The only way of subscribing land so as to make it really useful, as well as for the supply of money to be now raised for the publick, as for the advantange of the subscribers of it, is to let it be enacted,

1695

The only way of Subscribing Land, so as to make it really useful, as well for the Supply of the Money to be now Raised for the Publick, as for the Advantage of the Subscribers of it, is to let it be Enacted,

THat the Land to be Subscribed (suppose 200000 l. yearly) by the present possessor of it, shall from the time of Subscribing be charged with the Annual payment of one fifth of its yearly Value, (for Example, 100 yearly Subscribed with 20 l. yearly Rent) payable to the Bank, in Recompence whereof the Subscriber for every Hundred Pounds yearly, so Subscribed, and so charged with 20 l. yearly, to have the same Benefit as if he had Advanced and Paid in 500 l. in Money to the Bank, to attend the Inheritance, and to always belong to whoever shall be possest of the same; and then the present state of the Case will be

Thus; for Example:

Suppose to be raised for the Publick two Millions, and that there be for it given by Parliament a Fund of yearly—140000 l.
And suppose subscribed of Land yearly 200000 l. and out of that, as aforesaid, to be paid to the Bank more yearly—40000 l.

This will make the Fund to raise Money on 180000 l. yearly; upon which suppose two Millions in Money subscribed, the Publick may so be supplied with that Money, and the 180000 l. will at 6 per Cent. pay the Interest of three Millions; whereof the Money-Subscribers will have 120000 l. yearly, which is 6 per Cent. for their Money; and the Land-Subscribers the other 60000 l. yearly instead of the 40000 l. yearly by them paid, besides their share of all other accidental Advantages that do attend all Banks, if not cramp'd with Proviso's; and if the Bank to be setled may not be left as free in all Points as the Bank of England is, it cannot do what is desired.

Note, If more than 200000 l. is required by the Publick, the Fund must be greater, and a greater proportion of Land may be Subscribed to it; as for Lending of Money on Land; Note, When the Bank has Money enough to that way employ it, and finds it its Interest on Land, 'twill then, and not sooner be done.

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