A SHORT DISCOURSE ON THE Present Temper OF THE NATION With Respect to the INDIAN and AFRICAN Company; And of the BANK of SCOTLAND ALSO, Of Mr. Patersons pretended Fund of Credit,  
BY J. H.  
EDINBURGH, Printed by John Reid, and Sold by Mrs. Beiglie, in the Parliament Closs, in the Year MDCXCVI.   

To My LORD High CHANCELLOR, And the Remanent LORDS of His MAJESTY'S Most Honourable Privy Council of the KINGDOM of SCOTLAND.  
My LORDS,  
WERE the Occasion of my writing this small Treatise, but Common and Indifferent, I would not have presumed to Address Your Lordships, especially being a Private Man, and of another Nation, but since the Greatest Interests of the Kingdim are concerned in the Matter now in Dispute, I hope your Lordships will not reckon me guilty of a Fault.  
It is well known to your Lordships, of what Importance the Indian and African Trade is thought to be to this Nation, the number of the Subscribers, and the quickness of the Subscriptions, supposes Men have Great Expectations of its Success, and it is become a Sign of Disrespect to the Common Good of the Kingdom, not to be concerned in it; Or at least, not to Approve of it, and to pay a more than Ordinary Respect to the Projectors of it.  
It is the Opinion of most Men, that this Indian and African Company, will do the Nation very much Good, or very much Hurt, some express it, That Scotland must either be Happy or very Unhappy, by the Success thereof. It is indeed hard to tell the Event of Things in most Cases, but in this, a Man but of Common Understanding, may give a Shrewd Guests, when the Beginnings of this Great Afair, is to the Prejudice, and upon the Plain Right of another Company, Constituted by the same King and Parliament, and is a Business which cannot hinder, but help all Trade.  
When Men have evil Designs, it is not hard to find out Plausible Pretences to carry them on, though for this of a Bank or Fund of Credit, to be joined to the Indian and African Company, there never was less show of Reason, for the Parliament have made the Act for the Bank, and the Act for the Indian and African Company so distinct from one another, that there is all the Reason in the World, to Hope the Bank will be Encouraged and Protected.  
And since the Business of the Indian and African Company, is for a Trade that your Lordships and the greatest part of the Nation are not well Acquainted with; And also, because the Setters up of this pretended Fund of Credit do misrepresent Things, I thought it proper to direct this Discourse to Your Lordships, that you may take more particular notice of the Matter in Dispute, and discountenance what your Lordships shall think may tend to the Dishonour and Prejudice of the Nation  
I will (with Your Lordship's Favour) mention one Instance, which was offered to the Directors, and General Council of the Indian and African Company at their last General Metting; To wit, That the English East Indian Companies, Cashiers or Secrataris Notes, pass currently in Payment for the Companies Use. My Lords, that this is not so, will appear upon due Enquiry, for I never saw or knew of any such Notes, Although I was about eight Years almost every day conversant in that Business, and for several Years since, have had Opportunity to know the Affairs and Methods of that Company. And they are in the like Error in the Instances they give of other Companies for Trade, on purpose to carry on their Design of a Bank, But since that the Stock of the Indian and African Company, is so great a part of the whole Stock of the Nation, and that so much depends upon the Success thereof, it is worthy Your Lordship's Consideration (and that also of all others who Love their Country) whither these men's Assertions are to be depended upon.  
The bare giving out that the Indian and African Trade cannot be carried on without a Bank, or Fund of Credit, hath already prevailed so far, That its thought by many the Exclusive Clause in the Act for the Bank, nor any thing else can stand in their way; But although it could be proved, (which never can, or that their Project would any way help the Indian and African Trade) I will never believe, but that this Nation will have a due Regard to the Public Faith, And Apprehend the sad Consequences, not only to the Bank, but to the other Interests of the Kingdom, by the Breach thereof.  
However, For Vindicating the Justice of the Nation, and asserting that the Parliament, Your Lordships, and the Ordinary Court of Justice, will determine this Matter, according to the Plain Meaning of the Parliament in their Act for the Bank of Scotland, I am unkindly dealt by, yet I will not be discouraged to continue my Wishes and Endeavours for the Prosperity of this Kingdom, and at all times to approve myself  
My LORDS, Your Lordships, most Faithful, Humble Servant, JOHN HOLLAND.   

A DISCOURSE Concerning the INDIAN and AFRICAN COMPANY, And the BANK of SCOTLAND.  
THAT Trade and Commerce is an advantage to a Kingdom, or Commonwealth is so obvious to every understanding Man, that there needs no Arguments to prove it, the Riches or Poverty of all places being usually measured by the Increase or Decrease thereof.  
I shall consider it, and but very Briefly under these two General Heads. First, The Trade that each Kingdom or Country hath within itself, this we may call Inland or Home-Trade. The Other is the Trade that one Kingdom or Country hath with other Kingdoms or Countries; This is Foreign Trade.  
The First of these is more or less in every Nation, nay, in every City and Town, and in those Countries which produce what is necessary for the support and Conveniency of its Inhabitants, a people even with this Home-Trade, may be Happy.  
The Foreign Trade is of two sorts, One is the Trade that we have with other Countries, for what we consume immediately ourselves, without Transporting what we bring from those places to other different Countries. This Trade is Profitable or prejudicial, according to the Value of what is sent out and brought home; For it is Advantageous if the effects exported will sell (where we carry them) for more than will pay for the Goods Imported, whereby the Remainder must be returned in Money. And it is unprofitable and a lossing Trade, if what we Import costs more than what we sent out, whereby we must supply the Balance with Money; So that this Foreign Trade in the one case is Advantageous, but in the other, will impoverish, and if this be considered as it ought to be, it is not only to drive a Foreign Trade and a great Trad. But to drive a Foreign Trade profitably, that deserves encouragement, otherways we may be great lossers thereby.  
The other sort of Foreign Trade is, when what we Import from other Countries, either in whole or part, is sent out again to other different places; This is as it were a double rrade, and may yield a double profit, if under an Honest and skilful mannagement.  
To drive either one or both of these Foreign Trades, There aught to be great regard had to the Product of the Country from whence it is driven, whether it affords matter sufficient fit for other Countries; There aught to be Regard had to the hazard, and also that the Trade be not overdriven, but proportionable to what the Nation is able to do, and many more particulars ought to be considered in carrying on a Foreign Trade.  
Foreign Trade is carried on by particular Merchants, each for his own account as he is able, either in Purse or Understanding, this is best in many cases, and to some Nations the only safe way, the private Merchants being not under a necessity to drive a Trade otherways than as they find it profitable.  
Foreign Trade by Companies in Joint Stocks, is also in many Cases very necessary, but here there must be sit Instruments, Men of Understanding (I Mean of Trade) Men of Honesty and Application, these will prescribe fair and wholesome methods, and will as fairly act thereby.  
There is an inconveniency that attends a Company, That the Money being raised, it puts them upon a kind of necessity of employing the Stock, without a due Consideration of all circomstances; And here I must go back and say, that there ought to be great Consideration had in making a Company for Trade, to the Ability of the Nation, and quantity of the Stock, and many other things.  
The Inferences from the foregoing Assertions, I will not venture to make at this Time, though I am satisfied they might be useful, and would be justified even in Scotland, by many Honest and Wise Men at present, and by all the rest that are Such, when the Hurry of the Great Affair now in Hand is over, or at least, when the Success of Things, shall discover the Truth or Falsehood of some Men's Pretensions; However, thus far I will say, that Honesty and Experience are essentially necessary for the carrying on a Company in a joint Stock.  
It hath been the Practice of all Wise Governments to Encourage the Subjects to Trade, and all things that might be for the Public Benefit, by giving particular Privileges either to single Persons or Companies, and that these Grants or Declarations have been depended upon by those whom they were made to, is very well known by most Men: This plainly appears by the Patents, Charters, and Acts, that are from time to time given particular Persons and Companies, which would never be desired, if there were no certain Dependence on the Faith and Justice of the Givers, and even in this Kingdom of Scotland, there are many such public Grants for the Encouragement of Trade, which I believe none will venture to say, that the Persons concerned therein, have not had just Reason to believe, they should enjoy the Privileges mentioned in the said Grants.  
A Breach of Faith, is not only base and unworthy, but it is also unprofitable and loossing to the Breakers of it, and this is so even to private Persons, but with this Difference, That in a private Case there may be Concealment, so the Scandal is not so great, and the Knavery dies with the Man. But all men's Eyes are upon a Government, which survives particular Persons, and so the Scandal and Loss is the more public and certain.  
There are few Men how wicked so ever they are, That would be willing to be publicly know to break their Promise, and when such things are, it is generally denied, and there are two Reasons for it; The one is Reproach, which all the World over, is cast upon such People; And the other Reason is, That all People are Shie of them, and are afraid to have to do with them in any Matter whatsoever.  
If some will say there are Degrees in this Matter, and accordingly is the Sin or Folly, more or less; That is, Where Faith is not plainly and directly broke, but Obliquely or in part; But this is all one, for the persons wronged, are the Interpreters of it, and so are all the Standards by. And in a public Case, the Nation wherein such a thing is done, and also Neighbour Nations are Judges thereof.  
And in this matter I am confident, I shall not only have the Divine and the Christian, but even the honest Heathen to justify what I say, and it will hold good in the most depraved Ages of the World, so that I will now come plainly to the Matter and Business in Question. And in what I shall write, I will not knowingly do wrong to any Person, but endeavour to discourage and prevent the mischiefs that some persons by Ignorance or Interest, may do to this Kingdom, and a Body of Men, part of this Nation, and part in England, who entirely depending upon the Faith in an Act of the Parliament of Scotland, have engaged in a Society for their own and for the Public Benefit, and is a Business of such a nature as interferrs with none, but helps all public Undertake, and under plain Open and Honest Rules and Methods.  
The Government of this Kingdom did think fit the last Session of Parliament, To constitute two Companies. The one for an Indian and African Trade, and that none other should for the space of 31 years practise the same. This Act passed the 26th. June 1695. And the other for a Public Bank, with an Exclusive Clause for the space of 21 years. After the date thereof; In these words; And for the better Encouragement of the said Company and Adventurers, It is hereby statute, That the Joint Stock continuing in Money, shall be free from all Public Burden, to be imposed upon Money, for the space of 21 years, after the date hereof, And that during that space it shall not be leasome to any other Persons, To enter into and set up a distinct Company of Bank within this Kingdom, besides these persons allennarly into whose favours this Act is granted: Which Act passed the 17th July, following the other Act.  
After the Subscriptions were made in both Nations, The Adventurers were pleased to choose me out of many much more worthy persons, to be Governor of the Bank, and inveated me down to this Kingdom upon my own Charge and Expense, my Reward to be one tenth part of what profits should be over and above 12 per Cent: Interest first to the Subscrivers upon the Money paid into the said Stock.  
Upon my Arrival, I immediately began by all ways that I could, to make the People understand the Nature of the Bank, and by what Rules and methods I should offer to their consideration further to proceed by; And in the whole, I was plain and Candid without secret Equivacation or Noise.  
The Principal Rules that I laid down, One was, That we must reduce the Interest at least two per Cent: And that in all other respects we must make it as easy for the Borrowers, as that they have liberty to pay in their Money at any time they could after one Month, and also in parts. This was the Foundation of all, and whatever the Baseness or Ignorance of some Men may insinuate, in way of Reflection upon me, the Credit and Good of this alone will be Reputation to me, in the Opinion of Good and Wise Men, above the Vain Applause that other Men have sought; And as this was the great thing I aimed at in setting up the Bank, so I must also say, that it hath been the greatest occasion and rise of all those Designs and Attempts to hurt and ruin the Bank, for those whose Advantages are by Interest of Money, even at my very first mentioning my design of Louring Interest, insinuated among our own Friends by some plausible Reasons: So that every one of the Directors here for some time, was of a contrary Opinion to me in this particular. And since, several Sums of Money have been paid into their hands, by Persons who have Borrowed of the Bank at four per Cent. They take all ways whatsomever to defeat this Good and Great Undertaking.  
All the other Rules by which the Bank do Act are wholesome and plain, and not only in the Notion, But in the practice of them; so that on all hands they are approved of.  
So soon as the Rules and Methods for carrying on the Bank, were agreed to by the General Meeting of the Adventurers, The Directors proceeded to business, and with such success that the Credit of the Bills, as fast as they were issued out, obtained to a degree beyond expectation, and the Bank had Universal Applause, except now and then an angry word from a few Persons, moneyed men, for the reasons aforesaid.  
The African and Indian Company at the same time, had Subscriptions to near four hundred thousand pound Sterling. By (if I mistake not) about 1500 persons some of the payments of the One Quarter part so soon as the Bank was open, were made by Direction of the Managers of that Subscription in the Bank, Each Society thanking the other, the One for the trouble it saved them, and the Other for the confidence reposed in them.  
And as for Personal Civilities between Mr. Paterson and myself, they were such, as there was to my knowledge no thought or Prospect of any difference, for I neither wrote nor spoke to any Body of what I observed, only took the freedom of thinking. Till about the middle of May, There was a Rumour of a design for setting up a Fund of Credit, by the African Company; I was indeed surprised thereat, and when I had informed myself in the Matter, I could not but exclaim against the folly and dishonesty of the design, and charge the same upon the persons that should be the Contrivers thereof.  
I gave my Friends in England two Posts after this discovery, an account of what I had understood of this matter though the Post before several Persons had done the same, and they and all others who heard of it, were as much surprised as myself, and some who had Subscribed to the Africa Company, forbidden their Agents paying any Money into the Stock, as unsatisfied and scandelized at this design.  
Most people here also, though nowayes concerned in the Bank, but only in the Africa Company, exclaimed against this new project as a matter unjust, unsafe, and on all sides prejudicial, and as what was nothing like either what the Act Imported, (being solely for a Foreign Trade and Commerce,) or what any of the said Subscribers to the Indian and African Company had ever a thought of.  
This resentment from all persons, made such an impression on the persons that contrived and carried on this design of a Fund of Credit, that it was denied and evaded by all manner of Art, and I was blamed for believing of it, because the Directors of that Company, except four or five immediately concerned, knew nothing of it, however they went on, and every day it became more and more public, and it is now the great and only subject of every one's thoughts and discourse throughout the whole Nation.  
It is urged, That Mr. Paterson designed a Bank even at first in the Indian & African Act, & because the Act in the whole Scope thereof is wholly for Trade, he would prove his Design by a Letter, which it will be necessary to give some Account of.  
Mr. Thomas Deans having given the Draught of the Act for the Bank, which he had from me, unto some Lawyer, to put into the Scots Style, some One of the Gentlemen, who came from London to Solitite the African Act, accidentally saw the said Draught for the Bank on the Lawyer's Dask, and being surprised that such a thing should be without their knowing any thing of it, or from whom it came, they immediately wrote to Mr. Paterson at London, thinking it must be from him, he being so famous for setting up of Banks, and therein compleaning of unkindness, that he did not acquaint them thereof. On the other side, Mr. Paterson was as much surprised at their Letter, and returned Answer, that it was all strange to him, but desired them by all means to make what interest in Parliament they could against it, for that he designed a Bank as a part of the Indian and African Business.  
When I heard of this Letter, and what Mr. Pathrson had Answered to it, I accosted him with a little sort of Briskness, and asked him how he could pretend to know any thing of the nature of a Bank, if he thought it could be joined with the other Business, and his Answer was, That he was only afraid that it would prejudice the Indian Company; For otherways he had nothing to say against the Bank. And before I came for Scotland, some of his Friends desired me that I would carry myself Civilly to him, and upon my Arrival he came to me, and Begged me Pardon for ever pretending against the Bank, and that what ever had been, was only for fear it might interrupt and hinder the Subscriptions to the Africa Company, but he saw it did not, and therefore wished all manner of Success to it,  
And now to palliate this unworthy Design of Setting up against the Bank, he and his Friends, would pretend a Kind of Right, because he said in his Letter, as is before narrated, but where the Sense of this Assertion made by himself, and several Others is, I do not think any Body can see.  
For if he had Originally a Design to make the Bank a part of his, I: and A: Company, Wherefore did he not couch his Act something suitably? And why did he not tell the Design to those, unto whom alone he discovered the African and Indian Affair? And if he'll say he did, tell them? Even his very Friends must not believe him, For Mr. Chiselies Letters, and his Return speaks them absolutely ignorant of it, and his own Confession to me in England and Scotland, before Several, That he was only afraid the Bank might hinder the Subscription to the African Company, declares the same.  
It is further insinuated, as a Reason for this Design, that they have not present use for their Money in their Trade, and therefore it ought not to lie idle; And in this particular there will appear neither Sense nor good Husbandry, if we consider that they allowed Twelve per Cent for prompt Payment, to get the Money in.  
But with this we must consider that at the same time they urge very strenuously an other Argument, and which they pretend aught & shall prevail, & in Truth is the greatest that they can offer, and is very popular, it is this, that without a Bank or Fund of Credit, an Indian and African Trade cannot be carried on, and that Companies of Trade in other places, have such Banks or Funds of Credit; But this is both ridiculous and untrue; For do they not urge it as an Argument for this design? That they have so much Money more than they can use for some time, That it will be a great loss not to lend it out; Besides, how can this Indian and African Trade so want a Bank joined to it for the carrying it on, while but a small part of the Subscription is too much to be employed for some considerable time; Are there not 1500 Adventurers to call money from? And in such proportions and times, better than can be from persons who they lend their Money to. Besides, their assertion is untrue: For Companies set up for Trade and Commerce in other Countries, have not Banks and Funds of Credit belonging to them; But the matter lies plainly here, that though they have nothing of Truth, Reason, or Honesty to help them on in this Bank project; Yet they have this great advantage, that the African and Indian Trade is of such Value and Esteem, in the Opinion even of all Men in General in this Kingdom; That whateven is offered by Mr. Paterson to further it, is received with applause, without any inquity into the Truth of what he saith.  
And upon this account, As a Fund of Credit is believed to forward the Indian and African Trade, it is a hard matter with many at this time to judge whether all the Right of the Bank of Scotland, (so plainly founded by a most express and Comprehensive exclusive clause for twenty one years) shall not be Invaded and trampled upon, though to the Eternal Scandle of the Nation. And all this I say, because it is pretended (but not Proved nor can be) That a Bank or Fund of Credit is necessary, and will encourage the Indian and African Trade.  
When I came down to Scotland, which was the 18th of March I found Mr. Paterson very popular, and in some proportion Mr. Smith and Mr. Lodg, and I found the whole Nation so Universally in favour of this Indian and African Trade, that although I observed several things in my Opinion very odd and strange, and heard frequently things urged that I could not believe to be true, as that Business and Trade is so and so carried on in other Nations; Yet I thought it both Prudence and good Manners not to contradict the Common Opinion of the Nation; And I had gone away as quietly, if Mr. Paterson had followed his own proper business (though by Ways and Methods right or wrong) by which he had so highly raised the Expectation of the People; And from which business, without so much as a thought of a Fund of Credit, the Subscrivers had their Hopes of Profit.  
But since that, instead of going about their Foreign Trade, they first intent to trip up the heels of another Company, so distinct from theirs, so fairly established upon such good Methods and Rules, and upon a plain Right even in the Opinion of all the World, I may very well be excused, Nay, it may be thought my Duty, to expose the Evil of a Design so unjust, and every way tending to Mischief and Confusion.  
I am under a great Disadvantage, in what I can say, against the proceed of these Men, by the Base and False Reports that are raised of me. That I am a Spy from the England East-Indian Company, and came down here to ruin the Indian and African Company of Scotland, That I have a Pension or Fee from the English East-Indian Company, to do what I can against the Scots Compay. The bare Assertion prevails with many, but to give the Report Authority, It is said, A Person of Quality had a Letter a little time after I came from England, that I came down here to oppose the Scots Indian and African Company. They also Report, That I should say, I would prevail upon the Parliament of England to Ruin this Company.  
Indeed I am ashamed that there should be any occasion to mention those very ridiculous Stories; But such is the Zeal of the Nation to the Indian and African Trade, that many are thereby prejudiced against me; And because they cannot Answer what I have argued against their Design, they tell one another, We must not believe what Mr. Holland sayeth, for he is an English Man, and engaged in a direct contrary Interest.  
They report me in other Respects very falsely, and all to take away the Credit of any thing I may say; And it is become dangerous for a Man to express his Thoughts freely of this Matter, People being under more Awe and Fear, of giving their Opinion of the African and Indian Company, both as to the Projectors, and the Method they are fallen into. Then ever I remember the Dissentors in a Former Reign, and the Jacobites in this, were of speaking against the Government; Not that the Laws of the Kingdom do any way restrain People, but the Danger is from an universal Prejudice, that is immediately contracted against any that Speak or Do, what hath but the least show of Discouragement to this Foreign Trade, and this without ever Examining whither what is said, is in Reality or not, the Truth of this, all the Nation are Witnesses of.  
I never thought to have appeared in Print, I have not a capacity for it as other men, nor do I affect noise or being taken notice of, and at this time, I am under a further disadvantage, because the Business I came about, to wit, the Bank, takes up my time; But since providence hath engaged me in this public Undertaking of the Bank; And that this other design hath by the folly and wickedness of some few persons, fallen so unhappily to interferr with the Bank, & in such a nature, as that the Kingdom may be concerned thereby in its greatest enterests, I reckon it my duty to do what I can to prevent the mischiefs that this Nation will fall into, if this humour be not timely taken off, and I hearty Pray GOD, to open the Eyes of these people, and incline them to consider of what dangerous. Consequence it is to Invade a plain Right, and bear down by noise and force, Truth, Reason, Order, and all that is Sacred.  
I have many Witnesses of Honest and Worthy Men, That I have alwise thought it the Interest of England to have this Nation Happy and Flourishing. And for what is so basely insinuated and spread Abroad, of my being a Spy, & coming down to dscourage this Company, is both false and ridiculous, and the fame are all the other Aspersions.  
For from my first being here, in all Companies I came into, I declared that I was sworn to the English East Indian Company; That so no man might talk any thing before me, that he thought I would or could take an advantage of against their Indian and African Company, and I abhor the thoughts of so mean and base an Undertaking, though I have and ever will pay all manner of respect to that Society of the English East Indian Company I have been concerned in.  
And for what they untruly say, I spoke of making an Interest with the Parliament, I am ashamed to think any such thing, both because I would not have any Body believe, I am so vain to value myself at such a Rate; And also, because I would have this People know, The Parliament of England is infinitely too great to be influenced by any particular Person whatsoever, and much less by such a private Man as I am; And I am sure that I have shown these People that make such a Bluster in the Nation, by my own Carriage, an Example of Humility, and of the Duty and Respect due to the Government.  
Nor do I value any thing of this kind with Respect to myself, since some of these Men have had the Boldness, to cast as untrue a Reflection upon a Noble Lord, the Earl Rochester, viz: That he should publicly Tear and Trample upon the African and Indian Company's Act of Parliament; which was current among all People, till my Lord Tarbat came from England, and did my Lord Rochester Justice, by declaring how much of a contrary Temper his Lordship was of, with Respect to this Kingdom.  
I do indeed value the good Opinion of Men, but it is of Wise and Honest Men, and not upon a mere Show and Noise, but from Fact from what I do that may really deserve Esteem. The Business I only came here about, was to set up the Bank, which is upon an Honest Foot, and carried on by plain and rational Methods; Not by little Tricks, but in such a way, that all who know the Bank and its Methods, do at first sight see the Reasonableness and Fairness of them, and these exposed to all People from the very first, All having been prepared with due Consideration by the Court of Directors, and then fairly Offered to the Consideration of the General Metting for their Sanction.  
It may be thought by some, that I say all this only to save the Bank, for that I am so much concerned in the interest thereof, but I do not. I have other as great reasons that I Writ this for, and more Just and Hanourable than these men will ever act upon, let them pretend what they will, Viz. The Honour and wellsare of the Kingdom, which these Men wound, and if not stopped in their proceed, will lay in the dust.  
I have all along said, The Parliament of this Kingdom will keep their Faith, they know it is just, and they know it their intrrest so to do.  
Specious pretences will not prevail upon so Wise an Assembly, Order and Truth must be mantained, else all will go to confusion, and the dearest interests of the Kingdom will suffer to such a degree as will make the Nation despised, and hated all the World over.  
We have no reason to be afraid of the multitude of the Persons Concerned in the Indian and African Company; For even if they were Judges, if they will but consider things, they will abhor this attempt, invented and carried on by a few, for a little pretendeds (though not really one Farthing) profit, to the hazard of the Honour of the Happiness of the Nation.  
Those little tricks and evasions, calling it a Fond of Credit. and not a Bank, the Clause in the Indian and African Act of improving their Stock to the best advantage, and the nonsensical and untrue assertion, that a Foreign trade in a joint Stock can not be carried on to Advantage, without a Bank or Fund of Credit (which is not so in other Kingdoms; For Companis of Foreign Trade, borrow, not lend Money) and all the rest of that Stuff will never prevail, and I am throughly persuaded not only of this, but that a sad fate will attend these men, who begin their Business with so many false and unheard of insinuations and practices.  
It is Untrue and Ridiculous, what they make this Nation to believe, of the Ways and Methods of other Kingdoms, in carrying on a Foreign Trade, if Enquiry be made. Where are the Companies for Foreign Trade that lend their money? I'm sure there are none in England, but that's not to be valued, the prejudice is so great to England, that their Example is not to be followed even in Trade: But the Truth is, because it is nearest this Kingdom, and if they go not further, they will be soon discovered. I dare not say, (though its true) That in Holland and other places, Companies for Trade are carried on without lending money; And having Funds and Banks of Credit belonging to the said Companies, I say it is giving them an Advantage, if I talk of what is done in these Kingdoms, because, if Mr. Patenson will assert the contrary, it must be believed. Never was such an implicit Faith before, in a Protestant Kingdom.  
As for the Methods and Constitutions of Companies in my own Country; This Kingdom, as I before hinted, is too much prejudiced by what the Parliament did with respect to this design, to take any Example by them for carrying on the African and Indian Trade, though no Rational Man can see a Reason for it; I also will be silent as to other things in this great Constitution, But so far I will say, That let some Men but give themselves Names, they are thought to have suitable Qualifications, as Mr. Lodge and Mr. Camphel esteemed among many the Top Merchants in this great Affair. But why do I question these men's Abilities? Is it not possible that they should by inspiration, since they came from England, have some Extraordinary Gifts for Trade, more than ever they had before?  
I cannot Argue upon this matter as I would, not only for want of time, but also because I must not instance any thing how true so ever, of what is done in other places, For than I am laid upon my back, because these Men will deny that any such things are; And therefore I must discourse so, and instance things that may here in this place be known to be true, from these men's own Confession, and from the Nature of the things themselves.  
It is then known and confessed, That Mr. Paterson was to have a smmm of Money for his Service to the Bank of England, He saith, It was for being the Founder and Setter up of the said Bank; It is also confessed, he had not the Reward. The same in every particular of the Orphans Fund, Only in the last, he hath some Assurance to have 5 per Cent of the Profits: And further, It is known, That there was an Agreement to have 2 per Cent out of the Stock of the African and Indian Company, even without running any hazard, or staying for the Success of the thing: And that he afterwards relinquished this Bargain of the 2 per Cent, this is all known and confessed.  
Now let us Fairly, (though not Fully) examine this matter, And First, What may be thought the Reason that the Bank of England did not give Mr. Paterson the Reward? It is said on one side, Because he basely betrayed them: But by him, That they were unjust, etc. But which is to be believed, Wither the 26 Directors, Men of Estate, and Men of Esteem, or Mr. Paterson? Let every Body judge as they please. I will only say in it so much, That he is believed in Scotland, and they in England. And I will observe this, That what ever we thought of Mr. Paterson in England, (and I speak it without Detracting from the Merit of those Worthy Gentlemen of the Bank of England,) he is in this Kingdom looked upon to be a Wiser Man, and is abundantly more Popular here, than all that Court of Directors, or the Governor Deputy, and 24 Committee Men of the English East-Indian Company are in England; Else why such a bustle all the Kingdom over, and so many New ways for the setting up a Company for a Foreign Trade, and by an implicit Faith in Mr. Patersons Judgement and Honesty.  
In the next place, we may inquire and tell what Opinion both Nations have of his setting up the Orphan's Fund, in this Kingdom it is all well, and an Act of Merit and great ingenuity, But in England it is looked upon the Direct contrary; And as one great occasion of the present miseries in the Kingdom; As for my Particular Opinion in this Matter. I confess what some have charged me with, that I should say, If I had a Brother that should set up one Bank against another; and if I were Judge, I would hang him for his pains; Not that I would charge the many Honest and ingenuous Gentlemen in that Fund, as Adventurers or Directors of a Crime; For there was in England no Restriction by Law nor Custom, but most of them were Ignorant of what the Consequences might be; But if the Bank of England had been so happy to have had an Exclusive Clause, none would have dared to Offer that Affront to the Parliament, so much as to talk of setting up another Bank.  
In the Third place, We may consider what Love and Zeal there was in this Gentleman, and some of his Friends, for the good of his Country, in setting up this Indian and African Company in Scotland; it is indeed thought a great Deal; But even Scotland itself, who so Adore him, must confess that till he came down here, the Great Certain and Present Reward (the Twelve Thousand pounds Sterling out of the Subscription) was equal to the Zeal for his Country men's Good; And by others it will be believed, The Money was much more the Cause of that Generous Passion: I cannot but smile, while I am writing this Paragraph, how very well this is taken by many in this Kingdom, whom if they consider and compare, Times and Things, it's as plain as a Mathematical Demostration, that there was self enough in the Case, And that he had carved for himself and his Abettors, without any Hazard, a Bountiful Portion of the Six Hundred Thousand Pound African Stock; But he hath Relinquished, and stands now to the Justice and Generosity of the Company, Or at least of the Counsel and Directions of the Company; Of which I will say a Word or two, And it is,  
That I observe, not a Voluntary Act as to the Will, that Mr. Paterson gave up the 2 per Cent, but by a downright necessity, or else all must stop; And if I mistake not in this particular, the Scots People were chief the Occasion of his Relinguishing this certain Reward.  
But now he thinks he hath contrived matters for his advantage, better, He hath turned things into a never before seen method; And so many engagements are laid upon particular persons, that those and he together hope to manage the Council and Directors, so as the thing may some way make good the former disapointment, but they are most of them Worthy Gentlemen, and will not long be carried away by words without Correspondent actions.  
Men will in time consider the Justice and Equity of things, and their interest in Reality, The public & plausible name of a Foreign Trade, opposed so much by the Parliament of England, and (though untruly and foolishly said) by me on purpose from the English East Indian Company, will not keep the Nation long in a belief that this matter must be as great and profitable as is talked; For as I said before, it is not only to drive a Foreign Trade and a great Trade, but to drive a profitable Trade, that will be the advantage of this Kingdom, and all the World will Confess, that such an undertaking should be begun and carried on by Rules of Justice and Prudence.  
But what's the very first scene of this project, Truly another Bank or Fund of Credit, without any pretence to any such thing, and without the least expectation of it from any of the Adventurers in the Indian and African Company, there being not six Men among the whole Subscribers, that can say they had a thought of any such design when they Subscribed, and upon the first notice of it, there was an Universal surprise, These are bad beginnings of a Foreign Trade, orany other Undertaking. I dare not write so freely, as if people were not by false & base insinuations prejudiced against me; However I will say, that there is in these men a great deal of folly and injustice, and I have no reason to fear that it will be believed to be picque, what I have said of these men, as some (by not knowing how things are carried on,) have thought, I Thank GOD, as I did formerly to Mr. Paterson, forgive several injuries, so I can and will do again, upon those terms that any Honest Man in the World will judge I ought to do it.  
I Appeal to those Gentlemen of the Subscribers only to the Indian and African Company, whether Mr. Paterson and some others have not sometimes denied. and sometimes evaded all these matters, and even the same days and Hours in Company of those they thought would, like their project of a Fund of Credit have confessed they would carry it on, and several persons of Honour as not Countenancing it were made to think, that all would go over, and that nothing should be done to interfere with the Bank of Scotland; Will any man then of Sense and Honesty say, this proceeding is plain, Candid and fair. And will any Wise and good Men think here is Honesty enough to carry on a business for the Credit and good of the Kingdom.  
Is there no Regard to Honour in this Nation, Nor to the other interests of it, that all shall be thrown down by the popular Argument or assertion, that an Indian and African Trade will be a good thing to the Kingdom.  
I am told frequently that I lose ground in the opinion of many, and that speaking against these proceed endangers the safety of the Bank, I thank my Friends for the Kindness intended thereby, but the Bank stands not upon such a Foundation, as any thing of this nature can hurt it, it is a good thing to the Nation for the Encouraging of Trade, for the Lands, and for the ease of people in distress, and under heavy burdens of debt by Moneyed Men, to some of whom we own in a great measure the occasion of all this, and who are continually labouring to destroy the Bank by this interferring these hallow on both sides, and hope (and notwithout good grounds) That these unjust proceed of Mr. Patersons project for a Fund of Credit, shall bring matters to such a pass, that no Trade shall be so great as Usury.  
Are there no instances in this Nation of mischief by very much lesser disorders in business than this is, and shall they be totally forgotten, nor will there be no reflections made upon the distresses of England on this Account, Goldsmiths and Banks, fight one against another, its impossible but men will see it their interest and duty to prevent the mischiefs in plain view.  
I will not believe that the Crafty insinuations of these men will prevail in the Parliament, in the Council, or in any Court of Justice, nothing of that which they urge, and which they deceive so many Honest Gentlemen by, Viz: Have they not power to lend their Money, may not people take their Notes, will top the reason and Justice of those wife Assemblies, where is the Sense of giving their Notes? And where is the profit, if it be not in the way of a Bank? And would it not then be an affront to the Parliament, Council or Court of Justice to think that these little tricks shall prevail?  
Doth not Religion prescribe Rules of Equity, and must all Principles which even Natural Reason teacheth, give way and be trampled under foot, upon pretence that his Fund of Credit helps the Indian and African Trade? Or must it be, because the Gentleman, upon having an account from Scotland of my draught of the Act for the Bank, was pleased to write to Mr. chiefly that he should hinder its passing, for that he intended a Bank in his Africa Act? Or is it because of the Clause in the Indian and African Act, that they may employ their Stock to the best advantage.  
If the Nation think the Indian and African Trade Valuable, and that Mr. Paterson and his two or three friends are so necessary for the carrying it on, let them proceed as they shall see cause, the Adventurers will be contented very well, without their encroachment on others, and they will not desire to gain by indirect practices, they never thought of this Fund of Credit that is now trumpt up. Good GOD! where are these men's Honesty in this design? I will say, let them pretend and Cant as they please, there will be no profit, but loss and confusion in it; as may easily be proved, and shall be, if they acknowledge in Print the true reason of their proceeding.  
I hope my Friends and Partners in the Bank, will not fear any Danger, my loss will be abundantly greater than any of theirs, And if these People should prevail, which I cannot any ways be persuaded to think; Yet I will in such case, show an Example of Patience, and Lament chief the sad Consequences it will have upon the whole Nation.  
The Breach of a Promise, Reflects a Scandal upon a private Person, so as to make him Odious to all that believe it of him; What then will be the Shame and Scandal to a Nation, If the Public Faith be broken? For as I hinted before in this case, it is not the Persons injured, and the Persons that do the injustice, that do only take Notice of, and will be the Judges of the Matter; But all the People of the same Kingdom, and of the Neighbour Nations likewise, let it then be far from us to think that the Parliament, Council or Court of Justice will not protect us against all these men's Arts and power.  
Indeed I must confess that a blind Zeal for Religion, as among the Papists, and many times Interest of State, hath occasioned the breach of the Public Faith, this Latter frequently among the Turks and Infidels. But it is hardly to be found, that ever the Public Faith which hath been given for (what we are discoursing of) Trade, was ever broke even by the worst of Men. And if there can be any Examples given in this kind, it is so far from being justified, that (with one Voice) all People would cry out upon it as base and unjust, and as what would infallibly be an absolute Bar and Discouragement to People for ever after to Address the Public.  
FINIS.