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PROPOSALS Humbly offered to the Consideration of the Parliament, To repair the Loss by Three Millions of Clipp'd Money, without any charge to the Nation for Fifteen Years, viz.
I. THERE is in the Million-Lottery Adventure 97500 Blank Tickets, and each Ticket entitles the Bearer to 1 l. a Year for fifteen Years, which must produce 15 l. in fifteen Years.
II. It is humbly proposed, That a new Act may pass for the Lottery Fund to be continued five Years longer, which will be no charge till the fifteen Years are expired.
III. That the Owner of each Blank Ticket bringing his Blank to an Office appointed for that purpose, and with it 11 l. in Clipp'd Money, the Blank so brought in to be fill'd up and registred, the Clipp'd Money to be melted down at the Mint, and Coin'd into Mill'd Money; whoever brings a Prize of 10 l. per Annum, may have it valued equal to ten Blanks, and so in proportion for the highest Prize in the Million Lottery.
IV. The Person that brings in the Blank Ticket with 11 l. in Clipp'd Money, shall at the same time receive a Bill for 20 l. to this effect.
V. To take off the inconveniency of Clipp'd and Counterfeit Money; it is enacted, That this Bill shall pass, and be accounted as 20 l. Sterling in all Payments, as well in publick Receipts, as otherwise, under the Penalty of forfeiting — by any Person that shall refuse the same. Foreign Bills only excepted.
VI. That whoever is possessed of any of these 20 l. Bills at Michaelmas 1696. may send the same to the said Office, and receive 1 l. in Money, and a new Bill for 19 l.which Bill must pass in payment till Michaelmas 1697. and then receive 1 l. more, and exchange his Bill of 19 l. for a new Bill of 18 l. and so successively till the twenty Years are expired, by which means every one will receive his full value in Cash for each Bill.
VII. By this means more than one Million and a half of Clipp'd Money will come into the Mint, without any charge to the Nation, or loss to any one Person; for the Person that brings in the Clipp'd Money will have a Bill which is as good as Money, and the Government will be at no charge to pay the Bill, because the 1 l. that is paid Annually upon each Bill will be raised out of the Fund that pays the Blank Tickets and Prizes, so that the Million and half of Clipp'd Money will enable the Government to Coin Mill'd Money, and be ready with that to Change a Million and half more of Clipp'd Money, and give good Money for it, which will make this Proposal good, of repairing the loss by three Milli∣ons of Clipp'd Money.
VIII. When three Millions of Clipp'd Money is melted down, it will much lessen the Quantity, and is hoped will take it all away; but if more remains, this Proposal may be enlarged to take off the Remainder without any further charge for twenty Years.
IX. That a short Day be prefixt to forbid passing Clipp'd Money in payment, and whoever does not bring his Clipp'd Money to be changed by the Day limited, shall lose the benefit of having it changed, and prosecuted as a Clipper if he or she offers any in payment; by which means the Broad Money may venture safely abroad without fear of being Clipp'd, and will be useful, which now is laid up and becomes useless, both to the Owner and Nation.
X. But if all Clipp'd Money be call'd in, and nothing left to supply Trade, all Commerce must cease till new Money can be Coin'd, therefore it will be necessary that something equivalent to Money be ordered to supply the place thereof, which these Bills here proposed will effectually do, if this Honourable House shall think fit by any Act to make them pass.
XI. If these Bills shall be thought too large, they may for the conveniency of payment be made into 10 and 5 l. Bills; and if found incon∣venient, when the War is ended, may be paid off by such a Tax as the Parliament shall think fit, and then the Fund may cease.
XII. To prevent the Counterfeiting these Bills, and give all Persons assurance of their being Authentick and True, such Methods will further be offered to this Honourable House, or any Committee they shall think fit to appoint, as will it's hoped Answer all Objections in that parti∣cular.
Object. I. It may be objected that this Bill ought not to be forced in payment.
Answ. Neither ought Clipp'd Money; and altho by the Law no one is compell'd to take it, nevertheless Custom and Necessity has made it currant Payment; therefore of two Evils it is safest to chuse the least. Now it is evident, the Bills are the least, because they do lessen every Year by Annual Payments, but the Clipp'd and Counterfeit Money daily encreases upon us, and has neither a present nor relative Value, which the Bills have, being secured upon a good Fund.
Object. II. Great number of Blanks and Prizes are bought up, and made a Fund for the Million Bank, and not to be had.
Answ. The Blanks are not more worth than 6 l. 18 s. and the Prizes than seven Years purchase, and no doubt but profit will bring them out where-ever they are; for by this Proposal there will be near 30 per Cent. advantage, besides the benefit of getting clear of the Clipp'd Money.
Object. III. Some Persons have Tickets, but have not Money to pay in upon them.
Answ. Those that have not Money, may be supplied by others that have no Tickets; so that they will be mutually Serviceable to each other; and whoever has more Tickets than he shall make use of himself, making it publick he need not doubt a Chapman.
All which is humbly submitted to the Consideration of this Honourable House. By