THat there should be Bills , some of 100 l. some of 50 l. and some of 20 l. ( as herein after Described ) be prepared , amounting suppose to Two Millions , and to be paid out by the King as so much ready Money , to those his Majesty has occasion to pay Money to , and are willing this way to receive it , with a Declaration ( as you see the Pattern made for 'em ) that they shall be taken in payment , for either Excise or Custom , for the Money they are given out at , and the 6 per Cent . Interest , per An. shall be paid to the Persons possest of such Bills at Lady day , and Michaelmas yearly , and the King as he pays them out , as 100 , 50 , or 20 l. shall take them again as 100 , 50 , or 20 l. In short , as the King pays out Silver and Gold , and takes it again for just the same as he paid it out ; so , and no otherwise he should take again these Bills ( viz. ) as 100 l. 50 l. or 20 l. as he paid them out .

Whence 't will follow , that whoever comes to be possest of these Bills ( having a running Interest of 6 per Cent . on them ) will never pay them into the Exchequer , either for Custom or Excise , if he can possibly find other Money to pay it .

And to hinder the remaining long of such Bills in the Exchequer , it may be Enacted , That ( if payment of any of these Bills be made , as 20 l. 50 l. or 100 l. for Custom or Excise ) there shall every Week be set up in Writing at the Exchequer , Excise and Custom-house , an Account of what sums in such Bills remain there , with this Declaration Positive ; That whilst there are any such Bills remaining in the Exchequer , Excise , or Custom-house , whoever brings ready Money , that is , 100 l. for 100 l. 50 l. for a 50 l. or 20 l. for a 20 l. Bill shall not be refused it , tho 5 Months Interest be due upon 't , and the whole six to be received by the Possessor of the Bill , the Lady-day or Michaelmas following : This will make these Bills 'twixt Man and Man much better than ready Money , having such Interest , till paid for Excise or Custom , still running upon them , and when paid into the Exchequer so very advantagious to those that shall take them out , that the King's Revenue in payment will have very few of them ; And being so Drawn that they cannot be Counterfeit , and may be proved true at the Custom house if paid there , at the Excise Office if paid there , at the Custom-house at Bristol , and the other Places writ on them if paid there , and at the Exchequer when the Interest is paid , and a new Bill given there ; as also for ascertaining the truth of such Bills , an Office like that of the Transfer may be Erected in London . For a Penny to Try and Assert the Validity of any such Bill , which being so easie Ascertained , and having 6 per Cent . Interest ( which is double what the Bank-Bills have ) running upon 'em , and being no less in truth than a perpetual Interest of 6 per Cent . to those that shall keep these Bills , and ready Money to Merchants when the Owners will part with them , and there being so sure and easie a way to do it , 't is more likely by much , that these Bills will be always worth more then their Principal , then that they 'll ever be valued at less ; and it ought to be likewise considered , That the present ( as well as the future ) owners of Money , who at any time shall have these Bills , and who ( it may be ) would otherwise have put the same Money in Bank , will have this way 6 per Cent . for their Money , and their Money at command , as aforesaid ; whereas they can have for it but Three per Cent . from the Bank , which for holding Stakes only does eat up the other Three , and yet the Security ( if a new Fond be for it by Parliament settled ) will be in goodness the same as that given the Bank , and may be appropriated and made redeemable also as well ; and therefore 't is not to be doubted , but that this ( without hoarding coyn'd Bullion either Silver or Gold , and so making it scarce , or causing a Clamour in any kind whatsoever ) may to more satisfaction supply the uses of Money , than either Bank Bills do , or Goldsmiths Notes ever did , being less charge to the Nation , and more for the Benefit of the present and future owners of Money , a Prejudice to none , but a great Convenience to many , and a Publick Good , by encreasing the Currant Money of the Nation , which these Bills without any Compulsion , must of course and necessity do , and may be made for greater or lesser sums , as Fonds shall be settled for it , and the Wisdom of the House shall think fit of , and if instead of 120000l . yearly , 140000l . yearly be settled , 't will raise either more Money , or the Two Millions proposed with more ease .

Note , A Perpetual Interest , in the Nature of this , but by way of Transfer , as in Holland in used ; was Proposed in Print by the Proposer of this , Jan. 29th , 1693. This Proposal was Printed Nov. 16th , 1694. Reprinted Decemb . 28th . 1694. and now again the 6th of Feb. 1695. and 't is hoped 't will need be so no more .

Note , If what is above shall not be thought Precaution enough against Counterfeits , whosoever parts with any of these Bills , may be obliged ( if he that takes them desires it ) to Endorse the same , which alone would be almost sufficient to do it .

And if it might be Enacted , That the first 200000 l. that shall be raised on the Fond for this perpetual Interest to be settled should be appropriated , and in the Exchequer kept separate to Circulate these Bills , by paying the Owners off so many of them in Money , as after Three Months shall desire to in Money be paid , allowing to such as shall so desire to be paid 3 per Cent . only ; whereas Six per Cent . is allowed to the other : 200000 l. so set aside for such purpose ( supported by the Credit of such Bills as shall come to be paid , which may so be made use of as to keep up at all times the Cash for such use to that sum ) will more than sufficiently do it , and answer all the Conveniencies the best Banks can pretend to ; for the Bills that thus come to the Exchequer to be paid in hard Money , with Three per Cent . Interest , are as good as Bank Bills , at Three and the other at Six 't is plain are full as good again , and will very soon so be esteemed .

The Form of the Bills , and how the Truth of them is to be Tryed , the following Print does demonstrate .