A computation: shewing, that the two several proposals made to the Parliament for raising two million and a half, are different, the one from the other, as much as amounts to the value of all the lands in the kingdom. This text is an enriched version of the TCP digital transcription B20596 of text R224801 in the English Short Title Catalog. Textual changes and metadata enrichments aim at making the text more computationally tractable, easier to read, and suitable for network-based collaborative curation by amateur and professional end users from many walks of life. The text has been tokenized and linguistically annotated with MorphAdorner. The annotation includes standard spellings that support the display of a text in a standardized format that preserves archaic forms ('loveth', 'seekest'). Textual changes aim at restoring the text the author or stationer meant to publish. This text has not been fully proofread Approx. 6KB of XML-encoded text transcribed from 3 1-bit group-IV TIFF page images. EarlyPrint Project Evanston,IL, Notre Dame, IN, St. Louis, MO 2018 B20596 Wing C5676 Interim Tract Supplement Guide 816.m.6[34] ESTC R224801 ocm99885666

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 Early English books online text creation partnership. (EEBO-TCP ; phase 2, no. B20596) Transcribed from: (Early English Books Online ; image set 201585) Images scanned from microfilm: (Early English books; Tract supplement ; C25:3[35]) A computation: shewing, that the two several proposals made to the Parliament for raising two million and a half, are different, the one from the other, as much as amounts to the value of all the lands in the kingdom. 3, [1] p. s.n., [London : 1696?] Caption title. Imprint from Wing. Reproduction of the original in the British Library.

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 eng Finance -- England -- Early works to 1800. Taxation -- England -- Early works to 1800. eebo A computation: shewing, that the two several proposals made to the Parliament for raising two million and a half, are different, : the one from the ot n/a 1696 3 921 0 0 0 0 0 0 0 A This text has no known defects that were recorded as gap elements at the time of transcription. 2014-02 Keyed and coded from ProQuest page images 2014-04 Sampled and proofread 2014-04 Text and markup reviewed and edited 2015-03 Batch review (QC) and XML conversion
A Computation : SHEWING , That the two several Proposals made to the Parliament for raising Two Millions and a half , are different , the one from the other , as much as amounts to the Value of all the Lands in the Kingdom .

ONE of the Proposals is to raise this Summe by a Perpetual Fund of Interest at 5 l. 10 s . per Cent . per Ann. for which the Exchequer shall give out Bills payable at Demand .

The Consequence of which will raise the Interest on Lands to 6 l. per Cent . and higher if the Law permit : For 't is evident , that Bills at Interest at 3 l. per Cent . payable at demand , are preferable to any Land-Securities at 5 or 6 per Cent . And the Bank-Bills at 3 l. per Cent . are sold for 5 s . a piece above the Money due upon them ; whereas a Mortgage for 100 l. at Interest of 5 or 6 l. per Cent . can't be transferred without giving Money to have it done : And can it then be thought , that any Man will not rather lay out their Moneys in Bills at 5 l. 10 s . or 4 l. 10 s . per Cent . payable at Demand , than lend the same upon Land at 7 l. if they might lawfully take it . And thus Two Millions and a half of Money in Specie would be brought into the Exchequer for these Bills , which with the Money brought into the Bank of England for their Bills , would ( by common Account ) be all , or near the whole Coin of the Kingdom .

The other Proposal is to raise this Summe by a Perpetual Fund of Interest at 7 l. per Cent . to be settled on the Subscribers to a Land-Bank ; who in Consideration thereof are to lend Monies on Land-Securities , at Interest not exceeding 3 l. 10 s . per Cent .

The Consequence of which must reduce the Interest on Lands to that rate . Now if the Value of Lands rise or fall according to the rate of Interest of Money , ( which was never yet denyed ) Then Interest at 6 l. per Cent . and Interest at 3 l. per Cent . are the whole Value of the Lands of the Kingdom , different one from the other : For if Interest at 6 l. makes Lands twenty Years purchase , Interest at 3 l. makes them forty . And tho' the Proposal for the Land-Bank is to lend Monies at Interest , not exceeding 3 l. 10 s . 't is hoped that the Interest will thereby soon be reduced to 3 l. per Cent . or under : But should it hold at 3 l. 10 s . it would not be more than half the Summe which must be paid one way or other by all Mortgagers , in case this Bank be settled in the Exchequer , which makes good the Computation , Viz .

That the two several Proposals made to the Parliament for raising Two Millions and a half , are different , the one from the other , as much as amounts to the Value of all the Lands in the Kingdom .

These seem to be the Natural Consequences of the several Proposals , in case they should be performed as they are Proposed , and this makes the Land-Bank to be more advantageous to the Kingdom by three hundred Millions than the Exchequer-Bank , abating only the difference between 7 l. per Cent . and 5 l. 10 s . per Cent . for two Millions and a half , which comes to 37500 l. per Annum .

But I know 't is Objected ,

That the lending Monies , and reducing Interest on Land , is a Pretence , only to get an Act for another Bank .

Which very Objection is a Concession that this is the best Proposal , in Case it be effected . And if the Parliament establish a Bank for this end , they will take Care that the Proposals shall be effected , tho' the Proposers do not take upon them the lending Monies on Land as a Penalty , but as a Profit , and without which they would not advance this Supply at 7 l. per Cent . And therefore instead of Answering this any further , I will ask the Proposers of the Exchequer Bank two Questions ;

First , Whether they Propose it for the more certain raising the Supply to his Majesty ?

If they do , their Proposal is contrary to Reason : For can it be supposed , that the Money should be more certain at 5 l. 10 s . per Cent . than at 7 l.

Secondly , Whether they Propose it as Cheaper to the Subject ?

If they do , they must falsifie this Account , before they can prove their own to be true .

Now these two being the only Considerations in raising all Publick Supplys , 'till they are plainly Answered , it will be Concluded that the Exchequer-Bank is Proposed for other Reasons : Nor is this Exchequer-Bank any other than the Bank of England discounting Exchequer-Bills , and so the Exchequer will be the Bank of England at Westminster , and the Bank of England will be the Exchequer at Grocers-Hall .