PROPOSALS TO THE King and Parliament, OR A LARGE MODEL OF A BANK, Showing how a Fund of a Bank may be made without much charge, or any hazard, that may give out Bills of Credit to a vast extent, that all Europe will accept of, rather than Mony.  
Together with some general proposals in order to an Act of Parliament for the establishing this Bank.  
Also many of the great advantages that will accrue to the Nation, to the Crown, and to the People, are mentioned, with an answer to the Objections, that may be made against it.  
By M. L. D. D.  
LONDON, Printed for Henry Million at the sign of the Bible in Fleetstreet 1678.   

TO THE READER.  
I do not intent to make any pitiful Apology to beg favour from the Reader, that he would use Candour in perusing this Pamphlet: Be sure first thou understand it, and then if thou dost not think it for the Public good, cast it aside: but if thou art persuaded from the reason of the thing, that it will in some measure accomplish the ends after mentioned, than thou art as much bound (and perhaps more too) to promote the thing, as myself.  
All men are satisfied, a Bank is very advantageous to a Nation, especially to a Trading People, situate as we are: but the great Question hath been, how to make a Fund that shall be credited by all, without vast quantities of ready Cash or Bullion to lie dead, which we have not to spare for such a purpose. This grand Obstacle is removed without charge, hurt or hazard to any body. Peruse the Text quite through first, then consider the explication, weigh seriously the advantages, in the latter part of this discourse, and then pass thy Opinion. I hope the thing will suit most men's interest. If I be mistaken in my measures, being out of my Road, I beg thy pardon.  
M. Lewis D. D.   

A LARGE MODEL OF A BANK, With Annotations upon it.  
A Bill of Exchange, Or a Bill of Credit that is transferable upon a good man that cannot easily fail, is as good as Mony.  
By Credit, or a Bill of Credit, I mean a Bill under any man's hand, that he owes me so much Money, and will pay it to me upon Demand.  
By a Bill that is transferable, I mean, a Bill that may be assigned by me, to whom it is first made, to any person I am indebted to, and from this person to a third, and so on and may be sued for in the name of the possessor of it, let it be whom it will, whereas now by the Law, Bonds and Bills must be sued in the name of those, to whom they are first made.  
By a good Man. I mean one that is just and punctual in his dealing, hath a good estate real and personal, that he cannot probably lose on a sudden.  
Such a Bill is as good as Money, for Money is nothing but a Medium of Commerce, a security for a while, that when we part with one thing we can spare, we may procure us another thing of the like value. Money is the standard of the value of all Commodities, having a value put upon it by that  worth it hath in itself, rated by the general esteem of the World.  
Such a transferable Bill is as valuable as Money, so far as it is known, it will do all things that Money doth, it will buy what we want, pay where we are indebted, because it hath a mediate  worth in it, in that it may be turned into Money when the possessor pleases, for Money is, and will be the original standard in spite of Fate.  
Whoever can create such a Fund, that may give out such Bills of Exchange (or Credit currant) that shall be always answered with Money when demanded, he doth in effect create so much Mony.  
How acceptable Bills of Credit are, when they have a sure Fund, appears by those taken upon the Oxford Act, when the assessment to be raised was proposed for security, and the Bills were made transferable. Also we may make an estimate of the value of Credit upon a good Fund by the Bills accepted of upon this present assessment instead of Mony.  Bills, that had so bad a Fund, were accepted out of choice by most instead of Money as long as their Credit was currant.  
Divers Citizens Bills at this day are accepted as currant, though the Creditor hath no other security, but the honesty of the man, and a supposition of an estate, both which may fail, yet many are glad to leave their Money in such hands without interest for safety. I heard a person of Quality say, he saw the same Money transmitted nine times in one Morning by writing of the Credit from one to another, and the Money in specie was left untouched at last. Much more men would do thus, if the Fund was such that it could not fail, unless the Nation should be destroyed.  
I propose how such a Fund of a Bank may be made that shall be able to issue out Bills of Credit to a vast extent, that all the Merchants in Europe will accept of rather than Mony.  
Merchant's will accept these Bills rather than Money, the Fund shall be unquestionable, and the security as good as can be in Nature, and also these Bills are more safe, more portable, and more transferrable than Money, and so are better, than Cash in the Chest, as Gold is better than Silver, for these reasons. If men receive Money in Specie, they may be rob, they may receive bad Money, they must be troubled to tell this Money in Specie, to carry it from one place to another, where it must be used: but a Bill of Credit is free from all these inconveniences, and hath divers advantages above Gold, and therefore will be accepted of rather than Silver.  
This may be done, without any hazard, charge, or much trouble to any body, and with profit to every body.  
There will be no greater trouble to pass the Law after mentioned, and to set up these Offices in their Precincts, the Nation being divided already into Counties and Hundreds, the stated Officers doubtless will be contented to act upon this score, in the infancy of these Offices, no purchase, no pay, seeing there is so great a probability, even next door to a certainty, the thing will succeed well.  
If the project should be brought to perfection, it will advance the Riches and Honour of the Nation, beyond any thing the Spanish Indieses could have done, if we had possessed ourselves of them: If it miscarries through the knavery or folly of the first undertakers, there is a little labour lost, and little or no Money spent, in a probable expectation of such a vast advantage. Every Merchant that sends out a Cargo to the Indies, is at more trouble pro rato, and runs a greater hazard in expectation of less benefit.  
I confess, Thiefs, Brokers and griping Usurers will have little advantage by this design, neither is it intended to be profitable to them: But I think I may confidently say, all others shall one way or an other be advantaged, to be sure they shall have no loss.  

The manner how it may be done is thus,  
Divide the Nation into Precincts, suppose two or three hundred into a Precinct, as the nature of the place, and the reason of the thing shall require.  
A County is generally too big, a Hundred is too little, therefore so many Hundreds may be cast into one Precinct, as shall be judged convenient.  
London, Westminster and Southwark, and the adjacent Suburbs, may be divided into several Precincts.  
In the whole Nation there may be three or four hundred Precincts.  
Offices may be erected in each of these Precincts in the most convenient places, to return Money to any part of the Nation, where it shall be desired, on purpose to prevent High-way-Robbing, and to expedite the returns of Mony. That is, if a person is at London, and desires a hundred Pounds at York, he pays in his hundred Pounds at the Office at London, and receivs a Bill of Credit to receive this at York, so that none need to carry any more Money, than just to defray his Charges upon the Road.  
Money in a Nation, is like blood in the Veins, if that circulates in all the parts of it, the whole body is in health; if it withdraws itself from any part, that languishes and withers, as we find by experience, if the blood stagnates, as the Money doth here about the City, the Limbs are child, and the Heart not benefited. These methods of returning Money would bring it again, into the remote parts of the Nation, and a little expeditiously returned, would seem a great deal, doing the work of four times the same quantity, moving slowly; as a Stick moved round very quick, seems to be in every place.  
That Statute of El. 1. Cap. 9  
By which the Hundred is bound to repair men Rob, may be repealed, when no body needs to carry their own Money: if any man will do it, let it be at their own perils. Thus all the Money taken from honest men (which is not inconsiderable) by a pack of Rogues, may be saved, and the lives of many men, now lost in the defence of their Money, will be preserved.  
All greater payments (suppose a hundred pounds and upwards) may be ordered to be made at these Offices, to be attested by them, to prevent frauds, else the payments shall not be good in Law.  
Many times greater payments are pretended to be made, when they are not, so that some are cheated, and divers are involved in unnecessary suits in Law.  
It is less troublesome in Cities and great places, where men are near these Offics, to go to the Office and transmit their money there deposited, than it is for them to tell it in a Tavern, and lodge it in their Inn, or to carry it to their dwellings.  
If any person be to pay any great Sum, suppose a thousand Pounds, possibly he cannot provide this all at once; when he hath got some part of it, he must lay it some where till he can procure the rest, and no place is so sit as these Offices: where the person receiving it, will be glad to leave it till he can lend it out, or lay it out, though he has no interest; because it is safer than in his own Chest.  
All persons that please shall have liberty, upon such conditions after mentioned, to deposit their Money in these Offices, where the Officer shall give a Bill of Credit to the depositer, that he hath so much Money of his, and that it shall be paid to him, or his assigns upon demand.  
No man shall be forced to leave his Money in these Offices, but shall be in the same condition when the Offices are erected, as he is now before the erecting of them. If he can get no good by them, he shall not need to receive any damage from them.  
There is no reason a man should have any interest for his Money deposited in these Offices; for it lies there as Cash in his own Chest, that pays him no interest till he lends it out, or lays it out, thus he may do with his Credit, or Money in the Bank as soon as he can.  
If any desire to leave his Money, it shall be upon such terms as are after mentioned, which none are forced to submit to, unless they think they can get by so doing.  
These Bills of Credit, shall be made transferrable.  
Men will usually transfer their Credit from one to another at the Office: but in case they are at a distance, and will run the risk, whether the Bill is counterfeited or no, they may assign their interest in the Office, so far as that Bill goes, to whom they please, who shall have the right of receiving the Money, as the party had to whom it was first given.  
No Money deposited in these Offices, shall be liable to any forfeitures to the Crown: but the party depositing it, shall have liberty to dispose of it as fully and freely as if he were not at all obnoxious.  
This will give some Credit and Reputation to Bank Money, whilst it is freed from this inconvenience.  
It will be no great prejudice to the Crown, the personal Estates of Men convicted for Felonies, are usually imbezeled, and the King is cheated of them: Besides he may be recompensed another way, out of the profit of these Offices.  
The whole Estate of the neighbourhood real and personal, shall be obliged to make good all the acts of their Office, as the Hundred is now bound to repair men rob.  
The Freemen of London are bound (as I have been informed) to make good the acts of the Lord Major, Court of Aldermen, and Common Council. The whole Nation is a Fund to raise rates for the poor, and to pay the assessments the Parliament shall lay upon it, this is for charge, and therefore may with good reason may become a Fund in expectation of profit, where there is so little appearance of any loss.  
This will be no prejudice to any man's Estate. Land without this encumbrance is not worth above twenty years' purchase, set up these Offices, and with this encumbrance in a little time the same Lands will be worth forty years' purchase; so that Owners will have no cause to complain.  
That this Encumbrance may be the less, the Neighbourhood of every Precinct shall choose yearly their stated Officers, who shall give Security to the Neighbourhood, the Precinct shall not be damnified.  
The Neighbourhood ought to choose their own Officers, because they must be responsible for the Actions of their Officers: For this Reason the Freemen choose their Common-Counsel.  
If they choose their Officers, they will endeavour to choose able and honest men that may deal justly, and the neighbourhood will be in no more danger of being damnified by their Officers, than the Freemen of London have been prejudiced by theirs in the Chamber of London, which hath been nothing at all for many years, as far as ever I have heard.  
Besides these Stated Officers, the Precinct may choose twenty four substantial Persons to be Assistants to these, as the Common-Counsel is to the Lord Major and the Court of Aldermen.  
These extraordinary Officers will be a great Bullwork against dead losses, when as nothing shall be done, in which there is hazard, without their consent: It may well be supposed, they will be careful the Neighbourhood shall not be injured, because they must equally prejudice themselves with their Neighbours.  
The stated Officers shall have power only to receive in Money, to give cut Bills of Credit and Bills of Return; and to pay these Bills when they shall be brought to them. But in case any Money is to be lent out, any Land is to be purchased, or any act to be done wherein there is hazard, the Assistants are always to be consulted with; which will in a great measure secure the Precinct from many inconveniencies that otherwise might ensue.  
A Superior Officer to these must be constituted at London to be as a Head to these Inferior Officers, to give direction and motion to them: these shall meddle with no Money, but be a Check to all that do; and once a year they shall balance these Accounts of all the Inferior Offices, to see the Condition of the Nation, and to state what is gotten or lost by the particular Offices.  
There will be returns made from one Office to another, backward and forward: therefore there is a necessity of some sinew to go through, and influence all of them, which can be stated no where so conveniently, as at London, the Centre of Traffic and Commerce.  
The Superior Office will be a bridle upon the inferior Offices, that they shall not run a ground, especially if their accounts be sent to them once a Month.  
The Superior Officers may be chosen by the Assistants one for a County,; if the County be large, more may be chosen for it, as shall be agreed upon.  
It will be too great trouble for all the Persons in a County, capacitated to elect the Inferior Officers, to be convened at these Elections, the Assistants are, as their Representatives, and may be in reason have the election of the Superior Officers, being better able to judge, than the more inferior persons are.  
The Salaries of all these Officers may be paid out of the clear Profits of these Offices, and not be much felt.  
Suppose the charge of these Officers and Offices should be two or three hundred thousand pounds per Annum, the very Perquisites, and small accidental advantages will go a great way towards the defraying of them. If they should fall short, what is wanting, may be taken out of the clear Profits.  
These Constitutions would make the best Fund of a Bank yet in the World, that I ever heard of; because it cannot fail, unless the Island sink into the Sea.  
Banks, where Money in specie is the Fund, though in a fortified Town, defended by an Army, may be violated; witness the danger Amsterdam was lately in: But Land will lie in the same place, if a Torrent of War come, until the Inundation is over, unless the Laws of the Land be wholly altered, which we cannot well suppose a Conqueror would do.  
Let the Creditor have as easy a way as possible to recover the Debt of the Neighbourhood, in case the Officer fail to be punctual; that none may in the least doubt the value of his Bill of Credit.  
No body would be much troubled, that was rob of a thousand pounds between Sun and Sun, if he could easily make evident proofs of it, the present security of the Hundred would be as good as Money to him, abating the charges of the Suit.  
These Constitutions will necessarily bring in the Bulk of the running Cash of the Nation, to pass through these Offices in a little time.  
A great part of the Money of the Nation is used in a few months upon returns, or in greater Payments; or it would be deposited here for safety by these, that have not a present occasion to use it, and so in course would pass through these Banks.  
When Money is brought into these Banks, it would keep there, because it would be more safe, more portable, and more transferable than Cash in Specie. Every man therefore would take a Bill of Credit rather than Money, unless in cases of necessity for smaller expenses; especially if Bank Money, or a Bill of Credit, be made one or two per Cent. better than Cash in the Chest, which may be easily done.  
The Superior Office hath power to direct what allowance all persons shall give to make running Cash Bank Money.  
Suppose this Office orders whosoever desires to leave any Money in the Bank for safety, and to take a Bill of Credit for it, shall pay mint Money into the Office; that is, money new coined, never used in any payment, or Tin Money, or they shall pay two per Cent. if they pay old Money; or so much, as the superior Officer shall set the exchange at.  
This will not be any grievance to the People: For  
(1) They are not forced to leave their Money there, but may have it in their own custody as they have now: if their Cash is made never the better by this Bank, to be sure it is not the worse; and you may be sure, unless they can make some advantage by leaving their Money there, all things considered, they will not do it.  
(2) The business may be so ordered, that for sometime at the first, all men that please may deposit their Money in these Banks without any allowance, suppose for the first three months or six months, than five shillings or ten shillings a hundred may be imposed, as the superior Office shall think fit, and so they may rise gradually, till they come to that height they intent the Change shall go.  
(3) When Money is once made Bank Money, it always remains so, until it be taken out; and so this charge is but once; and whoever takes Money out of the Bank, (which all men may do at any time) they know it must be put in again upon such and such conditions.  
(4) Bank Money will be so much better than Cash in the Chest to buy what we want, or to pay where we are indebted, as the exchange comes to, be it more or less, not only here in England, but all the World over. Money is not wholly esteemed according to the intrinsic value, but at the rate it will pass currant at, an old Groat is not worth two Pence; but because it passes currently for four Pence, every one esteems it so.  
(5) The allowance thus paid to make Money Bank Money, will return to the Persons out of whose purses it goes, namely the clear profit of the Bonk, of which this will be a small part, it will be to the advantage of rich men, in maintaining the poor, in lessening Taxes, or some way or other easing them, in discharging that, they must have paid out of their Purses.  
The raising of Bank Money two per Cent. about the value of running Cash, is not essential to the constitution of these Banks. Men do (as I have said) leave their Money without interest in the hands of an able Citizen, upon the reputation of his honesty without interest, and they would with much greater reason leave it in these Banks, where they have the security of the Officer, supposed to be honest, and known to be able; for he hath a Debtor answerable to every Creditor, these effects will make good the Credit given out if they should be imbezeled. The Precinct worth a Million or two, will be able to make the Credit good, and the Creditor can make them willing, so long as Westminster Hall stands open.  
If any yet doubt whether men will not be jealous of the Credit of the Bank, as all men are of every new thing. The Bank at the first setting up must be more wary how they give out Credit for any thing, but Money in specie, for their design must be first to make this a Money Bank: it's own reputation within a little while will make it a Credit Bank, whether the Officer will or no.  
Admit these premises (which I think are out of question) than these Banks will have a vast Credit, and this Credit is equivalent to a vast treasure, and they are in a condition to do whatever any person could do, that had an inexhaustible treasure.  
I mean they may lend out money to any that will borrow upon good security, real or personal the security given, in just Balances the Credit given out. They may buy whatever is to be sold: the thing bought is the debtor of the same longitude and latitude with the Credit given out to make the purchase, so that if dead losses do not come, and the Officers be able and honest, the Bank is in a capacity to give out Credit in infinitum which will be unquestionably currant: because the Province stands behind to make all failers good, if the clear profit should not be able to do it.  
The first thing I propose, these Banks should engross, is the Tin, and that they should also become farmers to his Majesty for his Tin Farms.  
There is little Tin raised in the World, besides what is dug in England, this is now become a drug by the plenty of it; and because the Farmers of the Tin have not been able to keep it for a Market, these Offices might lay up all our Tin, and engross all other Tin that shall be found in the World, and keep it without any charge, till the scarcity of it will force the World to set a better rate upon it than now they do.  
Let so much of this Tin be made into lesser Money, as may be needful for these Nations, and for the Plantations at the intrinsic value, Tin may rise to, when it is kept for a Market.  
Tin may be prepared for this purpose at five shillings, or at most at ten shillings the hundred, that it may be fit for Coinage, and when any desire to melt it down, it will be so much better to make Utensils of, as the preparing costs.  
It will be no loss to the Crown to call in Copper-Farthings and Halse-pences, though they are made much under the intrinsic value, seeing they shall be exchanged for Tin Money, made at present, more under the intrinsic value than they are, rhough in a short time, when Tin is risen by being kept for a Market, they will have an intrinsic value in them, and it may be, more than the value; then they will be melted down, and become a Commodity, when they grow scarce, more may be quickly made, seeing the Metal is of our own growth.  
The surplusage of the Tin, which it is like will be very great, may remain in blocks and engots, and be made currant Money as it is, at the Market price.  
The Superior Office may set the price of Tin, to rise and fall, as they shall see cause, and the Offices shall be obliged to take it in as Money, at the same rate they pay it out.  
It will be no inconvenience that some considerable quantity of this Metal should be laid into these Offices, if it was to the value of some Millions it would be the better. First it would be no charge, seeing the Credit founded upon it would pass as Money doth; and further, If any malicious design should be upon these Offices, to draw out all the Money in them, to break the Credit of them, this Tin would choke those that should attempt it. Though Tin kept up in these Banks should be worth five Pounds, or seven Pounds the Hundred, or more, yet if a great quantity of it; even all the Banks have, should be taken out of a sudden, it would not be worth forty shillings the Hundred.  
Further, It is no discredit to a Nation to have gross Money made of the Metal of their own growth, up to the intrinsic value of it, this is better than Silver, to be sold as a Commodity, if old Money was melted down, it would not be of the value it goes at in Money: but Tin Money as a Commodity would answer the rate it goes at as Mony.  
It is no inconvenience to have gross Money, whilst we have these Offices to deposit it in. A Bill of Credit upon this Tin is more safe, more portable, and more transferrable than Gold, and will be as useful as Gold in specie, provided we have Silver enough for our less expenses.  
No person will be troubled, he hath a Bill of Credit upon the Bank, which they may pay with Tin, if they please, seeing he knows it is kept in sure hands, he cannot lose by it, so long as it lies there, he can sell his Bill for Silver at one or two per Cent. more than the denomination it bears.  
I shall at present forbear to dilate any further upon the advantages that will attend these Banks, we see what they do elsewhere, and may believe they will have the same effect here, especially seeing the Fund is better than any other, and this Nation in regard of the Situation of the place, and constitution of the Government is fit to set these Banks up in, than most other places are. I shall now proceed to the second head, to make some proposals from which a Bill may be prepared to set these Offices on foot. I presume no person expects to have things so digested, that they shall not admit of any alteration: they are humbly submitted to the Parliament as some general hints, which they may use, or refuse as they please. The Fishery in Holland (as I have been informed) hath suffered two and twenty alterations before it could be brought to the state it is now in.  
It is not to be imagined the Parliament itself, though very sagacious, will be able unalterably to settle things, at First, the practice of these Offices must perfect the theory. It is enough I show the thing is practicable, and with pains and patience may be brought to perfection. The greatness and goodness of the thing will justify the prudence of the Parliamont to attempt it, whilst it doth not seem impossible.    

Some Out-lines: Or a rough draught of some Proposals, preparatory to a Bill, In order to an Act of Parliament, to facilitate the return of Money, to prevent Robbing: as also to quicken Trade, and bring in Bullion to the Mint, by raising a Bank.  
1. WHereas divers Robberies are daily committed to the loss of many men's lives, and sundry Robberies are pretended to be committed to the damage of the Hundreds where they are done, or pretended to be done.  
2. And whereas great inconveniences do accrue to the Crown and People for want of an expeditious and secure way of returning Money from one part of the Nation to another.  
3. And whereas Banks are very advantageous to Trade, and in maritime places do exceedingly increase Seamen and Shipping.  
4. And whereas for want of these Banks (which do much increase the Running Cash) Tradesmen are forced to deal upon trust, to their great loss.  
5. And whereas no Nation (let the staple Commodity be what it will (even Gold and Silver itself) can grow and continue great without Trade.  
6. And whereas the growth, increase and continuance of Trade, depends upon a capacity of bringing in a competent quantity of Bullion to the Mint, to increase our stock of Coin, and to repair the waist of our running Cash.  
7. And whereas those pious acts to relieve necessitous persons through the exorbitancy of the Poor, and other abuses are become a grievance.  
8. And whereas sundry frauds do happen in the receipts and payments of greater sums of Mony.  
9 And whereas the owners of Houses, Lands and Ships are not able to supply themselves with Money upon them, by reason Titles are uncertain.  
10. And whereas divers persons let their Money lie dead by them, lest they should make bad Debts.  
11. And whereas sudden supplies of money are necessary to the Crown and Kingdom in case of any rebellion at home, or Invasion from abroad.  
12. And whereas Money Banks are in danger of violence in case of any disturbance amongst the People, where they are not kept in a fortified Town, and secured by an Army.  
13. And Lastly, Whereas the great difficulty in setting up Banks, is to provide a considerable quantity of ready Money to answer all Bills when they shall be brought to them.  
It is proposed that a Bill may be prepared, that the Kingdom of England and Dominion of Wales may be divided into several Precincts, in manner and form following. That is, etc.  
Also it is proposed, that in the most convenient place of each of these Precincts an Office shall be erected for the returns of Money, and for the making of greater payments, namely an Office shall be erected at York, etc.  
It is proposed that the Town where these Offices shall be settled, shall keep a Watch for the security of the Office against Robberies.  
It is proposed that the Neighbourhood within the Precinct according to their Estates, shall choose one to be Master of the Bank, and they shall choose twenty four assistants to him, each of which shall have 50 per Annum, On the First Tuesday in October, at the place where the Office is appointed, that is, every person that hath 10 l. per annum, or 200 l. personal estate shall have one voice, and every one, that hath double that estate, shall have two voices and so upwards, till you come to 100 l. per Annum he shall have ten voices, but none shall exceed that number.  
It is proposed, that each of these Offices shall have a Seal, and be Incorporate.  
It is proposed that a return shall be made from every Parish, to the two next Justices of the Peace, of the estates every one hath within their Parish.  
It is proposed all the Justices of the Peace within the Precinct shall be present at the election, and shall have the oversight and management of it.  
This Master of the Bank shall be a person of estate, who by himself and friends, may give security, that the Neighbourhood shall not suffer by his neglect or irregular actings.  
The Master of the Bank shall have a Salary of— and shall choose one or more Clerks to be approved of by his assistants, who shall have a Salary of— out of the clear profits.  
The Master of the Banks and his Clerks shall attend the Office at such times, as the assistants shall appoint.  
The major part of the assistants shall be necessary to make a Coram, and shall meet the first Mondy in every Month, and oftener, if need requires to assist the Master, as there shall be occasion, and shall be allowed for each meeting—  
It is proposed that the estate of the whole Precinct real and personal, shall be obliged to make good the acts of the Bank, as in the case of Robberies.  
It is proposed that all persons whosoever shall have liberty to pay any sum of Money above 5 l. or upwards, into these Offices, which shall be repaid him again at any Office, where he shall desire it.  
If the return be immediately to or from London, the Money shall be paid in six days; but if the return be double, that is, from York to Bristol, which must be by London, fourteen days shall be allowed.  
All persons returning Money, shall pay one penny the pound, if the return be above a hundred miles, and one half penny the Pound, if the return be under a hundred miles, but shall be at his liberey to return it cheaper if he can.  
Provided never the less, that all his Majesty's moneys shall be returned gratis, and also be made Bank Money gratis.  
It is proposed that a private Mark shall be agreed upon between the Office and the person returning Money to prevent the loss of the Bill by Thiefs.  
It is proposed, that if by any accident, especially at the first setting up these Offices, there be not Money in specie to answer all persons desiring it, the Office shall give the Creditor a Bill of Credit for his Money, for three Months, and shall pay the common interest during that time, unless Money in specie be provided sooner, and if then the Office do not day the principal and interest; the Creditor shall recover it of the Province, by such means as shall be appointed, and so shall all other persons that are not justly dealt withal.  
It is further proposed, that all greater payments of 100 l. or upwards, shall be paid through these Banks by the Debtor to the Creditor, else they should not be good in Law.  
Provided nevertheless that all lesser payments of 5 l. and upwards, may be paid into these Banks, if the Debtor pleases.  
It is proposed, that if any person desire to leave his Money in specie, to be kept by the Banks, and takes a Bill of Credit, he shall pay in Mint Money, or Tin Money into the Bank, or he shall pay so much in the hundred as the superior Office shall direct.  
It is proposed, that all Money left in any of these Offices upon which a Bill of Credit is given out, shall be free from all Forfeitures and Confiscations, what crime soever the owner shall be convicted off.  
It is proposed, that all Bills shall be written in Marble Paper, the upper part of the Bill shall be cut off Indenture-wise, this Talid or Indenture shall be kept in the Office, where Credit is given out, or sent to the Office where Money is to be received upon accounts of returns, in this Talid shall be written the Year, the Month, the day, the Persons name, the sum and the number of the Bill.  
It is proposed, that in case Money shall lie dead in these Banks, it shall be dispersed amongst the neighbourhood at small interest upon good security, to be paid at three months' notice, for which time the Neighbourhood shall pay the common interest.  
It is proposed, in case of any common calamities, the Banks shall pay the common interest to all persons requiring their Money, until they can turn their effects into Mony.  
It shall be Felony without Clergy to counterfeit, or steal a Bill, or by force to attempt the violating any of these Banks.  
It is proposed, that one penny shall be allowed to the Office for every Bill of Credit, or Bill of return received in, or give out for every sum under 20 l. and two pence shall be allowed for every Bill under 40 l. etc.  
It is proposed that these Bills of Credit given out by any of these Offices be made transferable ..  
It is proposed, that one Public Hospital, and one Public Workhouse shall be erected in every Precinct, to entertain the aged, impotent and idle poor, who shall be provided for out of the clear profits of the Bank.  
The Master of the Bank shall have power to order these houses, as a Justice of the Peace.  
It is proposed, that the Master of the Bank shall have power only to receive in, and to pay out Money, to give out Bills of Credit, and Bills of Exchange.  
If he shall do any thing beyond these, without the direction of the assistants, he shall be answerable for all the loss, and bear the Province harmless.  
It is proposed, that in all cases of hazard, the Master of the Bank shall take the advice of his assistants at their Monthly meeting, and shall call them together oftener, if he thinks the necessity of his affairs require it.  
The assistants shall have power to give direction when and where he shall provide an Hospital, and a Workhouse, what goods the Poor shall make, when and at what rates they shall be sold.  
The assistants shall direct what Money shall be lent out, and what security shall be taken.  
The assistants shall have power to direct the buying of Ships, Houses, Lands, and how they shall be disposed of.  
The assistants shall have power at any time to direct when the Money shall be dispersed amongst the neighbourhood, and when it shall be called in again.  
The assistants shall direct (if they judge convenient) the setting up a Lomber.  
All Goods brought into these Lombers, shall be in the same condition as Goods sold in the open Market, and provision may be made that the Banks and Lombers may not suffer by the Statute of Bankrupt.  
It is proposed, that a superior Office shall be erected at London of responsible persons.  
The assistants to the Masters in every County, shall choose these at their respective County Towns, on the second Tuesday in October, one for a small County, and more for a greater County, according to their bigness.  
The major part of these shall make a Coram, and shall be present at their Office— hours in the forenoon, and— hours in the afternoon, and shall have a Salary of— per Annum, this Office shall have a Seal, and be incorporate.  
This Superior Office shall meddle with no Money, but be a check upon all that do.  
This Superior Office shall have the accounts of the inferior Offices returned to them every Month, and shall once a Year balance all their accounts that the estate of the whole Notion may be understood.  
This Superior Office shall have power to order the transferring of Money from one Office to another, from the place where it is superfluous, to the place where it is wanting.  
This Superior Office shall have power to erect factories for the managing Trade at home, and abroad: or it may be left to inferior Offices to do as they think good.  
This Office shall have power to direct what goods homebred or foreign, shall be engrossed, especially Tin and Lead, from whence Money or Credit may be most conveniently drawn, by what Office, or Officers these Goods shall be sold, and where the product of them shall be deposited.  
It is proposed, as soon as these inferior Banks shall have Money or Credit sufficient, the Superior Officers shall direct the buying up all the Tin at the Market price (if they think fit) and shall be Farmers to his Majesty for his Tin Farm.  
So much of this Tin as is requisite, shall be Coined into smaller Money, the remainder shall remain in Blocks, and Engots, and be currant Money of England at the Market Price.  
This Superior Office shall have power to set the interest of Money under six per Cent. to set the Market price of Tin, and what allowance old Money shall give to be made Bank-Mony.  
This Superior Office shall have the power of setting up, promoting and ordering the Fishery, or this may be left to inferior Offices which shall be upon the place.  
This Superior Office shall have power in case of any emergency to supply his Majesty with what Money they think necessary without interest, until a Parliament be convened.  
All Officers and Offices shall have the same privilege to recover any thing due to them as his Majesty hath, and no judgement confessed shall be available, till the Office be satisfied.  
This Superior Office shall be accountable to none but to the Parliament.  
If so great a loss do happen to any Precinct, that the Precinct cannot bear it without ruin, this Superior Office shall relieve them upon the whole Nation, as they shall judge convenient.  
The Superior Office taking the accounts of the inferior Offices shall distinctly state the profits yearly of every Office, that they may have the share of the profits of their own Banks severally.  
All Officers shall be chosen yearly, and the power of the old Officers shall cease upon the First of January, and the new elected Officers shall then enter upon their Offices.  
To the end these Banks may have security to extend their Credit upon; It is proposed, that all persons, if they please, may register Ships, Houses and Lands, of which they are, or think themselves to be proprietors.  
The assistants to the Master of the Bank shall have power to constitute the Master of the Bank to be the Register, or any other person they shall judge more convenient, and they shall appoint the Master of the Register, Clarks under him, and shall give such Salaries as they shall think fit.  
Whosoever intends to register his Lands, House or Ship shall put up a Bill upon the Church door for four Sundays, there to remain from eight of the Clock in the morning, till four in the afternoon, at the place where the person registering lives, and also where the House stands, or Land lies.  
The Minister and Church Wardens of the Parish, shall certify to the Office under their hands that this is done, with a true Copy of the paper set up, and in every Parish there shall be kept a Register of these Bills.  
The Houses and Lands shall be registered in the Office where the Lands lie, and the Houses stand, Ships shall be registered in the Office where the owner or owners live.  
The party registering his Ship, House or Land, shall go to the Office with this Certificate, which shall be there recorded, and a breviate of the Deed, with the uses it leads to, and the encumbrances that are upon it.  
All persons shall have liberty within the space of Six Months after this registration, to bring in their Claims, and to enter the encumbrances they have upon the Land: but if they do not enter them within the space of six Months, they shall be utterly void.  
The party registering shall allow to the Officer— for every sheet of Parchment containing the evidence, etc.  
The Nation is now satisfied, of what great a use a register would be, and it is evident a voluntary register would be no grievance to any, it would be a great advantage to many, if these Offices should be set up, where the register might be kept, three parts of four of the difficulty is over, and much of the charge would be abated.  
How great the benefits of these Banks will be, cannot easily be determined, they will be to the Nation what an inexhaustible treasure would be.  
It is evident the Bank shall have the benefit of so much Money as they can let out to interest at two or three per Cent. they shall pay no interest, neither shall they ever pay in the principal, so long as they continue to be a Bank.  
The Bank shall have so much benefit as they can make of an inexhaustible treasure, by laying it out upon Ships, Houses, Lands, or any Goods they think they can get by.  
The accidental profits mentioned in the Proposals, will amount to two or three hundred thousand Pounds per Annum, or probably to so much as may discharge the Offices and Officers.  
How these clear profits shall be disposed of, I dare not presume to meddle with, but leave it to the Parliament to determine.  
If they be divided between the Crown and People, the People's share may be employed, in maintaining the poor, setting up Work-houses, Warehouses, Granaries, in making Rivers Navigable, Highways passable, etc.  

A supplement to the Proposals, showing what the benefit of these Banks will be, with an answer to the material Objections that may be made against these Proposals.  
IT is evident, the great Bulk of the Cash in the Nation in a few Months must pass through these Banks, and when Money is there, no Native or Foreigner will take it out, unless in case of necessity for smaller expenses; because Money in the Bank will be better than Cash in the Chest, as Gold is better than Silver; for it will be more safe, more portable, more transferable, and of greater value by two in the hundred, than Cash in specie is.  
No person though never so scrupulous, will question the safety of his Money, or doubt of the Credit of the Banks, for the Master will always have effects in his hands, to answer all the Credit given out, being obliged never to give any Credit, unless he receivs in a Debtor to balance it.  
In case the Master of the Bank shall by knavery or folly run himself a ground, and imbezel the effects he is entrusted with.  
He must make good the loss so far as his security goes, which will not easily be exceeded, and the Province (if such a thing should happen) must bear the rest out of the clear profit of this or some following year, or if that will not do, which is not like to happen, the Province must bear the rest by a Tax.  
To be sure the Creditor is at no loss, he sues any person in the Province, responsible for his Debt, and recovers it, as if he was rob, so that the Creditor is safe, unless the Province sink into the Earth.  
Object. Persons will take their Money out of these Banks, some Men will keep their own Money, though it be only to lock it up.  
Ans. I do not intent to give a reason for the actions of Children or fools, they may if they please, to be sure no wise man will do it, unless in cases of necessity, which will seldom occur. No prudent man will make his Money worse than it is, when he need not: it will cost one or two per Cent. or what the Superior Office pleases, to make it Bank Money, and whilst it is there, it is so much better for any use, to lend out, or lay out as the charge is; it is not only less in value when it is taken out, but it is not so safe, so portable, nor so transferable as it was before, and so it is every way worse.  
These things being admitted, that most of the Cash of the Nation will be brought into these Banks, and when it is there, it will keep there, and all persons, Natives and Foreigners will take a Bill of Credit rather than Money, these Banks will have an infinite Credit, and be in a condition to lend out Money at a low interest to all persons that will give them good security, the interest will be clear profit, and to lay out Money upon Houses, Lands, Ships, Goods or any Commodity they think they can get by. The product of this Trade will be clear profit, the smaller perquisites, and accidental advantages, mentioned in the Proposals will go a great way, and probably may discharge all the Offices and Officers.  
How great the profit will be, cannot easily be concluded: because we cannot determine how far the Credit shall be extended; to be sure an infinite Credit is equivalent to an inexhaustible treasure, which these Banks will be the Funds of.  
I need say no more, but leave every body to make their deductions, and to consider how far they shall be advantaged. Some think if I should say more, I should say less, and by over commending a thing, that hath evident worth in it, I should make the excellency of it to be suspected, it would be like overlaying Gold with Silver, or sprinkling sweet water upon sweeter flowers. If we should hear twenty English Ships were arrived, belonging to English, laden with Gold and Silver, all men would rejoice, though they had no propriety in them, hoping some way or other they should be the better for them. Or if the effects of England could be made a hundred times bigger than they are, every person may rationally hope, he shall have some advantage more or less by them.  
But because the concern is general, affecting the whole Nation, and many persons cannot see where their particular advantage lies, for a general satisfaction, I shall endeavour to show particularly how these Banks will be profitable.  

1. To the Nation in general.  
2. To the Crown.  
3. To the People.   

That we may see how the Nation in general shall be advantaged, we must look upon the Nation, as one great Family; for so indeed it is, whenever a particular person gets, the Nation gets, and the Families grows richer by that accession, and when ever the Nation gets in the general, it must be in some particular persons hands, who by that increase do grow richer; for the whole is made up of the parts, and the parts do constitute the whole.  
1. The Riches of the Nation will increase, and much of the Bullion of Europe will be brought in hither; suppose we import and consume as many effects as we do now, and export the same quantity of Commodity of our Native growth, as we have done formerly, and besides we give out two or three Millions of Bills of Credit, when they are returned upon us, they will be paid with Credit again, the balance at last must be Money, and it will the sooner be so, if we advance the price of Mint Money two or three per Cent. above Bullion or old Money, which we may do by virtue of our Banks, without any hurt to any person. Further if Men grow rich, it will be in Money, or their dead stock will be in Jewels and Plate, as we see it is with overgrown rich Men.  
2. The Trade of Merchandizing will increase, as I shall show afterwards, England may become as one City of Trade, and be the Emporie of the World, it is not so much the product of our Fertile Land, as the profit of Trade, far surmounting this, that makes our Nation flourish.  
3. The Fishery, and divers Manufactures may be set up, though these are managed at first to some loss, yet at that time, they will be great gain to the Nation.  
There are in England three hundred thousand pair of lazy hands, (some think more) that earn little, if these be brought to earn but three pence a day, one with another (which may be admitted) the profit to the Nation will be twelve hundred thousand pounds, if two or three hundred thousand pounds be lost in these Trades, the rest will be clear gain to the Nation; for the poor employed, will consume no more Victuals nor , when they work, than they do now they are idle.  
Obj. We make more goods already, than we can consume, or than the World will utter.  
Ans. The Fishery, the Linen Manufacture and the making of White Paper fit for Writing and Printing not practicable in England, till of late, and by the great industry and care of Eaustacey Burneby Esq, brought to perfection and may compare with the best in the World, and will employ our idle hands; we import yearly in thread, twine, tape, linen, hemp, flax and paper, above fourteen hundred thousand Pounds per Annum, all this would be saved. If we should make more than we use, we may export our Commodity, as well as others.  
This very consideration of making Paper of Rags, we now throw to the Dunghill, and employing all the poor in our Linen Manufacture, which is bought of Foreiners with dry Money, is a sufficient argument to excite those in Authority with all their vigour to promote these Banks that they may keep their Cash in the Nation, and be freed from the charge of maintaining their poor by a pound rate.  
If the Act for burying in Woollen be reinforced it will raise the price of Wool, now worth little, and we should have consumed more than is now in England, if it had been put in execution, it will also prevent the exportation of great quantities of Wool before the working of it up. The mixture of our Wool with Foreign Wool maketh it fit for Manufacture, which otherwise would not be, which is sold at lower rates, and hinders the sending over of greater quantities of Cloth to the prejudice of Woollen▪ Drapers and Clothiers, great part of which are forced to leave off their Employments for want of Trade, the poor would have been employed in working up Wool and making Cloth. If this Act be reinforced, it will help us to many hundred Tuns of Linen Rags yearly, which will enable us to carry on the making of all sorts of white Paper fit for Writing and Printing; as to the Fishery, the Dutch to be sure have made a good Market of it.  
4. People will increase, Trade will bring in People to the Nation. Where Trade is, there is Employment, where Employment is, thither people will resort, where people are, there will be consumption of Commodity, if these Banks were constituted, and Trading did flourish, we need not doubt but the Dutch, Flemish, French, and people from all parts of Europe, that have Estates would resort hither, to enjoy themselves and their Estates, and those that are ingenious, would seat themselves here to get Estates, provided a convenient door be opened, to let them in, and reasonable indulgence be given to them, when they are here.  
It is not a contemptible consideration, that these Banks will be a great safety to the Nation, whilst all all the World that Trades with us will have a kindness for us, especially when these Banks keep their Money, they will desire, and as far as they can endeavour to preserve their Cashiers, lest they should lose their estates, having nothing but a Bill of Credit for it. I appeal for the confirmation of this to all those that had Credit upon the Bank at Amsterdam, what thoughts they had when the French King was so near those Gates, and whether they would not, if it had been in their power have diverted him.  
Obj. We have too many people already, and some think multitudes of people do not enrich a Nation.  
Ans. It is evident, the Riches of a Nation are the People of a Nation, Lands are at a great rate, where people are numerous, as about London: But in America, where people are few, it is worth nothing.  
This is true, people not employed, are like Caterpillars to Plants, and Worms to Wood, that only wast the product of industrious hands: But I propose employment, and then there is no doubt the consumption of the people, is not so much as the product of their labours, but they are really the Riches and Strength of a Nation; the more the merrier, like Bees in a Hive, and better cheer too.  
Lombers would naturally grow out of the sides of these Banks, as Twigs do from Trees, and so many of these may be set up by these Offices in the several parts of the Nation, as may be judged convenient, to lend out smaller sums of Money upon pawns to mean and necessitous people, which would be very advantageous in the Country, as well as in the City; these will hurt none but Brokers.   

The Crown will be benefited.  
The Crown may be supplied with whatsoever is necessary, and the Prince may have whatsoever humane nature is capable of, in this great abundance nothing will reasonably be denied to him, only his hands will be tied with these Silken Cords, to keep that Station, the constitution of this Government hath set him in.  
For a considerable share may, if the Parliament please, be ascertained to the Crown, out of the clear profits; the Prince and People ought to grow together, else the B●dy Politic will be monstrous.  
Upon any sudden emergency, here will be ready Money to equip Armadas, provide Arms, levy Soldiers, etc. until the Parliament is called.  
And when there is leisure for deliberation; and the Parliament judge it requisite, these Banks will be in a capacity to supply the Crown with what ever Money it needs without interest. Suppose it should be a Million, if the Bank be certainly repaid, this Million in ten years, that is 100000 a year, the Credit of the Bank will not be at all impaired, and so in proportion any sum over or under this, to the value of ten, yea twenty Millions.  
If the Parliament judge it convenient to raise Money by Taxes, how easily will they be born? Impositions are heavy when people are poor, like a burden upon a tired Horse that hath a galled back: but when Rents rise, Trade flourishes, and Money is plentiful, none will be troubled though great sums of Money should be raised to support the Government, maintain the Safety, Honour and necessary defence of the Nation. A man that gets a hundred a year, can better pay ten pounds, than the same man can pay ten shillings, if he gets but ten pounds.  
These Banks will be able at any time to lay in what stores his Majesty pleases of Arms, Ammunition and all necessaries for Shipping and War to be paid for it, when it is used, seeing they pay not interest themselves.  
Besides the Riches and Strength that accrue to the Crown in these, and many more particulars, it's very pleasant to reflect upon that reverence that all persons will have to such a Prince, that puts them into such a condition, and by his prudent management keeps them in such a flourishing estate. When the people's yoke is lined with peace and plenty, it will make them cheerful under it, and not at all desirous to shake it off: if some few should surfeit and grow wanton, the generality of the people, content in their condition would certainly keep these in awe. Methinks the Bees, by all possible means preserving their King, because their very being depends upon him, are a perfect emblem of a people honouring such a Prince.   

The People shall have advantage.  

1. The Poor.  
2. The Middle Sort.  
3. The Rich.  
4. The Mariner.  
5. The Merchant.   
In showing the people's advantage, I shall begin with the poor, they have most need. I dont mean in this golden Age all shall be rich, but the able poor shall all be employed, and well paid for their labour, the able and impotent poor shall be comfortably provided for, and have leisure to think of another World, having had so little comfort in this. The Children of the poor, now salvagely educated, that when they grow up they are but little above Brutes, shall be brought up to learning and labour, and probably go a great way by their industry, to maintain those that are past work, however the people's share of the profit of the Banks will abundantly supply what ever is wanting, and the Nation shall be freed from the charge of those rates, made in every Parish to relieve the poor, which in many places begin to be intolerable; some compute the charges to maintain the poor to be 300000 l. per Annum.  
As for the honest and ingenious poor, that would support themselves, if they had a little Stock to put them into a way; these will find some friends to be security for them, and to give them Credit at the Bank, or if they be really ingenious, frugal, and industrious, the Parish may give them Credit, or the Bank itself may do it, without any other security, but their own. There is seldom any loss, unless by accident in trusting such, which the Banks can bear; as for the idle, drunken, brutish, debauched your, though God made them for other ends, they have made themselves fit for nothing, but to be Slaves and drudges to those that are more wise.  
The middle sort of People will be benefited.  
As to the middle sort of people, I mean small Freeholders', Farmers and Trades men, these would quickly increase their estates by their honest industry, had they Tools to work with, I mean a plentiful Stock to drive their Trades, husband their Lands, and keep their Commodities for a Market all their defects will be supplied by the Banks, supposing them ingenious and industrious.  
The mean Tradesman now, so soon as he hath made a piece or two of Stuff or Cloth, is forced to sell it at what rates he can, to put him into a capacity to provide new materials, to keep himself and dependants in action, but at these Banks he may take up Money upon his Goods, made at the Market price, till better times come, and may upon his own, and friends security enlarge his Stock. Encouraging the mean and middle sort of people, that work with their own hands, will raise Trade to a greater height, than when it is managed only by rich Men, that have great Stocks, who are lazy themselves, and employ others, that do their works by the halves; if the poor man be paid for his labour, he lives well, and is satisfied; but the rich Artificers, besides Journey-mens' Wages, must have an advantage, or else they will quickly be Beggars. Hence in France they cut and afford stones, at a fourth part of the price, the sole cutting stones with us cost. The Rich Tradesman, will not like this: No  will fit every foot, my intent is to make this for those, that are tender and weak, the strong will shift well enough.  
The great complaint is, the Dutch and French undersell us, because the working of our Manufacture costs so dear, this is a great truth: but this expedient would in a great measure remedy this mischief.  
The industrious Husbandman that hath a small Stock under-manages his Lands, and neglects the doing many things he would do to them, for want of Mony. I dare say, in many places the same Land would bring forth double the increase of Corn and Fruit, were it manuged and planted so, as a plentiful Stock would enable the Farmer to order it: to instance in Marling Land, which will cost about 7 l. or 8 l. the Acre, and it will raise barren Land, not worth above , to be worth forty shillings the Acre, the first seven years, and twenty shilling the Acre for many years after. So for sanding and liming of Land, compost that may be had easily in most places, are neglected for want of Stock, that would pay the charge five times over.  
Necessitous Farmers must do that which will turn to present profit, and let that alone which will not turn to account immediately, though it will pay them tenfold for the forbearance.  
Besides, when they have a plentiful Crop of Corn let the price be what it will, they must sell it, to pay their Rent, as the last year, the Dutch and other Strangers, Shipped off our Wheat at three shillings the Bushel, which is now worth six. Now these Banks would provide Granaries to lay up their Corn in, or if the Farmer hath conveniences of his own, he might take up money or credit to satisfy his Landlord, till a Market should offer itself. By this means Corn would never be extraordinary cheap to undo the Grower: nor excessive dear to starve the Labourer and Artificer.  
As to the Landlord, that now is forced to fall his Rents, because the middle sort of people are so necessitous; he takes Tenants that are understock, and is constrained to keep these, and trust them, commonly for a years Rend; or occupies his Land himself: this mischief being removed by these Banks, the rents of Lands either will rise, or these rents would be better paid than now they are.  
That these middle sort of Men should have plenty of money may easily be believed; for they may take it up at small interest, or these Banks may, and doubtless will, three or four times a year disperse their money for very little Interest; suppose One in the Hundred, and get enough by it too. We will suppose Ten Millions of ready Cash in these Banks, they disperse all this amongst the Neighbourhood in their several Provinces; this money in a few months, will either come into the Banks upon account of Returns; or pass through the Banks in greater Payments: when it is there, it keeps there, and the Banks get Two in the Hundred by it: and every body is contented with the bargain.  
Further, the Gentry that have in a frolick run themselves generally into Debt, and can never recover, but their Families must be ruined, and their Names extirpate, shall now be in a better Estate, than if they had contracted no Debts at all: their Lands will advance the first year these Banks are set up, to Fifty years' Purchase, this seems a Romance; but if private persons will not give such rates, the Banks shall, and get the whole Rent clear by the bargain, seeing they pay the Purchase with Credit only. The Gentleman that cannot now borrow Four thuusand pounds upon One thousand a Year, without Personal Security of friends, besides the Mortgaging of his Land, shall now borrow Four thousand pounds upon One hundred a year of the same Land, without any security but his own; for the Bank will lend as much money (most of which they pay in Credit) upon any Land within in two or three years' Purchase; as it is worth to be sold, at three in the hundred, the Interest is clear profit.  
Mr. Yarinton tells us, These three Kingdoms are the only Northern Countries not improved, when the Gentry can have plenty of money at Three per Cent. they will improve their Lands themselves, and teach their Tenants to do so too, by their Example, as well in this Nation, as others do in Foreign Parts.  
Timber would be preserved when owners do not want money, and Gentlemen would Plant more, when they are not in necessity, but can forbear the Rent of their Land, till it is clothed with a stock of Timber, that is ten times of greater value, than the Fee-simple of the Estate.  
The Seamen will not want ships, if a person hath but one or two Hundred pounds to lay the Keel, the Bank will supply him with Ten more upon the Security of the Ship, to be paid Interest according to the hazard: thus for aught I can see, in a few years we shall have ten times as many English-built Ships as now we have; especially, when these Banks will also provide employment for all these Ships.  
The Merchant that hath a Thousand pounds' stock, and brings a Cargo of goods of that value, immediately he takes up a thousand pounds at the Bank upon these goods, which he keeps in his own Warehouse, only he gives security by himself and friends that he will be honest; that is, pay the Office, as he sells his goods: and thus he doth again and again, as often as he pleases, and with one Thousand pounds stock lays in Five thousand pounds; nay, Ten thousand pounds worth of goods; so that the Stock our Merchants now use in England may drive five, nay ten times the Trade, they now do: between them and the Bank they may engross the greatest part of the Merchandise in the World: and moreover, the carrying and recarrying these goods will employ all our Ships.  
It's probable, this is no good News to the rich Merchant, that wants no money, he cries out, there are two many Traders, and too much Stock used in Trade already, he can be content others should, but is not willing himself, to give out.  
This is true they think and say, as our Trade is now managed by money at Six per Cent. in Ships built at the same charge: but if the Interest of money was low, and the frait as cheap, as it is in Holland; I do not see Trade could be overlaid, especially, if we bring Holland by the Lee, and force Amsterdam to come to our Market.  
Besides these vast advantages as to all men's Estates, I have great hopes, these Banks, thus used, will much conduce to the civilising the Nation, now degenerate into Debauchery; this seems not at all to be the end of them, yet, accidentally it may produce this Effect.  
This is a certain truth, no debauched person ought to be trusted by a prudent man, when he need not do it: one who is an Atheist, that thinks there is no God, is not fit for the society of Man, he will certainly make a prey of his Neighbour, as oft, and as soon as he can, he makes his own Interest, his ease, honour, lust, or pleasure to be his God; whilst he thinks the●e is no other to reward or punish.  
He that believes there is a God, that hath an absolute Sovereignty over him, and dares in his very presence be false to him, will undoubtedly (when he can do it privately) be disloyal to his Prince, and treacherous to his Neighbour.  
Now when people choose their Officers, though they are debauched themselves, they will endeavour to choose men that are morally honest in their Conversations.  
These Officers will give credit to no personal Security, where there is not a pretention at least to Morality: so that rich and poor, if they expect to have honour from the People, or profit from these Banks, will outwardly reform their lives.  
I might enlarge here to a Volume, but my design is only to give a hint of the advantages these Banks would bring to this Nation, I leave every Man to make further inferences as he pleases, their own occasions and necessities will teach all to make their advantages of this infinite Credit, which is an inexhaustible Treasure.  
To Conclude, make the Gentry rich, the Farmer flourish, the Merchant trade, Ships increase, Seamen to be employed, set up Manifacture for the labouring Poor, provide Maintenance for the Impotent, set up new Manufactures, encourage the Old. What may not a King be, and do, that Reigns over such a People, that are not inferior in courage to any, and doubtless their Spirits will rise higher, when they find, they have Purses superior to all.    

Objections Answered.  
There are Three main Objections that lie against these Banks.  
Object. 1. Men will not be willing to bring an encumbrance upon their Estates, to be answerable for the Acts of their Officers, which may be very prejudicial to them.  
Answ. 1. The Precinct chooses their own Officers, and may, if they please, choose such as are able and honest, who do give them security, the Precinct shall not be damnified.  
Answ. 2. The Assistants of every Precinct supervise their Office once every month.  
Answ. 3. The accounts of these particular stated Officers are sent up every Month to be balanced by the Superior Officers.  
Answ. 4. The City of London hath never suffered, as far as ever I heard, by their Officers in the Chamber; let their practice be a Precedent.  
Answ. 5. This Encumbrance may be balanced by the advantage every Precinct will have, in that they will be freed from the charge of repairing persons Robbed; and also from that intolerable charge of maintaining the poor by a monthly rate.  
Answ. A full Answer to this Objection is this, Lands without this incumberance are now not worth above twenty years' Purchase, will be worth at least forty years' Purchase, when this encumbrance is upon them; when these Banks are set up, so that the owners of Lands will have no cause to complain, whilst the value of their Land is double.  
Object. 2. The Crown may justly be jealous, the People, when they are thus rich, may be armed for, and disposed to Rebellion.  
Answ. 6. Government is so Sacred and necessary to the well-being of People; especially, if they be rich and live at ease, that they never rise in Rebellion, for fear of losing their riches and lest they be disquieted in, and deprived of, that peaceable, and plentiful condition they possess. Fool's may grow wanton with Peace and Plenty, they will be easily curbed: but it is oppression only that makes wise men mad. Then people Rebel, when they are, or at least think themselves to be so oppressed, or that their condition will suddenly be so bad, that, if they be disappointed in their Rebellion, it cannot be much worse.  
The Prince hath the Militia by Sea and Land, the power of Peace and War, a considerable revenue, his friends at home, and confederates abroad; and may easy disperse a Storm arising from a small party of inconsiderable wanton fools.  
The Estates of the people will be in these Banks; if they prove resty, they are obnoxious to Justice.  
Though the people are rich in Goods and Lands, yet they will have little money in specie which are the cords of War.  
The lazy persons are always the most turbulent persons employed in honest occupations, that brings in a pleasant livelihood; never think of making disturbance, but mind their own business.  
Object. 3. The other great Objection is, from the People against the Prince: Suppose (say they) the bulk of the money of the Nation is gathered into, and lodged in these Banks; the King hath the Militia, and may easily surprise it, and so make himself Absolute; and for this reason, Banks and Trade never thrive under a Monarchy.  
Answ. It's very true, the great Trade of the World hath been driven by Commonwealths, as Tyre, Athens, Rhodes, Syracuse, Agrigentum, Carthage, Venice, Amsterdam; but I do not see any reason, why it may not flourish under a Monarchy, as it did sometimes at Bruges, and Antwerp, and doth now at Florence; supposing the Monarchy is bounded, as it is here with us. Trade indeed, can never rise to, and continue at any great height in France, by reason the King is so Absolute.  
It is against the very Nature of Man, that is ingenious, to be frugal and industrious, when the fruit of all his Labour is obnoxious to the pleasure of an other Man.  
But as things stand with us, 1. Our Monarch cannot. 2. Our Monarch will not violate these Banks.  
1. Our Monarch cannot, though he hath the Militia, violate these Banks; because they are set up in several places, and cannot be surprised all at once.  
If great numbers be sent to one place, the other Banks will disperse their money before that can be attempted.  
Jealousy is very quick sighted. If there be the least appearance of danger, the Bank will disperse the money amongst the Neighbourhood, as is provided in the Act; they will rather disperse it ten times, when there is no just cause, than be surprised once: especially, seeing they can so easily call it in again. Thus the Prince cannot seize the Banks, to get any considerable quantity of money.  
2. We can hardly imagine such a King will ever arise in England, that will violate these Banks. Interest Rules the World, and we may suppose it will overrule Princes, when it is considerable evident and apparent.  
It is evident, no King will violate these Banks: because 1. he can get nothing considerable by attempting them; but 2ly. must lose a great deal by offering any violence to them.  
1. He can get no great store of money, as I have showed, if there should be any considerable quantity of Tin there, when the Soldiers have taken it out all at once, it would be worth little, no people would give them any thing for it: but rather tell them, they have stolen it.  
As the King can get no money, and can make little use of Tin: so he can make no use of Bills of Credit, which the Soldier may force the Master of the Bank to give out; but the Banks being under violence, their Credit immediately ceases to be currant, like the Apples of Sodom, touch them and they turn to dust.  
2ly. The King by offering violence to these Banks, must lose all the great advantages before mentioned, appropriate to the Crown, or more mediately coming to it by the people's advantage. He kills the Goose that lays the golden Egg, and knows there are no more in her Belly, which is to be imprudent beyond the Fable.  
We can hardly imagine, any Prince should so far forget himself, if he had in truth that fabulous Philosopher's Stone, that he should in mere humour cast it away. These Banks rightly managed, would every way answer the advantages of that Stone, if it could be had.  
If a Prince had really that Stone, he would not keep it himself, and turn Founder, that is below him; besides, he must needs be tortured with continual fears, lest it should be stolen from him. He durst not adventure it with the best of his Nobility, lest they should abuse it, and set up themselves. If he should make Bullion only to serve himself, every body would envy him, and perhaps plot his ruin for it; if he should make as much Gold and Silver, as his whole People would have, it would either make these Metals worth nothing, or destroy all industry.  
The best use any Prince could make of such a Stone (if such a thing was,) would be to put it into safe hands (if he could tell where to find them) that they might make so much Gold and Silver as would supply his own occasions, ordinary and extraordinary; and furnish his People with so much stock as might quicken Trade, improve Husbandry, and set up all kinds of Manufactures: for a People thus exercised, would be in a better condition to defend their Prince and themselves, and to offend their Enemies; than if Gold was as plentiful as Stones, and Silver as the Sands; when all would degenerate into effeminacy, and be a prey to their Neighbours for their Riches.  
These Banks will give this Prince and People all the advantages the Philosopher's Stone could give, without any of the disadvantages; and therefore we cannot but conclude, he will, instead of destroying them, use his utmost endeavour to defend them; that Himself, the Bank, and all his People may enjoy Peace and Plenty.  
It is very true, no Laws have temperamentum ad pondus, and are so exactly fitted, that they may indifferently serve for Peace and War, Plenty and Want; and make a Government so stable, that it cannot be altered: we see all have had their Periods. As in the body Natural, so in the body Politic, the contrary humours will be working: But I am sure, nothing makes a Government so firm, nor a Governor so secure, as when the Prince consults the prosperity of the People, and the People reciprocally consult the honour of the Prince. The setting up these Banks forces them both to their Duty, and ties their hands with silken Cords, the maintaining them, declares each minds, their duty; and in this Peace and Plenty will rationally and probably be content; there is no absolute security in the affairs of this World, there is a great probability things thus settled will endure long.  
All other Objections besides these Two are of no great moment, and scarce deserve an answer; yet, because these Banks are of general concern, I shall say something to whatsoever may seem to be said against them.  
Object. 3. The Officers may be false, and prejudice their Province.  
Answ. 1. Then they will forfeit their Security, and destroy themselves, before they can hurt others.  
Answ. 2. They have not been so in the Chamber of London, neither can they be so; let that be a precedent.  
Answ. 3. The Assistants, as is provided in the Act, will overlook them; and the superior Office will check them.  
Answ. 4. If they should be a little prejudiced, which is not likely, they may bear it: because they have much profit.  
Object. 4. People will be jealous, especially at the first setting up, how they trust these Banks, lest the security should not be good.  
Answ. If any man had lost 1000 l. by Thiefs, and could make good proof of it, he would not make much doubt the recovering it of the Country.  
A man's case is better here, First, there is the Obligaton of the Master of the Bank, to make good the Credit, given out, and he will be in a condition to do it: because he never makes a Creditor, but he at the same time, makes a Debtor, he is sure of Biard in the Stable, that must not go out, before the Credit is satisfied; and so he may satisfy the Credit given out if he pleases: but in case he fails through foolery or knavery, the Province stands behind the Bank, to make all the Acts of it good: so that though a money Bank may fail, whose fund is only money in specie, yet that Bank cannot be blown up, that hath the whole Estate real and personal of all the Nation to be the fund, though the Bullion miscarry.  
Object. 5. It is a great adventure to stake a Nation, and to put it into a hazard, when we need not.  
Answ. The whole Estate of the Nation is staked as a Fund or Security to defray the charges of the Government, and must disburse what the King, Lords, and Commons judge needful, be it more or less, the case is the same, to relieve the Poor, and repair Men Robbed: and therefore may become a Fund in assurance of great profit to the Crown, and themselves; especially, seeing they trust their Estates in the hands of their Neighbours, they know, that live amongst them, equally concerned as themselves, who shall give a yearly account of their actions.  
Object. 6. It will be troublesome to go to these Banks, especially, if persons live at any distance.  
Vnsw. No Law was ever made but upon this supposition, that the observing was troublesome, even the Magna Charta itself. The profit here will weigh down the trouble a hundred times.  
In Cities it is less trouble to go to the Office, and to transmit the Credit of 100 l. than to count it at a Tavern.  
In the Country, the danger of Robbing avoided, will abundantly recompense the pains of going ten miles to pay, or receive 100 l.  
Object. The charge of returning money, of transfering money, but especially of making private money to be Bank-mony will be great.  
Answ. 1. The charge of returning money will not be so much, as it is now, if persons can return it cheaper by private hands, they need not use the Banks.  
Answ. 2. The Charge of transmitting money will not be so much as the trouble of telling; especially, if the receiver should be imposed upon but now and then with bad money.  
Answ. 3. As to the charge of making common money, to be Bank-mony. 1. No body shall be forced to do it: but every one may, as he doth now, keep his Cash in his own Chest, if he thinks it the best way. 2. The Bank-mony will be really better than Cash in the Chest, in the Intrinsic value; as Gold is better than Silver, being more safe, more portable, and more transferable; and every one will accept it so in all payments, as they do Gold; therefore what is paid, when money is left in the Banks, is not lost: suppose a Butcher buys a score of Oxen of a Grazier in Smithfield, and bargains for 100 l. the Grazier will take 98 l. of Bank-mony as freely, as 100 l. of Silver in specie; and so in all other Cases.  
Object. 8. In case of an Invasion, or common Calamity, the Credit of the Bank will fail, and all men must lose what they have entrusted the Bank with.  
Answ. The great excellency of these Banks are, if the Credit should fail to be currant, yet none should lose by them, as is provided in the Act, unless the Nation be destroyed, and then it matters not much whether we lose our money in the Bank, or out of our own Chests, in these humane Affairs there is no absolute security to be expected, every Creditor hath here as good as can be in this World.  
Object. 9 These Banks will be inconvenient for moneyed Men, and for many Misers that would not have their Estates known, lest they should be Taxed. etc.  
Answ. I never intended these Banks to advantage Thiefs, Brokers, or Usurers; but to do good to the honest, industrious, labouring and trading people of the Nation.  
Answ. These Misers have been, and would be still protected by the Authority of the Nation; and there is all the reason in the World, they should contribute to the maintaining it; they have sherked long enough already, and laid the heaviest load upon the weakest Horse; its time every one should bear their own burden; these Banks ought to be the better liked, because they will bring things to such a just and even Balance.  
Object. These are troublesome times, and not proper to attempt so great a thing as this is.  
Answ. The Bank at Amsterdam was begun, and constituted in a time more troublesome than ours are; he that observes the Wind, doth not Sow; and he that observes the Rain doth not Reap.  
Answ. 2. If these Banks were Constituted, its probable they would in a short time produce some tolerable Effect, and so be in a condition, it may be in a few Months to supply the extraordinary occasions of the Nation, better than any other way, that is yet visible.  
It's true, the Esse of every thing is to be consulted before the bene esse. Every Nation ought to provide for its immediate defence against an imminent Enemy: but I do not see how the promoting these Banks, will any way hinder the present defence of the Kingdom: if it doth, it is before those, that know how to lay it aside.  
Object. It's better to begin this at first, in some one or in some few places, and by a Law make the Estates of some particular private Men (that are willing) to be the Fund of a Bank.  
Answ. I know some have been hammering their Heads about such a little silly thing as this is, and are so fond of their own dwarf Child, that they think any, that is bigger, to be Monstrous, and are afraid it should devour theirs.  
You may be sure, if particular Men encumber their Estates, it is for some extraordinary advantage; I see no reason why, that should be appropriate to a few, which with the same, or a little more Labour, may be made more diffusive, and communicated to all.  
If the Estates of a few Gentlemen, suppose half a score, of two or three thausand pounds a year, would make so good a Fund, that it would bring in much of the Money of the Nation into it, what would the Estate of the whole Nation do, if it was put under such a circumstance?  
Object. All do allow Banks would be very advantageous to Trading Towns, where money is turned, and returned backward and forward, and think the answers tolerable to the objections made against the inconveniencies of these Banks: but they can by no means see, how they can be set up to any profit in inland places, where at present there is very little money in specie, and like every day to be less; because it is drawn out of those places by the King's Revenue in Excise and Chimny-mony to the City as the Centre, or heart: this Objection hath been made with much obstinacy, by some Men, that have thought themselves very wise.  
Answ. There is none so blind, as wise men, that will not see; I think the Argument turns upon these with undeniable reason: its true, money in a Nation is like blood in the Body, if that is drawn to the heart from the extreme Parts, and stagnates there, they must needs whither; and therefore all care ought to be taken, that this may have its due Circulation; I know nothing, that will do it so effectually, as these Banks: because there is little money in some parts of the Nation, therefore Banks ought to be set up there.  
The Bills of Credit these Banks give out, founded upon the real and personal Security of the People (as hath been proposed,) will be as currant, as Gold in twenty shilling pieces, in five pound and ten pound pieces; and there will be no more necessity of Silver than there was forty years since, when Gold abounded amongst us. Silver was then of no other use than to exchange Gold, as farthings are now to exchange Silver.  
Just thus it would be in those places of the Nation, where there is little money, these Bills of Credit upon so good a Fund, would be money, as I have showed, having an intrinsic value in them.  
If there were no other reason for the erecting these Offices in these indigent places; but to promote Registers, it would not be labour lost; its true, Banks would be more advantageous in some places, than other; yet doubtless they will be useful, and profitable for all. Registers will make Security, Security will bring money, and so this evil will be healed.  
Object. How should these Banks answer persons desiring money in specie, upon returns, or in case of money deposited.  
Answ. In case of money deposited, they will have as much money to pay out, which they have received in, as they have given out Bills of Credit for, upon that account.  
As to returns, no more ought to be returned upon these weak Banks, than they draw upon others, if more is drawn upon them, money in specie, as hath been provided, must be sent from these Banks, where it is superfluous. Provision may be made here, as it is, when the Banks are first set up.  
As to Credit given out upon Security, the Bank must be wary, knowing, its weakness, and must let the Creditor know, if he will have money in specie, it must be upon such and such terms as the Bank is able to make good: These Banks may take up money at the common Interest, where it is to be had; suppose from London, and may supply all men with Cash, that desire it, the money of Widows and Orphans will be disposed here at Interest, as it is in the Chamber of London, besides, none will take out money in specie if they can avoid it, this will bring a running Cash into these parts, which now are, and will every day be, more and more destitute of it. Thus you see it evident: because money is scarce in several places, therefore Banks ought to be set up there; the Estates of such Precincts will at first make Paper money, that is, Credit as useful as great money in specie, the Interest of this Credit will encourage and enable the Bankers to draw money in specie thither, (though they pay the common Interest for it) to answer Bills brought to them, requiring money in specie, seeing they shall receive Interest for ten times as much Credit, as they shall pay Interest for money to supply Creditors.  
Object. Suppose these Banks will increase the Cash of the Nation, and bring in much of the Bullion of Europe hither, what good will this do us? it may make us a prey to our Neighbours who will be ready to Invade us for our Wealth. This is the condition of the Spanish Indies. It is Arms, Ammunition, and valiant Men, that make a Kingdom safe.  
Answ. The World is not ruled now, as it was in former times; Men than were more savage, and made War their employment, little Principalities did continually Invade one another, as the Indians now do; warlike provision was accounted the greatest Riches, and Steel esteemed above Gold; yet, even then money was accounted the Sinews and cords of War.  
Now, people are degenerated into a more soft and effeminate ways of living, and must have other kind of Provisions at home and abroad, and other kind of preparations are used now, than were used formerly, which cannot be procured and maintained without money; Europe is now Associated into great Bodies, and those that have the command of money, command all their Neighbours. Holland, not bigger than Yorkshire, nor valiant above their Neighbours, have made a great bustle in the World by virtue of their money, and stood before Two Mighty Princes. It is not so much the innate valour of the French, that makes them so formidable, as the vast sums of money squeezed out of the people, and prudently husbanded, at home and abroad, that makes them thus Rampant. If we had the command of five or ten Millions of Money on an instant, and would employ it, as they do, we should quickly pluck their Plumbs, and make them veil bonnet to us: these Banks, as I have showed will make this provision in a short time.  
As for the Spanish weakness, in the abundance of their Wealth, the reason is, they neglect industry, and decline Trade: A People that become vastly rich, by honest labour and industry in Trade, will be in a condition to defend themselves, when ever they shall be attacked.  
There seems to me a kind of necessity for us, in order to our preservation, of maintaining a Hundred Sail of Men of War in the Summer, and half so many in the Winter, though we have no War, that we may maintain our Sovereignty at the Sea; and be in a readiness with Seamen and Shipping, in case of a breach with our Neighbours, though we do not Invade them on the Land, yet we may defend ourselves, and offend them so, as to destroy all their Trade. A part of the profit of these Banks would do much of this.  
Object. It will be a great while before these Banks can take such an Effect, as to produce any tolerable profit.  
Answ. All great things, have some convenient time to come to their Maturity. The Oak requires some years, the Hemlock shoots up in a few weeks. Rome was not built in a day. The great good these Banks will at last produce, will pay for all our pains and patience.  
Answ. Upon a general satisfaction the Fund is good, which may be easily given, we cannot tell how soon a tolerable Effect may be produced, it will cost no great matter to try, the Proposals seem very natural, and the Nation seems disposed for such a thing: therefore we may expect it will ripen sooner, than if the thing were forced. Persons, when they sow Wheat, wait a year, before they have a Harvest, and are not sure how it will prove, till they have it in the Barn. Such a Term will probably determine this thing: I hope no bodies Patience will be tired in that time.  
As to a Register, the grand cheats daily committed, proclaims it in some kind necessary, I shall need to speak little on the behalf of it, only it will be very convenient, that these Banks may have Security to extend their Credit upon.  
I shall endeavour to answer some material Objections that may be brought against it.  
Object. Why should Registers be more necessary now, than they have been heretofore?  
Answ. The way of conveiancing heretofore, was by a Deed enrolled which the Purchaser might read, if he pleased, or by Livery or Seisin, in the face of the Country, which many might take notice of: but now Estates are settled in Trust privately, or by Lease and Release, which the wisest of Men cannot discover, if there be a design and intention to deceive; hence Titles are uncertain; and Land formerly worth Twenty, or two and twenty years' Purchase, when money was at Eight in the hundred, is now not worth above sixteen or eighteen, though the common Interest be but six in the hundred, and doubtless will fall lower still, unless some speedy course be taken to prevent this mischief.  
Object. If Registers should be set up, and Titles cleared, many Law suits would be prevented, and Lawyers that have now employment little enough, would have much less.  
Answ. It's very true, as Registers would prevent frauds, so they would anticipate many needless Law Suits: but what ever employment in the Law the Gentlemen of the long Robes should lose by a Register, they would get for many years to come, by managing these Registers; and further, there would be a constant Employment for many hundreds of Gentlemen belonging to the Law, in the managing these Offices; shorten the number of Atourneys and Solicitors, that are to the Baristers, as the Apothecaries are to the Doctors, and they would have a much better employment, than they now have.  
Object. If Registers should be set up, those that are in Debt will be discredited, and what should become of those that have Mortgaged their Lands twice or thrice over? they will he ashamed and destroyed, when their double dealing is found out.  
Answ. I propose a voluntary Register for the things past, and those that judge it will not suit their Interest may forbear Registering their Estates, till some occasions be for a new settlement.  
Answ. I do not know any thing, that will be a greater relief to persons in debt, and to such as have Mortgaged their Lands twice over, than these Banks and voluntary Registers.  
Suppose a Gentleman hath a thousand pound per Annum, and hath borrowed upon his Estate eight thousand pounds of one man at London, and eight thousand pounds of another at York, intending by good Husbandry, or the Marriage of a Son, to pay off one of these Debts, before they be known, but is disappointed: at last the Creditors come to know this double encumbrance, and presently both fall fowl upon their Debtor, till the Estate is torn in pieces, the Family destroyed, and the poor Gentleman dies in Prison, this is the condition, as such persons are liable to without a Register.  
Turn the Tables, suppose these Banks, and a Register, the Mortgager declares his condition, Registers his Land, at the end of six Months it appears, there are no more encumbrances upon it, he sells his Thousand a year, for Twenty five thousand pounds, pays the Sixteen Thousand pound Debt, hath Nine thousand pounds left for himself and Family: for Land in Scotland a poor Country where money is scarce, is worth Three and twenty years' Purchase, by reason there is a Register, and doubtless would be worth Twenty five years Purchase here, if a Register was established: but in case these Banks were established, and money was, (as doubtless it will be,) at two or three per Cent. Interest, Land must needs rise to Forty years' purchase in Holland, some say it is worth Fifty, and then the condition of the Morgager will be so much the better: this is the worst case, that can be proposed, and you see plainly, no inconvenience, but much profit doth accrue, even to persons in this condition.  
Obect. Registers have been often many years since, proposed in Parliament, and as often rejected.  
Answ. The Registers proposed have always been general and compulsory Register, these may prejudice bad Titles, and put persons to charge that have good Titles, and have no need, nor desire to Register. That which is now proposed, according to Mr. Yarrington's Notion, is a voluntary Register.  
Answ. The best things that were ever offered to a Parliament have been often blown upon, and accepted at last: so may this, especially, now we see, we have more need of it, than ever we had. I expect it will be the fate of these Proposeals about a Bank, though all Members, I have spoken privately with, subscribe to the reasonableness of the thing, yet when these come together, I expect, either out of by-ends, or some bad humour, it will be rejected at present, it may be some after ages may be more wise; and when they see the necessity, may think better of it, as they begin to do now of a Register.  
Object. Here are so many things proposed, though one or some of them might be accepted, yet one will hinder another, and nothing is like to be done. Here are Offices to be erected to return Money, etc. to be Cashiers to those, that please, to take their Bills of Credit; these Bills must be made transferable: Work-Houses and Hospitals are proposed to be erected, the Laws for the Poor to be altered, Tin Money to be made currant, and lastly, a Register to be constituted, with several other circumstantial things: These are not likely to be fixed at once, nor comprehended in one Act.  
Answ. The great thing I design, is a Bank, which in short is comprehended in these words:  
1. Divide the Nation into Precincts, in each of which an Office may be erected on purpose to return Money, and to be as Cashiers to those that please.  
2. Let every Precinct be bound to make good the Acts of their Office, as they are now bound to repair men rob.  
3. Every Precinct shall choose their stated Officers, and a certain number of substantial persons to supervise them once in a Month, and to advise, when any thing extraordinary is to be done.  
4. A Superior Office is to be erected at London, or in several places of the Nation, to be a Check upon all these; the Officers to these Superior Offices, shall be chosen by the Officers of the several Precincts.  
These are the substantial things I propose, which are essential to the constituting these Banks; as to all other things that are circumstantial, the Lawmakers may do what they please: whether the Bills be made transferable, or a Register be appointed, etc. is not necessary to the Being, but may conduce much to the Well Being of these Banks. I think it is no difficult thing to make a Law for these few things, that will not be grievous to the Subjects, considering how beneficial Banks will be to the whole Nation.  
Answ. It is not to be expected a Law should be made at first for the doing a New thing, complicated with many circumstances, that should not need future amendments: The Dutch Fishery hath admitted two and twenty alterations (as I have been informed) before it arrived to the State it now is in.  
Answ. These various circumstantial things, do depend one upon another, and will be all subservient to the main design; if the Parliament do not think so, they may pick and choose.  
Object. Here are many new Offices to be erected and Officers to be maintained, that must cost the Nation in general 300000 pounds per Annum or more, which seems to be Money lost, though the Banks pay ihems immediately, yet mediately the Money comes out of the great Purse of the Nation, to maintain a new Generation of idle men.  
Answ. I conjecture the Charge of the Offices and Officers may be 300000 pounds, perhaps more, and yet no hurt to the Nation. Suppose five hundred Gown Men should be employed about these Offices, and have but two hundred pound a year Salary to each, it will be a hundred thousand pounds, this Money will be saved: now these are maintained in a worse way, to the greater damage of the Nation. Many decayed Tradesmen, that must either beg or starve, would be comfortably maintained under these, that cannot otherwise earn any thing to themselves, the or Nation.  
Much Money will be saved that is now spent, in making Bonds, Bills, and other Securities, that will now in a great measure be useless: The vast reward for procuration and continuation money, will now be out of doors; if these expenses be added together, I suppose they may balance, if not outweigh the Exits that will be occasioned by these Offices and Officers; so that if the Nation got nothing another way, it would lose nothing by this: that which the Poor will earn more than they now do, will many times over recompense the charge of these Offices.  
But it will appear this Objection is weak, if we consider the great Advantages that will accrue to the Nation by multiplying the Effects of the Nation, the Money of the Nation, and the Industry of the Nation (I hope) those will answer the Charges of the Offices, and all the pains the Parliament shall be put to in erecting them.  
Answ. If all this doth not satisfy, let the Stated Officers in the Country collect the King's Excise and Chimny-Money, which they may do at a far lesser charge than now it is done; whilst they have leisure from their Offices.  
Object. If Interest be but two or three per Cent. how shall WidoWs and Orphans do, and other persons that have nothing but a stock of Money to live upon.  
Answ. I answer, As the Jews did, who by God's Law might not take Interest of their Brethren; and doubtless they had not such great choice of Strangers to put out their Money to at any high rate: None doubts but God knew this Political Law would not hurt his own People, neither will it damage us. I conjecture the Consequence of it with the Jews was, they employed that Stock they had in Trade and in managing their Land, that their whole Country was a Garden, else so little a compass could not have supported so numerous a People. This would be the Effect amongst us, as I have showed, if Interest was low, or if men could not put their Money out to usury at all.  
As for Widows and Orphans, that have nothing but a little Money left them▪ the Bank may take it, and give more than the common Interest in point of Charity, though the Bank loses by it, the profit that will come another way must bear this loss. This will be better than as things stand now, when the Executors keep Orphan's Money dead all the time of Minority, and very often it is totally lost. Now every wise man would make these Banks to be to Orphans in the Country, as the Chamber of London is to Orphans in the City.  
I desire, in what I have discoursed, I may be candidly understood, that I do not impose any thing Magisterially, but humbly submit these things to the prudent and grave consideration of the Parliament. I shall not be much concerned what ever alterations or mutations are made; or though the whole be laid aside, only I entreat the Parliament to consider, if this Project be practicable, and will be profitable, and they shall lay it aside, an other Nation may take it up, though not with so great advantages, as we may: or let the Parliament consider what condition the Trade of England would quickly be in; if Ireland should embrace, what I have discoursed. Or if Scotland should set up these Banks, they are under a Register already, and so are half-Seas over. If they reject the commodity, they will not, I hope, take it ill, if it be carried to another Market.  
I desire no person will be prejudiced against these Proposals: because they are out of the road of the Author; consider, a Friar found out Gunpowder, and a Soldier found out Printing; a slander by sometimes sees more than a Gamester: if he had known any other person that would have proposed these things, tending so much, as he thinks, to the good of the Nation, he would have spared his pains.  
Thus I have offered to you a real practicable and profitable thing; not an idle, airy or mere speculative Notion; and if you reflect upon the discourse, it will appear there in less hazard in trusting these Banks, than any Banks in the World; because they have a better Fund, the Creditor may easilier recover his money here, if the Bankers prove dishonest, or insolent, than any where else.  
I shall conclude, with compareing this Bank with Foreign Banks; especially, with those two famous ones at Amsterdam and Venice.  
Amsterdam had its first rise from money left in Bankers hands without Interest, who were as the Casheirs to several Merchants.  
The States of Holland observed money was transmitted from one to another by writing off the Credit from the Debtor to the Creditor, and seldom paid in specie, (as it is at this day practised in London, by several Wealthy Citizens) they undertook to be Security for all money left in such Officers hands, as they appointed, to all persons that should deposit their money with them, which was better than any private Security; hence plenty of money was quickly left with them without Interest, to the value of Three Millions Starling, which was by experience found to be sufficient to drive their whole Trade: because, being in Bank it is expeditiously returned: this Three Millions in Bank, will make as great a show, and drive as great a Trade, with ten times less trouble, as Five Millions in private Chests: a Thousand pounds may be transmitted twenty, nay forty times in one Morning (if there be occasion) which is equivalent to Forty thousand pounds, with as much ease, as Two or three thousand pounds can be told and reto;d: they put a stop to their Bank, and forbade any more money to be made Bank-mony; because no more money should lie dead, than was needful for their occasions, the residue of their money, remained as a running Cash in private hands.  
The Bank pretends, it keeps Two Millions always in specie, and uses one Million as they please for their best advantage, though many at this time think otherwise.  
The Creditor here, hath only the honesty and courtesy of the Burgomasters, that he shall be justly dealt withal, I cannot understand; the Creditor hath any way to force the Bank to pay him his money, if the Effects should be drawn out, and expended another way. But every Creditor is in the same condition, as the Creditors of the African Company were; when their first Stock was lost, and as the Creditors were in, when the Hamburrow Company, and the Grocers' Company failed, they must all lose their money.  
If the French King, when he was so near Amsterdam, had taken it, and rifled the Bank, what should have become of the Creditors?  
If this chargeable War should continue, doubtless Amsterdam would and ought, draw all the money yet remaining in specie in the Banks; and extend their Credit to the uttermost, rather than lose their City and Country; hoping by Trade, and good Husbandry to recruit themselves, and to be able to satisfy their Creditors; but if they should be frustrate in their expectation, as the African Company was, where shall their Creditors be satisfied?  
Now compare our Banks with this, if the Nation should be Invaded as it was by the Normans; First, the Conqueror can seize no Publick-mony, that is dispensed, and doubtless the Invader would suffer the Banks to call in their Money, and pay their Creditors; if he did not do it, the Creditor might show any person in the Precinct, as before, and recover his Debt, unless all men's persons were enslaved, and their Estates Confiscated, which is more, than William the Conqueror did; and if it should be so, it matters not where we lose our money, when there is no possibility of keeping it.  
Again, we will admit a War, and so great a necessity, that our Banks shall be drained for a present supply to the value of Ten or twenty Millions, if our Country be saved by it, the Land will remain, and most of the money will be in the Nation, and all Creditors may have satisfaction at present by a Bill of Credit, as useful as money, and they may be gradually satisfied, with money in specie, as it can be raised, if they shall desire it; as will appear afterwards, when we come to survey the Banks of Venice.  
The Bank at Hamborow is much of the same nature with that at Amsterdam, only they keep their whole Fund in specie; as hath been proved, and so it is so much worse, because all this money lies dead, and is liable to a seizure if the Town should be taken: But in our Banks little money lies dead, for it is dispersed amongst the Neighbourhood, and becomes a running Cash; the Bills of Credit are as so much money; thus the whole Stock of the Nation is doubled; the goods and lands of the Nation, as far as the Proprietors please, are turned into money, nay, the very personal Security, or reputation of men's Ability is turned into money; how many Millions this will amount to, I leave the great Statesmen to compute.  
It would be found a difficult thing, it may be, for London, Southwark, and Westminster, in an instant to raise Two Millians of ready Money, and carry it to the Exchequer; though all Men should do their utmost, to be sure, it would make a very great hole in every Man's Cash: One hundred or two hundred thousand pounds, raised upon an emergency, drains the change shrewdly.  
Consider then, how money would abound, if Ten Millions, or twenty Millions of ready money, or Credit currant equivalent to money, should in a little time be added to the present Stock of the Nation. These Banks probably will do all this, and much more.  
As to the Bank at Venice, it is not of any very long standing, it had its first rise from the dishonesty of the Bankers. The Bankers at Venice did just as our Bankers have done here, they got men's money into their hands at Interest, and used it (as was necessary) to their best advantage, that they might make a better profit of their money, than the Interest they paid, they lent it out to insolvent persons, or laid out in desperate cases, as our Bankers did. Hence, when they were disappointed, they did unavoidably break; the Creditor lost his money, the Commonwealth their Trade: for the Banker got what he could, and fled out of their Territories, as ours do into the King's Bench.  
The States, finding such an intolerable inconvenience, as we now do, if Men lent out their money, many times they lose it, if it lie dead by them; Trade dwindles away by this fragnation: just in such a time as this is, the States set up their Bank, and their Officers became Casheirs, (as at Amsterdam) for about two Millions of Duccates, a Bank, sufficient for their Trade, which was kept in specie, to be taken in, or paid out as the Merchants desired it, until the necessity of their Affairs in the late Turkish Wars forced them to expend all the money in specie, which was lodged in the Bank, now there is no money at all, neither is any money in specie ever paid out; but their Bank is a perfect Credit Bank, and the Fund is a mere imaginary thing; yet because the Fund, being (as I said) Four Millions of Duccates, which Venice is able to raise, and the States have obliged to pay, (though they are never like to pay a farthing of it to the end of World;) all Men accept this Credit as money, nay, since it hath been in this condition, the very Credit hath been worth Twenty per Cent. more than Cash in specie: all Merchants trading thither, can tell you Credit in the Bank is much better than Cash in the Chest; the reason is, what I have first mentioned: Credit in Bank is more safe, more portable, and more transferable than money in specie, and so of greater value, as Gold is better than Silver.  
Not many years since Credit in the Bank at Venice, (as our Merchants can remember) was better than Cash in specie by more than Twenty in the hundred, which the States found inconvenient for their Trade: the States could not by any Law, suppress this excessive Exchange, though they made it capital to take about Twenty per Cent. till at last they were advised by a sagacious Merchant, to bring money in specie into the Bank, to answer their Credit; this presently brought down the Exchange: hence, some Merchant here thought, the Credit of the Bank was impaired, because the Exchange fell, when as it was quite contrary, the Bank paid money in specie, instead of writing off Credit from one to another; this made the Exchange less.  
This I had from a very good hand, then upon the place, I was easily induced to believe it; because there is such demonstrable reason for it, though I believe, some will think it a Romance; for their satisfaction I shall answer one Objection.  
Object. What use can the Creditor make of his Credit in this Bank, that it should be of such a value? You acknowledge no money can be had there.  
Answ. Suppose between Ten and twelve of the Clock this Bank is open to transmit Credit from one to another, as soon as ever Credit is Trnsmitted, several persons are attending, who will instantly apply themselves to the new Creditor, to know of him, whether he will sell his Credit in Bank, for money in specie, which they are ready to give to him at the price currant; because they can make something more of the Credit, by selling it to others: than they pay, as our Brokers do, of what they buy.  
When money was paid in specie, it was no better than such money in specie, and so could not be changed for Profit, no more than one penny loaf will exchange for an other to any advantage.  
The Case is something like this at the Bank in Holland, where the Exchange is two or three, sometime four per Cent. Exchange not, because the Dollars in Bank are so much better, than Dollars currant though there is a differance: but because Credit in Bank is more safe, more portable, and more transferable than Cash in specie is.  
Ducats in Bank, must needs be something better, than Cash in the Chest, because they lie there untold, and are never stirred; the waist of our Silver, by carrying and recarrying, and frequent telling it, is no small matter in seven years, and we shall find it so, if ever our money becomes a Commodity, as it may be without inconveniency; if these Banks be once set up in the Nation: its true, a thin Groat passes for Four pence in England, but would not be worth Two pence in France, where the intrinsic value, and not the Coin is considered; it may be Bank-mony for this cause is better than worn money in Holland, where it may be exported at Pleasure, and therefore is valued according to its weight and fineness, not its denomination.  
Our Banks in England would be better than this at Venice, which is under most of the same inconveniences as that at Amsterdam, as will appear by reflecting upon what hath been said before.  
Doubtless, a Bill of Credit upon our Banks, or Credit transferred, will be more valuable here in England, and all the World over, when once the State of them is rightly understood, as well as it is at Venice and Amsterdam.  
The Parliament then ought to leave no Stone unturned in their endeavouring to set up Banks here, all the inconveniences that may ensue upon Laws made for this purpose; and all the pains that any shall take in Executing these Laws, will be abundantly recompensed in the vast and apparent profit that will arise from these Banks.  
Christopherus Columbus offered to discover the Indies for us, but was slighted. The Spaniard accept the tender, and are possessed of those Rich Mines, by which, he might have made himself very great, if he had employed those Riches to encourage Industry as he has used them, to nourish Luxury.  
This is the first Discovery of making such Banks, upon so sure a Fund, with such ease, and so little hazard, to a general Advantage; if the Proposals are neglected, and others shall improve them to their profit, we may repent it when it is too late.  
I could show how the Nation may raise Two Millions of Money by a Monthly Tax in a Year, for the Public Service: and how every peason shall be reimbursed again in a few Months, (without any charge to any body by this reimbursement) whatsoever they have disbursed, towards this Tax; so that there shall be an addition of Two Millions to the running Cash of the Nation, which shall be of as great use in Trade as Six Millions, (if we have so much) now is: But I will first see how, what I have discoursed is accepted of.    
FINIS.  

ERRATA.  
PAge, p. 1. l. 5. deal us. p. 14. l. 29. for day, read pay. p. 24. much of that discourse about making Paper, and that whole Paragraph of Burying in Linen, were 〈◊〉 in by the Bookseller, without my knowledge, as may appear by the incoherence of it: p. 22. l. 39 for your r. poor, p. 31. l. 3. for as good as can be, r. as good Security as can be. Literal faults that do not alter the sense I omit.