Selected quad for the lemma: england_n

Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
england_n	certain_a	king_n	year_n	3,227	5	4.7551	4	false

Text snippets containing the quad

ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A26182	A safe and easy method for supplying the want of coin and raising as many millions as the occasions of the publick may require. Humbly offered to the consideration of the present Parliament. With some remarks upon the Bank of England, Dr. Chamberlain's Bank, the Land-Bank, so called, and the National Land-Bank.	Atwood, William, d. 1705?	1695 (1695)	Wing A4181; ESTC R215808	13,150	8

from London cannot be assured of the contrary Answ 1 There is as much security in these Bills as in any Deed which may possibly be forged but Forgeries happen so rarely that they work no interruption of business and common Credit Answ 2 The Hands of so many Commissioners being required there can be no part of England where the Hands of some of them will not be soon known Answ 3 No true Bills can fail of being paid in Specie And if the Publick should be charged with some Counterfeits the Loss will bring no sensible inconvenience nor can it bear any proportion with the vast benefit of such an encrease of the Wealth of the Nation so seasonably applyed Answ 4 No Objection will lie against these Bills but what will be at least equal against those of the Bank of England and all other Banks which yet men are very ready to venture upon with a much less certain prospect of receiving Money for Bills of Credit or what may yield money when they have occasion which leads me to the consideration of the most promising of the other Banks The Bank of England has raised the King 1200000 l. and perhaps has saved him 200000 l. in the Remittances of money This has a Fund of 100000 l. per An. for 12 years absolute and for ever till redeemed by Parliament which is in effect a perpetuity and if employed as above for 100 years is worth 10 Millions This Bank is said to have paid 1200000 l. in to the Exchequer in Money and Bills before one Third of it was advanced by the Subscribers and to this day but 60 l. per Cent. is paid in and yet that 60 l. sells for 100 l. notwithstanding large Dividends and the loss perhaps of 200000 l. by the foreign Exchange besides such Bills as they have publickly made known to have been counterfeited and all wherein they have concealed their Losses This has been done by the help of Bills of Credit though there could be no certainty but money might be called for faster than it came in Nor is it certain as it would be in the Crown-Bank that the Credit shall not extend not only beyond the Fund as it has already but farther than they can Answer in payments Tho foreign Merchants may take their Bills because of their commerce here it is visible that it has not yet obtained Credit with the Bank at Amsterdam for if it had it could not have lost so much by the Exchange nor is it to be supposed that it ever will gain full Credit there because of the extent of its Credit at home beyond the real Fund Doctor Chamberlain's Proposal as far as I can look into the Mystery is this IF a man makes over 150 l. per annum for 150 Years to secure the payment of 100 l. yearly into his Office in money or his Bank Bills for 100 Years and also pays 1000 l. in Money at 4 payments 400 l. at setling the Estate 300 l. at the end of the first year 200 l. at the end of the second 100 l. at the end of the third he shall have Bills for 6000 l. including his own 1000 l. of which 1000 l. when he seals 1100 l. at the end of the first year 1200 l. at the end of the second 1300 l. at the end of the third 1400 l. at the end of the forth besides 2000 l. in Bills which with his 400 l. advanced shall immediately be paid to the Treasurer of the joint Stock in Trade to which 600 l. must be added as it comes in and the party must pay 5 ● per cent yearly for the whole 8000 l. for the charges of the Office and if men will lend Money he proposes for 1000 l. to pay 1400 l. in 4 years Where its observable 1. Whereas the Office pretends to but 5 ● per cent it is a full fifth of the whole value for it is 2000 l. Bills to the parties 8000 ● except his own 1000 l. and 't is better than a third of what he receives to dispose of should we admit that his bills will circulate 2. He is so far from supposing that these Bills will ever be paid in Specie that he makes no manner of provision for it but allows the annuity which is the fund for the Bills to be paid in Bills and so the Bills are to carry themselves from the Bank and to the Bank without any Circulation or Profit 3. The Circulation if any must be performed at the very beginning by one upon seven and an half 400 l. being all that is to be paid till the end of the first year to circulate the 1000 l. in Bills received by the party and the 2000 l. in Bills put to the stock of Trade unless what is accidental upon the coming in of Moneys lent which in truth clogg the Bank with 50 ● per annum loss for every 1000 l. and that money will be no more than is requisite to clear incumbrances upon Estates subscribed And if any part of the 400 l. first brought in be employed in Trade that before profitable returns leaves the less to circulate the Bills and if half be employed in trade 1 l. must circulate 15 l. 4. If the Annuities were to be paid in Money which would be very hard upon them who have the Bills dead by them yet the distance of 100 years makes it very questionable what 150 l. per annum shall hold out 100 l. per annum in all Events 5. If this were practicable it would be far from answering the great end which the Doctor does or ought to propound of lessning the burthen upon Land for either men with encumbred Estates must not come in or if they do they will greatly abate the possibility of circulating the Bills Suppose a man of 150 l. per annum owes 1000 l. and takes up the 1000 l. which he must advance or suppose only the first 400 l. be in Money but for the rest he may bring the Bills he received from the Bank In the first case he has occasion for five times as much money as a man of a clear Estate brings to the Bank if only the 400 l. be to be paid in mony then indeed he will have occasion for less then 4 times as much as the other brings but by the same rule there may never be more than the first 400 l for every 150 l. per annum subscribed to circulate all the Bills But if the man owe 1500 l. he is excluded from all benefit of this Bank 6. The Lender will expect better security than can be found here Shall he resort to his own money That is lent out to subscribers of Land Shall he go to their Land that is made over to answer the Annuities to the Bank in its Bills or Money If in Bills they are never likely to yield money if in Money that must be laid out to purchase Bills and they are to be cancelled

the Bills upon that Estate should not pass These bills not being personal charges Quere 1 Whether the party that receives them be in as good a condition as he that receives a Note from a Bankers man Quere 2 Whether this perversion of the nature of Bills of Exchange which hitherto have been personal and now are turned upon Land which can neither answer nor receive Letters of Advice nor be out of countenance when bills are protested be not an invention as new to the Lawyers as to the Merchants Obj. 7 Suppose the Bank lend 10000 l. to a man who after setling his Estate to the use of the Bank according to this new contrivance mortgages to an other who knows nothing of the first mortgage for 10000 l. Bona Fide paid Quere Whether the second mortgagee shall not in equity compell the first Trustees to assign the legal Estate to him and exclude the new Trustees from an Equity which had been no otherwise vested in them than as above And what regard in this case would the Court of Chancery have to the intended charge upon the Estate by that blind and inauthoritative reference to a Book of entries Or suppose the Trustees to whom the state was conveyed and are likely to be disobliged by being voted out of the trust of the Equity which is designed to govern the Legal Interest should join with the Mortgagor in assurances to others who would be in the best condition those other persons or the Bank In such difficulties are these Gentlemen involv'd by running in the Dark byond their Guide Mr. Briscoe who sometime before they set up had made a very rational Proposal for turning all the Land of the Kingdom which shall be conveyed to Trustees for the use of the Bank into a living Stock and easing others of their excessive Loads by bringing a million of money to circulate 4 millions of Bills charged upon Land and Money the whole Fund making good every Bill Yet no Man's Land is to continue in longer than he pleases but he may withdraw it at any time paying the money which he has taken up there and his proportion of loss if any has then happened And whether he has occasion for money or no he is to take up one Years Revenue of his Land that the Bank may be the first Mortgagee if after settling his Estate he should borrow elsewhere and then take up money of the Bank Indeed Mr. Neal has added to this Bills for an other Years Revenue to be lent the Bank as so much Cash But I do not see how these Bills can yield more Credit than those which the Directors have power to charge upon the whole Fund and consequently upon every particular Estate But as the Bills are likely to be current to the value of the Fund and all the Land mortgaged to the Bank for so much as is borrowed becomes Fund though not entituled to Profit and Loss the Fund for making good the Bills may extend as far as the Occasions of the Landed-men and therefore the Bank's Bills may pass as far with the help of such money as will flow into it When the Values of the Lands and the Titles are ascertained they cannot fail of being a Fund of Credit for 3 4 ths of the value and therefore he who subscribes 100 l. per Ann. is to have credit for 1500 l. and his share in the Bank accordingly and yet shall receive the yearly Income paying his proportion of loss and such Money or Bills as he takes up and as the Interest which himself pays is part of the profits in which he shares it is highly probably that he cannot pay 2 l. per Cent. after the first year and after that would receive more per Cent than he had paid On the other side he that subscribes 1500 l. shall have equal Advantages with the subscriber of 100 l per An. and 3 l. per Cent. for the whole from his first payment nor can his money be called in faster than at 10 quarterly payments But if he chuse to pay faster he may have Interest at 3 l. per Cent. for all above the payment then due yet some of the present Directors lodge many Thousands there without interest And if we may conjecture by the encrease of Credit in the Bank of England wch has a much less and less certain Fund it is not to be thought that more than half the subscription-money need be called in and then they will have 6 l. per Cent. certain besides their share in the profits Though these payments may seem too slow to set the Bank in credit especially after the Coin is regulated and men will be less fond of Bills than they have been yet such a Fund can never fail of commanding money where it is needfull nor will men unnecessarily call for money while they can have so good Bills especially if this Bank were established by Ast of Parliament in consequence of which it would soon become a Registry for most of the Lands in the Kingdom and if it were made so for such as would voluntarily enter their Lands and Incumbrances or the Claims which they have and were 100000 l. per An settled for 40 Years for 1600000 l. to the publick whereas the Bank of England has in effect a perpetuity for 1200000 l. it would make this Bank no mean Rival to that of Amsterdam besides the raising Land to 40 Years purchase generally and that in Bank to much more Nor can it be thought that the Landed-men who must needs have the prevailing Interest in Parliament can long neglect those Advantages which would set them upon an equal bottom with the Traders and Usurers The most weighty Objections which I have met with against this Bank are these two Obj. 1 That the subscribers of Money are not secure because the Landed-man may withdraw his Estate Answ 1 But it is to be considered That this hazard is the same to every Landed-man that continues in and besides all bear their pro portions while they stay in and pay at their going out and therefore are upon equal hazard Answ 2 If I mistake not the Monied-man may have Credit for 3 4ths of the value of his whole Subscription and extend that Credit in Bank bills and if this use of his Stock would not for that time be like a With-drawing so much yet if he should never be able to bring this back to the Bank this might be worse than a Landman's with-drawing his Land Answ 3 The Subscribers of Land either come with clear Estates or owe Money upon them In the first case the monied Man has great reason to be thankful that they give the Bank Credit for 2000 l. actually conveyed and in effect brought in to every 1500 l. subscribed in mony when but a 10th part is paid in and possibly there may never be 4 10ths more And if any Landed men should withdraw the Benefit that is expected and would be