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A48293 Proposals to the King and Parliament, or, A large model of a bank shewing how a fund of a bank may be made without much charge or any hazard, that may give out bills of credit to a vast extent, that all Europe will accept of rather than mony : together with some general proposals in order to an act of Parliament for the establishing this bank : also many of the great advantages that will accrue to the nation, to the crown, and to the people, are mentioned, with an answer to the objections that may be made against it / by M.L. Lewis, M. (Mark), fl. 1678. 1678 (1678) Wing L1848; ESTC R29943 42,251 47

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these Banks will encrease the Cash of the Nation and bring in much of the Bullion of Europe hither what good will this do us it may make us a prey to our Neighbours who will be ready to Invade us for our Wealth This is the condition of the Spanish Indies It is Arms Ammunition and valiant Men that make a Kingdom safe Answ The World is not ruled now as it was in former times Men then were more salvage and made War their imployment little Principalities did continually Invade one another as the Indians now do warlike provision was accounted the greatest Riches and Steel esteemed above Gold yet even then mony was accounted the Sinews and cords of War Now people are degenerated into a more soft and effeminate ways of living and must have other kind of Provisions at home and abroad and other kind of preparations are used now than were used formerly which cannot be procured and maintained without mony Europe is now Associated into great Bodies and those that have the command of mony command all their Neighbours Holland not bigger than Yorkshire nor valiant above their Neighbours have made a great bussle in the World by virtue of their mony and stood before Two Mighty Princes It is not so much the innate valour of the French that makes them so formidable as the vast sums of mony squeezed out of the people and prudently husbanded at home and abroad that makes them thus Rampant If we had the command of five or ten Millions of Mony on an instant and would employ it as they do we should quickly pluck their Plumbs and make them vail bonnet to us these Banks as I have shewed will make this provision in a short time As for the Spanish weakness in the abundance of their Wealth the reason is they neglect industry and decline Trade A People that become vastly rich by honest labour and industry in Trade will be in a condition to defend themselves when ever they shall be attackt There seems to me a kind of necessity for us in order to our preservation of maintaining a Hundred Sail of Men of War in the Summer and half so many in the Winter though we have no War that we may maintain our Soverainty at the Sea and be in a readiness with Seamen and Shipping in case of a breach with our Neighbours though we do not Invade them on the Land yet we may defend our selves and offend them so as to destroy all their Trade A part of the profit of these Banks would do much of this Object It will be a great while before these Banks can take such an Effect as to produce any tollerable profit Answ All great things have some convenient time to come to their Maturity The Oak requires some years the Hemlock shoots up in a few weeks Rome was not built in a day The great good these Banks will at last produce will pay for all our pains and patience Answ Upon a general satisfaction the Fund is good which may be easily given we cannot tell how soon a tollerable Effect may be produced it will cost no great matter to trie the Proposals seem very natural and the Nation seems disposed for such a thing therefore we may expect it will ripen sooner than if the thing were forc'd Persons when they sow Wheat wait a year before they have a Harvest and are not sure how it will prove till they have it in the Barn Such a Term will probably determin this thing I hope no bodies Patience will be tired in that time As to a Register the grand cheats daily committed proclaims it in some kind necessary I shall need to speak little on the behalf of it only it will be very convenient that these Banks may have Security to extend their Credit upon I shall endeavour to answer some material Objections that may be brought against it Object Why should Registers be more necessary now than they have been heretofore Answ The way of conveiancing heretofore was by a Deed inroll'd which the Purchaser might read if he pleased or by Livery or Seisin in the face of the Country which many might take notice of but now Estates are setled in Trust privately or by Lease and Release which the wisest of Men cannot discover if there be a design and intention to deceive hence Titles are uncertain and Land formerly worth Twenty or two and twenty years Purchase when mony was at Eight in the hundred is now not worth above sixteen or eighteen though the common Interest be but six in the hundred and doubtless will fall lower still unless some speedy course be taken to prevent this mischief Object If Registers should be set up and Titles cleared many Law suits would be prevented and Lawyers that have now imployment little enough would have much less Answ It s very true as Registers would prevent frauds so they would anticipate many needless Law Suits but what ever imployment in the Law the Gentlemen of the long Robes should lose by a Register they would get for many years to come by managing these Registers and further there would be a constant Imployment for many hundreds of Gentlemen belonging to the Law in the managing these Offices shorten the number of Atourneys and Soliciters that are to the Baristers as the Apothecaries are to the Doctors and they would have a much better imployment than they now have Object If Registers should be set up those that are in Debt will be discredited and what should become of those that have Mortgaged their Lands twice or thrice over they will he ashamed and destroyed when their double dealing is found out Answ I propose a voluntary Register for the things past and those that judge it will not sute their Interest may forbear Registring their Estates till some occasions be for a new settlement Answ I do not know any thing that will be a greater relief to persons in debt and to such as have Mortgaged their Lands twice over than these Banks and voluntary Registers Suppose a Gentleman hath a thousand pound per Annum and hath borrowed upon his Estate eight thousand pounds of one man at London and eight thousand pounds of another at York intending by good Husbandry or the Marriage of a Son to pay off one of these Debts before they be known but is disappointed at last the Creditors come to know this double incumbrance and presently both fall fowl upon their Debtor till the Estate is torn in pieces the Family destroyed and the poor Gentleman dies in Prison this is the condition as such persons are liable to without a Register Turn the Tables suppose these Banks and a Register the Mortgager declares his condition Registers his Land at the end of six Months it appears there are no more incumbrances upon it he sells his Thousand a year for Twenty five thousand pounds pays the Sixteen Thousand pound Debt hath Nine thousand pounds left for himself and Family for Land
the thing will justifie the prudence of the Parliamont to attempt it whilst it doth not seem impossible Some Out-lines Or a rough draught of some Proposals preparatory to a Bill In order to an Act of Parliament to facilitate the return of Mony to prevent Robbing as also to quicken Trade and bring in Bullion to the Mint by raising a Bank 1. WHereas diverse Robberies are daily committed to the loss of many mens lives and sundry Robberies are pretended to be committed to the damage of the Hundreds where they are done or pretended to be done 2. And whereas great inconveniences do accrue to the Crown and People for want of an expeditious and secure way of returning Mony from one part of the Nation to another 3. And whereas Banks are very advantagious to Trade and in maritime places do exceedingly increase Seamen and Shipping 4. And whereas for want of these Banks which do much increase the Running Cash Trades-Men are forc'd to deal upon trust to their great loss 5. And whereas no Nation let the staple Commodity be what it will even Gold and Silver it self can grow and continue great without Trade 6. And whereas the growth increase and continuance of Trade depends upon a capacity of bringing in a competent quantity of Bullion to the Mint to increase our stock of Coin and to repair the wast of our runing Cash 7. And whereas those pious acts to relieve necessitous persons through the exorbitancy of the Poor and other abuses are become a grievance 8. And whereas sundry frauds do happen in the receits and payments of greater sums of Mony 9. And whereas the owners of Houses Lands and Ships are not able to supply themselves with Mony upon them by reason Titles are uncertain 10. And whereas diverse persons let their Mony ly dead by them lest they should make bad Debts 11. And whereas sudden supplies of mony are necessary to the Crown and Kingdom in case of any rebellion at home or Invasion from abroad 12. And whereas Mony Banks are in danger of violence in case of any disturbance amongst the People where they are not kept in a fortified Town and secured by an Army 13. And Lastly Whereas the great difficulty in setting up Banks is to provide a considerable quantity of ready Mony to answer all Bills when they shall be brought to them It is proposed that a Bill may be prepared that the Kingdom of England and Dominion of Wales may be divided into several Precincts in manner and form following That is c. Also it is proposed that in the most convenient place of each of these Precincts an Office shall be erected for the returns of Mony and for the making of greater payments namely an Office shall be erected at York c. It is proposed that the Town where these Offices shall be setled shall keep a Watch for the security of the Office against Robberys It is proposed that the Neighbourhood within the Precinct according to their Estates shall choose one to be Master of the Bank and they shall choose twenty four assistants to him each of which shall have 50 per Annum On the First Tuesday in October at the place where the Office is appointed that is every person that hath 10 l. per annum or 200 l. personal estate shall have one voice and every one that hath double that estate shall have two voices and so upwards till you come to 100 l. per Annum he shall have ten voices but none shall exceed that number It is proposed that each of these Offices shall have a Seal and be Incorporate It is proposed that a return shall be made from every Parish to the two next Justices of the Peace of the estates every one hath within their Parish It is proposed all the Justices of the Peace within the Precinct shall be present at the election and shall have the oversight and management of it This Master of the Bank shall be a person of estate who by himself and friends may give security that the Neighbour-hood shall not suffer by his neglect or irregular actings The Master of the Bank shall have a Salary of and shall choose one or more Clerks to be approved of by his assistants who shall have a Salary of out of the clear profits The Master of the Banks and his Clerks shall attend the Office at such times as the assistants shall appoint The major part of the assistants shall be necessary to make a Coram and shall meet the first Mondy in every Month and oftner if need requires to assist the Master as there shall be occasion and shall be allowed for each meeting It is proposed that the estate of the whole Precinct real and personal shall be obliged to make good the acts of the Bank as in the case of Robberies It is proposed that all persons whosoever shall have liberty to pay any sum of Mony above 5 l. or upwards into these Offices which shall be repaid him again at any Office where he shall desire it If the return be immediately to or from London the Mony shall be paid in six days but if the return be double that is from York to Bristow which must be by London fourteen days shall be allowed All persons returning Mony shall pay one peny the pound if the return be above a hundred miles and one half peny the Pound if the return be under a hundred miles but shall be at his liberey to return it cheaper if he can Provided never the less that all his Majesties Monies shall be returned gratis and also be made Bank Mony gratis It is proposed that a private Mark shall be agreed upon between the Office and the person returning Mony to prevent the loss of the Bill by Thieves It is proposed that if by any accident especially at the first setting up these Offices there be not Mony in specie to answer all persons desiring it the Office shall give the Creditor a Bill of Credit for his Mony for three Months and shall pay the common interest during that time unless Mony in specie be provided sooner and if then the Office do not day the principal and interest the Creditor shall recover it of the Province by such means as shall be appointed and so shall all other persons that are not justly dealt withal It is further proposed that all greater payments of 100 l. or upwards shall be paid through these Banks by the Debtor to the Creditor else they should not be good in Law Provided nevertheless that all lesser payments of 5 l. and upwards may be paid into these Banks if the Debtor pleases It is proposed that if any person desire to leave his Mony in specie to be kept by the Banks and takes a Bill of Credit he shall pay in Mint Mony or Tin Mony into the Bank or he shall pay so much in the hundred as the superior Office shall direct It is proposed that all Mony left