SEVERAL OBJECTIONS Sometimes Made against the Office of Credit.
Fully Answered.

Objection I.

THat 'tis not practicable.

Answer. 'Tis already practised seperately in its Parts, as in Lumbards and Banks beyond Sea.

An. 2. 'Tis, because it may be securely dealt with, as, V. Obj. 7.

3. That 'tis very probable, Customers will come to this Office, as well as they do here to Bankers, Scriveners, and Broakers, and beyond Sea, to Lum­bards, and the rather, because of the Publick Security, and the Credit of the Citty's Care and Inspection, better than the Reputation of any of the former: and alfo by reason they are supplyed here at much lower Rates.

4. That the Credit raised upon Goods may be transferred as well as it is in the Banks beyond Sea, and without doubt, will be as acceptable; since the only Reason why it passeth Currant there, i [...], because there is a Pledge left in a secure Place; and so there will be here with Advantage.

5. There was more reason to have doubted the passing of Credit at the first Constitution of Banks, when there was nothing in the known World like it: than now, having Examples before us of Forreign Banks, and Home-Bankers.

[Page 2] 6. What is already practised in other Countries, is Practicable here, as Lumbards and Banks. For Goods can be brought by the Proprietor, received, registred, and securely reposited by the Undertakers▪ as in Lumbards; and the Depositor, for the value of them, can be entred Creditor and Debtor, as they are for the value of Money in Bank, and so can it be transferred. In all this, there is no such Herculian Labour. Vide Lex Mercat. pag. 73. Register.

Objection II. That there is no need of this Office, because there is alrea­dy Money and Trade enough.

Answer. 1. There cannot be too much Trade.

Answ. 2. That there is want of Money, is evident by the decay of Trade, and want of Employment for at least half the People of the Nation, an Ex­ample whereof we have in Ireland, which abounds with Native Commodi­ties, and yet hath no considerable Trade for want of Money or Currant Cre­dit equivalent, and though some men, because of their great Credit, may have what money they please, yet they cannot but find, by dealing with several (that either pay them not punctually, or not at all) that Money is wanting. The standing Debts in this Nation (where men are willing to pay, and rich in Goods, or content to be employed, though idle) are clear Demonstrations that there is not Money enough to answer all Occasi­ons: which would appear more plainly, if every Man in London, who hath 10000 l. Credit upon the Exchange, should desire so much Money together.

3 If there were ten times as much Trade as now there is, the People would be ten times richer than now they are: and by the help of this Office, and the quick Returns occasioned by it, Trade will be so much increased: For let us have never so many natural or manufactured Commodities, one Country or other will want them, and take them off our hands, so that there is no fear, that by the Increase of Trade, Merchants and Trades­men growing innumerable, will not be able to live one by another; nor yet will the resort of People to Cities and Places of great Trade, bring with it that scarcity of Provisions apprehended by some men: for the largeness of Trade doth not multiply men in the World, though it doth in the Place of Trade, to which, Provisions (especially when they have the help of a Na­vigable River) will flow from all Parts at as cheap a Rate as before; when by the Removal of Persons to trading Towns, the Consumption must needs be less in those Parts from whence they come.

4. The Office therefore (the Credit whereof will be as the adding of so much Money to the Nation) will be a certain meanes to increase its Trade, and consequently enrich it: And the Credit there delivered out, will first or last find its way back for the Redemption of Goods, and in the mean time serves Mens Occasions as well as ready Money.

5. 'Twere worth the knowing how many there are, that have so much money, that they know not what to do with more, if they had it? If there be [Page 3] few or none such, then surely this Office may be necessary; for it can enable a man by the use of it, to deal for six times, or at least, double, what he is worth, and yet never be trusted. As suppose a Silk-man be worth a thousand pound, with which he buys Silk, he brings this into the Office, and raiseth 9/10 of the worth, which is nine hundred pound; or more, or less, according to the na­ture of the Commodity, with which he buys again from the same Merchant more, and brings that also to the Office to raise Credit, and so one upon the other, according to these following Examples.

The Rule of the Office being, for the most part, to Lend ¾ 9/10 or ½.

Example. 1.

Example. 2.

Example. 3.

Example. 4.

By which 'its evident, that this Silkman may multiply his stock to 7160 l. without ever being Credited, for the Merchant is paid in credit which is currant, and the Silkman, as fast as he can get a Chapman, may either sell at his Shop, or the Office: where the whole charge after Six per Cent. p. an. comes for a half year to 210 l. if no part were in that time sold, and his gains at 10 per Cent. the usual gain comes to 716 l. where his gain would without this help, have been but 100 l. after the same rate. Besides this hinders him not from buying half upon credit, and then his stock would have been 14322 l. and his gains proportionable: Or suppose less credit were lent out of the Office, taking one commodity with another, according to the first and third examples, it does trible or double the principal stock. There is likewise added a fourth example of a smaller sum (upon which 90 in the hundred is lent) that the vulgar capacities may the better understand the advantage and profit.

[Page 4] We must note that a man is obliged neither to buy alwayes from the same Merchant, nor the same commodities, but from whom and what he pleaseth, the Credit being Currant.

But those Objectors take this assertion for granted, because they and some they know, have no want of either Money or Trade, which is a deceitful Calculation. For, 1. If there were never so little Money, and bad Trade, yet some would fare well enough, though the fewer.

2. If there were Moneyes and Trade enough, I suppose those overstockt Merchants would not meet so often with bad Debts, and delatory payments, as hath been usual.

3. The failing of so many House-keepers, seems to prove, that either there is less Money, or a greater quantity of Men to use it, and so lesse falls to every ones share, which is unavoidable, unlesse that Money encreased as fast as Men, or prevented by this expedient, which (though Men and Goods in­creased ad infinitum) can accommodate them all with Credit, which answers all the uses and advantages of Money.

4. Notwithstanding the generallity of men, through prudence or ne­cessity, contract their expences, yet grow they never the richer, but rather poorer: For as all men contract their expences, so every Trades-man must necessarily receive lesse, and then the Commodities lie the longer in the Merchants hands. So that, where there is a lesse consumption of In-land and Forraign Commodities, and a decrease of most mens profits and gains, we must needs conclude, the Money of the Nation is diminished, or that some rich Miser hoards it up to look on. For, if it were in the Usurers hands, it would, upon good Security, be sent abroad again.

And lastly, Though there be the same stock of Money, but a greater quan­tity of Commodities than usually imported, Money being the Medium, they must needs ly dead, till it can go round. For as an hundred yards of cloth requires longer time to be measured with one yard than 10 yards, so doth much and many Comodities require a longer time to have the same quantity of money answer it, than fewer, and it will sooner run through ten mens hands than twenty.

But the infallible signe of plenty of Money, and a flourishing Trade, is, when multitudes have great dealing, and every man that is willing to work be full of employment; which how far these present times come short off, let the understanding Reader judge.

By the help of this Office, if all the Commodities of Europe were brought in, there could be no cessation of Trade, for the credit of one Commodity, would still measure and purchase another; and what could not be spent in England, might then, by the credit of other Commodities, be transported to other Countreys to find a Market; which now, for want of Money to answer it, lies rotting here.

[Page 5] But the most pertinent Answer is, that it will soon be decided, whether there be need of this Office, or no? For if there be no need of it, it will have no customers, and if it have customers, it will be an undeniable argument, that there is need of it. Vide Lex Mercat. p. 48. pargr. 4. & p. 53. par. 8.

Objection. 3. That 'twill be a Monopoly.

Answer. 1. None; For all men are free to use it, and none prohibited to imitate it, if they can.

Answer. 2. All Established Offices are Monopolies as much as this, for they cannot run through the hands of all Persons, but only of the peculiar Officers, and several such Offices have been found of great Utility, as the Penny-Post for a late Example. But this is far from a Monopoly in a bad sense; for that is only grievous by engrossing a necessary Commodity into few hands with a purpose to inhance the Price, which was formerly better and cheaper sold by many; but this Office debaseth the Price, and inables more men to Trade, and for more than without it.

That which is voluntary, and restrains no man of his Freedom or Liberty, cannot be a Monopoly; but this is voluntary, and therefore if it be not found to be for the Publick Good, it will soon fall.

Objection 4. That the Office will be endangered by Fire.

Answer 1. It is morally impossible for Fire to hurt it, for there will be all imaginable Care taken to prevent it, but he that observes the Wind, shall never fow; and he that forbears any great Undertakings for fear of Casual­ties, shall never perform any thing considerable: Nor is this Objection of more Force against this Office, than it is against Blackwell-Hall, and other Ware-houses and Store-houses.

2. 'Tis like the Goods may be ensured to such as desire it, and will be at the Charge.

3. And here they will be safer from Fire than in the Proprietors own Pos­session; by how much the value of the Whole is greater than of any part, and consequently greater Care and Charge, and a more peculiar Accomodation for their Preservation, than in ordinary Ware-houses.

Objection 5. That there cannot be sufficient Security to answer the Trust.

[Page 6] Answer 1. More than sufficient Security, for all are under Bonds, and must all agree to deceive, or 'twill be disappointed by those that do not.

Answ. 2. Security can only be expected for the Fidelity of the Underta­kers, for the Goods deposited, make them able; and a small Proportion of Honesty and Discretion, may qualifie men to be trusted with the Care of keeping other mens Goods, and returning them to the right Owners; nor indeed are the Undertakers trusted so much as the Goods themselves, where­of they are only the Keepers.

3. If any man distrusts this Bank, and thereupon returns the Credit re­ceived, and defrays all Charges, he may take out his Goods when it pleaseth himself.

4. No one of the Undertakers hath power to meddle with Goods, other­wise than according to the Rules constituted by the whole Society, and it were too fevere to think that the whole Society of Undertakers would com­bine together to run away with their several Families, and convey away so great a Magazine of several Goods, nor is it possible to be attempted with­out notice sufficient to hinder such a Design.

5. It is the Interest of the Undertakers to be honest and industrious, to support the Credit of this Office; to the Accomplishment of which, Ho­nesty, is the only Expedient whereby also they will get ten times more than they can expect by dishonesty; and this Consideration will bind them more than the strongest Bonds or Judgments, as we see by Experience in private Persons; Goldsmiths, and others; and in this Case, the Undertakers, Credits, Estates, and Stocks in Warehouses, with other necessaries belonging to this Office (which will all lye lyable) will sufficiently obliege them to prevent any Dammage that may come to the Goods in Deposit, or to the Proprie­tors thereof, and whatever happens, will be sufficient to make Restitution in case of Embezelments; so that none can be thought to be more upon good Behaviour than this Society.

6. Great Security is necessary for the Bank of Amsterdam, because the Foundation is Money, which may easily be conveyed away, and is every where acceptable, but 'tis otherwise with Goods, whose Bulk makes it dif­ficult to convey any considerable quantity of them away.

7. The Office in London will be placed under the Inspection of the Lord Mayor; and in other Corporations, under the Inspection of the Mayors, or Head-Officers there and of such as they appoint under them, whose Care will be to prevent the Embezelling of Goods brought in, and the issuing more [Page 7] Credit than the Goods in the Office can answer, so that they who bring in Goods cannot be defrauded, nor they damnified that receive the Credit. And Checks, as well as Inspectors, will be appointed and chosen by every Corporation where this Office shall be erected, to see that none of the Goods be Embezelled, or converted to the private use of the Undertakers: so that in effect here will be Check upon Check, for the Undertaker is Check or Trustee between the Proprietor and Possessor of Credit, and the Com­mon Check or Trustee, is between the Undertaker, Proprietor, and Possesson.

8. Great Care and Provision shall be likewise made, and the same as in Forreign Lumbards (which is greater and better commonly, than the Pro­prietors themselves me) against Fire, Thieves, Wasting, and spoiling of Goods by Rats, Mice, Mould, Mildew, Moths, Dust, and such like Acci­dents; and for the better satisfaction of the several Corporations and Pro­prietors, the Porters who are to attend the Office, and watch every Night by turn, shall be approved by their Respective Corporations.

9. All the Officers give the City sufficient Security, according to their Trust.

10. The Proprietors of the Goods, and Possessors of the Credit, will in a manner be themselves the Inspecters and Keepers of the Goods, and will, or may dayly resort to them; so that 'tis very unlikely that there can be any design of Embezelling them, but what will be discovered, and conse­quently prevented as soon as attempted.

11. Few mens occasions will let this Credit lodge above a Week in their Hands, and there will be no reason to fear loss from what passes so Currant and quick.

12. The Credit Currant will always come short of the Intrinsick value of the Goods engaged, for there will be still more Goods in the Office, than Credit abroad, so that this Office can never be trusted for more than 'tis worth; which prevents all possibility of Loss that way. And though this be otherwise in the Bank of Amsterdam, the Credit of which is known far to exceed the value of the Money upon which it is founded; yet we see 'tis trusted, because of its Conveniency: Much rather then may this Office be trusted, being settled upon a surer Foundation, and much more conve­nient.

13. 'Tis more reasonable to trust a Society than any private person, and yet we see trusting of private Persons, runs through all manner of Trades; the Merchant & Whole-sale-Dealer trusts his Chapman, the Retailer his Custo­mers; nay, we see dayly several sorts of Persons trusted with far more than they are worth, as Masters of Ships, Factors, Broakers, Jaylers, but above all, Goldsmiths, and Bankers, with vast Summs of Money, Jewels, and Plate, ma­ny of which are men of no Fortunes. And (if these private Persons are to be [Page 8] [...]hus trusted, who may at any time with their single Families, and the Effects they have in their hands, which consist of such portable and acceptable Commodities, readily withdraw themselves, or may dye, and leave Execu­tors, from whom little satisfaction is commonly to be had) much more a Society composed of Persons of equal and greater Reputations and Estates; nor can the Society dye (as particular Persons) but will always have va­cancies supplyed. And it may be reasonably supposed, that the same Prin­ciples of Prudence, Honour, and Honesty, as well as Interest, which make those private Persons true and faithful to their Trust, will have at least as great an influence upon this Society.

14. The several Hands and Checks (which appear in the Printed Pro­posals) that these Goods ly under, and must pass through, if legally trans­ferred, secures them against any Breach of Trust in them.

And the Difficulty and almost Impossibility of their being Embezeled and stoln by the Servants that keep and watch them, and the Exchange of the Gallows for a sufficient livelihood by their Salaryes in their several Em­ployments, will certainly (besides very great Security which they all do give to the City for their Truth and Honesty) secure them against thieve­ry and purloyning.

But the greatest Security, and which must satisfie all understanding men, is, that if it were possible for the Undertakers, or any Persons to Purloine, or Embezeled the Goods, you must suppose them greater Fools than Knaves, the Revenue and Profit arising by the Fund, being too great to satisfie even the most covetous Desires, because they cannot convey away before Disco­very and Prevention, the tenth part of what they'l gain by a faithful Dis­charge of their Trust.

15. The Interest of the Undertakers, or at least their Bonds, will make them honest, and their Customers will make them able.

And if any man hath a Jealousie that he is wronged, either in his Goods or Credit, he can immediately examine, and if he believes himself injured, let him instantly enter his Complaint, and upon proof, shall receive from the Office present Redress, as before mentioned, or else he may take his Remedy at Law against the Whole, or any part of the Society.

Objection 6. That the People will not readily apprehend a Benefit from this Office, understanding nothing but Money; to which they have been accustomed.

Answer 1. Granted, till by the Practice they come to feel it.

Answer 2. Practice will sooner convince men of this Errour, than Dis­course can; only this may be added, that as the People will find this trans­ferring of Credit a far more easie way than Payment by Money, so where Money is desired, there will be enough that will lay it down, and take the [Page 9] Credit of the Office for it; and to that purpose there will be Bank-Broakers constituted.

Objection 7. This Office will bring Money out of use.

Answer 1. Not in the least, for 'twill make more currant, by bringing much in use, which now lyes by.

2. 'Tis granted in some cases, but in those we can serve our selves better without it, but then it will increase Plate and Jewels, because we can upon all occasion, without loss of Fashon, or Propriety, make them currant to serve our necessities.

3. This coyns no more Credit than is needed, so that it will not at all abrogate the use of the present Money, which will be used as much as ever before.

Objection 8. That the Warrs abroad may obstruct Trade, and so hinder the good intended, for why should men seek to increase Commodities at home, when they may not find Vent abroad.

It may partake of the Fate of the Kingdom, and be Injured, but never de­stroyed.

Answer 1. The only necessity of a Forreign Trade for England, is, be­cause we make a Forreign Commodity (Gold and Silver) the Standard of all ours, and the only Medium of Commerce, which (as long as it conti­nues so) if we want, all Trades must cease; but if we can find out another and safer Medium of Exchange (as this Credit) appropriated to the place where we live, and not subject to such Obstruction as the other, why should we not readily embrace it.

2. If we sell no Commodities abroad, we shall buy none thence, and the less we spend of Forreign, the more we shall of In-land, and so be wealthy in our Domestick Commodities, though we are not rich in the other. And if there be any such Obstructions in our Forreign Trade, we have plenty of Lead and Tin at home, which will last till we have a free Trade abroad, and in the mean time will, by the help of this Office, pass as currant and conve­niently as Silver and Gold.

We shall then also fall, not only to the Improving, but even to the invent­ing and making New Manufactures.

Objection 9. That it will be a Shame and Discredit for Eminent Mer­chants, and others, to pawn their Goods, and none will Credit with Goods or Mo­ney such Persons as make use of this Office.

'Twill be a greater shame for a wise man not to improve his Estate so far as he may.

Answer 1. Some men, though never so unwilling, will by their necessities be compelled to it; as we have of late days seen many Persons of Quality brought to those Shifts of pawning, which their Fore-fathers were never ac­quainted with.

[Page 10] 2. Every man that brings in his Goods, doth not do it through want, but out of a Principle, of Honour, Industry, and good Husbandry, being not willing to have his Goods ly dead on his hands, especially when a profita­ble Bargain offers it self, nor can any man distinguish between him that brings in his Goods to quicken his Trade, and him that brings them out of necessity: besides, this is not pawning of Goods, but an honourable way of making Goods a Security for a Fund, by which a Bank may, for the great Increase of Trade, be Established.

None will urge this Objection, but men of unfound Fortunes; for they who have great Stocks of their own, and depend on no mans good Will; do despise it.

3. The City of London, several Aldermen, Common-Council Men, and Eminent Merchants will Subscribe and put in their Goods, who think it no Reflection upon their Credit, but know it to be a certain benefit to their Stock and Trade.

The greatest Mystery and Benefit of Trade lyes in Exchange, and the greatest Merchants dayly Barter Commodities, and deal for Pins and Pepper in Exchange for other Goods of like value; and this is only in Ex­change for Credit, and is part of the Merchants Stock running in Trade, and more secure to him than in his Ware-houses.

4. That it being honest and profitable, when it is once common, it will be no Dis-repute, according to the Dutch Proverb, Lants wyse, Lants eer, Country Custome is Country Honour, especially, when it will not always be Necessi­ty, but for the most part, Industry, that will invite men to the use of it, as in Lex Mercat, fol. 153. For 'tis a dis-repute, only when a man is thought to have reduced himself to that recessity, through imprudent and vitious Courses: for Shame and Discredit, ought only to be the Reward of Vice: so that if a Person were reduced to such necessity by Fire, War, Thieves, Loss at Sea, or any such like casualty, it would become us rather to pity, than scorn him. Now contrary, to such as use this Office, in order to an industrious Improvement of their Estates, is the greatest Honour and Com­mendation due: and consequently Scorn and Contempt, to those who through Folly and Sloth reject it.

5. If it be a Discredit or Damage to any, it must be only to those that Trade with other mens Stocks, who having little, may be unwilling to be thought to have less. For they who Trade with their own, if they have but honest Gain to warrant them, cannot be injured, neither in Reputation nor Goods, and this Office invites only such as may receive Accomodation, not Inconvenience from it.

[Page 11] 6. If it be a Discredit, I know none are exempted from it, or a greater, but such as can raise money on their word or single Bond; for the rest, if they will have money, they must pawn either Land, Goods, or Friend: and whether it be not ten times more honest and credible to pawn either of his own, than his Friend, I leave the Ingenious Reader to judge; and yet we know that many a good and rich Merchant doth pawn both Land and Friends, and some (I am informed) do goods, which may as fitly be as the other: Nor can I judge it a greater discredit to be Debitor to the Office upon the Security of Goods, than to any Person whatsoever upon Personal or real Security.

7. It may be so ordered, if men please themselves, that no man can know whose Goods are brought into the Office, but the Party himself, and the Of­ficers, for he need but send his Goods by an Office-out-Porter, who is em­ployed in other as well as the Office-business, and is known by the City-Ticket, and the Office Silver-Ticket which he carryes on his Breast; this Porter sees them Appraised and Registred, and the Deliverer entred Credi­tor for so much; which Credit, when he disposeth of it, the Party receiving it cannot tell whether it was raised or received. And if the Deli­verer have a mind to come and see his Goods, 'tis no more than many men do, to view and buy Goods; so that no Stranger can tell whether they be his own, or that he would buy them; and the Office, if he gives them Com­mission, will sell them for him, if Whole-sale; and if Retail, then they can be brought in and out without any notice but the Officers, for they need no Chapmen.

8. It is very possible, that a responsible Merchant may want ready money to answer a Bill, which it will be more discredit to fail to discharge, than to raise Credit, and it will be more prudent to raise it in the Office for 4 or 6 per Cent. where they are tyed but by Weeks, than else where, at 7 or 10 per Cent without it.

Objection 10. That the Office will not lend so much Credit as the Proprietor needs, or would willingly have.

Answer 1. 'Tis granted, because they'l have some Proportion left to in­gage the Depositor, to come to redeem them.

2. The Subscribers or Depositors receive no damage by not having the utmost value of their Goods in Credit, because their Goods are still at their own disposal, till the time contracted for their lying be expired, and if then sold at an Out-cry, it may be in their presence, and (Credit being first se­cured, together with Interest and Charges paid) the Overplus is returned to the Proprietor.

3. Proprietors need not be very sollicitous in this Case, for 'tis the Inter­est of the Undertakers to lend as much as safely they can; for they gain more Interest and Part with less room in the Ware-house,

[Page 12] Objection 11. That Men will desire to have Money rather than this Credit.

Sometimes, and most times the contrary.

Ans. 1. They know the one, but have not yet been made to know or un­derstand the other, and therefore refuse it, as they would do strange money, whose value they are ignorant of. And much of that Aversion they have to Credit, proceeds also from this mistake, Viz. That no Trade can be managed without stamped Money, which is refuted both by the Antient Universal way of Trading by Commutation, and the present, as well in the West-India, or American Plantations, where Sugar, Tobacco, Cotton and Indi­co pass for money, as in Amsterdam, where the general Part of Trade is ma­naged by Credit in Bank.

2. The Credit here recommended answers all the Ends and Intents of money. For it will pass as far as it is known, and our money doth no more: the private Farthings lately in use amongst us, were Current upon the same account, because men knew where to return them for money or Wares; so men knowing where to return this Credit, it will for the same Reason be re­ceived.

The like may be said of the Sealed Bags in the East-Indies, which pass as far as the East-India Prince hath Credit.

3. This Credit will pass as quick and nimble as money, and more; for it will be granted that nine in ten, if not ninety nine in a hundred receive mo­ney to pay away again; 'tis but then repairing to the Bank, and taking an Assignment, which will pass from man to man, and so ad Infinitum from one hand to another, and is present Payment.

4. This Credit will pay Debts, buy or purchase, may be let out at Inter­est, or hoarded up, and will furnish the Possessour of it with all necessaries, as well as money.

5. It serves as a superiour species of Money; for as Silver is for the buy­ing of the smaller sort of Commodities exchanged for Copper, and Gold for Silver, so this Credit, which is superiour to Gold, or Silver, may be ex­changed for either, for Example. If I have 10 l. or more to pay, this Cre­dit will do it, without turning it into Gold or Silver, but if I have under 10 l. to pay, I may turn this Credit into Gold or Silver, as I may for smaller Summs, Gold into Silver, or Silver into Copper.

6. Money is valuable, and affected meerly as 'tis a Medium of Commerce, for of it self it neither feeds, warms, cloaths, or defends, and this Credit is as valuable in the same respect.

7. This Credit is better than money, for it will pass from man to man without any damage either to it self, or its Possessor, but money occasions great loss of time, as well as trouble in telling, is subject to clipping, coun­terfeiting, and robbery, and is oftentimes the occasion of Bloodshed and Murder.

[Page 13] 8. If Credit be already much More used than money, as certainly it is, why should the Credit here offered be lyable to more exception than that which is already in Use? especially this being settled and fixed upon a surer Fund and Basis than the other, as hath been already shewed: What is all Personal Security by Bonds, Bills, Books-Debts, &c. but Credit? Or real Security by Lands, but a Credit given to those Lands, that they bear a good Title, and to the Mortgager, that he hath not otherwise preincumbred them? And in the negotiating of Bills of Exchange, all that a man hath is the Re­pute of the Drawer and Accepter: so that in effect all mens Personal Estates (and real to) depend upon Paper and Parchment, and the Credit that is given to it, except what they have by them in ready Cash or Goods, which is commonly inconsiderable in respect of the other.

9. If any man that hath the Credit of this Office, hath occasion for ready money to be paid away under 10 l. he will be supplyed by any Neighbour, Subscriber, or Direction from the Office.

10. And yet till the Office is universally known and received throughout England, money may be sometimes necessary, therefore 'tis proposed, that men should at first bring in only part of their Stocks, which will be sufficient Demonstration to them and the World, of the usefulness of this Office. And in the mean time, if any Person inhabiting in the Country, receives Credit, which will not serve his purpose there till an Office be Established there, yet will there be Persons of all Professions willing to give him Gold and Silver in exchange for this Credit, for that the Credit is as passable the next mi­nute for Debts or Goods, as the most currant money.

11. We will first define Credit, and see how far 'tis already practised amongst us, and what makes men accept it here, and from the Banks beyond Sea.

2. We will consider what money is, and how it comes to be so desirable, and then comparing both, leave it to the Understanding Reader to Judge, whether Credit or Money be most useful, alluring, or inviting.

1. Credit is the Reputation of Mans Honesty, or Ability, or of a things intrinsick value, with both which Qualifications this Office is sufficiently en­dowed.

Credit in Amsterdam-Bank, is but to be registred Creditor, and this pas­seth currant, not only because a man may have money for it when he will, but because of its known Reputation, for every man will receive it, and pay Debts, or buy any where Commodities, none refusing it, they being assured it hath a valuable Pledge in a secure place, which Pledge cannot be removed till the Creditor, who ever he be, shall be satisfied.

[Page 14] But to further satisfie some men, how Trade can be driven, Commodities bought, and Debts paid without money in Specie, besides the Indubitable certainty of it's being practised in the several Forreign Banks; I shall form an Example or two, of the manner and conveniences of it, as suppose A. oweth to B. 100 l. B. the like to C. C. the like to D. and D. the like to E. and E. to F. F. to G. G. to H. H. to I. and I. to A. Which if it were pos­sible for them all to know, they might agree upon a Meeting, and quit each other by Rescounter. As for Example, A. quits I. he H. and H. G. and so on, till B. quits A. and then all are satisfied without one Farthing being paid in Specie; when else (for want of this possibility of meeting (because each knows but his immediate Creditor and Debtor, and not the mediate) or ready money, or for default of it, this Office) they are all puzzled with Debts and Credits. For if A. had the money, or raised Credit in the Office upon his Goods, A. would pay B. and so on, till I. paid A. by which it appears, if any of these were dishonest, or disable, what a trouble they bring upon all the rest, and for so much, what a stop upon Trade. For though one man perchance, is able to turn 100 l. but ten times a Year, yet the same 100 l. may be by many men, turned a thousand times a Year; all which, as the case now stands, may be hindred by one covetous or dishonest Person. Now, by this Office, if a man be able, his Creditors will in a manner obliege him to be honest, for what is past; and for the future there will be no need of trusting, which only crept into the World, because there was not money enough, or that it made not so swift a Circuit as was desired, to measure Commodities, and not because the Person credited was poor; for very few will trust a poor honest man with much.

If then it be according to a Mans Estate, why should any run the hazard of trusting, when they need not, because such as they would Credit, may raise a Credit in the Office, and most wise men seek to deal securely, and the Credited can sustain no damage, because his Goods in the Office are ne­ver the furrher from a Market, and he can, with one Moity of his Goods, raise as much Credit as he can expect to be credited with elsewhere. Note also, that when a man brings Goods out of his Shop to raise Credit, so he brings the other Goods which he bought with that Credit, to furnish his Shop again: and though his Shop may be a little the less furnished, his Purse will be the better by the Gain: for his Trade will be so quickned, that he can make many more returns; which, with a small Stock, is equivalent to a greater, with fewer returns. Another Example proves this Practice more clearly, without damage to any that receives this Credit, for what Commo­dity soever, as, imagine A. receives this Credit by Assignation from another, or raiseth it upon his own Goods brought into the Office, and transferring [Page 15] it on C. dischargeth a Debt, which he hath in Exchange of his Credit, and so is not injured. C. by transferring it on D. receives from him the like value in such Goods he hath need of, and so sustains no damage by the Re­ceipt of the Credit, because he hath in Exchange as much Goods for it. D. transferrs it to E. for a parcel of Land of the like value, which he Purchaseth of E. and so not damnified. E. transferrs it on F. as a Porti­on with a Daughter that F. marryes, E. not injured, because by it he is dis­ingaged from the Payment of a Portion, and rids himself of the Charge of a Daughter. F. transferrs it upon G. for the consideration of Repayment, and in the mean time, Security with Interest of 5. or 6. per Cent. more or less, as they can agree. F. hath no damage, because he hath Security and Interest. G. esteems it as good as money, because by transferring it, he answers his present occasions, of either paying an unavoidable Debt, or purchasing his intended or necessary Commodities; which, as before demonstrated, none will refuse, because of its conveniency of answering all the Intents of money. And Credit might proceed to the end of the World, and no man one Farthing wronged, nor money in Sprcie ever paid. Our dayly Practise of receiving Bonds, Bills, Letters of Credit, and Exchange, which are no more than Credit, will witness as much. Men are likewise credited according to what they have in Possession, of their own, or by Credit; for we are apt to truff a Person credited by others, which I instance, to shew, that this Office (being credited by many, and stored with more Goods, in­stead of being scrupled for having so many to answer) increaseth rather its Reputation: for the more it hath, the more it can answer, and it will be the care of the Office, being managed by wise and understanding Persons, to have no more Credit abroad than Goods at home to ballance the same, it being a vanity not to be supposed in such a Society, to call the Credit of the whole Office in Question, by sending out Credit, which hath no Foundation within to support it.

There are likewise these further Encouragements to men to receive this Credit.

1. They that raise it, will be so pleased at their own conveniency, of be­ing supplyed at a low rate, and satisfied, That it will as well redeem their Goods as Money, that they will willingly receive it in Payment from ano­ther.

2. Men by this meanes will be inabled to pay their Debts; and clear Accompts, which otherwise might lye a long time dorment, and it may be desperate, to the great decrease of Trade.

3. This Credit, though a Paper Record, and of no intrinsick value, yet, [Page 16] as a Key to a rich Treasury, keeps safe Goods of intrinsick vallue, which without the Key cannot be stirred, or like a good Mortgage, which secures the Land as well as if the Land were in a mans Pocket, can be re­mortgaged and assigned over, as well as if it were so much money in Specie, after En­quiry into the Title. And the Office desires none to use it upon any Impli­cit Faith, but upon full satisfaction, and will be ready to give such further reasonable satisfaction as may be desired.

4. 'Tis but a Token, like Farthings, only of a greater value, which Far­things pass currant, as far as the Owner is known, and is not carryed back so soon as received, but once a year; or seldomer, or oftner, upon occasion, is brought to the Owner, and changed into Silver, which this Office will di­rect how to do. And so I come to shew what Money is, and its uses, and wherein Credit corresponds to it. In this I shall be brief; It is a Commodi­ty appointed by the Authority of the Place, for the common and unaltera­ble Standard to measure other Commodities with; in some Countries, Bones, Beanes, Beads, Shells, &c. which though of no intrinsick value, are made publick Tickets to purchase any other valuable Commodity. Money is an Accomptant or meanes by which a Man keeps an accompt of his Estate, and in these and most civilized Parts, is either Gold or Silver stamped, which pieces are not of the real intrinsick value they pass for, but are made currant by the stamp of the Authority of the respective Countries, and was invented for the sake of the following Qualifications, many of which might be found in other Wares.

1. Money is known by all, and therefore used by all; that's the reason a man is said to be worth 1000 l. more or less, when it may be he hath not 10 l. money, for if they should say, he is worth 400 Head of Cattel, six or 700 Load of Hay; 150 or 200 Pieces of Cloth, none would know what Judgment to make of it: though a man is really as rich, that hath those seve­ral Goods, as he that hath money. A man also need but value his own Com­modity, that money which he hath in Exchange is valued by the publick, and must be credited: for Gold and Silver admits of several Allayes, only we be­lieve, but one of them is the Standard for money, and so Cloth and other Goods, if they were made by a certain Standard (which is possible) they might likewise be currant.

2. The value of money for the most part continues and is fixed: though there be never so great or small quantity of it in the Country, but other things are accordingly varyed; for, for the most part, when 'tis plenty, Com­modities are dear, and when scarce, cheap, and this is possible to be effect­ed on any other Commodities.

3. Money is durable, so that a man is not necessitated to Trade; for if he said it twenty years by him, he finds the same without diminution [Page 17] which if it were in Comodities, he must Trade, or spend all, for Bread will scarce last a week, Cheese a year, Cloth some few years more. So that at the 20. yeares end, instead of being worth 100 l. a Man is worth nothing but rotten Dung, or Moth-eaten decayed Cloth, for none of which he can pur­chase another Commodity. But Mettalls and Precious Stones, might answer this and other Qualifications. And if you object a possibility of having Jew­els counterfeited; I answer, That all the care hitherto taken, hath not been able to prevent the counterfeiting of Money, and if it may be dis­penced with in one Coin, it may be in another.

4. The generality of Commodities are not of so rich intrinsick value, but that Men must, as in Sweden, go to Market with a wheel barrow or Cart, when as a great value of Money, can be put in ones Pocket, or under ones Arm.

Now Credit answers the first, by having its value, as certainly known, for a man needs but name any summe, to the value of what he is really Cre­ditor in the Office, and 'tis of intrinsick value, & known by his onely naming it, as if A. being Creditor, desires the Office to enter B. Creditor for 10 l. then B. is assured of currant indisputable ten pound. It answers the second, by being more certain, for moneys sometimes riseth and falleth, but Credit is alwayes certain to the persons receiving and possessing it, though uncer­tain to the Goods, for the same may sometimes be valued at the delivery 5. per-cent. more, than at another time, according to a Market price. Credit once made, is certain, but in the making is uncertain.

It answers the 3d. in that it is as durable, for it may last to the end of the World, without ever suffering any Decay: the Fund of which Credit only being often changed, according to the durableness of its nature.

It answers the 4th. And exceeds it; for 1000 l. Credit, may lye in the Room of 10 l. Gold. It farther excells Money, in these particulars: it can­not be counterfeited or Clipt, it is soon told, it cannot be stolen, it is carry­ed, and transmitted from Place to Place, either within Land or beyond Sea by Bills of Exhange, with ease and safety, and many more. Besides, Money rightly considered, is not so desireable, for a man can pass away Money, but not consume it, as he doth other Commodities for Back and Belly: And a man only endeavours to get Money, that he may purchase Commodities, both to Gain and Consume. So when we sell Commodities for Money, 'tis with a Design, only to by other Commodities.

For all Men desire Wealth, Riches or Money, only that they may feed Dainty, be Cloathed Richly, be well Attended and Obeyed &c and entail the like abundance upon their Posterity. A Trades-man is better pleased, to have his Shop and Ware-house stored with Goods, than his Bags repleni­shed with Money, and a man is as wealthy that hath 100 l. in Hay. Grass, or Dung, as he that hath it in Gold. For as 100 l. Gold can fetch any com­modity, 100 l. of Hay, or other commodity will fetch so much Gold: for bertering is still continued, but at every commutation, Money, as a well [Page 18] known witness, must be the Medium for want of this better way of Credit. Money is a Bondage upon Trade, because no Commodity is Currant till it hath been measured by it, which according to the quantity of either, is sooner or later done, and accordingly is Trade quick or slow. And it is worthy consideration how far it may consist with the rules of Policy, and the interest of State, to enslave all our Staple Wares to the commodity of forrain Princes, who upon ocasion can withhold it from us, and so retarde and destroy our Trade at pleasure, unlesse we can contrive something to officiate in its room which if possible, is best beforehand. Ireland can witness, that they cannot thrive notwithstanding their abundance, because this forrain commodity Money is with-held from them. Many a man hath pe [...]ished through Hun­ger and Cold that had Money, but none that while wel [...] fed and Cloathed, hath perished for want of Money.

Objection 12. That the Citizens, especially Bankers, Scriveners, and Broakers, will unanimously oppose this Office, being afraid it may undo them, and many Retailers.

Which will confirm all the rest of the Inhabitants in the good Opinion of the Office.

Answer. 1. Private Interest ought to stoop to publick Good, and if no new design should have been put in practice, lest some particular Persons might be injured, then Printing, Guns, cutting of Navigable Rivers, and pub­lick Water-works must have never apppeared in the World, to the Preju­dice of Clerks, Fletchers, Carryers, and Tankard-bearers, for what one gets some other always looseth.

2. Where were the Injury, if all those Professions or Trades were reduced within their just and due Limits, for a Scriveners Profession is only Writing, a Goldsmith, making and selling of Plate, and a Broakers, buying and sel­ling of old Cloaths, and as for the Bankers, 'tis better that all the Inhabi­tants of the City be accomodated than a few Bankers gratified, by some of whom a great many Families have smarted, and who are an Upstart Profes­sion, and no small grievance to the Nation; and yet this Office doth not obliege any one from using the Bankers; but the Subscribers only for so much as they Subscribe; but the great Design of it, is to invite all Mer­chants and great Dealers (who possibly are not the Broakers and Scriveners best Customers) to increase their Trade by this Currant Credit, and to put Tradesmen in a may of Ballancing their Accounts one with another, to which they have no easie step without this Office.

3. They that do now use those Professions, may sometimes find comfor­table Employments in the Service of this Design, and by employing their Stocks, otherwise Improve their Trade, and be considerable Gainers that way.

4. Those Professions rise and fall by the value of Money, as we see at this [Page 19] time now (Money is at 4, or 5 per Cent.) they do not turn to Accompt

Object. 13. That it will prejudice the Rich and Antient Merchants, by ma­king them uncapable of keeping up their Market, and the Younger, because their Goods are Mortgaged.

'Twill lower the Market: but to the profit both of Rich and Poor.

Answer 1. Should it be so, yet is it just and necessary that such Merchants may be restrained from illegal Ingrosing and Imposing of high Prices upon their Commodities: but the contrary will rather appear; for by the help of this Office the young Merchants will be the better inabled to answer their Bills, and kept from being necessitated to abate their Price, and under-sell the Market.

2. If they gain less by one bargain, they gain more by having ten Bar­gains for one, which they may have by the quick Returns they will make by this Office, for Example, If a Merchant deals for 5000 l. per annum, and raises 20 l. per Cent. his Gain is 1000 l. per annum, but this Office will ena­ble the same Merchant by his quick Returns to deal for 50000 l. per annum. by which if he raises but 5 l. per Cent. profit, he will get 2500 l. per annum, which is a great and considerable Improvement of his Gain, and yet his Trade managed with as little trouble as before.

3. That can only be advantagious to few great monied men, but 'tis prejudi­cial to thousands, for it must be agreed by all, that ingrossing like Stagnation in the Blood, is a great damage to the whole Body; and the Advancement of Trade, must be by many Hands and Purses, and a quick Circulation, and Rotation gives it Vigour and Life.

4. When 'tis known, that convenience as well as necessity induceth men to bring thither their Goods: they will not offer less than if it were in their own Warehouses.

5. Such as may bring them thither for necessity, will be no looser, for if they cannot have a good price, their Wants being supplyed by the Office, they can wait till they may, and if none can be procured, they may if they please, have them offered at the Out-cry, where perchance they may yield more than else where.

5. The Office may chance to help them to Customers, knowing the low­est rate they can be afforded at.

Objection 14. That it will discover Mens Estates.

Impossible, nor their Dealings neither.

Answer. It discovers no more than Forreign Banks do, which Inconve­niency if there dispenced with, because they are of such necessary use; but yet 'tis impossible it should discover a man's whole Estate, unless he trade with no more than his own Stock, and his whole Stock be at one time in the Office, and known to be so.

Objection 15. A Mans Estate, or Goods will, by putting them into the Of­fice, be exposed to the Seizure of his Creditors, or Adversaries.

[Page 20] 'Twill rather prevent any such occasion.

Answer 1. 'Tis not intended that any man shall have sight of another mans Folio, or an account given him of any Mans Credit in the Office, unless the Party himself give direct on for it.

2. The goods which any man brings into the Office, are no longer his, but the Offices, when he hath once transferred the Credit to another, the Goods being Security to that other for so much value as he gave to the first Owner for his Credit, and if a Creditor, &c. will have them, he must take them cum Onere, and pay the money they are ingaged for, which in most cases will scarse countervail his trouble.

3. They are as safe in the Office as in the Owners Shop, and far more, for should he borrow money upon Security of his goods remaining still in his shop and possession, the security given would be lyable to question: Possessi­on being the greatest sign of Fraud that can be, but being once ingaged in the Office, and so much money or Credit advanced upon them, there can be no such doubt, because they are out of his Possession.

4. They are securer in the Office than in his own Possession, because the Property is less distinguishable.

Objection 16. That this Office will not equally accomodate all men.

Answer. 1. Granted, nor nothing else under the Sun, and yet many things notwithstanding highly valued, and beneficial to Mankind, as a Stage-Coach to Bristol cannot accomodate a Person for York, and yet as useful as York Stage-Coach, or any other.

2. They that have no Goods, or none such as the Office is willing to accept, nor any Estate wherewith to purchase this Currant Credit, cannot receive an immediate Benefit by it, yet may be some way advantaged; For Exam­ple. If one man brings 500000l. to London in Gold, though the money be originally his, yet this Importation by the Expence of that Person, proves advantagious, being dispersed, to many thousands, by increasing and quick­ning Trade; and so will this Credit in the hands of a few, be profitable to all for the same reason.

3. Pro rato, it must be.

Objection 17. That it will hinder the Sale of Goods, because most Chapmen buy for time, and the Goods being ingaged, the Merchant cannot deliver them.

Answer 1. Much the contrary: because it increaseth Consumption.

2. In the practice of this Office, it will be found that this Objection im­ports little; for when all men may have a full Trade upon secure Credit, as good as money, no wise man will hazard his Goods at time upon a private Credit, unless for very good Reasons. But if still there should be some neces­sitous Persons, who have taken as much Credit upon their Goods in the Of­fice as they will bear, and selling them, are not able to redeem and deliver [Page 21] them; it is almost impossible for the most comprehensive Design in the World to provide against all such Circumstances as mens Necessities may bring them into; yet even are there many helps in this case, as will certain­ly appear in Practice.

3. Persons that are not necessitous, may send in other Goods in liew of the first.

4. This Inconvenience cannot affect any man that hath not transferred his Credit in the Office: for Instance, If I bring in 1000 l. worth of Goods, and have Credit upon them for 700 l. and then sell 300 l. worth of the Goods, I may take out of the Office what I have sold, and for the Remainder I shall have still Credit left proportionable to the vallue of those that remain behind.

Objection 18. That Credit cannot answer small and Country Occasions.

Answer 1. As well as Guineys doth Half-penny Bargains, by Exchange.

2. There is no need of this Objection, because the Bank only receives and gives Credit for Summs of ten pounds and upwards.

3. The first part I grant. But if that were an Exception sufficient to disal­low it, then must Gold be rejected, because there are not pence and half pence of Gold. Credit is another Species of Money, wherewith Great Sums can be paid with more ease, than with either Silver or Gold, and the only use of Silver and Gold will be for Summs under 10l.

To the last I answer, That any Subscriber that hath Gold and Silver, will exchange it for Credit to an Acquaintance, as he will Silver for a Guiney; but if for some small time they cannot be so well accomodated; yet as soon as we shall have settled it in every County, we can make any man Creditor in the Office of his County for what he receives at London, which Credit can be transmitted from Place to Place throughout England.

Objection 19. That the Interest of 6. per Cent is too much.

Answer. 1. 'Tis neither so for the Depositor nor the Officer, for few or none will lend so cheap upon Goods.

2. If they will now, when Trade increaseth, as it infallibly will, none will then, or but to very few Friends, upon very few sort of Commodities

3. The Depositer hath into the Bargain safe and orderly keeping of his Goods, Ware-house-Room, and the use of it to buy and sell as in his own; and Book-keeping for so much, besides a good Evidence or Record to his Payments. So that the Neat Interest cannot be 2 per Cent.

4. The Office cannot take less, for the Charge of Rent and Officers, comes at least to 5 per Cent. of the 6.

Obj. 20. That Goods will spoil in the Office through neglest.

[Page 22] We answer that every one hath Liberty, as in a pound Onvert, to take care of his own Goods.

2. It will concern the Office to keep Servants on purpose, to use all means of preserving the Goods from Mould, Mildew, Canker, Rust, Rats, Mice, Moths, Spots, Stains, Wet, Dust, Rot, &c. Because they are not assured the Deliverer will redeem them: if therefore any Damage should happen to the Goods, they will hardly reimburse the Office their Credit and Charges.

3. Notwithstanding this Objection, we see Lumbards beyond sea are fre­quented, and we shall have the same, or greater care.

Objection 21. The Goods will be damnified in the Removing.

We answer, that Goods which are to be fixed we desire not, and for mo­veables, they usually are often removed, and cannot be much damnified by once or twice removing. Besides, if Merchants please, they may have their constant Ware-house Room at the Office, paying no more than elsewhere, and then they may send their Goods from the Custome-House immediately thither.

Objection 22. The Foundation of Credit bad, because upon perishable Goods.

We say, that though the Goods are perishable, yet the Credit is Good, because they are always disposed of, either by Redemption or Sale, before they can perish, and if the Credit be not redeemed, there is Money, or other substantial Goods still to answer it.

Objection 23. That this Credit will not yield 3 d. per diem, per Cent. at the Goldsmiths; as Money, nor any thing in the Office whilst it lyes there.

This I deny, for first, when a Merchant takes up money at the Gold­smiths, 'Tis for immediate Use, either to buy, or pay away. Then the Gold­smith being Creditor for all that lyes in his hands, assigns over so much as he desires, and the Merchant again to the Party selling him Goods, or bring­ing him Bills of Exchange, which Bills, though now usually satisfied in Spe­cie, will be answered with Credit, or at least, most of them that are considera­ble. For suppose A. B. of London consigns 1000 l. worth of Cloths to a Factor in Amsterdam, and orders him to lay out 500 l. in certain Commo­dities, and remit the rest; the Fastor draws upon C. D. of London a Bill of Exchange to be paid to A. B. for 500 l. which the said Fastor had dis­bursed to buy Commodities, according to the order of A. B. his Principal. A. B. presents this Bill to C. D. and he accepts it, and accordingly or­ders A. B. to be Registred Creditor for so much in the Office, which A. B. is contented with, because he may not export it in Specie, nor will he suffer it to lye dead. And all other Uses and Intents of money, Credit answers, as above declared.

2. The Office (if a Creditor will assign it over to the Office) for the time being, it is Creditor, will allow as Goldsmiths, but if the Creditor remaines [Page 23] Creditor, there is no more reason for them to expect Allowance, than when money lyes in their own Houses: For, whil'st they remain Creditors, it is in their Possession,

Objection. 24. That it will occasion many a Mans Ruine, because Credi­tors seeing a way for their Payment, will be more earnest for their Money.

This I deny. For First, Creditors will not be earnest, unless, often de­luded.

2. You may as well say, a man ought not to have his own, for fear of ruining another.

3. All good Husbands that owe money, have money owing them, and if they are pressed to pay, they can likewise press Payment; and this ena­bles one as well as another to pay. For it will be a meanes to balance all Debts and Credit.

4. Those that are not good Husbands, ruine themselves, and therefore the Creditor hath reason, if he can, to secure his own.

Objection 25. That it will cause too great abundance of Commodities, that there will be no Vent for them.

I will grant the first part, and deny the latter; For we find that one man can consume 1000 l. worth of Commodities in a year, and another but 10 l. and by this means, if all, or most men become ten times richer, they will consequently consume ten times more. Besides there are many of our Com­modities may be carryed abroad, where they cannot want a Market. For we must never expect to out-trade the World.

Objection 26. That some Commodities are so old fashioned, that they can­not be sold.

I answer, that no Commodities are so old fashioned, but that they may be new enough in another place, as mix'd Red and Yellow Damask is worn in Wastcoats by Women in Hamburgh, nor so much decayd, but that they be of some use, as the best Rags for Paper, the worst for Improving Land. God having so ordered all things by his immense Wisdom and Universal Providence, that nothing should be in vain, and that the Corruption of one thing should be the generation of another.

The Usefulness of Banks in Trade is known and approved by all versed in Commerce.

The Office of Credit, now on Foot, under the Inspection of the City, is the same with Forreign Banks enlarged only by altering the Fund, from Money to all sorts of Wares and Merchandize: But in all other Proceedings alike.

Therefore such as have no leisure to be Convinced by Discourse, may at first try by bringing in a small Stock of Goods or Lands of a Hundred pounds, or more, which will convince them of the Security, Conveniency and Currency of the Credit, and after, upon solid Experience, they may make use of the said Office with greater Stocks.

[Page 24] Especially since this being a Bank of Honour, there can be no Shame when all or most Persons frequent it, in order to a more prudent Improvement of their Estates, and not only to supply their Necessities, which also is alone Shameful, when by Luxury, Sloth or Imprudence they are reduced to it, and not so, through Misfortune.

Nor is there any Hazard, for all Officers gives the City great Security for their Faithful Behaviour; nothing passeth in the Office without the Ob­servation or Controule of an Alderman or Common-Council-man, appointed by the City; Every man hath daily Access to his own Goods, if he please, and lastly, the Persons to whom the Profit belongs, have not the Trust, and the Persons Entrusted, have not the Profit but a Salary.

This Office answers the Wise mans Advantage, the Generous mans Con­veniency, and Publick Spirit, and the Needy mans indispensable occasions; the Credit being better than that of any Forreign Banks, because of a more valuable Deposit, and as useful as Money, purchasing any thing as well at the currant Market Price, at least from any of the Ten thousand Subscribers, a­mongst whom (for their common Benefit of having so great a Stock of Cur­rant Credit more Confined among themselves, besides their Fund of Money and Credit nothing hereby diminished) we desire for our Ease and their Benefit, if possible it may from time to time be Assigned, though the Office undertakes to make the Credit allwayes Currant, if not by the Common, by all Extraordinary meanes; so that none need fear any Dammage or Delay, by receiving the Assignment of it.

'Tis alledged above, there is no Shame in sending a Fund of Goods into this Office, which clearly appears by its Universality, and its helping Im­provement, as well as accomodating Necessities, for Prudence, honest In­dustry, and Frugality, merit Honour, when only Luxury, Sloth, and Folly are rewarded with Shame.

The Great, Good, and Rich Men for the publick Good, which always carryes its Reward with it, are invited, not so much to serve their present occasions, as to countenance and skreen the Necessitous from pretended Shame, and none are under this Obligation for above a Year: as also to aug­ment the number of Receivers of Credit: and contribute to the vast Charge of so great and good an Undertaking, without loss or hazard to themselves, and for which their Names shall be transmitted by Records in Brass, to Posterity for the first Subscribers.

'Tis not to be supposed that this Office is not useful, because it pretends not to answer all Occasions, no more than Bristol Stage-Coach ought to be suppressed, because it doth not accomodate a Traveller to York; no­thing under the Sun answering all Emergencies: therefore all are invited to try the first Year, and such as find their Account in it, may continue, the rest may forbear, till they do.

[Page 25] Where there is no Shame, nor more Hazard in the Tryal than in all common and ordinary Trade and Dealings, the bare proposing publick and private Advantages, may be sufficient to invite prudent and generous Per­sons to make an Experiment of our Office.

But where there is either Shame or Hazard, there clear proofs of the said Advantages are but sufficient.

That when any Subscriber is proved to sell dearer for the Office-Credit, than he would if he had received ready money, which in no respect is so good, his Name shall be raced out of the List of the Subscribers.

These Objections, Answers, and Instructions are not to be exposed to publick view but reserved for the use of our Agents and Officers, and to that purpose they are advised to peruse them frequently, to make them ready in the use of them; and if a new Objection be started, they may promise an An­swer the next Meeting, and in the mean time transmit the same to the Un­dertakers at Dr. Chamberlains in Bishopsgate-Street, who will return them a full Answer.

The INDEX of Objections.

  • 1. THat 'tis not practicable. Fol. 1
  • 2. That there is no need of this Office, because there is already Mo­ney and Trade enough. fol. 2
  • 3. That 'twill be a Monopoly. fol. 5
  • 4. That the Office will be endangered by Fire. f. ib.
  • 5. That there cannot be sufficient Security to answer the Trust. f. 5, 6.
  • 6. That the People will not readily apprehend a Benefit from this Office, under­standing nothing but Money; to which they have been accustomed. fol. 8
  • 7. This Office will bring Money out of use. fol. 9
  • 8. That the Warrs abroad may obstruct Trade, and so hinder the good intended, for why should men seek to increase Commodities at home, when they may not find Vent abroad. fo. ib.
  • 9. That it will be a Shame and Discredit for eminent Merchants, and others, to pawn their Goods, and none will Credit with goods ormoney such persons as make use of this Office fo. ib
  • [Page 26] 10. That the Office will not lend so much Credit as the Proprietor needs, or would willingly have. fol. 11
  • 11. That Men will desire to have Money rather than this Credit. fol. 12
  • 12. That the Citizens, especially Bankers, Scriveners, and Broakers, will un­animously oppose this Office, being afraid it may undo them, and many Retailers. fol. 18
  • 13. That it will prejudice the Rich and Antient Merchants, by making them uncapable of keeping up their Market. fol. 19
  • 14. That it will discover Mens Estates. f. ib
  • 15. A Mans Estate, or Goods will, by putting them into the Office, be exposed to the Seizure of his Creditors, or Adversaries. f. ib
  • 16. That this Office will not equally accomodate all men. f. 20.
  • 17. That it will hinder the Sale of Goods, because most Chapmen buy for time, and the Goods being ingaged, the Merchant cannot deliver them. fol. 20
  • 18. That Credit cannot answer small and Country Occasions. fol. 21
  • 19. That the Interest of 6 per Cent. is too much. fol. ib.
  • 20. That Goods will spoil in the Office through neglect. fol. ib.
  • 21. That Goods will be damnified in the Removing. fol. 22
  • 22. The Foundation of Credit bad, because upon perishable Goods: fol. ib
  • 23. That this Credit will not yield 3 d. per diem, per Cent. at the Gold­smiths, as Money, nor any thing in the Office whilst it lies there. fol. ib
  • 24. That it will occasion many a mans Ruine, because Creditors seeing a way for their Payment, will be more earnest for their Money. fol. 23
  • 25. That it will cause too great abundance of Commodities, that there will be no Vent for them. fol. ib.
  • 26. That some Commodities are so old fashioned, that they cannot be sold. fol. ib

This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Text Creation Partnership. This Phase I text is available for reuse, according to the terms of Creative Commons 0 1.0 Universal. The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission.