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To the Right Honourable Sr William Ashurst, Kt. LORD MAYOR of the City of LONDON; • The Right Worshipful Sir Robert Clayton, Sir John Houbland, Sir William Hedges, Sir Stephen Evans, Sir William Cooper, Sir Thomas Lit­tleton, Sir William Scawen, Sir Ed­ward Abney, Sir Henry Furnesse, Sir James Sheen, [Knights;] , and • And the Worshipful Michael Godfrey, John Ward, Theodore Johnson, James Bateman, Obadiah Sedgwick, Nathanael Herne, William Pateson, John Holland, Richard Burton, and John Bellamy, [Esquires:] Com­missioners for the said BANK. 

SIRS,

GREAT Britain is acknowledged by all the World, to be Queen of the Isles, and as capable to live within it self, as any Nation; having not only all things necessary for the Life of Man, but also Abundance, Materi­als, [Page] [...] [Page] [...] [Page]and Stores; of Manufactures and Com­modities to a Superfluity for Transportation; and is comparably situated for a Royal Bank of Credit, that all Trade offers it self to all its Ports and Harbours. The Soil of our Country being exceeding rich, abounding with all things necessary for Peace and War; as Grain, Horses, Beeves, Sheep, Flax, Wooll, and other Trafficks; Also Mines of Tinn, Copper, Lead, Iron, Coals inexhaustible; and no Nation in the Ʋniverse but partakes of its Woollen Ma­nufacture more or less, and of its Linen: Paper of all Sorts, and Silk now made in England to great Perfection; and our Seas every where filled with Shoals of Fish, as good as Ready Money, to fetch in all Foreign Commodities. Now shall the God of Nature give us such great Blessings, and we be want­ing on our Parts to improve them? Doubt­less we may aggrandize our Trade with an in­estimable Account, if we would our selves, and make our Territories as Rich and Populous as we please, under so Wise, Glorious, Valiant, and Good King and Queen, and Govern­ment as we have; had we publick Spirits (as we ought) to give Countenance to Brave Actions of Industrious Men, and did truly [Page]mind the Business of Trade and Populacy as much as we do Pleasures and Luxury.

Your Banks will beget Trade and People, and they will beget Riches; and then honest Pleasures will come of course. Riches are the Conveniencies of a Nation; but Trade and People are the Glory and Strength of the Kingdom. If we once come to be good and industrious, in Fearing and Serving God, in being obedient to our Good King and Queen, loving and charitable to one another; we may expect God's Blessing upon our Forces by Land and Sea; and no Nation can exceed us either at home, or in foreign Parts; we having so many Materials to employ our People, and our Nation hardy and ingenious enough to work and raise all sorts of Manufactures within our selves, which now we have from abroad.

If we did but take care to catch our own Fish, work up our own Growths, perfect our own Manufactures, as Linen, Woollen, Pa­per of all sorts, thus doing will make us in­finitely Rich to Eternity. Our Country being surrounded with our Neighbour-Natives, and of most Concern and near them, we are de­signed for all manner of Riches, and to be the Seat of Empire, being a Land so plea­sant, [Page]and London so Great and Glorious that it invites all People to come over and stay here.

Our Country thus accomplish'd with all Blessings, as to Fertility and Ingenuity, a lit­tle help will make it the most Glorious Place in the World, and His Majesty the most Potent Prince in Christendom.

I have hinted here at the chiefest Advan­tages we are capable of: these, I am sure, will do England and Ireland's Work effectually, if truly encouraged; and we shall be ten times Richer in the third Part of an Age, by the Help of these Banks, if you employ your Time, and the Money of the Bank to Publick Uses and Accounts; as may be di­rected in such Contrivances, as may tend to the General Good of all.

I beseech you, Imitate His most Sacred Majesty, and his Royal Consort, who are ne­ver weary in doing Good, but are ready at all times to encourage Trade, Ingenuity, and Discoveries, beyond any former Princes: And let Their great Wisdom and Goodness be your Example.

To conclude; If you should happen to read this little Brat, if you think it not for the Publick, cast it from you; but if per­swaded, [Page]from the Reason of the thing, that it will, in some measure, accomplish the End after mention'd; then you are as much sound, and perchance more, to promote the thing, than my self. All Men are satisfied [...] Bank will be very advantagious to a Na­tion, especially to a trading People, situate as [...] are: But the Great Question hath for­merly been, How to raise a Stock or Fund that shall be credited by all; but now this Grand and Old Obstacle is removed, as hath been fully manifested, and made visibly appa­rent to all Gain-sayers, by some Thousands of Persons, in their voluntary and ready subscri­bing near Eight hundred thousand Pounds in four Days. I hope the Thing will suit most Mens Interests; but if I am mistaken in my Measures, I humbly crave Your Par­dons, and subscribe,

Yours in all Humility, H. M.

England's Glory, BY A ROYAL BANK.

Anno Quinto & Sexto Gulielmi & Mariae, 1694.

WHEREAS it is En­acted, That if Twelve Hundred Thousand Pounds, or Six Hundred Thou­sand Pounds (a half Moiety thereof) or more, be Subscribed, and one Fourth part of such Sub­scriptions paid into the Exchequer by the First of August next, and [Page 2]the remaining part of the Subscri­ptions paid by the First of January next; All Persons, Natives and Foreigners, so doing, are to be Members of the Corporation for a Royal Bank in England, to be Obtained under the Great Seal of England: And that One Hundred Thousand Pounds shall be paid out of the Exchequer yearly to the Government of such Corporation to answer Eight per Cent. per An­num for ever; The said One hun­dred thousand Pounds to be ap­plyed by the Corporation to such Uses as by the Charter to be di­rected. And forasmuch as so grea [...] and publick an Undertaking as i [...] thereby intended, cannot so effe­ctually be performed and carried on otherwise, than by a Body Po­litick or Corporate: For the spee­dy [Page 3]furtherance hereof these se­veral Honourable and Worthy Persons of most considerable Qua­lity and Ability hereafter named; Viz. Sir Patient Ward, Sir William Gore, Sir John Morden, Sir Benja­min Newland, Sir John Bucknall.

Francis Parey, George Boddington, John Dubois, Samuel Ongeley, Peter Hublon, [Esquires.] With many others (out of their constant Zeal to the Publick Good of the Kingdom, and its Trade, and a firm Assurance that the Benefits and Advantages of a Royal Bank, are such as will ad­vance the Wealth of their Maje­sties Kingdoms, and mainly sup­ply all Defects in Trade; and al­so be greatly Destructive to the French King's Interest. Now for the Encouraging and better Esta­blishing [Page 4]so great a Blessing, and t [...] satisfie all to whom it may seen doubtful, what are the Advanta­ges of a Royal Bank, and what a Bill of Credit from this Bank and its Uses are:

Observe First, A Bill of Credi [...] from this Bank-Office is transfer­rable from one Man to another toties quoties, and cannot fail, and is as good as Money in ones pos­session, and better, as is plainly set forth in my Discourse of the Nature of Foreign Banks, and their Uses, at the latter end of this Book.

By a Bill of Credit, I mean, a Bill from this Office, owning that [...] have paid in so much Money or Goods to them, and they to be an­swerable to me or my Assigns on Returns, and may be sued for in [Page 5]the Name of the Possessor; this being a Priviledge appropriated to Bank-Bills only, and surpasseth all other Bonds and Bills that are sued in the Name of him or them to whom first made. Now Money is but a medium of Commerce, a Se­curity which we part with, to en­ [...]oy the like in Value, and is the Standard of all Commodities, and esteemed so by the World. And such is a Bank-Bill, it will obtain what we want, and satisfie where we are indebted, and may be turned into Money again when the Possessor pleaseth, and will be the Standard of Trade at last.

There is created in this Royal Bank by Act of Parliament, such a Fund as may give out Bills of Exchange or Credit Currant, that shall always be answered with [Page 6]Money upon Demand: How ac­ceptable these Bills will be, may appear by those taken upon the Oxford-Act many Years since, when the Assessments to be raised were Security, and the Bills made trans­ferrable. We may make an Esti­mate of the Value of Credit upon a good Fund, by the Bills accept­ed upon late Assessments instead of Money. Lumbardstreet Bills that had so bad a Fund, were accepted out of Choice by most Men, instead of Money, whilst their Credit was currant, being no other Security, but the honesty of the Man, and a Shadow of an Estate, both which may fail. But this Royal Bank cannot. I have heard of a Gen­tleman that had seen the same Money transmitted Nine times in one Morning, by writing off the [Page 7]Credit from one to another, and the Money in specie left untouched at last. Much more may be done by this Bank-Credit, their Fund being such as cannot fail, unless the Nation be destroyed; for that all men's Interests are secured by Act of Parliament.

This Royal Bank of Credit will be able to issue out Bills of Credit to a vast Extent, that Merchants will accept of, rather than Money. Most Merchants in Europe when they know the manner how the Security of this Fund is settled by Act of Parliament, (it not being in the Power of the Bank-Corpo­ration to injure any Foreigner or Native:) It will encourage them to accept of these Bills rather than Money; the Fund being unquesti­onable, and no Security in Nature [Page 8]better; their Bills being more safe, portable, & transferrable than Mo­ney, and better than Cash in the Chest, as Gold is better than Silver: Men may be robbed of Money in specie, and there is great trouble in the carrying and recarrying it. Now a Bank-Bill is free from all these troubles, and hath advantages be­yond Gold or Silver.

This may be done by the Cor­poration without any hazard or much trouble to any Body, and Profit to every body.

If Six hundred thousand pounds or more be paid into the Exche­quer, a Corporation obtained, there will be no great trouble in setting up a Fund or Office in proper Pla­ces or Precincts; the Nation be­ing divided already into Counties and Hundreds: The stated Offi­cers, [Page 9]if they understand the Nature of these Banks, may be contented with me to put in Two or three hundred pounds each, and to act upon this Score, No Purchace no Pay; seeing there is so great a pro­bability even next Door to a cer­tainty, that all things will succeed well, and will advance and encrease the Riches of the Nation, beyond any thing the Spanish Indies could do, if we had possessed our selves of them. If it should happen to miscarry, there will be little La­bour lost, and little or no Money spent, in a probable expectation of such a Vast Advantage. Every Merchant that sets out a Cargo to the East or West-Indies, is at more trouble pro Rato, and runs a greater hazard for less Benefit. I must confess the Brokers, and Gri­ping, [Page 10]Usurers will have little Benefit or Advantage by this Bank, neither is it like to be profitable to them: But I think I may confi­deritly say, a Million of People, Men, Women, and Children, Na­tives and Foreigners, shall be one way or other advantaged, to be sure they shall have no loss.

The manner how it may be done is thus. Divide the Nation in­to Precincts, suppose many Hun­dreds in a Precinct, as the Na­ture of the place, and the Reason of the thing shall require; A Coun­ty is too big, a Hundred is too lit­tle; therefore cast so many Hun­dreds into a Precinct as is conveni­ent: London, Westminster, Southwark, and the Adjacent Suburbs, may be divided into several Precincts, as the nature of this thing will bear; [Page 11]and Offices may be erected in most of the said Precincts, in convenient places, to return money to any parts of the Cities of London and Westminster, and what is done here may be practised through the whole Nation, where it is proper and desired. As thus: If a Person at London desires money to be re­turned to Coventry or York, he pays it in at the Office in London, and receives a Bill of Credit after their Form, written upon Marble-Paper Indenture-wise, or upon other Pa­per, as may be contrived to prevent counterfeiting.

To receive it at Coventry or York, so that none need to carry any more money than just to defray his Expences upon the Road; this will prevent manifold Evils as to High-way Robbing; and money [Page 12]in a Nation in motion in Trade, is like Blood in the Veins, if it circu­lates in all parts, the Body is in health; if it be wanting in any parts, it languisheth, as by Expe­rience we find.

These Methods in returning Money will supply remote Parts, and greatly enliven Trade and se­cure it; and in time will give oc­casion to most in Authority to Re­peal the Act or Statute of Edward the First, Chap. 9. By which the Hundred is bound to repay Men robbed; No Men need carry their own Money: if any Man do, let it be at their own peril; and the Lives of many Men lost in the De­fence of their money, will be pre­served.

Now every Man's Money is as safe in this Bank, as his Cash in his [Page 13]own Chest, where it lies and pays him no Interest, 'till he lends it out or lays it out; This he may do with his Money and Credit in the Bank, as soon as he can: If any desires to leave his Money in this Office, it may be upon such Terms, as the Office shall propose; None are forced to it, nor urged to it, unless they think that they can get by it.

These Bills of Credit will be transferrable; Men may transferr their Credit from one to another at the Office, and also at a Distance, if they will run the risk of Coun­terfeiting the Bill. They may As­sign their Interest in the Office, so far as the Bill goes, to whom they please, who shall have the same right of receiving the Money, as the Party had to whom it was first [Page 14]given. And for the Security of all who shall lodge Money in the Bank, the whole Estate of the Cor­poration, payable out of the Ex­chequer, as the Act directs, is lya­ble to make good all the Acts and Miscarriages of the Office of Bank, which is an unquestionable Securi­ty to all that deposite Money in these Banks.

What the Benefits of these Banks may be, with the Objections Answered.

1. IT's evident the National Cash in time will pass through these Banks, the Money being there; No Natives or Foreigners will take it out, unless for smaller Expences; For money in the Bank will be bet­ter [Page 15]than Cash in the Chest, more portable, more transferrable, and of more value by Two in the Hun­dred than Cash in the Chest.

2. No Person will have cause to question the Safety of his Mo­ney, or the Credit of the Banks; for the Government will have Ef­fects in their Hands to answer all Credit given out, being obliged never to answer any Credit, un­less he receive a Debtor to bal­lance it.

3. The Government must make good their Losses, so far as their Security goes, which will not ea­sily be exceeded.

To be sure the Corporations Creditors are at no Loss, for every Man's Interest in the Corpora­tion is liable to make good, the Creditor safe unless the Kingdom [Page 16]be destroyed, which will rarely be.

Obj. 1. Men will take their Mo­ney out, some men will keep it to lock up.

Ans. I do not intend to give a Reason for the Actions of Chil­dren or Fools; they may if they please, no wise man will make his Money worse than it is; being ta­ken out, it is not so safe, so port­able as before, and every way worse. These Things being ad­mitted, that a great part of the running Cash of the Nation will be brought into these Banks; and when there, will keep there: All Persons will take a Bill of Credit rather than Money, the Bank will have great Credit, and be in a Condition to lend Money at a low Interest, and great will be the [Page 17]Gain. I need say no more, let all men make their Deductions, con­cerning what their Advantage may be, the Concern is general, affecting the whole Nation; many cannot see where the Advantage lies. For a general Satisfaction, I will shew wherein these Banks will be profitable to the Nation, to the Crown, to the People. The Na­tion is one great Family; if a par­ticular Person gets, the Nation gets.

1. The Riches of the Nation will encrease, and England may be­come the Empory of the World in Trade.

2. The Fishery, the Linnen, and Paper-Manufactures, with o­thers, may be encouraged to a per­fection, and reformed from mani­fold Imperfections and Neglects. [Page 18]By the help of these Banks, and the aforesaid Manufactures, Three hundred thousand pair of lazy Hands may be Employed to get Six Pence per Diem all the Year round, which will not be less than Ten hundred thousand Pounds per Annum saved to the Kingdom; the Poor being employed will con­sume no more Cloaths or Victuals when they work, than they do now being Idle.

Obj. 2. We make more Goods than we can consume, or the World will utter.

Ans. People will encrease, for Trade will bring in People as well as Riches to the Nation: Where Trade is, there will be Employ­ment; where Employment is, there will People resort; where People are, there will be Consumption of [Page 19]all Commodities. These Banks being once settled, Trade will flourish; the Dutch, French, and Flemish, and people from all Parts of Europe that have Estates, or can raise Money, will resort hither to enjoy themselves and their Estates, under so Gracious and Indulgent a King and Queen. It is not a con­temptible Consideration, that these Banks will be great Satisfaction and Security to the Nation, whilst all the World that Trades with us, will have a kindness for us; espe­cially when these Banks keep their Money. They will do all they can to preserve their Cashiers, lest they should lose their Estates, having nothing but a Bill of Credit for it. I appeal for the Confirmation of this to all those that had Credit upon the Bank of Amsterdam, what [Page 20]thoughts they had, when the French King was near those Gates? And whether they would not have di­verted him, had it been in their power. Pray God he come not there again.

Obj. 3. We have too many people already.

Ans. It is evident that the Ri­ches of a Kingdom, are the people of the Nation; Lands are at a greater Rate, where people are nu­merous, as about London; but in America, where people are few, they are little worth: And this is true, that people unimployed are as Catterpillers to Plants, and Worms to Woods, that only waste the Product of Industrious Hands.

I propose Employment, and there is no doubt, that the Con­sumption of the People is not so [Page 21]much, as the Product of their La­bours, which is the real Riches and Strength of the Nation; And the more the merrier, like Bees in a Hive, and better Cheer too.

The Crown may be supplied with whatsoever is necessary, and the Prince may have whatsoever Humane Nature is capable of. In this great Abundance, nothing will be reasonably denied to the King; only his Hands will be tyed with these silken Cords, to keep that Station the Constitution of this Government hath set him in.

A considerable Share may, if the Parliament please, be ascertained to the Crown out of the clear Pro­fits. The Prince and People ought to grow together, else the Body Politick will be monstrous. Upon a sudden Emergency here will be [Page 22]ready Money to equip Armado's, provide Armies, levy Souldiers. And when there is Leisure for De­liberation, and that the Parliament and King judge it requisite, these Banks may be in a Capacity to sup­ply the Crown with whatever Mo­ney it needs at a reasonable Rate: Suppose it should be a Million, if the Bank be certainly repaid, this Million in Ten Years, that is One hundred thousand Pounds a Year; the Credit of the Bank is not im­paired, and so in proportion any Sum over or under this. How ea­sily will Taxes be born; Imposi­tions are heavy when People are poor. But when Rents rise, Trade flourishes, and Money is plentiful, a Man that gets a Hundred pounds a Year, can better pay ten pounds, than he that gets but ten pounds a [Page 23]a Year, can pay ten shillings.

The Benefits that Accrue to the Crown in these and many more Par­ticulars, are very pleasant to re­flect upon. O that Reverence that all persons will have for such a Prince, that puts them into such a Condition; and by his Prudent Management, keeps them in such a flourishing Estate. When the People's Yoak is lined with Peace and Plenty, it will make them Chearful under it, and not desi­rous to shake it off. If some few should Surfeit and grow Wanton, the generality of the people (be­ing content in their Condition) would certainly keep them in awe. Methinks the Bees, by all possible means preserving their King, be­cause their very Being depends up­on him; are a perfect Emblem of [Page 24]a People honouring such a Prince.

The People shall have Advan­tages.

1. The Poor.

2. The middle Sort.

3. The Rich.

4. The Mariner.

5. The Merchant, as hath been fully shewed already.

1. The Poor have most need; I do not mean all shall be Rich, but the able Poor may be employed, and well paid for their Work, their Children brought up to Learning and Labour, and the Nation freed from those Rates (made in every Parish to relieve the Poor) which in many Places begin to grow greatly burdensom, and which a­mounts to Seven hundred thou­sand pounds per Annum. But the honest ingenious Poor will find [Page 25]Friends to be Security for them at the Bank.

2. The middle sort of People may be benefitted; I mean small Free­holders, Farmers, and Tradesmen; these will quickly encrease their Stocks by their honest Industry; had they Tools to work with, I mean, a Plentiful Stock to drive their Trades with, and husband their Lands, and keep their Com­modities for a Market; All their Defects may be supplied by the Bank, supposing them Ingenious and Industrious. The middle Trades­men so soon as they have made a Piece or two of Cloth or Stuff, are forc'd to sell it at any Rates, to put them in a Capacity to provide new Materials to keep themselves and Dependants in Action. At these Banks they may take up Money [Page 26]upon their Goods, at the Market price, till better times come.

3. Further, the Gentry that in a Frollick run themselves in Debt, and in danger of ruining their Fa­milies, and extirpating their Names, and who formerly could not bor­row four thousand pounds upon one thousand a year, without Per­sonal Security of Friends, besides Mortgaging of their Lands, may now borrow Four thousand pounds upon three hundred a year.

4. By the help of these Banks Timber will be preserved for Ship­ping, and the Seamen will not want Ships; If a Person hath but one or two hundred pounds to lay the Keel, the Bank may supply him with the rest upon the Security of the Ship.

5. Infinite are the Advantages of [Page 27]Merchandising in general: A Merchant hath three Thousand Pounds Stock, and brings a Cargo of Goods of that Value into Eng­land, immediately he may have three thousand pounds at the Bank upon these Goods, and pay the Office as he sells them; and this he may do again and again, as of­ten as he pleases; and with three thousand pound Stock lay in Fif­teen thousand pounds worth of Commodities, or Goods. So that the Stocks our Merchants now use in England, may drive eight times the Trade they now do. Between them and the Bank, if the Parliament will admit, they may Engross the greatest part of the Merchandise in Europe; and the carrying and re­carrying their Goods and Merchan­dise, will employ our Ships; I [Page 28]might enlarge here to a Volume; but my design is only to give a hint of the great Advantages these Banks will bring to the Nation.

I shall now compare our Royal Bank with Foreign Banks, especially with those two Famous ones (viz.) of Amsterdam and Venice. Amster­dam Bank had its first rise from Money left in Bankers hands, with­out Interest: The States of Hol­land observing Money was trans­mitted from one to another, by writing off the Credit from the Debtor to the Creditor, and is sel­dom paid in specie, as practised in London by several wealthy Citizens: The States undertake to be Secu­rity for all moneys left in such Of­ficers hands as they appointed, to all Persons that should deposite their money with them, which pro­ved [Page 29]better than any private Secu­rity; hence plenty of money came in without Interest, to the value of Two Millions Sterling; which was by Experience found sufficient to drive their whole Trade, with ten times less trouble than Five Mil­lions in private Chests: A thou­sand pounds may be transmitted twenty or thirty times in one day, if there be occasion (which is equi­valent to thirty thousand pounds) with as much ease as two or three thousand pounds can be told or re­told. They put a stop to their Banks, and forbad any more mo­ney to be made Bank-money, be­cause no more money should lye dead than was needful for their oc­casions; the residue of their Money remains as a running Cash in pri­vate hands, pretending they have [Page 30]always two Millions in Bank in specie, and that they use one Milli­on as they please for their best ad­vantage, though many think other­wise. The Creditor in Holland hath only the honesty and courtesy of the Burgomaster, that he shall be justly dealt withal: I cannot understand the Creditor hath any way to force the Bank to pay him his money, if the Effects should be expended any other way; but eve­ry Creditor may be in the same condition as the Creditors of the African Company were in, when the Hamburgh Company and Gro­cers failed, they must all lose their money. If the French King, when he was so near Amsterdam, had ta­ken it, and rifled the Bank, what would have become of the Credi­tors? Now compare our Banks [Page 31]with this; If our Nation should be put hard upon by any Foreign Power, the King may have from these enough to supply his Wants, the Parliament consenting and ap­proving; and may tend to the o­verthrowing of our Enemies by Sea and Land.

And in so great a Necessity, should our Banks be drained, if our Coun­try be saved, and our Enemies de­feated, the Land will remain, and most of the Money will be in the Nation, and all Creditors may have Satisfaction by their Bills of Credit, being as useful as Money, and may be gradually satisfied with Money in specie, as it can be raised and paid into the Bank by the Ex­chequer: The Bank at Hamburgh is much of the same nature with that at Amsterdam; only they keep [Page 32]their whole Fund in specie, and so it is much worse, their Money ly­ing dead. Consider how Money will abound in England, if Five Millions, or Ten Millions of ready Money, and Credit Currant (equi­valent to Money) should in a little time be added to the present Stock of the Nation. These Banks pro­bably will do all this and much more.

As to the Bank at Venice, it is not of any long standing; It had its Rise from the Dishonesty of the Bankers: The Bankers of Venice did just as some of our Bankers in England have done; they got men's Moneys into their Hands at Interest, and used it as was neces­sary to their best Advantage, that they might make a better Profit of their Money, than the Interest [Page 33]they paid; and lent it out to insol­vent Persons, or laid it out in de­sperate Cases, as our Bankers did. Hence when they were disap­pointed, they did unavoidably break, the Creditor lost his Mo­ney, the Commonwealth their Trade: For the Banker got what he could, and fled out of their Ter­ritories, as ours do into the King's Bench.

The States finding such intole­rable Inconveniences as we have done; If Men lend out their Mo­ney, many times they lose it; if it lye dead by them, Trade dwin­dles away by this Stagnation. Just in such a Case and Time as this the States set up their Bank, and their Officers became Cashiers (as at Amsterdam) for about Two mil­lions of Ducats, a Bank sufficient [Page 34]for their Trade, which was kept in specie, to be taken or paid out as the Merchant desired it, until the Necessity of their Affairs in 1668, their Turkish Wars forced them to expend all their Money in specie, which was lodged in their Bank; Now there is no Money at all; neither is any Money in specie ever paid out, but their Bank is a perfect Credit-Bank, and their Fund is a meer imaginary thing: yet be­cause the Fund being, as I said, Four millions of Ducats, which Ve­nice is able to raise, and the States have obliged to pay, though they are never like to pay one Farthing of it to the End of the World, and all Men accept of this Credit as Money; nay, since it hath been in this Condition, the very Credit hath been worth Twenty per Cent. [Page 35]more than Cash in specie. All Mer­chants trading thither can tell you, Credit in the Bank is much better than Cash in the Chest; the Rea­son is, what I have aforemention­ed, Credit in the Bank is more safe, more portable, and more trans­ferrable than Money in specie, and so of greater Value, as Gold is bet­ter than Silver.—

Many Years since, Credit in the Bank at Venice (as some Merchants living now, may remember) was better than Cash in specie, by more than Twenty in the Hundred, which the States found inconvenient for their Trade, and could not by any Laws suppress this excessive Ex­change, though they were advised by a sagacious Merchant to bring Money into Bank in specie, to an­swer their Credit: thus doing, it [Page 36]brought down their Exchange. Hence some Merchants thought the Credit of the Bank impaired, be­cause the Exchange fell; when as it proved quite contrary. The Bank paid Money in specie, in wri­ting off the Credit from one to ano­ther; this made the Exchange less, as attested by a Merchant long since living upon the Place; though, I believe, some in this giddy Age of ours may think it a Romance.

Now for their Satisfaction I will answer one Objection.

Obj. What Ʋse can the Creditour make of this Credit in the Bank, that it should be of such a Value; You ac­knowledge no Money can be had?

Ans. Suppose between Ten and Twelve a Clock this Bank is open to transmit Credit from one to ano­ther; as soon as Credit is trans­mitted, [Page 37]several Persons are attend­ing, who will instantly apply them­selves to the new Creditor, to know of him whether he will sell his Credit in Bank for Money in specie, which they are ready to give to him at the Price currant; be­cause they can make something more of the Credit, by selling it off to others, than they pay: As our Brokers do of what they buy. When Money was paid in specie, it was no better than such Money in specie, and so could not be chan­ged for Profit, any more than one Peny-loaf will exchange for ano­ther to any Advantage. The Case is something like this at the Bank in Holland, where the Exchange is Two, or Three, sometimes Four per Cent. Exchange; not because Dollars in Bank are so much better [Page 38]than Dollars currant, though there is a Difference; but because Cre­dit in Bank is more safe, more por­table, and more transferrable than Cash in specie is; Ducats in Bank must needs be better than Cash in the Chest, because they lie there untold, and are never stirred.

The waste of our Silver by car­rying, re-carrying, and frequent telling it, is no small loss in seven Years, as we have found to our woful Experience in clipt Money. If ever our Money be­comes a Commodity, as it may be without Doubt or Inconveniency; now these Banks are setting up at home. It is true, a thin clipp'd Half-crown, or Shilling, or Six-pence, passeth for Half a Crown, or Shilling, or Six-pence in the Nation, and are not worth half the Value in [Page 39] Holland or France, where the intrin­sick Value, and not the Coyn, is considered. A wise Man thinks Bank-Money, for this cause, is bet­ter than worn Money in Holland, where it may be exported at plea­sure, and therefore is valued ac­cording to its Weight and Fine­ness, not its Denomination. Our Banks in England will be far bet­ter than the Venetian Bank, which is under most of the same Incon­veniencies as that at Amsterdam, as doth plainly appear, by reflecting upon what hath been said. Doubt­less a Bill of Credit upon Banks, or Credit transferred, will be more valuable here in England, when once the true State of them is right­ly understood and practised, as well as it is at Venice and Amster­dam; nay, it will be better. I [Page 40]shall leave every Man to make far­ther Inferences as they please, their own Occasions and Necessities will teach all Men to make their Ad­vantages of this Credit.

To conclude, It will make the King great, the Gentry rich, the Farmer flourish, the Merchant trade, Ships encrease, Seamen to be em­ployed, set up New Manufactures, and encourage the Old. What may not such a King be and do, that reigns over such a People, who are not inferiour to any in Cou­rage, and doubtless their Spirits will rise higher, when they find they have Purses superiour to all.

PROPOSALS To encreaſ …

PROPOSALS To encrease TRADE, By way of a Lumber-Office.

PROPOSALS TO Encrease Trade, &c.

Which may advance Their Majesties Revenue, and Glory of the Nation, without any Hazard or Charge to any Body, with apparent Profit to every Body; Humbly presented to Their Most Sacred Majesties King William and Queen Mary. Which I pray may be of use to them whom it shall please Their Most Sacred Majesties to Honour in being Go­vernour, Deputy-Governour, and Directors to the Corporation, for [Page 44]a Bank of Credit in England, lately Confirmed by the King in Parliament.

May it please Your Most Excellent Majesties.

SInce your Subjects have not all things necessary to enable them to be useful to Encrease the Trade of your Kingdoms; Therefore to their plentiful Being, there is a necessity of exchanging one thing for another: they do not always meet with an Oppor­tunity of exchanging of what they have of superfluity for what they want; therefore necessity does inforce them to find out some Medium of Commerce: When this Medium grows scarce, Trading will be low, and all home Commodities that are the Product of your Growths, as Wollen-Cloth, Lin­nen [Page 45]Cloth, Tinn, Lead, &c. will be all cheap, as at this Day.

These Inconveniences may be avoided, if another Medium, that costs nothing, as transferrable as Money, might be found out; Credit that will never fail, founded upon Commodities from our own Growths, may in greater Payments every way answer Mo­ney: For Money is nothing but a Medium of Commerce; a Securi­ty, that when we part with any thing we may spare, we can pro­cure another thing we want of its like Value. A plain Demonstrati­on of this would be quickly made, when once a Corporation is esta­blished.

If the Government of the Bank should set up an Office or Offices to this purpose, which, I think, [Page 46]with submission, may be easily done in this Kingdom, in this manner.

First, convenient Places may be appointed; suppose Ware-houses near the Custom-house, for grosser Goods, liquid and dry; Stowage for finer Goods in convenient Pla­ces.

Secondly, They may appoint fit­ting Persons for the managing this Business, which are to be of Two Sorts;

(1.) First, Men of Estates, that can and will subscribe—Pounds as the Act doth direct: being Men of Reputation for Knowledge and Honesty, and well skill'd in all sorts of Merchandise; that they may be accountable to all Persons for Goods brought into the Office of Bank; who are to sign the Bills, [Page 47]and to be obliged, that all Persons depositing their Goods shall be just­ly and fairly dealt withal.

(2.) Secondly, It is proper to provide Persons of a meaner Rank, or Quality, subservient to the for­mer; who understand Trade, and can value Goods, and shew them, keep the Ware-houses, and Books of Accompts.

Thirdly, When Places are fitted, and Persons provided, the Govern­ment may declare they are ready to receive all Goods as a Pledge, upon which they will advance Bills of Credit to the two Thirds, three Fourths, or four Fifths of the true Value, or higher, according to what the Nature of the Goods are; Nay, they may give Credit to Lands when they have to deal with honest Men, and the Title good; [Page 48]and upon Personal Security that is unquestionable.

Fourthly, When Goods are brought into these Offices, they may be ap­praized, marked, and lodged, and a Bill of Sale registred of them in the Office-Books; signed and seal­ed by the Deliverer, for your Of­ficer's Security, and the Goods en­tred Debtor.

Fifthly, The Deliverer may be entred Creditor, and have a Bill of Credit from your Office, payable at seven Months, for which he is to allow—per Cent. which Cre­dit he allows to be wrote off to others, to whom he is or may be indebted. And I know no reason but that the Corporation-Bills be accepted at first Sight, now the King by Law hath made them passable.

Sixthly, The Time for which these Goods are deposited, may be according to the Nature of them; as they are more or less perishable: that is, for I. month, II. months, III. months, IV. months, or X. months, but not to exceed XII. months.

Seventhly, The Persons deposit­ing his or their Goods hath liber­ty at all times to see and sell his Goods.

Eighthly, If he sells his Goods within the Time limited, he satis­fies the Office, pays Interest only for the time his Goods have been there, and takes the Over-plus to himself.

Ninthly, If the Goods be not re­deemed within the Time limited, the Office sells them by the Inch of Candle, satisfies it self, and restores the Over-plus to the Owner of the [Page 50]Goods; unless he gives the Office such Security they approve of. If the Party depositing his Goods, be under such Circumstances, that he must have Money in specie, which will seldom occurr, the Office may exchange his Bill into Money at .... per Cent.

Tenthly, No Goods shall be pledged in the Office that will not bear Twenty Pounds Credit; but other Petty-Offices may be erected, subordinate to this; some of which may take in Goods under Twenty Pounds, others under Ten Pounds, and another under Five Pounds, for the Benefit of the Poor: Upon which may be advanced such Rates as may be agreed on.

Eleventhly, All Persons that de­sire it, may have Stowage for their Goods, in the Ware-houses belong­ing [Page 51]to the Bank, though they do not advance Credit upon them; they will lie more conveniently for a Market, than in their own Ware-houses; because the Buyer perhaps may have occasion for Cre­dit, the Goods being there he may easily satisfie the Seller.

Suppose a Merchant lays in an Hundred Pipes of Wine, he sells them to a Vintner that advances Credit upon them, with which he satisfies the Merchant, and takes them out of the Office, as he can clear them by Money or Credit.

Suppose a Clothier brings up an Hundred and fifty Pounds worth of Cloth, which he cannot sell; he must have Money or he cannot trade: he brings his Goods to the Office, they advance him a Bill of [Page 52]Credit of 100 l. two Thirds of the Value; as, suppose, in this or the like Manner, viz.

From the Royal Bank-Office, May 24. 1694.

There is due to H.M. 100 l. for Goods deposited in the Office; which we do pro­mise to pay at the End of seven Months.

  • C. D.
  • H. M.

This Clothier goes and buyes such Goods or Commodities as he wants, as Oils, Spanish Woolls, Dy­ing Stuffs, &c. and tells his Chap­man [Page 53]he will pay him with Credit in the Bank-Office, which most Men, in time, will accept of, rather than make a Book-Debt. Nay it is better than any ordinary Man's Bond; for it hath a sure Fund set­tled by Act of Parliament, kept in good Mens Hands, and may readi­ly pass from one Man to another at present, because it will be Mo­ney at the Time appointed; For either the Clothier hath sold his Cloth in the six Months, and de­posited the Money; or the Office hath sold them in the seventh Month, and kept the Money: so that the Office shall alway be in a Condition to make Payment of all Bills brought to them. This being granted, the Clothier brings, or appoints his Chapmen to meet him at the Office, and writes off so [Page 54]much Credit from himself, as satis­fies them; suppose to the Value of 50 l.: still there remains 50 l. to this Clothier, which he must carry into the Country, and is ordered, by his Neighbour at home, to pay it to a Silk-Man in London, and he will give him the Money in specie at his Return. Few Citizens will refuse the Bank-Credit, unless they have a Chapman in the Coun­try that is a very Sure Card. But admit the worst, the Silk-Man re­fuses the Bill; the Clothier then sells it as he can, or at last brings it to the Bank-Office, who gives him Money for it ..... per Cent. Change.

When once this Office of Bank is settled, their Bills of Credit will readily change for Money, as it is at Venice, where the Banks never [Page 55]pay out Money, but give Bills of Credit to those interested, which Bills will pass, and sell readily for Ducats out of the chest, at Ten per Cent. Exchange. In short time ours in England will be of as great Cre­dit, nay greater.

Objections.

Obj. 1. It is a New Whimsie.

Ans. 1. So were all things at their first Using which Adam had not in his Creation. The Post-Of­fice was thought more ridiculous than this can be, not many Years since, yet now it gives a good Re­venue.

2. This is not new; it is practi­cable in our Leward Islands, where the Planters bring their Goods to [Page 56]the Ports: when the Ships are not there, they lodge them in a Ware­house, take a Bill of the Ware­house-Keeper, that they have such Goods there; this Bill will pass currantly as Money, so far as the Ware-house-Keeper is known: much more it will do so here. This Practice may be improv'd.

Obj. 2. No Body will trust such an Office of a Bank at first setting up, till, by a longer Tract of Time, Peo­ple are habituated to it.

Ans. 1. All Men do trust every day worse Security. To be sure there is no better in England than this Bank thus settled by Act of Parliament. Wise Men, that know there is a Fund kept in good hands, will never scruple it; and middle witted Men, in a little time, will follow their Examples.

2. If Men should be so scrupu­lous, as not to adventure their Goods upon a Bill of Credit upon the Bank, they may trust others upon Bond and be deceived.

Obj. 3. Men may be injured in their Goods, and oppressed by the Per­sons supervising this Office.

Ans. 1. So they may by their Servants at home.

2. They may complain to the Government, who have good Se­curity for the Officer's Honesty.

Obj. 4. It will be troublesome to trans­mit Credit thus from one to another.

Ans. It will be far more easie than if any Man had Cash in his Chest. Suppose a Merchant had Credit for One thousand Pounds, which he is to pay to Twenty Per­sons; he desires them all to meet him at the Bank-Office, and there [Page 58]writes off Credit from himself to them, with more ease than he could tell the Money.

Obj. 5. It will be Discredit to Young Men to pledge their Goods, especially at their first setting up.

Ans. 1. If none but necessitous Persons do bring in their Goods to this Office, it will be so; but the richest Citizens, if they design their own good, will deposite their Goods in this Office; if they do, it will be great Profit, which will take off the Scandal.

2. Many people, that do not need Money at all, will lodge their Goods into this Bank-Office-Ware-house rather than their own Cellars, merely for the Conveni­encies of selling them, as I have shewed in the Twelfth Particu­lar.

3. Persons of the middle Sort, of good Credit, and in no great Necessity for Money, will lay in their Goods here for Profit, to have Money at ..... per Cent. As suppose a Merchant lands a Cargo of Three thousand Pounds worth of Goods, lays them into the Bank, and takes Credit upon them for Two thousand Pounds, at .... per Cent. with which he Prepares for another Voyage, before his Goods brought in are sold; and so drives a double Trade with half the Stock. I see no reason, why our great East-India Company, and others in Corporations, in London, and in the Country, who are at great In­terest for Money, may not, with Profit (the Hinge upon which most Merchants move) lay their Goods here, where they may, up­on [Page 60]better Terms, and be dischar­ged of this when they please. These things being granted, It can be no Discredit, being none knows who lays in his Goods out of Ne­cessity, and who out of Choice.

Obj. 6. The Charge will be great.

Ans. 1. The Interest is but .... per Cent.

2. An Allowance for the Ware­house Room must be proportion­able to the Goods, as they are more or less Bulky; as it is in other Places.

3. The Appraizing, Registring, Stowing, careful Keeping them from accidental Damages, may be for every Five Pounds .... the trans­mitting of the Credit. It needs not be excessive; suppose for eve­ry Five Pounds ....; for every Twenty five Pounds ....; for Fifty [Page 61]Pounds .... for an Hundred Pounds ..... This is nothing like borrow­ing Money of the Scriveners, where their Security is usually settled at a Tavern, and the Borrower pays the Reckoning.

Obj. 7. Men will have Money, and not Credit, such hath been the Custom of the Nation.

Ans. Men desire Credit at Ve­nice, though never answered out of the Bank in specie, rather than Money, because it is more safe and more transferable than Monies are; so they will do here, when they know what is best. Their Ease, Security, and Interest will byass them to chuse it; but if they will have Money, they may at Market-Price.

Obj. 8. Where shall the Bank have Money?

Ans. All monied Men, if kind to themselves, will lodge their Money here without Fear, and sleep securely, and may afford to give .... per Cent.; because it may so happen they may have, or make ..... per Cent. by lending out these Bills upon Personal Security. The Benefits arising from these Banks must needs be great.

1. The Bank hath the Benefit of the Interest of whatever Credit they issue out for nothing, if it should be to the Value of Twenty four hundred thousand Pounds Ster­ling.

2. The Coyn of the Nation will be much improved, and immedi­ately monied Men will lodge their Monies in these Banks out of Choice, and it will be their Inte­rest [Page 63]to give .... per Cent. because they may let out their Credit at Six per cent. again, and because Bills and Bonds lie dead. The Bank lets out the Money in specie left with them, which is in motion also.

3. Whereas before the Money was only the running Cash of the Nation, now the Credit founded upon this Money is as much a running Cash, as the Money it self. The running Cash of the Nation will be greatly encreased, answer­able to the Credit issued out, let it be what it will, it will be great.

4. It will give Life to Trade for ever, and all Husbandry, and Growths, and Arts upon Manu­factures will be greatly improved, and increased, proportionable to the Credit rais'd in these Banks.

5. It will make England and Ireland, so conveniently situated for the Trade of the World, stored with safe Harbours, and blest with manifold Improvements in Manu­factures, Woollen, Linen, Paper, &c. and in Growths, as in Tinn, Lead, Iron, Copper, Coals, &c. will employ many Hundred thousands of Peo­ple in honest Labour, to the Glo­ry of God, and strengthening of the Kingdom; which, by the set­ting up of these Banks will be supplied with so great a running Cash, as in time will out do all other Nations.

6. Our Merchants may have Credit in Foreign Parts to buy Goods without Money.

7. Men will not be under such Necessities of selling Goods at an under Rate, for want of money, [Page 65]when they may have Credit upon them at an easie Rate, equivalent to Money, till they can light of a Chapman.

8. Men with small Stocks may drive great Trades: As suppose a Silk-Man hath a thousand Pounds, he buyeth Silk with it, lodgeth it in the Bank for Eight hundred Pounds; this he layeth out at Mar­ket in Silks, and pawns that for Seven hundred Pounds, and so downwards; by the help of this Bank he lays in Four thousand Pounds worth of Goods with One thousand Pound in Money, and is not tyed to any particular Man; he fetches out his Goods as he vends them, or useth them, by two, three, four or five hundred Pounds at a time.

9. Most Men will rather deal with Persons that have Credit in these Banks, than upon simple Credit; this being secured by Act of Parli­ament. Other Securities not com­parable to this, as divers can tell who have smarted through the De­ceitfulness of base Men, Scriveners and Goldsmiths.

10. It is not the Quantity of Commodities brought into these Banks will cause a Cessation in Trade; for the Credit of one Commodity will still purchase a­nother; and what cannot be spent in England, by the Credit of other Commodities, may be transported to other Countries to find a Mar­ket, which now, for want of Mo­ney to answer them, lie rotting at home; Money being the Medium to measure all kind of Commodi­ties [Page 67]by, they must lie dead till it can be applied. A hundred Yards of Cloth are not so soon measured with one Yard-Wand, as with twenty Yard-Wands, if severally applied to this hundred. If twen­ty Pedlars stood in a Market, and had but one Yard-Wand among them; one must stay for the other to deliver their Goods, till they can have the Yard-Wand to mea­sure out.

11. Poor People, that now pay Twenty and Thirty, or Forty per Cent. for Goods pawned to Brokers; of which they are perhaps at last cheated, if they do not redeem them at their Day; may be supplied at moderate Rates, by the lesser Banks set up on purpose for their Re­liefs. If the Bank gets no great matter by these Poor People, they [Page 68]will at least save; and the Poor will be relieved, that now suffer for want of a running Cash.

To summ up all in short; All Persons, Natives and Foreigners, Men, Women, and Children, Rich and Poor will have Profit one way or other, by the Access of so great Riches, as these Banks may neces­sarily produce.

REMARKS UPON THE Act …

REMARKS UPON THE Act of Tunnage, Relating to the BANK.

REMARKS UPON THE Act of Tunnage.
Their MAJESTIES having granted a Commission under the Great Seal, Dated the 15th. Day of June, 1694. for the taking Subscriptions for the Bank, pursu­ant to the late Act of Parliament, as followeth, (viz.)

VVHEREAS by an Act, Entituled, An Act for Granting to Their Majesties, several Rates and Duties upon Tunnage, &c. It is E­nacted, [Page 72]That for Four Years, from the first of June, 1694. there shall be paid upon the Tunnage of all Vessels wherein any Goods shall be imported from any the Countries in the Act named, or Coast-wise from Port to Port in England, the several Rates in the Act mentioned, and certain Additional Duties of Excise on Beer, Ale, and other Liquors.

And that weekly on every Wed­nesday, if not an Holy-Day, and if it be, the next day not being an Holy-Day, all the Monies arising by the said Rates shall be paid into the Exchequer.

And that Yearly beginning from the first of June, 1694. the Summ of Fifteen hundred thousand Pounds, arising out of the said Duties and Rates (in case the [Page 73]weekly Payments extend thereun­to) shall be the Yearly Fund; and if they do not extend thereunto, then the said weekly Payments, so far as they will extend, shall be part of the Yearly Fund; and in case the Duties and Rates shall be so low, as that within any one Year, the weekly Payments shall not amount to Fifteen hun­dred thousand Pounds, or be suffi­cient to answer the Recompences by the said Act extended, in such cases the Commissioners of the Treasury are strictly injoin'd, with­out any Warrant from Their Ma­jesties, their Heirs, or Successours, to make good such Deficiency out of any Treasure or Revenue of the Crown, not appropriated to any other Use.

And that it should be lawful for their Majesties to Commissionate any number of Persons to receive such Subscriptions as should be made before the first of August next, by any Natives, or Foreigners, or Corporations, towards paying in­to the Exchequer the summ of twelve hundred thousand pounds, and that the yearly summ of one hundred thousand pounds, shall be appropriated to such Subscribers.

Their Majesties (being resolved, that if the whole summ of twelve hundred thousand pounds, or a Moi­ety thereof, or more thereof, be sub­scribed by the first of August next, to incorporate the Subscribers) have nominated and appointed A. B. &c. (the Commissioners named in the Commission) or any five or more of them, to take the Voluntary [Page 75]Subscriptions of any Natives, Fo­reigners, or Bodies Politick, be­fore the first day of August, towards raising the said summ of twelve hundred thousand pounds, taking care that none write above twenty thousand pounds, and that before the first of July none write above ten thousand pounds.

And that the said Weekly Pay­ments as they come in, shall be di­vided in five seventh parts, and two seventh parts, which five se­venth parts shall be appropriated to the paying of the said one hun­dred thousand pounds per Annum, to be paid as the same comes in­to the Exchequer, to the Use of the Subscribers.

And that their Majesties may ap­point how the said twelve hundred thousand pounds, and one hundred [Page 76]thousand pounds per Annum, shall be Assignable, and may incorpo­rate such Subscribers, by the Name of the Governour and Company of the Bank of England, subject to the condition of Redemption.

And if twelve hundred thousand pounds be not paid into the Ex­chequer by the first of January next 1695. then the Subscribers shall have only after the Rate of eight per Cent. per Annum. And the Com­missioners of the Treasury are re­quired, without any Warrant from their Majesties, their Heirs or Suc­cessors, to pay the said one hun­dred thousand pounds per Annum.

And that no Person or Corpo­ration shall subscribe more than twenty thousand pound, and eve­ry Subscriber at the time of his subscribing, shall pay one fourth [Page 77]part of his Subscription, and in default thereof such Subscription shall be void.

That the residue of the Subscri­ptions shall be paid into the Ex­chequer before the first of January, and in default thereof one fourth part shall be forfeited.

That none before the first of July shall write above ten thousand pounds: Provided if twelve hun­dred thousand pounds, or a Moiety, be not subscribed by the first of Au­gust, then the Power for Erecting a Corporation shall cease; and in such Case so much of the hun­dred thousand pounds as shall be­long to the Subscribers may be As­signable; and that the Moneys pay­able by the Act to any Person, shall not be chargeable with any Duties or Impositions, as by the said Act may appear.

June the 21th at Mercers-Chappel, the Commissioners did meet, and divided themselves into several Of­ficers, and with great diligence, and in excellent Order and Form, at­tended to take the voluntary Sub­scriptions of all that came that Day.

Thus every Person that comes pays in one fourth Part of what he subscribes to one of the Recei­vers, who gives him a Receipt for so much, and directs him to ano­ther Office, where he is to deliver this Receipt, and receives another attested under the Hands of two Clerks, and by them directed to the Commissioners, and to deliver his Receipt to them, who sitting round a great Table with a great Book before them, inserting the Day of such Payment, the Names [Page 79]of the Commissioners receiving the same; and the Name and Abode of the Person paying the same; with their proper Additions, and the Summ paid, the Party subscri­bing writing his Name.

The Form of the Receipt given to all.

No

WE whose Names are here under sub­scribed Commissioners appointed by Their Majesties for taking Subscripti­ons for and towards the raising and pay­ing into the Receipt of the Exchequer the summ of Twelve hundred thousand Pounds, pursuant to an Act of Parlia­ment, Entituled, An Act for Grant­ing to Their Majesties several Rates [Page 78] [...] [Page 79] [...] [Page 80]and Duties upon Tunnage of Ships and Vessels, and upon Beer, Ale, and other Liquors; for securing certain Recompences and Advan­tages in the said Act mentioned to such Persons as shall voluntarily advance the Summ of Fifteen hun­dred thousand Pounds, towards the carrying on the War against France; do hereby acknowledge and declare, That J. W. of London Citizen, hath this day subscribed the Summ of [...] and hath paid to us the Summ of [...] be­ing one fourth Part of his said Sub­scription, according to the said Act and Commission. Witness our Hands the [...] day of [...] in the Year of our Lord 1694.

  • June 21. subscribed near 300000 Pounds.
  • June 22. subscribed near 200000 Pounds.
  • June 23. subscribed near 200000 Pounds.

And from June 25. to July 2. the remaining Part of the 1200000 l. was subscribed; which makes them in a Condition to be a Corpora­tion.

That the Corporation may be settled, to the Satisfaction of the Subscribers, the Commissioners, or any Five or more, after the first of August, or so soon as Twelve hun­dred thousand Pounds are subscribed, which shall first happen, may affix Publick Notice on the Royal-Ex­change, for all who have subscribed not less than Five hundred Pounds, and paid their fourth Part in, to [Page 82]meet on a Day appointed, which is not to be sooner than four Days, nor later than eight Days after the Notice, to Elect Members qualifi­ed as hereafter mentioned, to be the first Governour, Deputy, and Directors of the intended Corpo­ration.

And that all the Subscribers, their Heirs, &c. may meet, and chuse out of the whole Subscribers, of whom none shall have more than one Vote.

One Person who hath subscri­bed in his own Right Four thou­sand Pounds at least, and paid one fourth Part thereof at least, at the time of his Subscription, to be the first Governour.

And one other Person, who hath subscribed Three thousand Pounds at least, and paid in as [Page 83]aforesaid, to be the first Deputy-Governour. And Twenty four other Persons, each of which has severally subscribed in their own Right, Two thousand Pounds at least, and paid in one fourth Part thereof as aforesaid, to be the first Directors; which Elections shall be determined by the Majority of Votes then present: and in case they be equal, then by the Com­missioners, or the Majority of them.

That the Persons so elected shall be inserted in the said intended Charter, and made the first Gover­nour, Deputy-Governour, and Di­rectors; to continue in their Offi­ces from the Date of the Charter till the 25th of March, 1696. and till others be chosen in their Pla­ces, and sworn; subject neverthe­less [Page 84]to the Restrictions and Provi­viso's in the said Act, and to such other Rules, as shall be inserted in the Charter to be granted.

Provided no Subscribers shall be capable to Vote in the Election of the first Governour, Deputy, or Di­rector, until he hath taken the Oath following, (viz.)

The OATH.

I A. B. do swear, That the Summ of Five hundred Pounds by me sub­scribed, or the Summ of Five hundred Pounds of the Money by me subscri­bed, is my own proper Money, for my own Ʋse, and in my own Right, and not in Trust for any Person whatsoever.

Provided nevertheless, That any Quaker, who hath subscribed Five hundred Pounds, as aforesaid, and made and signed the Declaration fol­lowing, (viz.)

I A. B. do sincerely and solemnly declare, in the presence of God, That the Summ of Five hundred Pounds by me subscribed, (and so on as in the Oath aforesaid) shall be capable to Vote in the said Elections of the first Governour, Deputy, or Di­rectors.

Provided, That no Subscriber shall be capable to be chosen the first Governour, Deputy, or Director, unless he be a natural-born Sub­ject, and hath taken an Oath, That the Summs, which in the respe­ctive Cases of Governour, Depu­ty, [Page 86]or Directors, are requisite to be subscribed as aforesaid, are his own proper Monies, subscribed for his own Use, and in his own Right, and not in Trust for any other Person. And any Two of the Commissioners are impowered to administer the said Oaths and Declarations to the Per­sons who are to be chosen, or be the first Governour, Deputy, and Directors.

What Corporations, Natives, and Foreigners may do.

COrporations, Body Politick and Corporate, may sub­scribe any summ not exceeding twenty thousand pounds, paying down one fourth part to the Com­missioners at Mercers Chapel, Lon­don; and a second fourth part on or before the first day of October next; and the other third and fourth parts before the first of Ja­nuary, 1694.

2. All Natives and Foreigners may subscribe any summ not ex­ceeding ten thousand pounds Ditto, to do, and pay in, as before-said. The Bank-Corporation may pur­chase Lands, Rents, Tenements, and Hereditaments of what kind [Page 88]soever; and may also Sell, Grant, Demise, Alien, or Dispose of the same; may Sue, and Implead and Answer, in all Courts of Record; or any other place whatsoever: and do and Execute all matters and things, by the name of the Gover­nour and Company of the Bank of England; may borrow or give se­curity by Bill, Bond, Covenant, or Agreement, under their Common Seal for any summ of moneys not exceeding twelve hundred thou­sand pounds; may deal in Bills of Exchange home and foreign, may buy Bullion, Silver and Gold; may sell Bullion, Silver and Gold; may sell any Wares, Goods, or Merchandizes whatsoever, which shall be left or deposited with the said Corporation, for Moneys lent and advanced thereon, not re­deemed [Page 89]at the time agreed on, or within three Months after; may sell such Goods as are the Pro­duce of Lands purchased by the said Corporation; may give out Bill or Bills Obligatory, and of Credit, under the Seal of the said Corporation, to any Person or Per­sons by Endorsement thereon, un­der the Hand of such Person or Per­sons may be Assignable, and as­sign'd to any Person or Persons vo­luntarily accepting the same; and so by such Assign, Toties Quoties, by Endorsement thereupon, that such Assignment and Assignments, so to be made, shall vest and transfer the Right and Property in and to such Bill or Bills Obligatory and of Credit, and the Moneys due up­ont he same, and the Assignee may sue in his own name on default.

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What the Bank-Corporation may not do.

THE Corporation may not monopolize, or ingross, or buy up, any sort of Goods, Wares, Merchandizes whatsoever, with the Stock-Monies, or Effects, belong­ing to the said Corporation; in so doing they shall forfeit for every such Dealing and Trading, treble the Value of the Goods and Mer­chandizes so traded for.

They may not upon any Ac­count of the Corporation, at any time or times purchase Lands, or Rents belonging to the Crown, or advance, or lend to their Majesties, their Heirs and Successours, any Summ or Summs of Money, by [Page 91]way of Loan, or Anticipation, up­on any Part or Parts, Branch or Branches, Fund or Funds of the Revenue, granted, or hereafter to be granted, or belonging to their Majesties, their Heirs or Successors: in so doing they shall forfeit tre­ble the Value of every such Summ or Summs of Money so lent; the one fifth Part to the Informer, and the Residue towards Publick Uses, as the Parliament shall direct, and not otherwise.

Any Bonds, Bills, Covenants, Agreements, Writings, made, seal­ed, or given under their Common Seal, for any Monies or Goods; every Member or Members of the Corporation, their Heirs, Execu­tors, or Administrators, in their private and personal Capacities are chargeable and liable in Proporti­on [Page 92]to their several Shares or Sub­scriptions, to the Re-payment of all Money so lent, with Interest for the same; and an Action of Debt may be brought, commenced, pro­secuted, maintained in any of their Majesties Courts of Records against all and every, or any one or more of the Members of the said Corpo­ration, their Heirs, Executors, or Administrators, in proportion to their Shares or Subscriptions, and have Judgment against every Per­son or Persons as aforesaid, as if the Security were sealed by the Persons so sued; any Condition to the contrary notwithstanding. In Actions so brought, no Priviledge, Essoign, Protection, or Wager of Law, nor any more than one Im­parlance shall be allowed.

The Corporation may not per­mit, nor suffer any Person or Per­sons whatsoever, in trust for them, to trade with any of the Stock, Monies, or Effects of, or any ways belonging to the said Corporation: and if they permit it, shall for­feit for every such Dealing and Trading, treble the Value of all Goods and Merchandise so traded for.

All Amercements, Fines, and Issues against the Corporation, on account of any Sutes, or Actions, shall not be pardoned, or dischar­ged by any Letters of Signet, Pri­vy-Seal, or Great-Seal.

Any Person or Persons obtain­ing Judgment against the Corpo­ration, bringing it to the Exche­quer, the Officers are required to [Page 94]pay the same Summ or Summs to the Plantiff in the said Execution mentioned; whose Receipt shall be a full Discharge for the same, and may retain so much of the Yearly Summ of One hundred thousand Pounds, as the said Debt shall a­mount to.

FINIS.

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