Banks, as I humbly conceive, ought chiefly to be calculated for the Use of Trade, and modeled so as may best content the Traders. What gives them Satisfaction, will answer all other Occasions of the Kingdom. Money passes through the Hands of the Nobility and Gentry, only as Water doth through Conduit-Pipes into the Cistern, but Centers in the Hands of Traders, where it circulates, and may be said to be used; and among these, Ease, Profit, and Security, are Arguments to keep a Bank always full: Besides, when the Streights of the Government are taken of, greater Sums will come into Trade, which are now drawn out, in order to make Advantages, above what the Profits of Trade will bring in.
The Heads whereon I propose to build this National Credit, are these which follow:
That a Bank be erected on the Credit of Parliament, the Profit or Loss thereof to redound to the Nation, whose chief Chamber shall be settled in London, but lesser Chambers in other Places of this Kingdom, at such Distances, as may best answer the Occasions of the Country, which Chambers to account with that of London, and that to Commissioners appointed by Parliament.
That this Bank shall take in what running Cash shall be offered, and shall give their Notes for it; and shall also allow Interest after the Rate of ### per Cent. per Annum, after the first ### Days, till those Notes be paid, and shall also pay it again to the Proprietors, or any Part thereof, when demanded.
That if any Man put in his Money for a Time certain, not less than ### Months, he shall receive Interest from the Time of paying it in, to the Time he is Repaid.
That this Bank shall let out any Sum again on reasonable Security, either Real, Personal, or Goods, receiving Interest after the Rate of ### per Cent. per Annum, till the Borrower shall think fit to pay it in, which he shall do, by such Parts as will best suit his Occasions, and be discharged from the Interest of what he so pays, and only pay after the Rate aforesaid, for so much as doth remain in his Hands.
That Lombards be erected to attend this Bank, for the Benefit of Traders, under Regulations, which may Encourage Trade.
That for the Benefit of Returns, the Notes given in any one Chamber of this Bank, shall be demandable in any other, together with the Interest due till Payment, the Receiver allowing for such Returns after the Rate of ### for each Hundred Pounds, in the Chamber where he receives his Money.
That to prevent Counterfeits, all Notes given out at any Chamber, shall be made payable to ### or Order, and assigned from one to another, each Assignee to be Warrantee for the Note, both to the Bank, and also to every later Assignee.
That these Notes shall be taken by the King in all Payments, which will make them current among the Subjects.