in that Province as Possible, if that the Province stands Middle Man and as such Acquire to themselves to Diffense of Interest paid and received, in Consideration of the Risque they would be liable to, and in lieu of the profit they now make of the Publick Loans, the former of which would be no greater; and the Latter, tho’ perhaps less at first, probably in Time Abundently more, and very Soon, Surpass it, a

My Proposal is to erect a Provincial Bank, by Act of assembly, the Plan of which I am sure many Gentlemen in this Assembly are far more Capable of Contriving than I am. I shall however offer a Sketch, that will serve at least for an Illustration of what I have been saying, and tho’ liable to Objections from People better acquainted with the State of the Province, may admit of Improvements that will remove them.

Let this Bank be Intrusted to the management of the Gentlemen, now Trustees of the Loan Office.

Let them be impowered to Issue notes payable as our Bank notes at Sight, and vest in them the other powers given by Parliament to the Corporation of the Bank of England.

If it be not too great an Undertaking at once (I mean if it be judged that the new Bank be able to Support it) Let all the subsisting Emissions of Paper money be Called in, and Exchanged at a price fixed for those notes. And let the Trustees at their Discretion, under proper regulations, lend to every Body as great a Sum more of these notes, as they are able to Secure the Repayment of, with reasonable Interest.

If it be true that a Balance of Trade remains with England against Pennsylvania, more than the Latter receives from the rest of the world, which is one Reason why the Province Bills have been many Years below Par, its notes will be often brought for Payment by those who want Credit in England; and the want of a medium for Circulation, (more likely to increase that Dimish) most Speedily Carry    out Again upon Loan, yet the Bank will find itself necessitated at first, to Contract, and afterwards from time to time to Augment, a Debt in England until either this Balance Ceases, or, which is not be be expected, the Bank becomes capable to circulate without Assistance all its note-Credit.

How the new Bank will find itself in the Situation of Middle man, and the Danger Inherent to this Situation I had in view, when I left room for the Objection that it would be too great an undertaking to Change all the Paper Money for notes at once.

Whether this be ventured on or not, it will be necessary to borrow a Sum of money in England, greater or Less in proportion to the Extent of the design, on the Public Security of the Province, a part of which I believe it would be proper to lay out in India Bonds, or somewhat of like nature, which tho it make less Interest than the Bank itself pays will be a Security, (not quite Dead) to be deposited with the Bank of England or some considerable Bankers in London, for the money they may pay on the Draughts of the provincial Bank another part of this money must be Shipped for Pennsylvania to be there Applyed for payment of all notes brought for that purpose.

And tho’ I have above said that this Debt in England will Augment, I think it is not Impossible but that the Profits made by the Bank, above so much as shall be appropriated to Publick Service, together with a part of the money first borrowed, if the Increase of the Credit of the Bank shall render the residue Sufficient to Circulate its notes, amy pray the Balance, that must Certainly