A Proposal for Selling Part of the Foreft Lands and Chaces, and difpojing of the Produce towards the Discharge of that Part of the National Debt due to the Bank of England: And for the Eftablifoment of a National Bank; by which there would be a Saving to the Public of One per Cent. on fo much of the national Debt as is immediately redeemable by Parliament. Which, with the Produce of the Sinking Fund, would, it is imagined, be fufficient to pay off the National Debt in a reasonable Time. And alfo to defray the extraordinary Expences of any War the Nation should hereafter engage in, without borrowing. 4to. 1s. Payne.

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MIDST the general corruption and venality of the times, the flagrant inftances of want of probity in men of bufinefs, and the thoughtlefs diffipation of men of pleafure, it must afford a fatisfactory reflection to every Lover of his Country to obferve, that there are not wanting among us, others of a very different character; men of honeft minds, and thoughtful difpofitions, equally untainted with the low and treacherous arts of the Defigning, as with the high and extravagant follies of the Inconfiderate; men whofe talents are laudably employed in difinterested purfuits, to the honour of themselves, and the benefit of the community.

It is to the public-fpirited endeavours of fuch valuable members of fociety, that particular States have, in all ages, been indebted for their original profperity, as well as for their many timely efcapes from impending ruin. With regard to this nation, and at the prefent juncture, it is juftly to be presumed, that notwithstanding the flattering circumftances of peace, the prefent enormous fum of our national debt, fo greatly increafed by the war, cannot fail of making a very difagreeable impreffion on the mind of every thinking and fenfible Patriot. It is true, we have been fo long accustomed to the falle alarms of national bankruptcy, that we are grown almost infenfible of its approach; if by the large ftrides which public credit hath lately taken, e or no advance hath been made towards the goal of its dif

But it fhould be confidered, that people familiarized the ruinous profpect of a tottering pile, may defpife their gmoft, when, haftening to the crifis of its fall, it is on the of involving them in its ruins. A man may, indeed, short-fighted to fee his danger, walk fafely, for fome time, de of a precipice; but, if his caution be not equal to

of his fituation, if he fhould grow inattentive to his fps, or any finifter accident fhould overtake him, his destruction would be as fwift as inevitable. Is it wisdom, therefore, to fport on the brink of ruin, because we have hitherto

approached

approached it in apparent fecurity? or is it not rather the height of infatuation, not to retire, while there is a profpect of making good our retreat? Should the ground begin once to give way, we are lost for ever. Nay, fuppofing it uncertain that our danger is fo imminent and immediate, where is the man who can affure us, it is far diftant? or that it is not high time, at least, to look about us, left we fuffer for our negligence before we are aware? Our political Prophets, it must be owned, have been hitherto mistaken in their time wherein their predictions were to be accomplished: but, if matters are fuffered to go on as they have done for half a century paft, we may very fafely fay of fuch Prognofticators, as Henry the fourth of France did of the Aftrologers that were daily foretelling his death, that, "how often foever they might be mistaken, they would certainly be right at last."

Fublic Credit, as well as man, is mortal; but, however fpecioufly Mr. Hume, and other very refined Politicians, may have reasoned on the confequences of fuch an event, there is, in our opinion, little ground to hope, if once the circulation of its vital blood fhould ftagnate, that either we or our pofterity fhall live to fee its joyful refurrection. We cannot help thinking the public, therefore, highly indebted to all men of abilities who, rifking, with a noble fortitude, the contempt of being ranked with idle Enthufiafts, and visionary Projectors, employ their thoughts on expedients to remove the danger, or even to put off the evil day, of fo dreadful a catastrophe,

Of all the projects we remember to have feen, for paying off the National Debt, the propofal before us feems the beft calculated (we wish we could fay the most likely) to be put in execution. But we fear that the mercenary phalanx of Directors of Companies, Jobbers, Monopolizers, Undertakers for Loans, &c. may have more influence than our Author feems to imagine, in preventing the execution of a plan, that, however advantageous to the public, clafhes fo violently with their particular intereft. His main fcheme is this:

"That a Bank be eftablished by Parliament, under the title of the National Bank of England; and that the Sinking Fund, fubject to the several fecurities already charged on it, be appointed as a fecurity for fuch fums of money as shall at any time be depofited in it.

"That this Bank fhall iffue notes, payable to bearer or order on demand, for any fum that fhall be paid into it, not less than 1001.

"That

"That all notes for 100l. and upwards for every 501. over and above 1001. fhall entitle the bearer to receive the fame, with intereft at the rate of 21. per cent. and the fame rate of intereft for every fix months, that fuch note fhall remain unpaid, over and above one year from the date. But that no intereft fhall be allowed for any note, for any time less than one year, nor for any fraction of time lefs than fix months afterwards, nor for any fraction of money lefs than 501. over and above rool.

"That the money arifing from the public revenue be paid from time to time into this bank, as at prefent into the Exchequer; and that all the Officers of the Revenue be obliged to receive these notes, as cafh in all payments.

"That the Lords Commiffioners of his Majefty's Treafury fhall have power to draw, or iffue orders to this Bank for the payment of money to the fame amount, and for the fame purpoles they now do to the Exchequer; with a further power alfo of drawing for any fum not exceeding 500,000l. more than the receipt on account of the public revenue may have brought into the Bank at the time.

"That the present Officers of the Exchequer, whofe offices fhall ceafe by the establishment of this Bank, be employed in fuch offices in it, as may be deemed proper, with falaries equal to what they enjoy at prefent, and all the other profits of their Y employments; and that fuch other Officers as fhall be affected in the profits of their employments, be allowed additional falaries, equal to the full amount of what they may lose by this eftablishment. But that all future Officers of the Bank be appointed by the Directors, at fuch falaries as they fhall think proper.

"That the current bufinefs of the Bank be under the direction of thirty-fix Gentlemen of eftates of inheritance in land; cach to the amount of 1000l. per annum, at the leaft, in poffeffion. That twenty-four of these be appointed the first year by lot, and twelve of thefe twenty-four appointed in the fame manner the next year; to whom the twelve not first appointed are to be added; and that every year after twelve Directors be changed by rotation, fo that the number be conftantly twentyfour in the direction; and each of thefe twenty-four be allowed a falary of 1. proportioned in fome measure to the confrancy of his attendance, with a proper draw-back for non-attendance, otherwife the office may foon become a fine cure to

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It is next proposed, that the accounts and other tranfactions of this Bank be laid annually before the Houfe of Commons; to a Committee of which the infpection and examination of them shall be referred. After which our Author obferves" that there is no nation in Europe fo well adapted by its fituation and conftitution, its power, independence, and commerce, for the establishment of a general Bank, as this is. But were it to be confidered as merely confined to this kingdom; a national par liamentary Bank, under proper regulations, would be of infinite advantage; and the Sinking Fund, with the faith of Parliament to make good all fums of money that fhall be depofited in this Bank, is, undoubtedly, fuch a fecurity, and establishment, as cannot be given by any other State: and to all appearance would be a fufficient inducement to foreigners, as well as natives, to prefer this to all others, on account of its fecurity, were no other benefit to arife. But the additional profit of two and a half per cent. would certainly be a means of its becom ing, in time, the common repofitory of the money of Europe."

Our Projector then proceeds to fhew the utility of his fcheme, and, the reasonablenefs as well as the means, of putting it in exeHe proposes, that the money lodged in this new Bank, over and above what may be deemed neceffary for the circulation of its notes, may be applied to the discharge of part of the national debt. This money, he fuppofes, will, in all probability, be returned to the Bank in a fhort time, and may be applied again in the fame manner, whilst any part of our redeemable debt remains unpaid: by which method there will be a faving to the public of one per cent. the difference between the interest now paid, and that to be paid by this Bank; which, with the additional three per cent. for fuch part of the national debt as may be abfolutely discharged yearly by the Sinking Fund, would, in a fhort time, reduce fuch debt to a moderate fize, and enable the Parliament to abolish fome of our most burthenfome taxes, without taking from the produce of the Sinking Fund.

Our Author goes on to remove the objections that may be made to his fcheme, and to illuftrate the advantages which will thence accrue to individuals: he then treats of the propriety of diffolving the present Bank of England. With this view, he examines into the privileges it is entitled to, and the terins on which they were granted; beginning with the act paffed in its avour, in the eighth of King William III. and continued by ubfequent acts to the first of August 1764.

In this part of his pamphlet he complains of the ungrateful conduct of the Directors, both with regard to individuals and to the Government. He remarks, that the exclufive privileges of

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the Bank were granted in confideration of fums of money advanced, from time to time, to the Government; and that its credit hath been constantly fupported by the whole body of our Merchants, particularly in the rebellion of 1745, when the demands on it became to preffing, that it would have been found difficult, if not impofile, to have kept on a courfe of payment, even in the manner it then did, were it not for the general allo ciation and agreement of the Merchants to accept its notes, as money, in all payments. And yet, notwithstanding these fignal fervices of the Merchants, and the privileges granted on the part of the Government, he obferves, that the Directors put a sudden stop, in the year 1758, to their ufual manner of discounting bills; which laid the Merchants under extreme difficulties, threw a general damp on trade, and in its confequences affected the public Funds to a very great degree: a ftagnation in this branch of credit, laying many principal Merchants, who were Subfcribers to the Government Loan, under the neceffity of difpofing of their subscriptions almost at any price, in order to keep up the regularity of their ordinary payments. Again, their refufing to advance money to the Government, on the land-tax granted by Parliament for the year 1760, a profitable branch, which they had till that time alimoft wholly engroffed, he fays, might have been attended with very fatal confequences to the nation, when we were fo deeply engaged in an expenfive war. And tho', continues he," the Directors might have had very powerful motives for acting as they did, with which the public was not, nor was it prudent it fhould be, made acquainted; yet I prefume the extraordinary influence this body hath acquired, both with refpect to the funds, and the commercial credit of the kingdom; and also, how far the fafety, or welfare of either may, at any time, be endangered by it, are matters of fuch confequence, as may well deferve the ferious confideration of the Legislature."

It is for all these reasons, and to make room for a national Bank, that he thinks the Legiflature fhould not grant the prefent Bank a farther term, when that of their prefent privileges is expired. But as the difcharge of the whole debt due to the Bank, which amounts at present to 11,686,800l. and twelve months notice, are abfolute conditions that must be complied with, before fuch a scheme can take place, he proposes that fum fhall be timely raifed. To this end he would have a great part of the royal Forefts and Chaces, and particularly Enfield Chace and Epping Foreft, put up to fale. By this expedient, however, he propofes, to raife only the fum of four millions toward the purpose intended. How the remainder is to be procured he does not tell us, tho' he intimates that it might eafily be done.

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