I Received a Paper from you, which I have returned you again here inclosed, intituled, Observa­tions upon Dr. Chamberlen's Project of Trade; upon which you desire my Remarks: But upon Read­ing the Paper, I find the Objections so weak, and so ill digested, that I thought it not worth my while to spend either Time or Paper upon them. However, to gratifie your Request, I have sent you my Observations upon them, and I think have fully Answered them; only I have not done it in order, as they stand in his Paper, but as I found it was proper for the fully stating and clearing of the Business.

I doubt the Gentleman, who sent you this Paper, hath not read your printed Paper; if he hath, Mr. J. B's Com­mendations of the Design, tho 'twas for 150 years. surely he doth not understand it, else he would not have laid down so false a Position, and from thence have drawn as erronious a Conclusion: I do profess, without Flattery, the Design seems to me so well laid, that I did not believe that any Person born beyond the River Tweed, (as I find by the Gentlemans stile he was) could have objected against it. Hath a Man a clear Estate in Land? Further Com­mendations. His Estate will certainly be improv'd by this Project, and he shall have undoubted Security to have This mistaken for 40, as in the Printed Proposal. 30 years purchase paid him for his Estate, the same day the Act passes. Is a mans Estate incumbred, and without hope of Redemption? Here is a fair Opportunity to clear his Estate. Hath a Man Money and no Land? He will have an Opportunity (which he ne­ver yet had) to improve his Money in the National Trade to be established, Commendations continued. altho he hath no Skill or Un­derstanding in Trade, as in our East-India and African Companies, where a Widow or Orphan may have as great an Interest in the Trade, as the Skilfullest Merchant. The General Be­nefit by it. Hath a Man neither Land nor Mo­ney? If he hath Credit, he will find (if the Project succeeds) such Plenty of Money, that he cannot fail of Money upon easie Interest to raise his Fortunes. But if a Man hath neither Land, Money, nor Credit, he may indeed, with the Fox in the Fable, who had lost his Tail, advise the others to cut their Tails off, 'Tis a piece of wisdom not to re­ject this Proposal without solid Reasons. Opposing this, was an Argument it was not under­stood. because they were too cumbersome: But I do not in the least doubt the Scotch Nation will be so wise that, as they will not Receive, so they will not Reject this Project, without solid Reasons. And because the Gentleman, who hath sent these Observations, hath entred upon a Business he doth not at all understand, I think it highly requisite he be undeceiv'd; and therefore what I have said is enough by way of Preli­minary. I shall proceed now to make my Remarks upon his Observations.

In his First, Third, Sixth and Seventh Observations, which are all of one Piece, and therefore I shall answer them together. The Gentleman saith,

That Money being the common Measure of Commerce, The Gentle­man's Obje­ction. all Nations are scrupulous in introducing new Species, or Value of Coyn, and no Nation have bettered their Trade, by making considerable Alteration in their Coyn; it being the Prudence of a Kingdom to preserve such a Standard of their Coyn, as does in some measure agree with that of their Neighbour Nations, which this Copper Coyn does not; And whatsoever lessens the Credit of Coyn, does proportionably lessen and weaken the Credit of Trade, and consequently must tend to the loss and damage of the Nation.

The Doctor in the Fourth Consideration of his Printed Paper tells you, Answer. Credit is here allowed by Mr. J. B. to answer Mo­ney. He prefers Land Credit to the Dutch, and ac­knowledges it may be an Instru­ment for greater Trade h [...]n the Dutch. Credit serve, for Money. That the greatest Tradings in the World are carried on not so much by a Species of Money, of Stock and Cash, as by a great Credit; and he instances the United Provinces, where Credit is the chief Instrument of their Commerce; and that their Credit is raised more upon an Opinion or Reputation, than upon a real Fund; and thereupon the Doctor in the Fifth Consideration proposes an Evident and Firm Security upon Land, as a more Substantial Fund of Credit, for the carrying on and establishing as great or greater Trade in the Kingdom of Scotland; And this New Species of Credit the Gentleman terms a New Species of Coyn, and frames his Arguments and Observations thereupon; Whereas these Talleys are no more a Species of Money than Bankers Bills, or the Bank-Money of Amsterdam. As for Example: The States of Holland, who are a wise and cunning People, to supply the Exigence of the State, and want of Money for Commerce, [Page]did Erect a Bank of several Millions of Money, which is at this time no more than an Imaginary Cre­dit, Mr. B. finds no fault with the largeness of the sum, tho for Scot­land, a poor King­dom, destitute of Trade. established upon little or no other Fund but the Publick Faith. The intended Project for Scotland, (for the same Reasons, especially the latter) is to coyn as many Millions of Money upon the Publick Faith of the Kingdom, and a solid and permanent Fund of Land, over and above. The Bank at Am­sterdam makes use of Paper to transfer and make passable the Credit thereof from one to another. The intended Bank in Scotland proposes to make use of some Metal, as more durable, to transfer their Cre­dit from one to the other. Now the Gentleman might with as much Candor and Reason have argued thus: Proof of the goodness of Cre­dit, as to its ser­ving the Uses of, Money. Mr. B's indigna­tion at the Argu­ment, and further proof of the be­nefit of Credit. A piece of Paper is not of equal value with one hundred, or one thousand Pounds Sterling Money, Ergo the Dutch introducing a New Species of Coyn, viz. their Paper-Money, which bears no Proportion to the Stan­dard of the Coyn of other Kingdoms, must consequently lessen their Trade, and tend to the loss and damage of their State.

Now what a parcel of Stuff is this? And yet the Parallel is as plain as it is Day at Noon; and it is as vi­sible to all the World that by this their new Species of Credit (or Paper Money you may call it, if you please) together with their Industry, they are grown to be as great Traders, and as Opulent a People as any in the VVorld.

Yes, O j ct. 8 saith our Observator; but (Objection 8.) saith he, Your inference of the Usefulness of the intended Copper Coyn, from the Parallel between it and the Bank of Amsterdam, and Goldsmiths Notes, and Wooden Tallyes, is a meer Fallacy: For these have a true and solid Foundation of Credit; Whereas the Credit on Copper Tallyes is unusual and imaginary, and is to depend upon a Statute which may prove impracticable, and destructive to the Commerce of the Kingdom at Home and Abroad.

Had one of our Nation said that the Lands of Scotland, Answer. L [...] he believes the [...] what is here done by Law, is equal to an A [...] of Par­liament in Scot­land, especially where Credit is not imposed, as was intended by the Scotch Act; but to be free as Goldsmith Notes and Bank-Bills. settled for the aforesaid Uses by Act of Parliament, as a Fund for a Bank of Credit, are imaginary; I believe the Gentleman, if he hath any value for the Honour and Reputation of his Countrey, would have highly resented it: But let the Gentleman take what Freedom he pleases with his Countrey, I am of opinion, That the Lands of Scot­land, settled by Act of Parliament for a Fund of Credit, are better, and a far more substantial Fund, than the bare Promise or Publick Faith of any Kingdom or State, without any real Fund to answer it. And as to the Bankers Bills and Timber-Tallyes, the shutting up the Exchequer in England, and the failure of so many Bankers, are too fresh in our Memories, for us to believe that they are a better and more substantial Fund than the Land in Scotland, settled by Act of Parliament.

As to the Second Observation, That plenty of Money and Riches is the genuine Effect and Product of Trade; Object. 2 The Value of Credit. this we readily grant: But by the Gentlemans Favour, Credit is the Causa sine qua non; No Nation was ever known to grow rich by Trade, where the Current or Intercourse by Credit is stopt; and that Credit, which is the Primum Movens, or chief Engine of Trade, can ruine it, I confess to me is a Pa­radox. But the Gentleman saith further, That these Tallyes are Copper, and of a fictitious Value, to be decreed only from a new Statute. I am afraid the Legislators of Scotland have disobliged this Gentleman: I thought only an Act of Parliament had been all that a reasonable Man can desire, in order to confirm his Title; and for my part, I shall never seek after a better Title to any Estate I have, if I have only an Act of Parliament to confirm the same to me and mine.

As to the Fourth and Fifth Observations, Obj ct. 4, 5. That the Nation trusts the Projector, who is Debitor to the Nation for the Statutory Coyn, or the value of the Money, as he shall be authorized to Coyn, or strike into Copper Tallyes; that the allowing the Advantage intended to the Sellers of Land, is a squandering the Publick Credit of the Nation, for the gratifying particular Persons, and will redound to the hurt and prejudice of the Nation in general.

The Doctor in his Printed Paper Proposes, Answer. Mr. S. believes it not be [...]ow the Best [...]n the King­dom to be Tru­stees. [...]o that 'tis no indecent pre­sumption in the Dr. to submit his Office to Visitati­on of such as are Trusted for State, Law, and Equity. M. B. justifies the Pro [...]ect against all Objections. Mr. B's further good opinion of my Design. That Trustees should be appointed by Parliament, who alone were to have Power to Authorize the Covnage, and order the Distribution of them; and there­fore it is plain there is no Trust reposed in the Doctor, but in the Trustees, who are proposed to be the most considerable Persons in the Kingdom, to be appointed by Parliament. And as to the Advantage the Sellers of Land may reap by this Project, this Gentleman needs not envy them, since he and as many of the Nation as have Land, may reap the like Advantage, if they settle their Land in the said Fund. But since the Objector doth not think the Lands of Scotland any more than an Imaginary Security, being settled on­ly by Act of Parliament, I must desire his Pardon, if I do not believe that this Project will be Ruinous, Dan­gerous, Destructive Loss, Damage, of Ill Consequence to the Nation (as he is pleas'd to represent it through­out his Paper) only upon his ipse dixit, when the contrary is so palpably visible.

Sir, I doubt I have been too prolix; This I have said, being what at present occurs, for I have not time to spend upon thinking of this your Design, as it merits: As is the Scotch Nation, so consequently the thing will be Foreign to me; only if I may be admitted to fling my Mite into their Joynt Stock, if it succeeds, This were to be wished. I shall be not only Industrious, but faithful to the Interest in which I embarque; and my de­sire after the settling this in Scotland is the greater, The Design is so good, that it wants not Mr. B's good With [...]s for it [...] [...] in [...]. because I flatter my self, it will consequently introduce the same in England, which will render it the most flourishing Kingdom in the Universe. I shall only add, That I am,