DUKE 
 
 UNIVERSITY 
 
 LIBRARY 
 
 Treasure %oom 
 
msm 
 
REMARKS 
 
 ON THE 
 
 PROCrtD14«5JGs 
 
 OF THE 
 
 CommffCtonet0 
 
 For putting in Execution 
 
 The A C T paft laft Seflions, 
 
 For Eftablifhing of a 
 
 Land-Bank. 
 
 LONDON, 
 
 Printed, and Sold by the Bookfellers of 
 Lonion and Weflm'mfier. \6<)6. 
 
 ZZ ^ . , - 
 
'r, . L^ J 
 
 bad Induftry imagiaable.Andkisplain 
 to any intelligent Man, how the extra- 
 ordinary Intereft of Money has been 
 like a Gangreen to many Eftates, and 
 has reduced them to a very mean con- 
 ci.ion; and the difficulty of mortga- 
 ging Land is now to great, that be- 
 iides the Legal Profits, ( if the Summ to 
 be borrowed be confiderable ) the Len- 
 der muil have a Prelent made him, be- 
 fore he will condefcend to look at the 
 Title. This was a melancholly pro- 
 fpedl to Men of good Underftanding, 
 and good Eftates, and therefore it needs 
 not remain a Myftery to fo many, why 
 the Parliament fhould be io fond of a 
 Land Bank, as to refufe this Fund to the 
 Bznko^ England^ and give it to them, 
 Imce the former is the moft beneficial 
 thing to the Landed-man that ever was 
 projected, and the other profitable on- 
 ly to a few Traders, who no doubt will 
 confederate and unite their ftrength to 
 Gppofe any Contrivance which is like^ 
 ly to advance the Intereft of the Land- 
 ed^ 
 
ed-man, and to leflcn their own ^ for 
 had the Land-Bank fucceeded, it's evi- 
 dent that the Intereft of Money mud 
 in a htte time have been reduced to ^ /. 
 per Cent, and Land confequently have 
 rifenin purchafe proportionable to the 
 fall of Money, which the monied and 
 trading Men could not endure to chink 
 of, much lefs to have it brought about j 
 for what could be more ungrateful 
 than the thoughts of conFuming dou- 
 ble the time in their Trade, to accumu- 
 late chat Wealth, which v^henpurcha- 
 fed, will acquire but the fame Eirate 
 of Inheritance, as what is gotten in 
 half the time, at the rate as Land and 
 Money goes at prefenc : For now ic's 
 every days experience, that a few years 
 fuccefs in Trade, renders Monied-raeii 
 Maftersoffomuch Wealth, as enables 
 them to purchale the moil confidera- 
 ble Eftates in the Kingdom 5 fo that 
 at this rate in fome few years, the Tra- 
 ders will invade the antienc Gentry, 
 and take away their Tlace and Ha* 
 
- . . L4J ^' 
 
 tion. Thele^and fuch like Confiderati- 
 
 onSjWere the caufe why theLand^Bank 
 
 met with fo Httle Encouragement, 
 
 I and lb ftrong oppohtion, for when the 
 
 ■ Gentlemen of the Houfe of Commons 
 
 i would by no means be induced to 
 
 lay afide a Proportion, fo apparently 
 
 advantagious to all Landed-aien in the 
 
 ; Kingdom, then an Exchequer-Bank. 
 
 wasinventedj either to hinder the o- 
 
 ther, or at leaft to protrad time, and 
 
 \ therefore the Projedors of it did not 
 
 ! deiift from preffing that forward, 'till 
 
 it was twice call out by a divifion 
 
 of the Houle , and notwithflanding 
 
 they w"ere firft beaten from their 
 
 Out-works, yec they had a relerve ftill, 
 
 hoping that if a Bill paffed in favour 
 
 of a Land- Bank, to gee a mill-ftone to 
 
 be tyed about its Neck that would not 
 
 ; iail oF finking it, by providing that 
 
 j the Exchequer might iffue out their 
 
 ' Bills immediately for 150000 /. and 
 
 I for the reft if the Bank did not raile it. 
 
 I And tho' this was readily confented to 
 
by the Houfe of Commons, that his 
 Majefty might have all Relerves for 
 raifing the Money, yet the confequence 
 of this proved to be a dividing theln- 
 tereft as well as the Money, and made 
 thofe who were lb fond ol a Bank un- 
 der the Exchequer management, to 
 be very little concerned whether the 
 other had fuccefs or not ; and then 
 they who law further into the Mill- 
 ftone than others, gave it out in a mo 
 dilli whifper, that the Bank would ne- 
 ver come to any thing, which difcou- 
 raged hundreds from fubrcribing,which 
 no doubt was the intent of the Par- 
 ties. Another difficulty was the re- 
 quiring (o vaft aSummas 1282000/. 
 before they could be a Corporation ; 
 for if thefubfcribing 500000/. would 
 have done, they would not have been 
 obliged to ask nigh fo large a Premium 
 as they did, which(by the way) was not 
 fo extravagant as their Enemies repre- 
 fented it to be, conhdering thefcarcity 
 of Money at that time,when mofl; Men 
 A xi valu- 
 
valued a raill'd Grown as if it had been \i 
 an ancient Medal of one of their Ance- 
 ftors j neither did they themfelves 
 (whatever they pretended, ) think it fo, 
 fince they were of Opinion, that had it 
 been complyed with, the Money could 
 not have been raifed ; but it is an eafie 
 matter to find a ftick to beat a Dog. 
 All Scruples,tho' never lo dark and nice, 
 mull belaid hold of, and all the weak 
 Sophiftry they were Maftersof, muft 
 now be furbiflhed up to attack the 
 Land- Bank ; but that imprudent and 
 unreafonable demand ( as it was call- 
 ed ) was not lb bold as welcome to 
 fome, who were glad of that or any o- 
 ther occafiontodeny the Land-Bank } 
 and had their Demands been but a fifth 
 part of what they were, it's likely they 
 would have been thought unreafonable, 
 for every Mole-hill feemed a Mountain, 
 and they were lookt upon as fuch as 
 intended to raile a Rebellion rather 
 than Money : And it was ibmething 
 ftrange, to fee fuch an indifferency to 
 
 thofe 
 
Ithofe who endeavoured to bring in fiicK 
 a Mafs of Wealth •, but it could not be 
 the Money that was difliked, but the 
 Method of raifmg it 5 for the grand 
 Debate was. Whether thefe Chimera's 
 and Idols of Fancy ^ called E — Bils mud 
 do it or nocjvvhich at laft being refolved 
 in the affirmative, <j I. per Cent, for the 
 firft payment, which ( by the way ) is 
 but 1 5 s.per Cent, for the whole Summ) 
 is thought fufficient, and to fpare, for 
 fuch as (hall fubfcribe their Money to 
 the Land-Bank, ( lefs than ever was 
 offered when the bafe Money was 
 currant, which People parted with 
 without any confideration ot the Secu- 
 rity ) that one would think that Propo- 
 lal was rather made by way of Mortifi- 
 cation for their former extravagant De- 
 mands, than the utmoft that could be 
 afforded on luch an Occafion. And 
 it's Obfervable, when this gracious Of- 
 fer would not bring forth one Penny, 
 ( as it was not likely it fliould ) the 
 Commiffioners were again fent for, and 
 
 it 
 
 ^j«««itti(tewiiiiyii*i 
 
 ^[ffl?Pl?««e!tliif}S!iffl^ 
 
it was the Opinion of moft that wcrci^ 
 prelent, that heard the Queftions pro- 
 pofed to them, and the Anfwer they 
 gave, that there would be an Agree^* 
 mentj when as the Event fhewed there 
 was nothing lefs intended,and that they 
 were fcnt for, imagining them illiterate 
 enough to make illegal Demands, aa 
 asking their Premium upon the Salt- 
 Fund, or to have Guineas taken at 
 above zi s. atlaft the gracious 5 l.^er 
 Cent, is again offered, with a Neplus ultra 
 racked to it, this Method ferved to get 
 time, and was like throwing out a Bar- 
 rel to a Whale to play with, whilft the 
 Ship efcapes ; for by this dallying the 
 Commiflfioners were diverted from 
 thinking of any other means to raife the 
 Money, which without doubt was the 
 thing feared by fome. And I cannot 
 omit one Queftion that was asked, 
 and not being anfwered to their fatis- 
 faclion, (as was pretended) was then 
 alledged the reafon they could not 
 comply with our Propofals, and that 
 
 w:-s. 
 
'jvas, What Security -i»e could ^tVe ofraifuig 
 •tk whole Smnm ? a very pretcy Queftion, 
 ' and ■vhich would wkhouc doubt put the 
 ' Rogues to a Non-plus, and ought to be 
 anfvered Poet 'Sayes his way, aher a 
 little paufing and fcratching ones Head, 
 to fay, I ^ad I wont tell yon 5 for if they 
 lliould have drawn out four or five of 
 the ftoutt'ft Fellows amongft them, 
 each worth 40 or 50000 /. and fent for 
 a Publick Notary immediately, and 
 went forthwith to Ts^ovennt Umverft, it's 
 ten to one they would not be fatisfied, 
 or thought the Security fufficient. I 
 dare fay they would not have taken the 
 two Northern Crowns, nor any other 
 brace of Princes in pMro^e for Security : 
 And it was utterly impoffible to com- 
 ply with this Demand, unlefs that Que- 
 ftion had been put in time, that the Ea/l* 
 India Company, ( who defign d to fub- 
 fcribepart of the Money ) might have 
 prevailed with the great Mogul to give 
 Security to raife the Summ : Yet many 
 People are of Opinion, that the beft 
 
 Secu- 
 
 
Security for the Money, had been to 
 have given fuch terms, as it had been 
 the Peoples Intereft to have fublcribed 
 it; but every things runs counter when 
 a thing is predeftinated to Ruine and 
 Deftrudion, the Project was hatclvd 
 under an unlucky Planer, and was born 
 like many other fooUfli things in Na- 
 ture^ only that it might dye, and we 
 ought to rejoice it iell fo honoura- 
 bly, having fo many great and power- 
 ful Enemies againft it. 
 • Another reafbn is given why the 
 Land-Bank was unfortunate , ' and 
 that is, becaule it was concciv'd in fin, 
 and therefore that matter ought to be 
 examined, for it fo, it is no wonder it 
 throve no better : And to prove this 'tis 
 alledged, That the Parliament having 
 incorporated a Society of Men, by the 
 Name of Tlx GoVermur and Company of 
 the <Bank of Eoglmd, ( mark the exclu- 
 five Particle D;0 had debarred them- 
 felves of the Powerof fettingupanother 
 Bank, and therefore after the Bank of 
 
 England 
 
Zn<rland had advanced their Money for 
 :he publick Good, ( without any con- 
 fideration for their own Intereil ) and 
 have ever fince their incorporation been 
 fo ufeful to the Government, not only 
 bv lending their own money, but every 
 bodies elfe they could lay hands on, to 
 erea another Bank in prejudice of fuch 
 a one, and upon the breach of the pub- 
 lick Faith too, muft certainly be an un- 
 orateful and wicked Adion. 
 '^ >5ow if this be a Crime, it is not the 
 firft thatParhaments have been guilty 
 of in that nature, having ferved the 
 Church of England the fame fauce be- 
 fore, which all People muft allow was 
 byLaweftablifli'd, and was as much 
 the Church oi England as the otlier is the 
 ^ank of England, taking the word Tk 
 in its utmoft latitude. Neither can it be 
 denyed, but that the Church of England 
 has been as ferviceable to the Govern- 
 ment as the Bank, and is much better 
 calculated for Co being, than this or 
 
 any 
 
any other Bank can poffibly be.' 
 
 And in truth, the Bank hath been ra 
 ther ferviceable to the Subje^s than the|a 
 Government, for ifym refled on thet 
 Proceedings of the Bank for this laft fix I 
 Months, we muft take the People to be 
 in their minority,and to have chofenthe 
 Bank for their Guardians. It is well 
 known, that the defire of living above 
 our Fortunes, has been an Epidemical 
 Diftemper to the People of this King- 
 dom, and elpecially to the Gentry : 
 Now the cure of this Difeafe is totally 
 owing to the Bank, for their Pious and 
 Paternal Care ought never to be forgot- 
 ten, in diligently enquiring into Mens 
 circumftancesjwhen they came for their 
 Money, Vi^.What Family they had? what 
 Children ? what fervants ? and what 
 other Neceflary Expences they were 
 obliged to fupport, and fupplyed them 
 not according to their own extravagant 
 demands, but with what was conveni- 
 ent for the Neceflaries, not for the Lux- 
 ury 
 
 1 
 
ity of Life. Mow to do any thing a- 
 jainft the intereft of thefe our Spiritual 
 ind Temporal Bencfaftors, mull argue 
 the higheft ingratitude. But the Bank 
 may be contented to run the fame Fate 
 with the Church, linceitwas as much 
 the Intent of the Legiflators to have 
 but one Faith as one Bank. 
 - But here it will be faid by the Dire- 
 aors of the Bank, that although the 
 Confequence of the Toleration will be 
 fctting up as many Churches as there 
 are different Opinions amongft Man- 
 kind, yet the Dire6torsofthe Church 
 of England put all other Churches 
 under Contribution, and receive Tithes 
 from all, like the City Council, who 
 muft be fee'd though you make ule 
 of others. To this may be laid, 
 that the Church have a Legal Right 
 to Tithes, and can force People to 
 pay them, which the Bank ( to their 
 Grief) have not, to force People to 
 depofite their Money -, but if the pay- 
 ments 
 
 
 PJfflSSSIllSgSffl^^ 
 
mentsofTirhes had been as voluntarJ 
 as putting Money into the Bank, it hac 
 been no more unlawful to eftablidi a 
 Toleration than it is now. 
 
 But here perhaps they will Objedt, 
 that if the Church were really as iU^ 
 ufed as the Bank, yet that is an Ag-I 
 gravadon of the Grime rather than an 
 * Excufe, which is very true; but I de- 
 ny that either have been fo ill ufed, 
 or the publick Faith broke to either,- 
 for nothing paffes in an AdofParli- 
 nient, but what is given by exprefi' 
 words, or fomething neceffarily im- ' 
 plyed. I fuppofe the Bank does not 
 pretend that another Bank is exclu- 
 ded by exprefs words ; and it is the 
 moft unreafonable thing in Nature 
 to make the particle The fuch a Mon- 
 ger, as to carry in its belly, all the 
 Calli in the Kingdom, and to be 
 oeitruaive to all future Corporations 
 and Bodies Politick. But I dare be 
 bold to affirm, that if the Parliament 
 
 had 
 
had fufpeifled this' Particle to have im- 
 ported but the loth. part of what is 
 by Tome fuggefted, they would have 
 fent loo Miles for a word rather 
 than have ufed it ; and therefore ic 
 can be no Crime, in foro Conjcimtie, 
 to fet up another Bank, 
 • And the' the DiredtorsoftheBank 
 of Enoland were not blameable, tor 
 ufing all their Intereft to hinder the 
 Aftlrom paiting, yet when ( notwich- 
 ftanding all the oppofition that could 
 be rande ) the Ad paffed, and the 
 King's Affairs, and the Affairs of all 
 Europe, in a great meafure depending 
 upon the Succefs of it, then, I fay, 
 to appear fo vigoroully againft it, and 
 to ftrain fo hard, as to bankrupt 
 themfelves, rather than the Land- 
 Bank fhould rife, favoured rankly oi 
 Malice and Self-intereff. Neither can 
 the Diredors of the Bank of England 
 be taken by any intelligent Man, to 
 be fuch Patriots as they would have 
 the World fuppofe them to b; -, but 
 ■ ^ P- T 
 
I will detain you no longer in the 
 Porch, but proceed to the Objeai- 
 ons made againft the Gentlemen that 
 propofed and profeciued the Land- 
 Bank. 
 
 _ fir/?, That they undertook the raif- 
 ing 2564000 /. at 7 /. per Cent. per. 
 petual Intereft, redeemable by Parlia- 
 ment. 
 
 Secondly, That contrary to their firft 
 Prqpolals, they infilled upon an Extra- 
 vagant Premium of 500000 /. 
 
 Thirdly, That they were not able 
 to raifetjie Mone'y upon the Premium 
 they delired, nor could give any Se- 
 curity to do it. 
 
 ^ Fourthly, That they mined theCre-' 
 dit of the Bank of England. 
 
 I propofe to znCwer thefe Objeai- 
 ons, and then to fliew, 
 
 Firji, That the Bank of England, 
 through their Covetoufnefs and want 
 of Tlnderftanding, min'd their own 
 Credit. 
 
 Secondly, If thisTuRd had been of. 
 
 ven 
 
 II 
 
ven either to the Bank of England^ oi 
 the Exckquer alone, it could not have 
 been fo eafily railed as by a Land- 
 Bank. 
 f Thirdly, That there is no v/ay to 
 teftore Paper-Credit but by a New 
 Bank* 
 
 The Firft Objeaion is, Ti?at they 
 undertook the raifing of 2564000 1.'^^ 
 */ 1. per Cent; perpetual Intereft. 
 
 To this I Jnj\)?er, l^hat neither the 
 Gentlemen concerned in the Land- 
 Bank, or any Perlon, or Body or^Per- 
 fons in England^ did, or could under- 
 take fo great a Summ ; but when Me- 
 thods were propofcd in the Hou'e 
 of Commons for raifing this Money, 
 they offered their Opinions, that it 
 might be raik^d by a Land-Bank, and 
 that 7 /. per Cent, was fjfficient \Lv- 
 couragemenc, as the Tre.^fury and 
 Courtiers thought it m>^z be bcft 
 railed by an Exchequer-Bank, ando- 
 thers by different Methods -, and if they 
 were miftaken, ( as 1 (hall endeavour 
 
 B Z . CQ 
 

 I 
 
 to fhew they were not ) k is what the 
 Treafury werein their Exchequer bank, 
 and what any one elfe in probabiUty 
 would have been^confidering the diffe- 
 rent circumftances of the Kingdom 
 v^/hen the Propofals were made, and 
 when the Money was to be raifed. 
 
 Second Obje(51:ion. That they inft/ied 
 upon an extravagant ^nm'ium of -^oooooh 
 
 To this I Jnfiver^ They were obliged 
 to it. 
 
 1 . By the Difcouragement and Ob- 
 ftruaions they met with in theHoufe 
 of Commons in the paffing their ©///. 
 
 2. The Condition of the King- 
 dom in relation to Money and Cre- 
 dit vvas very different when the Pro- 
 pofals were made, and w^hen the Mo- 
 ney was to be raifed, and therefore 
 they were obhged to enlarge their 
 Demands. 
 
 F'lrft^ The Difficulties they met 
 with in paffing their Bill were thefe, 
 
 Ftrft. The Members of the Bank of 
 Englmd were excluded from fubfcrib- 
 
 m\ 
 
 Se. 
 
Secondly, They were not to be la- 
 corporated upon a lels Summ than 
 liSzJoo '. by which Diicourage- 
 ment not one in ten would fubicnbe 
 'till they were aflfured of being a Cor- 
 poration, efteemingthat Priviledgeto 
 be half their bargain, and fearing the 
 Subfcriptions might not amount to that 
 Summ; whereas if the Subfcribers had 
 been qualified to be a Corporation up- 
 on the fubfcvibing 500000 /. that 
 Summ had been lubfcribed in thrCe 
 days,by the CommiflTioners themfelves, 
 and the Members oi Exeter Exchan^^e ; 
 and if they had been once entituled to 
 a Corporation, there could b.e no doubt 
 but the whole Money would be fub- 
 iciibed afterwards, fince it would be 
 then a greater Encouragement to come 
 in at Var than upon 20 fer Ce«t. Pre- 
 mium before. 
 
 . Thirdly, When they offered a Claufe 
 to their Aa,to naturalize fuch aswould 
 fubfcribe 500 /. and had reafonable 
 Affurance from the Forreigners upon 
 
 B 3 the 
 
I 
 
 tlie Exchange, that luch encourage- 
 ment would bring in 400000 /. that 
 daufe being thrown out, the flock 
 of the Bank of England advanced, 
 and their Wagerers upon the Ex- 
 change offered odds againft the Suc- 
 cefs of the Land-Bank. 
 
 Fourthly^ Their Bill was delayed To 
 long by the oppofition it found, that 
 they could not get their Commiffion 
 paffed before the ^th. of May^ by 
 which means it was left in the power 
 of the Treafury to refufe or take the 
 fourth part of their Subfcriptions in 
 clipc Money, which was a particular 
 hardfhip upon a great number of 
 People, who avoided putting in their 
 dipt Money upon other Funds, in 
 hopes of fubfcribing ic, and making 
 their firfi: payments with it in this Bank 5 
 and reafonably hoped fince they paid 
 to the recompence, to have their dipt 
 Money made good to them as well 
 as to others. 
 
 And I believe it has been every 
 
 ones 
 
ones Obfervation, that feveral Gentle- 
 men of the Bank o^ England^ and others, 
 Oppofers of the Land-Bank, would 
 often infult over them upon their Sue- 
 cefs in the Houfe of Commons,' and 
 ask them what was become of 
 their Bank, tho' now they call them' 
 Jacobiiies, and threaten to impeach 
 them, for not doing what they them- 
 lelves rendered impoifible for them 
 to do. 
 
 The fecond Reafon I gave, was^ 
 the different Circumftances of the 
 Kingdom when the Propofals were 
 made, and when the Money was to 
 be railed : As, 
 
 1. Guineas were taken at^o5. and 
 it was not known whether the Parli- 
 ament would bring them down or no.^ 
 
 2. Paper-Credit was good, aadche 
 Bank of England and the Goldlmiths 
 paid tlieir Bills puridually, whereas 
 at the time this Money wasto'be rail- 
 ed, both refuled. 
 
 ■X. Tallies were equal, or better 
 
 :i 
 
 than 
 
tlian Money, whereas afterwards they 
 were 20, ^o, and 40 per Cent. Difcount, 
 by which means People could make 
 a much greater advantage oF their Mo- 
 ney, and therefore would notfubrcribe 
 it upon the fame terms as they thought 
 before reafonable. 
 
 4. It was hoped at firft not above 
 60 per Cent, would be called in, where- 
 as afterwards by the Univerfal Fall 
 of Credit, and want of Money, no 
 one thought of paying lefs than the 
 whole Summe fubicribed. 
 
 5. There was an actual want of 
 Money in Specie in the Kingdom, 
 leven Millions in and out of the Ex- 
 chequer being rendered ufelefs, by 
 which means the Commiffioners faw 
 it impoffible to get the Money fub- 
 fcribed, and paid in Specie, and there- ^ 
 fore defigned to take Tallies, good 
 Goldrmiths Bills, and Bank Bills, and 
 dipt Money by weight at a high 
 rate for Subfcriptions, and fo asked' 
 300000 /. Pra^mium, believing it^ 
 
 Would 
 
 — .^r.»— «»^Me,«^_. 
 
would colt them full as much to Dif- 
 count the feveral Species aforefaid for 
 Money, which they propos'd to pay 
 
 to the King. 
 
 ItistobeObfervedhere, (i.) It the 
 
 7 00000 /. defired had been granted 
 to the Land-Bank, their bargain had 
 not been fo great as the Bank of Eti' 
 ^land's ; for the Bank of Bg/.W having 
 'tooooo /. per Ann. for izooooo /. 
 they gave but \t years purchafe fot 
 their Fundi befides, they had allow- 
 ed them 4000 l.ptrAmu for their Char- 
 ges : Whereas, if 300000 /. had been 
 dedufted out of this Fund, the remain- 
 der had been 1x64000 /. which di- 
 vided by 179000, the Intereft they 
 were to receive makes near i ; years 
 purchafe ; and I believe the fcarcenefs 
 and goodnefs of Money confidcred, 
 When the Bank of Engkni was raifed, 
 and when the Land-Bank vvas to be 
 raifed, any one but themfelves will 
 believe that the latter deferved at leaft 
 equal Encouragement J and its pro- 
 
 • - bable 
 
 _^^^ 
 
t' 
 
 p 
 
 bable the Parliament would have gi-' 
 venir, ifthey hadforfeen the Difficul- 
 ties that have fince happened. 
 
 2. That the Comiffioners did not' 
 ask the 300.000 /. out of the Salt- 
 Fund, but upon the Exchequer in ge- 
 neral, which could not be paid them 
 but by the Confent of the Parliament,^ 
 5.nd fb they left themfelves to the Par- 
 liament whether they deferved ic or 
 I no. ^Jll^d '.'-ri 
 
 5. At the time.^t1ie"y asllced 'thofe 
 Tallies on the Exchequer in general, 
 ^ i it would have coil 40 /. per Cm. to 
 dilcount them, which reduced their 
 Denaaods. to lefs than 200000 1 
 
 4. If xheir Ternqis had been com- 
 ply edwich, the greateft part of the 
 Subrcriptions would have been made 
 i^ ;Clipt;^oney arid Pkte, which 
 wouifi.Iiave been coiped to encfeale 
 our Speqes of Maoe^y, and it's rj>ro. 
 bable would lavp the' Nation' next 
 year near as mucKin the recompence 
 for cljpt Money, and Encouragement ' 
 
for bringing in the Plate as the Summ 
 dencianded. 
 
 5. The Exchequer has not borrow- 
 ed any Money (6 cheap fince. 
 
 The Third Objection. Jhat they were 
 not able to raife the Money upon the ^?re^ 
 mmn they askd^ nor could they giVe any 
 Security to do it. 
 
 This Objection juftifies them in 
 asking the Premium refuled ; for it is 
 very unjuft to tax them for asking 
 too much, and yet to confels it was 
 not enough to induce people to fub- 
 fcribe the Money. However, I offei: 
 thefe Reafons that it would be fub- 
 fcribed. 
 
 1 . They Propofed they might open 
 their Books for Private Subicriptions, 
 not doubting within three days they 
 might bring Hands for near the Summ 
 toberaifed, which was not thought fit 
 to be granted to them, it being Object- 
 ed it would be a Difencouragement to 
 the real Subfcriptions. 
 
 2. When they were fent for to at- 
 
 tend 
 
II 
 
 tend the Lords Juftices, and were ask- 
 ed, What Security they could give of raif* 
 ing the whole Summ ? They Ankvered, 
 That they computed the Commifjtoners theni^ 
 fehesy and the Members of Execcr-Ex- 
 change, would (uhjcrwe 700000 1. that 
 they believed they p?ould k able to bring in 
 as much more by their hitereft and Acquaint 
 tance^ and they thought it reafonable to [up* 
 pofe the whole l^ngdom would fuhfcribe the 
 reji. 
 
 ^. That they thought the Nature 
 of the thing would admit of no other 
 Security than what they offered, fince 
 it could not be expected that any num* 
 ber of Perlons would enter into Re- 
 cognizances to raile the Summ. 
 
 4. It was Iblely to their Difadvan* 
 tage if they did not fublcribe to be a 
 Corporation, fince by the failure they 
 would only entitle themfelves to 7 per 
 Cent, in the Exchequer, which no one 
 would give 70 /. for, and therefore 
 it is to be prefumed they would take 
 fiich care for their own fakes, as not 
 
 to 
 
to lofe 50 per Cent, of their Money ; 
 which if they did not, it would folely 
 redound to the advantage of the Pro- 
 jedors of the Exchequer-Bank, who 
 would have the Money that was fub- 
 fcribed to circulate their own Bills. 
 
 5. When they became a Corpora- 
 tion, ic cannot be doubted but the 
 whole Money would be quickly fub'* 
 fcribed, fince then the advantage of 
 fubfcribing would be much greater, 
 (as 1 laid before) and it was not in 
 the power of the Commiflioners to 
 hinder any one from fubfcribing that 
 thought ic his Intered j but admitting 
 the Subfcriptions would have ftopt 
 when they were qualified to be a Cor- 
 poration, I believe mod People arc of 
 Opinion now, that 1 1 82x^00 /. would 
 better ferve his Majefties occafions, 
 than nothing, though the Arithmetick 
 of that time was, that half was lets 
 than none. 
 
 The Fourth Objeaion is. That they 
 rmdthe Credit of the iB^^A 0/ England ; 
 
 and 
 
and here thefe worthy Patriots mak' 
 bold with the Parliament, and fay, the^ 
 - broke their Faith with them, in fetcin^iy 
 ^- up another Bank. I Jnjwer^ 
 
 I . There are no words in the Ad 
 of Parliament, that direftly or iadi- 
 redly exclude the Parliament fron- 
 fetting up another Bank: The Ad onlj 
 incorporates a Body of Men to fue and 
 be fued, which if it fliould amount 
 to a prohibitory Claufe, excludes King 
 and Parliament ever hereafter to graait 
 a Corporation, lince every Corpom- 
 tion, fingle perlon, or number of per- 
 fbnsin England-, m^ay lawfully do what 
 thefe Gentlemen pretend to have the 
 Monopoly of. 
 
 2. The Land-Bank was excluded 
 fromdifconnting Bills of Exchange, 
 lending Money upon Pawns, dealing 
 in Bullion, C^c. and every thing elfe, 
 but lending upon Land, and to the 
 Government, and therefore could pof^ 
 fibly be no difad vantage to the Bank 
 of Englandy who-do not pretend to lend 
 upon Land. y If 
 
^. Iftfie other Bank had taken ef- 
 ^cCt^ lis probable the Bank ot England 
 nvould have had more Cafh left wich 
 hem than before, fince it would have 
 been the Intereft of both Banks to have 
 agreed 5 and then without doubt they 
 mioht have divided the Goldfnaiths 
 proHts between them, and lo each 
 Bank have more Depofices than the 
 Bank of England had before. 
 
 4. If the fecting up a Land-Bank 
 would be a Difadvantage to the Bank 
 Oi England^ it was no injuftice toefta- 
 bhfli them, fince the ParUament gave 
 no Warrant to the contrary, and their 
 bargain was great enough iiotwith- 
 Handings and greater than they 
 thought was iic to be granted- to the 
 Land-Bank, who were to raifc.more 
 than double the Summ, in lels time, 
 when the Difficulties were greater, and 
 the Coin better •, they had but 7 L per 
 Cen^ excluded fronri many Advantages 
 the Bank oS: En^mi had, and were ol> 
 ^ ligcd' belides cu lend 5ooccoj.^:r^:/?i- 
 
nuniy at ^ Lxos. o d. per Cent. Intcreft, 
 5, If the eftablifliing the Land-Bank 
 did encreafe the Demands upon the 
 Bank of England^ it was canfed by 
 the unreafonable oppo fition they gave 
 ro it ^ which failing of the Effect 
 they propoied, gave them that Dif* 
 reputation that always attends thole 
 that are overcome, for the World had 
 . reafon to believe they underftood their 
 own Intereft beft; and when they Teem- 
 ed to wind up their whole happinefs in 
 defeating the Land-Bank, and mifcarri- 
 ed, it is not to be wondered if other 
 People thought their Condition to be 
 worfe then it was. 
 
 That the Covetoufnefs and want 
 of Underftanding of the Bank of £?g* 
 land was the Occafion of their lofs of 
 Credit ; To prove which I fliall fliew, 
 
 1. That they left undone thole 
 things which they ought to do. 
 
 2, They have done thole things, 
 which they ought not to do. ' ' ' 
 
 1 . To the firft^ They ought to have* 
 
 foreleen. 
 
foreften, chat softer the 4t/;.of A% ih^ 
 Demands upon them would be greatei^ 
 than before, for admitting the World 
 had as good an Opinion of their Cre- 
 dit as ever, yet the nece/Tityof Peopld 
 muft call upon them for Money, fot 
 the whole Silver Species of England 
 being flink in a day, they might be af- 
 fured all People would want Money 
 for their ordinary occafions ; and what- 
 ever opinion they had of their Securi-' 
 ty, would call for it when they had 
 demands, and therefore they ought 
 to have made Provifions to anlwer 
 them. 
 
 2. They fiiould have called in as 
 many of their Bills as they could, 
 whereas they iflued out Bills till the 
 j^th.o^Mayj and how many fincethe^ 
 ftopt their payments is belt known to 
 themielves. 
 
 5. They rhight have bought Gui- 
 neas for Tallies and dipt Money, when 
 Tallies were par^ and dipt Money cur- 
 tant,and Guineas playing, between lis. 
 .2 C and 
 
and 24 5. which 
 
 Weeks or a Month. |t 
 
 4. They might have called in their 
 40 L per Cent, either before or immedi- 
 ately afcer the j{tk oi May^ and not 
 kept Money in their Pockets whicb 
 they owed to other people, 
 
 5. When they could not pay all 
 their Demands, they might have allow- 
 ed the difference which their Credir 
 tors gave to dilcount their Bills, fince 
 it is more realbn the Debtor fliould 
 pay it than the Creditor. 
 
 6. They might have allowed the 
 Intereft they received, or at leaft Le- 
 gal Intereft, v^hen they were notable 
 to pay the Principal ..n 
 
 To the laft they Object, That they 
 (offered Tallies to any that demanded them^l 
 winch ^as the Security they had. I Art-- 
 fwer, r I 
 
 I. It lyes upon them to prove, they 
 ever offered any Tallies payable with- 
 in three Months, but only fuch as it wasi 
 worth 10 L per Cent, to difcounc. 
 - a. If 
 
z. If they had offered fuch Tallies^ 
 t had not been fufficient, fince their 
 Creditors did nottruft the Exchequer, 
 but them, and expeded their Money 
 upon demand, as the Bank is liable 
 by Law to pay it, or otherwife they 
 would rather have put theit Money 
 into the Exchequer for Tallies them- 
 lelves, and have receiv'd the Incereft 
 from the beginning, than let the Bank 
 receive the Intereft of their Money 
 till they call for it, and then give them 
 but part of that Security which they 
 might have had at firft, and upon fuch 
 Funds as the Bank thought fit to fpare, 
 whereas themfelves might have chofen 
 their own Funds. 
 
 If thefe Methods would not have 
 fully anlwered their Creditors, atleaft 
 it would have given them the Cha- 
 rafters of honeft Men, and of doing 
 all that they were able to do. 
 
 "Next I am to prove the Bank of 
 England have done thofe things which 
 thev ousht not to do. 
 
 ^ ^ C z 1. They 
 
J, They extended their Credit ije-i 
 ,yond 1 100900 /. and by that means 
 ^fun in debt more than they were able! 
 to pay, whereas it is very evident the 
 A<^ of Parliament defigned to confine 
 i;heir Credit to j 200000 /. which theit, 
 Fund was anfvverable for, byobhging 
 tbem ngt to iflfue out a greater Summ 
 ppon it i not imagining that they would 
 pvade the Ad, by iOuing out Notes, 
 which bound not themfelves, nor was 
 my ways Security to thofe that accept- 
 ed theni. For it is not to be conceiv'd 
 fbe Parliament defigned they fhould 
 borrow any Money, but what they 
 could give Security for, and not under 
 phe flieiter of an Ad of Parliament de- 
 ceive innocent People, who do not 
 know a Corporation is not bound, but 
 under their Common-Seal. 
 
 ?. When they had thus evaded the 
 A(5V, and vyere afraid to be called to 
 account by the next Parliament, to 
 fweeten the Contrey- Gentlemen they 
 promifed to ]^nd Monqy upon Land, 
 
 to 
 
 mmBmsmammaasoM ' 
 
io any one th^t offered them good Se- 
 curity, which I hope they have nciore 
 modefty then to iay they have per- 
 formed, and by that means have juftly 
 raifed the indignation of the "NobiUty, 
 and Gentry againft them, who hoped 
 to be eafed from the Extortion of bcri- 
 veners and Ufurers. 
 
 ^. They undertook a fooUfli Bar- 
 gain, to return Money for Flanders ^ by 
 which they have loft a Summ beft 
 known to themfelves, whereas it might 
 have done better by the Merchants, 
 who(e Bufinels it was, and who un- 
 ftood it better. They alledge, they did 
 ittolervethe Government, but I think 
 it will be hard to fatisfie the World, 
 that they were contented to lofe 
 80000 /. to fave the King 20000 /. 
 and therefore it will be rather account- 
 ed their Folly than Zeal. 
 
 4. Within few days before the J^th. 
 of Majiy they gave Bills payable upon 
 demand for dipt Money, whereas it 
 is probable, the fame perfons would 
 
 have 
 
have been contented to have taken 
 them payable fix Months after, orelfo 
 they need not have given them at all, 
 5^ By their unrealonable Oppoiiti- 
 on they gave to the Land-Bank, they 
 rendered the raifingoftheSumrapro- 
 pofed ineffedual^and coniequenrly dit 
 abled themfeives, by not receiving Co 
 much Money as was appropriated to 
 their own ule out of that Fund. 
 
 6. 27. Whether they did not addrels 
 themfelves to the Treafury, to have 
 their Bills refufed in the Cuftoms i if 
 fb, it was a great diminution to their 
 Credit, 
 
 7. To finifh their mine, they lent 
 200000 /• to the King, when they 
 paid but 5 /. per Cent, of their Debts, 
 and fome (ay to hinder the Land-Bank 
 Propafals from being accepted. 
 
 Here I am aware I fhall be anfwer- 
 ed, that they did it out oi Zeal to his 
 Majefty, and to (erve the Government ; 
 this they think will juftifie all their 
 ^'^iliarriages, and proteft them for 
 
 adins 
 
adling againft the Rules of Juftice and 
 Prudence, therefore it ought to be exa- 
 mined. They have ferved the Go- 
 vernment, I grant ic^ butit wastolervc 
 themfeivesi a Mifer would be as good 
 a Friend^ they have lent the Govern- 
 ment Money, but upon as great Inte- 
 reft as the Parliament allowed, and 
 greater than they could get elfewhere. 
 They have lent other Peoples Mo- 
 ney, and not their own, and at the 
 iame time refufe to pay tho(e to whom 
 it belongs ; whereas if their Zeal for 
 the Government had been as great as 
 they pretended, they would have rail- 
 ed Money in their private Capacities, 
 and lb lent what was their own, or 
 at lead given their Creditors the In- 
 tereft they received, butinftead of that 
 they keep part of their principal Mo- 
 ney in their hands, and what they 
 have already called in for they pay 
 6 Iper Cent, to themfelves, though they 
 deny it to their Creditors. 
 1 will put them two Queftions. 
 ^ ^ t.If 
 
1. If a Man robs another of his Mo^ 
 ney, and lends it to the Government 
 will it juftifie this Robbery ? 
 
 2. Whether detaining a Mans Mo- 
 ney fiom him,and lending it at Intereft 
 without giving the Intereft received, be' 
 not in foro Conjcienm as bad as taking! 
 it from him ? 
 
 I believe if the Scene were changed 
 from Grocers-Hall to Lumhard'flreet^ we 
 fliall all be of an Opinion. 
 
 I leave with a Goldimith looo /.hd 
 gives me his Note payable upon de- 
 mand, I go to him jfix Months hence, 
 and ask him for my Money, he tells 
 me the Government was in great di- 
 ftrefs, and he lent them my Money ; 
 I tell him I gave him no fuch Com- 
 miflion, but finding my felf remedilefs, 
 I ask him to allow me the Intereft he 
 receives, he refufes it ^ I then ask him 
 to give me his Bond, and Legal Inte- 
 reft, he refutes that ; I fancy if I flhould 
 •pHllhimby the Nofe, Iflhould be ju- 
 ftified by moft of thofe Gentlemen that 
 
 ar© 
 
 n^^»^^««iiiM»g^ii»«^^^^^ 
 
jjHre of another Opinion, in Ithe cale 
 of the Bank of England. 
 
 The next thing 1 have to prove, is, 
 
 ^:hat if this had been given to the Ex^ 
 
 ::hequer alone, or to the Bank offi/g;^ 
 
 jW/, it would not have beenfoeafily 
 
 raifed as by a Land-Bank. And fiift 
 
 for an Exchequer-Bank, 
 
 i.TheProjedors themlelves propofe 
 400000 /. always to lye ftill to cii:- 
 culate their Billsj, ( whichis tobe ufed 
 to no other purpole whatloever ) which 
 mud be wannng upon the Sak-Fund, 
 jtoanlwerHis Majefties Occafions, or 
 .elle muft be railed upon another ; and 
 fo 400000 /. inuft be railed extra- 
 ordinary, whereas the Land-Bank ask- 
 ed but three. 
 
 2. If the Demands upon the Exche- 
 quer flio.uid exceed the 400000 /. 
 which it's, likely they would, (every 
 Body knowing their Stock ) the Ex- 
 chequer will be broke, and theCre- 
 tdic of the Government lunk; whereas 
 the Land-Bank may be able to anlwer 
 D all 
 
 B 
 
all cheir Bills ; or if they fliould not, the 
 Government will iuffer no difcredit 
 by it. 
 
 ^. If the Exchequer fiiould refufi 
 Payment, the Credicor has no reme- 
 dy, but upon 7 /. per Cent, which he 
 will not value at 70 /. whereas if the 
 Bank iliould refule Payment, he would 
 have Remedy for his whole Money. 
 
 Note^ If the Exchequer-Bank fliould 
 have Credit, Intereft upon Land muft 
 be at 8 or 10 per Cent. For it is not to 
 be imagined any one will lend upon 
 Land at the ufual Intereft, when he 
 can have it upon demand, wdch 4 /, 
 1 o s. running Intereft j and therefore 
 fuch a Bank can't be of as great Ad- 
 vantage as a Bank that would raile 
 the Land, and leffen the Intereft of Mo- 
 ney 5 for an Exchequer-Bank can be of 
 no ufe to any one, but iuch as have the 
 management of the 400000 /. which 
 may be made ufe of to lend his Majefty 
 upon Funds, and to circulate the Tellers 
 Notes, which fome lay has been a 
 
 com- 
 
common pradice, fince they have C^t 
 up the Trade ofBanking. 
 
 2. That the Bank oiEnxlanJ could 
 
 not have raifed this Summ as well as the 
 Land-Bank ^ to illuftrace which it muft 
 be examined, which way they could 
 have propofed to raife it, and that muft 
 be either i . By iflfuing out Bills upon 
 their Credit. 2. Or by opening their 
 Books for New Subfcriptions. 
 
 As to the firft : I fuppofe they will 
 not pretend to iay, that i.Iuing out two 
 Millions and a half of Bills more, pay- 
 able upon demand, would enable them 
 the better to anlwer thofe that were 
 then out^ and it they had opened their 
 Books for New Subfcriptions, they 
 muft have let the New Subfcribers 
 come in at IPary with their Original 
 Stock, or not ; and it is not likely they 
 would do the former, fince by the paf* 
 fing a Bill in their Favour, their Ori- 
 ginal 60 L being then valued at 90 I. 
 might have been itock-jobbed to i 5 o /. 
 And the letting New Subfcriptions 
 D z come 
 
L42J 
 
 come in upon equal terms, muft have 
 reduced their ftock to its Original Va- 
 lue 5 for no Man would buy it at more, 
 if he could fubfcribe at par •, and if they 
 had opened their Books for Subfcrip- 
 tions, according to the Improved Va- 
 lue, no one but would rather fubfcribe 
 his Money to a New Fund, where he 
 might come in upon equal terms^ than 
 adjoyn a real value with an imaginary 
 one, 
 
 3. But admitting they would have 
 fo much Self-denial to accept Subfcrip- 
 tions at par^ yet by the Money they 
 raife they muft pay their Bills that are 
 out already, as well as the 2564000^. 
 w^hereas the Land-Bank are to pay no 
 more than they receive. 
 
 4, Moft People would rather fub- 
 fcribe to a New Bank, than one that 
 has loll its Credit. 
 
 Therefore I infer, if it could not 
 be raifed by a Land-Bank, it could 
 not be raifed by this Fund. 
 
 The next thing I have to fliew, is, 
 
 ■■■■■iHliiil^^ 
 
'hat there is no way to reftore Pa- 
 er-Credit but by a "New Bank. 
 
 I fljaU take it for granted, that Pa- 
 ,er will never go for Money, but 
 vhen I can have Money for it upon 
 iemand •, for no Man will part with 
 •eady Money for a Note, or take a 
 Note for Money upon any other Con- 
 fideration, and therefore Paper can ne- 
 ver be reftored, unlefs the Bank of Eng' 
 land and Goldfraiths pay their Notes, or 
 elfe another Fund is let up that can. 
 
 t. The Bank of Bngland if they 
 were difpofed to pay their Debts, can- 
 not poOibly do It ; their Money as it 
 became due from the Exchequer, is 
 not enough to anlwer 5 per Cent ot 
 their Debts, and they can never have 
 any Credit till thev can anfwer all De- 
 mands, which muft require greatec 
 Summs then they have, or can pofli. 
 
 bly get. 
 
 a. If they had Money enough to 
 anfwer all Demands, it is probable it 
 would be all called from them i for 
 
 Repu- 
 

 
 Reputation is lo nice a thing, that], 
 it's once blown upon, 'tis rarely reca 
 vered, efpecially in a matter that fc 
 nearly concerns us, as parting with oui 
 Money j for it will be a hard matter to 
 induce me to truft one, that throuoh 
 Indifcretion or Defign has deceived 
 me. 
 
 3. It cannot be imagined that any 
 one will bring in Money to be depo- 
 fited with them, for that is to pay in 
 100 /. and get 5 /. with a Weeks 
 trouble when I want it again. 
 
 4. The giving them a New Fund, 
 is enabling them to cheat more People, 
 for by the Monies that rife upon it, 
 they muft not only purchafe their 
 Fund, but anfwer the Bills that are 
 out before; and if their Creditors 
 fhould not be fo good natur'd to flop 
 their Demands, they muft their Pay- 
 ments. As to the Goldfmiths reviving 
 Credit, I fuppofe no Man experts Re- 
 formation from them, or that any thing 
 will make them honeft but a Catch- 
 Pole 
 
Pole : And of the Exchequer-Credit 
 we have had an Eflay already, which 
 with what I have faid of it before, is 
 fufficient, therefore I argue, that Paper 
 Gredit can be reftored by no other 
 means, than by a Mew Bank, and 
 fctling a Frefli Fund of Credit. 
 
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