The National Land-Bank, together with Money

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The National Land-Bank, together with MONEY:

So composed, as not only to be easie understood, and easily practiced, but more capable also of supplying the Government with any Sum of Money in proportion to what Fund shall be settled: As likewise, The Free-holder with Money at a more moderate Interest, than if such Bank did consist of Money alone without Land.

The Proposal is,

THat Two Millions be raised by Subscriptions of Money, and one Million more by Subscriptions of Land, to make up Three Millions, which is Proposed for the Capital Fund of this Bank, and on which the Profit and Loss is to be yearly Computed, and afterwards taken and born by the first Subscribers of the said Three Millions, as herein after prescribed.

The Subscriptions for the Two Millions of Money to be made in such manner as those were for the Bank now in being, with this difference, that the Money Subscribers in this (which they were not in that) should be obliged, from the time of Closing the Books, to pay Four per Cent. for the use of the Bank in general, for such part of the Money by them Subscribed, as shall remain in their hands, till called for by the Bank, and paid in.

The Land to be Subscribed by the Possessor of it, and to be charged by Parliament, with the actual payment of one fifth part of its yearly value, which fifth part is to be paid down to the Bank at Subscribing, and every year after by the Subscriber, or his Assigns, and the Benefit of such Rent Charge, being to be the Profit of 500l. Stock in the Bank for every 100l. yearly Subscribed, and for which 20l. must yearly be paid, is to be annext and to always belong to whoever is possest of the Land. And it cannot be supposed, that any Man will Subscribe, that does not believe he has Title, since he must hurt himself only by it, and no body else if he does.

For Example, 1000l. yearly Subscribed, to be made lyable to pay 200l. yearly rent charge to the Bank; whereof the first year 200l. down, and to remain so chargeable yearly into whose Hands soever, by Settlements, Mortgages, or otherwise, it shall happen to come for which 200l. first paid, and so payable yearly as aforesaid, the Proprietor (whosoever he shall be of the Land) to be Entitled to the Profits of 5000l. in the Bank; but to be always annext to the Land, which brings the Money and Land-Subscribers on a just equal foot; and makes this Million in Land, and Two Millions in Money, full equal in value to three Millions all Money, and able to pay as great Sums; and so by this Method, the Land thus subscribed divides equal in Proportion with the Money-Subscriptions in the Profit of the Bank, and may as aforesaid be subscribed and be made good Security, without looking into Titles, whether settled or not, and so Land this way may as soon and as easie be subscribed, and to as much Advantage made use of as Money.

As to the great design, and what may relate to the easie furnishing the Freeholders with Money at Interest: Note, A Bank thus enabled (will be the more willing to do it) and may without Damage be obliged to lend 500000l. yearly (if so much is required) to be lent to either their own Land Subscribers, or such others as shall with good Titles settle their Land on this Bank at a moderate Interest (suppose 3l. 10s. yearly per Cent.) and it may be to three parts of four of its value, and that in such manner, that the Borrower of it (when his Land is once settled in Bank) may at any time take up either part of, or the full Sum to be lent on his Land, and pay it back again in such Proportions as best suit with his private Concerns; which is all the Advantage has at any time been proposed by Land-Banks. And this so proposed Bank (if made one by Parliament) on a Fund to be settled; and this Millions worth of Land (which will strengthen the same) will easily furnish any Sum of Money in proportion to the Fund shall be given, and also such 500000l. yearly at Interest on Land as aforesaid, if so be that the same be desired.

And that Gentlemen may not be frightned from subscribing their Land-Estates, and subjecting them to the Payment of one fifth of their annual Value, for fear of being yearly put to it to provide the same to pay in, nor Money'd Men from subscribing Money, for fear of being in like manner put to it for yearly providing the Interest of the Money by them subscribed, and not paid in to the Bank as aforesaid. Note, If the Profit made of the Money paid into the Bank, amounts to but 4 per Cent. and no more, that 4 per Cent. will pay 4 per Cent. Dividend for the Money paid in; and the Rent reserved on the Land, and the 4 per Cent. to be paid for the Money not paid in, paid back to the Owner, or not paid into the Bank, will be a 4 per Cent. Dividend to those that should pay it; so that if no loss is made by the Bank, the paying of the Rent, and Interest reserved as aforesaid, will be but nominal only, and what more shall be gotten will be all clear Gains to all Persons in general concerned in the Bank, to be proportionably divided at such times as shall be judged best.

Tho. Neale.

Feb. 24. 1695.