The Broken merchants complaint, represented in a dialogue between a scrivener and a banker on the Royal-Exchange of London 1683 Approx. 30 KB of XML-encoded text transcribed from 9 1-bit group-IV TIFF page images. Text Creation Partnership, Ann Arbor, MI ; Oxford (UK) : 2011-12 (EEBO-TCP Phase 2). A29615 Wing B4843 ESTC R12211 11692055 ocm 11692055 48208

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Early English books online. (EEBO-TCP ; phase 2, no. A29615) Transcribed from: (Early English Books Online ; image set 48208) Images scanned from microfilm: (Early English books, 1641-1700 ; 16:28) The Broken merchants complaint, represented in a dialogue between a scrivener and a banker on the Royal-Exchange of London [2], 14 p. Printed by N.T. ..., [S.l.] : 1683. Reproduction of original in Columbia University Library.

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THE Broken Merchants COMPLAINT: Repreſented in a DIALOGUE BETWEEN A SCRIVENER AND A BANKER ON THE Royal-Exchange OF LONDON.

Printed by N t. T. at the Entrance into the Old-Spring-Garden near Charing-Croſs, MDCLXXXIII.

The Broken Merchants Complaint, Repreſented in a Dialogue between a Scrivener, and a Banker, on the Royal-Exchange of London. Scrivener.

OH! Good morrow to you Mr. Banker, pray how goes matters and cauſes with you, ſince our laſt Conference together?

Banker.

Why, truly not ſo well as they ſhould Mr. Scrivener, yet indifferent well: But pray what's the matter you ſeem to ſmile this Morning on me, as if you had either heard good news, or received ſome deſperate Debt, or had got ſome footing in a young Extravagant's Eſtate, pray let me know the reaſon of your pleaſantneſs?

S.

Verily Mr. Banker, it cannot but make me ſmile to obſerve what Gulls and Fools You have made of moſt of the Moneyed people in the Nation, for theſe ſeveral years laſt paſt: Whereas heretofore, the Men of our way did generally diſtribute the Caſt of the Nation on good Security, yet of late years 'twas but here and there one, that could procure any Money at all, But were content to ſit down with their old Trade, Engroſs a pair of Leaſes, write now and then a Penal-Bond, a Bail-Bond, or a Bond of Arbitration; and ſometimes a Love-Letter for a Servant-Maid, or ſo.— Becauſe forſooth, no Security for Money like the precious Bankers of Lombard-ſtreet.

B.

Hold good Mr. Scrivener, and what of all this, I do aver, there was no Security like the Bank of Lombard. (I don't mean the Lumber-Office erecting;) But of late I muſt confeſs, You the Scribes and Phariſees of the Nation, have, to advance your own Intereſt, uſed all the Artifices imaginable to diſcredit our Bank, and You have not wanted too, ſome help from the late Achitophels of the Kingdom, to carry on Your Deſigns.

S.

Good Mr. Banker not ſo hot, let's talk ſeriouſly of this matter, for 'tis of great moment to You; It may be, I may not have an opportunity to ſee you on this place again; ſince you know how things ſtand in Lombard-ſtreet juſt at this time.

B.

Let them ſtand how they will; the (Bankers no doubt) will acquit themſelves like honeſt men, and though you Scriveners and your Emiſſaries, have incited all perſons to come in with violence upon us, (when our Bank lies abroad in the World, and cannot be commanded at an hours warning,) yet it will appear to the World in a little time, that their practices have not needed Extortion'd Pardons every year, as ſome of your way have thought neceſſary to Sue out.

S.

Well, Well, I know where about you are, and ſince you Soar ſo high, let me but make ſome ſober Remarks on the Original of your Banking-Trade, and the Progreſſion of it, and the State it's now in; And when I have ſo done, I hope the Nation will take warning thereby, and conſider what they do, before they intrust their own, and Childrens Bread in the hands of ſuch Caterpillers.

B.

Now I find Mr. Scrivener, you ſpeak ſo loud, I ſhall be even with you by and by; You pretend to give an account of the Original of Banking, it's Progreſſion, and preſent State; I do alſo (to prevent your running on too faſt) promiſe my ſelf ſome diverſion in opening the Miſtery of Scribes, their Original, Progreſſion, and preſent State; And when I have ſo done, I hope the prudence of the Nobility and Gentry, and the warineſs of Trading Citizens, will beware how they come under the Harrows and Saws, of You mercileſs Scribes.

S.

But with your favour good Mr. Banker, I told you I would begin firſt, and there's reaſon I ſhould; Firſt, in relation to the Antiquity of my Profeſſion, and then the Reputation it has above yours at this day, Challenges the preheminence.

B.

Well; then e'en go on, and make all the haſt you can, for my time on the Change is but ſhort, and there ſtays ſome Friends to go with me to the Mini, and then I muſt to the Savoy, White-Fryers, and divers other places; ſo that pray be brief.

S.

When all things in this Kingdom in the year 1640. were brought to that Criſis, that Father roſe againſt Son, and the Son againſt the Father, when Rebellion against our Excellent Prince (of ever bleſſed Memory) was eſteemed, Fighting the Lords Battels, when Covenants, Oaths, & Engagements, were contriv'd to Murther the Innocent, to commit Rapines and Sacriledge, to Rob the Fatherleſs and the Widow. And to Blaſpheme God and the King, were the diſtinguſhing marks of the Lords Secret Ones, (as the Famous Owen well obſerves.) When Sequeſtrations, Decimations, and ſuch like abominations were accounted doing the Lords work. Then it was that Banking firſt began in this Kingdom: Then it was the truly Loyal Nobility and Gentry were forced to Haberdaſhers, and Grocers-Hall for compoſition; Then it was the good men were forced to leave their Moneys in conjunction with the Zealot, Thimbles and Bodkins, in order to the carrying on the Cauſe. Now, here was the general Bank, which enriched ſo many of the Rebellious Beggers, the Dray-man, the Cobler, the Butcher, the Taylor, the Block-maker, &c. Who qualified themſelves by their vaſſalage to an impudent Tyranical Ʋſurpation, to become Lords, yea, and ſuch Lords too, who made all our Nobility and Gentry tremble before them: And here Mr. Banker, I muſt acknowledge a difference between this first ſort of Banking, and the late dealing in Lombard. The Caſh of the Nation then was imployed to buy Covenants, yea Scotch-Covenants; to buy Armies, yea Scotch-Armies too; to buy Garriſons, yea ſtrong Garriſons too; That the Bleſſed King might not have room where to hide His Head in the day of Battel; To buy a ſtanding Presbytery in the Church, and root out Epiſcopacy for the ſake of that, and their rich Lands.

Well, after it had pleaſed God to permit a proſperous Rebellion, and the hands of violence to ſeize our King, and cut him off from his People; and to permit an intollerable Ʋſurpation, (which counterfeited Monarchy in ſome degree,) alas then 'twas our Rebellious Bank was utterly destroy'd, and no Banker was to be heard of till the Collections, either for Slaves in Algiers, or principally for the Poor Piedmont Proteſtants.

Lombard, then began to look Great, and the publick Money for the Poor and the diſtreſſed, was excellently managed ſome where, and by ſome body, as Sir Samuel Moreland well obſerves

B.

Hold, Hold, good Mr. Scrivener, let Me have a word too; your reflection on the paſt actions of the former Age, is not ſo well by your favour; you know they ought to be buried in Oblivion: But for You to ground the Original of Banking, in Haberdaſhers-Hall, is pretty I muſt confeſs, but very diſtant from the point, and yet I am willing to acknowledge it began in Lombard, about the Piedmont buſineſs, or a little before.

S.

This interruption was not fair Mr. Banker, but I'le go on.— After the Ʋſurper went to his place, and the Maſters of miſ-rule ſucceeded, when neither the Exchequer Caſh, nor that of Lombard was ſafe under the power of thoſe Hydra of Tyrants: It pleaſed God to confound all their Councels, and to bring the Baniſh'd Son of the Glorious Martyr (our Dread Sovereign) to the Throne of His Father. And now begins the flouriſhing Trade of Banking, by the Managery of Gold-ſmiths.

B.

Well, and what then?

S.

Why then 'twas I ſay, your old men bred up young ones, in the most dexterous way of telling over Bags of Money, and one would have thought they learnt nothing elſe; but you will find in the concluſion Mr. Banker, the ſeveral gradations by which you had of late raiſed your ſelves to that height.

Firſt, when after His Majeſty's return, the publick Receipts were ſettled for the Revenue, 'twas your Principal care to get in with the General Receivers by Bribes and Rewards, that the returns of their ſeveral Quota's might be paid into your hands, and ſo long as they could handſomly avoid an Exchequer Proceſs for its non payment there; and to toll them in the better, 4 per Cent you would give them during the Credit, and their Money at an hours warning.

Now, one would think that giving 4 per cent. for Money, and anſwering it at an hours warning, ſhould be a ſtrange ſort of dealing; But here was your knack, His Majeſty after His Return (like a Good and a Gracious Prince,) did beſtow many Largeſses on His ſuffering Subjects, and it may be ſo many, that the publick Revenue could ſcarcely anſwer when they wanted it; ſo that the poor Cavalier being delayed at the Exchequer, was fain to have recourſe to your Shops; and having agreed with the good man for his Order at near cent. per cent. (ſometimes when Poverty and want in him ſtar'd you in the Face) you very fairly paid him with the Kings own Money; ſo that in proceſs of time, his Majeſty became Debtor to the Bank in prodigious Sums of Money; and becauſe the neceſſity of the publick Affairs drained the Exchequer as faſt as Money came in, that you could not get your Tallies paid off, His Majeſty was fain to allow you 10 per cent & for the Forbearance.— Here both King and poor Subject are very fairly dealt withall: I could in many hundred Instances produce the various Extortions you exacted from Embaſſadors, Agents, &c. Both Foreign and Domestick, which may remain as an eternal reproach to your Bank.

B.

Fleſh and Bloud is not able to forbear your Impudence any longer, were it not on the Change, I ſhould call you to another account; you have not only opened a ſecret which ought to be hid, but you have reflected on the wiſdom of the whole Court, which I hope will conſider you accordingly, when I make my complaint.

But for ſuch Varlets as You are known to be, to accuſe Us of ſuch ſtrange Extortion, ſurely none but Children and Fools will give credit to it. I ſhall therefore retort on your way of arguing, & let the World know the Miſteries and Practices of the men of your profeſſion.

Firſt, as to your original, I ſhall not need to dive into that, 'tis plain there were ſuch in the days of our Saviour, and long before, Men called Scribes, that attended on the Money-changers which put forth to Uſury (tho' there were other ſorts of Knaves, called Scribes too in thoſe days) and they behaved themſelves ſo well in thoſe times, that our Saviour whipt them out of the Temple (for prophaning the Holy Temple, to them was as nothing,) and herded them with the Proud Hypocritical Phariſees, as a ſort of Fellows not fit for humane converſation.

But to come down nearer to our times. Have not I (as well as others) ſeen a young man of your profeſſion, ſome few years paſt, take a half-Shop, and furniſh it with a Ream of Paper, half a ſcore pair of Indentures, 100 of Quills; a Bottle of Ink; a Pumice-Stone; a Pen-Knife, (and which I had almoſt forgot) four Labels on a Poll at the Shop-window, and be as abſolute a Scribe as any of you. Then having ſpent his time a while in little Affairs (which could ſcarce clear him twice a day at the Wool-Pack in Foster-lane) there happened an old Uſurer to Dialogue with him about Moneys; well quoth the Uſurer, you are a young man, I ſee you pretty diligent in your Buſineſs, I have a deſign of kindneſs to you, if you manage my Affairs warily, and as ſecurely as you can.

The Inſtructions I have given to many of your Profeſſion, I now give to you; and they ſhall be to you the ſtanding Rules how to manage my Affairs, and your own too, in the diſpoſing of Money to Intereſt.

Firſt, let it be your care to frequent young Merchants company on the Exchange, ſuch who have not very good Foundations for Trade and Bargains, but are in perpetual want of Money to manage their Affairs, feed them with daily helps on two Securities firſt; then as the Sum increaſeth, enlarge your Security, taking in more, and as near as you can thoſe related to Eſtates; Let your Procurations be large, and your Moneys often, lending by particular Sums, the oftner will your Continuation Money come in, out of which (as you and I agree) there may be ſome advance to my Lawful Intereſt.

Then again, be ſure, what ever Trades-men you lend Money to on perſonal Security, you frequently enquire into the ſeveral Shop of Your Trade, whether any of your Bonds-men be there obliged; by ſuch frequent communication, you ſhall know the ability of your perſons; whether able to ſtand or are a falling; Now, this muſt be done with great caution too, leaſt you having made the firſt diſcovery, and it ſhould happen a number of your Bonds-men ſhould be bound at other Shops, They ſhould begin the Ruine and Deſtruction of them firſt; For 'tis common you know, he that comes firſt, is firſt ſerved.

Then when you find any of them ſinking, ply them cloſe for Continuation, and Civility-Money, making over Goods to you, or confeſſing Judgements, Statutes, or Recognizances, and keep your ſelf ſafe that way: Frequently viſit ſuch ſick Cuſtomers, till you ſee they can bear up no longer, then ſhew no Money, to ſave your own Bacon, and mine too; This way I know, many of your Trade have made uſe of moſt part of their time, and have found great comfort and refreſhment thereby, tho' to the ruine of the poor Ludgateer.

Again, another plain and direct way to advance your Trade, is, by holding correſpondence with the Hectors and Debauchees of the Town, but privately, ſo as no ſober perſon take notice of It. By that means you will inform your ſelf of the ways of the Extravagant Heirs of the Town, and the Hectors will aſſiſt you therein; for they not only are ſet on work by the Devil to Damn themſelves, but to draw in all they can with them. How have I ſeen many of your Profeſſion by little gradations of 50 and 50 and 25 and 10 and 5 Pounds, work into a Barony or Lordſhip, till for another larger Sum, upon the pinch of a reſolved Debauchery, part with all the Eſtate to the great advantage of the Scribe; Thus muſt you purſue him till all be gone.

S.

Enough, Enough, good Mr. Banker, how came you to be informed ſo much of our way? 'tis poſſible the young man I knew under the circumstances you repreſented him in.—But I am reſolved to purſue you where I left off, and when I have done, ſay what you will.

Then when you had wheedled the Bank and Caſh of the Nation into your hands, you did what you would, advance to the King on His Revenues, pay Merchants Bills, by having their Ware-Houſes in Pawn; receive 200 l. for the loan of 1500 l. Oh brave Merchant, like to thrive! Pawns of Court Jewels, 40 per cent. and divers other Intregues, that one would think ſhould have advanced you all to that degree, as few of the Richest Nobility could equal you in Estate.

For, have I not ſeen within a few years, ſeveral of your way begin with a ſmall or no Fortune, in a fine Wain-Scoted Shop without Plate, having first Listed himſelf into the Congregations of Owen, Doelittle, Jenkins, Vincent, or ſome Holders-Forth at Hackney; where the Preacher was ſure to be obliged by a Preſent, to commend the Caſh of the Congregation to the Managery and Care of the Pretious young man; who having learnt the pious Fraud of the SAINTS, manag'd their Money, ſo as in 6 or 8 years time, arrived to his Coach and 4, his Chariot and 2. and always had 20000 l. of his own, ready for a Purchaſe.

Again, have not we ſeen thoſe eminently renowned men of Pretiouſneſs and Saintſhip, that not long ſince lived about Hackney, (which dealt much in Excize and Chimney-money,) become Famous Bankers? what a plentiful Table did they keep in or near that place for the entertainment of both Presbyter, Independent, and Papiſt, Quakers, Fifth-Monarch, and Singers of Iſrael, in order to the drawing their Money from them to carry on Fire-works in Ireland. But one thing occurs to my memory, ſhall be told you. There was a Noble Marqueſs of this Nation, came to a Knight, and Alderman in his Shop, and told him he had ſome 1500 l. in looſe Money in his Cloſet at home, and having no occaſion for it, deſired him to know where he might put out ſuch a Sum ſafe for ſome time? My Lord (replied the Knight) there are none ſo ſure as the Frs. men of great Dealing and Eſtates: Then ſays the Lord I'le ſend it to you, take the ſame Security you ſay you have for what they owe you, and the ſame Interest. Now, ſo it happened that the Knight had the ſame Sum in the Bankers hands, went to them, and only changed Bonds, and ſo Secur'd his Money, being ſenſible the Bankers could not hold out long. Immediately after they fail'd; and upon Compoſition, told the Lord how the caſe was, which had like to have coſt the Knight a broken pate, beſides his purſe.

Then for the Renowned Bankers near the Horſe, how were they advanced of a ſudden? nay 'twas a favour they would permit their Boys to give a Note for 1000 l. when brought 'em in; and yet when you have all done, here's nothing but compounding, ruining Families, and ſuch like, with all your little Dark-Lanthorn tricks.

B.

Since you are reflecting on perſons at this rate, I can criminate that way too, good Mr. Scrivener; You know well enough that there are ſome of your way, who not 100 years ago, might wear either Cloth or Leather-Britches, (which could be got with moſt eaſe,) that have within few years done Wonders, nay incredible things, paſt any rational mans belief: As ſuppoſing a Perſon of Honour; (being addicted) to ſome Extravigances ſhould want 10000 l. ('tis a great Sum) why, who ſhall we repair to for the Money, but to one lately plying at the Temple-gate, or to his Partner near the Change? well, ſuppoſe 10000 l. firſt, good Land Security, you may be ſure; Then comes in by way of humbly ſheweth to Mr. Alderman, Sir, pray help me to my Money from ſuch a Lord; There's for you. Others, Pray take in my Judgment and my Recognizances with yours into ſuch a Lordſhip; There's for you. Then projects ſet a foot to get all Incumbrances off; and if ſuch perſons had had any ſparks of Juſtice or Honeſty in them, the Noble-man's Eſtate had not been dwindled into Atoms, and they (out of his ruines) arrived to the report of being worth 10000 l. Oh brave Scribe, but this is but one particular inſtance. Oh! but look abroad into the Nation, and you will find enough, even in every Family where has been need for Money. Oh! what Procurations, and Continuations, Staving off, changing Security, delaying Seiſures, have theſe men made uſe of, to bring Eſtates into their own hands, to the ruine and deſolation of many Honorable, Worthy Families? Wo be to you Scribes.

S.

I am very ſenſible who you mean, but your ſhallow Brains will never find out the depth of that concern; we cannot ſerve Gentlemen for nothing, nor run great risks as we do without proportinable Rewards; Nor is it fit we ſhould: every man is born for himſelf: nor can we in our way, but be guilty of ſome over-reckoning, which when we are ſenſible, may come under the Laſh of the Law, we never want Broad-Seals to preſerve us from the hungry purſuit of the Enemy.

B.

'Tis to be hoped you'l find no more ſuch Pardons for your damn'd Extortions, and Ruining of man-kind. I muſt acknowledge indeed we have ventur'd high in the World, and therefore had need be well conſider'd.— See how we have been ruin'd once by Exchequer-Trade, by City-Trade, by Plots of divers ſorts, and poſſibly we had ſtood firm, had not the Bank of the City been employed in under-ground and unaccountable concerns, which in time may be found out.

And ſo the India-Bank; forſooth becauſe one can't be Sheriff, and another can't be Alderman, and another can't be a Knight, and becauſe Pilkington is caſt, and Bethel turn'd out of all Office; and becauſe forſooth we can't do what we would, we can't pack Juries, to acquit Traytors, nor have Parliaments when we pleaſe, nor won't believe that the Pope ſets out from Rome next Midſomer-day, with his whole Colledge of Cardinals, attended with a Million of Jeſuits, Monks and Fryers, with Pardons, Indulgences, and Commiſſions, (to renue thoſe loſt by Dr. Oates,) therefore we muſt call in our Money, (cry the Brethren,) that the ſenſible decay of Trade, may at laſt animate the City to follow the Councels of our late Achitophels; Truly Mr. Scrivener, I am apt to believe, theſe, and the former reaſons has brought this diſcredit on our Bank.

S.

Well, 'tis time for me to go home to Dinner, I'le only give ſome wholſome Councels and cautions to you, and ſo leave you to go after your Brethren.

Firſt, I would have you to give up a true and faithful account to all your Creditors, of the divers ways and methods you have taken to ruine ſo many Families as you have done; Conſider how the Widow-Mother mourns, the neceſſity the Daughters lie under of being Debauch'd for want of Huſbands; conſider the cries of the Fatherleſs and Orphans; conſider when 'twas, and where he is to be found of your way (except a very few) that have not ſquandred and imbezel'd away Millions of the Subjects Money to their utter ruine and undoing, when no tolerable account can be given what's become on't; Let all henceforward that will be willfully blind, be ſo dececeived, if they will not return again to our Shops, where they may have good Land, Leaſe, or perſonal Security for their Money, then ſhall we ſee plenty of Trade, no complaints in our Streets, as at this day.

B.

Very pleaſant good Mr. Scrivener, even out of the Frying-Pan into the Fire; For my part I am reſolved to give over for divers reaſons, but more principally becauſe needs muſt.— And am reſolved to get into the new project, I mean the Lumber-Office; But before I enter on that diſcourſe, I would adviſe you to go home, and conſider with your ſelf what you have done, and don't think your rejoycing at our downfal, nor your wheedles of good Security, will encourage people to return again to their Aegyptian Slaveries, eſpecially if they know ſo well as I, the miſeries that have attended many Families. For ſhame go and call your Brethren together, and go to the ſeveral Priſons in and about London, and don't let ſo many poor diſconſolate and ruin'd people lie there ready to ſtarve at the Suits of You Scribes; You may e'ne be rank'd with the Broker and the Tally-man, for between them the Securers, Uſurers, and ſuch like Cattle, the Priſons are almoſt full of poor honeſt Souls, groaning under Tyranny and Cruelties.

S.

I underſtand you good Mr. Banker, for my part, I am a little aſhamed to ſee the cruelties the little Fellows of our Profeſſion uſe among the poorer ſort; but 'tis their buſineſs, and they do it in their own way; alas for our better ſort, we never trouble our ſelves about theſe little minute matters, for when we ſtrike, 'tis to knock down a fat Barron or Lordſhip; when we ſee there's no Money ſtirring about Chancery-Lane for Equity of Redemption.—Well, Friend Banker; I have buiſineſs to do at home, and can't chat with you any longer now, I wiſh you well out of your troubles, you and your Brethren; as to the new Project which is erecting about a Bank of Credit, I look upon it to be a kind of Plot againſt the Government; for, (according to their own propoſals) it can ſuit no Monarchical Government, but that of a Commonwealth, and I am in hopes our Mageſtrates will weigh well what they ſet up of ſuch projects, that may any ways endanger the Peace and Tranquility of the Kingdom.

B,

You are quite miſtaken in the matter Mr. Scrievener, I am told otherwiſe, and that by as notable ſhrewd men as are in or about Town, Men of great reach, and underſtanding in buſineſs.— Beſides, you know there are (as 'tis reported) many wiſe and able Aldermen encouragers thereunto, and for my part I do not comprehend the notion of it ſo very clear, yet I am ſure it has no relation to the prejudice of the preſent Government.

S.

Prethee Banker don't fill thy head with Projects after all this; I never ſaw any of our late Projectors come to any thing but Poverty and Want, the Poets and they may e'ne keep together. But hold a little Mr. Banker, I muſt needs ſpeak a word with yonder Friend, and then come to you again.

S.

Here's more bloody news ſtill.

B.

Why, what's the matter now Scrivener?

S.

The matter d'ye ſay, why matter enough, I think the Devil has poſſest all you Bankers; why there's another Weſtern Banker just broke my Friend brings me word, one S. by the Sanctuary-Office in Fleet-ſtreet, not very far from the Old Devil, and his Nephew the Young one: Goodneſs Sir, what Men break that never pay Interest for Money! How in the name of Jove can this be? What are you all linkt together in a Chain? Well, farewel my dear Banker, I'le e'ne home and laugh at a Friend for entruſting 1500 l. in his hands.— And ſo dear Banker make hast off the Exchange, and away to the Turkiſh-Shoar, and to thoſe other places where thy Friends are gone before.

B.

Ay farewel dear Scrivener, I am reſolved to ſend abroad my firſt Propoſals for compoſition, whilſt things are hot.— Farewel.

FINIS.