REMARKS ON THE PROCEEDINGS OF THE Commissioners For putting in Execution The ACT past last Sessions, For Establishing of a Land-Bank.  
LONDON, Printed, and Sold by the Booksellers of London and Westminster. 1696.   

REMARKS, etc.  
AMongst all the Methods and Contrivances (since the present War) to supply the Government, that none should prove ineffectual or useless, except the Fund given for establishing a Land-Bank, seems something strange when considered: For since we live in a Country seated under the best of Climates, productive of all the Necessaries of Life, whose Native Commodities are the Foundation of the greatest Trade and Commerce under Heaven, whereby numerous Families daily arrive at great and plentitul Fortunes: I say, for the Proprietors of such a Canaan as this, either not to know, or if known, not to be able to establish their Interest, must argue the greatest Stupidity, or the least Industry imaginable. And it is plain to any intelligent Man, how the extraordinary Interest of Money has been like a Gangreen to many Estates, and has reduced them to a very mean condition; and the difficulty of mortgaging Land is now so great, that besides the Legal Profits, (if the Sum to be borrowed be considerable) the Lender must have a Present made him, before he will condescend to look at the Title. This was a melancholy prospect to Men of good Understanding, and good Estates, and therefore it needs not remain a Mystery to so many, why the Parliament should be so fond of a Land Bank, as to refuse this Fund to the Bank of England, and give it to them, since the former is the most beneficial thing to the Landed-man that ever was projected, and the other profitable only to a few Traders, who no doubt will confederate and unite their strength to oppose any Contrivance which is likely to advance the Interest of the Landed-man, and to lessen their own; for had the Land-Bank succeeded, it's evident that the Interest of Money must in a little time have been reduced to 3 l. per Cent. and Land consequently have risen in purchase proportionable to the fall of Money, which the moneyed and trading Men could not endure to think of, much less to have it brought about; for what could be more ungrateful than the thoughts of consuming double the time in their Trade, to accumulate that Wealth, which when purchased, will acquire but the same Estate of Inheritance, as what is gotten in half the time, at the rate as Land and Money goes at present: For now it's every days experience, that a few years' success in Trade, renders Monied-men Masters of so much Wealth, as enables them to purchase the most considerable Estates in the Kingdom; so that at this rate in some few years, the Traders will invade the ancient Gentry, and take away their Place and Nation. These, and such like Considerations, were the cause why the Land-Bank met with so little Encouragement, and so strong opposition, for when the Gentlemen of the House of Commons would by no means be induced to lay aside a Proposition, so apparently advantageous to all Landed-men in the Kingdom, than an Exchequer-Bank was invented, either to hinder the other, or at least to protract time, and therefore the Projectors of it did not desist from pressing that forward, till it was twice cast out by a division of the House; and notwithstanding they were first beaten from their Outworks, yet they had a reserve still, hoping that if a Bill passed in favour of a Land-Bank, to get a millstone to be tied about its Neck that would not fail of sinking it, by providing that the Exchequer might issue out their Bills immediately for 150000 l. and for the rest if the Bank did not raise it. And tho' this was readily consented to by the House of Commons, that his Majesty might have all Reserves for raising the Money, yet the consequence of this proved to be a dividing the Interest as well as the Money, and made those who were so fond of a Bank under the Exchequer management, to be very little concerned whether the other had success or not; and then they who saw further into the Millstone than others, gave it out in a modish whisper, that the Bank would never come to any thing, which discouraged hundreds from subscribing, which no doubt was the intent of the Parties. Another difficulty was the requiring so vast a Sum as 1282000 l. before they could be a Corporation; for if the subscribing 500000 l. would have done, they would not have been obliged to ask nigh so large a Premium as they did, which (by the way) was not so extravagant as their Enemies represented it to be, considering the scarcity of Money at that time, when most Men valued a milled Crown as if it had been an ancient Medal of one of their Ancestors; neither did they themselves (whatever they pretended,) think it so, since they were of Opinion, that had it been complied with, the Money could not have been raised; but it is an easy matter to find a stick to beat a Dog. All Scruples, tho' never so dark and nice, must be laid hold of, and all the weak Sophistry they were Masters of, must now be furbished up to attack the Land-Bank; but that imprudent and unreasonable demand (as it was called) was not so bold as welcome to some, who were glad of that or any other occasion to deny the Land-Bank; and had their Demands been but a fifth part of what they were, it's likely they would have been thought unreasonable, for every Molehill seemed a Mountain, and they were looked upon as such as intended to raise a Rebellion rather than Money: And it was something strange, to see such an indifferency to those who endeavoured to bring in such a Mass of Wealth; but it could not be the Money that was disliked, but the Method of raising it; for the grand Debate was, Whether these Chimeras and Idols of Fancy, called E— Bills must do it or not, which at last being resolved in the affirmative, 5 l. per Cent. for the first payment, which (by the way) is but 25 s. per Cent. for the whole Sum) is thought sufficient, and to spare, for such as shall subscribe their Money to the Land-Bank, (less than ever was offered when the base Money was currant, which People parted with without any consideration of the Security) that one would think that Proposal was rather made by way of Mortification for their former extravagant Demands, than the utmost that could be afforded on such an Occasion. And it's Observable, when this gracions Offer would not bring forth one Penny, (as it was not likely it should) the Commissioners were again sent for, and it was the Opinion of most that were present, that heard the Questions proposed to them, and the Answer they gave, that there would be an Agreement, when as the Event showed there was nothing less intended, and that they were sent for, imagining them illiterate enough to make illegal Demands, as ask their Premium upon the Salt-Fund, or to have Guineas taken at above 22 s. at last the gracious 5 l. per Cent. is again offered, with a Ne plus ultra tacked to it, this Method served to get time, and was like throwing out a Barrel to a Whale to play with, whilst the Ship escapes; for by this dallying the Commissioners were diverted from thinking of any other means to raise the Money, which without doubt was the thing feared by some. And I cannot omit one Question that was asked, and not being answered to their satisfaction, (as was pretended) was then alleged the reason they could not comply with our Proposals, and that was, What Security we could give of raising the whole Sum? a very pretty Question, and which would without doubt put the Rogues to a Nonplus, and aught to be answered Poet Bays his way, after a little-pausing and scratching one's Head, to say, I gad I won't tell you; for if they should have drawn out four or five of the stoutest Fellows amongst them, each worth 40 or 50000 l. and sent for a Public Notary immediately, and went forthwith to Noverint Universi, it's ten to one they would not be satisfied, or thought the Security sufficient. I dare say they would not have taken the two Northern Crowns, nor any other brace of Princes in Europe for Security: And it was utterly impossible to comply with this Demand, unless that Question had been put in time, that the East-India Company, (who designed to subscribe part of the Money) might have prevailed with the great Mogul to give Security to raise the Sum: Yet many People are of Opinion, that the best Security for the Money, had been to have given such terms, as it had been the People's Interest to have subscribed it; but every things runs counter when a thing is predestinated to Ruin and Destruction, the Project was hatched under an unlucky Planet, and was born like many other foolish things in Nature, only that it might die, and we ought to rejoice it fell so honourably, having so many great and powerful Enemies against it.  
Another reason is given why the Land-Bank was unfortunate, and that is, because it was conceived in sin, and therefore that matter ought to be examined, for if so, it is no wonder it throve no better: And to prove this 'tis alleged, That the Parliament having incorporated a Society of Men, by the Name of The Governor and Company of the Bank of England, (mark the exclusive Particle The) had debarred themselves of the Power of setting up another Bank, and therefore after the Bank of England had advanced their Money for the public Good, (without any consideration for their own Interest) and have ever since their incorporation been so useful to the Government, not only by lending their own money, but every bodies else they could lay hands on, to erect another Bank in prejudice of such a one, and upon the breach of the public Faith too, must certainly be an ungrateful and wicked Action.  
Now if this be a Crime, it is not the first that Parliaments have been guilty of in that nature, having served the Church of England the same sauce before, which all People must allow was by Law established, and was as much the Church of England as the other is the Bank of England, taking the word The in its utmost latitude. Neither can it be denied, but that the Church of England has been as serviceable to the Government as the Bank, and is much better calculated for so being, than this or any other Bank can possibly be.  
And in truth, the Bank hath been rather serviceable to the Subjects than the Government, for if we reflect on the Proceedings of the Bank for this last six Months, we must take the People to be in their minority, and to have chosen the Bank for their Guardians. It is well known, that the desire of living above our Fortunes, has been an Epidemical Distemper to the People of this Kingdom, and especially to the Gentry: Now the cure of this Disease is totally owing to the Bank, for their Pious and Paternal Care ought never to be forgotten, in diligently enquiring into men's circumstances, when they came for their Money, viz. What Family they had? what Children? what servants? and what other Necessary Expenses they were obliged to support, and supplied them not according to their own extravagant demands, but with what was convenient for the Necessaries, not for the Luxury of Life. Now to do any thing against the interest of these our Spiritual and Temporal Benefactors, must argue the highest ingratitude. But the Bank may be contented to run the same Fate with the Church, since it was as much the Intent of the Legislators to have but one Faith as one Bank.  
But here it will be said by the Directors of the Bank, that although the Consequence of the Toleration will be setting up as many Churches as there are different Opinions amongst Mankind, yet the Directors of the Church of England put all other Churches under Contribution, and receive Tithes from all, like the City Council, who must be feed though you make use of others. To this may be said, that the Church have a Legal Right to Tithes, and can force People to pay them, which the Bank (to their Grief) have not, to force People to deposit their Money; but if the payments of Tithes had been as voluntary as putting Money into the Bank, it had been no more unlawful to establish a Toleration than it is now.  
But here perhaps they will Object, that if the Church were really as ill used as the Bank, yet that is an Aggravation of the Crime rather than an Excuse, which is very true; but I deny that either have been so ill used, or the public Faith broke to either; for nothing passes in an Act of Parliament, but what is given by express words, or something necessarily employed. I suppose the Bank does not pretend that another Bank is excluded by express words; and it is the most unreasonable thing in Nature to make the particle The such a Monster, as to carry in its belly all the Cash in the Kingdom, and to be destructive to all future Corporations and Bodies Politic. But I dare be bold to affirm, that if the Parliament had suspected this Particle to have imported but the 20th. part of what is by some suggested, they would have sent 100 Miles for a word, rather than have used it; and therefore it can be no Crime, in foro Conscientiae, to set up another Bank.  
And tho' the Directors of the Bank of England were not unblamable, for using all their Interest to hinder the Act from passing, yet when (notwithstanding all the opposition that could be made) the Act passed, and the King's Affairs, and the Affairs of all Europe in a great measure depending upon the Success of it, then, I say, to appear so vigorously against it, and to strain so hard as to bankrupt themselves, rather than the Land-Bank should rise, savoured rankly of Malice and Self-interest. Neither can the Directors of the Bank of England be taken by any intelligent Man to be such Patriots as they would have the World suppose them to be; but I will detain you no longer in the Porch, but proceed to the Objections made against the Gentlemen that proposed and prosecuted the Land-Bank.  
First, That they undertook the raising 2564000 l. at 7 l. per Cent. perpetual Interest, redeemable by Parliament.  
Secondly, That contrary to their first Proposals, they insisted upon an Extravagant Premium of 300000 l.  
Thirdly, That they were not able to raise the Money upon the Premium they desired, nor could give any Security to do it.  
Fourthly, That they ruined the Credit of the Bank of England.  
I propose to answer these Objections, and then to show,  
First, That the Bank of England, through their Covetousness and want of Understanding, ruined their own Credit.  
Secondly, If this Fund had been given either to the Bank of England, or the Exchequer alone, it could not have been so easily raised as by a Land-Bank.  
Thirdly, That there is no way to restore Paper-Credit but by a New Bank.  
The First Objection is, That they undertook the raising of 2564000 l. at 7 l. per Cent. perpetual Interest.  
To this I Answer, That neither the Gentlemen concerned in the Land-Bank, or any Person, or Body of Persons in England, did, or could undertake so great a Sum; but when Methods were proposed in the House of Commons for raising this Money, they offered their Opinions, that it might be raised by a Land-Bank, and that 7 l. per Cent. was sufficient Encouragement, as the Treasury and Courtiers thought it might be best raised by an Exchequer-Bank, and others by different Methods; and if they were mistaken, (as I shall endeavour to show they were not) it is what the Treasury were in their Exchequer-bank, and what any one else in probability would have been, considering the different circumstances of the Kingdom when the Proposals were made, and when the Money was to be raised.  
Second Objection. That they insisted upon an extravagant Premium of 300000 l.  
To this I Answer, They were obliged to it.  
1. By the Discouragement and Obstructions they met with in the House of Commons, in the passing their Bill.  
2. The Condition of the Kingdom in relation to Money and Credit was very different when the Proposals were made, and when the Money was to be raised, and therefore they were obliged to enlarge their Demands.  
First, The Difficulties they met with in passing their Bill were these,  
First, The Members of the Bank of England were excluded from subscribing.  
Secondly, They were not to be Incorporated upon a less Sum than 1282100 l. by which Discouragement not one in ten would subscribe till they were assured of being a Corporation, esteeming that Privilege to be half their bargain, and fearing the Subscriptions might not amount to that Sum; whereas if the Subscribers had been qualified to be a Corporation upon the subscribing 500000 l. that Sum had been subscribed in three days, by the Commissioners themselves, and the Members of Exeter-Exchange; and if they had been once entitled to a Corporation, there could be no doubt but the whole Money would be subscribed afterwards, since it would be then a greater Encouragement to come in at Par than upon 20 per Cent. Premium before.  
Thirdly, When they offered a Clause to their Act, to naturalise such as would subscribe 500 l. and had reasonable Assurance from the Foreigners upon the Exchange, that such encouragement would bring in 400000 l. that clause being thrown out, the stock of the Bank of England advanced, and their Wagerers upon the Exchange offered odds against the Success of the Land Bank.  
Fourthly, Their Bill was delayed so long by the opposition it found, that they could not get their Commission passed before the 4th. of May, by which means it was left in the power of the Treasury to refuse or take the fourth part of their Subscriptions in clipped Money, which was a particular hardship upon a great number of People, who avoided putting in their clipped Money upon other Funds, in hopes of subscribing it, and making their first payments with it in this Bank; and reasonably hoped since they paid to the recompense, to have their clipped Money made good to them as well as to others.  
And I believe it has been every one's Observation, that several Gentlemen of the Bank of England, and others, Opposers of the Land-Bank, would often insult over them upon their Success in the House of Commons, and ask them what was become of their Bank, tho' now they call them Jacobites, and threaten to impeach them, for not doing what they themselves rendered impossible for them to do.  
The second Reason I gave, was, the different Circumstances of the Kingdom when the Proposals were made, and when the Money was to be raised: As,  
1. Guineas were taken at 30 s. and it was not known whether the Parliament would bring them down or no.  
2. Paper-Credit was good, and the Bank of England and the Goldsmiths paid their Bills punctually, whereas at the time this Money was to be raised, both refused.  
3. Tallies were equal, or better than Money, whereas afterwards they were 20, 30, and 40 per Cent. Discount, by which means People could make a much greater advantage of their Money, and therefore would not subscribe it upon the same terms as they thought before reasonable.  
4. It was hoped at first not above 60 per Cent. would be called in, whereas afterwards by the Universal Fall of Credit, and want of Money, no one thought of paying less than the whole Sum subscribed.  
5. There was an actual want of Money in Specie in the Kingdom, seven Millions in and out of the Exchequer being rendered useless, by which means the Commissioners saw it impossible to get the Money subscribed, and paid in Specie, and therefore designed to take Tallies, good Goldsmith's Bills, and Bank Bills, and clipped Money by weight at a high rate for Subscriptions, and so asked 300000 l. Praemium, believing it would cost them full as much to Discount the several Species aforesaid for Money, which they proposed to pay to the King.  
It is to be Observed here, (1.) If the 300000 l. desired, had been granted to the Land-Bank, their bargain had not been so great as the Bank of England's; for the Bank of England having 100000 l. per Ann. for 1200000 l. they gave but 12 years' purchase for their Fund; besides, they had allowed them 4000 l. per Ann. for their Charges: Whereas, if 300000 l. had been deducted out of this Fund, the remainder had been 2264000 l. which divided by 179000, the Interest they were to receive makes near 13 years' purchase; and I believe the scarceness and goodness of Money considered, when the Bank of England was raised, and when the Land-Bank was to be raised, any one but themselves will believe that the latter deserved at least equal Encouragement; and it's probable the Parliament would have given it, if they had foreseen the Difficulties that have since happened.  
2. That the Commissioners did not ask the 300000 l. out of the Salt-Fund, but upon the Exchequer in general, which could not be paid them but by the Consent of the Parliament, and so they left themselves to the Parliament whether they deserved it or no.  
3. At the time they asked those Tallies on the Exchequer in general, it would have cost 40 l. per Cent. to discount them, which reduced their Demands to less than 200000 l.  
4. If their Terms had been complied with, the greatest part of the Subscriptions would have been made in clipped Money and Plate, which would have been coined to increase our Species of Money, and it's probable would save the Nation next year near as much in the recompense for clipped Money, and Encouragement for bringing in the Plate as the Sum demanded.  
5. The Exchequer has not borrowed any Money so cheap since.  
The Third Objection. That they were not able to raise the Money upon the Premium they asked, nor could they give any Security to do it.  
This Objection justifies them in ask the Premium refused; for it is very unjust to tax them for ask too much, and yet to confess it was not enough to induce people to subscribe the Money. However, I offer these Reasons that it would be subscribed.  
1. They Proposed they might open their Books for Private Subscriptions, not doubting within three days they might bring Hands for near the Sum to be raised, which was not thought fit to be granted to them, it being Objected it would be a Disencouragement to the real Subscriptions.  
2. When they were sent for to attend the Lords Justices, and were asked, What Security they could give of raising the whole Sum? They Answered, That they computed the Commissioners themselves, and the Members of Exeter-Exchange, would subscribe 700000 l. that they believed they should be able to bring in as much more by their Interest and dequaintance, and they thought it reasonable to suppose the whole Kingdom would subscribe the rest.  
3. That they thought the Nature of the thing would admit of no other Security than what they offered, since it could not be expected that any number of Persons would enter into Recognizances to raise the Summ.  
4. It was solely to their Disadvantage if they did not subscribe to be a Corporation, since by the failure they would only entitle themselves to 7 per Cent. in the Exchequer, which no one would give 70 l. for, and therefore it is to be presumed they would take such care for their own sakes, as not to lose 30 per Cent. of their Money; which if they did not, it would solely redound to the advantage of the Projectors of the Exchequer-Bank, who would have the Money that was subscribed to circulate their own Bills.  
5. When they became a Corporation, it cannot be doubted but the whole Money would be quickly subscribed, since then the advantage of subscribing would be much greater, (as I said before) and it was not in the power of the Commissioners to hinder any one from subscribing that thought it his Interest; but admitting the Subscriptions would have stopped when they were qualified to be a Corporation, I believe most People are of Opinion now, that 1282000 l. would better serve his Majesty's occasions, than nothing, though the Arithmetic of that time was, that half was less than none.  
The Fourth Objection is, That they ruin'd the Credit of the Bank of England: and here these worthy Patriots make bold with the Parliament, and say, they broke their Faith with them, in setting up another Bank. I Answer,  
1. There are no words in the Act of Parliament, that directly or indirectly exclude the Parliament from setting up another Bank: The Act only incorporates a Body of Men to sue and be sued, which if it should amount to a prohibitory Clause, excludes King and Parliament ever hereafter to grant a Corporation, since every Corporation, single person, or number of persons in England, may lawfully do what these Gentlemen pretend to have the Monopoly of.  
2. The Land-Bank was excluded from discounting Bills of Exchange, lending Money upon Pawns, dealing in Bullion, etc. and every thing else, but lending upon Land, and to the Government, and therefore could possibly be no disadvantage to the Bank of England, who do not pretend to lend upon Land.  
3. If the other Bank had taken effect, it's probable the Bank of England would have had more Cash left with them than before, since it would have been the Interest of both Banks to have agreed, and then without doubt they might have divided the Goldsmith's profits between them, and so each Bank have more Deposits than the Bank of England had before.  
4. If the setting up a Land-Bank would be a Disadvantage to the Bank of England, it was no injustice to establish them, since the Parliament gave no Warrant to the contrary, and their bargain was great enough notwithstanding; and greater than they thought was fit to be granted to the Land-Bank, who were to raise more than double the Sum, in less time, when the Difficulties were greater, and the Coin better; they had but 7 l. per Cent. excluded from many Advantages the Bank of England had, and were obliged besides to lend 500000 l. per Annum, at 3 l. 10 s. 0 d. per Cent. Interest.  
5. If the establishing the Land-Bank did increase the Demands upon the Bank of England, it was caused by the unreasonable opposition they gave to it; which failing of the Effect they proposed, gave them that Disreputation that always attends those that are overcome, for the World had reason to believe they understood their own Interest best; and when they seemed to wind up their whole happiness in defeating the Land-Bank, and miscarried, it is not to be wondered if other People thought their Condition to be worse than it was.  
That the Covetousness and want of Understanding of the Bank of England was the Occasion of their loss of Credit; To prove which I shall show,  
1. That they left undone those things which they ought to do.  
2. They have done those things, which they ought not to do.  
1. To the first, They ought to have foreseen, that after the 4th. of May the Demands upon them would be greater than before, for admitting the World had as good an Opinion of their Credit as ever, yet the necessity of People must call upon them for Money, for the whole Silver Species of England being sunk in a day, they might be assured all People would want Money for their ordinary occasions; and whatever opinion they had of their Security, would call for it when they had demands, and therefore they ought to have made Provisions to answer them.  
2. They should have called in as many of their Bills as they could, whereas they issued out Bills till the 4th. of May, and how many since they stopped their payments is best known to themselves.  
3. They might have bought Guineas for Tallies and clipped Money, when Tallies were par, and clipped Money currant, and Guineas playing between 22 s. and 24 s. which they were three Weeks or a Month.  
4. They might have called in their 40 l. per Cent. either before or immediately after the 4th. of May, and not kept Money in their Pockets which they owed to other people.  
5. When they could not pay all their Demands, they might have allowed the difference which their Creditors gave to discount their Bills, since it is more reason the Debtor should pay it than the Creditor.  
6. They might have allowed the Interest they received, or at least Legal Interest, when they were not able to pay the Principal.  
To the last they Object, That they offered Tallies to any that demanded them, which was the Security they had. I Answer,  
1. It lies upon them to prove, they ever offered any Tallies payable within three Months, but only such as it was worth 30 l. per Cent. to discount.  
2. If they had offered such Tallies, it had not been sufficient, since their Creditors did not trust the Exchequer, but them, and expected their Money upon demand, as the Bank is liable by Law to pay it, or otherwise they would rather have put their Money into the Exchequer for Tallies themselves, and have received the Interest from the beginning, than let the Bank receive the Interest of their Money till they call for it, and then give them but part of that Security which they might have had at first, and upon such Funds as the Bank thought fit to spare, whereas themselves might have chosen their own Funds.  
If these Methods would not have fully answered their Creditors, at least it would have given them the Characters of honest Men, and of doing all that they were able to do.  
Next I am to prove the Bank of England have done those things which they ought not to do.  
1. They extended their Credit beyond 1200000 l. and by that means run in debt more than they were able to pay, whereas it is very evident the Act of Parliament designed to confine their Credit to 1200000 l. which their Fund was answerable for, by obliging them not to issue out a greater Sum upon it; not imagining that they would evade the Act, by issuing out Notes, which bound not themselves, nor was any ways Security to those that accepted them. For it is not to be conceived the Parliament designed they should borrow any Money, but what they could give Security for, and not under the shelter of an Act of Parliament deceive innocent People, who do not know a Corporation is not bound, but under their Common-Seal.  
2. When they had thus evaded the Act, and were afraid to be called to account by the next Parliament, to sweeten the Contrey-Gentlemen they promised to lend Money upon Land, to any one that offered them good-Security, which I hope they have more modesty then to say they have performed, and by that means have justly raised the indignation of the Nobility, and Gentry against them, who hoped to be eased from the Extortion of Scriveners and Usurers.  
3. They undertook a foolish Bargain, to return Money for Flanders, by which they have lost a Sum best known to themselves, whereas it might have done better by the Merchants, whose Business it was, and who unstood it better. They allege, they did it to serve the Government, but I think it will be hard to satisfy the World, that they were contented to lose 80000 l. to save the King 20000 l. and therefore it will be rather accounted their Folly than Zeal.  
4. Within few days before the 4th. of May, they gave Bills payable upon demand for clipped Money, whereas it is probable, the same persons would have been contented to have taken them payable six Months after, or else they need not have given them at all.  
5. By their unreasonable Opposition they gave to the Land-Bank, they rendered the raising of the Sum proposed ineffectual, and consequently disabled themselves, by not receiving so much Money as was appropriated to their own use out of that Fund.  
6. Qry. Whether they did not address themselves to the Treasury, to have their Bills refused in the Customs? if so, it was a great diminution to their Credit.  
7. To finish their ruin, they lent 200000 l. to the King, when they paid but 5 l. per Cent. of their Debts, and some say to hinder the Land-Bank Propasals from being accepted.  
Here I am aware I shall be answered, that they did it out of Zeal to his Majesty, and to serve the Government; this they think will justify all their Miscarriages, and protect them for acting against the Rules of Justice and Prudence, therefore it ought to be examined. They have served the Government, I grant it, but it was to serve themselves; a Miser would be as good a Friend; they have lent the Government Money, but upon as great Interest as the Parliament allowed, and greater than they could get elsewhere.  
They have lent other People's Money, and not their own, and at the same time refuse to pay those to whom it belongs; whereas if their Zeal for the Government had been as great as they pretended, they would have raised Money in their private Capacities, and so lent what was their own, or at least given their Creditors the Interest they received, but instead of that they keep part of their principal Money in their hands, and what they have already called in for, they pay 6 l. per Cent. to themselves, though they deny it to their Creditors.  
I will put them two Questions.  
1. If a Man robs another of his Money, and lends it to the Government, will it justify this Robbery?  
2. Whether detaining a Man's Money from him, and lending it at Interest, without giving the Interest received, be not in foro Conseientiae as bad as taking it from him?  
I believe if the Scene were changed from Grocers-Hall to Lumbard-street, we shall all be of an Opinion.  
I leave with a Goldsmith 1000 l. he gives me his Note payable upon demand, I go to him six Months hence, and ask him for my Money, he tells me the Government was in great distress, and he lent them my Money; I tell him I gave him no such Commission, but finding myself remediless, I ask him to allow me the Interest he receives, he refuses it; I then ask him to give me his Bond, and Legal Interest, he refuses that; I fancy if I should pull him by the Nose, I should be justified by most of those Gentlemen that are of another Opinion, in the case of the Bank of England.  
The next thing I have to prove, is, that if this had been given to the Exchequer alone, or to the Bank of England, it would not have been so easily raised as by a Land-Bank. And first for an Exchequer-Bank.  
1. The Projectors themselves propose 400000 l. always to lie still to circulate their Bills, (which is to be used to no other purpose whatsoever) which must be wanting upon the Salt-Fund, to answer His Majesty's Occasions, or else must be raised upon another; and so 400000 l. must be raised extraordinary, whereas the Land-Bank asked but three.  
2. If the Demands upon the Exchequer should exceed the 400000 l. which its likely they would, (every Body knowing their Stock) the Exchequer will be broke, and the Credit of the Government sunk; whereas the Land-Bank may be able to answer all their Bills; or if they should not, the Government will suffer no discredit by it.  
3. If the Exchequer should refuse Payment, the Creditor has no remedy, but upon 7 l. per Cent. which he will not value at 70 l. whereas if the Bank should refuse Payment, he would have Remedy for his whole Money.  
Note, If the Exchequer-Bank should have Credit, Interest upon Land must be at 8 or 10 per Cent. For it is not to be imagined any one will lend upon Land at the usual Interest, when he can have it upon demand, with 4 l. 10 s. running Interest; and therefore such a Bank can't be of as great Advantage as a Bank that would raise the Land, and lessen the Interest of Money; for an Exchequer-Bank can be of no use to any one, but such as have the management of the 400000 l. which may be made use of to lend his Majesty upon Funds, and to circulate the Tellers Notes, which some say has been a common practice, since they have set up the Trade of Banking.  
2. That the Bank of England could not have raised this Sum as well as the Land-Bank; to illustrate which it must be examined, which way they could have proposed to raise it, and that must be either 1. By issuing out Bills upon their Credit. 2. Or by opening their Books for New Subscriptions.  
As to the first: I suppose they will not pretend to say, that issuing out two Millions and a half of Bills more, payable upon demand, would enable them the better to answer those that were then out; and if they had opened their Books for New Subscriptions, they must have let the New Subscribers come in at Par, with their Original Stock, or not; and it is not likely they would do the former, since by the passing a Bill in their Favour, their Original 60 l. being then valued at 90 l. might have been stock-jobbed to 150 l. And the letting New Subscriptions come in upon equal terms, must have reduced their stock to its Original Value; for no Man would buy it at more, if he could subscribe at par; and if they had opened their Books for Subscriptions, according to the Improved Value, no one but would rather subscribe his Money to a New Fund, where he might come in upon equal terms, than adjoin a real value with an imaginary one.  
3. But admitting they would have so much Self-denial to accept Subscriptions at par, yet by the Money they raise they must pay their Bills that are out already, as well as the 2564000 l. whereas the Land-Bank are to pay no more than they receive.  
4. Most People would rather subscribe to a New Bank, than one that has lost its Credit.  
Therefore I infer, if it could not be raised by a Land-Bank, it could not be raised by this Fund.  
The next thing I have to show, is, That there is no way to restore Paper-Credit but by a New Bank.  
I shall take it for granted, that Paper will never go for Money, but when I can have Money for it upon demand; for no Man will part with ready Money for a Note, or take a Note for Money upon any other Consideration, and therefore Paper can never be restored, unless the Bank of England and Goldsmiths pay their Notes, or else another Fund is set up that can.  
1. The Bank of England if they were disposed to pay their Debts, cannot possibly do it; their Money as it became due from the Exchequer, is not enough to answer 5 per Cent. of their Debts, and they can never have any Credit till they can answer all Demands, which must require greater Sums than they have, or can possibly get.  
2. If they had Money enough to answer all Demands, it is probable it would be all called from them; for Reputation is so nice a thing, that if it▪ s once blown upon, 'tis rarely recovered, especially in a matter that so nearly concerns us, as parting with our Money; for it will be a hard matter to induce me to trust one, that through Indiscretion or Design has deceived me.  
3. It cannot be imagined that any one will bring in Money to be deposited with them, for that is to pay in 100 l. and get 5 l. with a Weeks trouble when I want it again.  
4. The giving them a New Fund, is enabling them to cheat more People, for by the moneys that rise upon it, they must not only purchase their Fund, but answer the Bills that are out before; and if their Creditors should not be so good natured to stop their Demands, they must their Payments. As to the Goldsmith's reviving Credit, I suppose no Man expects Reformation from them, or that any thing will make them honest but a Catchpole: And of the Exchequer-Credit we have had an Essay already, which with what I have said of it before, is sufficient, therefore I argue, that Paper Credit can be restored by no other means, than by a New Bank, and settling a Fresh Fund of Credit.