SEVERAL OBJECTIONS Sometimes Made against the Office of Credit. Fully Answered. Objection I. THat 'tis not practicable. Answer. 'Tis already practised separately in its Parts, as in Lumbards' and Banks beyond Sea. An. 2. 'Tis, because it may be securely dealt with, as, V. Obj. 7. 3. That 'tis very probable, Customers will come to this Office, as well as they do here to Bankers, Scriveners, and Brokers, and beyond Sea, to Lumbards', and the rather, because of the Public Security, and the Credit of the city's Care and Inspection, better than the Reputation of any of the former: and alfo by reason they are supplied here at much lower Rates. 4. That the Credit raised upon Goods may be transferred as well as it is in the Banks beyond Sea, and without doubt, will be as acceptable; since the only Reason why it passeth Currant there, i●, because there is a Pledge left in a secure Place; and so there will be here with Advantage. 5. There was more reason to have doubted the passing of Credit at the first Constitution of Banks, when there was nothing in the known World like it: than now, having Examples before us of Foreign Banks, and Home- Bankers. 6. What is already practised in other Countries, is Practicable here, as Lumbards' and Banks. For Goods can be brought by the Proprietor, received, registered, and securely reposited by the Undertakers▪ as in Lumbards'; and the Depositor, for the value of them, can be entered Creditor and Debtor, as they are for the value of Money in Bank, and so can it be transferred. In all this, there is no such Herculean Labour. Vide Lex Mercat. pag. 73. Register. Objection II. That there is no need of this Office, because there is already Money and Trade enough. Answer. 1. There cannot be too much Trade. Answ. 2. That there is want of Money, is evident by the decay of Trade, and want of Employment for at least half the People of the Nation, an Example whereof we have in Ireland, which abounds with Native Commodities, and yet hath no considerable Trade for want of Money or Currant Credit equivalent, and though some men, because of their great Credit, may have what money they please, yet they cannot but find, by dealing with several (that either pay them not punctually, or not at all) that Money is wanting. The standing Debts in this Nation (where men are willing to pay, and rich in Goods, or content to be employed, though idle) are clear Demonstrations that there is not Money enough to answer all Occasions: which would appear more plainly, if every Man in London, who hath 10000 l. Credit upon the Exchange, should desire so much Money together. 3 If there were ten times as much Trade as now there is, the People would be ten times richer than now they are: and by the help of this Office, and the quick Returns occasioned by it, Trade will be so much increased: For let us have never so many natural or manufactured Commodities, one Country or other will want them, and take them off our hands, so that there is no fear, that by the Increase of Trade, Merchants and Tradesmen growing innumerable, will not be able to live one by another; nor yet will the resort of People to Cities and Places of great Trade, bring with it that scarcity of Provisions apprehended by some men: for the largeness of Trade doth not multiply men in the World, though it doth in the Place of Trade, to which, Provisions (especially when they have the help of a Navigable River) will flow from all Parts at as cheap a Rate as before; when by the Removal of Persons to trading Towns, the Consumption must needs be less in those Parts from whence they come. 4. The Office therefore (the Credit whereof will be as the adding of so much Money to the Nation) will be a certain means to increase its Trade, and consequently enrich it: And the Credit there delivered out, will first or last find its way back for the Redemption of Goods, and in the mean time serves men's Occasions as well as ready Money. 5. 'Twere worth the knowing how many there are, that have so much money, that they know not what to do with more, if they had it? If there be few or none such, then surely this Office may be necessary; for it can enable a man by the use of it, to deal for six times, or at least, double, what he is worth, and yet never be trusted. As suppose a Silkman be worth a thousand pound, with which he buys Silk, he brings this into the Office, and raiseth 9/10 of the worth, which is nine hundred pound; or more, or less, according to the nature of the Commodity, with which he buys again from the same Merchant more, and brings that also to the Office to raise Credit, and so one upon the other, according to these following Examples. The Rule of the Office being, for the most part, to Lend ¾ 9/10 or ½. Example. 1. Principal. 1000 750 565 280 210 155 100 3060 Example. 2. Principal. 1000 900 810 730 655 585 525 470 435 300 270 250 130 100 7160 Example. 3. Principal. 1000 500 250 125 60 1935 Example. 4. Principal. 100 90 80 70 65 60 55 50 45 40 35 30 25 20 765 By which ' its evident, that this Silkman may multiply his stock to 7160 l. without ever being Credited, for the Merchant is paid in credit which is currant, and the Silkman, as fast as he can get a Chapman, may either sell at his Shop, or the Office: where the whole charge after Six per Cent. p. an. comes for a half year to 210 l. if no part were in that time sold, and his gains at 10 per Cent. the usual gain comes to 716 l. where his gain would without this help, have been but 100 l. after the same rate. Besides this hinders him not from buying half upon credit, and then his stock would have been 14322 l. and his gains proportionable: Or suppose less credit were lent out of the Office, taking one commodity with another, according to the first and third examples, it does trible or double the principal stock. There is likewise added a fourth example of a smaller sum (upon which 90 in the hundred is lent) that the vulgar capacities may the better understand the advantage and profit. We must note that a man is obliged neither to buy always from the same Merchant, nor the same commodities, but from whom and what he pleaseth, the Credit being Currant. But those Objectors take this assertion for granted, because they and some they know, have no want of either Money or Trade, which is a deceitful Calculation. For, 1. If there were never so little Money, and bad Trade, yet some would far well enough, though the fewer. 2. If there were Monies and Trade enough, I suppose those overstockt Merchants would not meet so often with bad Debts, and delatory payments, as hath been usual. 3. The failing of so many Housekeepers, seems to prove, that either there is less Money, or a greater quantity of Men to use it, and so less falls to every one's share, which is unavoidable, unless that Money increased as fast as Men, or prevented by this expedient, which (though Men and Goods increased ad infinitum) can accommodate them all with Credit, which answers all the uses and advantages of Money. 4. Notwithstanding the generality of men, through prudence or necessity, contract their expenses, yet grow they never the richer, but rather poorer: For as all men contract their expenses, so every Tradesman must necessarily receive less, and then the Commodities lie the longer in the Merchant's hands. So that, where there is a less consumption of Inland and Foreign Commodities, and a decrease of most men's profits and gains, we must needs conclude, the Money of the Nation is diminished, or that some rich Miser hoards it up to look on. For, if it were in the Usurer's hands, it would, upon good Security, be sent abroad again. And lastly, Though there be the same stock of Money, but a greater quantity of Commodities than usually imported, Money being the Medium, they must needs lie dead, till it can go round. For as an hundred yards of cloth requires longer time to be measured with one yard than 10 yards, so doth much and many Comoditieses require a longer time to have the same quantity of money answer it, than fewer, and it will sooner run through ten men's hands than twenty. But the infallible sign of plenty of Money, and a flourishing Trade, is, when multitudes have great dealing, and every man that is willing to work be full of employment; which how far these present times come short off, let the understanding Reader judge. By the help of this Office, if all the Commodities of Europe were brought in, there could be no cessation of Trade, for the credit of one Commodity, would still measure and purchase another; and what could not be spent in England, might then, by the credit of other Commodities, be transported to other Country's to find a Market; which now, for want of Money to answer it, lies rotting here. But the most pertinent Answer is, that it will soon be decided, whether there be need of this Office, or no? For if there be no need of it, it will have no customers, and if it have customers, it will be an undeniable argument, that there is need of it. Vide Lex Mercat. p. 48. pargr. 4. & p. 53. par. 8. Objection. 3. That 'twill be a Monopoly. Answer. 1. None; For all men are free to use it, and none prohibited to imitate it, if they can. Answer. 2. All Established Offices are Monopolies as much as this, for they cannot run through the hands of all Persons, but only of the peculiar Officers, and several such Offices have been found of great Utility, as the Penny-Post for a late Example. But this is far from a Monopoly in a bad sense; for that is only grievous by engrossing a necessary Commodity into few hands with a purpose to enhance the Price, which was formerly better and cheaper sold by many; but this Office debaseth the Price, and enables more men to Trade, and for more than without it. That which is voluntary, and restrains no man of his Freedom or Liberty, cannot be a Monopoly; but this is voluntary, and therefore if it be not found to be for the Public Good, it will soon fall. Objection 4. That the Office will be endangered by Fire. Answer 1. It is morally impossible for Fire to hurt it, for there will be all imaginable Care taken to prevent it, but he that observes the Wind, shall never fow; and he that forbears any great Undertake for fear of Casualties, shall never perform any thing considerable: Nor is this Objection of more Force against this Office, than it is against Blackwell-Hall, and other Warehouses and Storehouses. 2. 'Tis like the Goods may be insured to such as desire it, and will be at the Charge. 3. And here they will be safer from Fire than in the Proprietors own Possession; by how much the value of the Whole is greater than of any part, and consequently greater Care and Charge, and a more peculiar Accommodation for their Preservation, than in ordinary Warehouses. Objection 5. That there cannot be sufficient Security to answer the Trust. Answer 1. More than sufficient Security, for all are under Bonds, and must all agree to deceive, or 'twill be disappointed by those that do not. Answ. 2. Security can only be expected for the Fidelity of the Undertakers, for the Goods deposited, make them able; and a small Proportion of Honesty and Discretion, may qualify men to be trusted with the Care of keeping other men's Goods, and returning them to the right Owners; nor indeed are the Undertakers trusted so much as the Goods themselves, whereof they are only the Keepers. 3. If any man distrusts this Bank, and thereupon returns the Credit received, and defrays all Charges, he may take out his Goods when it pleaseth himself. 4. No one of the Undertakers hath power to meddle with Goods, otherwise than according to the Rules constituted by the whole Society, and it were too fevere to think that the whole Society of Undertakers would combine together to run away with their several Families, and convey away so great a Magazine of several Goods, nor is it possible to be attempted without notice sufficient to hinder such a Design. 5. It is the Interest of the Undertakers to be honest and industrious, to support the Credit of this Office; to the Accomplishment of which, Honesty, is the only Expedient whereby also they will get ten times more than they can expect by dishonesty; and this Consideration will bind them more than the strongest Bonds or Judgements, as we see by Experience in private Persons; Goldsmiths, and others; and in this Case, the Undertakers, Credits, Estates, and Stocks in Warehouses, with other necessaries belonging to this Office (which will all lie liable) will sufficiently oblige them to prevent any Damage that may come to the Goods in Deposit, or to the Proprietors thereof, and whatever happens, will be sufficient to make Restitution in case of Embezelments; so that none can be thought to be more upon good Behaviour than this Society. 6. Great Security is necessary for the Bank of Amsterdam, because the Foundation is Money, which may easily be conveyed away, and is every where acceptable, but 'tis otherwise with Goods, whose Bulk makes it difficult to convey any considerable quantity of them away. 7. The Office in London will be placed under the Inspection of the Lord Mayor; and in other Corporations, under the Inspection of the Mayors, or Head-Officers there and of such as they appoint under them, whose Care will be to prevent the Embezelling of Goods brought in, and the issuing more Credit than the Goods in the Office can answer, so that they who bring in Goods cannot be defrauded, nor they damnified that receive the Credit. And Checks, as well as Inspectors, will be appointed and chosen by every Corporation where this Office shall be erected, to see that none of the Goods be embezzled, or converted to the private use of the Undertakers: so that in effect here will be Check upon Check, for the Undertaker is Check or Trustee between the Proprietor and Possessor of Credit, and the Common Check or Trustee, is between the Undertaker, Proprietor, and Possesson. 8. Great Care and Provision shall be likewise made, and the same as in Foreign Lumbards' (which is greater and better commonly, than the Proprietors themselves me) against Fire, Thiefs, Wasting, and spoiling of Goods by Rats, Mice, Mould, Mildew, Moths, Dust, and such like Accidents; and for the better satisfaction of the several Corporations and Proprietors, the Porters who are to attend the Office, and watch every Night by turn, shall be approved by their Respective Corporations. 9 All the Officers give the City sufficient Security, according to their Trust. 10. The Proprietors of the Goods, and Possessors of the Credit, will in a manner be themselves the Inspecters and Keepers of the Goods, and will, or may daily resort to them; so that 'tis very unlikely that there can be any design of Embezelling them, but what will be discovered, and consequently prevented as soon as attempted. 11. Few men's occasions will let this Credit lodge above a Week in their Hands, and there will be no reason to fear loss from what passes so Currant and quick. 12. The Credit Currant will always come short of the Intrinsic value of the Goods engaged, for there will be still more Goods in the Office, than Credit abroad, so that this Office can never be trusted for more than 'tis worth; which prevents all possibility of Loss that way. And though this be otherwise in the Bank of Amsterdam, the Credit of which is known far to exceed the value of the Money upon which it is founded; yet we see 'tis trusted, because of its Conveniency: Much rather than may this Office be trusted, being settled upon a surer Foundation, and much more convenient. 13. 'Tis more reasonable to trust a Society than any private person, and yet we see trusting of private Persons, runs through all manner of Trades; the Merchant & Whole-sale-Dealer trusts his Chapman, the Retailer his Customers; nay, we see daily several sorts of Persons trusted with far more than they are worth, as Masters of Ships, Factors, Brokers, jailers, but above all, Goldsmiths, and Bankers, with vast Sums of Money, Jewels, and Plate, many of which are men of no Fortunes. And (if these private Persons are to be ●hus trusted, who may at any time with their single Families, and the Effects they have in their hands, which consist of such portable and acceptable Commodities, readily withdraw themselves, or may die, and leave Executors, from whom little satisfaction is commonly to be had) much more a Society composed of Persons of equal and greater Reputations and Estates; nor can the Society die (as particular Persons) but will always have vacancies supplied. And it may be reasonably supposed, that the same Principles of Prudence, Honour, and Honesty, as well as Interest, which make those private Persons true and faithful to their Trust, will have at least as great an influence upon this Society. 14. The several Hands and Checks (which appear in the Printed Proposals) that these Goods lie under, and must pass through, if legally transferred, secures them against any Breach of Trust in them. And the Difficulty and almost Impossibility of their being Embezeled and stolen by the Servants that keep and watch them, and the Exchange of the Gallows for a sufficient livelihood by their Salaryes in their several Employments, will certainly (besides very great Security which they all do give to the City for their Truth and Honesty) secure them against thievery and purloining. But the greatest Security, and which must satisfy all understanding men, is, that if it were possible for the Undertakers, or any Persons to Purloin, or Embezeled the Goods, you must suppose them greater Fools than Knaves, the Revenue and Profit arising by the Fund, being too great to satisfy even the most covetous Desires, because they cannot convey away before Discovery and Prevention, the tenth part of what they'll gain by a faithful Discharge of their Trust. 15. The Interest of the Undertakers, or at least their Bonds, will make them honest, and their Customers will make them able. And if any man hath a Jealousy that he is wronged, either in his Goods or Credit, he can immediately examine, and if he believes himself injured, let him instantly enter his Complaint, and upon proof, shall receive from the Office present Redress, as before mentioned, or else he may take his Remedy at Law against the Whole, or any part of the Society. Objection 6. That the People will not readily apprehend a Benefit from this Office, understanding nothing but Money; to which they have been accustomed. Answer 1. Granted, till by the Practice they come to feel it. Answer 2. Practice will sooner convince men of this Error, than Discourse can; only this may be added, that as the People will find this transferring of Credit a far more easy way than Payment by Money, so where Money is desired, there will be enough that will lay it down, and take the Credit of the Office for it; and to that purpose there will be Bank-Broakers constituted. Objection 7. This Office will bring Money out of use. Answer 1. Not in the least, for 'twill make more currant, by bringing much in use, which now lies by. 2. 'Tis granted in some cases, but in those we can serve ourselves better without it, but than it will increase Plate and Jewels, because we can upon all occasion, without loss of Fashion, or Propriety, make them currant to serve our necessities. 3. This coins no more Credit than is needed, so that it will not at all abrogate the use of the present Money, which will be used as much as ever before. Objection 8. That the Wars abroad may obstruct Trade, and so hinder the good intended, for why should men seek to increase Commodities at home, when they may not find Vent abroad. It may partake of the Fate of the Kingdom, and be Injured, but never destroyed. Answer 1. The only necessity of a Foreign Trade for England, is, because we make a Foreign Commodity (Gold and Silver) the Standard of all ours, and the only Medium of Commerce, which (as long as it continues so) if we want, all Trades must cease; but if we can find out another and safer Medium of Exchange (as this Credit) appropriated to the place where we live, and not subject to such Obstruction as the other, why should we not readily embrace it. 2. If we sell no Commodities abroad, we shall buy none thence, and the less we spend of Foreign, the more we shall of Inland, and so be wealthy in our Domestic Commodities, though we are not rich in the other. And if there be any such Obstructions in our Foreign Trade, we have plenty of Lead and Tin at home, which will last till we have a free Trade abroad, and in the mean time will, by the help of this Office, pass as currant and conveniently as Silver and Gold. We shall then also fall, not only to the Improving, but even to the inventing and making New Manufactures. Objection 9 That it will be a Shame and Discredit for Eminent Merchants, and others, to pawn their Goods, and none will Credit with Goods or Money such Persons as make use of this Office. 'Twill be a greater shame for a wise man not to improve his Estate so far as he may. Answer 1. Some men, though never so unwilling, will by their necessities be compelled to it; as we have of late days seen many Persons of Quality brought to those Shifts of pawning, which their Forefathers were never acquainted with. 2. Every man that brings in his Goods, doth not do it through want, but out of a Principle, of Honour, Industry, and good Husbandry, being not willing to have his Goods lie dead on his hands, especially when a profitable Bargain offers itself, nor can any man distinguish between him that brings in his Goods to quicken his Trade, and him that brings them out of necessity: besides, this is not pawning of Goods, but an honourable way of making Goods a Security for a Fund, by which a Bank may, for the great Increase of Trade, be Established. None will urge this Objection, but men of unfound Fortunes; for they who have great Stocks of their own, and depend on no man's good Will; do despise it. 3. The City of London, several Aldermen, Common-Council Men, and Eminent Merchants will Subscribe and put in their Goods, who think it no Reflection upon their Credit, but know it to be a certain benefit to their Stock and Trade. The greatest Mystery and Benefit of Trade lies in Exchange, and the greatest Merchants daily Barter Commodities, and deal for Pins and Pepper in Exchange for other Goods of like value; and this is only in Exchange for Credit, and is part of the Merchant's Stock running in Trade, and more secure to him than in his Warehouses. 4. That it being honest and profitable, when it is once common, it will be no Dis-repute, according to the Dutch Proverb, Lants wise, Lants eer, Country Custom is Country Honour, especially, when it will not always be Necessity, but for the most part, Industry, that will invite men to the use of it, as in Lex Mercat, fol. 153. For 'tis a dis-repute, only when a man is thought to have reduced himself to that recessity, through imprudent and vicious Courses: for Shame and Discredit, ought only to be the Reward of Vice: so that if a Person were reduced to such necessity by Fire, War, Thiefs, Loss at Sea, or any such like casualty, it would become us rather to pity, than scorn him. Now contrary, to such as use this Office, in order to an industrious Improvement of their Estates, is the greatest Honour and Commendation due: and consequently Scorn and Contempt, to those who through Folly and Sloth reject it. 5. If it be a Discredit or Damage to any, it must be only to those that Trade with other men's Stocks, who having little, may be unwilling to be thought to have less. For they who Trade with their own, if they have but honest Gain to warrant them, cannot be injured, neither in Reputation nor Goods, and this Office invites only such as may receive Accommodation, not Inconvenience from it. 6. If it be a Discredit, I know none are exempted from it, or a greater, but such as can raise money on their word or single Bond; for the rest, if they will have money, they must pawn either Land, Goods, or Friend: and whether it be not ten times more honest and credible to pawn either of his own, than his Friend, I leave the Ingenious Reader to judge; and yet we know that many a good and rich Merchant doth pawn both Land and Friends, and some (I am informed) do goods, which may as fitly be as the other: Nor can I judge it a greater discredit to be Debtor to the Office upon the Security of Goods, than to any Person whatsoever upon Personal or real Security. 7. It may be so ordered, if men please themselves, that no man can know whose Goods are brought into the Office, but the Party himself, and the Officers, for he need but send his Goods by an Office-out-Porter, who is employed in other as well as the Office-business, and is known by the City-Ticket, and the Office Silver-Ticket which he carries on his Breast; this Porter sees them Appraised and Registered, and the Deliverer entered Creditor for so much; which Credit, when he disposeth of it, the Party receiving it cannot tell whether it was raised or received. And if the Deliverer have a mind to come and see his Goods, 'tis no more than many men do, to view and buy Goods; so that no Stranger can tell whether they be his own, or that he would buy them; and the Office, if he gives them Commission, will sell them for him, if Wholesale; and if Retail, than they can be brought in and out without any notice but the Officers, for they need no Chapmen. 8. It is very possible, that a responsible Merchant may want ready money to answer a Bill, which it will be more discredit to fail to discharge, than to raise Credit, and it will be more prudent to raise it in the Office for 4 or 6 per Cent. where they are tied but by Weeks, than else where, at 7 or 10 per Cent without it. Objection 10. That the Office will not lend so much Credit as the Proprietor needs, or would willingly have. Answer 1. 'Tis granted, because they'll have some Proportion left to engage the Depositor, to come to redeem them. 2. The Subscribers or Depositors receive no damage by not having the utmost value of their Goods in Credit, because their Goods are still at their own disposal, till the time contracted for their lying be expired, and if then sold at an Outcry, it may be in their presence, and (Credit being first secured, together with Interest and Charges paid) the Overplus is returned to the Proprietor. 3. Proprietors need not be very solicitous in this Case, for 'tis the Interest of the Undertakers to lend as much as safely they can; for they gain more Interest and Part with less room in the Warehouse, Objection 11. That Men will desire to have Money rather than this Credit. Sometimes, and most times the contrary. Ans. 1. They know the one, but have not yet been made to know or understand the other, and therefore refuse it, as they would do strange money, whose value they are ignorant of. And much of that Aversion they have to Credit, proceeds also from this mistake, Viz. That no Trade can be managed without stamped Money, which is refuted both by the Ancient Universal way of Trading by Commutation, and the present, as well in the West-India, or American Plantations, where Sugar, Tobacco, Cotton and Indigo pass for money, as in Amsterdam, where the general Part of Trade is managed by Credit in Bank. 2. The Credit here recommended answers all the Ends and Intents of money. For it will pass as far as it is known, and our money doth no more: the private Farthings lately in use amongst us, were Current upon the same account, because men knew where to return them for money or Wares; so men knowing where to return this Credit, it will for the same Reason be received. The like may be said of the Sealed Bags in the East-Indies, which pass as far as the East-India Prince hath Credit. 3. This Credit will pass as quick and nimble as money, and more; for it will be granted that nine in ten, if not ninety nine in a hundred receive money to pay away again; 'tis but then repairing to the Bank, and taking an Assignment, which will pass from man to man, and so ad Infinitum from one hand to another, and is present Payment. 4. This Credit will pay Debts, buy or purchase, may be let out at Interest, or hoarded up, and will furnish the Possessor of it with all necessaries, as well as money. 5. It serves as a superior species of Money; for as Silver is for the buying of the smaller sort of Commodities exchanged for Copper, and Gold for Silver, so this Credit, which is superior to Gold, or Silver, may be exchanged for either, for Example. If I have 10 l. or more to pay, this Credit will do it, without turning it into Gold or Silver, but if I have under 10 l. to pay, I may turn this Credit into Gold or Silver, as I may for smaller Sums, Gold into Silver, or Silver into Copper. 6. Money is valuable, and affected merely as 'tis a Medium of Commerce, for of itself it neither feeds, warms, clothes, or defends, and this Credit is as valuable in the same respect. 7. This Credit is better than money, for it will pass from man to man without any damage either to itself, or its Possessor, but money occasions great loss of time, as well as trouble in telling, is subject to clipping, counterfeiting, and robbery, and is oftentimes the occasion of Bloodshed and Murder. 8. If Credit be already much More used than money, as certainly it is, why should the Credit here offered be liable to more exception than that which is already in Use? especially this being settled and fixed upon a surer Fund and Basis than the other, as hath been already showed: What is all Personal Security by Bonds, Bills, Books-Debts, etc. but Credit? Or real Security by Lands, but a Credit given to those Lands, that they bear a good Title, and to the Mortgager, that he hath not otherwise preincumbred them? And in the negotiating of Bills of Exchange, all that a man hath is the Repute of the Drawer and Accepter: so that in effect all men's Personal Estates (and real to) depend upon Paper and Parchment, and the Credit that is given to it, except what they have by them in ready Cash or Goods, which is commonly inconsiderable in respect of the other. 9 If any man that hath the Credit of this Office, hath occasion for ready money to be paid away under 10 l. he will be supplied by any Neighbour, Subscriber, or Direction from the Office. 10. And yet till the Office is universally known and received throughout England, money may be sometimes necessary, therefore 'tis proposed, that men should at first bring in only part of their Stocks, which will be sufficient Demonstration to them and the World, of the usefulness of this Office. And in the mean time, if any Person inhabiting in the Country, receives Credit, which will not serve his purpose there till an Office be Established there, yet will there be Persons of all Professions willing to give him Gold and Silver in exchange for this Credit, for that the Credit is as passable the next minute for Debts or Goods, as the most current money. 11. We will first define Credit, and see how far 'tis already practised amongst us, and what makes men accept it here, and from the Banks beyond Sea. 2. We will consider what money is, and how it comes to be so desirable, and then comparing both, leave it to the Understanding Reader to Judge, whether Credit or Money be most useful, alluring, or inviting. 1. Credit is the Reputation of Man's Honesty, or Ability, or of a things intrinsic value, with both which Qualifications this Office is sufficiently endowed. Credit in Amsterdam-Bank, is but to be registered Creditor, and this passeth currant, not only because a man may have money for it when he will, but because of its known Reputation, for every man will receive it, and pay Debts, or buy any where Commodities, none refusing it, they being assured it hath a valuable Pledge in a secure place, which Pledge cannot be removed till the Creditor, who ever he be, shall be satisfied. But to further satisfy some men, how Trade can be driven, Commodities bought, and Debts paid without money in Specie, besides the Indubitable certainty of its being practised in the several Foreign Banks; I shall form an Example or two, of the manner and conveniences of it, as suppose A. oweth to B. 100 l. B. the like to C. C. the like to D. and D. the like to E. and E. to F. F. to G. G. to H. H. to I. and I. to A. Which if it were possible for them all to know, they might agree upon a Meeting, and quit each other by Rescounter. As for Example, A. quits I. he H. and H. G. and so on, till B. quits A. and then all are satisfied without one Farthing being paid in Specie; when else (for want of this possibility of meeting (because each knows but his immediate Creditor and Debtor, and not the mediate) or ready money, or for default of it, this Office) they are all puzzled with Debts and Credits. For if A. had the money, or raised Credit in the Office upon his Goods, A. would pay B. and so on, till I. paid A. by which it appears, if any of these were dishonest, or disable, what a trouble they bring upon all the rest, and for so much, what a stop upon Trade. For though one man perchance, is able to turn 100 l. but ten times a Year, yet the same 100 l. may be by many men, turned a thousand times a Year; all which, as the case now stands, may be hindered by one covetous or dishonest Person. Now, by this Office, if a man be able, his Creditors will in a manner oblige him to be honest, for what is past; and for the future there will be no need of trusting, which only crept into the World, because there was not money enough, or that it made not so swift a Circuit as was desired, to measure Commodities, and not because the Person credited was poor; for very few will trust a poor honest man with much. If then it be according to a Man's Estate, why should any run the hazard of trusting, when they need not, because such as they would Credit, may raise a Credit in the Office, and most wise men seek to deal securely, and the Credited can sustain no damage, because his Goods in the Office are never the furrher from a Market, and he can, with one Moiety of his Goods, raise as much Credit as he can expect to be credited with elsewhere. Note also, that when a man brings Goods out of his Shop to raise Credit, so he brings the other Goods which he bought with that Credit, to furnish his Shop again: and though his Shop may be a little the less furnished, his Purse will be the better by the Gain: for his Trade will be so quickened, that he can make many more returns; which, with a small Stock, is equivalent to a greater, with fewer returns. Another Example proves this Practice more clearly, without damage to any that receives this Credit, for what Commodity soever, as, imagine A. receives this Credit by Assignation from another, or raiseth it upon his own Goods brought into the Office, and transferring it on C. dischargeth a Debt, which he hath in Exchange of his Credit, and so is not injured. C. by transferring it on D. receives from him the like value in such Goods he hath need of, and so sustains no damage by the Receipt of the Credit, because he hath in Exchange as much Goods for it. D. transfers it to E. for a parcel of Land of the like value, which he Purchaseth of E. and so not damnified. E. transfers it on F. as a Portion with a Daughter that F. marries, E. not injured, because by it he is disengaged from the Payment of a Portion, and rids himself of the Charge of a Daughter. F. transfers it upon G. for the consideration of Repayment, and in the mean time, Security with Interest of 5. or 6. per Cent. more or less, as they can agree. F. hath no damage, because he hath Security and Interest. G. esteems it as good as money, because by transferring it, he answers his present occasions, of either paying an unavoidable Debt, or purchasing his intended or necessary Commodities; which, as before demonstrated, none will refuse, because of its conveniency of answering all the Intents of money. And Credit might proceed to the end of the World, and no man one Farthing wronged, nor money in Sprcie ever paid. Our daily Practice of receiving Bonds, Bills, Letters of Credit, and Exchange, which are no more than Credit, will witness as much. Men are likewise credited according to what they have in Possession, of their own, or by Credit; for we are apt to truff a Person credited by others, which I instance, to show, that this Office (being credited by many, and stored with more Goods, instead of being scrupled for having so many to answer) increaseth rather its Reputation: for the more it hath, the more it can answer, and it will be the care of the Office, being managed by wise and understanding Persons, to have no more Credit abroad than Goods at home to balance the same, it being a vanity not to be supposed in such a Society, to call the Credit of the whole Office in Question, by sending out Credit, which hath no Foundation within to support it. There are likewise these further Encouragements to men to receive this Credit. 1. They that raise it, will be so pleased at their own conveniency, of being supplied at a low rate, and satisfied, That it will as well redeem their Goods as Money, that they will willingly receive it in Payment from another. 2. Men by this means will be enabled to pay their Debts; and clear Accounts, which otherwise might lie a long time dorment, and it may be desperate, to the great decrease of Trade. 3. This Credit, though a Paper Record, and of no intrinsic value, yet, as a Key to a rich Treasury, keeps safe Goods of intrinsic value, which without the Key cannot be stirred, or like a good Mortgage, which secures the Land as well as if the Land were in a man's Pocket, can be remortgaged and assigned over, as well as if it were so much money in Specie, after Enquiry into the Title. And the Office desires none to use it upon any Implicit Faith, but upon full satisfaction, and will be ready to give such further reasonable satisfaction as may be desired. 4. 'Tis but a Token, like Farthings, only of a greater value, which Farthings pass currant, as far as the Owner is known, and is not carried back so soon as received, but once a year; or seldomer, or oftener, upon occasion, is brought to the Owner, and changed into Silver, which this Office will direct how to do. And so I come to show what Money is, and its uses, and wherein Credit corresponds to it. In this I shall be brief; It is a Commodity appointed by the Authority of the Place, for the common and unalterable Standard to measure other Commodities with; in some Countries, Bones, Beanes, Beads, Shells, etc. which though of no intrinsic value, are made public Tickets to purchase any other valuable Commodity. Money is an Accountant or means by which a Man keeps an account of his Estate, and in these and most civilised Parts, is either Gold or Silver stamped, which pieces are not of the real intrinsic value they pass for, but are made currant by the stamp of the Authority of the respective Countries, and was invented for the sake of the following Qualifications, many of which might be found in other Wares. 1. Money is known by all, and therefore used by all; that's the reason a man is said to be worth 1000 l. more or less, when it may be he hath not 10 l. money, for if they should say, he is worth 400 Head of cattle, six or 700 Load of Hay; 150 or 200 Pieces of Cloth, none would know what Judgement to make of it: though a man is really as rich, that hath those several Goods, as he that hath money. A man also need but value his own Commodity, that money which he hath in Exchange is valued by the public, and must be credited: for Gold and Silver admits of several Alleys, only we believe, but one of them is the Standard for money, and so Cloth and other Goods, if they were made by a certain Standard (which is possible) they might likewise be currant. 2. The value of money for the most part continues and is fixed: though there be never so great or small quantity of it in the Country, but other things are accordingly varied; for, for the most part, when 'tis plenty, Commodities are dear, and when scarce, cheap, and this is possible to be effected on any other Commodities. 3. Money is durable, so that a man is not necessitated to Trade; for if he said it twenty years by him, he finds the same without diminution which if it were in Comoditieses, he must Trade, or spend all, for Bread will scarce last a week, Cheese a year, Cloth some few years more. So that at the 20. years' end, instead of being worth 100 l. a Man is worth nothing but rotten Dung, or Moth-eaten decayed Cloth, for none of which he can purchase another Commodity. But Metals and Precious Stones, might answer this and other Qualifications. And if you object a possibility of having Jewels counterfeited; I answer, That all the care hitherto taken, hath not been able to prevent the counterfeiting of Money, and if it may be dispensed with in one Coin, it may be in another. 4. The generality of Commodities are not of so rich intrinsic value, but that Men must, as in Sweden, go to Market with a wheel barrow or Cart, when as a great value of Money, can be put in ones Pocket, or under ones Arm. Now Credit answers the first, by having its value, as certainly known, for a man needs but name any sum, to the value of what he is really Creditor in the Office, and 'tis of intrinsic value, & known by his only naming it, as if A. being Creditor, desires the Office to enter B. Creditor for 10 l. then B. is assured of currant indisputable ten pound. It answers the second, by being more certain, for moneys sometimes riseth and falleth, but Credit is always certain to the persons receiving and possessing it, though uncertain to the Goods, for the same may sometimes be valued at the delivery 5. per-cent. more, than at another time, according to a Market price. Credit once made, is certain, but in the making is uncertain. It answers the 3d. in that it is as durable, for it may last to the end of the World, without ever suffering any Decay: the Fund of which Credit only being often changed, according to the durableness of its nature. It answers the 4th. And exceeds it; for 1000 l. Credit, may lie in the Room of 10 l. Gold. It farther excels Money, in these particulars: it cannot be counterfeited or Clipped, it is soon told, it cannot be stolen, it is carried, and transmitted from Place to Place, either within Land or beyond Sea by Bills of Exchange, with ease and safety, and many more. Besides, Money rightly considered, is not so desirable, for a man can pass away Money, but not consume it, as he doth other Commodities for Back and Belly: And a man only endeavours to get Money, that he may purchase Commodities, both to Gain and Consume. So when we sell Commodities for Money, 'tis with a Design, only to by other Commodities. For all Men desire Wealth, Riches or Money, only that they may feed Dainty, be Clothed Richly, be well Attended and Obeyed &c and entail the like abundance upon their Posterity. A Trades-man is better pleased, to have his Shop and Warehouse stored with Goods, than his Bags replenished with Money, and a man is as wealthy that hath 100 l. in Hay. Grass, or Dung, as he that hath it in Gold. For as 100 l. Gold can fetch any commodity, 100 l. of Hay, or other commodity will fetch so much Gold: for bertering is still continued, but at every commutation, Money, as a well known witness, must be the Medium for want of this better way of Credit. Money is a Bondage upon Trade, because no Commodity is Currant till it hath been measured by it, which according to the quantity of either, is sooner or later done, and accordingly is Trade quick or slow. And it is worthy consideration how far it may consist with the rules of Policy, and the interest of State, to enslave all our Staple Wares to the commodity of foreign Princes, who upon occasion can withhold it from us, and so retard and destroy our Trade at pleasure, unless we can contrive something to officiate in its room which if possible, is best beforehand. Ireland can witness, that they cannot thrive notwithstanding their abundance, because this foreign commodity Money is withheld from them. Many a man hath perished through Hunger and Cold that had Money, but none that while wel● fed and Clothed, hath perished for want of Money. Objection 12. That the Citizens, especially Bankers, Scriveners, and Brokers, will unanimously oppose this Office, being afraid it may undo them, and many Retailers. Which will confirm all the rest of the Inhabitants in the good Opinion of the Office. Answer. 1. Private Interest ought to stoop to public Good, and if no new design should have been put in practice, lest some particular Persons might be injured, then Printing, Guns, cutting of Navigable Rivers, and public Water-works must have never appeared in the World, to the Prejudice of Clerks, fletcher's, Carrier's, and Tankard-bearers, for what one gets some other always looseth. 2. Where were the Injury, if all those Professions or Trades were reduced within their just and due Limits, for a Scrivener's Profession is only Writing, a Goldsmith, making and selling of Plate, and a Brokers, buying and selling of old clothes, and as for the Bankers, 'tis better that all the Inhabitants of the City be accommodated than a few Bankers gratified, by some of whom a great many Families have smarted, and who are an Upstart Profession, and no small grievance to the Nation; and yet this Office doth not oblige any one from using the Bankers; but the Subscribers only for so much as they Subscribe; but the great Design of it, is to invite all Merchants and great Dealers (who possibly are not the Brokers and Scriveners best Customers) to increase their Trade by this Currant Credit, and to put Tradesmen in a may of Balancing their Accounts one with another, to which they have no easy step without this Office. 3. They that do now use those Professions, may sometimes find comfortable Employments in the Service of this Design, and by employing their Stocks, otherwise Improve their Trade, and be considerable Gainers that way. 4. Those Professions rise and fall by the value of Money, as we see at this time now (Money is at 4, or 5 per Cent.) they do not turn to Account Object. 13. That it will prejudice the Rich and Ancient Merchants, by making them uncapable of keeping up their Market, and the Younger, because their Goods are Mortgaged. 'Twill lower the Market: but to the profit both of Rich and Poor. Answer 1. Should it be so, yet is it just and necessary that such Merchants may be restrained from illegal Engrossing and Imposing of high Prices upon their Commodities: but the contrary will rather appear; for by the help of this Office the young Merchants will be the better enabled to answer their Bills, and kept from being necessitated to abate their Price, and under-sell the Market. 2. If they gain less by one bargain, they gain more by having ten Bargains for one, which they may have by the quick Returns they will make by this Office, for Example, If a Merchant deals for 5000 l. per annum, and raises 20 l. per Cent. his Gain is 1000 l. per annum, but this Office will enable the same Merchant by his quick Returns to deal for 50000 l. per annum. by which if he raises but 5 l. per Cent. profit, he will get 2500 l. per annum, which is a great and considerable Improvement of his Gain, and yet his Trade managed with as little trouble as before. 3. That can only be advantageous to few great moneyed men, but 'tis prejudicial to thousands, for it must be agreed by all, that engrossing like Stagnation in the Blood, is a great damage to the whole Body; and the Advancement of Trade, must be by many Hands and Purses, and a quick Circulation, and Rotation gives it Vigour and Life. 4. When 'tis known, that convenience as well as necessity induceth men to bring thither their Goods: they will not offer less than if it were in their own Warehouses. 5. Such as may bring them thither for necessity, will be no loser, for if they cannot have a good price, their Wants being supplied by the Office, they can wait till they may, and if none can be procured, they may if they please, have them offered at the Outcry, where perchance they may yield more than else where. 5. The Office may chance to help them to Customers, knowing the lowest rate they can be afforded at. Objection 14. That it will discover men's Estates. Impossible, nor their Dealings neither. Answer. It discovers no more than Foreign Banks do, which Inconveniency if there dispensed with, because they are of such necessary use; but yet 'tis impossible it should discover a man's whole Estate, unless he trade with no more than his own Stock, and his whole Stock be at one time in the Office, and known to be so. Objection 15. A Man's Estate, or Goods will, by putting them into the Office, be exposed to the Seizure of his Creditors, or Adversaries. 'Twill rather prevent any such occasion. Answer 1. 'Tis not intended that any man shall have sight of another man's Folio, or an account given him of any Man's Credit in the Office, unless the Party himself give direct on for it. 2. The goods which any man brings into the Office, are no longer his, but the Offices, when he hath once transferred the Credit to another, the Goods being Security to that other for so much value as he gave to the first Owner for his Credit, and if a Creditor, etc. will have them, he must take them cum Onere, and pay the money they are engaged for, which in most cases will scarce countervail his trouble. 3. They are as safe in the Office as in the Owners Shop, and far more, for should he borrow money upon Security of his goods remaining still in his shop and possession, the security given would be liable to question: Possession being the greatest sign of Fraud that can be, but being once engaged in the Office, and so much money or Credit advanced upon them, there can be no such doubt, because they are out of his Possession. 4. They are securer in the Office than in his own Possession, because the Property is less distinguishable. Objection 16. That this Office will not equally accommodate all men. Answer. 1. Granted, nor nothing else under the Sun, and yet many things notwithstanding highly valued, and beneficial to Mankind, as a Stage-Coach to Bristol cannot accommodate a Person for York, and yet as useful as York Stage-Coach, or any other. 2. They that have no Goods, or none such as the Office is willing to accept, nor any Estate wherewith to purchase this Currant Credit, cannot receive an immediate Benefit by it, yet may be some way advantaged; For Example. If one man brings 500000l. to London in Gold, though the money be originally his, yet this Importation by the Expense of that Person, proves advantageous, being dispersed, to many thousands, by increasing and quickening Trade; and so will this Credit in the hands of a few, be profitable to all for the same reason. 3. Pro rato, it must be. Objection 17. That it will hinder the Sale of Goods, because most Chapmen buy for time, and the Goods being engaged, the Merchant cannot deliver them. Answer 1. Much the contrary: because it increaseth Consumption. 2. In the practice of this Office, it will be found that this Objection imports little; for when all men may have a full Trade upon secure Credit, as good as money, no wise man will hazard his Goods at time upon a private Credit, unless for very good Reasons. But if still there should be some necessitous Persons, who have taken as much Credit upon their Goods in the Office as they will bear, and selling them, are not able to redeem and deliver them; it is almost impossible for the most comprehensive Design in the World to provide against all such Circumstances as men's Necessities may bring them into; yet even are there many helps in this case, as will certainly appear in Practice. 3. Persons that are not necessitous, may send in other Goods in lieu of the first. 4. This Inconvenience cannot affect any man that hath not transferred his Credit in the Office: for Instance, If I bring in 1000 l. worth of Goods, and have Credit upon them for 700 l. and then sell 300 l. worth of the Goods, I may take out of the Office what I have sold, and for the Remainder I shall have still Credit left proportionable to the value of those that remain behind. Objection 18. That Credit cannot answer small and Country Occasions. Answer 1. As well as Guineys' doth Halfpenny Bargains, by Exchange. 2. There is no need of this Objection, because the Bank only receives and gives Credit for Sums of ten pounds and upwards. 3. The first part I grant. But if that were an Exception sufficient to disallow it, then must Gold be rejected, because there are not pence and half pence of Gold. Credit is another Species of Money, wherewith Great Sums can be paid with more ease, than with either Silver or Gold, and the only use of Silver and Gold will be for Sums under 10l. To the last I answer, That any Subscriber that hath Gold and Silver, will exchange it for Credit to an Acquaintance, as he will Silver for a Guiney; but if for some small time they cannot be so well accommodated; yet as soon as we shall have settled it in every County, we can make any man Creditor in the Office of his County for what he receives at London, which Credit can be transmitted from Place to Place throughout England. Objection 19 That the Interest of 6. per Cent is too much. Answer. 1. 'Tis neither so for the Depositor nor the Officer, for few or none will lend so cheap upon Goods. 2. If they will now, when Trade increaseth, as it infallibly will, none will then, or but to very few Friends, upon very few sort of Commodities 3. The Depositer hath into the Bargain safe and orderly keeping of his Goods, Ware-house-Room, and the use of it to buy and sell as in his own; and Book-keeping for so much, besides a good Evidence or Record to his Payments. So that the Neat Interest cannot be 2 per Cent. 4. The Office cannot take less, for the Charge of Rent and Officers, comes at least to 5 per Cent. of the 6. Obj. 20. That Goods will spoil in the Office through neglest. We answer that every one hath Liberty, as in a pound Onvert, to take care of his own Goods. 2. It will concern the Office to keep Servants on purpose, to use all means of preserving the Goods from Mould, Mildew, Canker, Rust, Rats, Mice, Moths, Spots, Stains, Wet, Dust, Rot, etc. Because they are not assured the Deliverer will redeem them: if therefore any Damage should happen to the Goods, they will hardly reimburse the Office their Credit and Charges. 3. Notwithstanding this Objection, we see Lumbards' beyond sea are frequented, and we shall have the same, or greater care. Objection 21. The Goods will be damnified in the Removing. We answer, that Goods which are to be fixed we desire not, and for moveables, they usually are often removed, and cannot be much damnified by once or twice removing. Besides, if Merchants please, they may have their constant Warehouse Room at the Office, paying no more than elsewhere, and then they may send their Goods from the Customhouse immediately thither. Objection 22. The Foundation of Credit bad, because upon perishable Goods. We say, that though the Goods are perishable, yet the Credit is Good, because they are always disposed of, either by Redemption or Sale, before they can perish, and if the Credit be not redeemed, there is Money, or other substantial Goods still to answer it. Objection 23. That this Credit will not yield 3 d. per diem, per Cent. at the Goldsmiths; as Money, nor any thing in the Office whilst it lies there. This I deny, for first, when a Merchant takes up money at the Goldsmiths, 'Tis for immediate Use, either to buy, or pay away. Then the Goldsmith being Creditor for all that lies in his hands, assigns over so much as he desires, and the Merchant again to the Party selling him Goods, or bringing him Bills of Exchange, which Bills, though now usually satisfied in Specie, will be answered with Credit, or at least, most of them that are considerable. For suppose A. B. of London consigns 1000 l. worth of clothes to a Factor in Amsterdam, and orders him to lay out 500 l. in certain Commodities, and remit the rest; the Faster draws upon C. D. of London a Bill of Exchange to be paid to A. B. for 500 l. which the said Faster had disbursed to buy Commodities, according to the order of A. B. his Principal. A. B. presents this Bill to C. D. and he accepts it, and accordingly orders A. B. to be Registered Creditor for so much in the Office, which A. B. is contented with, because he may not export it in Specie, nor will he suffer it to lie dead. And all other Uses and Intents of money, Credit answers, as above declared. 2. The Office (if a Creditor will assign it over to the Office) for the time being, it is Creditor, will allow as Goldsmiths, but if the Creditor remains Creditor, there is no more reason for them to expect Allowance, than when money lies in their own Houses: For, whilst they remain Creditors, it is in their Possession, Objection. 24. That it will occasion many a Man's Ruin, because Creditors seeing a way for their Payment, will be more earnest for their Money. This I deny. For First, Creditors will not be earnest, unless, often deluded. 2. You may as well say, a man ought not to have his own, for fear of ruining another. 3. All good Husbands that owe money, have money owing them, and if they are pressed to pay, they can likewise press Payment; and this enables one as well as another to pay. For it will be a means to balance all Debts and Credit. 4. Those that are not good Husbands, ruin themselves, and therefore the Creditor hath reason, if he can, to secure his own. Objection 25. That it will cause too great abundance of Commodities, that there will be no Vent for them. I will grant the first part, and deny the latter; For we find that one man can consume 1000 l. worth of Commodities in a year, and another but 10 l. and by this means, if all, or most men become ten times richer, they will consequently consume ten times more. Besides there are many of our Commodities may be carried abroad, where they cannot want a Market. For we must never expect to out-trade the World. Objection 26. That some Commodities are so old fashioned, that they cannot be sold. I answer, that no Commodities are so old fashioned, but that they may be new enough in another place, as mixed Red and Yellow Damask is worn in Waistcoats by Women in Hamburgh, nor so much decayed, but that they be of some use, as the best Rags for Paper, the worst for Improving Land. God having so ordered all things by his immense Wisdom and Universal Providence, that nothing should be in vain, and that the Corruption of one thing should be the generation of another. The Usefulness of Banks in Trade is known and approved by all versed in Commerce. The Office of Credit, now on Foot, under the Inspection of the City, is the same with Foreign Banks enlarged only by altering the Fund, from Money to all sorts of Wares and Merchandise: But in all other Proceedings alike. Therefore such as have no leisure to be Convinced by Discourse, may at first try by bringing in a small Stock of Goods or Lands of a Hundred pounds, or more, which will convince them of the Security, Conveniency and Currency of the Credit, and after, upon solid Experience, they may make use of the said Office with greater Stocks. Especially since this being a Bank of Honour, there can be no Shame when all or most Persons frequent it, in order to a more prudent Improvement of their Estates, and not only to supply their Necessities, which also is alone Shameful, when by Luxury, Sloth or Imprudence they are reduced to it, and not so, through Misfortune. Nor is there any Hazard, for all Officers gives the City great Security for their Faithful Behaviour; nothing passeth in the Office without the Observation or Control of an Alderman or Common-Council-man, appointed by the City; Every man hath daily Access to his own Goods, if he please, and lastly, the Persons to whom the Profit belongs, have not the Trust, and the Persons Entrusted, have not the Profit but a Salary. This Office answers the Wise man's Advantage, the Generous man's Conveniency, and Public Spirit, and the Needy man's indispensable occasions; the Credit being better than that of any Foreign Banks, because of a more valuable Deposit, and as useful as Money, purchasing any thing as well at the currant Market Price, at least from any of the Ten thousand Subscribers, amongst whom (for their common Benefit of having so great a Stock of Currant Credit more Confined among themselves, besides their Fund of Money and Credit nothing hereby diminished) we desire for our Ease and their Benefit, if possible it may from time to time be Assigned, though the Office undertakes to make the Credit always Currant, if not by the Common, by all Extraordinary means; so that none need fear any Damage or Delay, by receiving the Assignment of it. 'Tis alleged above, there is no Shame in sending a Fund of Goods into this Office, which clearly appears by its Universality, and its helping Improvement, as well as accommodating Necessities, for Prudence, honest Industry, and Frugality, merit Honour, when only Luxury, Sloth, and Folly are rewarded with Shame. The Great, Good, and Rich Men for the public Good, which always carries its Reward with it, are invited, not so much to serve their present occasions, as to countenance and screen the Necessitous from pretended Shame, and none are under this Obligation for above a Year: as also to augment the number of Receivers of Credit: and contribute to the vast Charge of so great and good an Undertaking, without loss or hazard to themselves, and for which their Names shall be transmitted by Records in Brass, to Posterity for the first Subscribers. 'Tis not to be supposed that this Office is not useful, because it pretends not to answer all Occasions, no more than Bristol Stage-Coach ought to be suppressed, because it doth not accommodate a Traveller to York; nothing under the Sun answering all Emergencies: therefore all are invited to try the first Year, and such as find their Account in it, may continue, the rest may forbear, till they do. Where there is no Shame, nor more Hazard in the Trial than in all common and ordinary Trade and Dealings, the bare proposing public and private Advantages, may be sufficient to invite prudent and generous Persons to make an Experiment of our Office. But where there is either Shame or Hazard, there clear proofs of the said Advantages are but sufficient. That when any Subscriber is proved to sell dearer for the Office-Credit, than he would if he had received ready money, which in no respect is so good, his Name shall be razed out of the List of the Subscribers. These Objections, Answers, and Instructions are not to be exposed to public view but reserved for the use of our Agents and Officers, and to that purpose they are advised to peruse them frequently, to make them ready in the use of them; and if a new Objection be started, they may promise an Answer the next Meeting, and in the mean time transmit the same to the Undertakers at Dr. Chamberlains in Bishopsgate-Street, who will return them a full Answer. The INDEX of Objections. 1. THat 'tis not practicable. Fol. 1 2. That there is no need of this Office, because there is already Money and Trade enough. fol. 2 3. That 'twill be a Monopoly. fol. 5 4. That the Office will be endangered by Fire. f. ib. 5. That there cannot be sufficient Security to answer the Trust. f. 5, 6. 6. That the People will not readily apprehend a Benefit from this Office, understanding nothing but Money; to which they have been accustomed. fol. 8 7. This Office will bring Money out of use. fol. 9 8. That the Wars abroad may obstruct Trade, and so hinder the good intended, for why should men seek to increase Commodities at home, when they may not find Vent abroad. fo. ib. 9 That it will be a Shame and Discredit for eminent Merchants, and others, to pawn their Goods, and none will Credit with goods ormoney such persons as make use of this Office fo. ib 10. That the Office will not lend so much Credit as the Proprietor needs, or would willingly have. fol. 11 11. That Men will desire to have Money rather than this Credit. fol. 12 12. That the Citizens, especially Bankers, Scriveners, and Brokers, will unanimously oppose this Office, being afraid it may undo them, and many Retailers. fol. 18 13. That it will prejudice the Rich and Ancient Merchants, by making them uncapable of keeping up their Market. fol. 19 14. That it will discover men's Estates. f. ib 15. A Man's Estate, or Goods will, by putting them into the Office, be exposed to the Seizure of his Creditors, or Adversaries. f. ib 16. That this Office will not equally accommodate all men. f. 20. 17. That it will hinder the Sale of Goods, because most Chapmen buy for time, and the Goods being engaged, the Merchant cannot deliver them. fol. 20 18. That Credit cannot answer small and Country Occasions. fol. 21 19 That the Interest of 6 per Cent. is too much. fol. ib. 20. That Goods will spoil in the Office through neglect. fol. ib. 21. That Goods will be damnified in the Removing. fol. 22 22. The Foundation of Credit bad, because upon perishable Goods: fol. ib 23. That this Credit will not yield 3 d. per diem, per Cent. at the Goldsmiths, as Money, nor any thing in the Office whilst it lies there. fol. ib 24. That it will occasion many a man's Ruin, because Creditors seeing a way for their Payment, will be more earnest for their Money. fol. 23 25. That it will cause too great abundance of Commodities, that there will be no Vent for them. fol. ib. 26. That some Commodities are so old fashioned, that they cannot be sold. fol. ib FINIS.