcp2tei.xsl, TEI @ Oxford. Re-processed by University of Nebraska-Lincoln and Northwestern, with changes to facilitate morpho-syntactic tagging. Gap elements of known extent have been transformed into placeholder characters or elements to simplify the filling in of gaps by user contributors. 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Copies of the texts have been issued variously as SGML (TCP schema; ASCII text with mnemonic sdata character entities); displayable XML (TCP schema; characters represented either as UTF-8 Unicode or text strings within braces); or lossless XML (TEI P5, characters represented either as UTF-8 Unicode or TEI g elements). Keying and markup guidelines are available at the Text Creation Partnership web site . eng Land banks -- Great Britain. Agricultural credit. Broadsides -- England -- 17th century. 2006-07 TCP Assigned for keying and markup 2006-07 Apex CoVantage Keyed and coded from ProQuest page images 2006-09 Mona Logarbo Sampled and proofread 2006-09 Mona Logarbo Text and markup reviewed and edited 2007-02 pfs Batch review (QC) and XML conversion A Brief Narrative of the Nature , & Advantages of the LAND-BANK ▪ as Proposed by Dr. Hugh Chamberlen , the First Author of Founding a Bank on an Annual Revenue . THis Land-Bank , or General Office for Land-Credit , on the Terms herein after mentioned , Lends 8000 l. for 100 years , at the Interest of 5 s. or one quarter of One , per Cent ▪ per Annum . The Loan is by Bills of Credit founded upon Land beyond possibility of Loss ; and made current in Payments , by proper Expedients , to serve all the general Uses and Offices of Money ; a sufficient Fund of Money being also provided , to answer such particular Cases as may possibly require the usual Species of Money . An hundred years Interest of 8000 l. at 5 s. per Cent ▪ per Annum , amounts to 2000 l. and being added to the Principal , makes 10000 l. in the Total . Now because 10000 l. is too great a Sum to be left to one Payment , at the end of 100 years ; and because it is far easier to the Borrower to pay it yearly by small Sums ; the Sum Total of 10000 , is divided into 100 equal parts , and made yearly payable for 100 years , above all Reprises , Taxes , Deductions , or Defalcations whatsoever . This far exceeds the Advantages by all other Banks , if the greatness of the Sum raised , the lowness of the Interest , and the easie Payments , be considered . Add to which , the Security given , and the manner of it ; which is thus , ( viz. ) 150 l. per Annum in Land , is made over for 150 years , as a Caution , Pledge , or Penalty , for securing the Payment of 100 l. per Annum , for 100 years : And during the whole Term , the Grantor is always in Possession ; and is free from any fear of being Outed , or Foreclosed : The Nature , Design , and Constitution of this Office , being to Assist and Support , and not to Oppress and Ruine the Landed-Man . Of this 8000 l. principal Money to be lent , 5000 l. is to be paid at several terms , to be disposed at the will of the Subscriber ; and the other 3000 l. is to be employed in a ioynt Stock of Trade , for the common benefit of the Subscribers , and as they shall direct : Which producing but 5 l. per Cent - per Annum Profit , will exonerate the Land in Effect , and make it no more than a Collateral Security ; and puts 50 l. yearly besides into the Subscribers Purse . Note , That this low Interest of 5 s. per Cent - per Annum , is to support the whole Charge of the Office intirely ; and to be the only Reward of the Contriver , who for above 30 years last past , at great loss of time , and many Thousands of Pounds to his Damage and Expence , hath indefatigably and strenuously , and against great Discouragements , constantly endeavoured to settle such an Office. Every Subscriber for payment of 100 l. per Annum to this Office for such Annuity , is also to pay or advance to the Office , of the current Coin of the Nation , at several terms , 1000 l. And this Money is not given , nor adventured , but exchanged for Bills , as one of the means for assisting the Currency of the Bills , till their true Value be known . And there will be Expedients for such as cannot , unassisted , comply with the Raising of Ready Money . The manner of paying-in this 1000 l. in Money , is to be thus , vizt . 400 l. when the Estate is settled ; 300 l. at the end of the first year , 200 l. at the end of the second year , and 100 l. at the end of the third year . And the manner of Receiving out the Bills of Credit , is to be thus : vizt . 1000 l. when the Estate is settled ; being at the same time the 400 l. in Money is paid in , as aforesaid : 1100 l. at the end of the first year , 1200 l. at the end of the second year , 1300 l. at the end of the third year , and 1400 l. at the end of the fourth year : Which is 6000 l. in Bills , including the 1000 l. Bills exchanged for so much Money ; which Money , together with 2000 l. more in Bills , is paid to the Treasurer of the Joynt-Stock in Trade . The first years Rent of this 100 l. yearly Rent-Charge , is to be paid at the end of the second year , after settling the Estate . None are to subscribe less than 15 l. per annum for the payment of 10 l. nor more than 1500l . for the payment of 1000 l. nor that but till Securities shall be subscribed for payment of 50000l For after that , probably some restraints in Subscriptions may be necessary , in order to render the Uses and Advantages of this Office more universal and diffusive ; and tho' here a remark be obvious , that the Subscribers of the first 50000 l. may have a Priviledge and Enlargement , that their Followers cannot receive without cramping the Design , and prejudicing one another ; yet the Office , and all its appendant Benefits , being dormant , till 50000 l. be subscribed , it is very consistent with Reason , that those have at first a more enlarged scope for subscribing , whose completion alone qualifies others , and without which none could be admitted to any thing . The instance here given is of 100 l. per annum Rent-Charge , secured to the Office , from whence any less or greater Rent-Charge may without much difficulty be computed , to which computation this Rule may help , vizt . Two thirds of the Security-Rents , or 100 l. per annum , ( for so much Rent is two thirds of 150 l. per annum ) being multiplied by 100 years , which is two thirds of 150 years , the term settled by way of Security for 100 years , the Product is a Sum raised or valued on that Estate . And this Sum is thus to be disposed and proportioned , vizt . one half to the Subscriber in Bills , three Tenths for his Share in a Joynt-Stock of Trade , and the remaining one Fifth pays the Interest of 5 s. per Cent ▪ per Annum , as before , to support this Office , and all its Contingencies . The Rule for advancing of Money is one Tenth of the said Product , or one Fifth of the Sum Received in Bills by the Subscribers ; or again , Ten times the Yearly Rent . But although 150 l. per annum is generally required to secure the payment of 100 l. per annum , because that Sum multiplied by 150 years , the term made over for security of 100 years payment , produces 22500 l for securing but 10000 l. really to be raised , which gives more than a double value to every Bill : Yet where Rent-Charges or Chief Rents , on the one hand ; or Lease-hold , or Houses on the other hand , can be proper Securities to the Bank ; more or less of them , than just one third of the Rent-Charge , is to be taken ; so as to bring them to as near a proportion as may be , with the Settlements of Lands in general ; that so the value of the Tickets may be duly secured . This Office is undertaken under the power and protection of the Laws in being ; and since it is not , nor imports , more than a legal , equal , and a fair Management , and transacting of a well-regulated Credit ; founded by voluntary and legal Settlements of Estates of particular Persons ; it can no more be violated , or broken in upon , than Propriety it self , which our Laws have made sacred . There are two Sheets lately Printed , that give a more full and large Account of this matter : And the Doctor himself is ready further to explain and vindicate this Design to any so desiring , at his House in Essex-street , every Monday , Wednesday and Friday in the evening ; at which Place Subscriptions are also taken . The Dr. means to open his Office , in order to the general good and Service of the English Crown and N●tion , as soon as conveniently may be , after S●bscriptions are made for securing the payments of 50000. l. per annum to the said Office in manner as before . The Annuities or Rent-charges , are to be made payable in the Bills of Credit , delivered out by the Office : Yet , so as that Money may be also accepted , when offered by the Subscribers for their Ease and Convenience . The Bills that Yearly come in for Rent , are to be cancelled , with all exactness : So that at the end of the term of 100. Years , there shall be none of them in being ; but all sh●ll be cancelled and destroy'd . And on this secret , the certain real Value and Security of the Bills is inde●eazably founded : For the Rent-charges will , First or Last , take in , at the full value they were at first issued out , every individual Bill . And when they are wanted , they must be sought and procured from what hand so●ver possesses them ; and consequently they may pass pro interim with all manner of safety from hand to hand ; as carrying with them , and having Legally and Inseparably adhering to them , and int●insick real s●llid Value , of more than double what each Bill pretends to or imports ; and must all of necessity , within the Limited terme , be called for by the Land , to pay the Rents to t●is Office. The safety of the Bills being thus securely provided for , in the certainty of a mo●e than double value in Land , which is beyond Contradiction , the best of Funds , there can be little or no doubt of their currency . But further , besides a very great Fund of Money provided to assist their circulation ; every Subscriber is obliged in interest to contribute his utmost to the currency of them . For should not this Office succeed , by what other means can any Man hope to raise Fourscore Years value for a Rent-charge of 100 Years , where he is still Master of his Land ; and where the Income of the Trade will probably more than twice pay his Rent-charge ? But what recommends this undertaking far above all others , is — The great and just expectations of extraordinary gain : And the impossibility of any loss . The gain is by the great Sum advanced ; and by the great Joynt-stock in Trade . The impossibility of Loss , is First , in that the Rent-charges will certainly call them all in : which gives them a real value , and makes them safe : And next , it is readily agreed on all hands , and is indeed obvious in it self , that if the Bills run two or three Years , they can never cease to be current ; and if they stop in that time , or indeed at any time , this Bank or Office is in a condition to make intire Satisfaction to all . For if the whole of the Subscribers , or any great part of them , will call in all the Money upon their Bills , to such a value as this Office cannot readily comply with , in the Species of Money : Then will the Office restore to all or any such Person or Persons his or their Estate or Estates ; and the ready Money by them paid-in at setling such Estates ; in case of repayment to the Office of all the Bills of Credit issued thereupon . And this makes any loss by this undertaking to be quite impossible ; which is what cannot be made out conce●ning any other Bank whatever , now in being , or framing , either in this Kingdom or in any other part of the World. But divers Gentlemen who have great Estates in Money , taking Umbrage at this Design ; and apprehending the Consequences thereof , may too far affect them , in depressing Money , as it raises Land : The Doctor further proposes , that this Bank or Office may One or more of these three ways , besides others which time will show , be of use to Moneyed-men , viz. 1. Such as have their running Cash payable on demand , shall have Two pence per Cent - per diem , allowed them , unless publick notice be given to the Contrary . 2. Such as will leave their Money for Six or Twelve Months certain , and after till two Months notice , on either side , shall have 5. per C●●● till a Year's Notice to the contrary be given . 3. Such as Subscribe , and pay ready Money into the Joynt-stock of Trade , shall be admitted to proportional Dividends ( with other Subscribers ) of the profit to arise thereby : And by this expedient , may Persons ignorant , and else uncapable of Trade , receive the benefit of it , without the trouble . And lastly , For the more general Good , an Expedient is found , whereby such as have valuable Leases of more than Thirty Years to come , shall also find their proportional account in this undertaking ; to their great benefit : Their convenience and accomodation being so stated and adjusted , as , in most cases , to consist with the general rule and basis of the Bank. August the 15th . 1695. LONDON , Printed by T. Sowle , in White ▪ Hart-Court in Gracious-street ; ( where also may be had several small Treatises of Banks . )