1. THat the Constitution , of the Office of Land Credit , makes its Fund and Credit Safer , than any Bank , or Gold-Smith can theirs .

Because ( besides the many Checks therein provided ) the Profit and the Power are divided ; so that , where it may be the Interest to be Deceitful , the Power is wanting , and where the Power is lodg'd , there wants Temptation ; for no Gain can be made by Deceit .

2. That in this Office the Land is Credited , and gives the Value ; the Lords Visitors and Comptrollers preserve the Integrity , and give Reputation , by their Faithful and Prudent Inspection , and Execution of their Trust ; and the Undertakers only Contribute their Contrivance , and constant Advice .

Because the Land is bound to buy up all the Credit ; and the Visitors and Comptrollers , were they capable of being Corrupted , yet ( having no Contingent Profit to tempt them ) cannot but Maintain plain honest dealing with the Nation ; and the Undertakers ( who only lye under the Temptation of being Corrupted ) have no trust nor Power to defraud the Nation .

3. That Anticipating a hundred Years Rent ( being well Secur'd ) is no Impossible thing .

Because the Value of the Land setled is ( as is a large Fine ) an ample Security for the payment of the Rent : And there is therefore no more doubt , that the Rent so Secured , will be paid for One hundred and fifty Years to come , than that it hath been well paid for One hundred and fifty Years last past ; and because ( where no Interest is required , nor the Principal sooner , than in a hundred Years , as in this Office of Land-Credit ) an hundred Years Rent , can be as well advanc'd as fifteen .

4. That the Length of time , before some of these Bills , will be called in , to be cancell'd , can be no injury nor hindrance to any person whatsoever , in any of their dealings .

Because , if any have occasion to lay them out in Payments , or for Commodities , they may Immediately be Accommodated , and need not keep them one Day by them , or be any longer without the Use or Benefit of them , than if they were other Money .

5. That the Payments cannot be Inconvenient , either to the Office or the Proprietor .

Because the whole Sum is not to be paid at once , but by such small parcels , at several times , as the Estates can easily bear , and the Office can without trouble or danger , as easily receive .

6. That Land , especially in England , is the best of Funds , upon which to raise an Unquestionable Credit in Banks .

Because Property is here Sacred , and Land only cannot be Imbezel'd or Transported away , nor Perish , as all other things may ; and therefore 't is the strongest Security under Heaven , and a better Fund , than any other thing whatsoever now used for Funds : And because that , which commands Money , as Land by daily experience is known to do , ought , with as much reason to command all other Commodities ; especially since the Land can be effectually Accomodated by this Office , with the Qualifications of Money .

7. That Bills of Credit are better Secured upon such Land-Fund , than on any other Fund , whether Money , Goods , or Reputation .

For the Reasons before .

8. That Bills so Secured by Land , cannot reasonably be Refused to be Current in payment , during the whole Time , till call'd in .

Because if so Current , 't will be Impossible any can lose by receiving them and why then should they not be Current ? And because of the certain known Fund , Land Estates being engaged to call them all back to be destroy'd , by Yearly payments ; so that , at or before the end of the Term Limited , all these Bills will be satisfyed , and cancell'd , till when the said Estates can never be Discharged from this Incumbrance , and in the mean time , the said Bills are above doubly Secur'd , and cannot be unfaithfully Manag'd : And further because we daily see , that common Bills of Credit , are in all Trading parts , current payments for a Day , a Week , two Months or Longer , amongst all that presume , the drawer of the Bills is able and willing to pay them at the time ; So that if any Person's Life or Reputation , or any durable pledge , could give an assurance of being able and willing to discharge the Bills , charged upon it , within the time of One hundred Years or more , they must for the same Reasons be Current , so long with all that know it ; Now this Office is unquestionably able , within the time . This Office cannot avoid being willing : And both may be easily publickly known from the beginning .

9. That these Bills are as truely Money , as that made of Gold or Silver , and Virtually are Gold and Silver Money ; but the Misfortune is , that the common People have not yet learnt so much ; tho' no doubt but the Example of the Wise , and the constant Practise of the Office , will easily lead them to the Understanding and use of so great an advantage .

Because they have all the Properties of Metaline Money , as Value , Durability , Divisibility , Portability , and certain Denomination ; and perform all the uses of Gold and Silver Money , to which they are better Accomodated , by saving loss of time in telling , and as they are more Portable , and less Lyable to Robbery ; being easily lodged , and conceal'd and easily discovered if Rob'd . And the Example of Gamsters , and of all that have plaid , do further Confirm the same ; for whilst the Guineas are safe kept in the Box , tho' for a hundred Years , for the Reason is the same from first to last , the Counters are as good Shillings , as the best Silver Shillings Coin'd ; even so these Bills of Credit are as good Money for the Value they are Issued , as the best Gold and Silver Money of like Value , so long as there is Rent enough Secur'd by Land , ingaged to buy them all back again , the Rent answering the Guineas , and the Land the Box .

10. That there is therefore no need to have Interest running upon these Bills .

Because they are ( as Money is ) living Pledges , and may be past away Currently from Man , to Man , at any time .

11. That a Considering Person never changed a Bill into Money , but where the Security of it was generally Suspected , or where the Sum contain'd was greater , than his smaller occasions , requir'd .

Because , where there are not these exceptions , Bills are in all respects more safe and useful , than Metaline Money , and more acceptable when known .

12 That ( most of the Bills of this Office being prepared for small Summs , and being , as aforesaid , in all respects as good , and in some better than Common Money ) there is no more reason , from the Nature of the thing , for the Office to keep Money to change them , than for the Tower to keep Silver to change the Gold Coin'd there . Nor is it more Reasonable to make a Question , where is the Money to circulate the Bills of this Office ; than ( if there were a Bank of Guineas ) to question , Where is the Fund ? Where is the Silver to circulate the Gold ? The one being full as Improper , as the other .

Because most Persons , especially Chapmen , can , and will change the great Bills , into small , and the small Bills also , assoon as they know the worth of them , into Money . And because the Bills of this Office probably will , and reasonably ought , as much to circulate upon the Fund of Land , as the Bills of the Guinea-Bank circulatas upon the Fund of the Guinees , the Land being the safer Fund of the two , and the Richer .

13. That there is such Provision made in the Office of Land Credit , that 't is Morally Impossible the Bills of Credit should suffer from any loss by bad Titles ; or the People by Counterfeit Bills .

Because the joint Stock of Trade , is very Sufficient to repair such loss out of its Profits ; tho' every fifth Title should prove bad ; and yet 't is Improbable , the Office should pass one bad Title in an hundred , since in common Mortgages there is not one Mortgagee in fifty deceiv'd , tho' one Title in twenty may possibly be bad . And tho' few things can be so contrived , as not to be Counterfeited ; Yet these Bills so framed , as 't is next to an Impossibility to be Counterfeited : But in case they should , there is such Provision made for an easy discovery , that none needs be deceived , unless they please .

14. That in a Money Bank , Money is the Fund , or Pledge , and Credit is thereupon to be issued , as the Money , and makes the payments as effectually as the Money could , and here Money is absolutely necessary to remain and lye for the Pledge ; or else the Credit can have no real Value .

For the Money is Lodg'd , and the Credit Received , not because Money can be had from the Bank at Pleasure , for that is rarely if ever practised , being unnecessary , but because they have a confidence , the Money is safely Lodg'd there ; and because they can when they will have Money else where , or what they will , or what Money can procure , for that Credit , for where Credit is Current , 't is turned at least ten times in to Goods for once into Money .

15. That Banks , that lay the Foundation of their Credit on Money , ought to have no Credit , when they have no Money ; but Banks , founded on Land , and under a good Management , can never by folly or fraud weaken their Credit , nor sink their Land Fund .

Because the Credit of Money Banks has no Foundation , when the Money is gone : But it is quite otherwise in Land Banks ; for there is yet no means discovered , to Transport Land beyond Seas , which will still lye just where it did before , to make good the Credit .

16. That most Men confound the Idea of Land Banks and Money Banks .

Because they have not the true Notion of either . For they fancy Money is brought into a Bank , to be fetcht thence at pleasure ; when indeed 't is Lodg'd there as a secure Pledge , and Fund for the Credit abroad , and never needs to be remov'd , but when the owners have a cause to fear it be will Imbezel'd or Robb'd for they have the same use of it , while 't is safely Lodg'd , or thought to be so , as if it were in their Possession .

17. That a Land Bank or this Office differs not from a Money Bank , save in Possessing a much better Fund .

Because Credit is passed upon Land in the same manner , as 't is upon Money , and Land is much less lyable , to be Imbezel'd than Money .

18. That in both Banks there is no absolute necessity for Money to help to circulate the Bills .

Because in both the Circulation is perform'd by the Bills themselvos , made good by their proper Funds , and the Bills truly become Money , and perform its Office as well ; and the Land and the Money become the Pledge .

19. That Money , by being made the Fund in the Money Bank , ceaseth to be Money , and becomes the Pledge of the Circulating Bills , and the Bills by being thus Qualified are actually transformed into Money .

Because the Money is supposed to be in safe Custody in the Bank , as a Mortgage or Pledge to make the Bills Circulating upon it , Valuable .

20. That in this Office of Land Credit , Land is the Pledge , as Money is in the Money Bank ; and the Credit of the Land is a more secure Payment , than the Credit of the money Bank , and therefore is better Money .

Because there cannot be in Money Banks the same assurance that the Fund is kept so entire , and the cheif use of Money is to make payments , so that whatever can make payments is Money .

21. That the Lands , Goods , and Industry of this Nation , are now Subjected to the Slavery of foreign Commodities , Gold and Silver .

Because they are made the sole Measure of all that is Valuable in England , whereas they ought to be made use of onely , as an Inferior Species to Land Credit , as Silver is to Gold .

22. That , if the Government and the Nation please , the Lands of England may be made in all respects as good , and in many a better Measure of Trade , than the said foreign Commodities to the great Improvment of the Land , the mighty advantage of Land Proprietors : And the no less Benefit to the Government and the Nation .

Because we have the Materials within our Selves , and we can always have , as much as we need , and no more : And plenty of any Adequate Measure of Trade , as this Credit is , must Infallibly produce all the Forementioned advantages .

23. That by the help of this Office , Land is made doubly useful .

Because the owners can Cultivate and Manure it , and at the same time Trade with it .

24. That all things of Value may be made for a shift a Measure of Trade , as Sugar , Tobacco , &c. But some are much more Convenient for the purpose , than others ; and Land as Convenient , if not more , than any other .

Because Value , measures Value , and makes a Trade ; but nothing equals Gold and Silver in all its Qualifications , for this use , but Land Credit , which not only equals , but far exceeds it .