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This would be to proceed like men of business, methodically and rationally, and on the only principles of public and private credit that have an existence. An open, and exact statement of the clear value of the property, and of the time, the circumstances, and the place of sale, were all necessary, to efface as much as possible the stigma that has hitherto been branded on every kind of land-bank.

The scheme of Louis was still defensive on the side of the Netherlands, while the active plans of king William were defeated by want of money. All the funds for this year proved defective: the land-bank failed, and the national bank sustained a rude shock in its credit.

In order to make up a deficiency of above eight hundred thousand pounds occasioned by the failure of the land-bank, additional duties were laid upon leather; the time was enlarged for persons to come in and purchase the annuities payable by several former acts, and to obtain more certain interest in such annuities.

When they had resolved to appropriate to the fisc a certain portion of the landed property of their conquered country, it was their business to render their bank a real fund of credit, as far as such a bank was capable of becoming so. To establish a current circulating credit upon any land-bank, under any circumstances whatsoever, has hitherto proved difficult at the very least.

There is no doubt that Law proposed his scheme to Desmarets, and that Louis refused to hear of it. It was after this repulse that he visited Italy. His mind being still occupied with schemes of finance, he proposed to Victor Amadeus, Duke of Savoy, to establish his land-bank in that country.

After these warm demonstrations of loyalty, the commons proceeded upon ways and means for raising the supplies. A new bank was constituted as a fund, upon which the sum of two millions five hundred and sixty-four thousand pounds should be raised; and it was called the land-bank, because established on land securities. This scheme, said to have been projected by the famous Dr.

It might be expected, that, to render your land-bank tolerable, every means would be adopted that could display openness and candor in the statement of the security, everything which could aid the recovery of the demand.