Selected quad for the lemma: fire_n
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A60872
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Some thoughts of the interest of England Shewing first, how the nation may be eas'd of all manner of taxes at the small charge of two pence per pound, on the annual incom. Secondly, how to reduce all exchequer tallies (if there be ten millions of them) to a par with money, paying only two and a half per cent discount. Thirdly, save the nation all the interest the king now pays (which is about one million per annum) by a lover of commerce.
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Lover of commerce.
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1697
(1697)
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Wing S4629; ESTC R214020
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5,256
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16
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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 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 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 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 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 it s 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 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 Out-parts 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 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 FINIS