Now is the time: or, The proposal of the loan-bank seasonable By T.W.

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Title: Now is the time: or, The proposal of the loan-bank seasonable By T.W.
Author: Whately, Thomas.
Publication: London :: printed by T. M. for the author, and are to be had at Mr. Cater', in Old Palace-yard near the Parliament-house; as likewise The Loan-Office, and an Advantageous Method, &c.,; 1695/6 [1696]
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Subject terms: Debts, Public -- England -- Early works to 1800.; Land banks -- England -- Early works to 1800.; Finance, Public -- England -- Early works to 1800.
Link to this Item: http://name.umdl.umich.edu/A96294.0001.001
Cite this Item: "Now is the time: or, The proposal of the loan-bank seasonable By T.W." In the digital collection Early English Books Online 2. https://name.umdl.umich.edu/A96294.0001.001. University of Michigan Library Digital Collections. Accessed June 13, 2024.

Pages

POSTSCRIPT.

ONE Objection I have met with, against which I had not expresly made any pro∣vision in my former Papers, which is this: If Loan-Bills be payable in all 〈◊〉〈◊〉, how shall these Taxes pay either Interest or Principal?

Ans.

1. Tho' all may, yet many cannot, and some will not lend even so much as their Taxes; these must pay in Coyn, this may be enough to answer the interest. Or, suppose not.
2. If the Credit of these Bills prevail, so as to enhaunce the Value of them, then no Bills will be paid in Taxes, and consequently there will be Mony enough; and we have reason to believe the Value of them will advance, having much more in themselves to commend them, than the Bills of any other Banks (which yet advance) can have, and Persons well vers'd in the Trade, by their own Interest, engag'd to make them as dear a Purchase as they can.
3. The Credit thus advanc'd, the People will be so far from desiring their Principal, that they'l be afraid it should be forced upon them; and till they desire it, what need is there of paying it, unless the Parliament find the continuation of it at Interest a Grievance to the Nation? But that it will be far from being so, see what I have said in my Loan-Office, Advant. IX, X.
4. But lastly, to provide for the worst. As for Principal, That the Parliament may from time to time gradually reduce as they please, either out of the Surplusage of the Tax remaining after the Interest is paid, or by an After-Tax appropriated to that purpose, to be paid in Mony to the Bank, to sink the Principal; Altho' if you suppose the Bills to be returned so quick, there will be no need of reducing them; they'l dis∣solve themselves.

And as for Interest, it will be no hard matter for the Parliament to find out Appro∣priating Clauses to be paid only in Coyn, if they think they need such Precautions, or this Difficulty be too great for the Bank it self to provide against.