given the king grants for raising money in funds to be paid in
remote years, but money was so scarce that no anticipations could be
procured; that just then, besides three millions paid into the
Exchequer that spring on other taxes by way of advance, there was an
overplus-stock to be found of 1,200,000 pounds sterling, or (to make
it speak French) of above fifteen millions, which was all paid
voluntarily into the Exchequer. Besides this, I believe the present
Bank of England has been very useful to the Exchequer, and to supply
the king with remittances for the payment of the army in Flanders,
which has also, by the way, been very profitable to itself. But
still this bank is not of that bulk that the business done here
requires, nor is it able, with all the stock it has, to procure the
great proposed benefit, the lowering the interest of money: whereas
all foreign banks absolutely govern the interest, both at Amsterdam,
Genoa, and other places. And this defect I conceive the
multiplicity of banks cannot supply, unless a perfect understanding
could be secured between them.

To remedy this defect, several methods might be proposed. Some I
shall take the freedom to hint at:-

First, that the present bank increase their stock to at least five
millions sterling, to be settled as they are already, with some
small limitations to make the methods more beneficial.

Five millions sterling is an immense sum; to which add the credit of
their cash, which would supply them with all the overplus-money in
the town, and probably might amount to half as much more; and then
the credit of running bills, which by circulating would, no
question, be an equivalent to the other half: so that in stock,