THis Land-Bank, or General Office for Land-Credit, on the Terms herein af­ter mentioned, Lends 8000 l. for 100 years, at the Interest of 5 s. or one quarter of One, per Cent▪per Annum. The Loan is by Bills of Credit foun­ded upon Land beyond possibility of Loss; and made current in Payments, by proper Expedients, to serve all the general Uses and Offices of Money; a sufficient Fund of Money being also provided, to answer such particular Cases as may possibly re­quire the usual Species of Money. An hundred years Interest of 8000 l. at 5 s. per Cent▪ per Annum, amounts to 2000 l. and being added to the Principal, makes 10000 l. in the Total. Now because 10000 l. is too great a Sum to be left to one Payment, at the end of 100 years; and because it is far easier to the Borrower to pay it yearly by small Sums; the Sum Total of 10000, is divided into 100 equal parts, and made year­ly payable for 100 years, above all Reprises, Taxes, Deductions, or Defalcations what­soever.

This far exceeds the Advantages by all other Banks, if the greatness of the Sum raised, the lowness of the Interest, and the easie Payments, be considered. Add to which, the Security given, and the manner of it; which is thus, ( viz.) 150 l. per Annum in Land, is made over for 150 years, as a Caution, Pledge, or Penalty, for se­curing the Payment of 100 l. per Annum, for 100 years: And during the whole Term, the Grantor is always in Possession; and is free from any fear of being Outed, or Fore­closed: The Nature, Design, and Constitution of this Office, being to Assist and Sup­port, and not to Oppress and Ruine the Landed-Man. Of this 8000 l. principal Mo­ney to be lent, 5000 l. is to be paid at several terms, to be disposed at the will of the Subscriber; and the other 3000 l. is to be employed in a ioynt Stock of Trade, for the common benefit of the Subscribers, and as they shall direct: Which producing but 5 l. per Cent - per Annum Profit, will exonerate the Land in Effect, and make it no more than a Collateral Security; and puts 50 l. yearly besides into the Subscribers Purse.

Note, That this low Interest of 5 s. per Cent - per Annum, is to support the whole Charge of the Office intirely; and to be the only Reward of the Contriver, who for above 30 years last past, at great loss of time, and many Thousands of Pounds to his Damage and Expence, hath indefatigably and strenuously, and against great Discou­ragements, constantly endeavoured to settle such an Office.

Every Subscriber for payment of 100 l. per Annum to this Office for such Annuity, is also to pay or advance to the Office, of the current Coin of the Nation, at several terms, 1000 l. And this Money is not given, nor adventured, but exchanged for Bills, as one of the means for assisting the Currency of the Bills, till their true Value be known. And there will be Expedients for such as cannot, unassisted, comply with the Raising of Rea­dy Money. The manner of paying-in this 1000 l. in Money, is to be thus, vizt. 400 l. when the Estate is settled; 300 l. at the end of the first year, 200 l. at the end of the second year, and 100 l. at the end of the third year. And the manner of Receiving out the Bills of Credit, is to be thus: vizt. 1000 l. when the Estate is settled; being at the same time the 400 l. in Money is paid in, as aforesaid: 1100 l. at the end of the first year, 1200 l. at the end of the second year, 1300 l. at the end of the third year, and 1400 l. at the end of the fourth year: Which is 6000 l. in Bills, including the 1000 l. Bills exchanged for so much Money; which Money, together with 2000 l. more in Bills, is paid to the Treasurer of the Joynt-Stock in Trade.

The first years Rent of this 100 l. yearly Rent-Charge, is to be paid at the end of the second year, after settling the Estate.

None are to subscribe less than 15 l. per annum for the payment of 10 l. nor more than 1500l. for the payment of 1000 l. nor that but till Securities shall be subscribed for payment of 50000l For after that, probably some restraints in Subscriptions may be necessary, in order to render the Uses and Advantages of this Office more universal and diffusive; and tho' here a remark be ob­vious, that the Subscribers of the first 50000 l. may have a Priviledge and Enlargement, that their Followers cannot receive without cramping the Design, and prejudicing one another; yet the Office, and all its appendant Benefits, being dormant, till 50000 l. be subscribed, it is very consistent with Reason, that those have at first a more enlarged scope for subscribing, whose completion alone qualifies others, and without which none could be admitted to any thing.

The instance here given is of 100 l. per annum Rent-Charge, secured to the Office, from whence any less or greater Rent-Charge may without much difficulty be computed, to which computa­tion this Rule may help, vizt. Two thirds of the Security-Rents, or 100 l. per annum, (for so much Rent is two thirds of 150 l. per annum) being multiplied by 100 years, which is two thirds of 150 years, the term settled by way of Security for 100 years, the Product is a Sum raised or valued on that Estate. And this Sum is thus to be disposed and proportioned, vizt. one half to the Subscriber in Bills, three Tenths for his Share in a Joynt-Stock of Trade, and the remain­ing [Page] one Fifth pays the Interest of 5 s. per Cent▪per Annum, as before, to support this Office, and all its Contingencies.

The Rule for advancing of Money is one Tenth of the said Product, or one Fifth of the Sum Received in Bills by the Subscribers; or again, Ten times the Yearly Rent. But although 150 l. per annum is generally required to secure the payment of 100 l. per annum, because that Sum multiplied by 150 years, the term made over for security of 100 years payment, produces 22500 l for securing but 10000 l. really to be raised, which gives more than a double value to eve­ry Bill: Yet where Rent-Charges or Chief Rents, on the one hand; or Lease-hold, or Houses on the other hand, can be proper Securities to the Bank; more or less of them, than just one third of the Rent-Charge, is to be taken; so as to bring them to as near a proportion as may be, with the Settlements of Lands in general; that so the value of the Tickets may be duly secured.

This Office is undertaken under the power and protection of the Laws in being; and since it is not, nor imports, more than a legal, equal, and a fair Management, and transacting of a well-regu­lated Credit; founded by voluntary and legal Settlements of Estates of particular Persons; it can no more be violated, or broken in upon, than Propriety it self, which our Laws have made sacred.

There are two Sheets lately Printed, that give a more full and large Account of this matter: And the Doctor himself is ready further to explain and vindicate this Design to any so desiring, at his House in Essex-street, every Monday, Wednesday and Friday in the evening; at which Place Subscriptions are also taken.

The Dr. means to open his Office, in order to the general good and Service of the English Crown and N [...]tion, as soon as conveniently may be, after S [...]bscriptions are made for securing the payments of 50000. l. per annum to the said Office in manner as before.

The Annuities or Rent-charges, are to be made payable in the Bills of Credit, delivered out by the Office: Yet, so as that Money may be also accepted, when offered by the Subscribers for their Ease and Convenience.

The Bills that Yearly come in for Rent, are to be cancelled, with all exactness: So that at the end of the term of 100. Years, there shall be none of them in being; but all sh [...]ll be cancelled and destroy'd. And on this secret, the certain real Value and Security of the Bills is inde [...]eazably founded: For the Rent-charges will, First or Last, take in, at the full value they were at first issued out, every individual Bill. And when they are wanted, they must be sought and procured from what hand so [...]ver possesses them; and consequently they may pass pro interim with all manner of safety from hand to hand; as carrying with them, and having Legally and Inseparably adhering to them, and int [...]insick real s [...]llid Value, of more than double what each Bill pretends to or imports; and must all of necessity, within the Limited terme, be called for by the Land, to pay the Rents to t [...]is Office. The safety of the Bills being thus securely provided for, in the certainty of a mo [...]e than double value in Land, which is beyond Contradiction, the best of Funds, there can be little or no doubt of their currency. But further, besides a very great Fund of Money provided to assist their circulation; every Subscriber is obliged in interest to contribute his utmost to the currency of them. For should not this Office succeed, by what other means can any Man hope to raise Fourscore Years value for a Rent-charge of 100 Years, where he is still Master of his Land; and where the Income of the Trade will probably more than twice pay his Rent-charge? But what recommends this undertaking far above all others, is—The great and just expectations of extraordinary gain: And the impossibility of any loss. The gain is by the great Sum advanced; and by the great Joynt-stock in Trade. The impossibility of Loss, is First, in that the Rent-charges will certainly call them all in: which gives them a real value, and makes them safe: And next, it is readily agreed on all hands, and is indeed obvious in it self, that if the Bills run two or three Years, they can never cease to be current; and if they stop in that time, or indeed at any time, this Bank or Office is in a condition to make intire Satisfaction to all. For if the whole of the Subscribers, or any great part of them, will call in all the Money upon their Bills, to such a va­lue as this Office cannot readily comply with, in the Species of Money: Then will the Office re­store to all or any such Person or Persons his or their Estate or Estates; and the ready Money by them paid-in at setling such Estates; in case of repayment to the Office of all the Bills of Credit issued thereupon. And this makes any loss by this undertaking to be quite impossible; which is what cannot be made out conce [...]ning any other Bank whatever, now in being, or fra­ming, either in this Kingdom or in any other part of the World.

But divers Gentlemen who have great Estates in Money, taking Umbrage at this Design; and apprehending the Consequences thereof, may too far affect them, in depressing Money, as it raises Land: The Doctor further proposes, that this Bank or Office may One or more of these three ways, besides others which time will show, be of use to Moneyed-men, viz.

• 1. Such as have their running Cash payable on demand, shall have Two pence per Cent - per diem, allowed them, unless publick notice be given to the Contrary.
• 2. Such as will leave their Money for Six or Twelve Months certain, and after till two Months notice, on either side, shall have 5. per C [...] till a Year's Notice to the contrary be given.
• 3. Such as Subscribe, and pay ready Money into the Joynt-stock of Trade, shall be admitted to proportional Dividends (with other Subscribers) of the profit to arise thereby: And by this ex­pedient, may Persons ignorant, and else uncapable of Trade, receive the benefit of it, with­out the trouble.

And lastly, For the more general Good, an Expedient is found, whereby such as have va­luable Leases of more than Thirty Years to come, shall also find their proportional account in this undertaking; to their great benefit: Their convenience and accomodation being so stated and adjusted, as, in most cases, to consist with the general rule and basis of the Bank.

August the 15th. 1695.