A Way how to Supply the King's Occasions with Two Millions of Money, on a Fond of 120000 l. Yearly, which is at 6 only per Cent. without any Prejudice to His Majesty's Present Revenue, or Compulsion to those that shall Receive it, but rather a Convenience to both. To do this, 'Tis Proposed,

THat there should be Bills, some of 100 l. some of 50 l. and some of 20 l. (as herein after Described) be prepared, amounting sup∣pose to Two Millions, and to be paid out by the King as so much ready Money, to those his Majesty has occasion to pay Money to, and are willing this way to receive it, with a Declaration (as you see the Pattern made for 'em) that they shall be taken in payment, for ei∣ther Excise or Custom, for the Money they are given out at, and the 6 per Cent. Interest, per An. shall be paid to the Persons possest of such Bills at Lady day, and Michaelmas yearly, and the King as he pays them out, as 100, 50, or 20 l. shall take them again as 100, 50, or 20 l. In short, as the King pays out Silver and Gold, and takes it again for just the same as he paid it out; so, and no otherwise he should take again these Bills (viz.) as 100 l. 50 l. or 20 l. as he paid them out.

Whence 'twill follow, that whoever comes to be possest of these Bills (having a running Interest of 6 per Cent. on them) will never pay them into the Exchequer, either for Custom or Excise, if he can possibly find other Money to pay it.

And to hinder the remaining long of such Bills in the Exchequer, it may be Enacted, That (if payment of any of these Bills be made, as 20 l. 50 l. or 100 l. for Custom or Excise) there shall every Week be set up in Writing at the Exchequer, Excise and Custom-house, an Account of what sums in such Bills remain there, with this Declaration Positive; That whilst there are any such Bills remaining in the Exchequer, Excise, or Custom-house, whoever brings ready Money, that is, 100 l. for 100 l. 50 l. for a 50 l. or 20 l. for a 20 l. Bill shall not be refused it, tho 5 Months Interest be due upon't, and the whole six to be received by the Possessor of the Bill, the Lady-day or Michaelmas following: This will make these Bills 'twixt Man and Man much better than ready Money, having such Interest, till paid for Excise or Custom, still running upon them, and when paid into the Exchequer so very advantagious to those that shall take them out, that the King's Revenue in payment will have very few of them; And being so Drawn that they cannot be Counter∣feit, and may be proved true at the Custom house if paid there, at the Excise Office if paid there, at the Custom-house at Bristol, and the other Places writ on them if paid there, and at the Exchequer when the Interest is paid, and a new Bill given there; as also for ascertaining the truth of such Bills, an Office like that of the Transfer may be Erected in London. For a Penny to Try and Assert the Validity of any such Bill, which being so easie Ascertained, and having 6 per Cent. Interest (which is double what the Bank-Bills have) running upon 'em, and being no less in truth than a perpetual Interest of 6 per Cent. to those that Page  [unnumbered] shall keep these Bills, and ready Money to Merchants when the Owners will part with them, and there being so sure and easie a way to do it, 'tis more likely by much, that these Bills will be always worth more then their Principal, then that they'll ever be valued at less; and it ought to be likewise considered, That the present (as well as the future) owners of Money, who at any time shall have these Bills, and who (it may be) would otherwise have put the same Money in Bank, will have this way 6 per Cent. for their Money, and their Money at command, as aforesaid; whereas they can have for it but Three per Cent. from the Bank, which for holding Stakes only does eat up the other Three, and yet the Securi∣ty (if a new Fond be for it by Parliament settled) will be in goodness the same as that given the Bank, and may be appropriated and made re∣deemable also as well; and therefore 'tis not to be doubted, but that this (without hoarding coyn'd Bullion either Silver or Gold, and so ma∣king it scarce, or causing a Clamour in any kind whatsoever) may to more satisfaction supply the uses of Money, than either Bank Bills do, or Goldsmiths Notes ever did, being less charge to the Nation, and more for the Benefit of the present and future owners of Money, a Prejudice to none, but a great Convenience to many, and a Publick Good, by en∣creasing the Currant Money of the Nation, which these Bills without any Compulsion, must of course and necessity do, and may be made for greater or lesser sums, as Fonds shall be settled for it, and the Wisdom of the House shall think fit of, and if instead of 120000l. yearly, 140000l. yearly be settled, 'twill raise either more Money, or the Two Millions proposed with more ease.

Note, A Perpetual Interest, in the Nature of this, but by way of Transfer, as in Holland in used; was Proposed in Print by the Propo∣ser of this, Jan. 29th, 1693. This Proposal was Printed Nov. 16th, 1694. Reprinted Decemb. 28th. 1694. and now again the 6th of Feb. 1695. and 'tis hoped 'twill need be so no more.

Note, If what is above shall not be thought Precaution enough against Counterfeits, whosoever parts with any of these Bills, may be obliged (if he that takes them desires it) to Endorse the same, which alone would be almost sufficient to do it.

And if it might be Enacted, That the first 200000 l. that shall be raised on the Fond for this perpetual Interest to be settled should be appropria∣ted, and in the Exchequer kept separate to Circulate these Bills, by pay∣ing the Owners off so many of them in Money, as after Three Months shall desire to in Money be paid, allowing to such as shall so desire to be paid 3 per Cent. only; whereas Six per Cent. is allowed to the other: 200000 l. so set aside for such purpose (supported by the Credit of such Bills as shall come to be paid, which may so be made use of as to keep up at all times the Cash for such use to that sum) will more than sufficient∣ly do it, and answer all the Conveniencies the best Banks can pretend to; for the Bills that thus come to the Exchequer to be paid in hard Money, with Three per Cent. Interest, are as good as Bank Bills, at Three and the other at Six 'tis plain are full as good again, and will very soon so be esteemed.

The Form of the Bills, and how the Truth of them is to be Tryed, the following Print does demonstrate.