The Proposal with Reasons for it.
To Supply the Nation with Money, it is humbly propos'd, That 40Commissioners be appointed by Parliament, Answerable to Parliament for their Administration, and the Administration of the Officers under them: The Nomination of these Officers being lest to the Commissioners.
That the Commissioners have Power to Coin Notes: Which Notes to be received in Payments, where offer'd.
That a Committee of Parliament be appointed to inspect the Management, and that none of the Commissioners be Members.
That the Commission and Committee meet twice a year at Whitsunday, and Martinmass; their Meetings, to begin 10 days before, and to continue 10 days after each Term.
There are three ways humbly offer'd to the Parliament, for giving out these Notes: they in their Wisdom may determine which will be most safe.
1. To authorize the Commission to lend Notes on Land Security, the Debt not exceeding one half, or two Thirds of the Value: And at the ordinary Interest.
2. To give out the full Price of Land, as it is valued, 20 years purchase more or less, according to what it would have given in Silver-money. The commission entring into Possession of such Lands, by Wadset granted to the Commission or Assigneys; and redeemable betwixt and expiring of a Term of years.
3. To give the full Price of Land, upon Sale made of such Lands, and disponed to the Commission or Assigneys irredeemably.
That any person shall have such Bonds, Wadsets, or Estates assign'd or dispon'd to them, upon paying in the value to the Commission.
That the Commission don't receive other Money than these Notes.
That no person who has contracted for these Notes, shall be obliged to receive Silver or Mettal Money.
That the Commission have not power to coin more than 50000 lib.
at a time, and that no more be coin'd so long as there is 25000 lib.
remianing in the Office.
That for a year and a half the Commission be limited to a certain Sum, after that time to have power to coin what Sums are demanded:
unless restricted by ensuing Parliaments.
That these who desire to have Money from the Commission, give in a Note to the Lawyers for the Commission a Month before the Term, of what Sums they want, with the Rights of the Lands they offer in Pledge: and that these who have Notes to pay in to the Commission, give warning 10 days before the Term.
That the State of Commission, the Sum of Notes coin'd, the Debit and Credit, with the highest Number of different Notes, be publish'd every Term.
That any person who shall discover 2 Notes of the same Number, or of a higher Number than these publish'd, shall have a 100 lib. reward.
That the Under-Officers be instructed with the Sum of 20000 lib.
to change Notes with; and that they attend the whole year.
That any Member of Parliament may inspect the State of the Commission.
That no Notes be coin'd, Money lent, or Rights assign'd by the Commission, but at the Terms of Whitsunday and Martinmass: And in presence of at least 20 Commissioners, and one Third of the Committee.
That the Revenue of the Commission, over what pays the Charges, and what part the Parliament thinks needful to make good any Losses may happen to the Commission, be applyed by way of Drawback, for encouraging the Export, and Manufacture of the Nation.
That Paper-money do not rise more than 10 per cent above silver money; so that he who contracts to pay in Paper, may know what he is to pay in case he cannot get Paper-Money.
The Parliament may enter into a Resolve, that the next Sessions of this or the next ensuing Parliament, the State of the Commission be taken into Consideration, preferable to all other Business: And if found hurtful to the Country, the Parliament may discharge any more Notes to be given out, and order what Notes are then out to be called in.
That after 3 months from the Date of the Act, Scots and Forreign Money be reduced to the English Standard. The English Crown to 60pence, and the other Money in Proportion to its value of Silver. The 40 pence to 38 pence, the new Mark to 13 pence 1/12 the old Mark to its Weight, the Ducatdowns to 68 pence. Dollars to their Weight.
Guineas not to pass 22 sh.
That after 4 Months no Scots Money, (except what shall be coin'd after the Act) nor any Forreign Money except the English Money, be received in any payments, or be sold as Bullion but at the Mint.
That for what old Money or Bullion is brought to the Mint, the Mint return to the full value in new Money of 12 pence, 6 pence, and 3pence Pieces; of eleven Denires fine, the 12 pence of 3 Drops 3 Grains weight, the other Pieces to weigh in proportion: The Expense of Coinage to be payed out of the Funds appropriat to that use.
That for 3 Months, after the Act, the new Money pass for 13pence, 6 pence half-penny, and 3 pence 1/4.
That after 3 Months, Bullion and wrought Plate be of eleven Denires fine, and 5 sh. and 2 d. the Ounce of Silver, Gold not to pass 4 lib.
The Paper-money propos'd will be equal in value to Silver, for it will have a value of Land pledg'd, equal to the same Sum of Silver-money, that it is given out for. If any Losses should happen, one 4th of the Revenue of the Commission, will in all appearance be more than sufficient to make them good.
This Paper-money will not fall in value as Silver-money has fallen, or may fall: Goods or Money fall in value, if they increase in Quantity, or if the Demand lessens. But the Commission giving out what Sums are demanded, and taking back what Sums are offer'd to be return'd; This Paper-money will keep its value, and there will always be als much Money as there is occasion, or imployment for, and no more.
If a Contract for Paper-Money could be satisfied by paying the same Quantity of Silver Money, than that Paper-Money could not rise above the Value of Silver, and would fall with it. But as the Paper Money is a different Species from Silver, so it will not be lyable to any of the changes Silver Money is lyable to.
