FN 518 In confirmation of what is said in the text, I extract a single paragraph from Briscoe’s proposals.  “Admit a gentleman hath barely 100L. per annum estate to live on, and hath a wife and four children to provide for; this person, supposing no taxes were upon his estates must be a great husband to be able to keep his charge, but cannot think of laying up anything to place out his children in the world; but according to this proposed method he may give his children 500l. a piece and have 90l. per annum left for himself and his wife to live upon, the which he may also leave to such of his children as he pleases after his and his wife’s decease.  For first having settled his estate of 100l. per annum, as in proposals 1. 3., he may have bills of credit for 2000L. for his own proper use, for 10s per cent. per annum as in proposal 22., which is but 10L. per annum for the 2000L., which being deducted out of his estate of 100L. per annum, there remains 90L. per annum clear to himself.”  It ought to be observed that this nonsense reached a third edition.

FN 519 See Chamberlayne’s Proposal, his Positions supported by the Reasons explaining the Office of Land Credit, and his Bank Dialogue.  See also an excellent little tract on the other side entitled “A Bank Dialogue between Dr. H. C. and a Country Gentleman, 1696,” and “Some Remarks upon a nameless and scurrilous Libel entitled a Bank Dialogue between Dr. H. C. and a Country Gentleman, in a Letter to a Person of Quality.”

FN 520 Commons’ Journals Dec. 7. 1693.  I am afraid that I may be suspected of exaggerating the absurdity of this scheme.  I therefore transcribe the most important part of the petition.  “In consideration of the freeholders bringing their lands into this bank, for a fund of current credit, to be established by Act of Parliament, it is now proposed that, for every 150L per annum, secured for 150 years, for but one hundred yearly payments of 100L per annum, free from all manner of taxes and deductions whatsoever, every such freeholder shall receive 4000L in the said current credit, and shall have 2000L more put into the fishery stock for his proper benefit; and there may be further 2000L reserved at the Parliament’s disposal towards the carrying on this present war . . . . .  The free holder is never to quit the possession of his said estate unless the yearly rent happens to be in arrear.”

FN 521 Commons’ Journals, Feb. 5. 1693/4.

FN 522 Account of the Intended Bank of England, 1694.

FN 523 See the Lords’ Journals of April 23, 24, 25. 1694, and the letter of L’Hermitage to the States General dated April 24/May 4

FN 524 Narcissus Luttrell’s.  Diary, June 1694.

FN 525 Heath’s Account of the Worshipful Company of Grocers;
Francis’s History of the Bank of England.

FN 526 Spectator, No. 3.

FN 527 Proceedings of the Wednesday Club in Friday Street.

FN 528 Lords’ Journals, April 25. 1694; London Gazette, May 7. 1694.