Sect. VII.

2. I also proposed, that every person so assessed, who should voluntarily advance and pay in one full year's tax at one intire payment, to the parish, or county-collector, or receiver, within one month after demand made of the first quarterly payment, might, in lieu thereof, have like bill or bills of credit delivered him, for the reimbursement of his said full sum paid, and so be out nothing. And, Sect. VIII.

That, in case the party taxed should not comply therewith, if any other person should, within one month after that, pay in the said whole year's tax, and should declare his willingness to accept his repayment thereof quarterly from such taxed party's self, or from the said collector or receiver, when it shall grow due, or be received, he might, in like manner, receive also half the value thereof in like bills of credit for his encouragement so to do.

Sect. IX.

3. That the like method, rules, and advantages might be allowed, in case the parliament shall annually repeat and pass acts for that purpose, during the continuance of the war, and for carrying on thereof, and not otherwise,

Sect, X.

4. That, in case the sums appointed to be assessed, taxed, and levied, &c. shall not amount to the respective values or sums, at which, they shall be declared by the parliament to be computed or estimated (as for example, if four shillings per pound, or whatever other proportion, chargeable on lands, shall be so computed and granted to his majesty, for two millions, which, were it duly taxed, no doubt, it would raise; and, upon the taxing and levying thereof, it shall appear to amount to no more than one million and a half, &c) whosoever shall voluntarily advance and pay any sum or sums of money or plate, as aforesaid, towards the making up the same, might, for every hundred pounds sterling so paid by him, receive, and have like bills of credit, delivered him to the value of a hundred and twenty pounds; and so proportionably, for any lesser or greater sum, that shall be so paid in and received on that account. On which terms, no doubt, but such sums, as the parliament shall think fit to raise, for carrying on the war from year to year, may, and will be raised in money, for that service; as long as there shall be so much money in trade, or hoarded up in the nation, to be had: which is our present consideration and care. And, further than that, is to be over fore-sighted in the present crisis. And,

If any object, this will reflect on and lower the reputation of our nation abroad; as if we were reduced to so sinking a condition, as not to have money sufficient to carry on the war: And thence, that we cannot hold out, to the length of the French king, &c.

Sect. XI.

I answer, first, Such, as so think, will but deceive themselves; and, if they be our enemies, be necessitated to take new measures, for (which they might have observed before) the king will certainly be supplied by this means, with ready monies, as much as he shall need, each year, and that, in the beginning thereof, and by no other way whatsoever, for carrying on the war. For these advantages will bring out all the hoarded best money, which any have culled and laid by against a more cloudy day: if means be used for promoting trade, as is herein after proposed; otherwise, it will be in vain to conceal our poverty. All the world will see it, whatever taxes shall be laid on the nation, cannot otherwise be paid: so that, if our dependence should be thereon, they must and will fail, for want of a money-stock to pay them: But,

Sect. XII.

Secondly, It is well known, that all nations and persons improve their credit, some banks of credit, as well as monies, for carrying on their respective trades, and occasions, both at home and abroad, without the least reflexion of dishonour; and they grow rich there. by (to which many of our wealthiest men in this city and kingdom must subscribe, who began with little of their own) and much more may these nations. For,

Sect. XIII.

Thirdly, his majesty and parliament, designing vast improvements, both of wealth and power, for these nations, by their own products and manufactures, which may be as well done by bills amongst ourselves, as by ready monies, beyond whatever was in prospect, attempt, or attainment heretofore, by us, or any nation under heaven, by all their or our ready monies; by this medium of bills of credit, added to our money-stock, for the inlargement and increase thereof, to what proportion they please, will be able to carry on the same, pari passu, with this expensive war: And thereby become more formidable to our enemies. And, the rather,

Sect. XIV.

For that no other nation will be able to keep pace with, or go to the length of these kingdoms, nor to imitate us considerably, in these undertakings; by reason of our products and manufactures, to so great excess of theirs, &c. which must of necessity bring in great plenty of gold and silver. Nor will they be able to hinder our free trading, during the lasting and continuance of this war, if we be not wanting to ourselves: And, consequently, in an ordinary course of Providence, we shall find our enemies disposed, or necessitated, to seek our peace and friendship, when they shall find us disposing ourselves into such a flourishing condition. Which brings on the consideration of the ways and means, next to be treated of, viz. under

The fourth question, viz. How shall our trade be recovered, so as to preserve our coin, and augment bullion? &c.

Sect. XV.

I answer, first, by the parliament's owning and encouraging the royal fishery company and trade, to the increase of one, two, or three millions per annum, export of that sea product : Which, added to our other products and manufactures, and they also improved and multiplied as aforesaid, must necessarily produce and bring in great wealth of all kinds: And particularly, plenty of monies, for its balance, from the masters of it in all countries, &c. For, the situation of these islands, being such as may justly challenge to be the emporium or mart of all trade, beyond all others put together, and furnished thereby, at all times, with magazines and stores of all sorts, for war and peace, for ourselves and all our neighbours, must needs be attended with this success (our ports being made free for their importation and exportation after a time to be limited.) And we shall not need to fear the vent of such surplusage of imports, as we shall not use, even for ready monies of all countries, who shall need them: Nor shall we have any occasion to send out our monies, to fetch in like proportions yearly.

Sect. XVI.

Secondly, by taking care, that guards and convoys be always in a readiness to attend, as well our fishing-trade, as our foreign exports and imports. To which purpose, it is humbly proposed, as necessary hereunto, that a select number of ships of war be set apart for that sole use, and be under such conduct and commanders, as may be accountable for their miscarriage, by the neglect of their duty therein. The raising, charge, and paying of which ships may be borne, and provided for, by the bills of credit aforementioned, which will cost the nation nothing. And this may be called, in way of distinction, the Trading admiralty, or fleet volant for trade; as the other is the navy royal. It may also be done by commissions from his majesty, and be but temporary, viz. whilst his majesty, being engaged in wars abroad, cannot so well, or seasonably, attend the particular consideration of such things, as may encourage and enlarge so great trade of these nations, or addresses cannot be made to him in order thereunto.

If it be said, this seems to lay the whole foundation of our trade and commerce, on bills of credit, which have neither intrinsick value, nor fund.

Sect. XVII.

Admitting that, yet, 1. If we have a sufficiency of these bills in our counting-houses, pocket-books, or letter-cases, uncounterfeitable, made current, as monies, by act of parliament, which will answer all our occasions at home, as well as monies in specie; and particularly may as well be disposed forth at interest on bonds, as

ready money in bags: And, consequently, we become as rich in these, for all uses, to which we would employ monies, as now we are; yea, and much more: Where, then, lies the force of this objection For,

Sect. XVIII.

2. It cannot be denied, but, that if we were twenty times as rich, in that which will effectually carry on trade and manufactures, pay debts, purchase lands, and manage our markets, amongst ourselves, as now we are, or ever were, we shall be able thereby to multiply and export our manufactures proportionably; and carry on our fishing-trade (the richest golden mine, in the experience of our neighbours; so called by them, for that it infallibly brings them gold in) to far greater value, from the greatest masters of it, than our necessary imports of commodities from other countries need to be, for our home expence : And what is imported more, may be easily shipped off to other countries; as is afore-mentioned. As for example:

Sect. XIX.

3. If we were wont to export cloths, stuffs, lead, tin, iron, monies, bullion, &c. to the value of two millions yearly; and, by the fish we may take, to export one, two, or three millions more, without any monies, &c. The product and balance thereof must be answered to us, in other goods from other countries; or remitted or brought to us in bullion, or ready monies, as it has with our neighbours, to above five millions, per annum, on that account, or it must remain in our factors hands abroad, for supply of our foreign occasions: So our riches will increase, proportionably, as the export can be increased, whether of our own products and manufactures, or other importations; for there will be no occasion for transporting our monies for goods: And it is undeniable, that whatsoever means may be suggested, for furnishing and keeping of monies amongst us, must be fruitless: For there will abide no more with us, than such proportion, as the super-balance of our exports shall amount unto, let what value will be set on our monies, above the current price thereof, here, and in other countries, with whom we deal.

Sect. XX.

4. It is found by experience, that bills are judged so necessary, whether of intrinsick value, or not, as that, without them, these kingdoms cannot otherwise subsit, or pay taxes much longer. And they are become so useful and eligible already, as that most men desire them, rather than our present monies. Upon which presumption, since the erecting the bank of England, banks of credit are multiplied upon men's voluntary undertakings, on various principles or funds, methods and pretensions, also uses and ends; most of them for the private advantages thereof to the undertakers, and without any reference or regard to the supporting

the parliamentary funds and credit given by them, or having the least respect to the present exigencies of the publick, or how they shall be provided for next year. By which means, nevertheless, the monies we have are, for the present, eeked out for our necessary occasions; and both our markets at home, and bills of exchange from abroad, have been supplied and answered. And, if so,

Sect. XXI.

Why may not such bills of credit, as are proposed, be made current, for the service of the publick, by act of parliament, and regulated or kept within bounds by law, for carrying on this necessary war, wherein the king has been engaged by parliament ? Particularly, why may not his majesty be supplied with such number and values of them, as added to what present taxes, the condition of the nation will bear to have imposed, upon the terms aforesaid, may compleat the sum needful, for carrying on the present war, this next year; and so much longer as that shall continue: And, also, pay off the debts contracted last year, &c. through the deficiency, or falling short of the sums or funds, settled for the same, in the way and manner before proposed?

As touching that part of the objection against the want of a fund for these bills, &c. I answer,

Sect. XXII.

Though some things might be offered, which possibly might silence some objectors; yet the debt, should the war continue, would be so vast, as nothing less than the whole nation can be equivalent; and that can no otherwise be engaged, than by an act of parliament. It cannot be nationally expected, they should expose particular estates of this, or that, or another sort of men, to become liable, exclusive of others: And it is manifest, if the people were ever so willing, they cannot pay down so much money, yet the war must and may be carried on by bills, &c.

If, then, the parliament shall judge it necessary to make use of such bills of credit, and to make them current by law, and for facilitating the new coining of our present monies, and giving some respite and ease from greater taxes, shall enact, That they shall be, and continue current, until the nation be in a better capacity and condition to pay them off, by laying moderate taxes on all men's estates and persons in general; and shall rather chuse to have them so paid off, than to continue; that will be as good a fund as can be expected. For,

Why should they be called in, at any time, to become so burthensome?

First, They will be of such general use and great conveniency,