when understood and further experimented, that people will chuse to have them, rather than monies in specie, as is found true in fact, amongst ourselves, to the value of many hundreds of thousand pounds, already given out by the aforementioned banks erected. Besides which, they have also been so found and approved of in other places of the world, even where money-banks have been erected by publick authority, viz.

In Holland, where their bills, or credit in bank, are ordinarily better than monies, by at least three per cent, sometimes four, five, and more.

In Venice also, where their credit is better, by twenty per cent. and was once at above thirty per cent. and with much difficulty reduced to twenty per cent. where it is fixed to be so. By which means also, that state has answered a debt of above two millions, borrowed of their people, and spent on their publick occasions. And all their creditors are so satisfied, as that never will any of them ask a hundred pound, for the hundred the state had of him; being sure of a hundred and twenty pounds for the same, from any other hands.

Sect. XXIII.

And if any inquire, what induced that people thus to raise and value their said bills or credit? I answer,

1. The ease of counting, carriage, and preventing damage to the receiver by counterfeit, clipped, and base coin; which is as valuable with us, at this juncture; as is obvious to all.

2. Their safety in travelling, &c. as visible as the other.

3. The advantage that was to be made by the exchange, on the account of such conveniences, &c.

Where then is the necessity or usefulness of a fund, in our case ?

Sect. XXIV.

I answer, 1. Some late proceedings, for raising monies, have given a rise for such an expectation: But, there, men parted voluntarily with their estates; whereas, in this case, men have these bills for nothing, and may dispose them to the uses of such trading and manufactures, as may bring in riches to themselves and the whole nation.

2. It is objected, upon a supposition, that some persons (perhaps of those who will be concerned to give a sanction to the matter of these proposals) may imagine, that the bills delivered out must necessarily be called in at one time or other, &c. whereas such consider not, that the usefulness of these bills will make them current for continuance, and preferable to monies, lupon the forementioned accounts; as it hath proved in the two forementioned instances: And,

If still any doubt, that bills may prove prejudicial in after-times, and that, if any future parliament shall conceive them to be so, they will make them void, &c.

Sect. XXV.

That is thus resolved, viz. instead of prejudicing the nation, they will continue to promote, improve, and carry on our home-trade, manufactures, and fishery, as aforesaid; and thereby answer our expectations as effectually as monies in specie: And, the rather, for that the generality of the people, at their first receiving of them, viz. for the reimbursing of their taxes, will be thereby prepared to esteem them, by their property in, and possession of them, in the way and manner before proposed, and become inriched thereby. It will therefore be as far from any parliament to pass a law to make them void, without first paying them off, as to pass an act for taking away all their lands, which their justice, as well as interest, will not suffer them to do: For every parliament-man, and person in the nation, will have a considerable part of their personal estates lie principally in these bills; so that fear is sufficiently removed by interest, which will not lye. But,

May not our coin be so raised in denomination, price, or value, as to bring in gold and silver plentifully?

Sect. XXVI.

I answer, it is evident, even to a demonstration, that the inhansing the value of our monies, whether silver or gold, is, and will be a very great impoverishing of, if not utterly destructive to the nation. For that will unavoidably raise the price of all our foreign exchanges, and work confusion in our trade; and that raises, consequently, the price of all goods, not only foreign but domestick: which, though it may not be any great damage, possibly, to our retailers thereof, and such as bring to our market, for they will not sell to loss, yet, to the body of the rest of the people, the buyers thereof, and the poorer sort especially, viz. servants, day-labourers, artificers, seamen, soldiers, &c. it cannot be otherwise: And what a condition then will this bring the nation into?

Sect. XXVII.

Now, that it is, and will be so, I shall give two instances, within his Majesty's dominions in America, which occurred to my own observation, whilst I was the unworthy governor of the province of Pensylvania, viz. about seven years since.

The one is in New-England, where the government, conceiving they had power by their charter from the king, to coin monies, coined shillings of about the value of nine pence sterling, and stamped the same twelve pence: They also raised the value of Spanish pieces of eight, of about seventeen penny weights, from four shillings and six-pence, to six shillings, which held proportion with their shillings. This they did, upon this vulgar error, and misapprehension, that, by this inhansing the price of silver, they should both keep their own coin, and bring in and retain other imported monies amongst them. But this, instead of answering their expectation, raised the value of all goods to at least twenty-five per

cent. And likewise all their exchanges, whether to or from England, or other parts, proportionably : Or, so much more of their monies were carried forth in these species (though they were sufficiently severe against its exportation) to their disappointment.

The other instance, and more notable, is in Pensylvania; where, though they coined no monies, yet suffering Spanish pieces of eight, of not above eleven or twelve penny-weights, and consequently not above three shillings in value sterling, to pass current at six shillings: And, though the exchange did not rise proportionable, for they had little or very seldom occasion to return any in trade; yet this other consequence attended their so doing, viz. that such as brought thither any goods or merchandises, needful for that plantation, from England, &c. when any came to contract with them for their goods, they treated them after this manner, viz. says the importer, The cargo cost me one-hundred pounds in English ready money, at about five shillings per ounce sterling, whereas your money is not half the value: So I must have two-hundred pounds of your money, or I shall be a loser of my first cost: And I cannot take less than fifty pounds sterling per cent. for my freight, risque, and profit, which will be one-hundred pounds more of your money: And accordingly receives of the retailer there three-hundred pounds, who generally raises the price of the same goods to another hundred pounds; whereby the price of the same goods, which cost one-hundred pounds English money, costs the people there four-hundred pounds.

The importer, having received his three hundred pounds, buys therewith, only, such commodities of the country products, as he needs for his voyage; and carries away the rest in specie, making money, which ought to be the standard of traffick, to be the merchandise, as they must do, who take it at inhansed values, &c. And, thus, three pieces went for one, and their monies decreased proportionably.

The effect whereof was, the generality of the people, except their shop-keepers, artificers, handicrafts-men, carpenters, bricklayers, labourers, and servants, grew poorer. And, particularly, it had this influence upon the landed men, whether proprietors or farmers, viz. that they were forced to give great wages to all these sorts of poor people, especially to ploughmen, carters, &c. viz. from twelve poun3s, per annum, wages, to twenty-seven pounds, besides victuals, &c. And, at this charge, they get a little corn; which, if they spend not all in their own families, they bring, what is left, to the market, and sell that there, at two shillings and six pence, the bushel of wheat, which, in English money, is but fifteen pence, per bushel. Which impoverisheth the masters, many of them, to such a degree, that, after a while, their servants set up in their steads, on new plantations given them, for their encouragement to plant the country: And their masters children become their servants: All which naturally ensues their inhansing the value of their monies amongst themselves. For, say their servants, &c. we must have such wages, or we cannot live: we can buy

nothing we have occasion for, but at four times the rate of what is paid in England. And therefore,

Whilst we plead, though under the most specious pretences, having regard barely to the theory and notions of things taken up thence, or from vulgar misapprehensions, for the inhansing of our silver or gold, to above the par, intrinsick value, and ancient meteyard of traffick, between us and other nations, we are, in truth and reality, steering by the same needle, or common politicks of Pensylvania; and discern it not. Which will, in time, be alike ruinous to us.

Nor is it any answer to our assertion, to tell us, our servants, &c. need nothing that comes from beyond sea; which may be as truly predicated of ourselves too, could we be contented, with sobriety, to use our own products, and manufactures: for what does that avail? Such do not observe or consider, that the prices, even of our own products, and manufactures that are necessary, as well as foreign, that are less necessary, are raised alike upon us all, since our coin hath been at this pass.

Nor do such give us any estimate of the height, to which servants, as well as their masters, are grown, since the last act of state for inhansing the value of silver and gold, in their expectations, and deportments. Which yet can no more be reformed, than the nation converted from their atheistical prophaneness, and impieties, &c. till their superiors and masters set them better copies to write by.

There is, then, a necessity of putting a stop to the inhansing of our monies: and, if any easier, safer, more probable, or advantageous means, ways, or methods of doing it to general satisfaction, than these afore-mentioned, and humbly proposed, be offered; I shall readily receive my dismiss from this controversy, having offered my poor mite. But,

There remains yet one stumbling-block, in the minds of some, who do not duly weigh and consider, that there is no perfection attainable under the sun, &c. It is this, viz. The danger of counterfeit bills. Touching which, I shall offer some considerations, viz.

I humbly proposed,

1. That the said bills of credit should be printed or impressed on paper, from engraven copper-plates, and gave reasons for it. Which, together with a specimen of such bills, being uncounterfeitable, I shall readily evince, when required.

2. That the said paper should be of a different make and mark from any yet extant in the world.

3. That the indented counter-parts of each bill should be filed up, and kept in a publick office, or offices, to be erected for that purpose, in order to the discovery, and preventing of damage thereby, to the publick.

4. That the printing or publishing such bills, to any greater number, value, or proportion, than shall be allowed and appointed by act of parliament, though by the persons that shall be there

unto authorised, might be made as penal, as coining or counterfeiting the current monies of the kingdom. Or, that the same:

and particularly,

5. That the engraving all such plates, and making, having, or keeping undiscovered any such paper, so made and marked, as from time to time shall be made use of upon this occasion: or bringing the like into this kingdom from beyond the seas, by any other person than by order of such as shall be by such act of parliament appointed and authorised thereunto, might be punished with great severity, both corporal and pecuniary, in terrorem, viz. Being convicted thereof, may be branded in the right-hand, and forehead, or cheek: so, as to be known thereby ever after; and thenceforth kept strictly to the most severe, servile, constant, hard work and labour: enjoined a daily task; and, on failure of doing it, have correction at the keeper's or work-master's discretion: never to be pardoned, remitted, or mitigated, but upon the discovery and producing of other his partners, accomplices, associates, or other offenders in like nature, and proving the same. Which, undoubtedly, if pursued, will deter and keep all men, who have the least spark of ingenuity, or humanity, from attempting to counterfeit these bills, if any thing will. And,

6. That, though it is impossible in nature these bills should be so. counterfeited, as to deceive the office; or that, in twenty millions of them, printed off from the same copper-plates, any two should agree [as hath been acknowledged by several engravers and other counterfeiters of writings, critically skilled in such affairs, and called together for advice in the like case] yet, that persons abroad may not, in all cases, be so critical, as to discern true bills from false, through the niceties of them. It may be therefore queried, viz.

Is there any course to be prescribed, by way of remedy, for avoiding false bills?

I answer, 1. Where the distance is not great, persons may repair to the office, where the counter-parts of all true bills remain ; and have them examined, as exchequer tallies, by applying the counterparts: and, if remote, they may be sent up per post, &c. Or, the person who offers them may be put upon the proof of them; or, if suspected, give security. And being made to continue but for a year, from the respective dates of them, as is proposed, they will then be certainly detected, and the values of them known.

2. Suppose that there should be some bills counterfeited, which may be thought fit to be repaired, to the person deceived thereby, by the publick: it would, in the whole, be far less, being thus annually detected, than the twentieth part of the interest money, hitherto allowed for monies, borrowed upon the funds settled, and laid upon the nation, according to Mr. Brisco's computations, in his printed treatise. Besides, the repaying of them might be by other bills, which would cost nothing. But,