AN ACCOUNT OF THE Constitution and Security OF THE General Bank OF CREDIT   blazon or coat of arms 
London, Printed by John Gain, Living in the Upper Moorfields, next door to the Flying-Horse. M.DC.LXXXIII.   

An Account of the Constitution and Security of the BANK of CREDIT, etc.  
WHEREAS it hath been observed, That great quantities of Coin & Bullion have been Exported out of this Kingdom, or Hoarded up in Private hands, to the great diminution of the Current Cash and Trade, and that through the scarcity of Money, and want of Current Credit on a sufficient Fund, many are deprived of a Livelihood, not knowing how to employ themselves in Callings suitable to their Educations.  
That many Ancient and Noble Families have been ruined by being necessitated to take up Money on their Estates for discharging Encumbrances, at very high rates of Interest, Procuration, Continuance-Money, and the like.  
That Trade and Commerce is very much Obstructed by the high and uncertain Rates of Exchange; so that the remitting Money, to buy Commodities at particular seasons, at the several Markets in England and Ireland, is so chargeable, that it discourageth many Merchants from Tradeing.  
That multitudes of Families have of late been undone by intrusting their Cash, and other Estates, in the hands of Private Persons, who have frequently turned Bankrupts and involved divers in their Ruin, They not having a Fund to answer the Trust reposed in them.  
And forasmuch as 'tis evident, not only from the Example of Foreign Countries, but also from the Reason of the thing itself; That the erecting a Bank of Credit, and Exchange of Moneys, and also a Lombard for accommodateing the Poor, By persons of known Reputation and Ability, under apt Rules and Methods, will be attended with many conveniencies and Advantages, not only to Merchants and Traders, and all sorts of Persons in their Commerce and Deal, but also to his Majesty in the great increase of this Revenue, by furnishing Persons who have Security to deposit, with Current Bills of Credit, as useful as ready Money, and such as cannot fail to answer all reasonable expectations, and satisfy all Objections that can arise in the minds of men against the same.  
And whereas divers persons of Reputation, and Estate by mutual Agreement and with good Advice, are, in Order to the Erecting and Establishing such Bank of Credit, and Exchange of Money, and also a Lombard, for accommodating the poor as aforesaid, become United unto, and Incorporated with the Company of the Royal Fishery of England, under the Regulation of his Majesty's Letters Patents, for constituting the said Company a Body Politic, and Corporate, to have perpetual Succession, In such way and manner, and under such Articles of Agreement, Rules, Laws and Constitutions, as that the said Bank, shall not be liable to any hazard, loss or miscarriage of the said Company, in, or by reason of their Fishery Trade and Deal; Yet nevertheless are rendered capable of receiving and exercising all Powers, Privileges and Advantages, on behalf of the the said Bank, which the said Company, by the said Letters Patents are invested with, in order to the carrying on the Fishing Trade, and pursuant thereunto, are by the said Company under their common Seal, constituted to be, and to be called by the Name of the Governors or Masters of the Bank of Credit, in the Company of the Royal Fishery of England;  
The Governors of the said Bank conceiving they are now arrived at such a Method and Form of Management thereof, both as to Bills of Sale, Certificates by way of Defeazances thereupon, and Bills of Credit to be given out to their respective Depositors of any Goods, or other Security, as they have no reason to doubt, but that the same being published, and duly weighed, will be instead of particular Answers to all such Objections as have heretofore been made; or as they judge, can be reasonably offered against the same; They have now resolved speedily to make their Entrance on the Execution thereof, and think fit to make these their Intentions public to the end that all Persons who conceive they may be assisted and furthered in their Trading or other Dealing, by the help of this Bank, may be more particularly informed of the way and manner thereof, and see their Security in so doing.  
In order whereunto, and for the obviating those Difficulties that may remain in some Men's Minds, touching the true Notion, Practicableness, and Advantage of this Bank of Credit: 'tis not proposed, that it should answer every Intent, and Purpose that some Persons may have fancied, particularly, That it should supply any man with Credit, who hath not a sufficient Security of Goods or Lands to deposit or engage as a Fund for the Credit he would Raise.  
It is sufficient to demonstrate, that it will supply a multitude with Credit, upon which they may enlarge their Trade, discharge their Mortgages, and other Securities that bear heavy upon them, may be supplied on any sudden Emergency with Credit to support such as otherwise must sink, and satisfy the pressing and impatient Creditors of such as cannot be supplied elsewhere, but upon such disadvantageous Terms as will ruin them. All which will plainly appear by the Answers to the following Questions.  
Question I.  
What is the Bank of Credit?  
Answer.  
It is a Fund of Goods, and Assurances of Lands, Tenements and Hereditaments deposited for the raising of Credit thereupon, under the greatest Security, as to the Constitution, and Persons employed in the Management of it, that can be devised; upon which Fund the Depositor is furnished with Bank-Bills of Credit (hereafter explained) for supply of his Occasions, which will be as useful as Money to him.  
Question II.  
How will the Bank of Credit be useful this way? Answer.  
Every Person who hath any Goods, which he hath no ready Chapman for, or would keep for a better Market, may, upon depositing the same in the Storehouses belonging to the Bank, raise a Credit equivalent to Ready-money, for the answering his Occasions, to about two thirds or three fourth's of the value of them, for what time he shall propose, the trusties hereafter mentioned agree, and the nature of the Deposit shall reasonably admit, not exceeding twelve months, paying for the use of so much Credit as he shall take thereupon after the rate of four pounds per Cent. per Annum in England, and six pounds per Cent. per Annum in Ireland: and for Warehouse-room, etc. not exceeding two per Cent. per Annum, for Goods, Wares, and Merchandizes, according to the appraised value of them, unless where they are very bulky, and in such Cases, such other moderate proportions as shall be to the reasonable satisfaction of the Parties concerned. In like manner, every Person who hath an Interest in any Lands, Tenements, or Hereditaments, Leases, or Annuities for years; or who will deposit any Bullion, Plate, or Jewels, may also raise such Credit thereupon, at four pounds per Cent. per Annum in England, and six pound per Cent. per Annum in Ireland, without any other Charge.  
The Goods deposited may, upon a new Contract, be continued for such longer time as the said trusties, and Appraisers shall judge the nature of them will admit: the Depositor desiring the same, and clearing of the Interest, and Charges to that time.  
Such Persons may on this Credit purchase other Goods or Lands, where he hath a prospect of another good bargain, and in like manner deposit or engage them, and receive like proportion of other Credit, wherewith to carry on his present Trade, or answer his other Occasions, and consequently enlarge his Trade and Estate for more than three times his Principal, as effectually as with so much ready Cash.  
And for the Accommodation and Encouragement of all that shall deal with this Bank, and the promoting and furthering the Sale of the Goods therein deposited, there will from time to time be Lists printed, of all such Goods as the Depositors thereof shall desire to be published, and sold there, without mentioning the Names of the Owners or Depositors; and also known and sworn Brokers, attending for the Sale thereof.  
Question III.  
Who will furnish me with such Goods on such Credit?  
Answer.  
At the Bank may be seen Alphabetical Lists of the Names and Habitations of Persons of all sorts of Trades, who will accept of the Bank-Bills of Credit upon equal terms with Money, in the usual way of Trade and common Dealing; so that if some should refuse their Customers on the said terms, these and others, understanding the advantage of ready Payments, beyond what can be made by selling for time upon uncertain trust, will embrace and encourage them by better usage than they have formerly had.  
Question IU.  
How must I make over my Goods in Order to to the raising this Credit?  
Answer.  
You must perfect a Bill of Sale of the said Goods under your Hand and Seal, which will be taken by the said trusties, Persons of known Integrity and Ability, who will be daily attending at their respective Bank-houses, or Offices, in order to the receiving of them into the Stores of the Bank, and who will take care that the Appraisers set such value on them as shall be indifferent between the Bank and the Depositor; as also that the Store-keepers so place them, as you may, every working-day have a view of them, and show them to your Chapmen, in order to their Sale, with as much freedom as if they were in your own Warehouses, and probably may sooner find a Chapman by the help of the Bank-Officers and Brokers aforesaid, and concourse of People to the Bank-houses.  
Question V.  
What shall I have to show for my Goods, and for my Security, that they shall be Re-delivered to me at the time appointed, upon discharge of the Credit taken upon them?  
Answer.  
You shall have a Certificate under the Seal of the Company delivered you, by the said trusties of the Bank-houses, where your Goods are deposited, which shall be in the nature of a Defeasance of your Bill of Sale made thereof, wherein it is testified by the said trusties, and Store-keepers, that they have received your Goods, or other Security of the value mentioned in your Bill of Sale, into the Bank; and wherein the said Company agreeth, that upon the payment of the value of the Credit you take upon them, with such Interest for the said value, and Moderate allowance for Warehouse-Room, etc. the said Goods shall be Re-delivered to you, your Executors, Administrators or Assigns; and that in case you shall not redeem them by the day appointed, they shall as soon as conveniently may, be sold openly by Inch of Candle, or otherwise for the best Market Price that can be then gotten for them, and the Overplus paid to you, your Executors, Administrators or Assigns; unless you shall contract with them for continuing your Fund, or any part of it for further time. You have also Bank-bills of Credit given you upon the Goods delivered.  
Question VI.  
What is it you call Bank-Bills of Credit?  
Answer.  
Printed Bills indented, so contrived, and under so many Examen, Attestations, and private Characters, as also the indented Counterparts of them, and whatsoever relates to them in such Custodies, until their issuing forth, as it is morally impossible they should be counterfeited, so as any receiver of them should be deceived, who will but satisfy himself from what hand they are tendered unto him; which said Bills are perfected under the Seal of the Company, and bind the said Bank and Company for the value received, and remaining in the said Bank, to accept the same in any Payment in, or to the said Bank for the Sum in such Bills mentioned; and are attested to be so perfected, by the Treasurers, or one of the, as also by the controller and Indenter of the said Bills; besides which the said trusties, or two of them, and the Store-keeper belonging to the respective Bank-houses, out of which the said Bills shall be first issued, do also testify that the value of the said Bills is in the Bank; all which Officers are upon their Oaths, & give good Security for the honest discharge of their respective Employments: so that no Person can hope to make tender of a false or counterfeit Bill, or one unduly come to his hands, without being detected: in which respect the Bills are better than the Species of Gold and Silver; for that if you receive counterfeit Gold or Silver, it hath no certain mark, by which the Payer of it can be ordinarily detected; besides, they carry with them the Advantage of saving Charges in carrying, and time in telling and retelling Money in Payments, and of easier and safer travelling with them; nor can any of these Bills be fraudulently issued out of the Office itself, for they are all Printed in the Bank-house, on Paper made on purpose, different in size, shape, and make, from all other sorts of paper, and as well after Printed, as before, remains uncut, and always in safe Custody, under three Locks and Keys kept by the Treasurers, Seal-keeper, and Composer of the said Bills.  
Question VII.  
I have occasion for Money in Specie, How shall I be supplied?  
Answer.  
Though the Bank doth only undertake to accept their Bills in Payments to be made unto the Bank (which they will do more willingly than Money in Specie) taking after the rate of one per Cent. per Annum less, on return of the Bills, than on payment of Money; yet if any should be desirous to change his Bills into Money, he may be directed at the Office how to be supplied.  
Question VIII.  
We have had experience of trusting our Estates in Bankers hands, how shall we be secured against the like from this Bank?  
Answer.  
You trusted them with Money upon their own or Servants Notes, apprehending them to be Men of Estates to answer the Credit you gave them; and they traded with your Money beyond the Seas, and otherwise on their own Accounts, by means whereof they miscarried.  
Now such is the Constitution of this Bank, that none can wrong it, or the Depositors; for the Officers that give out these Bills are all on their Oaths, and give great Security to deliver out no Bills of Credit, but upon such Fund of Goods, or real Estates, to the value aforesaid, as always remains untouched, till Bank-bills of Credit, or other Fund be brought in the room of it; all which remaining locked up in Treasuries and Storehouses; the Keys whereof are in the Hands and Custody of the chief Governors, their Treasurers & trusties, Store-keepers and others. It cannot but be acknowledged by every one, that they are safer Custody than in his own House, where his Servants, or (which is also very ordinary) his Wine-Cooper, Porter, or other mean Person, hath, or can come at the Keys of his Warehouses, or Cellars; especially if it be considered, that they are constantly watched, both Night and Day, by Persons appointed for that purpose, to prevent Imbezelments, Diminutions, or Casualties that may happen.  
The Interest of the Persons chief entrusted in this Bank, consists in preserving their Credit, which upon their first attempt of any fraudulent Practices, or giving out of any Bills but upon such Fund, as is aforementioned, will irreparably be lost.   

Advertisement.  
Whereas the poorest sort of People do generally complain of great Oppression by intolerable exactions for Credit given them upon their Goods, whereby they are so exhausted and disabled, that they cannot by reason thereof, though never so industrious, gain a comfortable Livelihood for themselves and Families. For whose relief no effectual Remedy hath been hitherto proposed. The Governors of the said Bank of Credit having taken the same into consideration, and commiserating the necessitous Condition of such poor People, are resolved speedily to make provision for their supply with Bank-Credit, and that the Interest and Charges thereof shall not exceed six pounds per Cent. per Annum. The Places where, and Time when such Persons may be so accommodated, with shortly be Published. As also the Rules and Methods they intent to establish about the Exchange of Money.  
And that all men who are desirous to increase their Trades, by the Credit of this Bank, or stand in need thereof, may know where they may be supplied with such Credit upon the Depositing of any Goods, Wares, or Merchandizes, the Governors of the said Bank do hereby signify that their trusties, Appraisers, Store-keepers, and other Officers, shall daily attend from, the time, and at the Places, of which public notice shall be speedily given.  
FINIS.