HAving taken into Consideration the Burdensom and Heavy Taxes, occasioned by the late Expensive War; and withal the Necessity of Continuing the same, for supplying the Deficiency of former Funds, and Paying the Debts of the Crown; I have bended my Thoughts upon an Expedient for removing that Eye-sore, and Raising equal Sums of Money for the Use of the Publick, without them: Which I Humbly Of­fer in the following Particulars.

1. That an Act of Parliament do lay two and a half per Cent. or six pence per Pound, on the Receiver of all Money in Specie, being not under five Pounds; [Page 2] and that the Bank of England be branch­ed into every City and Market-Town in England; and that the several branches be accountable to the General Bank at London, for the Profits of their re­spective branches, the Capital Stock remaining at the disposal of those who have lodged their Money in such branches on their Notes; and any Per­son who is owner of one or more of these Notes, shall give their Vote for establishing of Officers Employed in managing such particular Branches; only the King may appoint one Officer in every branch to Inspect into the said Tax of six Pence per Pound.

2. That no payment in Money be discharged if not under five Pounds, unless paid at the Bank or Branches, with a Stamp-discharge (made on purpose) certifying the Payment of the said Tax of six Pence per Pound; under a large penalty and forfeiture of the Mo­ney illegally paid; and that no Person shall by Law, be discharged for paying [Page 3] any Sum of Money of five Pounds or upward, without a Stamp-discharge from the Bank or Branches.

3. That all Persons that shall accept the Credit of this Bank or Branches, and pay in any Sum of Money, not under five Pounds, on their Notes, shall receive one per Cent. which is one Shilling for every five Pounds so paid in; which will presently bring into the Bank and Branches, several Millions, and enable them to lend the King on Parliamentary Funds, what ready money he shall de­sire; and also buy up all the Exchequer Tallies in the space of one Year, at two and a half per Cent. discount, as shall appear afterwards.

4. That the said Tax of two and a half per Cent. upon receipt of Money, be continued and kept in force for the same number of Years, as is granted to the Bank of England; and that this two and a half per Cent. after the aforesaid one per Cent. is deducted, be a Fund to make good the Credit of this Bank [Page 4] and Branches; and after the Credit is secured, the said remaining Tax of one and a half per Cent, shall remain and be at the disposal of Parliament, and appropriated to the discharge of the Crown-Debts, contracted by the late War.

5. That the Annual Profits of this Bank and Branches shall be divided among the Proprietors of the Bank of England and the King, in proportion to their Stocks; the Kings dividend being at the disposal of Parliament.

6. That the Bank of England and every particular Branch of it, by Act of Parliament, do in fourteen days after the Lodgment of any Sum or Sums of Money, on their Credit or Notes, lend or utter in Notes one fifth of their se­veral Stocks, then in Cash. One third of which fifth is to be Lent the King, on Parliamentary Funds at three and a half per Cent. Interest; and the other two thirds on the forwardest Exchequer Tallies, at two and a half per Cent. dis­count; [Page 5] both to be paid in Notes; And at the end of other 14 days the said Bank and Branches shall again lend in Notes, one fitfth more of their several Stocks, then in Cash, on the same Securities; and so on till all the Exchequer Tallies, &c. are brought into the Bank and Branches. As supposing this Bank and Branches, to have in Cash by them, at the end of every 14 days, but 3 Millions and a half, the Bank and Branches by Computation, will then lend the King six Millions on Parliamentary Funds, and bring in above 12 Millions of Exchequer Tallies, &c. in the space of one Year, at two and a half per Cent. discount (which Tallies are now discounted at very great loss, to the unspeakable prejudice of the King and Subject) and thereby sink the vast Interest of about one Million per Annum, which the King now pays, and will then be discharged by the Publick's giving Cre­dit to the Bank and Branches.

This Method will also enable them to lend the King on Parliamentary Funds, 500000 l. per Month, at three and a half [Page 6] per Cent. Interest, and supply His Majesty with ready Money, to pay the Army and Navy, and purchase Provisions and Stores at the best hand, w ^ch are now taken up at extravagant Rates; as also inable the prin­cipal Trading-men of the Kingdom (who, most of them, have considerable Stocks in Tallies) to carry on their respective Trades with ready Money, which others, who are the now Masters of ready Money, do not so well understand; which is partly the cause of the great scarcity of Money and want of Trade, we have felt these twenty Months past; and to reduce these Tallies to Money, by the said method, must be an absolute Addition to the Specie of the Na­tion, and make Bank Bills two and a half per Cent. better than Money, by reason of their immunity from the foresaid Tax: And it's plain this method must answer what's here propos'd, Bank Notes being good in all Receipts and Payment, to and from the King, and the two and a half per Cent. or six Pence per Pound, lying on any Person that takes out Money, and one [Page 7] per Cent. advantage for him that brings it in, and there being no other demand upon the Exchequer, but the Bank and Branches to answer their discounted Tallies, must needs bring the whole running Cash of the Nation (which is computed at 6 or 7 Millions) into the Bank and Branches of it, and thereby enlarge the Publick Credit 12 Millions in one Year, and exceedingly advance Trade, and the Kings Revenue, pay the Debt of the Nation, and at the same time accommodate the People in freeing them from other Taxes, &c.

Now to shew the reasonableness of this Tax, we will suppose a Gent. to have 500 l. per Annum, and that, upon receipt of the same, he paid this whole Tax of six Pence per Pound; he will then pay twelve Pounds ten Shillings per Annum; and supposing the same Person to pay the last Years Land-tax of four Shillings in the Pound, he will then pay one hundred Pounds per Annum; so that the said Tax of six Pence per Pound (here proposed) is but the one eighth part of the Land-tax, which being wholly taken off, [Page 8] and this of 6 d. per Pound laid on, certainly cannot be accounted any burthen to the Subject, especially when a Man of 500 l. per Annum, does not spend, or use, above one third of his Estate, in Sums under 5 Pound, which will reduce this Tax of six pence per Pound, from 12 l. 10 s. to 4 l. 3 s. and 4 d. which is but the twenty fourth part of the said Land-tax of 4 s. per Pound, a trifle not to be regarded in respect of the great Accommodation this Method brings with it; for this Tax may take all other Taxes off, being continued for a certain number of Years, and I suppose 12 Years may answer all; for allowing this proposed Tax and the Kings Profit in the Bank, to be but 50000 l. per Annum, this Method will sink all the Interest the King now pays, in the space of one Year, and make every Man Master of his whole Money that he has on any Loan, paying only two and a half per Cent. discount, and certainly all these Tallies upon Loans, being reduced to Money, add many millions to the Specie of the Nation, and much inliven Trade, and [Page 9] augment the price of Land; for the more Money a Nation has, the more buying of Land, and I conceive advancing of Credit and making Money less useful, is the same thing as increasing Specie, or Coin of the Nation.

Some may object, and say, this Tax of six pence per Pound, will be hard upon Trade; which it can never be, for all Mer­chants and Trading-men will accept of the Credit of this Bank and Branches, to avoid the Tax of the six pence per Pound, and they have no more occasion for Sums un­der five Pounds, than a Gent. has; no other than to defray the petty expence of their Pockets and Families. But it's true, the Manufacturers, and Mechanicks, and Builders, who want Money in small Sums, every Sa­turday-Night, must take Money out of the Bank or Branches, at two and a half per Cent. but this cannot be call'd, a Tax of two and a half per Cent. on them, by reason all Manufacturers and Builders, will not pay above one third of this Tax, because two thirds of it goes in Sums of five Pounds [Page 10] or upward, for which they pay no Tax, but accept of Bank Bills from man to man, to avoid the Tax. So on the whole matter this is but an easie Tax, and does not amount to above two pence per Pound, or 16 s. and 8 d. per Cent. which can never hurt Trade; for it will, in the first place, increase their several Trades, by the advance of the currency and plenty of Money. Second­ly, They will seldom want Money, as they do now, by reason of the great currency of Bank Bills; for it's but paying 6 d. per pound, and they are presently reduced to Money; & there will be but little need of Credit, when the Specie is so large: For this way of Credit will make near 4 times as many Bills currant, as there is Cash in the Bank and Branches, for its accounted if a Gold­smith has 20000 l. by him in Cash, he has 60000 l. Credit; then certainly the Bank and Branches here mentioned, must have double the Credit of a Goldsmith, who is subject to many Casualties, which this Bank and Branches are not: And every Man will be for paying Money into the Bank for [Page 11] the advantage of the 1 per Cent. and none will take out, but such as want Pocket-Money, and for Ma­nufactures, or Building, &c. & as fast as they take it out, at two and a half per Cent. it shifts hands and comes to the Retailer, who will pay it in again, for the sake of the one per Cent. allowed for the paying Money into the Bank or Branches.

But supposing this Tax of six pence per pound, to take off no other Tax which may be laid the ensuing Year, yet it may be highly necessary to lay this Tax, by reason it will infallibly sink all the Interest the King now pays in one Year, and restore the Publick Credit, and thereby in­crease Trade and augment the Specie of the Na­tion, and furnish the Subject with ready Money, which they now want.

The re-establishing of Paper-Credit, hath been much sought for, but hitherto I do not observe it's found, His Majesty now paying a large Interest to procure the Circulation of Exchequer Bills, and help the Publick Credit, and yet those Bills are discounted at 5 or 6 per Cent. and in the Out­parts of the Kingdom at much more; which comes short of the wished for end, and does not remove the Cause, nor altogether help the Sub­ject; whereas by this Method propos'd, the King will be furnished with what Money he pleases, on Parliamentary Funds, at three and a half per Cent. Interest, per Annum.

Note, That this way of Tax at six pence per pound, on Money, does not compel any Man to [Page 12] pay his Money into the Bank or Branches, for he may keen what Money he pleases by him, but whenever he pays any Money away, he is obli­ged, under a large penalty, &c. to get one per Cent. for paying his Money into the Bank or Branches of it; and whatever loss or casualty by Fire, Robbery, or otherwise, shall happen to the Bank or any of the Branches, the Bank of England shall be obliged to make good, out of the Profits and Incom of the Bank and Branches, and the Kings Tax shall bear a proportionable part, but that all Officers Imployed in this Bank, &c. shall give security for their Places, according to their Trust. And lastly, For the more Security of this Bank and Branches, the Proposer hath a Method to prevent any manner of Counterfeit, or if a Man mislay or be robb'd of his Bill, the taker shall have no advantage thereby, but the owner shall go to the Bank or Branch, where-ever it was given, and receive another Bill for it, as if it had not been lost; and every Market-Town in England, shall have different Bills, yet they shall be good all over the Kingdom, which will save Traders the whole Inland Exchange, and very much advance Trade, and put an end to High-way-Men and Robbers.