676 A. D. 1696. 



eft of money to 3 per cent ; the profits to be divided amongft the Tub- 

 fcribers. But it is (fays he) fuch a hodge-podge and medley, a body 

 made up of fuch ft range members, fubtile, politic, and defigning men, 

 that the fair face it carries wins abundance to believe its defign to be 

 good ; thou'^h a little time will ftiew the truth. An ad of parliament 

 accordingly pafled for continuing the duties upon fait, glafs-vvares, ftone 

 and earthen wares ; and for granting feveral duties on tobacco-pipes, 

 and other earthen wares ; and for eftablifliing a national land bank ; alfo 

 for taking off the duties on tonnage of ftiips, (which was univerfally dif- 

 liked) and upon coals. [7, 8 Gid. Ill, c. 31.] 



Upon the credit of thele duties it was thereby enaded, * that 

 L2, 564, 000, ftiould be paid into the exchequer : for which the con- 

 tributors were to have an annuity of 1.179,480, or 7 per cent; 

 fubfcriptions to be received of any perfons or corporations (the 

 bank of England excepted) on or before the 1 ft of Auguft 1 696 ; 

 and for all fuch voluntary fubfcriptions as fhould be made of land, 

 his majefty was empowered to incorporate the fubfcribers by the 

 name of the governor and company of the national land bank. 

 But in cafe the faid fum of L2, 564, 000, or a moiety thereof, 

 were not fubfcribed by the ift of Auguft 1696, then the corpo- 

 ration fliould not take place. This intended corporation ftiould an- 

 nually lend out L5oo,ooo at leaft, over and above what they fliould 

 lend to their own members, on land-fecurities, at an intereft, not ex- 

 ceeding 3y per cent if payable quarterly, or 4 per cent if payable 

 half-yearly, at the eledion of the owners of the lands, in cafe fuffi- 

 cient fecurities for the ilmie be tendered to them. The lands convey- 

 ed and entered in the company's books, fliould be aflignable from one 

 to another, (by way of transfer) or might be devifed by will, &c.' 

 Thefe, and fundry other regulations concerning this intended land bank, 

 may be feen at large in the ftatute : but as the fubfcriptions did not 

 take place within the time prefcribed by the aft, owing to the diflike of 

 the monied men, v/ho believed it to be ah impradicable fcheme, and 

 the fund alfo like to prove very defective, there was an end of this ro- 

 mantic land-bank ; whofe projedor, and his aflbciates, it feems, infifted 

 on L3oo,ooo for framing the above-named fupply. The government 

 was indeed, at this time, reduced to great diftrefs for raifing the neceflary 

 fupplies, owing to the very bad ftate of the filver coin, whereby guineas 

 ran up to thirty fliillings, and exchequer tallies were at 30 to 40 per cent 

 difcount ; and thereby the monied men could make greater advantage 

 than by fubfcribing to the propofed land bank, whofe undertakers, fail- 

 ing to make good their engagements, brought the pubUc into ftill great- 

 er diftrefs ; which however was, in fome meafure, remedied by the in- 

 vention, in this fame year, of exchequer bills. Chamberlain went after 

 this to Scotland, with a fcheme of fomething of the like nature ; but the 



