CONSIDERING the multitude and variety of Opinions, which are received and entertained, concerning the Bank, it may be thought a Service to the Publick to give the following Account of it; whereby 'twill appear to the World, That the Bank, notwithstanding all the Cavils, which the Wit, Labour, and Malice of its Opponents have raised, is one of the best Establishments that ever was made for the Good of the Kingdom. For how plausible soever their Objections may seem, it's manifest they proceed in some from Aversion to the Government, in others from Prejudice, false Insinuations, or mistaken Notions, but in most from Self-Interest.

The Bank is a Society consisting of about 1300 Persons, who having Subscribed 1200000 l. pursuant to an Act of Parliament, are Incorporated by Vertue thereof, by the Name of the Governour and Company of the Bank of England, and have a Fund of 100000 l. per annum granted them thereby, redeemable after 11 Years, upon One Years Notice; which 1200000 l. they have paid into the Exchequer, by such Payments as the Publick Occasions have required, and most of it long before the Money could have been demanded.

The Subscription to the Bank were made by vertue of a Commission under the Great Seal of England, grounded upon the said Act of Parliament, of which Publick Notice was given, and the Commissioners were appointed to take all such voluntary Subscriptions as should be made on or before the first day of August last, by any Person or Persons, Na­tives or Foreigners, Bodies Politick or Corporate, towards the raising the said 1200000 l. and there was a Proviso in the said Act, that if 600000 l. or more of the said 1200000 l. should not be Subscribed on or before the first day of August then next coming, that the Power of making a Corporation should cease, and the Mony be paid into the Exchequer by the respective Subscribers and Contributors. And notwithstanding all the Endeavours of its Adversaries, to the great Astonishment as well of the Friends, as of the Enemies of the Bank, the whole 1200000 l. was Subscribed in 10 days time, though if the Subscriptions had not amounted to 600000 l. the Subscribes would have had but a bad Bargain, and such a one as no Body would have taken off their hands for 20 per cent. loss of their Prin­cipal, and yet they would have received 8 l. per cent. per annum for their Money, as they do now, nor would the 1200000 l. have been any thing near Subscribed; but upon the Pro­spect of their being Incorporated to be the Bank of England.

It's observable, That the Promoters of the Bank have proposed no Advantage thereby to themselves above any of the other Subscribers, all the Profit being only pro Rato, according to their Stock; and though it cannot be imagined but that they intended to be largely concerned, yet it is so setled, that those who have but 500 l. have One Vote, and those who have never so much can have no more; and the Directors have no Salary fixt, for their Pains and Attendance, but submit themselves wholly to what a General Court will think fit to allow them; and any 9 Members having each 500 l. Stock, may call a General Court, and turn out the Governour, Deputy-Governour, and all, or any of the Directors, and choose others in their places. Which are Provisions so wise, and effectual to prevent Fraud in some, to the prejudice of the rest, that it hardly leaves room for any doubt of that nature.

I shall not attempt to enumerate all the Advantages which the Nation will receive by the Bank, they will best appear by the Practice, however I will mention some few, which alone are sufficient to recommend it, viz.

1. The Bank, besides the raising 1200000 l. towards the Charge of the War, cheaper than it could otherwise have been done, (and like the other Publick Funds, tying the Peo­ple [...] [Page 1] [Page 2] faster to the Government) will infallibly lower the Interest of Money, as well on Publick as Private Securities, which all other Funds have advanced, and which hath been raised to an Exorbitant Rate, as to the Publick, by those who have made use of its Necessities, and are now angry at the Bank, because that will reduce it. And the lowering of Interest, besides the Encouragement it will be to Industry and Improvements, will by a natural con­sequence raise the Value of Land, and encrease Trade, both which depend upon it; but it cannot be expected that Land should rise much whilst such high Taxes continue upon it, and whilst there are so great advantages to be made by lending Money to the Publick.

2. The Bank gives Money for Tallies on Funds, having a Credit of Loan by Act of Parliament, and which are payable in 2 years time, for the growing Interest only, without any other Allowance, on which there was used to be paid for the Change, as much or more than the Publick Interest: For even on the Land Tax, which is counted the best of all the Funds, there has been frequently given on Tallies payable in 3 or 4 Months time 1 l. 1 ½, 1 ¾, and 2 per cent. premio, over and above the Publick Interest, and Tallys on some Funds, on which but 18 Months ago there was 25 l. and 30 per cent. given over and above Publick Interest, are now taken by the Bank for nothing, and instead of allowing Mony to change them, there is now Money given to procure them; so that Tallys are become better than Money, because there is 7 or 8 per cent. per annum. bene­fit whilst they are kept; and they are paid by the Bank upon demand, to all those who desire to have Money for them, which is in effect so much Quick Stock which the Bank has already increased to the Nation, besides what it will farther add by its own Credit.

Thus by a regular course, and without any violence, the Bank has made Tallys currant in Payment, which is what has been so long wisht for, but could not have been effected without the Bank, (although there had been a Law to compel it,) and this, has given such a Reputation to all Tallys, even those which are the most remote, that they are now currantly taken by private persons at 6, 8, 10 and 15 l. per cent. less allowance, than what was given but some few Months before the Bank was Establisht, all which Losses on Tallys was paid by the Publick, for it cannot be suppos'd but those who are to allow 15 or 20 per cent. for discount of their Tallys, make provision accordingly in the Price they are to have for their Commodities.

3. The Bank will likewise facilitate the future Supplies, by making the Funds which are to be given, more useful and ready to answer the Publick Occasions. and upon easier terms than what has been done during the War: for it's said, they will Lend Money on the Land Tax at 6 per cent. per annum, nay some say at 5 per cent. per annum; which will save the Nation a great Sum of Money in Interest as well as what was usually paid for Gratuities and other Charges to procure Loans, a Method that some of the Opposers of the Bank have been well acquainted with.

4. It will likewise save the Nation 30 or 40000 l. per annum, in remitting the Publick Moneys; and if the Bank had been settled in the beginning of this War, the Kingdom might have saved already at least a Million and half, if not Two Millions by it, besides what will be saved for the future on the Prices of Commodities, Loss on Tallys, Publick Remit­tances, Excessive Interest, and other Exorbitant Allowances, which the Publick has for­merly paid for Money, (to say nothing of the Advantage which might have been gain­ed on the Enemy, by having more early and regular Provisions made for our Fleets and Armies;) for the same Money raised and paid by the Subject, may and will have a quite different effect in carrying on the War, by the speedy or dilatory payments of it; and it is evident that the same Money has done much greater Service to the Publick in the Bank, than it could have done by being in private Hands. and that the Extra­vagant Rise of Interest was not altogether occasioned by the Scarcity of Mony, but has been much increased by the Art and Contrivance of those who have mediated between the Borrowers and the Lenders, and the Encouragement that the Monyed Men have had to keep back their Mony in hopes of a greater advantage, which they have generally ob­tained by reason of the Necessities of the Publick: But now the Bank is Establisht, and that all who want Mony, and have Securities, know where to Apply themselves and be Supplied, there cannot be such Advantages made on the Publick or Private Mens Necessities for the future.

5. The more Credit the Bank has, and the more Money is lodged in it, the more [Page 3] it will lessen Interest, for want of Occasions to improve it; and those who Lodge their Mony in the Bank have it as much at their disposal as if it were in the hands of the Goldsmiths, or in their own Cash-Chest, and there is a greater Value than the Money which is deposited in the Bank, that circulates by their Credit as much as if it were stir­ring in Specie: And the Bank-Bills serve already for Returns and Exchange to and from the remotest parts of the Kingdom, and will in a little time do the like in Foreign Parts, which will lessen the exporting of Bullion for the paying and maintaning our Armies abroad during this War; and if the Bulk of the Mony of the Nation which has been Lodged with the Goldsmiths, had been deposited in the Bank 4 or 5 years past, it had prevented its being so Scandalously Clipt, which one day or other must cost the Nation a Million and half, or Two Millions to Repair it.

6. Those who are concerned in the Bank cannot fail to lessen the Interest of Mony, for its their own Interest to do it, else they cannot employ it; and their Fund being setled at 8 l. per cent. per annum, the lower they bring all other Interest, they make the Stock of the Bank the more Valuable; and it must be allowed, That it is the only Fund that ever was setled in England which has lessened the Interest of Mony. And its very observable, That any resolution that the Concerned in the Bank have taken to be more serviceable in accommodating the Publick or private mens Occasions, has always given it a farther Reputation, and increased its Value; and the more they serve the In­terest of the Nation, so much the more they serve their own, they being under this hap­py circumstance, That they cannot do good to themselves but by doing good to others.

7. The Nation pays for the Annuities 14 l. per cent. per annum for 99 years, and for the Lottery 14 per cent. per an. for 16 years, besides about one Tenth part which was Ex­pended in Charges, the Funds of Wine, Vinegar and Tabacco, East-India Goods, Joint-Stocks, Paper and Parchment, and New Impositions, are all at 8 l. per cent. per annum as well as the Bank; and yet there has been given from 20 to 30 l. per cent. Loss on Tallys upon several of these Funds, besides the Publick Interest; the like has been done on the remote parts of the 2/3 Excise and 3/4 Customs before the Bank was Establisht, and thereby the Nation has Paid 12, 14, 16, 18 and 20 per cent. per annum Interest for Mony, which if it had continued must have Ruined the Kingdom; but now that they who have made these Advantages by the Publick are prevented of the like for the future, they will be more ready to Lend Mony on Private Security, or to Purchase Lands, for want of those Occasions to Improve their Mony to so much better Advantage.

8. Its a matter which is very surprising and without any Example, that after the Nation has been Six Years Engaged in such a Chargeable War, and has been at near Thirty Millions Expence, and such quantities of Bullion have been Exported, besides the Loss of several Millions which the Enemy has taken; that after all this, instead of the Interest of Mony rising, (as has been usual in all Wars) there should now be such a fall of Interest, which must be acknowledged to be wholly owing to the Bank, and that it could not have been effected without it; for till the Bank Exerted it self, the Interest of Money was rising apace, and would have continued so, and have come to a strange Exorbitancy e'r this, if the Bank had not been Establisht.

9. The Bank being thus useful to the Publick, extends it self likewise to accommo­date all Private Mens Occasions; for they lend Mony on Mortgages and real Securities at 5 l. per cent. per annum, and their very Publishing they would do it, has given a Check to the raising the Interest on them from 5 to 6 l. per cent. per an. as was attempted; and if the Titles of Lands were made more secure, Money would be Lent thereon at 4 l. per cent. per an. and in time of Peace at 3 l. per cent. per an. Foreign Bills of Exchange are discounted at 4 ½ per cent. per annum, and In-land Bills and Notes for Debts at 6 per cent. per an. and those who keep their Cash in the Bank, have the one discounted at 3 per cent. per an. and the other at 4 ½ per cent. per an. And Mony is lent on Pawns of Commodities which are not perishable, at 5 l. per cent. per annum, for which some in their Necessities have paid more than double as much, to the Ruine of many great Traders.

Money is likewise Lent on the Fund of the Orphans of the City of London, at 5 per cent. per an. which will hinder several, who are necessi [...]ous, from being forced to Sell their Interest at Under-rates.

And its said they have agreed to set up a Lumbard to lend Mony on small Pawns, for the Relief of the Poor, at One Penny per Month for 20 Shillings, for which they are now forced to [Page 4] pay Six Pence or Twelve Pence every Week: And its probable, if the Bank was not re­strained by Act of Parliament, they might take into Consideration the Exchanging Seamens Tickets for Mony, for a very small Allowance, for which they have often times been forced to pay 7 or 8 shillings in the Pound.

10. The Bank will reduce the Interest of Mony in England to 3 per cent. per an. in a few years, without any Law to enforce it, in like manner as it is in all other Countreys where Banks are establisht, whereby the Trade of the Nation may be driven upon more equal Terms with the rest of Our Neighbours, where Mony is to be had at so much lower Rates than what we in England have hitherto paid: And as the lessening the Interest of Mony will Infallibly raise the Value of Land, it had been worth while for the Nobility and Gentry who are the Proprietors of the Real Estates in England, to have given a Land Tax for the Bank, of double the Sum which was raised by it, if they could not otherwise have obtained it; for the falling the Interest of Mony to 3 l. per cent. per annum, to which Rate the Bank will reduce it, will unavoidably advance the Price of Land to above 30 Years Purchase, which will raise the Value of the Lands of England at least 100 Millions, and thereby abun­dantly reimburse the Nation all the Charges of the War, and will not only enable the Gentry to make better Provision for their Younger Children, but those who now owe Money on their Lands, to pay off their Debts, by the Increase of the Value of their Estates.

11. The Ease and Security of the great Receipts and Payments of Mony which are made by the Bank, (where Peoples Cash is kept as it is at the Goldsmiths) together with the safe depositing of it, are such advantages to recommend it, that they ought not to be past over without some Observation; especially considering how much Mony has been lost in Eng­land by the Goldsmiths and Scriveners Breaking, which in about 30 Years past, cannot amount to so little as betwixt Two and Three Millions, all which might have been pre­vented, had a Bank been sooner Establisht.

These are such Services to the Nation in General, which have been (and will be) done by the Bank, as could not have been done without it, and such Arguments as these ari­sing from Fact, are better Demonstrations and more Convincing of the Usefulness of it, than meer Speculative Nations urged by its Opposers, can be to prejudice others against it; and therefore it would be an unaccourtable sort of Policy, to endeavour to deprive the Nation of those vast Advantages, which it now does and will receive by it.

Having given this short Account of the Bank, I shall consider the Objections that have been made against it, and who they are that make them; in which I shall chiefly take notice of those who would cloak the Opposition they make out of Private Interest, under some other Specious Pretences; amongst which there are some who would be thought the most Zea­lous for the Government, who at first pretended to dislike the Bank, only for fear it should disappoint Their Majesties of the Supplies which were proposed to be raised by it; But since the whole 1200000 l. has been so readily Subscribed, their opposition has increased, and their being now so Zealous against it, can only proceed from their fear that they shall not have the like Opportunities as they have had, to impose on the Publick, by whose ne­cessities they have made so great Advantages; and they now threaten what they will do to destroy the Bank this Session of Parliament; as if what past in the last, were to be undone in this.

There are others, who are for forcing a Currancy of Bills, or Tallys, and think they may pass as well as Bank Bills; but they do not consider, That its nothing makes them currant, but only because all those that desire it, can go when they will, and fetch their Money for them; and to force any thing to pass in Payment but Money, would soon end in Confusion: For it cannot serve the Nations Occasions at home, much less our foreign Negotiations with other Countries abroad; seeing all those who take Bills of Exchange on England, are too wise to accept any such sort of Payment; but will be sure to have them made payable in Sterling-Money in specie, in like manner as the Bills which are now drawn on Spain, are made payable in old Money, as before the Pragmatica: which, together with the late Essay of Copper Money in Ireland, might be sufficient to shew, that all such Attempts will be ineffectual.

And besides, the Confusion it would make, the danger of their being counterfeited, is an Objection that cannot well be answered; and all that it would cost to exchange them for Money, would be certainly paid by the Government: For it would be considered by [Page 5] those who sell their Goods, in the Prices of them; and though but a small Sum were paid for the Loss of exchanging them for Money, by every one through whose hands they should pass, yet there might be more than the whole Value lost thereby in less than one Years time: and the very Proposing such an Innovation, is of dangerous consequence, and tends to destroy the Publick Credit. For if it should be attempted to make any thing currant in Payment but specie Money, no body would trust the Government on any Loans for the future; and it would put a stop to the discounting Tallys, or Bills of Exchange, Lending Money on Pawns or Mortgages, or indeed to the giving any Credit, but upon the undoubted Assurance of receiving the Payment in Specie: for on all other sorts of Pay­ment there will be a Loss to exchange them for Money; and it would discourage our Friends, and encourage our Enemies; by proclaiming to the World, That we are not able to continue the War, and this would put an End to it: for we should be forced to submit to such Terms, as the French King would think sit to grant us.

It's very observable, that all the several Companies of Oppressors are strangely alarm'd, and exclaim at the Bank; and seem to have joined themselves in a Confederacy against it, out of pure Zeal (as they pretend) for the Good of the Publick: whereas 'tis no­thing but their Private Interest, that has so nettled them to see their Craft and Trade of Oppression endangered; for Extortion, Usury, and Oppression were never so attacqued, as they are like to be by the Bank: and 'tis that which has engaged them, to use all the Arts and Tricks they could invent, to blemish it: and amongst the rest, to make those that owe Money uneasie at it, great Sums have been called in; especially if any have hap­ned to be due from those, whose Publick Stations might make their Anger the more signifi­cant: pretending, that the Bank has m [...]de such a Scarcity of Money, that none is left, to be Lent on Land, or other Securities; though if it really did what they pretend, they would be far from being angry at it; scarcity of Money naturally producing a High Interest, and a difficulty for those that want to be supplied with it: which are the best Arguments that can be used, to extort double the Price for Procuration and Continuation, Crimes that would easily be forgiven by those men. But the Bank, on the contrary, makes a plenty of Money, and renders it easie, for those that want to be supplied with it, at a moderate Interest, as well on Publick as Private Securities; without paying any thing, either to procure or continue it.

There are others, who pretend to be against the Bank, lest it should hereafter join with the Prince, to make him Absolute, and so render Parliaments useless. But tho' that may at first seem frightful, yet when it's considered, there will not appear any cause for such Fear as is pretended; and its morally impossible to be attempted, the con­cerned in the Bank being restrained by Act of Parliament, from advancing any Money to the Crown, but upon such Funds only on which there is a Credit of Loan by Parliament under the Penalty of each Person's forfeiting treble the value of all the Money Lent; the 1/5 to the Informer, and the other 4/5 cannot be pardoned by the King, but are to be disposed of by Parliament: nor can it be the Interest of the Bank, to make any King absolute; seeing they have no Security for their Fund, nor for the Money that is lodged in the Bank, but the Protection of the Laws: For if they should contribute to make any King absolute, they canhave no assurance that he would not, (nay they may be confident that he would) seize on their Fund and their Money by violence; lest that they who contributed to make him Absolute, should afterwards endeavour to reduce him to a conformity with the Laws of the Land. And certainly there is more danger of such a Design from 12 or 14 Goldsmiths, who were used to have most of the running Cash of the Kingdom: Or from other Corporations, who de­pend wholly on Prerogative, and are under no manner of Restraint. Nor could such a De­sign ever be attempted by the Bank; for the whole Court of Directors, which consists of 26 Persons, must be made privy to it; and some of them to be sure would be against it: and it could not be kept secret, but would soon be divulged; and any 9 Members of the Corporation may call a General Court, who would infallibly turn out those that should encline to favour such a Design: For 'tis not to be supposed, that such a Body of men should agree to ruin themselves and their Posterity, by losing their Estates and their Liberties, when 'tis in their power to preserve them. And seeing the Triennial Bill is past, a new Parliament must be chosen, and Sit once in 3 Years▪ and during the War, there is no danger but they will Meet oftner.

[Page 6] There are others who are against the Bank, pretending, the Fund from which its Revenue arises is prejudicial to the Nation: but if that were an Objection, it might as well be urged against the Annuity for Lives, payable out of the same Fund, and setled by the same Act of Parliament: But as this is not made an Objection against the one, no more ought it to be against the other; for the Bank would be the same, out of whatsoever Fund the 100000 l. per an. were payable; and if it were ill for the King­dom, the goodness of the Fund would not make it the better; nor if the Fund were a bad one, would that make the Bank the worse.

There are others, who are against the Bank, because they pretend the concerned have too good a Bargain; though if it were really so, the Nation pays but 100000 l. per an. for 1200000, which is no more than their Agreement; and 'tis much less than must have been paid for that Money, if it had been to be raised in any other manner: But if there were any weight in this Objection, it might be proper to be considered 11 Years hence, when their Term expires, in case they should endeavour a longer con­tinuance. It never was thought to be an Objection against those who have the Fee-Farm Rents, that they have had too good a Peniworth, though they now Sell at 21, 22, and 23 Years Purchase: And though great part of them were paid for by Debentures, and old Debts due from the Crown, which were bought for little or nothing: nor is it objected, that it was a thin House when that Bill past, though upon the Division there were but 42 Members present.

Some find fault with the Bank, because they have not taken in the whole 1200000 l. which was Subscribed; for they have called in but for 720000 l. which is more than they have now occasion for: But however, they have paid into the Exchequer the whole 1200000 l. before the time appointed by the Act of Parliament; and the less Money they have taken in to do it with, so much the more they have served the Publick: For the rest is left to circulate in Trade, to be lent on Land, or otherwise to be disposed of for the Nations Service; and its better for the Bank, as well as the Publick, to have 480000 l. in the Subscribers hands, ready to be called for as they want it, than to have had it lie useless by them: And it's very observable, that few of those who make this Obje­ction, either do or would trust the Bank, though the whole 1200000 l. were actually paid in by the Subscribers, as they would pretend to have it. And tho' they are so care­ful, lest the Bank should not have Credit; yet at the same time they pretend to fear its Credit will so far prevail, that it will engross all the Money in the Nation. So that, it seems, as if they who would have 480000 l. called in, wanted a pretence to find fault with the Bank, for having thereby made Money scarce, by calling in the Remainder of the whole Subscri­ptions, when they did not want it; unless they would shew by some new-discovered Rules in Arithmetick, that the calling in 480000 l. more, would make the Bank have the less Money lodged in it.

'Tis pretended by others, that the Bank is prejudicial to Trade, because there are some under such unhappy Circumstances, that the Bank cannot relieve them in their broken Fortunes, and who have been sinking before the Bank was thought of. Indeed they who have not Credit to borrow Money at Interest, nor to draw by Exchange, and who have neither Tallys, Bills of Exchange, nor good Bills for Debt to discount, Goods to Pawn, or Land, or Houses to Mortgage, must be allowed to be in no very good condition, and must continue to pay as exorbitant Allowances for Money to supply their Necessities, as they used to do before the Bank was established. What has been observed of Discounting Fo­reign Bills of Exchange at 3 per cent. per annum, In-land Bills, and Notes for Debts, at 4 ½ per cent. per an. Lending Money on Pawns at 5 per cent. per an. Exchanging Tallys, and lowering Interest of Money, its supposed is sufficient to answer this Objection.

'Tis alledged by some, that the Bank will ingross all manner of Trades.—But this is an Objection (like many others, which are) made against it by those who do not under­stand its Constitution; for, if any Person Trades on Account of the Bank in any other thing than taking Pawns, or in Bills of Exchange, or Bullion, or consents that any other should Trade, such Person so Trading or Consenting to such Trade, incurs by the Act of Parliament a Forfeiture of Treble the Value of all that is Traded for.

The Goldsmiths have been guilty of Engrossing most Commodities themselves, and they have also been great Merchants and Traders.—And whereas they pretend that the [Page 7] Bank hath bought up all the Silver, upon Enquiry it appears, that there hath not been 12000 l. worth bought by the Bank, and the greatest part of that was Pieces of Eight, and the rest Bars and Piny Silver, which came from Spain; though some particular Re­finers and Goldsmiths have since that Ship'd off more than double that Value in Bars of English Melting, and have likewise sold much greater parcels to others which have been Exported.—And it may be a matter well worth Enquiry, where those Mines are which have produc'd that Silver?

And though it be made such a Crime for the Bank to be concerned in the Publick Remittances, it is no more than was done by a Goldsmith before the Bank undertook it; nor is it look'd on as a Fault in the Goldsmiths to deal by Exchange, seeing some of them do now draw or remit Mony almost every Post.

And since the Nation has suffered so much by the Goldsmiths Monopolizing Goods, and Trading with other Mens Stocks, it may seem highly Reasonable, That as the Bank is restrain'd from Trade for fear of those mischiefs which the Goldsmiths have practised; so the Goldsmiths in like manner should be limited to the Selling Plate and Jewels, which was their antient and proper Trade.

As to the Pretence of the Bank setting a Price upon Guineas, and having engrossed the greatest part of all that are in the Nation; 'tis answer'd, The Bank has always received and paid Guineas, at a Peny or two Pence a piece at least, under the Price which the Goldsmiths have put upon them; and has been so far from Buying up any, that they have only received such as have been brought them in Payment; and have constantly paid them away every Week, at the same Price they have received them: So that if they make any benefit by the advance of the Price of Guineas, 'tis chiefly on those which were received at the taking the Subscriptions; which cannot come to any such quantity as is pretended: And 'tis a matter wholly owing to some, or all of these Causes:

1. To the Goldsmiths, who have raised the Price of them: Or,

2. To the badness of our Silver-Coin, which is diminished every day: Or,

3. To those great quantities which have been exported into Foreign Parts.

There are others, who make a mighty Complaint against the Bank, because 2 d. per Day is allowed on Bank-Bills, and the Money which was used to be lodged in their hands for nothing, and made use of by themselves, is now paid into the Bank by the Own­ers, but they, its supposed, will not find fault with receiving 2 d. per Day, for that Money, for which before they had nothing; and so one may be set against t'other.

'Tis pretended, the allowing 2 d. per Day, hinders some from Purchasing, or Lending Mo­ney on Mortgages; and makes others, who are Traders, and owe Mony, bad Paymasters.

But it may well be supposed, there are none who intend to Purchase, or Lend Money on Mortgages, who will leave their Money in the Bank at 3 per cent. per an. when they can have a Purchase to their minds, or a good Security at 5 per cent. per an. and there are few who would not leave their Money lying dead, rather than lay it out on the Purchase of an Estate they do not like, or lend it on a bad Security.

And as for its making men bad Paymasters; they must consider their Credit or Interest but little, who will delay paying their Debts, for the getting the 2 d. per day, per 100 l. which is allowed on Bank-Bills; for in their future Dealings they would pay a much dearer Interest.—The Money which is lodged in the Bank, is only the Mony which can be spar'd, and was wont to be left with the Goldsmiths: and it's strange, that 3 per cent. per an. which is allowed on Bank Bills, should do all this Mischief; and that the great Advantages which have been made by the Publick Funds, should never be made an Objection.

But the plain truth of the matter is, that the Goldsmiths are angry at the Banks allowing 2 d. a Day per Cent. because that by this means the Money is drawn out of their hands the faster, and paid into the Bank, for Bank-Bills.

And if the allowing 2 d. per Day on Bank Bills, be lookt on to be such a Crime, its very probable the concerned in the Bank will be willing in time to remove the Objection; seeing it will ease them of the Charge of 36000 l. per an. which the Interest amounts to, and which they have given the Nation out of their Fund, for that Money, for which the Owners used to have nothing.

Notwithstanding all these Objections, which are made against the Bank, there are some now, who in opposition to it, talk of nothing less than Setling a New One, with 4 d, [Page 8] a day per cent. Interest, which is double as much as is now paid by the Bank: nay, others are for Setting up a Bank in every City, or in every Market-Town: Which shews after all the Cavils against the Bank, that a Bank is good for the Nation in general, and that the greatest Objection against the Bank of England, is, that they who find fault with it, are not concerned in it; for many of those who Clamour against it, do it only in hopes of coming in the Cheaper.

But the Honour and Iustice of the whole Nation (on whose Credit and Autho­rity the Subscribers are Establisht to be the Bank of England for 11 Years) is too much concerned, to admit a supposal, that any such Designs should receive countenance or encouragement: For what past in the Last Session of Parliament, and their refusing to admit any other Lives to be added to the Annuities, lest it should be thought to lessen the Security on which the Money was contributed; (though they were not intended to take place 'till after the Lives in being were extinct) shews the great care of the Ho­nourable House of Commons, to preserve the Publick Credit, and to avoid any the least Occa­sion which might make it suspected; and gives the whole Nation a sufficient Assu­rance, that they who are the Preservers of the Peoples Rights and Properties, will never suffer any thing to be attempted in that AUGUST ASSEMBLY, that may seem but to weaken the Security, or lessen the Encouragements which they have given the Subscribers to the Bank, and which they themselves have Establisht by so solemn and inviolable a San­ction: And all Insinuations to the contrary (though under never such specious Pretences) are of dangerous Consequence to the Government, tending to raise Doubts and Scruples in the minds of the People, and to lessen the Publick Credit: For if the Parliamentary Securities, on which all Men, both Natives and Foreigners, firmly relying, have hitherto so freely contributed their Fortunes, for carrying on the War, were now made precarious and uncertain, no body could trust them for the future: and during the War, the Goverment cannot possibly subsist without Credit.

And besides, the seeming Injustice which it would be to those who have Subscribed, and contributed their Money upon the Encouragement given by the Act, of their being the Bank of England for eleven years, to have another establisht before those eleven years are expired, for which this Bank is setled; it would be so far from being like the having of several Shops to go to, to be better used; (as is by some pretended) that it would be a means to hinder either from being serviceable in the supplying the publick or private mens occasions: And the Nation must pay the dearer for Money; for one being in opposition to the other, there would be a sort of Civil War between them; and the Bank being a Bank of Credit, neither of them, by their jealousy of each other, would venture to extend its Credit; but would Bury the Money of the Nation, instead of increasing and quickning its Circulation, as the Bank of England does, and will do.

To conclude, the Instances which have been given, (in the foregoing Account) of the Ʋsefulness of the Bank, may, it's supposed, suffice, to convince such as were preju­diced against it; upon the Mirepresentations which were so industriously made, by those who appeared the most barefaced and violent in opposing it. But it may perhaps be ob­jected, That the Bank is so far from being an Advantage to all Trades, that 'tis Prejudi­cial to some: for it seems to be admitted, That the Bank will be injurious to a dozen or 14 Banking Goldsmiths, and to some Scriveners, Ʋsurers, and Pawn-Brokers; because it will hinder them from Exacting such Oppressive Extortion, as some of them have done formerly; and it will quite ruin the whole Trade of Tally-Jobbers.

Now if the Clamour of a few, (whose Trade hath been to make Merchandize of the Na­tion, and to Enrich themselves by the Necessities of others) shall not only prevail against the Benefit of a Community legally establisht, but even of the Kingdom in general, and the Credit of a Parliament, then the Enemies of the Bank may hope to subvert it: But until the Publick Good be postpon'd to Private Interest, and a small number of Oppres­sors be too hard for the Nobility, Gentry, and Traders of England in general; it will and must be preserved and maintained, because of its great Use to the whole Realm; and the Benefits which already accrue by it in its Infancy, are a good Earnest of those greater Advantages, which the Nation must receive from its future Progress.


LONDON: Printed for John Whitlock near Stationers Hall. 1695.

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