Several assertations proved in order to create another species of money than gold and silver

SEVERAL ASSERTIONS PROVED, &c.

First Assertion.

That there seemeth a Necessi∣ty of creating another Spe∣cies of Money than Gold and Silver.

BY Necessity I don't mean an absolute Necessity, but such a Necessity that ei∣ther this must be done, or a worse thing will ensue for want of it. The past Contracts

now depending in the Kingdom for payment of Moneys in Specie do far surmount all the Species of Money in the Kingdom; and be∣cause Money is become more va∣luable than Bills of Credit, there∣fore they that have the demands of it do and will demand it; and the more they demand it, the high∣er the price rises, so that the price multiplies the demands, and the demands advance the price, which renders the performance of these past Contracts to be impossible: And thus the Kingdom stands Stock-jobbed, by being obliged to deliver what they have not: And yet these Contracts (tho' they are impossible to be performed) are lawful, for by the Law where the Condition of a Bond is im∣possible, the Bond it self is abso∣lute, and the Obligee may sue for the Penalty, and have Judgment;

and if (in this Case) the Plaintiffs happen to be more than the De∣fendants, they may have Executi∣on too; but if the Defendants come to be more than the Plaintiffs, there's an end of the Law.

And notwithstanding that the whole Moneys of the Kingdom stand anticipated by the past Con∣tracts, the present Exigencies and the growing Contracts call for as much more, and 'tis impossible to answer these Demands but by the Money due on the former Con∣tracts, taking it from whence 'tis already due, and lending it to the present Wants; and thus the Pub∣lick have had the greatest part of their late Supplyes, (which I don't observe as a misapplication of the Moneys, (under our Necessi∣ties) but as an Evidence of our Necessities) Therefore for preserving the peace of the Kingdom, in relation

to the past Contracts, and for raising the present and future Supplyes, there doth seem a Necessity of creating ano∣ther Species of Money than Gold and Silver.

Second Assertion.

That this Necessity is no Cause to discourage Pro∣ceedings in publick or pri∣vate Affairs, but rather to force us upon an Inventi∣on which otherwise we should not find out.

All the Improvements in the World have been produced from the Necessities of Men, putting them upon Invention, according to that saying, Venter largitor Artium: Shame invented our Cloathing, Cold our Houses, Hunger our

Food, Sickness our Physick, and Rapine our Laws; Laws necessi∣tated Trade, Trade necessitated Money, and the multiplyed occa∣sions for Money doth now put us upon a necessity of inventing ano∣ther Species of it, and therefore we must find it out. What if the Spaniards Mines were exhausted, or the Laws of their Countrey (pro∣hibiting the Exportation of them) observed, must the whole World stand still? As Silver and Gold were invented for Money, when they were to be had, so when we cann't have that, we must in∣vent something else (which may be had) instead of it. The whole World once lay open for Man and Beasts to be Tenants in common of it all, but while it lay so, it was incapable of improvement, be∣cause no Man could preserve the benefit of his own Labour to him∣self,

and this forced men upon Agreements to inclose, and that every Man should have a Proper∣ty in his own Inclosure, which was the first initiating of Laws, and this Law forced Trade. For the Earth consisting of divers Veins, of different qualities, distant from one another, one man came to have occasion of something which lay in (alieno solo) another man's Inclosure, and so they exchanged with one another; but the things exchanged not being always equal in value, nor to be delivered at the same time and place, put men upon an Invention of Pledges, or security for the things delivered, until the value thereof should be returned in another Commodity; and these at first were but parti∣cular Tokens between one man and another, 'till by degrees Sil∣ver and Gold (having acquired a

certain value from the uses made of it for other things) became the common pledge of the World, and by further degrees the Values thereof came to be ascertained by Laws, which hath advanced it to an extravagant price, contrary to the original intention of it. The sole use of Money (as Money) is but to keep an Account of other things by; it is a Tool in Trade found out by the Policy of Man, and that it might not grow into any other use, the first Law of the World (foreseeing the mis∣chief) forbid those that had it, from taking Interest for the Loan of it, from any but those whom they designed to impoverish by it: But since this prohibited use of it hath advanced it above its origi∣nal institution, we must invent something else instead of it, as they who had the first Occasions

of Money did invent Gold and Silver: And therefore this Necessity is no Cause to discourage us from proceed∣ing in publick or private Affairs, but rather to force us upon an Invention which otherwise we should not find out.

Third Assertion.

That all Proposals for making Bills of Credit current Money directly, by Act of Parliament, can be of no use in this Invention.

For, 1. These Proposals are Un∣just, being more than the Law doth in relation to the Coyns of the Kingdom. The Law never makes the Coyns of the Kingdom to be current in any Payments but where they are agreed to be paid, but these Proposals would make these

Bills current in Payments, in which they were never agreed for, there∣fore they are unjust.

2. They are Illegal: I mean, they are an Inversion of Laws, which the Legislative Power have no power to do; their Name defines their power not to be absolute, but only a power of making Laws; and the intent of all Laws being for the preservation of Life and Property, whatever violates this In∣tent, is no Law. Should an Act pass, that every Man in the Kingdom should kill himself, or give his Estate to any one else that would do it for him, this would be no Law, nor any Man's Life or Estate bound by it. Now some Men have turned their Properties into Land, and some into Money, and all by Agree∣ments with one another; and should an Act pass, that a Man who hath agreed for, and purchased 500 l.

per Annum in Land, should convey that Estate to any Man who would pay him 10000 l. in Gold or Sil∣ver, this would be no Law; then by the same parity of Reason, should an Act pass that any Man who hath contracted for 10000 l. to be paid him in Money, should assign this Contract to any one, who would convey to him 500 l. per Annum in Land, this would be no Law; for if such Acts should be admitted as Laws, they put an end to all Laws. Men cann't deal but by Agreements with one ano∣ther, and if the Law will invert those Agreements, this puts an end to all dealing, and therefore these Pro∣posals are Illegal, by which I hope I shall not be censured as irreve∣rent of the Legislative Power, for I mention this in reverence to those Laws of which they are the Legi∣slators. I don't say, but one Man

may by Conquest get an absolute Power over another, but this is by Usurpation and Wrong, and not by Law; for all Laws are the Agreements of Men, and no Man ever by his own Agreement deli∣vered himself into the disposal of an absolute Power. God himself (tho' a supream Power, and abso∣lute over all) doth not demand Man to deliver himself up into his Power as absolute, but treats with him by a Law of Justice, in which he makes himself a Party, and stands obliged to the performance of several things, as the Condition of Man's Obedience, and therefore for man to assume a right of Go∣vernment by an absolute Power, is to set himself above God.

3. These Proposals are impractica∣ble, and (should they be grant∣ed) would be ineffectual. Sup∣pose an Act should pass, that a ten∣der

of a Bill of 100 l. should be a sufficient tender of 100 l. contract∣ed for in lawful Money of England, and the People should think them∣selves bound by this as a Law, then their study would be to evade this Law, by changing their Con∣tracts from lawful Money of Eng∣land to some other Species, As so many Ounces of Gold and Silver, which would not be construed to be law∣ful Money of England, and so then the Act would not reach it; and if the Act should follow these Con∣tracts, and be changed as often as the Contracts, it must at last be so general, that a tender of a Bill for payment of 10 l. should be a good tender for all Commodities agreed to be delivered of the value of 10 l. and so when a Man had contracted for a Horse, he should have a Bank Bill delivered him to ride on, and therefore the Proposals

are impracticable, and (if granted) would be ineffectual.

4. These Proposals are fallacious, and carry a Cheat in the bottom; for the Bills being given out for pay∣ment of Money, if the Law re∣leases the payment of the Money, and makes the Bill it self a good tender, there's nothing left to an∣swer the Debt but the Paper or Parchment on which the Bill is written, which is worth nothing, and therefore the Proposals are fal∣lacious, and carry a Cheat in the bottom: And for all these Reasons they can be of no Use in this Invention, of finding out another Species of Money than Gold and Silver.

Fourth Assertion.

That this Species must be made of something that hath all the Qualities of Money.

Money hath these several Qua∣lities: First, The Mettal of which it is made is Valuable, from the other Uses made of it; for Silver and Gold do not receive their Value from being made Money, but Mo∣ney receives its value from being made of Silver and Gold: For Mo∣ney (as Money) hath no other value than Figures or Counters, by which Men keep Accounts with one another; but because Mo∣ney is now become a common Pledge, it must be made of some∣thing that hath in it self a real

Value from other Uses, whereby whoever hath these Tokens, may purchase any Commodity with them, according to their Value in weight in all other places as well as where the Money was coined, and therefore nothing can be made Money but what is thus valuable, from the other Uses made of it. The Second Quality of Money is Dura∣bleness and Incorruption, which is al∣so Necessary. The Third Quality is Divisibleness into greater or lesser-peices, without which it cannot be used as Money. Fourthly, The Value of each piece is certified by the stamp, without which it could not be used as Money, by the common People. Fifthly, The Title thereof is readily transferrable; the Delive∣ry only makes it a Title: And this is as necessary for making it mo∣ney as any of the other qualities: For were the Titles of Land trans∣ferred

to the Titles of Money, it would cease to be Money, not∣withstanding all its other qualities; were it necessary to have a Lease and Release, Feofment or Bargain and Sale, and (if it came by the Wife) a Fine, to the Transferre of every peice of money, the Charge and Trouble of this would soon reduce our Nobles to Nine-pences. Now all these qualities being Ne∣cessary to Money, nothing that wants either of these qualities can be Money, Therefore this Species must be made of something that hath all these Qualities.

Fifth Assertion.

That whatever is capable of all these Qualities of Mo∣ney, is capable of being made Money.

The Philosophers define all Sub∣stances by Qualites; they say, That whatever hath all the qualities of a thing, ceases to be a likeness, and is become that very thing. Now I don't say, that whatever hath all the qualities of Money, doth thereby become Gold and Silver, but it becomes Money. Gold is money, and Silver is mo∣ney, and yet Gold is not Silver, nor Silver Gold. Things of diffe∣rent Substances may be put to the same use; Brick and Stone, Brass and Copper, Lead and Iron, may

be all adapted to the same Uses, being stamped into the same Forms; Therefore whatever is capable of all the Qualities of Money, is capable of being made Money.

Sixth Assertion.

That the Securities on Lands are capable of all the Qua∣lities of Money, and there∣fore they are capable of be∣ing made Money.

First, The Lands on which the Securities are charged, have in them∣selves a real Value, from the other Uses made of them, which need not be enumerated.

Secondly, They are durable and in∣corruptible: The Earth is the great Store-house of the World, where

all the magazines of Life and De∣fence are kept sweet and safe.

Thirdly, These Securities are divi∣sible into greater or lesser Summs.

Fourthly, The Value of each Secu∣rity may be certified by a stamp given to it.

Fifthly, The Title of these Securi∣ties may be transferrable, by delivery only: And all this is proved by Fact; And therefore these being all the Qualities of Money, and the Securi∣ties of Lands being capable of all these Qualities, they are capable of being made Money.

Seventh Assertion.

That these Securities of Lands being thus formed into the Qualities of Money, it is in the Power of the Own∣ers of the Lands them∣selves to make these Se∣curities to be Effective and Lawful Money of England, By reserving the Rents of their Lands payable in them.

First, This would make them ef∣fective Money: The use of Money is to buy Commodities, now these Securities will buy Land, and there∣fore they will buy all Commo∣dities. The common definition of

Money, That 'tis Money that buys Land, is comprehensive of all the uses of it; for whatever will buy Land will buy all Commodities. What we call Commodities is no∣thing but Land severed from the Soil: The Owners of the Soil in every Country have the sale of all Commodities of the Growth of that Country, and consequently have the power of giving Credit in that Country, and therefore whatever they will accept for their Commodities is Money. Man deals in nothing but Earth; the Merchants are the Factors of the World, to exchange one part of the Earth for another: The King himself is fed by the labour of the Ox, and the cloathing of the Ar∣my, and the victualing of the Navy, must all be paid for to the Owner of the Soil, as the ultimate Receiver, and whatever the ulti∣mate

Receiver will demand or ac∣cept, must be a Rule for the inter∣mediate Receivers to govern them∣selves by: All the other Contracts of the Kingdom must follow the Reservation of the Rents; and hence 'tis that all the present Con∣tracts of the Kingdom are agreed to be paid in Money, because the Rents of the Lands are reserv∣ed payable in it; and therefore if these Rents were reserved in the Securities of Land, form'd into the Qualities of Monies, (which we call Bills) it would force other Con∣tracts to be made payable in these Bills, and consequently make these Bills effective Money.

Secondly, As they would thereby become effective Money, so they would become Lawful Money of England; because the Law would compel the payment of them. The Law

of England hath given no other sanction to Gold or Silver, than to certifie the value of it, to tell the People what it is, that when they make Contracts about it, they may know what they do. The Law saith that such a piece of Money, stamped into the King's Coin, shall be esteemed five shillings of lawful Money of England, whereby who∣ever makes a Contract to pay five shillings of lawful Money of Eng∣land, knows what he is to deliver, and he knows that the delivery of that piece will be a good dis∣charge of his Contract. But the Law never compels any person to make these Contracts, nor ever compels the payment of this Mo∣ney, or makes the tender thereof to be a good payment, in any case, but where it so agreed between the Parties; and this is no more but what the Law doth to any

other thing contracted for, as well as Money: The Law no more admits Gold or Silver Money to be a tender for Corn, or Cattle, contracted to be delivered, then it doth admit Corn or Cattle to be a tender for Gold or Silver Mo∣ney contracted to be delivered, for the Law respects nothing but the agreement of the Parties; and by the same reason that the Law obliges the payment of Gold and Silver, it would oblige the pay∣ment of these Bills, in case they were agreed to be paid: And there∣fore it being in the power of the Owners of the Lands, to reserve their Rents payable in these Bills; and the other Contracts of the Kingdom being govern'd by the Reservation of the Rents, and the Law compelling the performance of those Reservations and Contracts, it is in the power of the Owners of the Lands to make these Bills effective and law∣ful

Money of England, by reserving their Rents payable in them.

Eighth Assertion.

That Lands thus formed in∣to the Qualities of Mo∣ney, are more Ʋseful and Valuable than Gold and Silver, or any other Com∣modities severed from the Soyl.

First, They are more Useful: Gold and Silver serve but for one use at one time, while they are used for Money, they can be used for nothing else, and while they are used for any thing else, they can't be used for Money: But Lands may be converted into Money, without loosing their other Faculties; they serve for both uses at the same

time, the Owners keep the Posses∣sion, and receive the Profits of the Soil, while the Securities thereof are used for Money; and this is what cannot be done in Securities of Pledges, or Pawns of Commo∣dities severed from the Soil; for when the Owner makes these a Security, he must part with them out of his possession, and can make no use of them 'till he hath redeem∣ed them.

2. As they are more Useful, so they are more Valuable: What serves for two uses at once, is more valua∣ble than what serves but for one; if Silver and Gold could serve for Money and Plate both at the same time, or if Commodities se∣vered from the Soil, could re∣tain their own natural uses, and also serve for Securities of Money at the same time, they would both be double the value they now are;

for by loosing one of their uses, they loose the value at which they are valu'd in respect of that use; there∣fore Lands retaining their own na∣tural use, while they are made Money, are more Useful and Valuable than Gold and Silver, or any other Commodity severed from the Soil.

Ninth Assertion.

That it will be in the Power of the Bank from whom these Bills are issued, to make them more Valuable than other Money, by ac∣cepting them at a higher Rate, and that they will be Gainers thereby.

The Profit of a Bank depends upon the Credit of their Bills, and

the Credit of their Bills depends upon their making them more Va∣luable than Money; and the ma∣king their Bills more valuable than Money depends on their accept∣ing of them at a higher Rate than Money. Money and Bills never keep long at a par; if Bills are not better than Money, they'll soon be worse: If Money gets the upper Hand of Credit, it puts an end to all Credit. There is at this day no Credit in the King∣dom. Credit is when Men choose Bills rather than Money, and not when they take them only because they can't receive Money. The present Credit of the Kingdom is no more than the Credit of a man who can't pay his Debts, and there∣fore gives Bond, which his Credi∣tors are forced to accept for want of money. The Bank of England have issued out Bills which they

cannot pay, and so the People that have their Bills must keep them. But there is no fresh Mo∣ney brought into their Bank for their Bills, without which no Credit can be maintain'd: And they finding great Demands upon them, immediately raised the Interest upon their Bills, ho∣ping thereby to keep those Bills which were out against them from being demanded of them, and to draw in fresh Monies into them: But this proved so ineffe∣ctual, that their Bills at Interest are at no more value than their Bills without Interest, which shews plainly, that the giving Interest on Bills doth add no Credit to a Bank. For raising the interest on the Bills of the Bank, raises the Interest of Monies out of the Bank, and so keeps the Monies from them. The more a Bank raises their Interest

to overtake the Money, the faster the Money goes from them, rais∣ing the Interest 1 l. per Cent. upon Bills payable at demand, raises it 2 l. per Cent. on Common Secu∣rities; therefore a Bank should always fall their Interest as fast as others endeavour to raise it. Credit is no more to be begged or bought than it is to be forced; giving Interest on Bills is begg∣ing of Credit, or buying of Money, which may be done by a com∣mon way of mortgaging, (without keeping Monies to pay the prin∣cipal at demand): And it had been Policy for the Bank of Eng∣land (when they had got the Coin raised from clipt to full Money) to have raised the value of their Bills with it, by accepting them in Reciepts of Interest, from the Crown and others, at more than Money, and then they had kept

down the Price of Money below their Bills, which is now got a∣bove them: For let Money be of what Weight it will, if those who have the Receipt of it, will accept Bills at a higher rate, this doth depreciate the Money, and keeps the Bills above them: And therefore in case this Land-Bank be established by Parlia∣ment, (as is proposed) 'tis in∣tended that the Interest of 3 l. 10 s. per Cent. shall be reduced to 3 l. per Cent. to all those who will pay it in the Land-Bank Bills, which will advance the Credit of the Bank, and consequently their Pro∣fit; by enabling them to lend great quantities. A Bank is like a Merchant, whose Gains don't arise from the extravagant Profit of any particular Commodity, but from the greatness of his Trade; for the Retailers get more per Cent.

than the Merchants: Therefore it will be in the power of the Bank from whence these Bills are issued, to make them more valuable than other Money, by accepting them for more than other Money, and that they will be Gainers thereby.

Tenth Assertion.

That this Invention falling the Interest of Money, will advance the Rents of Lands.

That this Invention (succeed∣ing) will fall the Interest of Mo∣ney, needs no proof: But it hath been made a Question, Whether the falling the Interest of Money will advance the Rents of Lands? And it must be confessed, that Lands already improved to the

heighth, are not capable of this advantage; but most of the Lands in England are capable of being improved to double their present Value; in Cities and Towns by Building, and in the Countreys by Planting and Manure, and lye unimproved for want of Money; Therefore this Invention falling the In∣terest of Money will advance the Rents of Lands.

Eleventh Assertion.

That advancing the Value of Lands in the Purchase, is equal to advancing the Rents.

That the falling the Interest of Money advances Lands in the Purchase, needs no Proof: But it hath been a Question, Whether advancing the Lands in purchase

be an advantage? because the Va∣lue of the money for which they are sold is thereby depreciated: And it is certain that the falling the Interest of Money doth de∣preciate the Value of it, as to the Purchase of the Soil of the Lands, but it doth not depreciate it as to the Purchase of any Commodities severed from the Soil. The Inte∣rest of Money is an Annual Profit, and therefore doth affect nothing but what hath an Annual Increase. The Soil of Land is an Annual Interest to the Owner, and there∣fore the price thereof rises and falls with the Interest of Money, which is Annual: But the Com∣modities severed from the Soil lye all in Principal, and therefore the Interest of Money being Annual, doth not affect them. The Price of Corn and Cattle don't rise and fall with the Interest of Money;

or if at any time they happen so to do, it is not caused by the Rate of Interest, but some other cause which happens at that time; Therefore the advancing the Value of Lands in the purchase is equal to ad∣vancing the Rents. Indeed, if Men were to live with the Beasts, rang∣ing up and down the Earth, and taking their Food where they found it, Lands would be of no value in respect of Sale; but ever since the Commencement of the Laws of Property, Money is as necessary as Bread; and therefore whether Land will yield a hun∣dred quarters of Corn, or will sell for as much as will buy it, is e∣qually beneficial to the Owner.

Twelfth Assertion.

That this Invention perfect∣ed will extinguish the In∣terest of Money upon Lands, and thereby make the Lands inestimable.

The Securities of Lands are now as valuable as money, or else money would not be lent upon them: And the Reason why the Owners are forced to borrow money upon these Securities, is be∣cause they can't make money of them: If therefore these Securities could be made Money, there would be no Occasion of bor∣rowing money upon them, and consequently the Interest of mo∣ney on these Securities would be extinguished, which makes the

Lands to be inestimable; for all Value is by comparison, two things of equal goodness are the value of one another, and the pur∣chase of Lands being valued by the rate of the Interest of money, if this Interest be extinguished, there is nothing left to make the comparison whereby to value the Lands, and therefore they must be inestimable. Pleasure and Pro∣fit are all the Accomplishments of Life; now the natural produce of Lands supplyes all the Pleasures of Life; and if the Policy of Man can add the profit of money to it, all the accomplishments of Life are contained in it.

Omne tulit punctum qui miscuit utile dulci.

But this is the Invention per∣fected, which we must not pro∣mise our selves to see. I only

mention it, to shew that the fall∣ing of Interest by th•…•… Invention, will be a growing improvement to Lands, even to an infinity, whereby to encourage the begin∣ning of the Invention. I know the Mercurial Projectors of the Age skip to the top of their Notions at the first jump, like the Mother of Zebeaee's Children, who made it her first Prayer, that the two highest seats in Heaven might be reserved for her two Sons: But this shews their ignorance of Nature, who ne∣ver leaps; all ascent is by climbing, Men grow from Children, Trees from Seeds, and Learning from the Element of Letters; I don't doubt but Lands by this Invention may be advanced to a hundred Years purchase; but this must proceed from the Practice and Improve∣ment of the Invention, and not the Notion of it only: If the

growth of this Invention will year∣ly advance the value of Land one Years purchase, (which may modestly be expected) it is in effect doubling the present Rents.

Thirteenth Assertion.

That though this Improve∣ment added to the pre∣sent Value of Lands be unexpected, and surpriz∣ing, it is nevertheless plain and true, and agree∣able to other productions in Nature and Arts: And though it is plain and true, it is never the less valuable, but rather the more admirable.

When God had made Man, he

gave him a view of all the Crea∣tures made before him, pleasant to the eye, and pleasant to the taste, and good for food; which was a com∣pleat Entertainment to him, as he apprehended, for he felt no Appetite in himself, but what had a suitable Object to gratifie it. And yet all this while Man had within him a dormant Affection, (which he did not know of) capable of a higher Enjoyment than all his other Ap∣petites, and this lay concealed from him, 'till the Creator presented him with his Female; who being an Ob∣ject suited to that Affection, gave him the first feeling of it. Love is an Affection contracted by the Eye, and therefore 'till the Object was produced, the Affection lay dor∣mant, (as Fire doth in Stones 'till they are smitten): If therefore the Fairest Aspect of the Creation was presented to Man, after he had

ended his Expectations of being en∣tertained with any more Objects, and consequently That highest plea∣sure of Life was added to him, after he had ended his Expecta∣tions of any further happiness, why should it seem strange, that other Qualities in Nature should lye concealed, 'till the Wisdom of Providence thinks fit to produce them. How many things now common in the World were kept hid from Ages past? as the virtue of the Load-stone, and thereby the dis∣covery of America, the use of Guns, Printing, Glass, &c. The Earth is the great Staple of the World, made by God to be manufactured and improved by Man, and per∣haps the things not yet seen are greater than the things already seen. And tho' we can have no Notion of them till they are pro∣duced, yet when they are made

to appear, the Concealment of them seems more miraculous than the Discovery, for the making them to appear, makes them plain, and the plain appearance of them raises an admiration, that they were ne∣ver before observed. Inventions are Mysteries found out, and what is not plain, is not found out, but remains a Mystery still, so that the Author of an Invention (〈◊〉〈◊〉 make it per∣fect) must thereby loose the Ho∣nour of it, and be despised, as pro∣ducing a common thing. And that this may be my Fate, is the top of my Ambition; however this proves the Assertion, That tho' this Improve∣ment added to the present value of the Lands, seem extravagant, and be unex∣pected and surprising, it is nevertheless plain, and true, and agreable to other Pro∣ductions in Nature and Arts: And tho' it is plain and true, it is never the less valu∣able, but rather the more admirable.

Fourteenth Assertion.

That therefore it can't be doubted but the Legisla∣tive Power will encou∣rage this Invention, by reviving the Clauses re∣lating to Lands, in the Act passed last Sessions, for Establishing a Land-Bank.

When we address to our Supe∣riours, for any thing to be done by them, it is Duty and Good Man∣ners to consider, 1st. That the Notion and Intent of the thing we propose be useful and honest, in case it can be effected. 2dly. That the pra∣ctice of it be made visible and plain, be∣fore we offer it: 3dly. That we pre∣pare

every thing ready for their Fiat, which is to give the Sanction; that they may have nothing to do, but what can be done by none but them∣selves: Now that the Notion and Intent of forming these Securities of Lands into the Qualities of Money, and using them as Money, will be esteemed by the Legislative Power to be useful and honest, in case it can be effected, cannot remain a Doubt. Then the next Query is, Whether the practice of this Notion can be made visible and plain? The first part of the Notion is the form∣ing these Securities into the Qua∣lities of Money, and this belongs to him that offers the Invention, for 'tis not the Business of the Le∣gislative Power to draw Settle∣ments and Forms, those must be done by some one of that Science to which these Forms and Settle∣ments relate. And that I may not

seem to amuse with implicite terms, this Form is nothing but Di∣vision: The forming the Securities of Lands into the Qualities of Mo∣ney, is no more than Dividing these Securities into smaller Summs. Di∣vision is the first thing in Form. In the Description of the Creation it's said to be without Form, and void, 'till it was divided, The Light from the Darkness, and the Waters from the Dry Land; and by these Lights, Eternity was divided, and sub-divided into Time, of Years, Days and Hours, for Man to keep his Accounts by; for Eternity un∣divided is of no use to Man. Eve∣ry thing is more or less valuable, as 'tis more or less capable of Di∣vision. Now 'till these Securities were made divisible, all the resi∣due of the Invention was impossi∣ble; for if the Securities them∣selves are not capable of being

formed into the Qualities of Mo∣ney, it is not in the Power of the Par∣liament to make them so. But this first Part of the Invention is actu∣ally done, and hath shewed it self in all the parts of it. The 26th. of October, 1695. was the first day of issuing out Bills charged upon Lands, (which are the Securities thereof di∣vided) and these were the first Bills (we hear of) that have been charg∣ed upon Lands, and issued out for Money: And to give plain Instances that these Securities, so divided into Bills, are Money, the Mortgagees who had these Securities before they were divided, and were to receive the Monies due upon them, brought their Securities to the Bank, to be formed into Bills, and received back those Bills for their Money; They brought the Bul∣lion into the Bank, and took it back in Coin; and for doing this

the Owners of the Lands are con∣tent to pay a small Interest to the Bank, for keeping a Cash of other Monies, to answer these Bills as they are demanded, (and this by the way may silence all Enquiries into the profit of the Bank): And in this manner there has been issued out forty five thousand Pounds in Bills, all which have been paid and repaid as Money, and the Bank had valued Estates for issuing out One hundred thou∣sand pounds more, but fore-seeing the impossibility of maintaining a Credit in their Infancy, during the Regulation of the Coin, they stopt their Hands, and content them∣selves at present in paying their Bills already issued, and giving an undeniable demonstration of the first part of the Invention, by form∣ing the Securities of Lands into the Qualities of Money, and there∣by standing ready for the Sanction

and assistance of the Legislative Power towards the perfecting of this Invention.

What was passed by the Act of last Sessions, relating to Lands, and is now humbled represented to the Legislative Power, is,

First, That the Subscribers may be incorporated, in order to stand seiz∣ed of Lands to be conveyed to them, to prevent the charge or Fraud of Trustees. In the dividing the Securities of Lands, the Legal Estates thereof must be conveyed to Trustees, who are to stand seiz∣ed in the first place for the Per∣sons who have the Bills charged on the Lands, and afterwards in trust for the Owners of the Lands, who make the Conveyances; and to prevent the Legal Estates from going to Heirs or Execu∣tors, there must be several Trustees in every Conveyance, which may

occasion great Charge and Trou∣ble in transferring the Securities, especially if the Trustees prove corrupt, (which often happens in common Securities, amongst pri∣vate Men): I have known a Mort∣gager forced to pay twenty Gui∣neas to a parcel of Trustees, for sealing an Assignment of his Mort∣gage: Now this charge of Trans∣ferring Securities entailed on Free∣hold Estates, is as real Incumbrance upon them as Fines upon alienations are upon Copy-holds: And if (as hath been observed) the transfer∣ring the Titles of Land to Money, and making the assignment of eve∣ry piece to be by Deed, would depreciate it, and incapacitate it from being Money, by the same reason the transferring the Titles of Money to Lands, and making the delivery only to be a Title, would (of it self) render them much more

valuable; and tho' the equitable Interests only (which are the Bills) can be assigned by Delivery, yet the less Charge is incident to transfer∣ring the Legal Estates, the more valuable the Lands will be, And this is the Intent of being Incorpo∣rated. A great part of the Towns and Trades in England have been incorporated by Kings or Parlia∣ments, for the conveniency of do∣ing their own Business. The Worsted-Weavers in Yarmouth and Lynn were each of them incorporated by Par∣liament, in 15th. Hen. 8. with a power to have a Seal for their own Cloths, for no other reason than that it was before painful and cost∣ly for them to carry their Cloths to be sealed at Norwich, which they were obliged to by a former Act. And the School of Norleech in Gloucester-shire was Incorporated by Parliament, in 4. Jac. 1. upon the

Opinion of three Lord Keepers, and two Judges, that they ought to be Incorporated, in order to stand seized of their own Lands; for that the surviving Feoffee of the School-Lands went about to defraud the School, by making a long Lease to his own Son, under a small Rent. If therefore the Kings and Parliaments of England have incorporated so many Towns and Trades, for the conveniency of do∣ing their business, and that the Parliament (in the first of these Ca∣ses) incorporated two Companies of Weavers, for preventing their trouble and charge in going to distant places; and (in the last Case) incorporated a Countrey-School, to prevent frauds in their Trustees, can it be doubted that the present Legislative Power will deny the like conveniency for the better settling and improving all the Lands in the Kingdom? and

in this they have signified their pleasure already, by declaring (in the Act passed last Sessions) that the intent of the Incorporation was in order to lending Monies on Lands.

The Second Thing contained in the last Act, and now humbly re∣presented to the Parliament, is, The securing the Titles of the Lands after they are so settled: And this is in∣tended by the Settlement already executed and practised, whereby it is declared that the Lands con∣veyed pursuant to that Settlement, (as long as they stand so convey∣ed) shall not be subject to any other Incumbrances than what shall be charged thereon by the Own∣ers thereof, in the Register-Books of the Bank; by which the Law∣yers are of Opinion, that the Lands will be protected against any other future Incumbrance. But to put

that out of all doubt, it was insert∣ed in the Act, which can be no Unjustice to any, (as a Register with a Retrospect might be) being only the initiating of a volun∣tary Register, to be perfected by time.

The Third Clause relating to Lands in the last Act, and now humbly represented, is, A power by publick sale to sell the Mortgaged Lands, in case the Money lent there∣on by the Bank be demanded, and un∣paid six years together; and with the Money arising by sale to Dis∣charge the Mortgage-Monies, re∣turning the Overplus to the Own∣er of the Lands. And this will save Expences in Suits, which must otherwise be charged on the Lands.

There are other Clauses for Transferring the Bills, Searching of Judgments, &c. for the better

Security and Conveniency of the Bank.

And that this Constitution may not be diverted from the end pro∣posed and intended, we shall think it no Penalty that the Bank may be restrained from issuing out any Bills, but what shall be charged upon Lands conveyed unto them, which is more restrictive than all the Clauses drawn for that purpose by the late Opposers of the Act.

Now all these being Conveni∣encies only, grantable by the Le∣gislative Power, without charging any Mans Property, and the use of them seeming so necessary and ad∣vantagious, It cannot be doubted but the Legislative Power will encourage this Invention, by reviving these Clauses.

Fifteenth Assertion.

That it cannot be doubted but the Owners of the Lands will readily receive and use this Invention.

Silver and Gold are Forreign Commodities, bought of those who are sometimes our Allies, and some∣times our Enemies, and we (by virtue of our Agreements) have made them Money, to the depre∣ciating the value of our own Lands; and shall not we (by the same Agreements) make Money of our Lands, which will cost nothing, and double the value of the Lands by doing it? Never was any thing more eagerly received than Pro∣posals for lowering the Interest of Money, insomuch that the No∣tions

of it dispersed in common Pamphlets, brought men out of all Countreys, only to hear silly Men talk about it. Perhaps some Ce∣remonies may be used in the Or∣der and precedency of coming in∣to this Invention. When that Do∣ctrine (which we now profess to be our Religion) was first vented in the World, the Priests and Ru∣lers stood off, and would not meddle with it, because they were safely posted at the head of the Church and State, and had no occasion to expose their Reputati∣on, by turning Projectors, and ven∣turing upon a new thing, before they knew whether it would take or not; and therefore they set the Publicans and Harlots (who thought themselves to have most need of it) to go in first, to try the Experi∣ment; but when they found that the thing would do, they all fell

in to it one after another, 'till at last it came to be as scandalous to be out of it, as it was at first to be in it. I know the thing now proposed is New, and therefore I expect that those who are a cold must first blow this Coal, but when 'tis once kindled, it can ne∣ver want Fuel to maintain the Fire. We call them Fops who invent new Fashions, and yet we all follow them one after another; some will have them in a Week, others in a Month, some in a Year after they are in, and some seven Years after they are out; and so it is in the change of other Customs; for if Men should be all of the same mind together, the crowd would hinder the do∣ing the business they come about. Men fall into things one after another, as their Occasions and In∣ducements lead them. There is

no Profit in the World made cer∣tain: All Gain depends upon the contingent Occasions and Necessi∣ties of others; a Lawyer is not sure of Clients, nor a Physitian of Pa∣tients, nor a Landlord of Tenants, nor a Monied Man of any one to borrow of him, but they all ex∣pect the Necessities of others to support themselves by; and there∣fore the present Necessities requiring the use of this Invention, it cannot be doubted but the Owners of the Lands will readily receive and use it; and by so doing they enter into other Mens Labours, their Estates are improved to their Hands, without their Heads or Thoughts. Let but the reservation of their Leases be made thus, Yielding therefore the Summe of 100 l. in Lawful Money of England, Or in Bills of the Land-Bank, and This short Disjunctive makes the Bills Lawful Money of

England, and the Owners of the Lands to be Bankers upon the Credit of their own Estates.

Sixteenth Assertion.

That a General Consent of the Kingdom to receive and use this Invention, would cause a sudden fall of the Price of Money, notwithstanding the pra∣ctice and execution of it could not be immediate∣ly made general.

By General I don't mean Uni∣versal, that every Man should set his Hand to it, but a common Approbation of it by those who know it. Men deal upon Prospects of what is like to be: Merchants

and Ttraders have gotten Estates, by foreseeing the rise or fall of Commodities, and 'tis observed amongst them, that an extrava∣gant price of any Commodity doth produce a sudden fall, by putting Mens Heads to work to procure more of the same kind, or to invent something else instead of it. And did the present Own∣ers of Money foresee a fall of it, by providing a Supply of ano∣ther Species, they would part with it as they do with other Commo∣dities, under the like apprehensions. There is no way to break Game-Houses but to keep out of them, nor any way to fall the price of Money, but to lessen the occasions of it. That therefore, &c.

Seventeenth Assertion.

That the Reviving these Clauses in the beginning of the approaching Sessi∣ons, will almost amount to an Ʋnanimous Consent of the Kingdom to receive and use this Invention; and will thereby facilitate the raising the present Sup∣plyes for the Government, by a sudden fall of the Price of Money.

It is not intended by reviving these Clauses in the beginning of the Sessions, that the Supplies of the Government should be post-poned, but first provided for. The Govern∣ment

is the fence of the Kingdom, without which the Subjects cannot enjoy their Properties, and there∣fore to provide for our selves be∣fore the publick, is as if a Man should sow his Corn before he hath enclosed his Ground. And as our own Security obliges us to pro∣vide for future Defence, so Justice and Gratitude calls for the Arrears of the Army and Navy, who have fought upon the Honour of the Kingdom, to preserve us at home in Peace; and therefore they who have enjoyed that repose, cannot tru∣ly call any thing their own, 'till they have made Provision to pay the ut∣most Farthing of so just a Debt.

But the present Owners of Mo∣nies depending that there will be a Necessity of raising the value of the Coin, (as the Term is) will not deliver it out of their Possessi∣on to others, to receive the advan∣tage

of the rise, and 'till this mat∣ter be adjusted, they who want Money must pay Extortion instead of Interest. Now as to the thing it self of raising the Coin, to me it seems, As to past Contracts, to be an inversion of Agreements, (of which I have before wrote my thoughts) and as to future Contracts, to be wholly insignificant, for if I am to repay the same Money I receive, 'tis no matter what the weight of it be. And upon the whole, it seems to have a Trick in it, which must be shewed but once, like the split∣ting of shares in Joint-stocks, to multiply them in the Hands of those whose they then are, that, before the fallacy is found out, they may sell them (by number) to others, who come to the right understand∣ing of it by the fall of them in their own Hands: By which I would not be thought to reflect on

those Gentlemen (whose Opinions have seemed for it) as designing any ill, for I own that my first ap∣prehensions of it were different from what I have now hinted; tho' I never read the Arguments in it, or ever concerned my self about it; having waived the Study of it, to find out another Species besides it. And therefore I desire that what I have here offered as my present Conceptions of it, may not be taken as any part of my Argu∣ment.

The Drift of this Essay is to de∣preciate the Value of our Gold and Silver, as it now is, by making another Species more valuable than that, by the acceptance of it at a higher rate. It is to undersell the Spaniards, by making Money of our home Manufacture, without any other charge than some Paper or Parchment; and if the Legisla∣tive

Power (in the beginning of the approaching Sessions) shall be pleased to declare their Resoluti∣on against raising the denominati∣on of the value of the Coin, and will second that Resolution with reviving these Clauses, it will al∣most amount to a general Consent of the Kingdom to receive and use this Invention. An Act of Parlia∣ment is an Agreement of the King∣dom; for tho' I have before (by way of Argument) supposed an Act to pass contrary to the Nature of Laws, yet it is not to be sup∣posed that the Wisdom of the Le∣gislative Power will ever do this in Fact. And I dare imitate the Prophet, to fore-tell, That a Bill of Revivor (grounded upon these Rea∣sons) passed into a Law, will cause as sudden and unexpected a fall to the price of Money in England, as the Noise heard in the Camp of the

Syrians did to the price of Provisions in the Seige of Samaria, and thereby give occasion to use the Acclamation of the Poet upon an∣other Event,

— Quod, optanti divum promittere nemo Auderet, volvenda dies én attulit ultrò.

What Heaven durst not promise them that pray, Here's of it self produced in a day.

Eighteenth Assertion.

That a Settlement of a Bank for Lands distinct by it self, without annexing it to the Supplyes of the Government, seems the best Establishment of it.

The Government wanting their Supplies in Species of Gold and Sil∣ver, the Subscriptions for that pur∣pose must be made by those who have the possession of the Money, who being (for the greatest part) Merchants and Traders, must there∣by have the first possession of the Bank; and they being unacquaint∣ed with the Securities of Lands, and accustomed to more present Gains then low Interest seems to them to be, they will endeavour to di∣vert

their Credit from Lands to what they apprehend more profi∣table, and of this we have had an Example in the Bank of Eng∣land: Whereas if a Bank for Lands be established by it self, their Oc∣casions for Money will arise by degrees, and may be raised by the Owners of the Land themselves, either in Money, or in Securities on their Lands, which (by the assist∣ance of this Invention) will be equally useful as Money of Gold or Silver: That therefore, &c.

Nineteenth Assertion.

That a Bank thus establish∣ed, will be a greater Se∣curity to the Government for the future, than a Bank set up for that pur∣pose only.

Cursed be he that divideth the Interest of the Government and People. Private Subjects have all along supplied the Government with Money, through the Bank of Eng∣land as their Casheir, who have taken upon them to dispose of it as their own, and magnified themselves to the Publick for it, which hath put a Disobligation upon their Cre∣ditors, that those that have only the Receipt of the Money, should

be esteemed the Owners of it: Now in this Bank here proposed, the Bank lends the Subjects, and enables them to execute the grate∣ful office of lending the Money to the Publick with their own Hands, and to receive the Profit of it, and yet the Bank is as serviceable to the Crown, as if they lent them the Money directly, because it is incum∣bent on the Bank to pay the Bills, which is the most difficult part in all Accounts: And is not the Crown more secure in being supplied by a Bank, whose Securities are charg∣ed on the Lands, and their Credit supported by the Receipts of the Rents of the Kingdom, than by a Bank to which the King himself is forced to give the chiefest Credit by receiving their Bills in the pub∣lick Revenues, to his loss? That there∣fore a Bank thus established will be greater Security to the Government for

the future, than a Bank set up for that purpose only.

Twentieth Assertion.

That an Ʋnanimous Con∣sent in this Establish∣ment, would be a happy Event of the War.

By the Constitution of the Go∣vernment of England, the Executi∣on of the Law is vested in the Body Politick of the King, that he may stand seiz'd thereof to the use of the Subjects, for preserving their Liber∣ties and Estates; and whenever that Trust is broken, the Subjects hav∣ing no Court of Equity to appeal to, are driven to their Arms, and the Descent of his present Majesty with his Forreign Troops into Eng∣land, was to head the Subjects a∣gainst

the Invasion of their Liber∣ties, begun upon them by him, who then had the possession of the Crown, which being translated to his present Majesty, put him into the possession of the Law, and thereby the Subjects into the use of their Liberties under him. But to maintain this Possession, it was ab∣solutely necessary to begin the War against a Forreign Power, who had made themselves formidable by unjust acquisitions from their Neigh∣bours; and this War hath and will cost us forty Millions of Money, di∣rectly advanced to maintain it, be∣sides the Losses by Sea, and yet 'tis the best Money that ever the Sub∣jects spent; for by this they have preserved the whole, which other∣wise had been lost before now, and therefore according to that Saying, What is saved is got, the Expence and Loss of the War hath purchased

three Kingdoms, with which we may rest well satisfied, without the fond Conceipt of the Conquest of France, which is to ask we know not what.

But as a Reward to the Subjects for their Zeal and Bravery in ex∣pending so large a part of their present Possessions, to convey the Reversion of their Estates and Li∣berties to their Posterity, here seems a fair Opportunity offer'd (occasi∣on'd by the Expence of the War) for improving their own Estates, with their Wives and Families at home, which is better than trans∣planting themselves to Forreign Conquests. Would but the Gen∣tlemen of England for one Year spend as much time and pains in their several Countyes to promote this Invention, as they do to ma∣nure two Acres of Land, they would find the Improvements in∣creasing

upon them a sufficient Encouragement to proceed in it, 'till they had made themselves rich, and from their abundance the Ne∣cessities of the Poor would be sup∣plyed. I can say truly, that the Miseries of the Poor do affect me, and yet I never had thoughts of Proposing any thing directly for their Releif, apprehending their chiefest dependance to be upon the Superfluities of the rich; and this was the Provision made for them by the first Law of the World, which forbid the rakeing of the Corn, that the Poor might live upon the Gleanings, and the leav∣ings of the Poor is the Provision for the Fowls of the Air — Where∣as raising the Rates for the Poor, without adding something to those that are taxed, doth insensibly draw the Scot and Lot-men into the Poors-book, the Rates mulitiply∣ing

the Poor as fast as the Poor multiply the Rates — But let more be given to them who have the possession of much already, and somewhat of it will naturally fall to them that have nothing.

As for the King himself, (whose Success is our Safety) I can't con∣ceive him capable of any greater or less Enjoyment than his own Complacency in that Choice which hath descended upon him from Providence, to be the Deliverer of that People who have also cho∣sen him for their Defender: And tho' his Allyance by Blood be the initiating of his Title to the Crown, yet his Election thereunto is his highest Personal Honour. To be a King is a mean thing in compari∣son of being made one. The Re∣deemer of the World was an Office of that state and dignity, that his Harbinger is declared to be the

highest post of Honour that ever Man stood possessed of, and yet 'tis said of this Redeemer, He glo∣ryed not that he was an High Priest, but that he was made an High Priest: He did not magnifie himself that he was the Redeemer of the World, but that he was Chosen by God to be so.

And I am glad to find my Ar∣guments terminate here, for by this I know I have done, because I have run it where I can go no further: Nor did I know what I was go∣ing to do, when I first put Pen to Paper, or where I should begin or end, but having seen and (for some years) felt the extravagant rate of Money, I resolved to search the Pe∣digree of it, (as Men do of Upstarts preferred above their Merit) and if I should find it of an Honourable

Descent, and absolutely necessary, I resolved to conceal it, but if I could trace its Original to be mean and inconsiderable, I resolved to ex∣pose it, thereby to vilifye it in Mens Thoughts, as not so indispensably necessary as 'tis generally appre∣hended: Not but that Money is ab∣solutely necessary, but not the very Money of Gold and Silver. And in pursuit of this Enquiry, I found that tho' the common use of this (as of other things) be obvious unto all, yet when we would dis∣sect them, to search out the manner of their Subsistence and Operati∣ons, we find them all fastned down to the Root of Nature, by certain Fibers, which we must digg down to, and trace from thence into all the Labyrinths of Succession, feeling all our way by that thread. There are no Fractions in Nature, nor any things independant, they are all

linked to one another in a conti∣nued Chain, which reaches from the Creation to Eternity: And I have so far endeavoured to imitate Nature in what I have written, as to argue from a Chain of Positi∣ons, successively depending upon one another, which is the most dan∣gerous way of arguing, because if one Position happens to be false, it vitiates all that follow: But there is no finding out the Truth any other way. 'Tis an easie matter to frame Sentences, and dance up and down with them and never be discover∣ed whether they are true or false, because the Notions are not digest∣ed into such a Method, that either the Writer or Reader can judge of them: But when the Assertions are positive, and the Arguments to prove them follow immediately up∣on them, the Writer and Reader can the better judge of them, as

they go along; and if every indi∣vidual be true by it self, then the whole is true altogether, or else not. And upon review of what I have written, it all seems to me to be true, or else I would not pub∣lish it; but yet my Arguments may be fantastical and fallacious, tho' I don't know it, therefore I offer them to be scanned by others.

Truth made manifest is the Founda∣tion I have aimed at, and tho' my Assertions seem bold, I hope my Proofs do manifest them to be true; and if in finding out the Truth I have spoken more plainly and freely of some things that have fallen into my Arguments, than otherwise I should do, I hope the Truth found out will excuse my manner of Enquiry after it.

And to clench the Nail, I'll ven∣ture to fling in a bolder Assertion than all the rest, That there is no other

Foundation to build and support the Cre∣dit of the Kingdom upon, than the very thing hereby proposed: But this being a Negative; I'll let it stand to be falsifyed by those who will prove the contrary, by doing it. Nor do I say that there is nothing else to be done, but that this ought not to be left undone, for tho' the pre∣sent Supplies could be otherwise raised, the growing Interest of Money will eat out the Kingdom, unless something be laid to the Root of it, to eat out that. The Interest of Money hath such a Spell in it, that were the whole Coin of the Kingdom but ten thou∣sand Pounds, the Rate of Interest for that Summ would set a price up∣on all the Lands in England, which are computed at 15 Millions per Annum; and the less principal Mo∣ney there is, the higher the Interest rises, therefore there is no way to

fall the Interest but to multiply the Principal. In the time of the Late Re∣volutions, upon reading a Bill in the House of Commons, Entituled, An Ordinance for suppressing the Horrible Sin of Adultery, a Member there moved that the Title might be, An Ordinance for the more secret com∣mitting the Horrible Sin of Adulte∣ry: And considering how Usury and Extortion have thriven under all the Laws made against them, the Titles of the Acts for that pur∣pose might have been, For the more Artificial taking Extortion and Usury. Now in multiplying the Principal of Money, perhaps other Securi∣ties may be so formed, as to supply the use of Monies as well as the Se∣curities on Lands. But the Credit of them must depend upon their Al∣liance with Lands, especially since the Owners of the Lands (having Intimation of their Strength) will

be able to suppress any Credit that shall be set up in Prejudice to their Estates.

And after all this, had I not a greater Authority to justifie my As∣sertions than all the Arguments I have used to prove them, I durst not be so bold; but that I may not seem immodest by taking so much upon me, I own my self ignorant of many other Accomplishments, that I might attain to this, I have waved all Advantages in my Pro∣fession, to study A more convenient Settlement for Lands; and therefore I hope the more Learned and Suc∣cessful in that Science will not en∣vy me, if I should be the Author of an Improvement in that point, and thereby entail upon my self the Despicable Name of a Projector for doing it: However as to that, every Man is either a Projector, by finding out New Forms, or a Me∣chanick

by copying after them: And if they who give me the Character of the former, will please to accept the Title of the latter, I shall not think my self affronted: Especially since the Sa∣ges of the Law themselves, who have chosen that grave Sentence for their Motto, Nolumus Leges An∣gliae mutare, have been the Project∣ors of New Inventions in the Law, which by time have grown into Cu∣stoms. The Titles of the greatest part of the Lands in England do de∣pend upon an Invention of the Law∣yers, in the manner of passing Re∣coveries to bar Estates Tail, notwith∣standing the Statute of Westminster 2^nd. For tho' the Writs on which these Recoveries are grounded, were ancient, yet the setting up a Common Vouchee, the Appearance of all Par∣ties without Proces, Execution and Seisin and Returns of the Writs be∣ing

all done together in an instant, is a Project in the Law which by Cu∣stom hath gained the Name of A Common Recovery, and is now be∣come a Common Assurance of Lands. And as the Titles of Lands do thus depend upon an Invention in the Law, so the manner now used for trying these Titles by Possessory Actions, (termed Eject∣ments) is an Invention in the Law, by the introducing of which the an∣tient way of Tryals by real Actions is become so obsolete, That at a Call of Serjeants the Counts and Plead∣ings in Formedons being transcribed from Precedents, are delivered to these Graduates, only to be read over by them, as Reliques of the Law, amongst other Antiquated Ceremonies used at that Solemnity.

And if any thing be expected from me, relating to the differen∣ces which have happened from

passing the Act last Sessions, I must say no more of it here, than That all the Charges and Aspersions cast upon us from thence, and the im∣peaching the Justice of the Parlia∣ment for establishing another Bank, while THE Bank of England (whose Name or Essence never extended beyond 1200000 l. limitted them by the Act) is in being, are so vain and ridiculous, that to bind them up with the Names of God and the King, (whom I have dared to insert in this Essay) would render me guilty of prophaneness and irreverence.

Lincolns-Inn, Septemb. 1696.

J. Asgill.

Notes

• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.
• Proved.