I. An Additional Proposal concerning Guineas.
THAT for every Guinea brought into the Loan-Bank before the — day of — be deliver'd 10 s. of Current Silver Coyn in hand,* 1.1 and a Bill of 20 s. payable at the time appointed to repay the Banks their Princi∣pal, or (as PARLIAMENT shall appoint. And that — (after the expiration of the time limited for receiving these Guineas) no Guinea shall pass for above — s.
By this means all the Inconveniences of the enhaunced rate of Guineas are not on∣ly prevented, but turned to the great Advantage of the Nation: For, no person can lose by Guineas, and every Guinea will be about double so much to the Nation. The King being thus supply'd with Guineas for his Foreign Occasions, the new Mill'd Mony will be kept at home; all the Conveniences of the Loan-Banks, so un∣speakably for the Good of the King and People, will be effectually retriev'd; the the Bottom broad enough to bear whatsoever Structure is to be rais'd upon it; All the Advantages mention'd in my former Papers, and many more, certainly Se∣cur'd; and the Credit of these Banks forthwith confirm'd: For, the Owners of Guineas, that knew how to advance them so much above their Real Value, cannot want Means of giving a Credit to the Loan-Bills answerable to the true Value of them (Bills insured by an Act of Parliament, on an indubitable Fund, every day im∣proving on their hands, and never in danger of sinking); nor can they want Mo∣tives to do it, their own Interest being so deeply engag'd. They that could ad∣vance a Guinea near one third above its real Value (in danger of sinking, and not improvable by keeping) may much more easily advance a Loan-Bill one Quarter's Interest, at least, above its present value, when only lying by a little while will make it really worth so much. And, if this should be the Case, then our Work is done, our Bank's Credit secure, no danger of their sinking, their Bills Current, and the most Popular Objections all remov'd at once: For,
Who would pay their Loan-Bills in Taxes, or return them to the Banks, and re∣ceive their Principal, (unless Compel'd thereunto by Parliament) when they must Lose thereby? And, who would not prefer a Loan-Bill of 20 s. before 20 s. in Coyn, when the Bill will bring him more than 20 s.? Nor will there be any danger of Want of Current Silver Coin to exchange these Bills, when the Gold, being thus reduced, keeps our Silver at home. Nor is this only a distant Probability; 'tis morally impossible, if this Proposal concerning Guineas be accepted, it should be otherwise.
What made the Venice Bills, without Fund or Interest, advance 20 per Cent.?* 1.2 The Ease of counting, carriage, preventing damage to the Receiver by Counterfeit, Clip'd, and Base Coyn; the Advantage that was to be made by the Exchange, &c. Surely we may ex∣pect, where to all this is added the Best Security and Highest Interest that the Land can afford, our Loan-Bills would not be less valuable, but be counted good Pur∣chase, and, like our Guineas, rise upon us, till it may be necessary to put a Restraint upon them, lest they also become extravagant, and less useful for Commerce. The same Heads are as likely to do the one as the other; which they will not fail to attempt, their Interest equally engaging them, and the danger of Loss not being so great. The Humour of the Exchange might in One day, have sunk the Guineas on their hands, and left them without Redress: These Bills, by their very lying by, will in time encrease up to their enhaunced price.