The Proposal for Stocks to Manufactories and Merchant-Companies, and their Securities.
Manufactories and Merchant-Companies, though not of visible Estates, yet according to their Reputation and Credit, may have of this Stock, they giving sufficient Security to pay the yearly Interest.
It is necessar there be a Proposal laid down, for the Encouragement of all Incorporate Callings▪ and Ingenious Artificers.
All Incorporate Callings that will undertake particular Improvements of their Callings, to what other Nations have Improven themselves to, ought to have what Stock shall be thought reasonable, they giving the like Security
This way of Security, though not frequent, may be as good Security as that of Land; the Policy of the Security being only to secure the Interest for the said Twenty seven Years.
It is humbly conceived, if the Nation can agree to settle this National Bank, that a great Advantage will arise as well to the King's Majesty, as to the Kingdom, considering the In∣crease of Trade advancing the King's Revenue; so that both King and People have an equal Advantage by the same. It is not needful here, to lay out the Advantages of this Bank, being so plainly laid down to the Kingdom and the Benefit of Trade. It is likewise to be observed, that all Trades, Huswifery, and Manual Labours, will be greatly advanced: And it may be boldly asserted, if this be embraced by the Nation, will make it a Flourish∣ing Kingdom: And there is nothing known reasonably that can marr this Proposal, but a Pusilanimous Fear, which the Projector takes off, by erecting in Edinburgh, the Capital City of the Nation, an Exchange-Office, to pay all the National Bills that shall come in, free of any Charge, in the current Money of the Kingdom, which makes the Bills the same with Money, and to be of better, or as good use to serve the Nation, than if they were all Silver Money: As also, considering the Benefit that almost every Man in the Nation have by them, and the End the Bank is erected for, and that it doth not Diminish the Silver Money of the Nation, but greatly Increase it; especially considering what Credit Bills are in the World, being esteemed more valuable than either Silver or Gold: And if we stand on this Point, our Nation may remain in this languishing condition while the World endureth, and we must remain Underlings, to be Despised by all our Neighbours: But it is hoped it will take better effect, at least to examine the Veracity thereof; and it is not doubted, but there will be given the Nation that satisfaction they can readily wish for.
There are two Years Interest of this National Bank, reserved for all Contingencies that may be necessary for this Erection.
This National Bank will greatly strengthen and support the carrying on of Foreign Colo∣nies, as CALEDONIA, ond others, filling the Nation and Company's hands with Money, enabling them to give these necessary and frequent Supplies as may be needful.
There are several Heads in this National Bank, that the Projector forbears to make publiek; as the manner of erecting the Bills for duration, and a Method to prevent Counterfits to be imposed upon us, for which the Projector has a peculiar way, which is both safe and easy, unknown to any; which makes this Proposal more acceptable to this Nation, than is proposed to any other, they not having the like Security offered them: All which the Projector shall be ready, in its proper Time, and to proper Persons, to give account of.
There are Three principal Objections natively falls in to be obviat; and craves the Courteous Reader's Patience to answer: and shall be as brief as I can.
First, The Unprecedentialness of this Bank. Secondly, Its Currency for the Service of the Nation. Thirdly, Its Exhaust and Safety. And, Lastly, My Animadversions