I Believe it can't be unknown to you, That some time the last Summer, I presented a Memorial to His Excellency the Governour and Council, referring to the Bank of Credit, Projected by a Number of Gentlemen, Merchants, and others among us; and you must needs have seen in the Publick News-Paper, an Order of Council that was passed upon that Occasion; whereby the Projectors were directed to Proceed no further in that Affair, until the next Session of the General Assembly, That so the whole Government might be of Advice in a Matter of that Weight and Consequence. Notwithstanding all which, (I am loth to say in Contempt of it) the Persons Concerned, are openly carrying on their Bank with utmost Vigour and Expedi­tion; as Supposing, and indeed Affirming, That the Government have nothing to do with them in that Affair: So that 'tis very much to be questioned, whether the Projectors [Page 4] will make any Application to the General Assembly or not; looking upon themselves very Well and Sufficient without it. But does it follow, SIR, That the Government must sit still, and neither Say nor Do any thing, when they see and hear of a Projection that is just ripe for Execution, which so very much Imports the Prerogative of the Crown, the Constitution and Laws of this Province, the Estates and Liberties of the People, and that not only for the present, but succeeding Ge­nerations? No, it can't be!

I doubt not, but that before I have finished this Letter, to prove beyond all Question, and that by very good Reason, That as it Principally, and in the first Place behoves the Government, and General Assembly of the Pro­vince, so it really Concerns every Man that has any Interest in this Country, with great Application to Enquire into, and seriously Consider the Nature and Consequences of this Bank of Partnership, and that before it take Effect, and there be no Remedy: For do but suppose, SIR, This Pandora's Box once opened, and Two Hundred Thousand Pounds of these Bank-Bills Issued and Circulating upon Loan, or otherwise, and the Govern­ment at home should afterwards, in their Great Wisdom Disapprove and Suppress 'em, or it should otherwise Miscarry and come to [Page 5] nothing, by any unforeseen Accident; into what irreparable Mischiefs, Confusion and Misery would every body be Involved, that had to do with 'em? and the Blame and Reproach of it finally (with too much Rea­son) be thrown and Center on the General Assembly: For it will be Natural for every one then to say, Ay' Why did not the Government Interpose and Prevent this? And it was this very Consideration that principally Determined me at this time, freely to Communicate my Thoughts upon this Matter: And I could not, I am sure, think of a more suitable Per­son to Offer 'em to, than One, who has deservedly so good a Character and great an Influence in his Country.

But before I proceed any further, I must pray you not to mistake my Design; for my Intention is not so much to sit in Judgment upon this Bank Projection, as to Awaken the Government, (Pardon the Expression) and to Convince the Projectors, that not one Step in an Affair of this Consequence, ought to be taken without the Knowledge and Leave of His Majesty's Government of this Province, and that for these two Reasons: Principally,

First. Because we are a Dependent Go­vernment, and must in all things Conform our selves to the Laws of Great Britain, and the Instructions of the Crown; and therefore [Page 6] must expect to give an Account of all our Matters. And then,

Secondly. Because the People of this Coun­try have their next and immediate Depen­dance on the General Assembly, who are there­fore to see to it, (as they will answer the Trust reposed in them) that the Common-Wealth re­ceive no Damage by their Means. But to proceed in what I have further to say, I shall take this Method. First I shall give you a short Abstract of the Projection it self, and then some of my Sentiments or Reflections upon it.

The Projection in short, as I understand it is thus: A, B, C, D, &c, to the Number we'll say of one Hundred, by a certain Policy of their own Framing, Aggregate or Join themselves together into a Company or Partner­ship, in Order to make a Bank of Credit, as they call it, by Subscriptions, amounting to Two Hundred Thousand Pounds; which Sum they propose to make into Bills, of Pounds, and Shillings, and to let 'em out at Four Pounds per Cent. Interest; the Subscribers themselves being obliged to take out one quarter [...] of their respective Subscriptions, and give good Security accordingly; the other three Quarters to be let out upon good Land Secu­rity, to such as will borrow 'em; the Profits arising from time to time, upon the Loan of [Page 7] the Bills, to be to the Community or Partner­ship, excepting some Proportions thereof, which they propose for the Use of the Go­vernment, the Town of Boston, and some other Publick Uses, after the [...]piration of such a Time, and on certain Conditions therein Ex­pressed. And for the better Management of their Affairs, they have their Treasurer, Dire­ctors, and other Officers, &c. But for your further Information of the Projection, I will now Insert the Form of one of their Bills, Viz.

Now in the first Place, SIR, How Plainly and Greatly must the Prerogative of the Crown, and the Honour of Government, be [Page 8] affected by, and concerned in this Projection? Dare any Man of Law, or will any Man that loves or understands any thing of Go­vernment, Say, or Imagine, That such a Bank as this, may Safely, or can indeed Possibly be set up, and carried on without a Charter from the Crown? Shall a Number of Persons, of their own Head, Form themselves into a Compa­ny, [...] C [...]nstitution of their own making, and Erect themselves into a Body Politick, and Corporate to all Intents and Purposes in the Law, so as to Sue and be Sued, to Purchase and Grant Lands to take in Succession, with the Power of Making and Lending at one Stroke, the Modest Sum of Two Hundred Thou­sand Pounds, and afterwards as much more as they shall see meet? Certainly, Men that Talk at this Rate, must be absolute Strangers to the Constitution and Laws of Great Britain, the Honour of Government, the very Notion and Nature of Corporations: For any one that has but lookt into the History of England and London, will find that the several Com­panies, Fraternities, and Corporations there, have been all of them Created, either by Charter from the Crown, or by Act of Parlia­ment, and some of 'em by both; and neither have, nor pretend to any other Powers, Fran­chises or Liberties, than such as are Given and Limited to 'em in and by their several [Page 9] Charters. And indeed it is altogether as Absurd in the Law, for a Body Politick to Create it self, as in Philosophy for the Body Natural.

The Law-Books of England, do all Una Voce Proclaim it as an undoubted Truth, That all Powers Politick, all Franchises, Liberties, Charters Corporations, and the like, are Derived from the King, as their Original Fountain. And I believe this is the first time that ever any thing to the Contrary entred into the Reason of any Man out of Eutopia. I am sure the Great and Famous Bank of England was first Found­ed, and is still Supported on the strength of an Act of Parliament, and a Charter of the late King William and Queen Mary of Glorious Memory; as may be seen at Large by the said Act of Parliament made in the Fifth and Sixth Years of that Reign: Whereby Their Majesties were Impower'd to Incorporate a Number of Gentlemen, Merchants, &c. by the Name of the Governour and Company of the Bank of England; who were to Govern them­selves by certain Rules and Limitations, made partly by the said Act of Parliament, and to be made by Their Majesties in the Charter, and which was finally Subject to the Condition of a Redemption by Parliament.

[Page 10]But our Gentlemen, it seems, have found out a nearer way to a Bank and Corporation, than the Tedious and Troublesome one of a Charter from Home, or Acts of Assembly here; and not only presume to Incorporate them­selves, and make their own Rules and Orders, but also very Dutifully foreclose and shut out the Government from any Power of Redemp­tion, or indeed any other Concern with 'em.

Possibly these Gentlemen may say, They don't pretend to Incorporate or make them­selves a Body Politick, &c. but to Obviate that Objection, I shall give you the Notion, and Nature of a Corporation, as I find it in my Lord Cook's Institutes, and then leave you to Judge how Inconsistent this Objection is with their Policy or Projection.

My Lord Cook says, ‘A Corporation is a Body to take in Succession, Framed as to that Capacity by the Policy of Man, and called a Corporation, because the Persons are made into a Body, and so are of Capa­city to Take or Grant, &c. with Powers to Sue or be Sued, &c.’ Now 'tis easy to ob­serve, how fully the Projectors, in their Scheme, have come up to this Description of a Corporation.

[Page 11]As to their Bank-Bills, I readily grant they are not Money; for indeed nothing can be Money properly, and in the Law of England, but Silver or Gold (both which are of an In­trinsick and Universal Value) that has the Impress of the Prince, and made Current at a Rate, or Value set by Act of Parliament, or Proclamation of the Crown. However, these Bills will have as much the Face and Signa­tures of Money, as even the Bills of the Bank of England, or the Bills of Credit of this Pro­vince. For they are to be Printed, to be Stamped with an Escutcheon, to be Mark'd with Pounds and Shillings: They are to be Let out at Interest, and finally, the Projectors them­selves tell us, They are to serve as a Medium of Exchange, which was the First Rise, and still continues the End and Use of Money. But that which I Insist on under this Head as before, is, That no Person, or Number of Persons whatsoever,, can Assume, or may Dare to take this Power to themselves, but must Derive it from the Crown.

But besides what I have said of the Pre­rogative, the Nature of Corporations in Gene­ral, with Political Powers, Liberties, &c. and in Particular of the Bank of England, I must needs observe to you, an Act of Parliament made in the Sixth Year of the Reign of our [Page 12] late Sovereign Lady Queen Anne of Blessed Memory, wherein it is Enacted, That during the Continuance of the Bank of England, it shall not be Lawful for any Body Politick or Corporate, other than the said Company of the Bank, or for other Partners exceeding Six in England, to Bor­row, or Owe any Sum on Bill or Note Payable on Demand, or at any time less than Six Months from Borrowing thereof.

Now I shan't trouble you or my self, to Argue how far this Projection would be a Breach upon the Constitution of the Bank of England; yet I think it is very fair and easy to observe, that so great a Number of Per­sons, as our Projectors consist of, may by no Means, without a sufficient Power first had, presume to Make or Issue these their Joynt Bills or Notes. For certainly, if the same Fact committed in England, by a Number exceed­ing Six, would be a breach of Law, much more may we suppose it forbidden and made Unlawful for an Hundred to do it here.

We frequently meet in our Law-Books, with Informations in the Nature of Quo Warrantos against Corporations, and Bodies Politick, for Usurping Powers, Franchises and Liberties not belonging to them; or for abusing and acting contrary to those that do. And the [Page 13] Defence generally made in those Cases, has been Founded on their several Charters. But now suppose such an Information were Or­dered to be brought against these Projectors, what Defence in the Law could possibly be made by them, or for them?

I now proceed to the next General Head which I proposed, and that is, How far the Government, and the very Constitution of this Province may be affected by, and there­fore ought thoroly to Inform themselves about this Projection: And I think nothing can be plainer, than that the General Assembly of the Province, are under a necessity of En­quiring into the Legality, the Justice, the Safety, and Publick Advantage of this Bank, and if judged otherwise; by some proper Act, or Publick Order to Declare against, and forbid it, until His Majesties Pleasure may be known upon it. And as no wise Man, or good Subject can question the Power or Ju­stice of the Government in so doing, so 'tis much to be feared on the other Hand, in Case they should be wholly Silent, they might be called in Question at Home, for any ill Consequences of their Neglect therein: For I can't agree by any means with those Gen­tlemen that Argue, Because the Bank is Pri­vate, and the Government as such not In­terested [Page 14] Interested in it, that the whole Blame and Da­mage will fall on the Projectors. Can it be Imagined, that when this Affair has been so Publick, the Government Notified of it so Effectually, and the Projection it self of so high and extraordinary a Nature, That upon the whole, no Account will be demanded by His Majesty of the Government, what Me­thods they took upon this Occasion, to secure the Honour of the Crown, and the Safety of the Subject. But be that as it will, I think it very Unreasonable, and absolutely Incon­sistent with the Honour, the Power, and Wisdom of this Government, to suffer any Projection whatsoever, tho' otherwise never so well Framed, to be set up and carried on, and they have no Advice about it, no Au­thority over it, nor so much as a Power to Redeem it, in case they see good. This will be in effect, to suffer a Number of their own People to set up an absolute Independent Go­vernment, which like a Fire in the Bowels, will Burn up and Consume the whole Body. If such things as these may be Tolerated, 'twill be a vain thing any longer to talk of Government, a Power of making Laws, Re­gulating Trade, &c. For they that can make at one Dash, the Sum beforementioned, and as much more when they please, will quickly Govern the Trading part, and by degrees [Page 15] get the Land, of the Country Mortgaged to them, and so at length bear down the Go­vernment it self, and nothing be restrained from them. For which Reason I hope, and doubt not, but that the General Assembly of the Pro­vince, will upon this great Occasion, exert their proper Powers, as they have once and again heretofore, when they have been under any apprehensions of Danger, either to the Government, or the Publick Good. Two notable Instances whereof you'll find in the Memorial, one with respect to the making of Money, and the other of a Partnership or Company, both which are Published among the Printed Acts.

As to the Act of Parliament of the Sixth of the late Queen beforementioned, the Act of Parliament of late also made referring to Money in the Plantations, the several Laws of our own Province, with respect to Mo­ney, and the Interest of it; as also those that concern the Bills of Credit Established on the Province; all of which will more or less be Affected, Invalidated, and broke in upon by this Projection. I have taken so much No­tice of them in the Memorial, that I shall for­bear saying any thing more on that Head here, save only to Remark, That as the Ge­neral Court or Assembly of the Province, so [Page 16] certainly no particular Number of Persons in a Company or Partnership, can Pretend, or must Presume to Institute or Establish any thing Repugnant to the Laws of England. And so I pass on, in the last Place to Con­sider the Frame and Nature of this Laudable Projection, as some are pleased to call it; and my Objections to it are such as these.

First. Its absolute Independency on the Government, either as to its Regulation, or the power of Redemption; which, as I ob­served before, is a thing Intolerable, and without Precedent, and never so much as entred into the Minds of the Projectors of the Great Bank of England to Ask, much less of the Government to Grant.

Secondly. I cannot see the Reasonableness and Justice of it, betwixt the Subscribers and Borrowers: For, as I have Remarked already, the Subscribers are obliged to take out but a Quarter part of their Subscriptions, the other three Quarters is to be Let out at four per Cent. Interest, upon good Security. Now, according to the common course of Interest, in less than Twenty Years, and if the Com­pany shall please, by issuing out a greater Quantity of Bills, in a third part of that Time, the Subscribers will have cleared their [Page 17] own Mortgages, draw out their own Stakes, and so have the Interest of the whole to share among themselves, and the Bubbled Bor­rowers pay Interest for their own Estates. Pray where's the Justice of this? Why should not the Borrowers when it comes to that, have some of the Profits of the Bank, when their Estates are the only remaining Fund? I con­fess, it may seem a very easy and short Way of getting an Estate; but sure no Projection can expect to Succeed, that is not Founded in Commutative Justice and Common Ho­nesty.

I should be glad to know of these Gentle­men, that pretend to be so Publick Spirited in this Business, whether they could be Con­tented, and have the fame Opinion of this Bank, if their Names were taken out of the Policy, and an equal Number of others put in, and I suppose, without any Reflection, as Good may be found, and so instead of be­ing Lenders, they would become Borrowers of these Bank-Bills? I am afraid not! For the Business is, and very good Business it would be, in one Day to be Masters of 150000 l. and without any Risque at all, or any other Charge or Trouble, except the Printing and Signing a few pieces of Paper, to accept of Six Thousand Pounds per Annum Interest: By [Page 18] which Method, in effect, the Projectors would immediately have the Profits of other Mens Estates; and finally, as the Matter may be managed, the Estates themselves, without a valuable Consideration; their Bank-Bills be­ing but pieces of Paper that have no other Value, but what the Borrowers give them. And yet we are made to believe, that the Bor­rowers are well dealt with, if tho' they pay Interest, yet they may at last have their own Estates or Pawns back again, upon bringing in the Bills. If this be not the Philosopher's Stone, there is no such thing in the World.

Thirdly. It must, I think, unavoidably prove a great Snare and Mischief to People that want Money to pay their Debts or otherwise, for whose Ease and Advantage nevertheless the Bank is Projected: As for Example; A Man owes me one Hundred Pounds upon Bond, in the Bills of Credit of the Province, and very readily pays me Six per Cent. Interest; to Discharge which, he repairs to the Bank, and Borrows 100 l. in their Bills, and comes to take up his Bond: Can any Man in Pru­dence or Justice think, that I shall take one Hundred Pounds in Bank-Bills, that will fetch but Four per Cent. for one Hundred Pounds in Province-Bills, that People so willingly give Six per Cent. for? No sure. I must at least [Page 19] have as many of the Bank-Bills, as will fetch Six per Cent. And if the Bankers should out of their great Generosity, and in Compassion as they pretend to such as want Money, Let their Interest at three, or two per Cent. Inte­rest, the Case would be so much the worse.

Fourthly. What Security will the last Pos­sessor of these Bills have to depend upon, in case this Bank should be broke up, either by the Government, or its self? As for Exam­ple: A Man has one Thousand Pounds of 'em by him; what shall he do with 'em, when the Credit of 'em is come to nothing? For, by the Tenour of the Bills, as you see, they are only obliged to accept of 'em for the Re­demption of Pawns or Mortgages; and this Possessor has neither to take up. Possibly you'll say the Bankers will Assign him over a Mort­gage: To that I answer, That the Founda­tion being gone, every thing else will fall with it. I doubt our Courts would never Adjudge those Mortgages to be good in the Law, being for no Valuable Consideration, so that the Lands so Mortgaged, would Re­vert to the Original Owners, like the Year of Jubilee among the Jews. And then as to the Possessors Suing of the Company to make good their Bills, first there will be no such thing in case they be Dissolved by Order of [Page 20] Government; secondly, If in the other Case, it should sink of it felf, they may prove Insolvent, and so the Possessor be finely Lurched: For which Reason, all Wise Men will be afraid to meddle with them, or be sure to get rid of them as fast as they can.

Fifthly. The Name and Stile of this Pro­jection, is a Bank of Credit: Now I take it for a certain Rule, That no Money-Bank, as we may call it, can or will possibly have any Credit that is not Equal, either Really, or in Reputation, to the True or common Current Money of the Country, or Place where such Bank is Erected: And You may depend upon it, SIR, That if the Bills of the Bank of Eng­land it self were not looked upon as good as Specie, and in effect a Money-Bank, the Credit of 'em would quickly come to nothing. For which Purpose there are always kept in the Office of the said Bank in London, vast Sums of Silver and Gold, to Exchange for their Bills to any one that demands it. Besides which, the Exchequer, as you may see fre­quently by the London-Gazett, is always ready for that End to Assist 'em with whatever Sums they may have Occasion for. But now our Projectors don't so much as pretend to have the least Doight of Silver or Gold, or even a Stock of Bills of Credit of this Province [Page 21] to Answer, in Case of Necessity, or to sup­port the Credit of their Bills withal. And I am sure they have no reason to expect the Assistance of the Government upon any Emergency, since as yet, they have not so much as Consulted them in the whole Affair.

Sixthly. I cannot but think, the Making and Issuing so great a Quantity of these Bank-Bills, will be attended with a great deal of Mischief and Confusion as to Money in General: Now Money is of the greatest Importance, and last Consequence to a Com­mon-Wealth; for as 'tis the Sinews of War, so 'tis the Strength of Peace: For which Reason, we can't have too much of that which really is Money, but we may very easily have too much of that which is not so.

The poorest Country-Man in the Province, is not convinced to this Day, but that Silver, tho' never so Rough and Unpolished, is pre­ferable to the finest Paper-Money that ever was seen. We have had too much Confusion already in the Province, by the Difference that has been made between Silver-Money and our Publick Bills of Credit, (when yet they were Supported by the Government) and are hardly got over it to this Day. But into what [Page 22] a Gulph of Misery by Stock-jobbing Difference of Money, and innumerable other Mischiefs shall we be plunged think you, when such a Flood of Private Paper-Money comes to be poured out among us? 'Tis now more than Twelve Years since the Government first began to Make and Issue the Bills of Credit; and tho' the Occasions and Necessities of the Province have been very Pressing and Urgent, yet in all that time, they have made but about Two Hundred and Forty Thousand Pounds: But as if that were a small Thing, our Gentlemen propose at once to Make and Issue out 200000 l. And by the same Reason that a Bank is set up in Boston, several others may go on in the several parts of the Province; and what can the Consequence of this be, but to Confound the People, and make Money Vile and Contemptible; and as much as in them lies, to Alter and Destroy the very Nature of Money? So that instead of Answering all things, as it has always done, and ought to do, it will now Answer nothing, and be worse than every thing else; For that which really makes the Value of Money, among other things, is its Rarity: So that upon the whole, the Remedy pro­posed by these Projectors, will be much worse than the Disease. As to the Business of Trade, for the Ease, Benefit, and Advantage whereof [Page 23] this Wonderful Bank is Projected, it would be well Considered, First, Whether we have not generally run upon too much Trade for our Profit, already? For if I am not mistaken, tho' I am no Merchant, the greatness of the Credit given in Trade, has in a great Measure, brought this want of Money upon us.

I confess, as to the Encouraging the Pro­duce of our own Country, and our own Manufactures, the Exporting of our own Commodities we cannot well exceed; but if we Import from Abroad, more than we can Pay for, by what we Produce our selves, or Purchase from others with our own Commo­dities, we shall unavoidably grow Poor, and a Million of Paper-Money won't help the matter at all: So that the less we Import from Abroad, the less Money or Medium of Ex­change, the Trading part will want. And here indeed has been our great Improvidence and Unhappiness in this Country, (of late Years especially) that the greatest part of our Consumption in Boston, and other Sea-port Towns, almost to Food and Raiment, has been of Foreign Commodities, when the same things might be raised among our selves, were the Produce of our own Country Encouraged, at least, so much as to make a Ballance of Trade in our Favour. Besides all which, I [Page 24] cannot but think it the Duty and Interest of our Merchants and Traders, who have been the great Occasion of the Loss of our Silver, to Project some way of Recovering it again, and manage the Trade, so as that a good Proportion of Silver and Gold might once more find the way into New-England, and there remain for the Honour and Service of the Government and Country, who have Suffered and been Exposed too much already for want of it; and had not the absolute Necessity of the Government and People Re­quired it, it had been better (in the Opinion of many Wise Men) for the Province, they had never made any Bills, or Paper-Money at all.

I might also mention the great Extrava­gance that People, and especially the Ordinary sort, are fallen into, far beyond their Circum­stances, in their Purchases, Buildings, Fami­lies, Expences, Apparel, and generally in their whole way of Living: And above all, the excessive Consumption of Rhum and Wine, as one of the greatest Sources and Causes of the present Distress: Hereupon it must be granted by every one of common Sense and Observa­tion, That if the Importation of Foreign Commodities were less, and especially those [Page 25] two Branches beforementioned, viz. Rhum and Wine Reduced to what only might be Ne­cessary. Were but a tolerable Proportion of Silver brought in to us, which might be effected with Ease and Profit, were Frugality and good Husbandry Universally in Fashion among us, there would not be such a Clamour for want of a Medium of Exchange. I con­fess, as things are at present Managed and Circumstanced among us, both Silver and Paper-Money is become very scarce; tho' really more in Boston, and among the Trading part, than in Proportion, in the other parts of the Province. And the last Session of the General Assembly, when I had the Honour to be one of an Extraordinary Committee raised for that Purpose; I gave it as my Opinion, That con­sidering the Demand of the Government as to the Taxes, and the great Occasions of the People as to their Trade, it might be convenient to Make and Issue out a further Quanty of the Publick Bills of Credit, &c. in such a Method as was then agreed on: And of the same Opinion were all of that Committee, save Two, as I Remember, and they consisted of Thirteen: And accordingly a Report was made by the Chair-Man, in the Name of the rest. But how that Matter dropt when it came into the Lower House, I shall not take upon me here to say, tho' it may easily be guessed at. However, I perswade my [Page 26] self, that when the General Assembly comes to Review that Report, the Scheme then Agreed, will be found the best, if not the only Expe­dient to Relieve the present Distress; and the Gentlemen that Oppose it, will I'm Con­fident, have no Thanks from those they Represent.

SIR, I do not pretend in all, or any thing that I have said, to be against a Bank of Credit in General, were it well Founded, well Limited, and Regulated by the Govern­ment, and Equal to our own Current-Money, as such a Bank ought to be: But I am utterly against this present Projection, for the Rea­sons I have given, and many others that might be Mentioned: And since, as I said before, and I really am of that Opinion, That there is a Necessity of Supplying the People with a further convenient Quantity of Bills of Credit, for the better Payment of their Taxes, and the ease of Trade. I am absolutely for its being done by the Publick, and for such Reasons as these.

First. We have, had Twelve Years Experi­ence already of the Publick Bills, with great Honour, Safety, and Success; Whereas the Private Projection, is a Path that has never yet been Trod, and what the Consequences may be, we don't know.

[Page 27] Secondly. The Bills of Credit upon the Pro­vince, are Equal even to Seventeen Penny half-penny Weight, as to the Publick Tax, and by a late Act of the General Assembly, they are made a good Tender in the Law, as to all Debts Contracted in the Common Course of Trade, and by that means upon the Matter, made of an Intrinsick Value, and so the Credit of 'em Firm and Necessary.

Thirdly. The Profits in Case the Govern­ment Issue the Bills, will always Redound to the Publick, and so every one will have a Benefit thereby. And again, we may reason­ably suppose, that the Government would be more Sparing and Cautious, and not so Lavish in Launching out their Bills, as a Private Bank would be, not being under the like Tempta­tion: By which means the Credit of the Bills would be the better preserved. Besides which, the Province has once and again made good Counterfeits, and further provided against 'em, as you may see by a Private Act made in the Third Year of the late Reign, and a Publick Act made the very last Session of the Assembly: Whereas there is no Provision at all against Counterfeits in this Private Projection. And to mention no more upon this Head, the Fund of the Publick Bills of Credit, being the Province in General, according to the ordi­nary Course of Things, can never be doubted, or in Danger.

[Page 28]I know very well what the Bankers Object to all this, viz.

First. That as by the Constitution, it is in the Power of the Governour and Council to draw out the Publick Money, so it would be much more in His Power to lay His Hand on the Money so made and Let out, it being not raised for His Majesties Use, and Appropri­ated, and thereby Endanger the Liberties of the People. To this I Answer, First, That according to the Scheme agreed on, and Re­ported by the Committee, The Principal and Profits of that Money were so Settled and Secured, that nothing less than the General Assembly could Dispose of either. Secondly. As the Projectors have Ordered their Bank, 2000 l. of their Yearly Profits they design to present to the Government: Now what they mean by that, is uncertain. First, If they mean a Governour that they shall please to like, I'm sure it would be a very effectual way to Enslave this Country, by an under­standing between such Governour and the Bank. Secondly. If they intend the General Assembly, then I say as in the Memorial, That this Government neither can nor ought to be Maintained in any other Method, than by the Charter, and Instructions from the Crown.

Secondly. That the Government have no Power to do any such thing, as to Make and [Page 29] Lend out any Publick Bills; but with what Design they make, and how well they En­force this Objection, I leave the World to Judge, and with their Favour, I should think the General Assembly as Capable of knowing and understanding their own Powers, as the Projectors for 'em. I am sure it was the Opi­nion of the Committee beforementioned, That the General Assembly of the Province, were sufficiently Impowered by the Charter, when­ever the necessary Support of the Government required it, to Make and Issue these Bills of Credit in the Method then proposed. And their Opinion was Founded upon that Clause in the Charter, referring to imposing reasonable Assess­ments, Taxes, &c. In the necessary Defence and Support of the Government, and the Protection, and Preservation of the Inhabitants there, &c.

Now First, There's nothing in the Charter Repugnant to the Governments Issuing a fur­ther Sum of Bills. Secondly, It has been done, once and again, upon great Occasions, and the Government not blamed for it, that I know of. Thirdly, If the necessary Support of the Go­vernment of this Province, and the Preserva­tion of the People, (for those are the Words of the Charter) require the Making and Issuing a further Quantity, then 'tis directly within, and well Warranted by the Charter. Now I think we are all agreed in this, That neither [Page 30] the Government nor People (as to their Trade and Business) can well be Supported and carry on their necessary Affairs much longer, without a further Supply of Money, or Bills of Credit. Besides which, the Projectors would do well to tell us, how it comes to pass, that they should have so great a Power of Sup­plying the People with Money, and the Ge­neral Assembly have none at all. But certainly, if the Bankers are so wise and Cautious as to the Powers of the Government, for fear they should be exceeded, and the Constitution thereby Endangered; it much more behoves the General Assembly of the Province, to Ex­ercise this Caution, with respect to this Pro­jection, and effectually secure the Honour and Safety of the Government, the Estates and Liberties of the People, which is the very thing I Contend for, And that which Com­forts me in what I have said and done upon this Occasion, whatever the Event prove, is, That I have had no Private View, or Sepe­rate Interest, much less any Prejudice to the Gentlemen concerned; among whom I have many particular Friends; but have Sincerely aim'd at the Publick Good. SIR, It was the Excellent Character of the Heads of the Tribe of Issachar, in David's Time, and Re­corded for their Honour, and our Imitation, That they were Men of Understanding in the [Page 31] Times, to know what Israel ought to do, &c. I earnestly Desire, and Believe, That the Heads of our Tribes like them, upon this great Occasion, may and will Discern both Time and Judgment; know and seek the true Interest of their Country: And I shall be glad, if I may in any wise contribute to so good an End, by what I have here Offered. You'll please to Excuse the Trouble of this long Letter, and Communicate it as you think Proper.

SINCE the Date and Delivery of this Letter, I understand the Bankers have new Modelled their Projection, and Reformed it, as they reckon, in two Articles; But how long this new Scheme will hold, is uncertain, First. Instead of Four, [Page 32] they now propose to have Five per Cent. Inte­rest; but they would do well to tell us by what Law, or with what Justice they can pretend to ask or receive one per Cent. or indeed any In­terest at all, for their own Bills, which (as be­fore is observed) are nothing in themselves, have not the Foundation, the Advantage and Value of the Publick Bills of Credit on the Pro­vince, nor ever can without the Government, and must be wholly obliged to the Borrowers for their present worth or Currency. And I be­lieve this is the first time that ever Interest was asked for any sort of Money or Bills that had not the Stamp or Authority of a Government.

Secondly. They have Reformed the Fund also, in ob­liging the Subscribers to give in Real Security, to the Value of 200000 l. the full Sum of the Bills proposed to be made, and so not to be obliged to the Bor­rowers for any part of the Fund. I confess, there seems to be some Justice in this, and serves to prove, that there was Reason and Weight in my first Objection to the Nature and Frame of the Bank; And when they have Answered the rest, and made a thorow Reform of their Projection, so as it may be Consistent with the Honour and Safety of the Government, the Li­berties and Properties of the People, and agreeable to the Rules of Reason, Justice and Equity, I believe every one will Encourage and give in to it.