6ly, The Frauds put on the Country by Counterfeit Notes will be prevented; for though the method of Indentures and Stained Paper now used by the Bank of England, may be a Security to it self, yet it is not so to any one else, seeing Art is able to Counterfeit every thing, at least so like, as not to be easily discover’d: Now, what Satisfaction will it be to those who have received their Notes instead of Money, to be told by the Managers that they are Counterfeit, when they know not where, nor from whom to get Reparation; whereas being Assigned from Man to Man, they are taken on the Credit of the Assignor, who runs no other risque thereby, save his Warrant that they are truly what he pays them for.
7ly, This Bank will be free from Stock-Jobbing, the Bane of all good Designs, which will find no room here, because it cannot be divided into private and particular Interests.
The Consequential Advantages will be these,
1st, By this means the Taxes for carrying on the War the ensuing Year, together with the Twenty five hundred and Sixty four Thousand Pounds, which fell short on the Salt Fund, may be raised, by Methods, wherein the Kings Revenue, and the Peoples Profits, shall go hand in hand, without Anticipations.
2ly, The Funds now setled on our Manufactures, which discourage our Trade, and Ruin our Poor, may be sunk and taken off; such as those on the Glass-makers, Tobaccopip-makers, Distillers, and others, many whereof have yielded little to the Government, above the Charge of Collecting, and the best of them have done great mischief to our Trade; Now seeing these are only so many several Modus’s of raising Money, those methods must doubtless do Best, which least Injure our Trade.
3ly, The Debt due to the Transport-Ships may be paid off, and those People, to whose Early Loyalty the Reduction of Ireland is very much owing, be Contented.
4ly, The Mints may be kept Imployed, and the Kingdom thereby filled with Coin.
5ly, Our Wooll may be kept at home, which I humbly conceive can never be done, till a good Credit be settled, any thing less will not be large enough to cover the Sore Intended to be Cured.
6ly, The Plantation Trade may be better secured, especially that of Tobacco, and Methods may be proposed to Render it more Profitable, both to the King, and also to the Subject.
7ly, The Bank of England’s Notes may be brought to Par, and Tallies of all sorts in a short time be paid off at their full Value, which I humbly conceive will be difficult to be done, any other way, the settling a Credit on either, or grafting them both together, seem improbable Methods to answer those ends.