To the Right Honourable Sr William Ashurst, Kt. LORD MAYOR of the City of LONDON; The Right Worshipful Sir Robert Clayton, Sir John Houbland, Sir William Hedges, Sir Stephen Evans, Sir William Cooper, Sir Thomas Littleton, Sir William Scawen, Sir Edward Abney, Sir Henry furnace, Sir James Sheen, [Knights;] And the Worshipful Michael Godfrey, John Ward, Theodore Johnson, James Bateman, Obadiah Sedgwick, Nathanael Herne, William Pateson, John Holland, Richard Burton, and John Bellamy, [Esquires:] Commissioners for the said BANK. SIRS, GREAT Britain is acknowledged by all the World, to be Queen of the Isles, and as capable to live within itself, as any Nation; having not only all things necessary for the Life of Man, but also Abundance, Materials, and Stores; of Manufactures and Commodities to a Superfluity for Transportation; and is comparably situated for a Royal Bank of Credit, that all Trade offers itself to all its Ports and Harbours. The Soil of our Country being exceeding rich, abounding with all things necessary for Peace and War; as Grain, Horses, Beefs, Sheep, Flax, Wool, and other Trafficks; Also Mines of Tinn, Copper, Led, Iron, Coals inexhaustible; and no Nation in the Universe but partakes of its Woollen Manufacture more or less, and of its Linen: Paper of all Sorts, and Silk now made in England to great Perfection; and our Seas every where filled with Shoals of Fish, as good as Ready Money, to fetch in all Foreign Commodities. Now shall the God of Nature give us such great Blessings, and we be wanting on our Parts to improve them? Doubtless we may aggrandise our Trade with an inestimable Account, if we would ourselves, and make our Territories as Rich and Populous as we please, under so Wise, Glorious, Valiant, and Good King and Queen, and Government as we have; had we public Spirits (as we ought) to give Countenance to Brave Actions of Industrious Men, and did truly mind the Business of Trade and Populacy as much as we do Pleasures and Luxury. Your Banks will beget Trade and People, and they will beget Riches; and then honest Pleasures will come of course. Riches are the Conveniencies of a Nation; but Trade and People are the Glory and Strength of the Kingdom. If we once come to be good and industrious, in Fearing and Serving God, in being obedient to our Good King and Queen, loving and charitable to one another; we may expect God's Blessing upon our Forces by Land and Sea; and no Nation can exceed us either at home, or in foreign Parts; we having so many Materials to employ our People, and our Nation hardy and ingenious enough to work and raise all sorts of Manufactures within ourselves, which now we have from abroad. If we did but take care to catch our own Fish, work up our own Growths, perfect our own Manufactures, as Linen, Woollen, Paper of all sorts, thus doing will make us infinitely Rich to Eternity. Our Country being surrounded with our Neighbour-Natives, and of most Concern and near them, we are designed for all manner of Riches, and to be the Seat of Empire, being a Land so pleasant, and London so Great and Glorious that it invites all People to come over and stay here. Our Country thus accomplished with all Blessings, as to Fertility and Ingenuity, a little help will make it the most Glorious Place in the World, and His Majesty the most Potent Prince in Christendom. I have hinted here at the chiefest Advantages we are capable of: these, I am sure, will do England and Ireland's Work effectually, if truly encouraged; and we shall be ten times Richer in the third Part of an Age, by the Help of these Banks, if you employ your Time, and the Money of the Bank to Public Uses and Accounts; as may be directed in such Contrivances, as may tend to the General Good of all. I beseech you, Imitate His most Sacred Majesty, and his Royal Consort, who are never weary in doing Good, but are ready at all times to encourage Trade, Ingenuity, and Discoveries, beyond any former Princes: And let Their great Wisdom and Goodness be your Example. To conclude; If you should happen to read this little Brat, if you think it not for the Public, cast it from you; but if persuaded, from the Reason of the thing, that it will, in some measure, accomplish the End after mentioned; then you are as much sound, and perchance more, to promote the thing, than myself. All Men are satisfied 〈◊〉 Bank will be very advantageous to a Nation, especially to a trading People, situate as 〈◊〉 are: But the Great Question hath formerly been, How to raise a Stock or Fund that shall be credited by all; but now this Grand and Old Obstacle is removed, as hath been fully manifested, and made visibly apparent to all Gain-sayers, by some Thousands of Persons, in their voluntary and ready subscribing near Eight hundred thousand Pounds in four Days. I hope the Thing will suit most men's Interests; but if I am mistaken in my Measures, I humbly crave Your Pardons, and subscribe, Yours in all Humility, H. M. England's Glory, BY A ROYAL BANK. Anno Quinto & Sexto Gulielmi & Mariae, 1694. WHEREAS it is Enacted, That if Twelve Hundred Thousand Pounds, or Six Hundred Thousand Pounds (a half Moiety thereof) or more, be Subscribed, and one Fourth part of such Subscriptions paid into the Exchequer by the First of August next, and the remaining part of the Subscriptions paid by the First of January next; All Persons, Natives and Foreigners, so doing, are to be Members of the Corporation for a Royal Bank in England, to be Obtained under the Great Seal of England: And that One Hundred Thousand Pounds shall be paid out of the Exchequer yearly to the Government of such Corporation to answer Eight per Cent. per Annum for ever; The said One hundred thousand Pounds to be applied by the Corporation to such Uses as by the Charter to be directed. And forasmuch as so grea● and public an Undertaking as i● thereby intended, cannot so effectually be performed and carried on otherwise, than by a Body Politic or Corporate: For the speedy furtherance hereof these several Honourable and Worthy Persons of most considerable Quality and Ability hereafter named; Viz. Sir Patient Ward, Sir William Gore, Sir John Morden, Sir Benjamin Newland, Sir John Bucknall. Francis Parey, George Boddington, John Dubois, Samuel Ongeley, Peter Hublon, [Esquires.] With many others (out of their constant Zeal to the Public Good of the Kingdom, and its Trade, and a firm Assurance that the Benefits and Advantages of a Royal Bank, are such as will advance the Wealth of their Majesty's Kingdoms, and mainly supply all Defects in Trade; and also be greatly Destructive to the French King's Interest. Now for the Encouraging and better Establishing so great a Blessing, and t● satisfy all to whom it may seen doubtful, what are the Advantages of a Royal Bank, and what a Bill of Credit from this Bank and its Uses are: Observe First, A Bill of Credit from this Bank-Office is transferrable from one Man to another toties quoties, and cannot fail, and is as good as Money in ones possession, and better, as is plainly set forth in my Discourse of the Nature of Foreign Banks, and their Uses, at the latter end of this Book. By a Bill of Credit, I mean, a Bill from this Office, owning that 〈◊〉 have paid in so much Money or Goods to them, and they to be answerable to me or my Assigns on Returns, and may be sued for in the Name of the Possessor; this being a Privilege appropriated to Bank-Bills only, and surpasseth all other Bonds and Bills that are sued in the Name of him or them to whom first made. Now Money is but a medium of Commerce, a Security which we part with, to en●oy the like in Value, and is the Standard of all Commodities, and esteemed so by the World. And such is a Bank-Bill, it will obtain what we want, and satisfy where we are indebted, and may be turned into Money again when the Possessor pleaseth, and will be the Standard of Trade at last. There is created in this Royal Bank by Act of Parliament, such a Fund as may give out Bills of Exchange or Credit Currant, that shall always be answered with Money upon Demand: How acceptable these Bills will be, may appear by those taken upon the Oxford-Act many Years since, when the Assessments to be raised were Security, and the Bills made transferrable. We may make an Estimate of the Value of Credit upon a good Fund, by the Bills accepted upon late Assessments instead of Money. Lumbardstreet Bills that had so bad a Fund, were accepted out of Choice by most Men, instead of Money, whilst their Credit was currant, being no other Security, but the honesty of the Man, and a Shadow of an Estate, both which may fail. But this Royal Bank cannot. I have heard of a Gentleman that had seen the same Money transmitted Nine times in one Morning, by writing off the Credit from one to another, and the Money in specie left untouched at last. Much more may be done by this Bank-Credit, their Fund being such as cannot fail, unless the Nation be destroyed; for that all men's Interests are secured by Act of Parliament. This Royal Bank of Credit will be able to issue out Bills of Credit to a vast Extent, that Merchants will accept of, rather than Money. Most Merchants in Europe when they know the manner how the Security of this Fund is settled by Act of Parliament, (it not being in the Power of the Bank-Corporation to injure any Foreigner or Native:) It will encourage them to accept of these Bills rather than Money; the Fund being unquestionable, and no Security in Nature better; their Bills being more safe, portable, & transferrable than Money, and better than Cash in the Chest, as Gold is better than Silver: Men may be rob of Money in specie, and there is great trouble in the carrying and recarrying it. Now a Bank-Bill is free from all these troubles, and hath advantages beyond Gold or Silver. This may be done by the Corporation without any hazard or much trouble to any Body, and Profit to every body. If Six hundred thousand pounds or more be paid into the Exchequer, a Corporation obtained, there will be no great trouble in setting up a Fund or Office in proper Places or Precincts; the Nation being divided already into Counties and Hundreds: The stated Officers, if they understand the Nature of these Banks, may be contented with me to put in Two or three hundred pounds each, and to act upon this Score, No Purchase no Pay; seeing there is so great a probability even next Door to a certainty, that all things will succeed well, and will advance and increase the Riches of the Nation, beyond any thing the Spanish Indieses could do, if we had possessed ourselves of them. If it should happen to miscarry, there will be little Labour lost, and little or no Money spent, in a probable expectation of such a Vast Advantage. Every Merchant that sets out a Cargo to the East or West-Indies, is at more trouble pro Rato, and runs a greater hazard for less Benefit. I must confess the Brokers, and Griping, Usurers will have little Benefit or Advantage by this Bank, neither is it like to be profitable to them: But I think I may confideritly say, a Million of People, Men, Women, and Children, Natives and Foreigners, shall be one way or other advantaged, to be sure they shall have no loss. The manner how it may be done is thus. Divide the Nation into Precincts, suppose many Hundreds in a Precinct, as the Nature of the place, and the Reason of the thing shall require; A County is too big, a Hundred is too little; therefore cast so many Hundreds into a Precinct as is convenient: London, Westminster, Southwark, and the Adjacent Suburbs, may be divided into several Precincts, as the nature of this thing will bear; and Offices may be erected in most of the said Precincts, in convenient places, to return money to any parts of the Cities of London and Westminster, and what is done here may be practised through the whole Nation, where it is proper and desired. As thus: If a Person at London desires money to be returned to Coventry or York, he pays it in at the Office in London, and receives a Bill of Credit after their Form, written upon Marble-Paper Indenture-wise, or upon other Paper, as may be contrived to prevent counterfeiting. To receive it at Coventry or York, so that none need to carry any more money than just to defray his Expenses upon the Road; this will prevent manifold Evils as to Highway Robbing; and money in a Nation in motion in Trade, is like Blood in the Veins, if it circulates in all parts, the Body is in health; if it be wanting in any parts, it languisheth, as by Experience we find. These Methods in returning Money will supply remote Parts, and greatly enliven Trade and secure it; and in time will give occasion to most in Authority to Repeal the Act or Statute of Edward the First, Chap. 9 By which the Hundred is bound to repay Men rob; No Men need carry their own Money: if any Man do, let it be at their own peril; and the Lives of many Men lost in the Defence of their money, will be preserved. Now every Man's Money is as safe in this Bank, as his Cash in his own Chest, where it lies and pays him no Interest, till he lends it out or lays it out; This he may do with his Money and Credit in the Bank, as soon as he can: If any desires to leave his Money in this Office, it may be upon such Terms, as the Office shall propose; None are forced to it, nor urged to it, unless they think that they can get by it. These Bills of Credit will be transferrable; Men may transferr their Credit from one to another at the Office, and also at a Distance, if they will run the risk of Counterfeiting the Bill. They may Assign their Interest in the Office, so far as the Bill goes, to whom they please, who shall have the same right of receiving the Money, as the Party had to whom it was first given. And for the Security of all who shall lodge Money in the Bank, the whole Estate of the Corporation, payable out of the Exchequer, as the Act directs, is liable to make good all the Acts and Miscarriages of the Office of Bank, which is an unquestionable Security to all that deposit Money in these Banks. What the Benefits of these Banks may be, with the Objections Answered. 1. IT's evident the National Cash in time will pass through these Banks, the Money being there; No Natives or Foreigners will take it out, unless for smaller Expenses; For money in the Bank will be better than Cash in the Chest, more portable, more transferrable, and of more value by Two in the Hundred than Cash in the Chest. 2. No Person will have cause to question the Safety of his Money, or the Credit of the Banks; for the Government will have Effects in their Hands to answer all Credit given out, being obliged never to answer any Credit, unless he receive a Debtor to balance it. 3. The Government must make good their Losses, so far as their Security goes, which will not easily be exceeded. To be sure the Corporations Creditors are at no Loss, for every Man's Interest in the Corporation is liable to make good, the Creditor safe unless the Kingdom be destroyed, which will rarely be. Obj. 1. Men will take their Money out, some men will keep it to lock up. Ans. I do not intent to give a Reason for the Actions of Children or Fools; they may if they please, no wise man will make his Money worse than it is; being taken out, it is not so safe, so portable as before, and every way worse. These Things being admitted, that a great part of the running Cash of the Nation will be brought into these Banks; and when there, will keep there: All Persons will take a Bill of Credit rather than Money, the Bank will have great Credit, and be in a Condition to lend Money at a low Interest, and great will be the Gain. I need say no more, let all men make their Deductions, concerning what their Advantage may be, the Concern is general, affecting the whole Nation; many cannot see where the Advantage lies. For a general Satisfaction, I will show wherein these Banks will be profitable to the Nation, to the Crown, to the People. The Nation is one great Family; if a particular Person gets, the Nation gets. 1. The Riches of the Nation will increase, and England may become the Empory of the World in Trade. 2. The Fishery, the Linen, and Paper-Manufactures, with others, may be encouraged to a perfection, and reform from manifold Imperfections and Neglects. By the help of these Banks, and the aforesaid Manufactures, Three hundred thousand pair of lazy Hands may be Employed to get Six Pence per Diem all the Year round, which will not be less than Ten hundred thousand Pounds per Annum saved to the Kingdom; the Poor being employed will consume no more or Victuals when they work, than they do now being Idle. Obj. 2. We make more Goods than we can consume, or the World will utter. Ans. People will increase, for Trade will bring in People as well as Riches to the Nation: Where Trade is, there will be Employment; where Employment is, there will People resort; where People are, there will be Consumption of all Commodities. These Banks being once settled, Trade will flourish; the Dutch, French, and Flemish, and people from all Parts of Europe that have Estates, or can raise Money, will resort hither to enjoy themselves and their Estates, under so Gracious and Indulgent a King and Queen. It is not a contemptible Consideration, that these Banks will be great Satisfaction and Security to the Nation, whilst all the World that Trades with us, will have a kindness for us; especially when these Banks keep their Money. They will do all they can to preserve their Cashiers, lest they should lose their Estates, having nothing but a Bill of Credit for it. I appeal for the Confirmation of this to all those that had Credit upon the Bank of Amsterdam, what thoughts they had, when the French King was near those Gates? And whether they would not have diverted him, had it been in their power. Pray God he come not there again. Obj. 3. We have too many people already. Ans. It is evident that the Riches of a Kingdom, are the people of the Nation; Lands are at a greater Rate, where people are numerous, as about London; but in America, where people are few, they are little worth: And this is true, that people unemployed are as Caterpillars to Plants, and Worms to Woods, that only waste the Product of Industrious Hands. I propose Employment, and there is no doubt, that the Consumption of the People is not so much, as the Product of their Labours, which is the real Riches and Strength of the Nation; And the more the merrier, like Bees in a Hive, and better Cheer too. The Crown may be supplied with whatsoever is necessary, and the Prince may have whatsoever Humane Nature is capable of. In this great Abundance, nothing will be reasonably denied to the King; only his Hands will be tied with these silken Cords, to keep that Station the Constitution of this Government hath set him in. A considerable Share may, if the Parliament please, be ascertained to the Crown out of the clear Profits. The Prince and People ought to grow together, else the Body Politic will be monstrous. Upon a sudden Emergency here will be ready Money to equip Armadoes, provide Armies, levy Soldiers. And when there is Leisure for Deliberation, and that the Parliament and King judge it requisite, these Banks may be in a Capacity to supply the Crown with whatever Money it needs at a reasonable Rate: Suppose it should be a Million, if the Bank be certainly repaid, this Million in Ten Years, that is One hundred thousand Pounds a Year; the Credit of the Bank is not impaired, and so in proportion any Sum over or under this. How easily will Taxes be born; Impositions are heavy when People are poor. But when Rents rise, Trade flourishes, and Money is plentiful, a Man that gets a Hundred pounds a Year, can better pay ten pounds, than he that gets but ten pounds a a Year, can pay ten shillings. The Benefits that Accrue to the Crown in these and many more Particulars, are very pleasant to reflect upon. O that Reverence that all persons will have for such a Prince, that puts them into such a Condition; and by his Prudent Management, keeps them in such a flourishing Estate. When the People's Yoke is lined with Peace and Plenty, it will make them Cheerful under it, and not desirous to shake it off. If some few should Surfeit and grow Wanton, the generality of the people (being content in their Condition) would certainly keep them in awe. Methinks the Bees, by all possible means preserving their King, because their very Being depends upon him; are a perfect Emblem of a People honouring such a Prince. The People shall have Advantages. 1. The Poor. 2. The middle Sort. 3. The Rich. 4. The Mariner. 5. The Merchant, as hath been fully showed already. 1. The Poor have most need; I do not mean all shall be Rich, but the able Poor may be employed, and well paid for their Work, their Children brought up to Learning and Labour, and the Nation freed from those Rates (made in every Parish to relieve the Poor) which in many Places begin to grow greatly burdensome, and which amounts to Seven hundred thousand pounds per Annum. But the honest ingenious Poor will find Friends to be Security for them at the Bank. 2. The middle sort of People may be benefited; I mean small Freeholders, Farmers, and Tradesmen; these will quickly increase their Stocks by their honest Industry; had they Tools to work with, I mean, a Plentiful Stock to drive their Trades with, and husband their Lands, and keep their Commodities for a Market; All their Defects may be supplied by the Bank, supposing them Ingenious and Industrious. The middle Tradesmen so soon as they have made a Piece or two of Cloth or Stuff, are forced to sell it at any Rates, to put them in a Capacity to provide new Materials to keep themselves and Dependants in Action. At these Banks they may take up Money upon their Goods, at the Market price, till better times come. 3. Further, the Gentry that in a Frollick run themselves in Debt, and in danger of ruining their Families, and extirpating their Names, and who formerly could not borrow four thousand pounds upon one thousand a year, without Personal Security of Friends, besides Mortgaging of their Lands, may now borrow Four thousand pounds upon three hundred a year. 4. By the help of these Banks Timber will be preserved for Shipping, and the Seamen will not want Ships; If a Person hath but one or two hundred pounds to lay the Keel, the Bank may supply him with the rest upon the Security of the Ship. 5. Infinite are the Advantages of Merchandising in general: A Merchant hath three Thousand pounds' Stock, and brings a Cargo of Goods of that Value into England, immediately he may have three thousand pounds at the Bank upon these Goods, and pay the Office as he sells them; and this he may do again and again, as often as he pleases; and with three thousand pound Stock lay in Fifteen thousand pounds worth of Commodities, or Goods. So that the Stocks our Merchants now use in England, may drive eight times the Trade they now do. Between them and the Bank, if the Parliament will admit, they may Engross the greatest part of the Merchandise in Europe; and the carrying and recarrying their Goods and Merchandise, will employ our Ships; I might enlarge here to a Volume; but my design is only to give a hint of the great Advantages these Banks will bring to the Nation. I shall now compare our Royal Bank with Foreign Banks, especially with those two Famous ones (viz.) of Amsterdam and Venice. Amsterdam Bank had its first rise from Money left in Bankers hands, without Interest: The States of Holland observing Money was transmitted from one to another, by writing off the Credit from the Debtor to the Creditor, and is seldom paid in specie, as practised in London by several wealthy Citizens: The States undertake to be Security for all moneys left in such Officers hands as they appointed, to all Persons that should deposit their money with them, which proved better than any private Security; hence plenty of money came in without Interest, to the value of Two Millions Sterling; which was by Experience found sufficient to drive their whole Trade, with ten times less trouble than Five Millions in private Chests: A thousand pounds may be transmitted twenty or thirty times in one day, if there be occasion (which is equivalent to thirty thousand pounds) with as much ease as two or three thousand pounds can be told or reto;d. They put a stop to their Banks, and forbade any more money to be made Bank-money, because no more money should lie dead than was needful for their occasions; the residue of their Money remains as a running Cash in private hands, pretending they have always two Millions in Bank in specie, and that they use one Million as they please for their best advantage, though many think otherwise. The Creditor in Holland hath only the honesty and courtesy of the Burgomaster, that he shall be justly dealt withal: I cannot understand the Creditor hath any way to force the Bank to pay him his money, if the Effects should be expended any other way; but every Creditor may be in the same condition as the Creditors of the African Company were in, when the Hamburgh Company and Grocers failed, they must all lose their money. If the French King, when he was so near Amsterdam, had taken it, and rifled the Bank, what would have become of the Creditors? Now compare our Banks with this; If our Nation should be put hard upon by any Foreign Power, the King may have from these enough to supply his Wants, the Parliament consenting and approving; and may tend to the overthrowing of our Enemies by Sea and Land. And in so great a Necessity, should our Banks be drained, if our Country be saved, and our Enemies defeated, the Land will remain, and most of the Money will be in the Nation, and all Creditors may have Satisfaction by their Bills of Credit, being as useful as Money, and may be gradually satisfied with Money in specie, as it can be raised and paid into the Bank by the Exchequer: The Bank at Hamburgh is much of the same nature with that at Amsterdam; only they keep their whole Fund in specie, and so it is much worse, their Money lying dead. Consider how Money will abound in England, if Five Millions, or Ten Millions of ready Money, and Credit Currant (equivalent to Money) should in a little time be added to the present Stock of the Nation. These Banks probably will do all this and much more. As to the Bank at Venice, it is not of any long standing; It had its Rise from the Dishonesty of the Bankers: The Bankers of Venice did just as some of our Bankers in England have done; they got men's Moneys into their Hands at Interest, and used it as was necessary to their best Advantage, that they might make a better Profit of their Money, than the Interest they paid; and lent it out to insolvent Persons, or laid it out in desperate Cases, as our Bankers did. Hence when they were disappointed, they did unavoidably break, the Creditor lost his Money, the Commonwealth their Trade: For the Banker got what he could, and fled out of their Territories, as ours do into the King's Bench. The States finding such intolerable Inconveniences as we have done; If Men lend out their Money, many times they lose it; if it lie dead by them, Trade dwindles away by this Stagnation. Just in such a Case and Time as this the States set up their Bank, and their Officers became Cashiers (as at Amsterdam) for about Two millions of Ducats, a Bank sufficient for their Trade, which was kept in specie, to be taken or paid out as the Merchant desired it, until the Necessity of their Affairs in 1668, their Turkish Wars forced them to expend all their Money in specie, which was lodged in their Bank; Now there is no Money at all; neither is any Money in specie ever paid out, but their Bank is a perfect Credit-Bank, and their Fund is a mere imaginary thing: yet because the Fund being, as I said, Four millions of Ducats, which Venice is able to raise, and the States have obliged to pay, though they are never like to pay one Farthing of it to the End of the World, and all Men accept of this Credit as Money; nay, since it hath been in this Condition, the very Credit hath been worth Twenty per Cent. more than Cash in specie. All Merchants trading thither can tell you, Credit in the Bank is much better than Cash in the Chest; the Reason is, what I have aforementioned, Credit in the Bank is more safe, more portable, and more transferrable than Money in specie, and so of greater Value, as Gold is better than Silver.— Many Years since, Credit in the Bank at Venice (as some Merchants living now, may remember) was better than Cash in specie, by more than Twenty in the Hundred, which the States found inconvenient for their Trade, and could not by any Laws suppress this excessive Exchange, though they were advised by a sagacious Merchant to bring Money into Bank in specie, to answer their Credit: thus doing, it brought down their Exchange. Hence some Merchants thought the Credit of the Bank impaired, because the Exchange fell; when as it proved quite contrary. The Bank paid Money in specie, in writing off the Credit from one to another; this made the Exchange less, as attested by a Merchant long since living upon the Place; though, I believe, some in this giddy Age of ours may think it a Romance. Now for their Satisfaction I will answer one Objection. Obj. What Use can the Creditor make of this Credit in the Bank, that it should be of such a Value; You acknowledge no Money can be had? Ans. Suppose between Ten and Twelve a Clock this Bank is open to transmit Credit from one to another; as soon as Credit is transmitted, several Persons are attending, who will instantly apply themselves to the new Creditor, to know of him whether he will sell his Credit in Bank for Money in specie, which they are ready to give to him at the Price currant; because they can make something more of the Credit, by selling it off to others, than they pay: As our Brokers do of what they buy. When Money was paid in specie, it was no better than such Money in specie, and so could not be changed for Profit, any more than one Peny-loaf will exchange for another to any Advantage. The Case is something like this at the Bank in Holland, where the Exchange is Two, or Three, sometimes Four per Cent. Exchange; not because Dollars in Bank are so much better than Dollars currant, though there is a Difference; but because Credit in Bank is more safe, more portable, and more transferrable than Cash in specie is; Ducats in Bank must needs be better than Cash in the Chest, because they lie there untold, and are never stirred. The waste of our Silver by carrying, recarrying, and frequent telling it, is no small loss in seven Years, as we have found to our woeful Experience in clipped Money. If ever our Money becomes a Commodity, as it may be without Doubt or Inconveniency; now these Banks are setting up at home. It is true, a thin clipped Half-crown, or Shilling, or , passeth for Half a Crown, or Shilling, or in the Nation, and are not worth half the Value in Holland or France, where the intrinsic Value, and not the Coin, is considered. A wise Man thinks Bank-Money, for this cause, is better than worn Money in Holland, where it may be exported at pleasure, and therefore is valued according to its Weight and Fineness, not its Denomination. Our Banks in England will be far better than the Venetian Bank, which is under most of the same Inconveniencies as that at Amsterdam, as doth plainly appear, by reflecting upon what hath been said. Doubtless a Bill of Credit upon Banks, or Credit transferred, will be more valuable here in England, when once the true State of them is rightly understood and practised, as well as it is at Venice and Amsterdam; nay, it will be better. I shall leave every Man to make farther Inferences as they please, their own Occasions and Necessities will teach all Men to make their Advantages of this Credit. To conclude, It will make the King great, the Gentry rich, the Farmer flourish, the Merchant trade, Ships increase, Seamen to be employed, set up New Manufactures, and encourage the Old. What may not such a King be and do, that reigns over such a People, who are not inferior to any in Courage, and doubtless their Spirits will rise higher, when they find they have Purses superior to all. PROPOSALS To increase TRADE, By way of a Lumber-Office. PROPOSALS TO Increase Trade, etc. Which may advance Their Majesty's Revenue, and Glory of the Nation, without any Hazard or Charge to any Body, with apparent Profit to every Body; Humbly presented to Their Most Sacred Majesty's King William and Queen Mary. Which I pray may be of use to them whom it shall please Their Most Sacred Majesties to Honour in being Governor, Deputy-Governour, and Directors to the Corporation, for a Bank of Credit in England, lately Confirmed by the King in Parliament. May it please Your Most Excellent Majesties. SInce your Subjects have not all things necessary to enable them to be useful to Increase the Trade of your Kingdoms; Therefore to their plentiful Being, there is a necessity of exchanging one thing for another: they do not always meet with an Opportunity of exchanging of what they have of superfluity for what they want; therefore necessity does enforce them to find out some Medium of Commerce: When this Medium grows scarce, Trading will be low, and all home Commodities that are the Product of your Growths, as Wollen-Cloth, Linen Cloth, Tinn, Led, etc. will be all cheap, as at this Day. These Inconveniences may be avoided, if another Medium, that costs nothing, as transferrable as Money, might be found out; Credit that will never fail, founded upon Commodities from our own Growths, may in greater Payments every way answer Money: For Money is nothing but a Medium of Commerce; a Security, that when we part with any thing we may spare, we can procure another thing we want of its like Value. A plain Demonstration of this would be quickly made, when once a Corporation is established. If the Government of the Bank should set up an Office or Offices to this purpose, which, I think, with submission, may be easily done in this Kingdom, in this manner. First, convenient Places may be appointed; suppose Warehouses near the Custom-house, for grosser Goods, liquid and dry; Stowage for finer Goods in convenient Places. Secondly, They may appoint fitting Persons for the managing this Business, which are to be of Two Sorts; (1.) First, Men of Estates, that can and will subscribe— Pounds as the Act doth direct: being Men of Reputation for Knowledge and Honesty, and well skilled in all sorts of Merchandise; that they may be accountable to all Persons for Goods brought into the Office of Bank; who are to sign the Bills, and to be obliged, that all Persons depositing their Goods shall be justly and fairly dealt withal. (2.) Secondly, It is proper to provide Persons of a meaner Rank, or Quality, subservient to the former; who understand Trade, and can value Goods, and show them, keep the Warehouses, and Books of Accounts. Thirdly, When Places are fitted, and Persons provided, the Government may declare they are ready to receive all Goods as a Pledge, upon which they will advance Bills of Credit to the two Thirds, three Fourths, or four Fifths of the true Value, or higher, according to what the Nature of the Goods are; Nay, they may give Credit to Lands when they have to deal with honest Men, and the Title good; and upon Personal Security that is unquestionable. Fourthly, When Goods are brought into these Offices, they may be appraized, marked, and lodged, and a Bill of Sale registered of them in the Office-Books; signed and sealed by the Deliverer, for your Officer's Security, and the Goods entered Debtor. Fifthly, The Deliverer may be entered Creditor, and have a Bill of Credit from your Office, payable at seven Months, for which he is to allow— per Cent. which Credit he allows to be wrote off to others, to whom he is or may be indebted. And I know no reason but that the Corporation-Bills be accepted at first Sight, now the King by Law hath made them passable. Sixthly, The Time for which these Goods are deposited, may be according to the Nature of them; as they are more or less perishable: that is, for I. month, II. months, III. months, IV. months, or X. months, but not to exceed XII. months. Seventhly, The Persons depositing his or their Goods hath liberty at all times to see and sell his Goods. Eighthly, If he sells his Goods within the Time limited, he satisfies the Office, pays Interest only for the time his Goods have been there, and takes the Over-plus to himself. Ninthly, If the Goods be not redeemed within the Time limited, the Office sells them by the Inch of Candle, satisfies itself, and restores the Over-plus to the Owner of the Goods; unless he gives the Office such Security they approve of. If the Party depositing his Goods, be under such Circumstances, that he must have Money in specie, which will seldom occur, the Office may exchange his Bill into Money at .... per Cent. Tenthly, No Goods shall be pledged in the Office that will not bear Twenty pounds' Credit; but other Petty-Offices may be erected, subordinate to this; some of which may take in Goods under Twenty Pounds, others under Ten Pounds, and another under Five Pounds, for the Benefit of the Poor: Upon which may be advanced such Rates as may be agreed on. Eleventhly, All Persons that desire it, may have Stowage for their Goods, in the Warehouses belonging to the Bank, though they do not advance Credit upon them; they will lie more conveniently for a Market, than in their own Warehouses; because the Buyer perhaps may have occasion for Credit, the Goods being there he may easily satisfy the Seller. Suppose a Merchant lays in an Hundred Pipes of Wine, he sells them to a Vintner that advances Credit upon them, with which he satisfies the Merchant, and takes them out of the Office, as he can clear them by Money or Credit. Suppose a Clothier brings up an Hundred and fifty pounds' worth of Cloth, which he cannot sell; he must have Money or he cannot trade: he brings his Goods to the Office, they advance him a Bill of Credit of 100 l. two Thirds of the Value; as, suppose, in this or the like Manner, viz. From the Royal Bank-Office, May 24. 1694. There is due to H.M. 100 l. for Goods deposited in the Office; which we do promise to pay at the End of seven Months. C. D. H. M. This Clothier goes and buys such Goods or Commodities as he wants, as Oils, Spanish Wools, Dying Stuffs, etc. and tells his Chapman he will pay him with Credit in the Bank-Office, which most Men, in time, will accept of, rather than make a Book-Debt. Nay it is better than any ordinary Man's Bond; for it hath a sure Fund settled by Act of Parliament, kept in good men's Hands, and may readily pass from one Man to another at present, because it will be Money at the Time appointed; For either the Clothier hath sold his Cloth in the six Months, and deposited the Money; or the Office hath sold them in the seventh Month, and kept the Money: so that the Office shall always be in a Condition to make Payment of all Bills brought to them. This being granted, the Clothier brings, or appoints his Chapmen to meet him at the Office, and writes off so much Credit from himself, as satisfies them; suppose to the Value of 50 l.: still there remains 50 l. to this Clothier, which he must carry into the Country, and is ordered, by his Neighbour at home, to pay it to a Silkman in London, and he will give him the Money in specie at his Return. Few Citizens will refuse the Bank-Credit, unless they have a Chapman in the Country that is a very Sure Card. But admit the worst, the Silkman refuses the Bill; the Clothier than sells it as he can, or at last brings it to the Bank-Office, who gives him Money for it ..... per Cent. Change. When once this Office of Bank is settled, their Bills of Credit will readily change for Money, as it is at Venice, where the Banks never pay out Money, but give Bills of Credit to those interested, which Bills will pass, and sell readily for Ducats out of the chest, at Ten per Cent. Exchange. In short time ours in England will be of as great Credit, nay greater. Objections. Obj. 1. It is a New Whimsy. Ans. 1. So were all things at their first Using which Adam had not in his Creation. The Post-Office was thought more ridiculous than this can be, not many Years since, yet now it gives a good Revenue. 2. This is not new; it is practicable in our Leward Islands, where the Planters bring their Goods to the Ports: when the Ships are not there, they lodge them in a Warehouse, take a Bill of the Warehouse-Keeper, that they have such Goods there; this Bill will pass currently as Money, so far as the Ware-house-Keeper is known: much more it will do so here. This Practice may be improved. Obj. 2. No Body will trust such an Office of a Bank at first setting up, till, by a longer Tract of Time, People are habituated to it. Ans. 1. All Men do trust every day worse Security. To be sure there is no better in England than this Bank thus settled by Act of Parliament. Wise Men, that know there is a Fund kept in good hands, will never scruple it; and middle witted Men, in a little time, will follow their Examples. 2. If Men should be so scrupulous, as not to adventure their Goods upon a Bill of Credit upon the Bank, they may trust others upon Bond and be deceived. Obj. 3. Men may be injured in their Goods, and oppressed by the Persons supervising this Office. Ans. 1. So they may by their Servants at home. 2. They may complain to the Government, who have good Security for the Officer's Honesty. Obj. 4. It will be troublesome to transmit Credit thus from one to another. Ans. It will be far more easy than if any Man had Cash in his Chest. Suppose a Merchant had Credit for One thousand Pounds, which he is to pay to Twenty Persons; he desires them all to meet him at the Bank-Office, and there writes off Credit from himself to them, with more ease than he could tell the Money. Obj. 5. It will be Discredit to Young Men to pledge their Goods, especially at their first setting up. Ans. 1. If none but necessitous Persons do bring in their Goods to this Office, it will be so; but the richest Citizens, if they design their own good, will deposit their Goods in this Office; if they do, it will be great Profit, which will take off the Scandal. 2. Many people, that do not need Money at all, will lodge their Goods into this Bank-Office-Ware-house rather than their own Cellars, merely for the Conveniencies of selling them, as I have showed in the Twelfth Particular. 3. Persons of the middle Sort, of good Credit, and in no great Necessity for Money, will lay in their Goods here for Profit, to have Money at ..... per Cent. As suppose a Merchant lands a Cargo of Three thousand Pounds worth of Goods, lays them into the Bank, and takes Credit upon them for Two thousand Pounds, at .... per Cent. with which he Prepares for another Voyage, before his Goods brought in are sold; and so drives a double Trade with half the Stock. I see no reason, why our great East-India Company, and others in Corporations, in London, and in the Country, who are at great Interest for Money, may not, with Profit (the Hinge upon which most Merchants move) lay their Goods here, where they may, upon better Terms, and be discharged of this when they please. These things being granted, It can be no Discredit, being none knows who lays in his Goods out of Necessity, and who out of Choice. Obj. 6. The Charge will be great. Ans. 1. The Interest is but .... per Cent. 2. An Allowance for the Warehouse Room must be proportionable to the Goods, as they are more or less Bulky; as it is in other Places. 3. The Appraizing, Registering, Stowing, careful Keeping them from accidental Damages, may be for every Five pounds' .... the transmitting of the Credit. It needs not be excessive; suppose for every Five pounds' ....; for every Twenty five Pounds ....; for Fifty pounds' .... for an Hundred pounds' ..... This is nothing like borrowing Money of the Scriveners, where their Security is usually settled at a Tavern, and the Borrower pays the Reckoning. Obj. 7. Men will have Money, and not Credit, such hath been the Custom of the Nation. Ans. Men desire Credit at Venice, though never answered out of the Bank in specie, rather than Money, because it is more safe and more transferable than moneys are; so they will do here, when they know what is best. Their Ease, Security, and Interest will bias them to choose it; but if they will have Money, they may at Market-Price. Obj. 8. Where shall the Bank have Money? Ans. All moneyed Men, if kind to themselves, will lodge their Money here without Fear, and sleep securely, and may afford to give .... per Cent.; because it may so happen they may have, or make ..... per Cent. by lending out these Bills upon Personal Security. The Benefits arising from these Banks must needs be great. 1. The Bank hath the Benefit of the Interest of whatever Credit they issue out for nothing, if it should be to the Value of Twenty four hundred thousand Pounds Sterling. 2. The Coin of the Nation will be much improved, and immediately moneyed Men will lodge their moneys in these Banks out of Choice, and it will be their Interest to give .... per Cent. because they may let out their Credit at Six per cent. again, and because Bills and Bonds lie dead. The Bank lets out the Money in specie left with them, which is in motion also. 3. Whereas before the Money was only the running Cash of the Nation, now the Credit founded upon this Money is as much a running Cash, as the Money itself. The running Cash of the Nation will be greatly increased, answerable to the Credit issued out, let it be what it will, it will be great. 4. It will give Life to Trade for ever, and all Husbandry, and Growths, and Arts upon Manufactures will be greatly improved, and increased, proportionable to the Credit raised in these Banks. 5. It will make England and Ireland, so conveniently situated for the Trade of the World, stored with safe Harbours, and blest with manifold Improvements in Manufactures, Woollen, Linen, Paper, etc. and in Growths, as in Tinn, Led, Iron, Copper, Coals, etc. will employ many Hundred thousands of People in honest Labour, to the Glory of God, and strengthening of the Kingdom; which, by the setting up of these Banks will be supplied with so great a running Cash, as in time will out do all other Nations. 6. Our Merchants may have Credit in Foreign Parts to buy Goods without Money. 7. Men will not be under such Necessities of selling Goods at an under Rate, for want of money, when they may have Credit upon them at an easy Rate, equivalent to Money, till they can light of a Chapman. 8. Men with small Stocks may drive great Trades: As suppose a Silkman hath a thousand Pounds, he buyeth Silk with it, lodgeth it in the Bank for Eight hundred Pounds; this he layeth out at Market in Silks, and pawns that for Seven hundred Pounds, and so downwards; by the help of this Bank he lays in Four thousand pounds' worth of Goods with One thousand Pound in Money, and is not tied to any particular Man; he fetches out his Goods as he vends them, or useth them, by two, three, four or five hundred Pounds at a time. 9 Most Men will rather deal with Persons that have Credit in these Banks, than upon simple Credit; this being secured by Act of Parliament. Other Securities not comparable to this, as divers can tell who have smarted through the Deceitfulness of base Men, Scriveners and Goldsmiths. 10. It is not the Quantity of Commodities brought into these Banks will cause a Cessation in Trade; for the Credit of one Commodity will still purchase another; and what cannot be spent in England, by the Credit of other Commodities, may be transported to other Countries to find a Market, which now, for want of Money to answer them, lie rotting at home; Money being the Medium to measure all kind of Commodities by, they must lie dead till it can be applied. A hundred Yards of Cloth are not so soon measured with one Yard-Wand, as with twenty Yard-Wands, if severally applied to this hundred. If twenty Pedlars stood in a Market, and had but one Yard-Wand among them; one must stay for the other to deliver their Goods, till they can have the Yard-Wand to measure out. 11. Poor People, that now pay Twenty and Thirty, or Forty per Cent. for Goods pawned to Brokers; of which they are perhaps at last cheated, if they do not redeem them at their Day; may be supplied at moderate Rates, by the lesser Banks set up on purpose for their Reliefs. If the Bank gets no great matter by these Poor People, they will at least save; and the Poor will be relieved, that now suffer for want of a running Cash. To sum up all in short; All Persons, Natives and Foreigners, Men, Women, and Children, Rich and Poor will have Profit one way or other, by the Access of so great Riches, as these Banks may necessarily produce. REMARKS UPON THE Act of Tonnage, Relating to the BANK. REMARKS UPON THE Act of Tonnage. Their MAJESTY'S having granted a Commission under the Great Seal, Dated the 15th. Day of June, 1694. for the taking Subscriptions for the Bank, pursuant to the late Act of Parliament, as followeth, (viz.) WHEREAS by an Act, Entitled, An Act for Granting to Their Majesties, several Rates and Duties upon Tonnage, etc. It is Enacted, That for Four Years, from the first of June, 1694. there shall be paid upon the Tonnage of all Vessels wherein any Goods shall be imported from any the Countries in the Act named, or Coast-wise from Port to Port in England, the several Rates in the Act mentioned, and certain Additional Duties of Excise on Beer, Ale, and other Liquors. And that weekly on every Wednesday, if not an Holiday, and if it be, the next day not being an Holiday, all the moneys arising by the said Rates shall be paid into the Exchequer. And that Yearly beginning from the first of June, 1694. the Sum of Fifteen hundred thousand Pounds, arising out of the said Duties and Rates (in case the weekly Payments extend thereunto) shall be the Yearly Fund; and if they do not extend thereunto, than the said weekly Payments, so far as they will extend, shall be part of the Yearly Fund; and in case the Duties and Rates shall be so low, as that within any one Year, the weekly Payments shall not amount to Fifteen hundred thousand Pounds, or be sufficient to answer the Recompenses by the said Act extended, in such cases the Commissioners of the Treasury are strictly enjoined, without any Warrant from Their Majesties, their Heirs, or Successors, to make good such Deficiency out of any Treasure or Revenue of the Crown, not appropriated to any other Use. And that it should be lawful for their Majesties to Commissionate any number of Persons to receive such Subscriptions as should be made before the first of August next, by any Natives, or Foreigners, or Corporations, towards paying into the Exchequer the sum of twelve hundred thousand pounds, and that the yearly sum of one hundred thousand pounds, shall be appropriated to such Subscribers. Their Majesties (being resolved, that if the whole sum of twelve hundred thousand pounds, or a Moiety thereof, or more thereof, be subscribed by the first of August next, to incorporate the Subscribers) have nominated and appointed A. B. etc. (the Commissioners named in the Commission) or any five or more of them, to take the Voluntary Subscriptions of any Natives, Foreigners, or Bodies Politic, before the first day of August, towards raising the said sum of twelve hundred thousand pounds, taking care that none writ above twenty thousand pounds, and that before the first of July none write above ten thousand pounds. And that the said Weekly Payments as they come in, shall be divided in five seventh parts, and two seventh parts, which five seventh parts shall be appropriated to the paying of the said one hundred thousand pounds per Annum, to be paid as the same comes into the Exchequer, to the Use of the Subscribers. And that their Majesties may appoint how the said twelve hundred thousand pounds, and one hundred thousand pounds per Annum, shall be Assignable, and may incorporate such Subscribers, by the Name of the Governor and Company of the Bank of England, subject to the condition of Redemption. And if twelve hundred thousand pounds be not paid into the Exchequer by the first of January next 1695. then the Subscribers shall have only after the Rate of eight per Cent. per Annum. And the Commissioners of the Treasury are required, without any Warrant from their Majesties, their Heirs or Successors, to pay the said one hundred thousand pounds per Annum. And that no Person or Corporation shall subscribe more than twenty thousand pound, and every Subscriber at the time of his subscribing, shall pay one fourth part of his Subscription, and in default thereof such Subscription shall be void. That the residue of the Subscriptions shall be paid into the Exchequer before the first of January, and in default thereof one fourth part shall be forfeited. That none before the first of July shall write above ten thousand pounds: Provided if twelve hundred thousand pounds, or a Moiety, be not subscribed by the first of August, than the Power for Erecting a Corporation shall cease; and in such Case so much of the hundred thousand pounds as shall belong to the Subscribers may be Assignable; and that the Moneys payable by the Act to any Person, shall not be chargeable with any Duties or Impositions, as by the said Act may appear. June the 21th at Mercers-Chappel, the Commissioners did meet, and divided themselves into several Officers, and with great diligence, and in excellent Order and Form, attended to take the voluntary Subscriptions of all that came that Day. Thus every Person that comes pays in one fourth Part of what he subscribes to one of the Receivers, who gives him a Receipt for so much, and directs him to another Office, where he is to deliver this Receipt, and receives another attested under the Hands of two Clerks, and by them directed to the Commissioners, and to deliver his Receipt to them, who sitting round a great Table with a great Book before them, inserting the Day of such Payment, the Names of the Commissioners receiving the same; and the Name and Abode of the Person paying the same; with their proper Additions, and the Sum paid, the Party subscribing writing his Name. The Form of the Receipt given to all. Nᵒ WE whose Names are here under subscribed Commissioners appointed by Their Majesties for taking Subscriptions for and towards the raising and paying into the Receipt of the Exchequer the sum of Twelve hundred thousand Pounds, pursuant to an Act of Parliament, Entitled, An Act for Granting to Their Majesty's several Rates and Duties upon Tonnage of Ships and Vessels, and upon Beer, Ale, and other Liquors; for securing certain Recompenses and Advantages in the said Act mentioned to such Persons as shall voluntarily advance the Sum of Fifteen hundred thousand Pounds, towards the carrying on the War against France; do hereby acknowledge and declare, That J. W. of London Citizen, hath this day subscribed the Sum of and hath paid to us the Sum of being one fourth Part of his said Subscription, according to the said Act and Commission. Witness our Hands the _____ day of _____ in the Year of our Lord; 1694. June 21. subscribed near 300000 Pounds. June 22. subscribed near 200000 Pounds. June 23. subscribed near 200000 Pounds. And from June 25. to July 2. the remaining Part of the 1200000 l. was subscribed; which makes them in a Condition to be a Corporation. That the Corporation may be settled, to the Satisfaction of the Subscribers, the Commissioners, or any Five or more, after the first of August, or so soon as Twelve hundred thousand Pounds are subscribed, which shall first happen, may affix Public Notice on the Royal-Exchange, for all who have subscribed not less than Five hundred Pounds, and paid their fourth Part in, to meet on a Day appointed, which is not to be sooner than four Days, nor later than eight Days after the Notice, to Elect Members qualified as hereafter mentioned, to be the first Governor, Deputy, and Directors of the intended Corporation. And that all the Subscribers, their Heirs, etc. may meet, and choose out of the whole Subscribers, of whom none shall have more than one Vote. One Person who hath subscribed in his own Right Four thousand Pounds at least, and paid one fourth Part thereof at least, at the time of his Subscription, to be the first Governor. And one other Person, who hath subscribed Three thousand Pounds at least, and paid in as aforesaid, to be the first Deputy-Governour. And Twenty four other Persons, each of which has severally subscribed in their own Right, Two thousand Pounds at least, and paid in one fourth Part thereof as aforesaid, to be the first Directors; which Elections shall be determined by the Majority of Votes then present: and in case they be equal, then by the Commissioners, or the Majority of them. That the Persons so elected shall be inserted in the said intended Charter, and made the first Governor, Deputy-Governour, and Directors; to continue in their Offices from the Date of the Charter till the 25th of March, 1696. and till others be chosen in their Places, and sworn; subject nevertheless to the Restrictions and Provivisoes in the said Act, and to such other Rules, as shall be inserted in the Charter to be granted. Provided no Subscribers shall be capable to Vote in the Election of the first Governor, Deputy, or Director, until he hath taken the Oath following, (viz.) The OATH. I A. B. do swear, That the Sum of Five hundred Pounds by me subscribed, or the Sum of Five hundred Pounds of the Money by me subscribed, is my own proper Money, for my own Use, and in my own Right, and not in Trust for any Person whatsoever. Provided nevertheless, That any Quaker, who hath subscribed Five hundred Pounds, as aforesaid, and made and signed the Declaration following, (viz.) I A. B. do sincerely and solemnly declare, in the presence of God, That the Sum of Five hundred Pounds by me subscribed, (and so on as in the Oath aforesaid) shall be capable to Vote in the said Elections of the first Governor, Deputy, or Directors. Provided, That no Subscriber shall be capable to be chosen the first Governor, Deputy, or Director, unless he be a natural-born Subject, and hath taken an Oath, That the Sums, which in the respective Cases of Governor, Deputy, or Directors, are requisite to be subscribed as aforesaid, are his own proper moneys, subscribed for his own Use, and in his own Right, and not in Trust for any other Person. And any Two of the Commissioners are impowered to administer the said Oaths and Declarations to the Persons who are to be chosen, or be the first Governor, Deputy, and Directors. What Corporations, Natives, and Foreigners may do. COrporations, Body Politic and Corporate, may subscribe any sum not exceeding twenty thousand pounds, paying down one fourth part to the Commissioners at Mercer's Chapel, London; and a second fourth part on or before the first day of October next; and the other third and fourth parts before the first of January, 1694. 2. All Natives and Foreigners may subscribe any sum not exceeding ten thousand pounds Ditto, to do, and pay in, as before-said. The Bank-Corporation may purchase Lands, Rents, Tenements, and Hereditaments of what kind soever; and may also Sell, Grant, Demise, Alien, or Dispose of the same; may Sue, and Implead and Answer, in all Courts of Record; or any other place whatsoever: and do and Execute all matters and things, by the name of the Governor and Company of the Bank of England; may borrow or give security by Bill, Bond, Covenant, or Agreement, under their Common Seal for any sum of moneys not exceeding twelve hundred thousand pounds; may deal in Bills of Exchange home and foreign, may buy Bullion, Silver and Gold; may sell Bullion, Silver and Gold; may sell any Wares, Goods, or Merchandizes whatsoever, which shall be left or deposited with the said Corporation, for Moneys lent and advanced thereon, not redeemed at the time agreed on, or within three Months after; may sell such Goods as are the Produce of Lands purchased by the said Corporation; may give out Bill or Bills Obligatory, and of Credit, under the Seal of the said Corporation, to any Person or Persons by Endorsement thereon, under the Hand of such Person or Persons may be Assignable, and assigned to any Person or Persons voluntarily accepting the same; and so by such Assign, Toties Quoties, by Endorsement thereupon, that such Assignment and Assignments, so to be made, shall vest and transfer the Right and Property in and to such Bill or Bills Obligatory and of Credit, and the Moneys due upon't he same, and the Assignee may sue in his own name on default. What the Bank-Corporation may not do. THE Corporation may not monopolise, or engross, or buy up, any sort of Goods, Wares, Merchandizes whatsoever, with the Stock-Monies, or Effects, belonging to the said Corporation; in so doing they shall forfeit for every such Dealing and Trading, triple the Value of the Goods and Merchandizes so traded for. They may not upon any Account of the Corporation, at any time or times purchase Lands, or Rents belonging to the Crown, or advance, or lend to their Majesties, their Heirs and Successors, any Sum or Sums of Money, by way of Loan, or Anticipation, upon any Part or Parts, Branch or Branches, Fund or Funds of the Revenue, granted, or hereafter to be granted, or belonging to their Majesties, their Heirs or Successors: in so doing they shall forfeit triple the Value of every such Sum or Sums of Money so lent; the one fifth Part to the Informer, and the Residue towards Public Uses, as the Parliament shall direct, and not otherwise. Any Bonds, Bills, Covenants, Agreements, Writings, made, sealed, or given under their Common Seal, for any moneys or Goods; every Member or Members of the Corporation, their Heirs, Executors, or Administrators, in their private and personal Capacities are chargeable and liable in Proportion to their several Shares or Subscriptions, to the Re-payment of all Money so lent, with Interest for the same; and an Action of Debt may be brought, commenced, prosecuted, maintained in any of their Majesty's Courts of Records against all and every, or any one or more of the Members of the said Corporation, their Heirs, Executors, or Administrators, in proportion to their Shares or Subscriptions, and have Judgement against every Person or Persons as aforesaid, as if the Security were sealed by the Persons so sued; any Condition to the contrary notwithstanding. In Actions so brought, no Privilege, Essoign, Protection, or Wager of Law, nor any more than one Imparlance shall be allowed. The Corporation may not permit, nor suffer any Person or Persons whatsoever, in trust for them, to trade with any of the Stock, Monies, or Effects of, or any ways belonging to the said Corporation: and if they permit it, shall forfeit for every such Dealing and Trading, triple the Value of all Goods and Merchandise so traded for. All Amercements, Fines, and Issues against the Corporation, on account of any Suits, or Actions, shall not be pardoned, or discharged by any Letters of Signet, Privy-Seal, or Great-Seal. Any Person or Persons obtaining Judgement against the Corporation, bringing it to the Exchequer, the Officers are required to pay the same Sum or Sums to the Plaintiff in the said Execution mentioned; whose Receipt shall be a full Discharge for the same, and may retain so much of the Yearly Sum of One hundred thousand Pounds, as the said Debt shall amount to. FINIS.