This volume was not part of the collection at time of its purchase. It remains the property of Pro¬ fessor Seligman ' may, 1930 1370 Some Observations by way of Answer to a Pamphlet, called, Eng- lands Glory; or the Royal Bank, sm. 4to. (2), 23 pp., half morocco, \ i ' £y 10s John Whitlock, 1694 ,t III replv to a pamphlet hy Humphrey Mackworth ami prolialily the work of Dr. / ' Hugh Chambevlen. OBSERVATIONS By way of answer. TO A PAMPHLET- CALLED Cnglatili'S @lo?p; OR, THE ROYAL BANK. LONDON: Printed, and are to be Sold by John Whitlock in Statio- ners-Court y near S tationers-Hall. 1694. SOME OBSERVATIONS Byway of Answer, to a Pamphlet, called €ngi&rifa‘jg OR, Xhe j ROYAL BANK. T H E Worfhipful Author Mr. H. M. begins his Preface well enough, with the Plenty of Commodities, andManufa&urcs of all Sorts, * liat are to be had in Etiglund, and the plenty of Fifhin our-Seas, and obLrves we might improve our Trade, and Wealth, aid encreafe in Strength, Had we Pub- lick Spiiits (as W e ought) to give Countenance to brave A&icnsof Induftriou'-Men, and did mind the bufinefs of Trade and Fopulacy, as much as Pleallres and Luxury. By which I obferve,t hat .even this Author, too is much of the fame mind mth’Jcrry Squirt, in i hat he fuppofeth we hgve not publick Spit its (as we ought; to give coun* tenance to brave aftions of Induftrious Men, fo that we may welLonclude with a ligh, Tl is Royal Bank is not like to do any great Fea.s towards the acgi ard:zing our Trade, for w)ntof having publick Sprits, (as we ought) but the Re f.n he gives is a little diffe'ent from Jerry Squirts 5 for this Author fays it is, b.caufe our prefent Natives are pofleft with fuch Sp ritsas do me re truly mind their Pieafuresand Luxury, than the bulinefs of Trade and Kopulaey •, 1 doubt Mr. Ef. M. hath- over ctam’d his Paunch, or drank too hard at my Lud Mayor’s Table lately. Now Jerry Squirt *s Rcufon is, That they who ought, and in whofe power it was to encourage it, were fuch Dunces as could no ways underftaud it ; and therefore the Propofers aimed tore at their own private Infreft, vvh'ch 3 1 •'divers times, snd oil fum'ry occafions rohiccd cir-ain narrow and finiffer defies ; but both a^ree, that the devil a bit of punlick Spiri: isamongft any of them all. His Aigument perluafive for encoun- jn g and ,proaiating- 4 ff- 4 Unks r 4 & bis-affit-mmg-, tbatour- Banks will beget Trade and ’eople, and they will beget Riches; Now it this be true T - why then we were ieft go to work, and fet up as m my more Banks as poffible we can. that lb they may leget a World of more Trade and Riches, which will bring fo rainy honeft i leafures if courfe ; and that may prove the belt way io the World to put a Itop to all Avari- :ious, Narrow, and Sinifter Deligns, as well a fp .il ; their Trade, as well as the Bioakers and griping Ufurers; and fer up a worfe them- \ Telves, fince I fee they are to have 8.. fer Cm by I aw, and what the, jltafe for jj Credit; efpecially when I confidcr, that even this Author, tho ! e hath iootixd up, | ■ and dtgnified many of the Members or Manners thereof, vvitn the E -comii.m of j .Honourable and Worthy Perfonsoi moft cor.fiderabk Quality and Abilfy, and tli^n i jSamesth'.m too, yet in his Preface, (/hich I prefume v^s aPoftlcri ( t, iho’piacid J inthefion,) hath declared the great want and feat city of fttch truly Honourable and • Worthy Perfons, and ferns to fpeakthe truth of I is Thoughts more plat T, when ‘ -he fays, had we publick Spirits fas we ought) to give countenance to brave a&i ms > of lnduftrious Men. And this likewife agues with Jerry Squinh fi. ft account tuat the Propofers were put on heighti ir glntuft, and on particular under t.-kings,which produced c.rrsin narrow and linilfer deligns, no way b coming fo Noble a Work. :There is nothing does fo clearly a. d evidently d. m .nitrate die general want of Money in the Nation, as the Aft of Parliaments allowing all forts of Foreigners, as Dutch, •French, and Sf.nnjh, TurkjardJ.ws, Heathens, and Barba,tans-, ail ye Nation, who¬ soever, that have any Money, may all come in and become Members of this bflfed Corporation, and they fliall have all the Benefit, Privileges, and Advantages, as much, audio a'' ample a manner e except only being abf-lute G vernours,) as any . Native whatfoever. Now if the Natives had Money enough, there had cnen been no need to have invited all manner of Foreigners to come and pertake of fich advantages, i as of right does moft properly belong to the Natives of England, and which they only ; ought to enjoy. , But to ou Author, who for encouraging anti eftablifhlng fo great a blefting, as ; this forefaid Bank,you mean; Pray let’s ling Te Deum .for England is now made for ever; : end the French King’s Intertft is vanejuifhed already in imagination,with the very No¬ tion or Noife of a Royai Bankof England. And then to fatisfie all to whom it may feem doubtful, what are the advantages of a Bank, for this Author, as well as Jerry Squirt, is alFraid, that many People will hardly believe, that fo many advantages can arile to the Nation (exapting the particular Members thereof) from an ioooooL fir Ann, as he dots fugged. But firft he will inform us whataBill of Credit fron this Bank ' and its ufes are ; bat then again, before he can tell you what a Bill is, he mult ne ds • tell you, that a Bill is transferable from one Mm to another, and cannot fail, foi the Explanation whereof, he fends you to the latter end of his Book, and fee his Dif- eourfe oft e Nature of Foreign Banks; tho’ really it’s placed in the middle of uis i Book : However as good luck would have it, he has not forgo to explain a Bill of Credit, and to Jet us know, that whereas Money is but a medium of commerce, and ' the , ; <*> the ftandard of all Commodities, even fuch, and fo good to the full for Life, is a Bank Bill, and will be theftandard of Trade at laft? tho’ the Act mentions not a word about it : But it’s fafficient for us, that our Author doth; and if Bank-bills will be the ftandai d of Trade at laft, and that the People can be perfwaded to believe fo, why then, i think, we were as good lay slide out Money, and Trade altogether with Bank-lids, jf ’twill ferveour turn as well; fince it will come to be the ftandard of Trade at laft. Then thus it is contrived, that Paper Bt,ls of Credit are to be de¬ livered out for want of Money, and to ftrve as Money, and the Fund is fuch, as may give out Bills of Exchange, or Credit Currant: Whs re, by the way, methinks it fliould feem very Grange, if the People in general (hculd not be as much (tattled at the Notion of Currency now in thefe our days, as well as heretofoie; efpecially fince it carries a Coertion in the bottom of it, which tho’it be notfoby Law, yet it isofneceflity, byreafonofrhefcatcity of Money; and Coertion in any kind is enough to turn their ftomachs, as faith our Learned Mr. Squirt. But then for our comfort a- gain, Mr. H.M. allures us, thefe Bills of Cun ant Credit (hall always be anfwered with Money on demand. This will do admirably, and will make them currant with- om dilute. But how all this can be done, is paft my apprehenfion I confefs; for the Sum of 12000C0/. is to fupply the King, and the > 00000/. per Ann. is to pay 3 per Cent Intereft lor the fame to the Subfcribers, and if ti,e Car par at ion give out Bills for 10 Millions more than this forefaid Fund, Which way shall thefe Bills be anfwer¬ ed with reedy Money, when there is no fo much in the Nation ? For though our Author doe* piem.fe, that a Bill of Credit from this Office is to be only for Money, or Goods paid into them ; yet what hinders, but they imy give out Bills for more Money, 01 Goods than they receive or are worth ? Since they are not to be ac- countaul for : he lame, who ffiall difeoverir? For he fays prefently afer. This Royal Bank of Credit will be able to Iffue out Bills of Credit to a vaft extent •, fo many, that it is not to be imagined or computed, perhaps f r an 100-times more then tin y are worth, will there be any end of them do you think? And is it not poilible oi likely then, that fome one or many of theft Commiflioners may.run away with a great part of this Mountain of Wealth ? Since the Bills that will exceed the Fund, will have no greater fecuiity then the Lmburd fimt Bilisl wt. As you fay, the honefty of the Man, and a lhadow of an Eftate that may fail: Which if they fhould, that would be a very dilhonourableand unworthy trick of your moll worthy and honourable Commiflioners. And by your If’s and And’s, Doubts ond Scruplesin your Preface, your faying, Had we publick Spirits (as we ought)' would make or.e fhrcwdly fufpeft, there are fome fecrct liniftcr defigns in the bottom of it, that are no way becoming fo Noble and Univerfal a Work; efpecially fince Jhete fot the Reafirn you told us in '.he Words juft before, that being taken out■ it is .r Cew. fot ever,, which great publick Undertaking is to be managed by feveral Worthy Citizens as Comn ilfioners, of whofe taanagement he C before ( lo ) Before fcrupled; and;for the encouraging fo great a Bleffing, Mr. H M. tells us what the Advantages'of the Bank are, and that a Bill of Credit I tom this Office cannot fail, being better.than Money in ones Pt ffeflion, and <> ill be the ftandrr. cf Trade at laft •, that the Fund is fuch, as may give cut Bills of Credit currant, that lhall alway s be anfwered with Money on demand, and cannot tail \ ai d again, the Fund of this Bank is fuch, as cannot fail, unlefs the Na.ionbedifiioyed, it will be'able to ifluc out Bills to a vaft extent, fo that molt Merchants in Europe, knowing the ftcuriiy of this Fund is fetled by Adi of PatlLnum, v-iil. tcepr ot thde Bills lather than Mo¬ ney, the Fund being unquffthnable, and no Security in nature betar; and that the Bills are more fate than Money,' and have Advantages beyond Gold and Silver. And yet meihmks 1 perceive, that you are terribly afiaid, that fome Body will queffion the Security of this Fund, for .hat you make fuch a frequent repetition tbereof-y which is very much inir. nation ofa certain Hoftofmine, wheieltravel’dontheRoad, who had goi by a gt eat chance a pa 1 cel of very good Claret, of which he was fo over-joyed and conceited withal, thatwhatever Difcourle wasatthe Table, he would ftill inter¬ rupt it with the commendations of his good Claret, fo that if you asked for Beer, Ale, or Cider, his Anfwer was prefently, Sir, I lia\ethe Left Claret in England, if you call’d for more Bread, heanfwers, I defieany Man in London to produce better Cla¬ ret than mine: Bid the Servant give you a fi elh Plate, Sir, fays.he, will you have any Claret? i’ll warrant it good, youneednotqueftioni r , for I paid Ready Money for it ; and fo for an Hour together nothing could ' e heard to come from him but Claret. Now to jeturn where we digreft, after all thefe certain Alfurances of great Moun¬ tains of Wealth, and Security of a Fund doubled and trebled to us; Mr H. M. be¬ gins to go backwards again, andleflen it-, for next he fays, That feeing there is fo great a probability^ even ntxi Door to a ceriainty, that it will advancethe Riches of ; a Nation beyond toe Pofleffion of the Sfanijh Indies: And if it Ihould happen to mijear- ry, &c. one weu diiardlv have i magined he thouid have thought of a mifearriage, : or but a Proba ility of Wealth and Security, at the Tail of (o many poiitive Aflertions of Certainty and Security. In the iirfe. page he is Certain again, that every Mail’s • Money is as fafe in the Bank asCalhin hisCheft, and page Mtb. Men may transfer their Credit, if they will run the rifque of Counterfeiting the Bill, and therein is unfefe again: And laftly, page 14th. theEftateof the Corporation parable out of Exche¬ quer, is liable to make good the mifearriages of the Bank; by which he does allow, it is very likely there may be many mifear iages therein, though it be managed by fo ma¬ ny Worthy and Honourable Perfonsas aforefaid. In page j 5. Money in Bank will be better than Cafh in Cheft, and of more Value than Two in the Hundred ; and a little after the Government muft makegood their Loffcs fo far as their Security goes: there now is another caution, that yonare not to expeft any Loffcs to be made good, that exceed the Security to which this Bank is liable, or elfe, why does he intimate as much? This gives a check to what hefaidbutnow in page 14th. That the Corporati¬ ons Ehatc in Exchequer makes good the mifearriages of the Bank, without mentioning any limitations} then he prefently adds again, To be fare the Corporations Creditors are at no Lofs: lnpa^ei 6 th. he contradict all aforefaid, and tells us, No wife Man will make his Money wovfetnan’tis; being taken out it’s not fofafe, fo portable as before, and every way worfe, and yet prefently after fuppofeth that a great part of the Nations Calh will be brought in to this Bank, and when there, will keep there; . though (JI J though in page 14. he told us, That it’s evident the Nations Cafh in time willpafs through lUcfe Bsnks. Very well. Sir, andifitbe always kept there, it will lye dead like Ca h inChelt, and yield nothing, and the People will have but little hopes, that thv C mmifliorers will lend Money at low Intereft, if the Money muft be kept there. Oh, bat Mi. ti. M. fays, all People will take a Bill of Credit rather than Money, fo then ihey intend to let oat their Bills only, and keep the Money, but methinks thp People fhoulJ be unwilling to take them, when there is fo little encouiagement for them f j to do ; becaufe they muft make payments with tliefe Bills’ and that in a]lpro r babi ity will many times be at a diftance, and not always at the Office, and then there is gi eat danger, as oar Author hinted but now, of running the rifq ie of Counterfeiting the Bill, which may be a terrible Lofs, notwitbftanding what he faid before in page xi. That a Bill after Bankers form, is written on Marble Paper Indenture-wife to prevent Counterfeiting, for I believe they have not yet contrived their Bills compa¬ rably fo well as Df. Cbamberlen’ s Tickets, which cannot be Counterfeited without 3 Difcovcry. And faith our Author, Great will be the Gain, and that is wonderful to think too; when it fhall be confidered, that before, he fays, that Money in Bank will be of more Value than Two in the Hundred, which is as much a, to fay. The Bankers will giveTwo in the Hundred for it, and when they have it there, will keep it there, becaufe Men will rather take Bills than Money, and yet the Gain will greatly arife by their lending Money at low Intereft •• But perhaps he thinks Six per Cent, low Intereft, becaufe they nave made the King and Nation tQ give Eightper Cm. And now let us p; oceed where we left off. Our Author Mr. H. M. fuppofing he hath now faid enough : inali Commence on this Subjeft to convince any Man, that hath Money in his Pocket to come and brmg it all away into this Bank Office, does therefore tell us, He need fay no more. And 1 think fo too, unlefs he had faid a little wifer and better, and not have made fuch Confufion,- and fo many Contradictions in his Story, as he hath. Ne- verthelefs he cannot forbear having a natural itch of a Scribling Humour upon him, but he muft proceed, becaufe many cannot fee where the Advantage lyes \ No, no, Mr. H. M. no more they cannot, unlefs th.ey had your Spectacles on, but a great many more can, and do fee, and feel too with aVengeance where the Difad vantages lye in putting a piefentftop to Trade, in that Men cannot be fupplijd with Money to pay their Creditors even while this Bank is a feriing, but do daily break in the mean time, though our ffiort-lighted Author do not. However for a general fytisfa&ion, he wiil Ihew wherein they will be profitable to the Nation, to the Crown, to thf People \ and firft ofthefirft, as faith the Parfon, The Riches of the Nation will en- - creafe, and England may become the Empory of c.he World in Trade. Pray Sir, how and after what manner? For this is a piltivc Affertion only without any Demonftra,- tinnasyoupromifed, I perceive your Memory is as ffiojrt as your Sentence,’ or rather I think you have undertaken more than you are able tie ur Aethoi hatn poftpon d tint which fhouid have he- n fi'ft faid, butl believe he writ it all in as great ha. i e and hurt as me Bank it felf was carried cn at the end of the Seflions, an! fo it had . o r time for digeftion. But thefe Ba-ks being once fetleu, Tiade will flourifhj the ! uteb, fre. cb, cte/Ajb, and Peoplefr-m all parts ot Europe, that have Elrate , 01 canraife M ’nty, will r Ibrt hither to enjoy themfelve^ and Eltaies. O brave Boys! in good tru. i' we hall have a merry time or it then, and never want for Company. I fuppofe we lhall have all our Plains a dDwns Inhabited by.hem and all our Word v and Copice, cut down to make room for them, becaufe our Author is fure, that'hey will come here on purpofe to buy all the Good; thar we cannot confume: Ay, and that i* is not a contemptible Confideration, that thefe Banks will be great Sathfa&ion and security to the Nation. No more it is not Mr. H. M. but as Lucky and N ble < 1 hought a* ever came into your Worfhip’s Pericranium, and for which the ,\ hole N mi- n is very much obliged to you, who otherwife perhaps would never have tro> bled their Heads about it, if you had not been pleafed ro lay it down in print before ilu m. And now all the World that Trades with us will have a kindnefs for us, efpecially when theft Banks keep their Money Ay veiily Sir, I believe where-ever the Engiifh fhal! Travel ab oad, they • will be friendly and kindly receiver) by all Foreigners for the future, but it the B ulks do not let them have Money enough to bear then Expenc,s, I much fear they will meet with but cold Entertainment; and if the Banks do keep their Money, who lhall be the better for it ? And when they do part with it, i f the Money fhouid be every way worfe, as youfaid it will, what (hall the People do with it t Buc they will do all they can to preferve their Cafhiers, left they fhouid lofe their Eftates, having nothing but a Bill of Credit for it. Say fo Sir, then what if the Bill cl Credit fhouid (h > , • *1 by chance be loft? Or what if the Calhiers ihould play the Knave, and run away with; ] the Cafh, what then will your B ll of Credit fignifie ? Or if the B olcs of Account* Ihould be burned ? Well, but l niuftp.it you in mtnd that you have not anfwc ed the latter part of the Obje&ion, v.z. That we hah make more Goods than the World will ut! er: For you have faid enough to confii m a Confumption of Goods at home, if all the Rich Men in Europe come over to us, but that w ill not enrich the Nation com¬ parably fo well asExpo:tation and Sale of our Goods abroad: And fincc it is your Opinion, that all the Rich Monied Men in Europe will come hit er, there may be none left abroad to pay for this great quantity ot Goods madeby fo many Lazy Hands at home.- And what fhaii bedonethen vtichfo gieac aftock? but it may be you will. take another time to conlider of that. [ Third Objetlm j We have too many People already. I bel'eve this weighty Obje&ion was framed in our Authors own Noddle alone, and v asne vei rl o g: t on by any other Perfon, for what is this to a Bank Office ? Or cannot a : an* Office thrive no where lb well as in a little Corporation or Market' Town? bur perhaps this is-mly one par-of an Objection, and he hath forgot the reft on’ . firoi i Au hoi’. Memt.ryis but very fhort, as afl.refaid, therefore I will help him at a ueaci I n, feeing he is fuch apains-'aking Man, and thu- it muft be, That vie i av* too many People already foi this little Bank to fupplv, or to do any goed wnial. Foi hrli'ftObj dion did complain, thacnow, before the Settlement ofthis B’c k, we make more Goods than we can confutre, or the World will ntrer; and for aRem.-dv. lie arfweieci, i hat alltie Rich Euofea.f would tome and fettle here on pnrpofeto coi-lume ourGctds, and force a Trade: Now can it be imagined any one be fide oui Author IhouL be foftupid, as to objed againft a numerous Company of People, which every Fool knows do caufe a Trade, wnen we have too many Gtodsal- ready lyes on Hands more than we can coi fume for v\ af t of People to buy them off? But row lei’s fee our ingenious Author’s Anfwer, viz. It’s evident that the Riches of a Kmg( om are the Peopie of the Nation-- And herein I take him to be unde- another milbke again, for they are but the ftrengtn of the Naiion, as he truly affirms in- his Preface, and the growingCommodines and M^nuf du es, that are the Riches of a . Kingd- im For foGod told the Jews, lie would bring them into a Kich Land, flow¬ ing with Milk and Honey ; they being ofthemfelvesfo poor, as they borrowed of the Igjiuns, at their departure. And you f id but now, that 300000 pair of Lazy Hands might be employed, 1 hope you do not call them the Riches of the Nation? Oh no, \ fot a li tie after you add, That People unimployed are as Caterpillars to Plants, &c. You mean the300000 pair of poor LazyHands, or. elfe 1 take the Rich to be the • chief Caterpillar-y for they devour and coqfiime moft Commodities, and it will be an. ■ hard matter tofetthem to work, and if any of thefe People were no better employ¬ ed than this our Whimfical, Sencekfs Author hath been in writing this Pamphlet, I fbould think them all much woife than Caterp;llers, and fitter to be whipt in Bride- m //, than fo ill occupied. ; I' In the nextplace our Author propofes Employment, and that, I cor.fefs, is well conf/dtred for fo many lazy pa ; r of Hands, but t\en where’s the Money to pay., them i Or muft we ftay till the Dutch, FrenchFkmijh, and all the reft of the Rich D Europeans \ jlRrtfKQM do come 9 nd bring the Money into the Bank, e’re they can be paid ? That will take up a c-mfiderable time firft, for the War muit ‘ie at an en I, that th y may come quietly, or elfe the French Privateers will pick them up by i he way. But no fooncr Mr, H.M. has Hid lie does propnfe employment, mr immed aDly foil ws; and there is no do \b.. that the CorTumprion of the Peopl is not l'o much, as the picduft of thur Labour-, which is the red ichesand Strength of the Na¬ tion. Rarely well! Juft now he ft id the People were the Riches of the Kingdom, ardnow iris the produft of thtir Lab-ms: But what -i pn.tty Anfwer this is to his Objection, which comph'rs of too many P eminent ' ; - '• ■' Js this a reasonable rate, and low Int .reit, and is this the ut-mofl good and' ben-fit that the Cr.wn mult hope for from this Bank* hereafter, ■w'hen it Shall arivO to its molt fiourilhing condition aid greateft height? Methinks this Author hath full as much ca fe to be a (turned as his Brother Squirt, to recommend fuch a fort of a Bank as this is, whm at the fame time a fir bet er propofal was made td raifs Twenty Millions o; moie, without axing the People or dogging the King’s. Revenue, and an its Objections fully anfwered.: And now for an lhconff.'erable Opinionated, Sciibli gF.llow to make fuch a rout about, a Bank of one Million ? to cock his Hat, and ftrnt ft' like a C.qw in a Gutter - , Good lack' a day! ' ’ : A"d ’tis with as gie*t Confidence, he tells us the benefits that accrue tbtW? Crown in ihefe and many more particulars are very pleafant to refledt upon; and* I wonder very much that he hath not taken the pleafure to repeat rhem here ac- ! cordir g to his H elfl) cuftom, butlince you have not, for once I -will tell -of one for an Example, tho’ I know not whether it may be the fame that he means, and' that great benefit is, that the King is, or may be fupplied with uoooool.' Ready ; Money, for which he is to pay 8 /. per Con, per Ann. for ever: * But htr£h milt of ' a fupply of 4 Millions, .that the Do&or’s Propofal would.have givenihim‘without : paying any Intereft ; is not tnis very pleafant to Reflect on ? Then- he falls tor flattering with a fneering look,' O that Reverence, that all perfons will hare for fuch a Prince that puts them into fuch a condition, as to receive-8 l. per Cent for their Money, and what they pkafefor their Credit, and by his prudent mannag'e- 1 i inent keeps them in fuch a flourifhing Eftate l .0 las Sir,, by all means Mr.- H. M* ; you muff needs go and Ihew your felf at Court, , and prefenc this Tittle Brat of yours? i to the King, that fo he may have an opportunity to take notice of you, for you- ' have faid fo many fine things in this little Book of yours, which you have fb In- genioufly Entitled Englandi Glory; that the King can do no lefs than beftow fome- ! extraordinary favour on yon, either ftroak you on the Head, hr fpit in your Mouth!) In the next place the People (hall have advantages; Firlt'the Poor, Secondly the' j middle fort. Thirdly the Rich, Fourthly the Marriner, Fifthly the Merchaht, as : hath been fully fhewed already. Then what need yoa repeat them again, 'but as I’ faid but now, ’iis according to your Wtlfi Cuftom. . • ' Fi>f, The Poor have moll need, 1 do not mean all /hall be Rich,- but the able' Poor may be employed, and well paid, and a little after, the Honed and Ingenious- ; Poor will find Friends at the Bank. New Sir, none of thefe are accounted the '..Poor, that are relieved by the Parilh rates;. but .tjjg difabled Poor-and fuch as are Helplefs, the Impotent, Lame, and Blind, and Sick, What mult thefe do. ? Be Star¬ ved ? Your Bank is' not intended for them it feems. Secondly, The Middle-fort may be benefitted,'that is’.fuch as are Ingenious and. Indultrious, many of whom are to pay certain additional duties of Excife on Bear,, Ale, and other Liquors towards the 8 1. per Cm, but as to the duller fort that are 1 of meaner capacities, it is to fignifie nothing at all. Tbridly, Gentry that in aFrollick have run in debt (I hope you will allow of o- . ther Gentry too, that have debts entailed on them, or any other ways indebted as- well as in a Frollick onlyJ who formerly c-ould not borrow 4000/.- upon a toool.' _. (•he Nation, he Ihdl now compare our Royal Bank with Foreign Benks, wherein I d6 not incend to trace him all along, as hitherto I have done, buc refer him ro a comp o ifon of D iflor 'Jiurnx- le. ’s Bank, whh tr is Royal Bmk lately:Printed, and fo leave it .0 the Parliament and Nation to judge } which of the two is mod ikely to he for me go ,d of both Ring and People.. Only 1 mall remark that n Page 79th. ne faith, That TaO Millions Sterling was found luffioent to orive thdr wh le Trade at Amtodam .- And if our. Nation be forced hard by Foreign Power, th King may nave enough of thvfe to fupply his want.., to the overthrowing our Enemies >y Land and Sea. And Two Midions of Duckats,. wasen ugh for the Ftmum Trade with meir Credit, in Bank; Button te Turkijh Wars they expended all their Monies in Specie, and everfince have Traded on nothing bat Credit in Bmk. And yet concludes, that one Million in EAgl.nd, that is liKe to be the Empory of Europe, is fufficiertt to make us muen greater than Two Mi lions have, done either of tne forefaid little States;: All which no queftion might, and will very eafily d >ne, if thefe our Brace of Pamphleteers Mr. H. /W.-ahd his Irnmercnrial Headed Brother Mr. Jerry Squirt were made the chief Commiffion'd'rs, or Managers of this Royal Bank, that is the Glory of England. As to our Authors Propofal of a Lumber Office, methinks it would not have been beneath him firft to have confulted Dodtor Chamberlain about ir, ere he had put it in Print; for that the Doftor had once brought it near to perfedtion, buc for certain Reafons and Objedfions, it was then laid aiideas a thing that mignt prove prejudicial to Traders; and if our Author had throughly informed himfelf of all thole Objedtions, and had dravn full and convincing anfwers thereto, he had then perfedted his Lumber Propofal, otherwife it win be ftill lyable to the fame Ob- jedtions, ( *7 ) je&ions, that the Doftor’s was: But when Iconlider again, that the iNotian of Currency, as faith our Friend Jerry Squirt, in Page 5th. proved then of fuehrer' nicious confequence to the fuccefs of that propofal ot a publick Transferable Fund , of Intereft ot a Bank, and of a publick Lumber at once, having a Coertioa i i the * bottom of it, fufficient to turn the Stomachs of Mankind againlt it; and that not- withftanding in the Propofal of this Royal Bank, not any the leaft Obje&ion was • ever heard to be made againlt the Currency of their Bills, and yet at the fame time, in all the laft Scffions of Parliament, Coertion was the greateft, principal and only Objection dayly made againft the Dcfto: ’s Brafs Tickets: By all which it does plainly appear, that the only means for Mr. H. M. to make a Lumber- Office, and therein Bills of currant Credit to pafs in the Parliament Houfe, is to make an Intereft wi h Jerry squirts Gang of Propofers, and fo with Confidence enough he may y rop >te know: Fo itfeems by experience thev fanev they have a knack to make any tiling pafs, tho’ never fo much againft all Senfe, Reafon, and O.’ije&bns whatfoevery and make tire World believe like thi$ our Author, that Credit is as n ucha tu rning Caih (tho’ without a Fund) as the Money it felf, tho’ the Dofoi could not with a Fund , which was the 01 ly Reafon, jjiatputhim upon contri ing thisTaft Ptopolal, for that it fully Anfwersall the Objections againft the Lumber-Bank. j His Anfwer to the 7 tb. Ohjcftiott, Page 6 r. is as muc*h as if he had faid no- i thing, and indeed cannot be Anfwered but by the Dodtor’s Bank. j Then comes his laft Objection. ; Where (hall the Bank have Money ? j An[mr. j AH Monied Men, if kind to themfclves, will lodge their Money without f.ar, * and deep fecurely, and give- per Cent, that they may make- per Cent again $ ° f But pray Sir, How do you know, that this will come to pafs ? For we have | only your woidto perfwrde them to it. And when a Man has putin fuppofe- a | iooo l which afterwards he hath a mind to transfer. What now if a difference | (hould arife, and be fhould be forc’d to fuc for it ? You tell us what the Att in | this cafe fays, that hemuft fue all the Members , an' they are lyablc to their | proportions only according to their Subfcriptions; What a prodigious trouble | will here be for the Unwary Creditor to find them all oir, which when he ha', 1 for there be to the Number of 1100/. at lc3lt, How (hall he c’o to know for | how much he may fue every Man for to get this 1000/. which muft be divided |l into 11 co parts, and many of them unequal too ? And it will coft as much to fue j|l a Man for 10 s. cr 15 s. as for a loco L and much worfe yet will it be to find i : l oat their Executors and Adiunftraitois. M E the Kfag and jSfatiofr in geftefal; as in the' laft Seflwns they have been to the forefaid Bankers irr parricarar,, by promoting Bo&or Chamber Iain's-prc.->: pofai of r ailin g Twenty Millions ,or more of Poundsy which 1 Will ftoniflt all 1 perfons more pleritifully, and" may bring.down Intereft to 2 /. per Cent, ■ and not let the Poor be in fueh a ftarving condition a? now they are.. H'is fuch a Bank as this only deferves the Title of Royal : For that it will fumilhthe King, with Millions enough to carry on a perpetual War with France, and enable die Pedpler to' pay as great Taxes' as the Parlia- . meat fliall have occafion to lay on diem. Arid 1 nobody then will be un¬ der that cruel neceflity, as to run creeping to any Griping* Capricious* Scrupulous Ufurersj, or .rather Extortioners*, chat have of one Years War, that is.now paft, and all that Sum not yet paid into the Exchec- quer, for which the Members of the Bank are to have but loooool. to anfwer 8 /. per Cent, Intereft, Ihould in our Age alter all themeafures of Chrifiendom efpcci- aJly confidering that the King in his Speech dellres a farther fupply for the carry-. ing on another Years War already. n ’ But Jerry mult iiiopt his bolt, and fo runs away with it in page Second , Where. he fays, our Enemies may be oblidged to a lailing peace from our being in the bell condition to begin the War, I thought the War had been begun fix Years ago, and that the fupplies given now, were to carry on the Wary Certainly our Friend Jetry is a little intoxicated, with Wine, and knows not what he fays. Yet he cannot forbear out of the ‘abundance of his diferetion to reprove the Houfe, when he tells us; That doubtlefs had we begun this War with the fame difpoll- tion to good management, &c. Why look tou now, I told ye we wanted his Ad¬ vice and affiftance at the beginning, and then he would lnve faved the Na'iona Debt of feveral Millions. For as Jerry fays, Perhaps there is fomething pecu¬ liar in thd Enghfl) Nature and Conilitution, which emline- them more than others to be backward in reforming: Our wife Jeny hath lately put on hs large pair of Banker’s Magnifing Spuftacles, by.Wrote of which,, he can and doth more plainly and clearly difeesn the faults of the E‘.gli(h>:tn , better than any one elfe can, and when lie liar found them out he will r»©t fpare to fpsak of them, as he has done' by his late difeovery of all the finifter unbecoming practices of his Friends the Pro- pofers of this fsid fmall Ban t. But now for the pra&ice of this Bank, roaugre all oppoliiion, Quoth Jerry, It hath made a greater Progrefs in a few Months than eould be expected in feveral Years, fo that it Hands not in need of any other. It may be true : Jerry, for that the Members of your Bank have raked together all their Money whereibever due, or that they c-ould otherwjfe borrow to .fill itup, .by whicli mean' Money is become fo force, that all People will be fore, d to come and give them their rates, if they will be fupplied, and though an Advertifement in the Gxeeti hath lately told us,they will let Money at 5 /. per Cent. Yet it (Jorhnotlay how much, nor how long they will do To, perhaps they may let . 0000/.'and when the Parliament rifes they miv p’ - e- fently put a Hop, and raifethe bite eft to < 5 /- or SI. however it is ve. y planfibly ad- vertifed againlf the fitting of the Parliament, to-gain their good opinion: And though this Bankdoth not ftand at pxefenc. burned of any other, that may be-well enough, till all to whom they have given Bills (hall call for their Money in Specie, and then half a fcore fuch Banks will be hardly able to pay them off: ' And I doubt the Affairs ot the Nation will want another gutft fort of a ;Bank then yours to continue the War, or elfe the meafiires of ChnfterJom may be.altred much for the worfe, not- wiihftanding all yoiirfuitable improvements. Yet fays Jerry, becaufe Tome are Ig- narant, and others pre poffeft with Notions, not only beyon.! the pra&ice, but vaftly exceeding all bounds of ; £ppreheTihbh ‘of belief! Alas for poor (hallow brained Jerry, How hath hebeen hammering ai tnis Propofil of the Do&oss this (our Month ? And it proves fo knotty, that atlaft he is net abl. for the Heart, Blood, and Guts of him to apprehend it, it is fo vaftly out of the reach of his narrow perecranmni, though it bevery p'ain and eafte to all other perfons of the meaneft capacityy lam lorry for your weaknefs Jerry ,and it’s invaiu to beat Senfe into fuoh a leaden pate as yours: Rtfther* I think, fou hwe.-geot need of fome of theDoftor’s PhMcktoPatown* -.] lumpilh Clodpate, if Phyfick will do: Tho’ i fear, the true fault is. Your head; is* not well made, and then there is no help for a Natural defeft in your Intelledft * as 1 appears by your giving; an account of other Banks,as in your former Pamphlet, w hicb'' is nothing to yourpurpofe, but to trouble the Header with that, which every body knows better than your felf; and yet does it in fuch a manner, as rather inak'eif him; whcn he tells us the Bank of St. George in Genoa was conftkuted i 1407 s And that about an 1 do Years ago, which ruuft be aboun 594. The King of Sfdin paid them. Twenty Millions of Crowns for one Years Intereft; fo that it was almoft 200 Years in growing to this greatnefs, arid the Amftcrdam Bank hath b en Eighty Years increaiing. At this rate, I allow our prelent Bank may hereafter grow proportionable •, but what lhall we have to fupply the prefent occafions ? But thus Jerry Squirt runs galloping away with his rhapfody of incoherences, and never thinks ; of flopping till he comes to the 1 6th: page. Where he fays the Ignorance of home, the Malice of others, and the Careleintfsof m-ft, (I fuppofe he means his own pi 0- ' pofers with their fir.ifter praftices) contributes exceedingly to keep things at un¬ certainty. So that this Bank as well as otter tilings, notwithftanaing all he hath faid before, is like to beat an uncertainty, efpecially iftheDodor’s Sould chance 1 to be fet up; then this will look like a Candle in the Sun. At laft in page Seventeenth^ He fays,, it may greatly conduce to our fupport in* the prefent Wary but how, he leaves it to-the Reader to find out, only it’s enough he tells us fo, and that’s as good as an iffe dixit ; and then concludes, It’s tirtte fori us to vindicate our lelves in fomething.or other, who have of late made fo mtdy very, ill' Copies, and fo few good Originals. This is another complement of 1:isxo tilc; Parliament, whom in his former Pamphlet he..hach- -fo often told of their imiflefl pra&ices. At laft he is to make Obfervations (fuch as they are) on the Doctor and' his Bank, inftead of his own, as the Title promifeth; and that truly is hke Jeny Squirt proceeding. They have lately publifhedy quoth he, a fortof Pafquil called Ulefnl Refleftions, &e. AndaSecondj. and, Third called, fome Refleftions on the- Brief Account of-the intended'-Barik;ofn«^&^,. ;bc(t he forgot to^dd, wh#s AtU thort Name is- fuppofedto be ledftfhis own Nafae Arnold bddifcoi- , vered; all which- are M r of Impfcftitterfcies; Contradiaiions, &e> And not-wortfil Jtrryh notice, becaufe hecarmoc prove what/he fays' but c’rc he part,, hr will have* fomething to fay to theDo&or, whom-he vilifies* with the Name of Alexander tW Copper-fmith (forwhich'l t'J inkthc-Dofto¥ , iad^ncdd , t6giVc hint a Vomit* together'* with a Gargle to cleanfeh s Mouth) and his-Banfe he-YndUavoufs ;ta render as tids* culous as poffible he*can,tof fedrthe Parliaflieift fhoiild'.'t&ke thee finite efic,a;mputJ it m praftice, and ttat will put an endwnthisrPaty Bank imaaitllei time,' andtdafl ' Jerry s Propofers fimltefr Proceedings, ‘ihibTiti|M(jntyiddWd to lower! ntef eft than 5 /- percent, without an Aft of Parliament,; or arty futth^^ipot'wtricksand lute -1 a * Jerry accufedhis own Propofers of in- the tarrying ion of theft Biutw But then Jerry is afraid, if the Doftor’s Bilik Should tate^that-the Frcnih md would prefently make fuch Copies' as would- 6 uttehd( 9 ffgitalv So we muaj h^ affhid to put in praffleethe moft uftfui^d beiftfieialcpr^ailm' the World, forfeit Of DClIieOUteone bv Fni-eianpr^i ru Paper Paper Bills, as well as thcDoflort Brats Tickets*, which yet theNews^s^teM'i MS they do, and fo by ferrf s confeqaence, our prefent Bank may quickly be Out done. Now I think we may better fee upa new projedof our own, ttanCopie after theirs, which hath been in pra&ice this Hundred Years, and in that, hath made thepi outdo qs. Were they afraid.to fet up their Banks-at firft, left we Ihou.ld endeavour by uni-