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A55526 Humble proposalls to the honorable the Councell for Trade and all merchants and others who desire to improve their estates, shevving what particulars if enacted by Parliament would (as with due submission is conceived) conduce to advance trade, imploy the poore, diminish interest, improve publique revenues; and prevent the cruelty of creditors, and the injustice of debtors. Tending (likewise) speedily to promote the enterprise discovered in a late treatise, entituled, The key of wealth, and in an abstract thereof, called, The trades-man's jewel. Potter, William. 1651 (1651) Wing P3033; ESTC R218337 7,001 19

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HUMBLE PROPOSALLS TO THE Honorable the Councell FOR TRADE And all Merchants and others who desire to improve their Estates SHEVVING What particulars if Enacted by Parliament would as with due submission is conceived conduce TO Advance Trade Imploy the Poore Diminish Interest Improve Publique Revenues And prevent the cruelty of Creditors and the injustice of Debtors Tending likewise speedily to promote the Enterprise discovered in a late treatise entituled The Key of wealth And in an Abstract thereof called The Trades-man's Jewel ECCLES 3.13 That every man eateth and drinketh and seeth the commodity of all his labour this is the gift of God PSAL. 82.4 Deliver the Poor and needy save them from the hand of the Oppressor LONDON Printed for Edward Husband at the Golden Dragon in Fleet-street 1651. To the Reader Courteous Reader WHen I first undertook to publish my Apprehensions concerning the Enterprise mentioned in a Treatise called the Key of Wealth truly I did expect much charge and toil but considering as I then noted the general aversenesse of mens minds towards those things which are vulgarly called new devices I had little hope of fruit during my present life either to the Nation in generall or to my self in particular other then the comfort of doing my duty in sowing that seed which happily being rotted in the earth might in time spring up to the advantage of some succeeding generation And I must needs confesse my fear of being esteemed one given to self-conceit bringing my name on the stage upon that account I found to be the strongest temptation I had to wrastle with But seeing through the good hand of providence what I have hitherto proposed is generally resented by those who haveperused the same it gives me now some ground to expect better things which I cannot but esteem a speciall call to lay out the utmost of my weak ability in prosecuting a matter of such universall concernment And for that amongst other particulars already intimated there is one which tends by making Bills currant throughout the whole Nation at once to bring on with much greater facility and speed then otherwise can be expected all the rest of those wished consequences which will necessarily follow from the practise of the aforesaid Enterprize It is my purpose to shew first how this may be effected referring other things as in some sort depending thereon to such further opportunity as God shall be graciously pleased to grant In the mean time I defire still to remain Hopefull and sollicitous of Englands prosperity W. Potter SECT I. THat according to the revolution of money or that which goes for such such is the revolution of Commodity or Trade is doubtlesse as I have intimated in my former discourses evident to all men Now if every person who hath money owing to him had a Bill expressing the sum and day of payment and if this Bill would passe from hand to hand for commodity until such day of payment this would tend exceedingly both to the Advancement of Trade Imployment of the Poore and Encrease of Custome and Excise For suppose a Debtor owes his Creditor 100. l. to bee paid at Six months if this 100. l. passes no further till the end of those Six months in this case it lies like money hoarded up in the hands only of that Creditor whereas if it could in the mean time bee made to passe in a Bill through six or eight hands like so much money it would beget six or eight times as much return of commodity Now if all the debts of the Nation were given thus in Bills unto the Creditors it would amount to a sum of as great a value as the Credit of all the Tradesmen in the Nation which is usually two or three times as much as their Estates This sum if it could bee returned in commodity six or eight times in half a year that is twelve or sixteen times in the whole year would prove to be of incredible advantage Again if I have a Bill for 100. l. payable at six months with interest at 8 per Cent. and keep this Bill three months in my hands before I have occasion to transferre it to any other it wil at the end of three months be valued at 102. l. and hee that receives it if hee keeps it the other three months is to be allowed 104. l. for it So that whereas hee who receives money hath no kind of advantage during the time of its lying by he who receives these Bills hath that which like the fruit of a tree grows whilst it is in his possession Now if it be doubted how such a quantity of these Bils may First be dispersed throughout the whole Land immediately and Secondly Made to passe from hand to hand in such sort as is here expressed I referre you for that to what follows SECT II. TO the end that the two things last premised may bee speedily accomplished let it be admitte That there were an Act of Parliament ford removing the obstructions in Law and other difficulties that are found in transferring of Bills from one to another to which purpose there is a Petition it seems already presented whereof I am very glad yet I humbly desire that the things following may also be considered viz. That it were enacted that such Bills shall be payable in Law before any Book debts Bills or Bonds whatsoever viz. in the same rank and order and in all respects in the same manner as if a man had confessed a Judgment upon his whole estate for the payment thereof That whosoever accepting of these Bills transfers them to any other person shall being caused to subscribe them be liable to the payment of them equally with him that first gave them forth as jointly bound with him in such sort as in Bills of Exchange the underwriter is obliged as wel as the Drawer That whosoever hath any debts owing to him at the time of this Acts commencing shall have power to demand such Bills of his Debtor and the Debtor shall not deny to grant the same under a certain penalty Provided That all debts contracted before the commencing of this Act for which there is such Bills as aforesaid taken shall be payable before any other that shall afterwards be contracted and that in the same rank and order as they would have been payable though this Act had never been made Many other things which I shall referre to debates by word of mouth are needfull to be added chiefly in order to the preventing of cheats by counterfeit Bills But these particulars being Enacted it would follow That no man for the future would deliver ware upon trust without such Bills and those that had already so delivered ware would immediately upon the commencing of this Act demand such Bills from their Debtors The reason is cleer because no man would bee willing that another should have better security then himselfe when he himselfe may have the same security for asking which