Make out that Doctor, and you do your Work; for I do not find any more than 150 l. per annum Security for 10000 l.

This is to have to do with ſuch dull Animals, whoſe thick Sculls will not permit my refined and ſubtile Notions to penetrate their Cerebrums. Why, Sir, have I not told you already, that 150 l. a Year is to be ſettled for 150 Years?

Yes, and what then?

Why multiply 150 by 150, and it makes 22500, and 100 l. a Year for 100 Years I have told you is 10000 l. Bank Dialogue, p. 3. So here is 22500 l. Security for 10000 l. and therefore it is 22500 l. and not 150 l. a Year, which is the Security for the 10000 l. and there lies the Myſtery.

This is a Myſtery with a Witneſs, Doctor, but at this rate you make a part to be greater than the whole, and a Term to be more worth than the Fee; and according to your Notion 15 l. a Year ſettled for a proportionable Term, may be Security for 10000 l. for ſay you; 150 l. a Year for ever, is worth but 3000 l. and therefore is not a Security for 10000 l. but 150 l. a Year for 150 Years, comes to 22500 l. and is a Security for 10000 l. So 150 l. a Year for 150 Years, is ſeven times and ½ more value than 150 l. a Year for a Perpetuity.

Sir, ad bene intelligendum recte diſlinguendum eſt; Sir, I ſay the 150 l. a Year is but a conſequential Security; for as I have ſaid 150 l. a Year for 150 Years, is Security for 100 l. a Year for 100 Years; and 100 l. a Year for 100 Years, comes to 10000 l. Ergo, 150 l. a Year for 150 Years, and not 150 l. a Year Fee Simple, is Security for the 10000 l.

Fee Simple! this is ſimple all over; why,'Tis abſurd to affi • m, a Term of any Eſtate can be a Security, when the Fee thereof is not of ſo great a value as the Sum ſecur • d. Doctor, the Security muſt be greater than the thing ſecured, or it is not a Security; and a Perpetuity muſt be granted to be more valuable than a Term in the ſame individual Eſtate; and yet you tell us, that the Fee is not worth above 3000 l. and value the Term at 22500 l. and maintain that the Term and not the Fee, is to be Security for 10000 l. and this you ſay is a Myſtery upon which you expect your Tickets to 10000 l. value muſt paſs current as ready Money, becauſe there is Security given that it ſhall be all paid is 100 Years; whereas 100 l. payable 100 Years hence is not worth 5 l. Now this is ſuch a Notion, Doctor, that certainly none but your ſelf would ever have Midmif'd into the World; and therefore no doubt you may lay your claim to it as the firſt Contriver, for I believe none will go about to deprive you of the Honour of it.

Sir, but you do not underſtand the whole of my Propoſal, which I have lately alter'd; there will be ready Money for all ſuch who will have it in ſ • cc • e; and therefore that Objection of ſtaying 100 Years for their Money is out of Doors.

Now you ſay ſomething Doctor.

I have propoſedSee the Doctor's laſt Propoſals. then, that thoſe who ſettle their Eſtates, for every 150 l. a Year they ſettle, to ſecure the Paiment of 100 l. a Year, ſhall pay in Money 400 〈◊〉 down, 300 l. a Year hence, 200 l. two Years hence, 100 l. three Years hence, in all 1000 l. in good hard Money; and they are to have Tickets to the value of 1000 l. down, 1100 l. a Year hence, 1200 l. two Years hence, 1300 l. three Years hence, 1400 l. four Years hence, beſides 3000 l. Tickets more to be imployed in the Fiſhery, and 2000 l. more to be divided between me and my Friends for the Management: ſo here is to be in all 11000 l. Tickets to be given out, and there will be 1000 l. in Money to circulate them.

This is a high touch indeed! but to what yearly value do you propoſe Eſtates ſhall be ſettled?

I propoſe that ſeventy five thouſand Pounds a Year, ſhall be ſettled for 150 Years, for to ſecure the Paiment of fifty thouſand Pounds a Year, for 100 Years. Now there muſt be five hundred thouſand Pounds in Money paid in three Years time by the Subſcribers; and in four Years time there muſt be Tickets given out for five Millions five hundred thouſand Pounds.

So then, Doctor, if I miſtake it not, you will have one hundred to circulate eleven hundred Pounds.

Yes, you are right.

Then, Doctor, without the Spirit of Prophecy; I foretel your Bank will be ſoon at an end.

Your reaſon for that, Sir.

'Tis plain there will be but five hundred thouſand Pounds in Money, to pay Tickets to the value of five Millions five hundred thouſand Pounds: and thoſe who have ſo little wit as to ſettle their Eſtates in ſuch a Bank, will deſerve to have their Eſtates begg'd, if they do not make a ſure Game on't; for to be ſure, firſt come firſt ſerv'd: and how ſimply will a Man look when he comes with his Tickets, and finds the Birds flown, his Money gone, and no Security remaining for his Money.

Pray, Sir, ſhow a little better breeding in your Expreſſions, for I have Perſons of the firſt Rank in the Kingdom concerned with me in my Bank.

Doctor, excuſe me if I queſtion the Verity of it, you are too apt to make uſe of great Mens names; and therefore ſtill, Doctor, I ſay, your Bank muſt fail becauſe you have no Security.

No Security, Sir! do you call ſeventy five thouſand Pounds a Year, no Security?

Yes, Sir, I ſay it is not a Security for five Millions; it is only a Security that fifty thouſand Pounds a Year ſhall be paid for 100 Years, which for five Millions in the whole, is but twenty Shillings every Year for each 100 l. So that he who pays in 100 l. to your Bank, will have a hopeful Bargain on it.

Sir, you ſuppoſe that our Tickets will be preſently given out, and the Money due upon them called for; but we who are the Subſcribers will favour the Bank.

Favour, what do you talk of favouring the Bank? we live in a ſharp Age wherein every one will favour himſelf, and will ſecure fourſcore Years purchaſe, for 100 l. a Year, if he can get it.

Ay, but we will make a Bargain among our ſelves, that we will not deliver out more Tickets than we have Money to anſwer.

To what uſe will the Bank be then, if you give out no more Bills than what you have Money in Bank to pay? But pray, Doctor, what neceſſity was there for you to exceed your Fund, by iſſuing out 10000 l. Tickets upon 150 l. a Year? What, if but 10 or 15 Years inſtead of 100 Years Purchaſe, had been iſſued out upon Eſtates? is there not Land enough in England think you, to furniſh us with as much Credit as is needful on thoſe Terms? and would it not have been more Comprehenſive?

Sir, my deſign is to make it profitable to thoſe who are concerned in my Bank.

To your ſelf you mean, good Doctor, for it is the 2000 l. out of every 150 l. a Year, which you reſerve for Management, which was the Inducement: for think you, if I can help a Gentleman to 100 Years Purchaſe, for a Rent-Charge of 100 Years, I ſhall deſerve 20 Years Purchaſe out of it for my Pains.

Sir, what have you or any Man to do with my Gratuity? I ſhall not have it all to my ſelf; for I am to give conſiderable Sums out of it to my Dependants, and to the Miniſters of State, and other Perſons of Quality, who are to be my head Officers, and who are all to have good Salaries which I muſt pay them out of it, as I have often publiſh'd in PrintRod for the Fool's Back, pag. 12, 13, ; and therefore it will not come all into my Pocket.

I know you have publiſh'd it in Print, and none certainly but your ſelf would have been ſo preſumptuous; for you ought to treat Perſons of ſuch Eminency with greater Reſpect, and not to inſinuate that they muſt come to you for Wages, as if they were your Journey-Men or Lackeys.

Sir, what do you talk of that, Dulcis odor lucri ex Re qualibet: pray why may not they come to me, as well as to the Officers of the Exchequer? but ad rem, Quis niſi mentis inops oblatum reſpuet aurum? you ſee I can bring good Authority for what I ſay, for I am old Dog at Latin Phraſes, as well as at Banks; and I am reſolved therefore you ſhall ſubſcribe your Eſtate in my Bank.

Doctor, I thank you, but muſt beg your Pardon if I do not engage my Eſtate with you, I know better things.

Know better? Sir, can you do better than to have 8000 l. for a Rent-Charge of 100 l. a Year, for 100 Years, of which 3000 l. imploy'd in the Fiſhery, will bring in 150 l. a Year at leaſt, at 5 l. per cent. per annum Profit; ſo you will have 50 l. a Year coming in, more than what you have to pay, and have 5000 l. more into the Bargain; is not this plain?

Yes, Doctor, this is as plain as that 1 and 2 makes 5: but I will wait and ſee how your Buſineſs goes forward; and if it ſucceeds, I'le ſet up a Bank my ſelf, with a Fund ſettled out of my own Eſtate; and therefore, Doctor, you muſt excuſe me if I don't come into your Bank; for I have 150 l. a Year, of as good Land as ever Crow flew over, upon this Fund I will furniſh his Majeſty with ſeven or eight Millions of Money every Year, for 100 Years together, at 3 l. per cent per annum Intereſt: and if I do this, I hope I ſhall merit the countenance of Authority.

Sir, you ſeem to be Delirious, I muſt ſcower your Kettle with a Doſe of Crocus Metallorum.

No, Doctor, I am no more Delirious than your Worſhip, for I go upon your own Topick; and if you can perform what you ſay, I am ſure I cannot fail of doing what I have propoſed.

Nay, Sir, I know you have a notable Head-piece of your own, and a Child may ſee a great Way ſtanding upon a Giant's Shoulders; and you being let into my Notions, for ought I know, you may make Improvements upon them; as we ſay, Facile eſt Inventis addere; I fancy I ſmell you out: but pray let me know how you intend to manage it, and if I like your Project you ſhall be my Partner.

Doctor, I know you were always for great Enterprizes, and love to talk great of thouſands of Millions; and therefore upon your Promiſe that we ſhall be Partners together, I will tell you what Courſe I intend to take. You have well obſerved that the 150 l. a Year, to be ſettled for the Paiment of 100 l. a Year, for 100 Years, is not to be the Security for the 10000 l. but only that the 10000 l. ſhall be paid in 100 Years, by 100 Annual Paiments. Now, Doctor, if that Notion will go down, mine muſt; for mine is only an Improvement upon your Notion; for I having an Eſtate of 150 l. a Year, 150 l. a Year is as good a Security for the paiment of 100 l. a Year for 1000 Years, as it is for 100 Years. I will ſettle it for the Paiment of 100 l. a Year, for 1000 Years, which comes to one hundred thouſand Pounds; with this one hundred thouſand Pounds; I will buy five thouſand Pounds a Year, at 20 Years Purchaſe; this I will ſettle again to ſecure the Paiment of three thouſand three hundred Pounds a Year, for 1000 Years, which will advance a Credit of three Millions three hundred thouſand Pounds; with this again I'le purchaſe one hundred ſixty five thouſand Pound a Year, and advance a proportionable Credit of one hundred and ten Millions; and this I will do, ad infinitum, (as the Adepts or Virtuoſi augment Gold and Silver with the Powder of Projection) till I have got all the Land of England into my Poſſeſſion; and then my annual Income will maintain the War againſt France, without ſinking a Penny of the Principal, or haraſſing the Subject with Taxes; what ſay you to that, Doctor?

Ay, Sir, you ſtole this Notion from me, and I'le maintain it's Practicable; for ſome Years ſince I propoſedA Propoſal made by the Doctor ſome Years ago, at one of his publick Meetings, where ſeveral worthy Perſons were preſent, who were ſo amazed at the extravagancy of his Propoſal, that they never came near him more. to raiſe a thouſand Millions, but it being put to the Vote at one of our Weekly Meetings, it was unhappily carried againſt me, which marr'd the nobleſt Deſign that ever was laid; for I fully determined to have built 100 Firſt Rate Men of War, and 2d, 3d, 4th and 5th Rates in Proportion; and had my advice been then taken, the French King had never arriv'd to his preſent Grandeur: But it may be ſaid of us, Sero ſapiunt Angli; anglicè, when the Steed is ſtoln, we are for ſhutting the Stable-Door. But pray mention not a word of this Notion, but let you and I meet together two or three times in a Week in my Cloſet, to concert this Affair. But at preſent I moſt humbly beg your excuſe, that I cannot ſtay with you any longer, having appointed a Meeting with my Bank Pupils this Evening, and the Hour is come.