An
Advantageous
METHOD
of
Extricating
the
Nation
out
of
its
Present
Difficulties
.
☞
See
Advertisement
at
the
End
,
and
read
it
First
.
Humbly
Proposed
by
THOMAS
WHATELY
.
I.
The
PROPOSALS
.
‛
THAT
in
every
Corporation
and
Market-Town
(
to
be
named
)
be
erected
an
Office
under
the
Government
and
Direction
of
the
Mayor
and
Aldermen
,
or
Chief
Officers
of
the
Place
,
or
Persons
of
Reputation
(
to
be
named
)
to
be
Receivers
and
Trustees
for
such
Money
,
as
,
being
appointed
to
be
changed
,
shall
be
offered
to
them
,
and
to
enter
the
name
of
the
Owner
,
and
Sum
,
into
a
Book
procured
for
that
purpose
,
numbred
according
to
the
Order
of
the
Entry
;
and
delivering
a
Ticket
of
the
Name
of
the
Owner
,
the
Sum
,
and
the
Number
of
the
Entry
.
This
Office
may
be
call'd
the
Town-Bank
or
Market-Bank
of
that
place
.
Object
.
Many
Market-Towns
will
not
afford
Men
qualify'd
for
such
a
Trust
.
Ans.
1.
For
the
present
Exigency
,
Justices
of
the
Peace
,
or
other
Commissioners
may
be
appointed
to
presede
,
&c.
2.
Every
Person
may
be
left
at
liberty
to
choose
into
what
Market-Bank
he
will
enter
his
Money
,
which
both
lessens
the
Objection
,
and
very
much
promotes
the
following
Design
.
3.
For
the
future
,
the
Interest
of
the
Town
,
as
we
shall
shew
by
and
by
,
will
engage
their
Care
their
proper
business
will
be
to
chose
Officers
to
meet
once
a
Quarter
,
to
see
Accounts
stated
,
and
Officers
payd
out
of
the
Fees
(
to
be
named
)
and
to
take
care
of
their
Poors
Stock
,
if
such
a
Stock
should
by
de●rees
arise
out
of
the
surplusage
of
the
Fees
,
after
the
Officers
are
payd
;
or
from
any
other
means
that
may
hereafter
be
proposed
.
This
is
all
the
Concern
they
will
have
with
Money
.
4.
The
great
Trust
will
remain
where
it
is
now
in
the
King's
Receiver
,
who
will
have
the
Money
.
And
therefore
let
my
Second
Proposition
be
,
II.
‛
THAT
there
be
fixed
in
every
Bank-Town
a
King's
Receiver
,
to
whom
the
Collectors
of
the
adjacent
Parishes
shall
return
their
Collections
.
III.
‛
THAT
the
Market-Bank
appoint
a
place
to
receive
full
Pounds
,
and
be
allowed
for
Charges
by
the
Owner
1
s.
in
the
Pound
for
all
defective
Money
:
But
that
the
Bank
abate
the
1
s.
in
the
Pound
to
every
Person
that
shall
bring
5
s.
in
the
Pound
of
Current
(
Unclip'd
or
Mill'd
)
Money
,
that
is
with
15
s.
of
defective
Money
,
5
s.
of
Current
Money
.
This
will
be
sufficient
Motive
to
bring
forth
the
Current
Money
for
present
Use
,
when
every
5
s.
will
save
the
Owner
1
s.
every
20
l.
will
save
5
l.
IV.
‛
THAT
the
Market-Bank
appoint
another
distinct
place
to
exchange
any
desective
Money
under
20
s.
for
the
Current
Money
,
the
bearer
of
the
Money
allowing
to
the
Bank
for
Charges
1
d.
in
the
Shilling
.
The
Poor
who
cannot
be
without
the
use
of
their
Money
will
have
little
Reason
to
repine
at
losing
1
d.
in
the
Shilling
for
ready
Money
.
V.
‛
THAT
,
if
there
remain
a
surplusage
of
Current
Money
(
procured
by
the
former
Means
(
Prop.
III.
)
or
any
other
expedient
)
the
same
be
layd
out
in
paying
of
1
l.
of
the
Sum
total
of
every
particular
Person
on
the
Register
,
according
to
the
Order
of
their
Entry
;
and
so
round
again
till
the
Current
Money
be
all
disposed
of
.
And
that
every
Person
when
he
enters
his
Money
,
declare
whether
he
claims
a
share
in
this
Dividend
,
or
choose
rather
to
let
his
Sum
remain
entire
;
which
the
Register
must
note
.
By
this
means
the
Register
will
be
able
to
give
exact
notice
to
what
Number
this
Dividend
will
reach
;
and
the
Current
Money
will
be
distributed
into
their
Hands
that
have
most
need
of
it
.
Thus
,
Nᵒ
1.
|
A
hath
paid
into
the
Market-Bank
|
1000
l.
|
Nᵒ
2
|
B
hath
paid
into
the
Market-Bank
|
100
l.
|
Nᵒ
3
|
C
hath
paid
into
the
Market-Bank
|
55
l.
|
Nᵒ
4
|
D
hath
paid
into
the
Market-Bank
|
40
l.
|
Nᵒ
5
|
E
hath
paid
into
the
Market-Bank
|
25
l.
|
Nᵒ
6
|
F
hath
paid
into
the
Market-Bank
|
20
l.
|
Nᵒ
7
|
G
hath
paid
into
the
Market-Bank
|
11
l.
|
Nᵒ
8
|
H
hath
paid
into
the
Market-Bank
|
3
l.
|
Nᵒ
9
|
I
hath
paid
into
the
Market-Bank
|
2
l.
|
Nᵒ
10
|
K
hath
paid
into
the
Market-Bank
|
1
l.
|
A
B
D
F
,
by
the
Mark
at
the
end
of
their
Sum
,
are
known
to
decline
this
Dividend
,
and
keep
their
Sums
entire
,
when
all
the
rest
have
received
1
l.
a
piece
,
K
will
be
wholly
discharged
,
I
will
have
received
half
his
Mony
,
H
one
part
of
three
,
C
one
part
of
it
.
Whereas
if
this
Dividend
be
made
with
an
even
proportion
,
according
to
the
quantity
of
the
Sum
total
of
every
person
on
the
Register
,
A
will
receive
so
much
as
will
●●●strate
the
end
of
it
,
viz.
the
distribution
of
the
Good
Mony
so
equally
into
many
Hands
,
for
ordinary
Commerce
,
that
Bankers
,
&c.
may
not
easily
Hoard
it
up
again
,
and
make
it
Scarce
.
VI.
‛
That
immediately
(
after
the
expiration
of
the
limited
time
)
every
Market-Bank
,
cause
all
their
Defective
Mony
to
be
Sealed
up
in
Bags
,
in
the
presence
of
—
,
with
a
Label
of
the
Name
of
the
Market-Bank
,
the
Sum
,
and
the
Weight
;
and
to
be
convey'd
so
Sealed
before
the
—
day
of
—
at
the
Charge
of
the
County
,
to
the
King's
Exchequer
;
and
,
that
a
Tally
of
the
Sum
total
be
delivered
there
for
the
use
of
every
Market-Bank
.
‛
VII
.
THAT
the
Market-Bank
call
in
the
number'd
Tickets
,
and
deliver
to
every
Person
concern'd
a
Bill
,
or
Bills
,
of
the
Mony
remaining
due
to
him
from
that
Bank
;
and
that
such
bills
be
a●●gnable
by
Indorsement
or
Transfer
in
the
Market-Bank
;
and
,
that
no
Person
of
a
Fixed
Habitation
within
Ten
Miles
of
the
Bank
,
Sue
any
Person
for
〈◊〉
Debt
,
not
exceeding
the
Mony
he
hath
there
,
if
the
Debtor
offer
to
transfer
to
his
Creditor
so
much
in
that
Bank
as
would
pay
his
Debt
,
(
except
for
Debts
upon
Bonds
and
Leases
)
till
(
a
time
to
be
named
,
within
which
time
all
the
Mony
may
be
supposed
to
be
return'd
in
Current
Coyn.
)
VIII
.
‛
THAT
the
Mony
be
Return'd
in
Current
Coyn
at
several
Payments
,
—
And
be
distributed
by
every
Market-Bank
,
to
the
persons
concern'd
(
bringing
their
Bills
)
in
as
equal
proportion
,
according
to
the
Quantity
of
their
Sums
.
But
,
IX
.
‛
THAT
every
Market-Bank
,
upon
the
Security
of
the
Act
for
the
Tax
to
man
good
our
Coyn
,
and
for
Loans
,
&c.
may
have
Liberty
to
continue
their
Mony
,
or
some
part
of
it
(
saving
every
Man's
Right
)
for
the
King's
Interest
,
so
long
as
the
Parliament
shall
think
expedient
.
And
that
the
King's
Receiver
at
every
Market-Bank
pay
the
Bank
their
Interest
quarterly
,
and
their
Principal
,
as
it
becomes
due
.
—
And
the
the
Acquittance
of
that
Bank
be
passed
in
his
Accounts
.
This
is
the
Bottom
upon
which
the
Advantages
proposed
are
founded
;
and
this
is
no
more
than
affording
the
Country
the
Privilege
of
the
City
,
that
is
,
to
Lend
to
the
King
,
for
which
this
Method
opens
a
safe
and
easie
way
,
and
equally
for
the
Service
of
the
King
and
People
.
The
King
delivers
but
one
Tally
to
a
Market-Bank
,
which
will
give
but
little
trouble
to
his
Exchequer
,
and
be
an
Ease
to
the
King's
Receiver
in
every
Bank-town
,
by
Converting
part
of
the
Mony
to
be
Returned
to
the
Receiver-General
into
an
Acquittance
from
the
Market-Bank
,
which
will
pass
with
the
Mony
through
all
the
Offices
,
without
disturbing
any
Setled
Method
.
Nor
will
it
be
less
for
the
Encouragement
of
the
People
,
to
have
their
Interest
paid
where
they
please
,
and
at
the
same
time
enjoy
the
Use
of
the
Principal
by
the
Credit
it
creates
.
But
of
these
Advantages
more
in
their
proper
place
.
Obj.
This
comes
somewhat
too
late
,
Most
of
the
Deficient
Mony
being
already
Return'd
into
the
Hands
of
the
King's
Receivers
.
Ans.
If
such
an
Establishment
as
is
here
proposed
be
very
advantageous
to
the
Nation
,
(
as
I
doubt
not
to
evince
)
and
the
Opportunity
be
slipping
from
us
,
and
like
never
to
return
again
,
it
ought
to
be
the
more
readily
embraced
.
There
's
too
little
left
in
some
places
for
all
the
Conveniences
of
such
a
Design
,
but
not
too
little
to
Lay
the
Foundation
;
especially
if
we
consider
what
an
Accession
may
come
to
it
by
Prop.
XI
.
Nor
would
there
be
wanting
other
Expedients
to
recover
all
the
Conveniences
,
were
the
Design
heartily
encourag'd
.
X.
‛
THAT
no
Market-Bank
be
dissolved
till
all
their
Mony
be
Returned
.
And
,
that
the
Tax
be
Continued
(
or
some
equivalent
Security
)
till
every
Market-Bank
be
paid
.
This
is
no
more
than
in
other
Words
,
that
no
Tally
or
Order
be
deliver'd
up
and
cancel'd
till
the
Debt
be
paid
by
the
King
:
and
,
that
a
Tax
be
continued
upon
the
People
,
till
either
the
King
is
enabled
to
pay
the
Debt
,
or
the
Parliament
(
that
is
,
the
People
themselves
by
their
Representatives
)
desire
it
should
be
paid
.
For
,
if
Experience
teach
the
Nation
,
that
't
is
for
the
publick
Good
that
this
Constitution
be
not
dissolved
,
the
Parliament
will
not
want
methods
how
to
perpetuate
it
.
Among
many
there
's
one
very
obvious
,
viz.
by
abating
the
Tax
gradually
,
till
it
will
only
pay
the
Interest
,
with
such
a
Surplusage
(
at
the
Dispose
of
Parliament
from
time
to
time
)
as
shall
be
necessary
to
maintain
the
Credit
,
when
it
is
well
establish'd
.
Or
,
if
such
a
continued
Tax
should
be
counted
a
Burthen
,
the
Parliament
may
,
when
the
present
occasion
is
served
,
repay
the
Market-Banks
,
and
dissolve
them
at
pleasure
.
XI
.
‛
THAT
any
person
may
transmit
any
Tally
for
Mony
Lent
to
the
King
,
from
the
King's
Exchequer
to
any
Market-Bank
.
By
this
means
Country
Gentlemen
would
be
much
eased
,
who
might
receive
a
Discharge
from
the
Exchequer
,
with
an
Order
of
Admission
into
the
Market-Bank
that
lies
most
for
their
Convenience
,
easier
than
now
they
can
have
one
Quarters
Interest
returned
them
;
and
for
the
future
have
their
Mony
always
paid
at
Home
.
Neither
will
this
create
any
Confusion
to
the
King's
Exchequer
,
because
there
are
kept
the
Accompts
of
every
Market-Bank
,
into
which
such
Transferments
may
with
ease
be
Enter'd
.
XII
.
‛
THAT
the
Market-Bank-Bills
be
payable
for
all
Taxes
from
any
Parish
annexed
to
that
Bank
;
that
is
,
that
are
obliged
to
return
their
Collections
to
the
King's
Receiver
at
that
Bank-Town
.
Q.
What
shall
the
King
do
with
these
Bills
?
Will
they
Pay
his
Army
?
Ans.
The
King
hath
the
Mony
already
Rais'd
,
and
in
his
Exchequer
,
for
his
Use
,
for
which
he
pays
Interest
;
and
these
Bills
sink
the
Principal
,
and
pay
his
Debts
as
effectually
as
the
Mony
doth
his
Army
.
Thus
B
,
the
Receiver
of
the
King's
Taxes
at
the
Bank
of
Banbury
,
(
whose
principal
Stock
is
1000
l.
Continued
,
that
is
Lent
to
the
King
)
is
to
Receive
of
D
,
the
Parish
Collector
of
the
King's
Tax
at
Dedington
,
100
l.
D
delivers
him
40
l.
in
Mony
,
and
60
l.
in
the
Bank-Bills
of
Banbury
,
which
B
accepts
for
100
l.
The
like
Returns
B
receives
from
all
the
Parish
Collectors
that
are
Obliged
to
return
their
Collections
unto
him
.
So
much
as
B
receives
in
the
Bank-Bills
of
Banbury
,
so
much
of
the
Principal
of
that
Bank
is
sunk
;
that
is
,
so
much
the
King
hath
paid
of
his
Debt
to
that
Bank
.
Q.
Must
these
Bills
be
Returned
to
the
Exchequer
?
—
A.
No
:
On
Pay-day
B
having
Received
200
l.
in
Banbury
Bank-Bills
,
offers
them
to
the
Governour
,
&c.
of
that
Bank
,
who
(
either
give
him
Mony
for
them
,
or
)
accept
them
for
200
l.
Principal
due
to
them
from
the
King
,
whereby
their
Bank
is
sunk
from
1000
l.
to
800
l.
Principal
.
B
,
besides
this
200
l.
Principal
,
pays
the
Bank
of
Banbury
likewise
their
Whole
Interest
.
The
Bank
of
Banbury
give
B
an
Acquittance
in
Full
for
Interest
,
—
and
for
200
l.
Principal
.
This
one
Acquittance
is
passed
in
the
Receivers
Accounts
for
so
much
Mony
thro'
all
the
Offices
(
without
disturbing
any
setled
Method
)
till
it
come
to
its
proper
place
in
the
King's
Exchequer
,
where
being
compared
with
the
Account
of
that
Bank
immediately
discovers
how
Accounts
stand
between
the
King
and
that
Bank
.
Q.
What
becomes
of
the
Bills
Delivered
by
B
to
that
Bank
?
A.
They
are
Cancel'd
in
the
presence
of
the
Governour
,
&c.
—
who
need
not
be
Cautioned
to
see
it
done
,
because
otherwise
they
'l
ruin
themselves
.
For
the
Principal
,
as
appears
by
their
Acquittance
,
being
reduced
from
1000
l.
to
800
l.
they
can
for
the
future
receive
no
more
Interest
than
for
800
l.
Q.
Then
the
Bank
is
Dissolved
when
all
the
Bills
are
paid
in
Taxes
?
A.
Yes
;
and
then
the
King's
Debt
to
that-Bank
is
wholly
paid
too
.
And
this
is
the
most
advantageous
Way
of
paying
the
King's
Debts
that
can
be
contriv'd
.
Q.
How
can
this
Constitution
then
be
Continued
down
to
Posterity
,
to
any
Future
Advantage
?
The
very
Taxes
will
,
in
time
,
Dissolve
it
.
It
may
serve
indeed
as
an
Expedient
for
our
Present
Difficulties
.
A.
If
it
serve
the
present
Occasion
,
that
's
enough
to
recommend
it
now
to
Consideraration
.
But
the
Constitution
of
these
Market-Banks
may
be
so
contriv'd
,
as
to
render
them
either
Durable
or
Dissolvable
,
at
the
Pleasure
of
Parliament
.
Q.
May
not
great
part
of
the
Principal
be
thus
Gradually
paid
during
the
War
,
and
the
Remainder
Continued
till
after
the
War
?
A.
Yes
,
without
any
great
Inconvenience
to
any
person
,
especially
if
these
Bills
obtain
the
Expected
Credit
,
and
become
more
Desirable
than
Mony
,
or
a
Mortgage
,
as
probably
they
may
,
when
Men
understand
the
Security
of
them
,
and
their
own
Interest
.
But
,
't
is
to
be
supposed
the
Parliament
will
make
Provision
for
paying
the
Principal
at
a
certain
time
or
times
,
if
demanded
;
and
the
Constitution
of
these
Market-Banks
may
be
so
contrived
,
that
the
Right
of
every
person
may
be
secured
,
and
their
Occasions
served
,
by
receiving
their
Principal
;
and
yet
the
Market-Banks
may
continue
great
part
of
their
Principal
,
for
the
King's
Interest
,
as
long
as
the
Parliament
shall
think
convenient
,
whereby
the
Burden
may
be
thrown
off
beyond
the
War
;
as
may
appear
by
considering
some
of
the
particular
Rules
of
the
Market-banks
,
compared
with
the
following
Advantages
.
II.
RVLES
for
the
Regulation
of
these
Banks
.
I.
‛
THAT
every
person
that
desires
his
Principal
as
it
becomes
due
,
deliver
in
his
Bill
or
Bills
—
Weeks
before
Pay-day
,
and
take
a
Ticket
to
come
and
receive
his
Mony
on
or
after
Pay-day
,
allowing
for
Charges
to
the
Bank
.
—
(
a
small
Fee
to
be
named
.
)
II.
‛
THAT
every
Market-Bank
keep
a
Register
of
Candidates
,
or
persons
that
desire
Bank-Bills
for
their
Mony
.
And
,
that
paying
their
Mony
—
Weeks
before
Pay-day
,
or
on
Pay-day
,
they
receive
immediately
any
Bill
or
Bills
returned
to
the
Bank
.
The
Market-Bank
only
is
concern'd
with
the
King
,
whose
Tally
it
receives
:
Particular
Persons
are
immediately
concerned
only
with
the
Market-Bank
,
whose
Bills
they
receive
.
And
by
the
two
foregoing
Rules
provision
is
made
for
securing
the
Right
of
every
particular
person
,
in
drawing
out
his
Principal
,
without
a
necessity
of
sinking
the
Principal
of
the
Bank
.
And
the
Interest
of
every
place
that
is
the
Seat
of
such
a
Bank
will
engage
the
Governour
and
Directors
,
and
other
Inhabitants
,
to
improve
all
the
Advantages
that
can
be
thought
of
,
to
maintain
the
Credit
of
their
Bank
,
by
continuing
their
Principal
,
or
as
much
of
it
as
they
can
,
for
the
King's
Interest
,
as
long
as
they
can
.
III.
‛
THAT
the
Market-Bank-Bills
be
only
of
two
sorts
,
the
one
of
8
l.
the
other
of
1
l.
(
the
former
may
be
called
Shares
,
the
latter
parts
)
and
that
these
two
sort
of
Bills
be
kept
distinct
in
two
Books
,
and
that
every
person
be
allowed
to
enter
his
Mony
in
either
of
them
;
that
is
,
to
take
either
the
larger
or
the
lesser
Bills
.
IV.
‛
THAT
the
King's
Interest
to
the
Market-bank
be
reduced
to
so
much
by
the
Quarter
for
a
Share
,
or
8
l.
Bill
,
as
will
make
an
even
Number
;
the
Fractions
being
allowed
to
the
Bank
for
Charges
(
or
—
)
By
these
two
Rules
the
Commerce
and
Computation
of
Country
People
is
consulted
,
and
the
Objection
obviated
.
How
will
you
find
Accomptants
qualified
for
Book-keeping
,
&c.
for
hereby
the
Accompts
in
these
Banks
may
be
made
so
easie
,
that
any
Town
will
afford
persons
enough
fit
to
undertake
that
business
at
a
cheap
rate
,
provision
being
made
hereby
(
compared
with
Prop.
III
,
&
V.
)
that
no
Mony
but
full
pounds
shall
be
admitted
into
these
Market-banks
;
and
the
Fractions
of
the
Interest
being
thrown
off
,
the
Accompts
may
be
so
setled
,
as
that
neither
the
Accomptant
nor
the
Country-man
can
err
in
their
Computations
;
ex
.
gr
.
Suppose
the
Interest
allowed
by
the
King
to
these
Market-banks
be
6
l.
per
Cent.
by
the
Year
,
the
Interest
to
be
allowed
by
the
Market-bank
to
particular
persons
may
be
2
s.
&
4
d.
for
every
Share
(
or
Eight
pound
)
by
the
Quarter
.
Eight
is
an
even
Number
that
may
be
doubl'd
in
infinitum
,
and
divided
equally
,
to
an
unite
without
any
odd
Number
or
Fraction
.
Hence
it
follows
,
upon
the
former
Supposition
,
that
the
Interest
of
Four
parts
or
pounds
will
be
1
s.
&
2
d.
—
of
Two
pounds
will
be
7
d.
—
of
One
pound
will
be
3
d.
half-penny
by
the
Quarter
;
and
by
doubling
the
Shares
,
they
'l
find
this
to
be
after
the
rate
of
5
l.
16
s.
8
d.
by
the
Year
.
The
odd
3
s.
4
d.
made
by
the
Fractions
may
be
allowed
to
the
Bank
for
Charges
,
or
to
every
person
that
shall
have
the
Quarterly
Interest
of
an
entire
100
l.
due
at
one
certain
Quarter
in
the
Year
.
The
Hint
of
facilitating
Accompts
thus
,
I
took
from
that
accurate
Mathematician
Bishop
Wilkins
;
and
being
applied
here
,
it
removes
the
Supposed
Difficulties
,
without
inferring
any
other
,
the
Tallies
and
Acquittances
keeping
the
received
way
of
computation
.
Other
particular
Rules
for
the
Regulation
of
these
Banks
may
be
given
hereafter
,
if
occasion
shall
require
.
III.
Some
Advantages
of
these
Market-Banks
.
I.
These
Market-Banks
will
create
Credit
,
more
serviceable
to
the
Nation
for
many
purposes
than
Money
.
And
never
was
there
an
Exigency
in
our
Nation
that
could
render
such
a
design
more
desireable
(
not
to
say
necessary
)
in
order
to
prevent
the
stop
of
Commerce
,
and
to
enable
the
Nation
to
carry
on
Trade
both
at
home
and
abroad
,
to
pay
Taxes
,
and
bear
with
ease
the
Charges
of
a
very
expensive
but
necessary
War
.
'T
is
certain
,
that
Credit
doubly
serves
the
Nation
;
and
consequently
,
that
what
Money
these
Banks
continue
at
the
Kings
Interest
,
doth
serve
both
King
and
People
.
Obj.
Of
Banks
and
Paper
Credit
we
have
enough
already
—
Ans.
These
Market-banks
are
very
different
from
any
of
the
Banks
on
foot
:
For
,
1.
The
Credit
of
these
Banks
can
never
exceed
their
Principal
:
Whereas
in
other
Banks
a
Fund
of
Ten
Thousand
Pound
may
create
a
Credit
of
Fifty
Thousand
Pound
,
to
the
manifest
profit
indeed
of
the
first
Adventurers
,
but
not
without
hazard
to
their
Creditors
in
case
of
failure
.
Here
't
is
quite
otherwise
,
100
l.
Principal
can
create
but
100
l.
Credit
.
2.
This
is
no
more
Paper
Credit
,
than
the
Tallies
of
the
King's
Exchequer
;
the
several
Bills
of
every
Market-bank
being
indeed
but
one
larger
Tally
divided
into
several
lesser
shares
or
parts
:
Nor
can
a
Reason
be
given
,
why
any
person
should
oppose
the
establishing
of
such
a
Credit
,
or
strive
to
lessen
its
Reputation
,
unless
such
as
do
not
rightly
apprehend
the
Design
,
or
are
unwilling
to
part
with
the
gain
they
make
to
themselves
of
the
publick
necessities
and
expences
,
or
envy
both
the
King
and
People
the
Advantages
that
may
be
made
of
it
,
and
are
afraid
to
see
both
their
Interests
so
closely
united
.
Obj.
How
can
there
at
first
be
given
a
due
Reputation
to
this
Credit
?
especially
in
the
Country
,
where
these
Market-Banks
will
be
of
greatest
use
,
and
where
People
will
not
readily
be
satisfied
with
Paper
instead
of
Money
.
Ans.
The
Credit
is
supposed
to
be
placed
on
a
very
sure
bottom
,
an
Act
of
Parliament
(
Prop.
IX
,
X.
)
The
Tax
is
the
Fund
of
Credit
,
the
King's
Receivers
of
the
Tax
seated
in
the
Bank-Towns
pay
the
Interest
and
Principal
,
as
they
become
due
to
the
Bank
.
And
altho'
Country-people
should
not
understand
their
own
Interest
at
first
,
yet
as
a
Refuge
from
greater
inconveniences
,
they
must
needs
be
pleased
with
it
,
till
their
defective
Money
can
be
return'd
to
them
in
Current
Coyn.
Because
,
while
their
Money
is
out
of
their
hands
,
they
'll
find
these
Bills
with
a
Transfer-Office
for
security
,
will
be
more
serviceable
to
them
for
most
purposes
,
than
if
they
had
their
Money
in
possession
:
For
,
2.
Their
Money
in
the
Bank
will
be
exempt
from
all
Taxes
,
—
't
is
lent
the
King
.
3.
Their
Bank-Bills
will
be
payable
in
all
Taxes
(
Prop.
XII
.
)
And
for
that
purpose
will
be
valued
by
all
,
as
well
by
them
that
do
not
rightly
understand
the
Use
of
Paper
Credit
placed
upon
a
sure
bottom
,
as
by
them
that
do
:
For
every
one
will
find
it
his
Interest
to
continue
so
much
of
his
Money
in
the
Market-Banks
(
that
is
,
consequently
in
the
King's
Exchequer
)
as
will
pay
his
Taxes
,
sin
the
may
make
some
use
of
them
in
the
mean
time
,
and
they
are
ready
payment
on
demand
.
And
by
this
means
most
persons
will
contribute
something
towards
the
Establishing
the
Credit
of
these
Bills
.
4.
Their
Bank
Bills
will
secure
them
from
being
sued
for
any
Debt
not
exceeding
the
Value
of
their
Bills
,
till
their
Money
is
returnable
(
Prep
.
VII
.
)
which
will
sufficiently
recommend
them
to
not
a
few
.
5.
By
this
means
they
'll
easily
without
any
further
Obligation
become
payable
;
for
who
will
refuse
a
Bank-Bill
,
that
may
,
if
he
think
fit
,
be
converted
into
Money
at
a
certain
time
,
and
will
in
the
interim
pay
Taxes
and
Debts
.
6.
Hereby
the
convenience
and
security
of
these
Bills
will
make
them
desirable
,
which
while
they
have
in
their
hands
,
will
bring
in
Interest
duely
payd
at
home
,
and
at
the
same
time
answer
the
Ends
of
ready
Money
in
Trading
and
Payments
of
Debts
and
Taxes
.
7.
These
Bank-Bills
open
a
door
to
let
in
many
little
Adventurers
,
every
one
that
can
but
raise
20
s.
having
here
an
Advantage
of
improving
it
,
which
will
draw
in
no
small
Numbers
,
and
make
a
considerable
addition
to
the
Credit
of
the
Bank
.
8.
It
being
the
Interest
of
every
Bank-Town
to
keep
up
the
Credit
of
their
Bank
,
as
drawing
Trade
to
them
,
&c.
they
will
be
industrious
to
convince
their
Neighbours
of
the
benefit
and
security
of
their
Bank-Bills
,
or
rather
than
fail
,
will
among
themselves
find
out
a
Method
of
taking
up
such
Bills
as
shall
be
returned
to
the
Bank
,
at
least
so
many
of
them
as
shall
be
necessary
to
maintain
their
Bank
in
Credit
,
(
Rule
I.
&
II.
)
9.
In
every
Parish
the
Collectors
of
the
King's
Taxes
may
give
Mony
for
their
Neighbors
small
Bank-Bills
,
and
get
by
the
bargain
.
(
Prop.
XII
,
and
IX
.
)
Or
,
Suppose
all
these
Advantages
not
sufficient
to
Establish
Credit
,
yet
there
are
other
means
that
may
be
used
so
efficacious
,
that
't
will
be
morally
impossible
the
Credit
should
fail
;
and
this
is
no
more
than
the
Author
is
able
and
ready
to
make
good
,
as
just
occasion
shall
require
.
II.
These
Banks
will
encourage
good
Husbandry
,
and
cause
the
Nation
to
thrive
thereby
.
The
great
incentive
of
good
Husbandry
,
is
the
hopes
of
getting
a
Sum
together
,
that
may
be
placed
out
at
Interest
.
When
Money
comes
near
such
a
Sum
,
then
generally
People
grow
more
thrifty
and
sparing
,
that
they
may
compleat
it
.
The
despair
of
ever
reaching
such
a
Sum
,
hath
caused
many
that
,
with
such
a
Motive
,
might
have
been
able
to
pay
Taxes
and
Parish-rates
,
to
sink
and
need
relief
themselves
.
The
Servant
by
making
these
Banks
(
instead
of
his
Master
)
his
Cash
keeper
will
(
beside
keeping
his
little
Stock
secure
and
unbroken
)
have
it
upon
the
increase
,
which
may
be
a
means
of
putting
many
industrious
Persons
into
a
capacity
of
beginning
the
World
in
good
circumstances
,
and
becoming
afterward
a
service
instead
of
burden
to
their
Country
.
The
Shop-keeper
will
prefer
a
Bank-Bill
before
Money
;
that
is
to
say
,
Money
already
placed
at
Interest
,
and
without
any
farther
trouble
every
day
improving
,
before
Money
lying
dead
by
him
.
Therefore
,
III.
These
Banks
will
prevent
the
hoarding
up
of
Money
,
so
pernicious
to
the
Nation
:
For
when
Bank-bills
shall
have
the
Use
and
Value
of
Money
,
they
will
be
preferred
before
it
;
every
single
Pound
in
a
Bill
immediately
being
upon
Interest
:
and
there
will
be
no
longer
need
of
hoarding
up
Money
till
they
can
make
round
Sums
(
all
the
while
in
danger
of
being
broken
)
before
they
can
put
it
to
any
Improvement
.
By
which
means
a
greater
quantity
of
our
running
Coyn
may
be
spared
for
Foreign
Traffick
or
Exigences
of
State
.
IV.
These
Banks
will
save
many
Expences
both
to
King
and
People
;
to
name
but
one
at
present
:
The
King
will
forthwith
this
year
save
(
at
least
a
very
great
part
of
)
the
Charges
of
Collecting
the
Taxes
,
because
such
a
proportion
will
be
before-hand
in
his
Exchequer
,
as
the
People
will
be
willing
to
pay
with
their
Bank-bills
(
Prop.
XII
.
)
And
even
the
Enemies
of
the
Government
will
tell
you
what
that
's
like
to
be
,
who
will
not
be
less
forward
to
pay
their
Taxes
this
way
,
than
the
Friends
of
it
.
V.
By
these
Market-Banks
,
when
their
Credit
is
established
,
Taxes
may
be
made
very
easie
:
For
,
1.
A
great
Sum
of
Money
may
be
raised
and
returned
forthwith
into
the
King's
Exchequer
by
a
small
Tax
.
Suppose
a
Tax
of
Eight
Millions
of
Money
be
necessary
,
if
the
Parliament
allow
to
every
Market-bank
to
lend
its
proportion
,
the
Security
of
Three
Millions
(
according
to
Prop.
X.
or
perhaps
less
)
will
be
encouragement
sufficient
to
rais●●●e
Money
,
and
transmit
it
forthwith
to
the
Exchequer
;
because
the
Three
Million
Tax
will
discharge
both
Principal
and
Interest
of
Eight
Millions
within
three
years
;
and
yet
by
Rule
I.
&
II.
particular
Persons
,
as
their
occasions
require
,
may
draw
out
their
Principal
.
Obj.
This
is
but
postponing
a
Debt
,
the
Principal
must
be
paid
at
last
.
Ans.
Suppose
so
,
yet
time
will
make
that
an
easie
Burden
,
which
falling
all
at
once
,
would
be
unsupportable
,
especially
to
the
poorer
sort
;
and
the
Method
here
proposed
,
not
only
avoids
all
the
inconveniences
of
such
postponing
Debts
,
to
the
Nation
in
general
,
and
every
particular
Person
,
but
makes
very
great
Advantages
of
it
:
For
,
2.
Upon
the
Security
of
the
Three
Million
Tax
,
Eight
Millions
of
Mony
is
raised
to
the
King
;
and
at
the
same
time
Eight
Millions
of
Credit
is
created
to
the
Subject
,
in
a
way
that
will
Answer
all
the
Ends
of
Mony
:
So
that
the
King
will
have
the
Mony
,
and
the
People
not
feel
the
want
of
it
;
nay
,
Covet
to
purchase
such
a
Credit
with
their
Mony
.
3
The
Eight
Millions
Lent
refunds
the
Nation
the
whole
Interest
of
their
Principal
,
which
makes
the
Three
Million
Tax
so
much
the
easier
.
Obj.
The
People
pay
their
Tax
,
and
the
Tax
pays
the
People
their
Interest
:
This
is
but
giving
and
taking
their
Own
again
,
and
what
's
the
Advantage
?
Ans.
Very
Great
.
The
Tax
is
supposed
necessary
,
and
by
this
Method
is
made
much
more
easie
at
First
,
and
becomes
gradually
easier
and
easier
;
for
,
if
Eight
Millions
be
necessary
,
so
much
must
be
raised
,
whether
we
can
make
Advantage
of
it
or
no.
But
by
this
method
Eight
Millions
being
advanced
upon
the
Security
of
a
Tax
of
Three
Millions
,
creates
a
Credit
proportionable
to
the
Principal
,
and
returns
the
Interest
of
the
Principal
;
which
Interest
of
the
Eight
Millions
Principal
being
substracted
from
the
Three
Million
Tax
,
must
make
the
Tax
of
Three
Millions
so
much
less
.
If
A
pays
B
20
s.
and
B
returns
5
s.
back
again
,
A
pays
but
15
s.
4.
This
Interest
of
Eight
Millions
will
be
dispersed
through
the
Nation
,
where
't
will
most
advance
the
Publick
Good
,
viz.
among
the
Frugal
and
Industrious
:
For
,
when
the
Nation
is
by
the
proposed
Constitution
put
into
a
way
of
thriving
,
it
will
by
good
Husbandry
encrease
its
Real
Stock
,
and
will
find
,
that
Lending
to
the
King
is
a
ready
way
of
Improving
that
Stock
.
Therefore
,
when
the
Parliament
open
these
Banks
,
(
I
mean
,
allow
them
to
Lend
to
such
a
proportion
)
every
one
that
can
,
will
be
desirous
to
have
something
there
.
And
he
'll
be
an
ill
Husband
that
will
not
secure
there
so
much
at
least
as
will
pay
the
Tax
,
as
it
becomes
due
,
(
Prop.
XII
.
)
with
his
Bank-Bills
.
By
this
method
a
wary
Shopkeeper
,
&c.
by
taking
Bills
instead
of
Mony
,
may
gain
wherewith
either
to
Pay
his
Tax
,
or
lessen
it
.
Obj.
So
much
of
the
Tax
as
One
throws
off
from
himself
,
must
fall
upon
Another
.
Ans.
True
;
but
by
this
method
the
Tax
is
much
eas'd
,
and
the
Burden
will
fall
where
it
will
do
least
Hurt
.
Those
whose
Necessities
will
not
allow
them
to
Lend
to
the
King
,
when
the
Banks
are
open
,
so
much
as
will
pay
their
Tax
,
would
find
it
as
hard
to
pay
the
Tax
at
once
;
and
Their
Convenience
is
very
much
consulted
,
by
dividing
the
Tax
into
many
lesser
Portions
.
As
for
the
Unthinking
and
Unthrifty
,
that
take
no
Care
for
the
Future
,
they
'l
be
never
the
poorer
,
nor
in
worse
Circumstances
for
the
Tax
,
thus
divided
:
And
upon
them
the
Burden
will
fall
.
5.
The
Credit
of
the
Banks
being
maintained
,
the
remaining
part
of
the
Tax
of
three
Millions
,
after
the
Interest
of
the
Principal
is
paid
,
will
be
at
the
disposal
of
Parliament
(
for
the
People
will
never
distrust
the
Fund
,
while
they
see
the
Mony
raised
among
themselves
,
pay
their
Interest
at
home
,
(
Prop.
IX
,
&
XII
.
and
Rule
I
,
&
II.
)
And
by
this
means
.
if
Occasions
require
,
that
part
of
the
three
Million
Tax
,
with
a
little
Additional
Security
,
opening
the
Banks
again
,
may
be
advanced
to
a
great
Sum
for
future
Occasions
.
Obj.
The
People
cannot
spare
so
much
Mony
.
Ans.
If
so
much
must
be
found
,
—
there
's
no
easier
way
of
finding
it
than
to
open
a
Door
to
every
one
of
the
King's
Subjects
throughout
the
Land
,
that
can
spare
but
20
s.
to
Lend
it
to
the
King
;
and
that
in
so
easie
and
satisfactory
a
method
,
when
particular
persons
do
as
it
were
Lend
to
what
Market-Bank
they
please
,
and
the
Market-Bank
gathers
up
these
smaller
Sums
,
and
returns
them
forthwith
to
the
King's
Exchequer
in
one
great
one
,
and
receives
but
one
Tally
for
the
whole
.
I
am
sensible
some
Objections
may
be
raised
against
what
hath
been
said
under
this
Head
,
and
perhaps
such
as
may
at
first
appearance
seem
plausible
,
and
pretend
to
demonstration
.
But
't
is
a
fallacious
way
of
arguing
,
to
apply
Mathematical
Axioms
(
the
Subject
whereof
is
fixed
,
and
always
the
same
)
to
Moral
Affairs
,
or
Matters
of
Policy
,
which
are
always
in
a
state
of
change
and
variation
,
according
to
the
Circumstances
that
attend
them
.
This
is
plain
,
and
capable
of
demonstration
,
(
without
drawing
Schemes
)
that
by
this
method
of
raising
a
Tax
,
100
l.
doth
the
service
of
200
l.
(
not
to
say
more
)
to
the
Nation
;
that
is
,
is
200
l.
in
use
,
tho'
not
in
weight
.
And
let
them
argue
what
they
will
,
the
People
will
find
themselves
eased
,
if
eight
Millions
be
raised
upon
a
Fund
or
Tax
of
three
Millions
,
in
such
a
manner
,
that
the
King
hath
the
eight
millions
in
specie
,
and
the
People
the
Service
of
eight
Millions
as
truly
as
if
they
had
it
in
specie
,
and
that
the
three
Million
Tax
returns
them
back
the
Interest
of
the
eight
Millions
.
VI.
These
Market-Banks
may
in
time
lead
us
to
a
method
,
better
than
any
yet
found
out
,
to
employ
and
provide
for
the
Poor
.
1.
By
setling
a
Poor's
Stock
in
every
Market-Bank
,
under
the
direction
of
the
Governors
thereof
.
And
,
2.
By
encouraging
every
Pwrish
to
enter
a
Poor's
Stock
into
some
Market-Bank
,
to
lye
there
upon
encrease
,
for
the
use
of
the
Parish
.
And
't
were
easie
to
shew
,
that
this
is
both
practicable
and
highly
improvable
for
the
publick
Welfare
.
VII
.
There
may
be
setled
a
Communication
between
Market-Banks
,
by
a
discharge
from
one
,
with
order
of
Admission
into
the
Bank
desired
,
for
the
security
and
ease
of
transmitting
Mony
,
without
Confusion
of
Accompts
.
Obj.
The
Consultation
about
the
proposed
Market-Banks
now
would
retard
Affairs
too
much
by
creating
new
Thoughts
and
fresh
Debates
,
which
the
multiplicity
of
other
affairs
will
not
admit
of
.
Ans.
1.
The
Bottom
whereon
these
Market-Banks
might
be
with
Ease
erected
Now
,
〈◊〉
no
more
than
this
:
That
in
every
Corporation
and
Market-town
where
Commissioners
,
〈◊〉
are
appointed
to
receive
the
defective
Mony
to
be
chang'd
,
there
be
kept
a
Register
of
〈◊〉
Owners
,
and
Sums
of
the
Mony
there
deliver'd
;
and
that
no
person
be
Sued
,
that
shall
〈◊〉
(
in
due
Form
to
be
appointed
)
to
transfer
so
much
of
his
Mony
on
the
Register
as
〈◊〉
pay
his
Debt
,
until
his
Mony
can
be
returned
unto
him
.
This
would
not
only
lay
a
Foundation
whereon
these
Market-Banks
might
be
placed
,
but
also
prevent
many
Inconvenience
.
2.
It
may
not
take
up
so
much
time
as
is
imagined
,
if
it
be
enter'd
upon
with
a
Reflation
,
that
nothing
but
what
is
necessary
,
or
so
very
reasonable
as
not
to
create
Dispute
,
〈◊〉
present
taken
into
consideration
:
Farther
Methods
and
Improvements
may
be
deferred
〈◊〉
time
to
come
.
3.
These
Market-Banks
will
not
disturb
any
setled
Method
.
4.
The
Consultation
about
them
Now
,
by
leading
the
way
to
a
more
ready
clearing
other
Difficulties
,
may
prevent
more
Debates
than
it
creates
,
and
so
save
time
.