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3. The risque of such is no greater, than of gold and silver coin, of which the nation has been, and daily is, and will be deceived: nor than that of all merchants bills of exchange, and letters of advice from foreign parts: all which may be more easily counterfeited. Besides,

4. There are no sorts of deeds, conveyances of lands, or bonds given for monies, but, they, also, are more liable to be counterfeited, both as to the hands and seals of the granters, obligors, and witnesses all which, &c. may be so counterfeited, that the parties themselves will not be able to deny them to be theirs. Yea, even exchequer tallies are liable to be counterfeited, so that persons may be doubtful, till they come to the office, &c. Yet, by these more uncertain methods of common dealings, and dangers, we are not affrighted, or taken off from our correspondencies, and businesses,

as men.

Why then, in this case only, and upon this urgent occasion; wherein, if now we become so singularly wise or cautious, as to stumble at the threshold, we endanger ourselves, and these nations and government, to all our unavoidable ruin, rather than run the hazard of, probably, some small inconsiderable sum, per annum, which will certainly come to be discovered, at each year's end, at farthest, and cancelled? This were to be penny-wise, but poundfoolish, according to our English proverb.


Containing an Abstract of the foregoing Treatise; explaining, also, some Particulars therein and humbly proposing a more particular Fund, for paying off the Bills of Credit, viz.

First, the Abstract.

§. 1. Contains the reasons given for new coining our silver mo


§. 2. Shews how the clipping thereof, and suffering it to pass, has occasioned the raising our gold, to half as much more as it was coined at.

§. 3. That our trade is lost; our merchants having, too generally, withdrawn their stocks, and disposed them in more profitable present adventures.

Pag. 371. Four questions are proposed to be answered for remedies, viz.

Question I. How shall our clipped silver be new coined, so as to become a due measure and standard for traffick, without obstructing our present markets, &c. and without decrease of our stock?

§. 4. It is proposed, that all the clipped silver may be called in, by a time to be limited; and new coined as fast as may be, ac

cording to the ancient standard. And that the damage by such coinage thereof may be made good to the parties, bringing in the same, by bills of credit, made current, as monies, by act of parliament. And that for the rendering thereof practicable, so as there may be a full supply of the tale thereof, for carrying on the trade and markets, until the monies can be so coined, and delivered out that at the time of each person's bringing in his monies for coinage, he may receive the full sum, according to the tale thereof, in such bills, to traffick and trade withal. That upon notice, by proclamation or otherwise, that the coin is ready, one half thereof may be delivered to the respective parties, who brought it in; they delivering back respectively one half of the bills they received for the said new coined silver, to be concealed, or made void and retaining the other half of the said bills, for answering the deficiency of their clipped monies brought in.

Question II. How shall the gold be reduced to its coined value?

§. 5. It is proposed, that all the guineas, &c. in the nation, may be also called in by a time to be limited, and each piece punched, so as it may be known, and declared thenceforth, to pass for no more than twenty shillings, each guinea, &c. And that, at the punching thereof, like bills of credit, to the value of ten shillings, each guinea, and so proportionably, to the respective persons, who bring in their gold, may be given forth; also, that no other, or more guineas, &c. be coined, till after the day is past, for bringing in the same: nor any be suffered to be brought in from beyond the sea, or past here at any other value than twenty shillings, from thence forward. And, thus, the nation will be supplied for carrying on their trade and markets, to as great extent as heretofore; and this, without loss or damage to the parties concerned, and without any interest, or present charge to the nation.

Question III. How shall the war be carried on abroad?

§. 6. It is proposed, that a tax, of four shillings per pound, being laid on lands, &c. may be made payable quarterly, as heretofore, in ready monies, or silver plate, at five shillings and three pence, per ounce.

§. 7. That it be provided therein, and enacted, that in case the party taxed shall voluntarily advance, and pay in his whole year's tax, at one intire payment, within a month after demand of his first quarterly payment, he may have like bills of credit delivered to him, for his reimbursement, at the time of his payment thereof, for his full sum taxed, whereby, in effect, he pays nothing.

§. 8. That in case the party taxed shall not so do, if any other person shall do it, within a month after that, such other person may have half so much, in like bills delivered to him, as the taxed party himself should have had, for his encouragement: and may

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also receive his quarterly payments for his reimbursement, as the same shall grow due.

§. 9. That the like method may be pursued from year to year, during the continuance of the war, if the parliament shall see cause to pass acts annually for that purpose, and not otherwise.

§. 10. That in case the four shillings, per pound, shall not amount unto two millions, whosoever shall voluntarily supply and make it up, may have like bills of credit, to the value of one hundred and twenty pounds, for every hundred pounds so advanced by him; and so proportionably. On which terms no doubt but his majesty will be supplied with two millions of the best silver and gold, that shall be in the nation, at the beginning of the next year. And what his majesty shall further want, as §. 21. viz.

His majesty may be supplied with such further numbers and values of these bills, as added to what other 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.

§. 11, 12, 13, 14. Contain the answer of an objection, touching the disrepute of passing bills. To which might have been added, the reason of making use thereof, especially during the new coinage of our monies.

Question IV. How shall our trade be recovered; and what is the necessity thereof, as to the getting and increasing of monies? &c.

§. 15. It is proposed, that there be an encouraging and countenancing of the royal fishery company and trade, by act of parlia

ment, &c.

§. 16. That both guards and convoys be seasonably afforded, &c. 8. 17. That bills of credit will carry on our home-trade, fishery, and manufactures, as well as monies in specie.

§. 18. That if we had twenty times as much in bills, as ever we had in monies, they will proportionably increase our manufactures, fishery, and exports of both; and consequently our wealth; for that the balance must come back in monies or bullion.

§. 19. An instance thereof is given: and it is further shewed, that whatsoever other means may be suggested, for the furnishing or keeping monies amongst us, must and will be fruitless.

§. 20. Another instance, taken from the late experience we have had of the usefulness of bills, issued by goldsmiths, and by the several banks erected amongst us: which have eeked out our monies, for answering our markets at home, and paying off bills of exchange from abroad; which could not else have continued thus long.

§. 21. The parliament, therefore, may much more make bills current for the preservation of the nation, and carrying on the war, wherein the king has been engaged by their advice, which require far greater credit than all the banks together can give security for, &c. by supplying his majesty with a sufficiency of them, instead of other taxes, which there is not money to pay.

Pag. 378. The objection against bills without a fund is answered, viz.

§. 22. There can be no fund equivalent, but the whole nation: and that can be no way engaged, but by act of parliament, declaring such bills shall be and continue current, in all receipts and payments whatsoever, as monies in specie, whether to, or from the king, or the people of these nations amongst themselves, until the nation be in a better condition to pay them off, by laying moderate taxes on all estates, real and personal, which is a good general fund, and as much as any state or nation, until very lately this, have been exposed unto. Whereof two instances are given,


1. Of the States of Holland.

2. Of the States of Venice.

§. 23. Contains an enumeration of the advantages of bills beyond monies.

§. 24. Answers the objections about the necessity of a fund.

§. 25. Answers the objection about the hazard, that some future parliaments may see cause to make the bills of credit void, without paying them off.

§. 26. Answers the objection, touching raising the price of silver and gold, by two instances: And,

§. 27. Shews the unavoidable mischiefs thereof, viz:

1. In New England, In America.

2. In

Pag. 380. Answers the objections about counterfeiting the bills of credit proposed: and offers a specimen, evincing the utter impossibility of it, so as to deceive the publick, &c.

Pag. 381. To the end of the treatise, further clears the vanity of that objection, by comparing and preferring these bills of credit, for uncounterfeitableness, above and beyond all other writings, bills of exchange, letters of credit and advice, obligations for monies, deeds and evidences of lands, which may be also counterfeited, as the parties signing, sealing, and witnessing thereunto, cannot deny them to be theirs: yea, our gold and silver coins, exchequer tallies, &c. yet we are not affrighted or taken off from our correspondences and businesses depending thereon. Why then in this case only; wherein, by stumbling at this threshold of the only door of our hopes, we expose ourselves and our posterities to our unavoidable and utter ruin?

I say, the only, For, 1. propose the raising of whatsoever taxes, if there be not money in the nation to pay them. Or, 2. propose what funds you will, whether for principal or interest, for paying off bills of credit or otherwise, if there be not monies in the nation to pay them. Or, 3. propose what means you will for bringing in monies or bullion, if there be not an excess of our exports above our imports, our monies, as fast as they are coined, must and will be carried away. And, 4. without bills made equivalent, for supplying the uses of monies, we cannot carry on our manufactures or fishery, which, alone, can increase our wealth and power at sea, &c.

Nevertheless if, notwithstanding all that has been said, it shall be judged needful to make a present settlement of a fund, or funds, for paying off such of the said bills, as shall be given forth upon this occasion, within some time limited; it is therefore humbly offered, that, in order thereunto, there may be a thrifty managing and improving of all casual revenues, incomes, profits, and advantages, that may arise, accrue, or be made, whether in England, or Ireland; to which his majesty is, or by inquisitions or other usual ways, means, or methods, may be intitled; some of which may be these following, viz.

Secondly, the Fund.

1. One moiety, the whole in two equal parts to be divided, of all such lawful booty, seizures, and prizes, as shall, or may be hereafter taken in war, whether by land or sea.

2. All French and other prohibited goods, so seized, which may be by act of parliament allowed to be brought in, and sold here, or where else a market may be found for them.

3. All the undisposed lands, within the kingdoms of England and Ireland, forfeited, upon the account of the last defection, war, or rebellion, in, or about the year 1688, or since: and all other lands, tenements, and hereditaments, goods, and chattels, by felonies, murders, treasons, or otherwise escheated, or to be escheated, and accruing to his majesty, his heirs and successors, in right of his crown: and also all rents and profits of such estates, due since the respective convictions, out-lawries, or attainders of such persons.

4. All forests, chaces, and parks, within the said kingdoms, except such as his majesty shall reserve for his royal pastimes, and recreations, &c.

5. In defect, or falling short of these, whereby the said bills of credit, or any of them shall remain unsatisfied, for the space of

years, from the end of this session, &c. that a yearly tax of pence in the pound of, and upon lands, tenements, rents, and hereditaments; as also of, and upon all annuities, offices, and salaries of above twenty pounds, per annum; and upon all goods, chattels, &c. may be passed this present session, by act of parlia ment: to commence from, and after the end of this present war, or expiration of the fore-mentioned term or space of


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