[A1705/6/8]*[print] [email] [cite] [preceding] [following]
Firstly: that by an act of parliament the sum of £300,000 sterling should be struck and made current in tallies or notes, or different denominations.
Secondly: that an office consisting of private persons should be appointed by the parliament for lending these tallies out at 5 per cent upon the best land security.
Thirdly: that the principal sums borrowed in these tallies shall never be repaid, only the lands of such who borrow shall be burdened with the said 5 per cent interest for the space of 25 years.
Fourthly: that 4 of the said 5 per cent interest paid yearly in tallies shall be destroyed by the office, so that at the end of 25 years or thereby, there shall not be one tally in the kingdom.
Fifthly: that 1 per cent of the said 5 of interest should be employed for defraying the necessary charge of the office, or otherwise, as the parliament shall think convenient.
An example of this proposal:
If £300,000 sterling in tallies be lent out at 5 per cent interest, then this interest will extend to £15,000 sterling yearly, of which £15,000 sterling the sum of £12,000 sterling (being 4 of the said 5 per cent) shall be paid in tallies and yearly destroyed by the office, but the remaining £3,000 (being 1 of the said 5 per cent) shall go for defraying the necessary charges of the office.
The heritors who borrow the said £300,000 sterling shall continue paying punctually the said 5 per cent interest for the same during the space of 25 years, at the end of which term their land shall be free and the principal shall never be returned, for, by destroying the aforesaid £12,000 sterling yearly of the tallies, as shall be returned in the aforesaid space of 25 years, because of £12,000 multiplied by 25, makes £300,000, which is the complete sum of the tallies.
The honourable estates of parliament may be pleased here to observe that the doctor does not limit this proposal to a certain definite sum, nor to a certain limited time, for the parliament, if they think it proper, may condescend upon any sum, greater or lesser, to be repaid within any term of years.