Of this sum I propose, that out of the one-half which amounts to 1,214,400l. so much be applied as will entirely discharge the debts of the nation, and the remainder laid up in the treasury, to supply contingencies, as well as to discharge some of our heavy taxes, until the kingdom shall be in a better condition.

But whereas the present set of bishops would be great losers by this scheme for want of their fines, which would be hard treatment to such religious, loyal and deserving personages, I have therefore set apart the other half to supply that defect, which it will more than sufficiently do.

A bishop’s lease for the full term, is reckoned to be worth eleven years’ purchase, but if we take the bishops round, I suppose, there may be four years of each lease elapsed, and many of the bishops being well stricken in years, I cannot think their lives round to be worth more than seven years’ purchase; so that the purchasers may very well afford fifteen years’ purchase for the reversion, especially by one great additional advantage, which I shall soon mention.

This sum of 2,428,800l. must likewise be sunk very considerably, because the lands are to be sold only at fifteen years’ purchase, and this lessens the sum to about 1,656,000l. of which I propose twelve hundred thousand pounds to be applied partly for the payment of the national debt, and partly as a fund for future exigencies, and the remaining 456,000l. I propose as a fund for paying the present set of bishops their fines, which it will abundantly do, and a great part remain as an addition to the public stock.

Although the bishops round do not in reality receive three fines a-piece, which take up 21 years, yet I allow it to be so; but then I will suppose them to take but one year’s rent, in recompense of giving them so large a term of life, and thus multiplying 36,800l. by 3 the product will be only 110,400l. so that above three-fourths will remain to be applied to public use.

If I have made wrong computations, I hope to be excused, as a stranger to the kingdom, which I never saw till I was called to an employment, and yet where I intend to pass the rest of my days; but I took care to get the best information I could, and from the most proper persons; however, the mistakes I may have been guilty of, will very little affect the main of my proposal, although they should cause a difference of one hundred thousand pounds more or less.

These fines, are only to be paid to the bishop during his incumbency in the same see; if he changeth it for a better, the purchasers of the vacant see lands, are to come immediately into possession of the see he hath left, and both the bishop who is removed, and he who comes into his place, are to have no more fines, for the removed bishop will find his account by a larger revenue; and the other see will find candidates enough.  For the law maxim will here have place, that caveat, &c.  I mean the persons who succeed may choose whether they will accept or no.