A proposal by Dr. Hugh Chamberlain in Essex-Street, for a bank of secure current credit to be founded upon land. In order to the general good of landed men. To the great increase of the value of land, and the no less benefit and augmentation of trade and commerce.

We will now shew wherein This Excells all the rest. And,

• 1. Because whatever Money you deposit, you may have Bills, or Tickets of Credit, with In∣terest at _____ _____ per Cent. per diem for the same.
• 2. It furnisheth Landed-Men with double the Value of their Estates in Credit, which will not only enable them to pay off all their Debts and Mortgages, and clear their Titles, but likewise to purchase much more, or to improve the same by building or otherwise: Whereas no other Bank will supply them with the full value of their Estate.
• 3. It affords likewise a Stock to manage in Trade, which at Ten per Cent. does not only pay the Annuity, but gives twice as much clear gain; by which returns the Subscribers can the better make good the Bills.
• 4. It will enable the Society to erect, and carry on, the so much desired Fishing Trade, or any other necessary Undertaking that the Subscribers shall think fit.
• 5. It will lower the Interest of Money, more than any other Bank, and more Effectually than by the Restraint of Laws.

The next is, that it's as safe to accept Bills secured by one Hundred Years Rent, as those by Ten, or on demand, and no difference to the Dealers in them for first.

1. No Bank can find Money for all their Credit, if call'd in at once; If there be but a Fund to make it good sometime or other 'tis sufficient, and more than in any of the present Banks besides this; therefore this Bank of Land can no more be dislik'd for that reason than any other; and 'tis very unreasonable to require, his Bank should discharge all at once, which is not expected from others. And these Bills may as well pass in the mean time as any other; for most of the Credit of the Banks abroad hath pass'd above one Hundred Years, without drawing out any Money, and most of our Lands have yielded Rent very much longer: These joyned make this Bank; for One Hundred Years Rent paid can fully satisfy One Hundred Years Credit of like value.

2. The sole end of giving out Bills is to supply the Money not now to be had in England: If then an Estate be Mortgag'd for One Hundred Years purchase, and Bills given out thereupon,

and if all be return'd at Ten Years end, and then the same, or another Estate be Mortgaged for Ten Years more, and so on to One Hundred or One Thousand Years, still the Bills are passing in the Nation as Money, and are the same in Effect. Now in the Doctor's you have above double your Estate in Bills presently, as Estates are now valued, which is the encouragement, and makes you amends for tying your Estate so long as One Hundred Years: In the other Bank you can have but two Thirds of the present value of your Estate, which does but just ease you for the presen••, by paying off the Mortgages, but still leaves you as much in debt to the Bank, tho' with small•••• Interest. And as you pay the Bills away, it answers your ends; for after your wants are supplyed, what matter is it it to you, whether that Bill you have payd away be cancell'd Ten Years or one Hundred Years hence? And it is all one to the Dealers, when they know it is well secur'd at last, and can Trade with them the while, and that the Number of these Bills will be limitted to the Fund, being under a severe check by the Directors, and will all be certainly bought up, so that the Nation will not loose. Whereas, the Bills of the other Banks are not limitted, but may abundantly exceed their Fund: And therein lies the secre•• gain to themselves, but apparent danger of loss hereafter to the Nation.

3. There will be a great Number of Subscribers engaged, whose Lands lye scattered in all parts of England, and these will agree to receive the said Bills in all payments of Rents, and Fines from their Tenants, and all other Persons they Deal with; and likewise will pur∣chase Comodities of all such Tradesmen and Merchants, that will accept them, before any other.

4. There will be a great Number of Traders and Merchants, who will find it their In∣terest by engaging so many Subscribers to be their Customers, to take these Bills and Tickets for their Goods, so that all may be Supply'd by them, with what Necessarys they shall want, as well as for ready Money; which will save the trouble of telling, as well as fear of taking bad Money.

5. There will be a great Summ of ready Money deposited in the Bank to exchange (if there be occasion) Tickets, or Bills; so that no Person need scruple to take them, when he can turn them into Money as any time: And this will be a means to prevent long Accounts, and all the inconveniences of Law-suits that usually attend them; and a sufficient Encouragement for the Trader to take the Bills or Tickets, and discharge the Gentleman or Debtor: His business being afterwards only with the Bank, which is well secured by the Fund of Land that is tyed to make all good, which it effectually does by the annual payment into the Bank where they are cancel'd: I hope here is enough said of the following Proposal, to encourage Landed Men to Subscribe, and to promote the general Currency of the Bills, to th•• perfecting of this great and good Undertaking.