To the Honourable the Knights, Citizens and Burgesses, In Parliament Assembled.
THE last Sessions of Parliament I presented the Honourable the Commons in Parliament then sitting, with Proposals for setting up a National Land-Bank in favour of the Freeholders and Trading Part of the Kingdom, which the Scarcity and Badness of our Money, together with the necessitous Condition of very many Freeholders of England, who were almost crushed with the Weight of high Interest and Taxes, did render necessary to be done. And in order thereunto a Bill was brought into the Honourable House of Commons, and a considerable Progress was made therein by the Committee, but for want of Time the same was not reported.
I thereupon fully determined not to proceed any farther in what I designed until I had Authority from your Honours for my so doing: but some Gentlemen so soon as the Parliament was prorogued, formed the Model of a Bank out of my Book, which I presented that Honourable House, intituled, A Discourse on the late Funds, which they christned by the Name of the Land-Bank, but excluded the Freeholders from the Benefit I intended them; and proposed no less Profit than 30 or 40 per cent. per annum, among a few Money-Subscribers. I thereupon laid open my Books of Subscriptions for Land and Money for a Fund for a National Land-Bank; to which several Noblemen, Gentlemen, Merchants and others, have subscribed a considerable Value. And upon the several Prorogations I constantly attended that Honourable House, to lay before them what from time to time was done therein.
As in Duty bound, I come now to lay the same before this Honourable House, as it is calculated not only for the Advantage of Trade, but also for the Benefit of the Freeholders, who have all along been contributory to the Taxes for carrying on the War, and Support of the Government, and who have not met with the promised Assistance from the Bank of England.
I humbly request your Honours Countenance and Assistance therein, and beg leave to subscribe my self,
A short ACCOƲNT of the National Land-Bank.
THere are Estates subscribed by several Noblemen, Gentlemen, and others, to be settled in the said Bank, to the Value of above 200000 l. per annum, which Estates are to be settled in order as they were subscribed.
Every Person who shall settle his Estate in the said Bank, may have Money upon such his Settlement to the Value of three fourth Parts of such Estate, at 3 l. 10 d. per cent. per annum Interest, and may repay the same or any part of it whenever he pleases.
No Gentleman nor his Estate is to be chargeable, or stand charged for more Money than what he himself shall take up of the Bank, without his Consent.
Such Subscribers of Land who will subject their Estates to bear a proportionable Part of all Losses, shall have a proportionable Part of the Profit of the Bank; and the first 200000 l. per annum settled upon those Terms is to be the Fund of Land for securing the Bills that shall be issued out by the Bank.
To circulate the Bills of the Bank a Million of Money was proposed to be raised by Subscriptions, payable one tenth Part every Quarter, whereof 650000 l. is subscribed.
The Subscribers of Money are to have 3 l. per cent. per annum paid them for their whole Money subscribed, to commence from the 10th of October last, and a proportionable Part of the Profits of the Bank with the Land-Subscribers. And in regard no more than 1500 l. can be lent upon 2000 l. Value in Land, 1500 l. in Money is admitted equal in Profit and Loss with 2000 l. worth of Land.
There are to be two General Meetings of the Subscribers or Persons interested yearly in the Months of June and December.
The Management of the Bank is proposed to be in 37 Directors, 36 of which are to be annually chosen by the major Part of all Persons interested in the Bank, and are removable at any time for Misdemeanor.
The Directors, or any Number of other Persons interested in The Bank to the Value of 50000 l. in Land or Money, may call a General Meeting when they please.
The Accounts of the Bank are to be made up every half Year, and laid before every such General Meeting for their Perusal.