A REPLY TO THE DEFENCE OF THE BANK: Setting forth the Unreasonableness of their Slow Payments.  
To which is added, 

1. The Mischiefs that attend the Buying and Selling Bank-Notes.  
2. The Advantages England will reap by having the Unclipped Hammered Money pass Currant into the Exchequer by Weight.    
In a Letter to his Friend in the Country.  
By a true Lover of his Country and the Present Government.  
LONDON, Printed for E. Whitlock, and Sold by most Booksellers, 1696.   

A Reply to the Defence of the BANK, etc.  
SIR,  
IT is not without some Reluctancy and Scruple that I have undertaken to write the following Discourse against the Bank, because many People, I know, are of Opinion, That the Interest of the Government is so interwoven with that of the Bank, that whatever is said against the latter is employed to be against the former, whose Happiness and Prosperity, I solemnly profess, none can more sincerely wish for than myself.  
But if the Bank (presuming on the Favour and Obligation of the Government to justify all their proceed) are led to the practice of such things as are diametrically opposite to the Interest and Support of the Nation, and the Ends for which they were established, and are thereby the chief cause of our present Hardships which we lie under with respect to the Coin; and since they have the Confidence to vindicate their present method of paying, tho' it be far short of what they paid four or five Months ago, when one tenth part of the new Money was not coined which we have now, and they, perhaps, near ten times as many Notes out against them (of which more by and by) I say, to be silent and suffer these Practices and Vindications thereof to pass without detection, or taking notice thereof, is tacitly to sit down, and let them act at Discretion, notwithstanding they are seemingly never so far remote in their actings, from Reason, Honesty, and good Conscience.  
And truly (in all appearance) 'tis high time there should be a more close Disquisition made into their proceed as to Receipts and Payments; which were the latter good and plausible, according to their Ability, and in due proportion as they pretend, they would, I think, be so far from endeavouring to screen and mask the same from the Inspection and Knowledge of the Government, that it should be the first thing they do, to give a general satisfaction in this matter, which seems so strange and unaccountable to the most part of indifferent or unbyass'd Men: And which would they give public demonstration of, it would much retrieve their languishing Credit, and encourage the Government to complete the same.  
But I am afraid we shall see no such thing done voluntarily by them, unless it be by order of Parliament: No! they think themselves in the Right, and express a great deal of Spleen and Malice, if you do but in the least call their Process in question; tho' at the same time, it's plain, that an [I promise to pay, etc.] is scarce more minded than if it were [I promise never to pay, etc.]  
To this the Author in his 
* The Defence of the Banker.  Book you demanded my Thoughts of, has been pleased to answer in their Vindication (one that gets more by them, no doubt, than the generality of People do) and to ascribe their present slow Payments; 

1. To the alteration of the Coin, and not to any mismanagement of the Directors.  
2. To the Clipped Money, for which the Notes now demanded payment of was given.  
3. To the Method which has been taken to make good the Coins deficiency. pag. 11.    
As to his first Allegation, That the slow Payments of the Bank, are not owing to the mismanagement of the Directors, I must tell him, That I wish they are not (in part) owing to their Dishonesty, in applying the Cash to wrong purposes, etc. which should pay their Notes; however, I believe one may safely say, That the Discredit they have made themselves, and Miseries they have made the Nation (especially London) obnoxious to, is in a great measure owing to their Mismanagement: For their gain is very considerable which they make of men's Money in the Exchequer, which they should have answered to them six Months ago; but since their Loan is still going on there, and they have made it a Custom to satisfy People's Demands with little or nothing, they have small reason either to be forward in receiving the same out, or in paying it if they had it; which great advantage, had they not long since premeditated, but had designed to make their Payment, and support the Credit of the Bank by all means possible, they would never have been so stupid, one would think, to take Clipped Money into the Bank (to the very last) by Tale, and give their Notes for it payable at demand; for they might have seen with half an Eye, That if the Bank receive most of the Clipped Money from the Town, and the Exchequer receive it from the Bank, and that this Money is to circulate no longer in that specie, and there is no other to supply the deficiency during the new fabrication of this old Money, or (at most) nothing but Gold, which possibly, like a great many other selfish Heads, they resolved not to part with, in hopes that want of Cash appearing, might induce the Parliament to advance the Nominal Value: I say, they might easily have perceived without the gift of Prophecy, that considering the Premises they could not answer the Demands upon them.  
Why are they then blamed for not paying their Notes, since it's confessed it could not be expected from them?  
The Answer is very easy, for tho' by their ill management they had made it unlikely for them to make Payments according to their way of proceeding, in taking in the Clipped Money and giving Notes for it at demand; yet had they taken none in, but of those that would have taken their Notes for it payable at the end of six Months after Date, they would by that time have been able (in all probability) to perform their Promises; and tho' by this means they might not have had so much Money thrown into their hands, they would however have been no losers thereby; for by maintaining their Credit in this point, where one person lays their Cash with them now, a hundred would, which would have made them much more gainers than they could be losers by refusing the Clipped Money, and have prevented the many mischiefs come upon the Nation, as well as discredit to themselves, by buying and selling their Notes; of which more by and by.  
But suppose, that notwithstanding they had given their Notes for the Clipped Money, to pay only at the end of six Months; and could not then have been able to perform, it would nevertheless (some may say) have been as great a detraction from their Credit, as their present nonpayment is, and themselves would have been the greater losers by refusing to give their Notes for the Clipped Money payable at demand; which had they done, they could but have forfeited their Credit, which they have done notwithstanding their Notes were only given to pay at the end of six Months?  
To this I answer, That had they given their Notes for the Clipped Money payable at the end of six Months, many would have refused laying their Money with them on such terms (and indeed it would have been more men's Interests to have sold it by weight than to put it in their hands, for I have calculated that the loss is greater that is occasioned by the slow Payments of the Bank than that of the difference between New and Clipped Money) which refusal would however have made their Debts less, and consequently sooner paid. Now if it had so happened that they could not have answered in Cash the Notes that would have come upon them at the end of six Months (which would have been strange, considering what great sums of new Money would have been thrown into their hands) yet they might (and I think aught in Conscience to) have paid the greatest of their Debts in Tallies, that so every one might receive his own Money out of the Exchequer, with the Interest thereof, from the time of demand, and they could not choose (if they had been willing) but they must have been able to answer all their lesser Notes in new Money and Guineas, which had they done without making any defaulcation, they would not only have reaped the advantages I have mentioned above, but as a consequence thereof they would have had many thousands of pounds continued in their hands, which by reason of the loss of Credit was called for out; so that as to this particular of Mismanagement, I'll appeal to all disinteressed Persons, whether their slow Payments, and consequently our Misfortunes in this matter) be not owing thereto.  
2. The 2d Argument our Author makes use of to vindicate the slow Payments of the Bank is, [Will those who so impatiently demand payment, be satisfied to take the same sort of Money their Notes were given for, which was either in Clipped Money or Guineas at an over-value?]  
I answer, Yes with all their hearts, if the the Bank will allow them the advantage they have made thereof since it was demanded, (and they would be gainers thereby, as I have showed before) rather than be plagued with receiving it as the Bank pleases to pay it, 3 l. of 100 once in three Months, after a day or two's attendance. But what an unreasonable question is this, for the Notes were given for the then current Money? (which only is now demanded) and tho' it was Clipped, and the Gold above the now currant value, yet I believe I may appeal to their own Consciences, if they paid it not into the King's Exchequer at the same rate (especially the Silver) they took it from others: And as to the Gold, if they lost much by it, considering how prudently the Parliament lowered the same, and how gradually the currant value became less; as from 30 s. to 29, from 29 to 28, etc. till they came to 25 and then to 22 s. I say, if their loss was great considering this, their Management may yet more justly be blamed. But I cannot see how they should lose by Guineas; for as I remember, they never took them but under the currant value; nor would they take any, or but few, while the value of them was declining; so that if the Balance of their Accounts of Guineas, (were known) which they received and paid from the time of their being established a Bank to the 10th of April 1696, when Guineas were not to pass currant at above 22 s. I doubt not but they would be found to gain some thousands of Pounds thereby.  
But suppose it were as our Author says, that they did lose by Guineas, so did many a one, who must not therefore make that an Evasion to avoid paying his Debts, which I doubt not but the Bank might have found a hundred ways to have compassed, had they been as good managers for the public as themselves. For what though the Money paid into the Bank was clipped, does that make them have one Farthing worth of Tallies less? and consequently, are they a Farthing the poorer? no one can pretend it. Indeed, had the Bank took it by tale and paid it only by weight into the Exchequer, their Plea for their present payment had been more reasonable; but since the King took it from them at the rate they received it from others, I see no reason why it's being clipped should be an Apology for their slow Payments, since it does not in the least affect them; and truly, if this is one of the best Arguments that could be suggested to our Author for the Bank's delay of payment, I may appeal to any body but themselves, if it had not been both for the Interest of the Bank and Credit of this Author, that it had not been made public.  
But this is not the only thing that is an unnatural consequence of their giving Notes for the Clipped Money; for our Author (vindicating their present method of paying) must also prove this great Absurdity, i. e. That their giving Notes for Clipped Money is the cause why the Bank made better payments five Months ago than now they do, which is a strange Paradox, That so long ago they should be able to pay Ten in the Hundred once a Fortnight, and so proportionably, and yet now, when many thousands of Pounds (that were then out against them) are paid off; the quantity of new Money now at least ten times as much as then; and they have called in 40 per cent. and borrowed 20; and yet, I say, for all this their Payments are not so good now by 9/10 as they were four or five Months ago!  
I cannot but admire they should think People so stupid, as not to take cognizance of this their unaccountable proceeding in a matter of so great moment.  
In truth I cannot easily be of the Opinion of some, who believe they reserve their Cash to buy up their own Notes with, and that for that reason they endeavour to keep them at a high rate by faltering more and more in their Payments against all Sense and Reason; no, I cannot think they durst presume to abuse the Nation by any such mercenary and abominable practices.  
But it remains a secret to me and most others at present (if their Practices be just and honourable) how their Payments should be at first 10 per cent. once a Fortnight, then but 7 or 8 per cent. once in a Month, then to give no Notes out by Endorsement under 5 pounds, afterward none under 20, then to pay only according to the Letters of the Alphabet, (and that every Morning) afterward to pay but about 3 or 4 per cent. once in three Months, which is the present method of paying according to the Letters of the Alphabet two Days in a Week; and truly I cannot well see how they can pay less if they make any payment at all. Wonderful Secret! That as the running Cash of the Nation increaseth the Bank should so much decrease and demur in answering their Notes; and yet how insolent and boldly do they behave themselves to such as demand payment: Surely a Grievance like this has rarely been known, and I hope will not long be suffered, but that the Honourable House of Commons will this Session redress the same.  
3. The third thing this famous Bank-Champion would fain suggest in their behalf, is, to throw all the Abuses and Mismanagements relating to this matter, on the Parliament; for, says he, (pag. 11.) upon Enquiry [They must needs have referred it, (viz. their slow Payments) to the Regulation of the Coin, and the Method which has been taken to make good its Deficiency.]  
Impudent Scribbler! that dare call in question the Prudent Measures taken by the Parliament about this Affair.  
I doubt not, but had the Regulation been referred to the Sagacity of this famous Dictator and his conceited Retinue, they would have approved themselves to be wise enough (as in the Payments they make) for their own Interest, whatever had been the Consequence, with respect to that of the Public.  
Truly the Parliament had a difficult piece of work, and had they therein been governed by every such ignorant conceited Shatterbrain, as would pretend to advise in this matter, our Coin would neither have been so good nor plentiful as now it is; but had the excellent Laws they have made been carefully put in practice, self-interest laid aside, and every one had aimed at the good of the Public as they ought to have done, we should long before this time have seen no want of Money, nor Notes unpaid after demanded.  
And here I might easily incert and vindicate the methods taken (in the several steps thereof) both with respect to calling in the Old and coining the New Silver money, and also with relation to the lowering the price of Gold, to confute this saucy Asperser in this particular; but having already done that in part, in another Treatise of Coin, and intending hereafter to examine and give a more distinct relation thereof than will be consistent with the designed brevity of this small Tract, I shall at present omit the same.  
In short, it was impossible (I think) the Parliament could contrive the amending the state of our Coin any better way: For it was not to be expected they could prophesy that lowering the price of Guinea's should induce some men so foolishly to hoard them up in hopes that they would this Session advance and alter the Standard which they had but established the last; nor could any but some unthinking sort of people hope for any such dishonourable as well as unprofitable Statute. And setting aside this selfish practice, and that of buying and selling Bank-Notes (the only two Causes of our seeming want of Cash) we should certainly have seen the good effects of the Laws made the last Session relating to Coin, which would (no doubt) have produced the greatest plenty of the best and most beautiful Money that England (not to say any Country in the World) was ever possessed of.   

PART II.  
Gives you an account of some of the many great mischiefs and miseries we lie under, and are obnoxious to by reason of the buying and selling Bank-Notes.  
1. The buying and selling Bank-Notes gives an opportunity to the Bank to buy and sell their own Notes, whereby they may certainly gain more than by any other way of employing their Cash; and which should they do, we may be sure they will reserve to themselves as much for that purpose (and consequently pay out on their Notes as little) as may be. And if we had an Immense quantity of Cash, if this practice should be permitted, we should always have a seeming deficiency; and whether they are guilty of such Irregularities I leave it to their own Consciences, and those concerned, to examine.  
2. The second mischief that attends buying and selling Bank-Notes is, That it hinders both Moneyed men and Inland Traders from paying their just Debts in specie, though they have it by them in never such plenty; for men are grown so self-interested, that scarce any thing of a Public Spirit appears; and if this Money-monger can gain 16 or 17 per Cent. as sometimes he may, by converting his Money into Bank-Notes, this he knows (if the Bank pay but currently in a Year) is three times as much advantage to him as he could propose to get by disposing of it after the common way of Interest; though at the same time, the poor, who have dependence on him, are great sufferers thereby. And as for the Inland Trader (I will not say the Merchant, because it may be supposed that what Money he can spare goes to pay his Foreign Bills) his Servants, Workmen, and Creditors of all sorts must take Bank-Notes or be Creditors still, though he probably receives little but New Money or Guinea's, or Silver at 5 s. 2 d. per Ounce (which is all one) in his Shop or Warehouse, but these are reserved to go to Market with again to buy more Notes, for this is an encouraging Trade, and while it is permitted he'll make his best advantage thereof let the Poor, Workman, etc. perish if they will.  
3. The permission of this practice of buying and selling Bank-Notes, gives an opportunity to the Stock-jobbers (especially the Brokers) to raise and fall the Credit of the Bank as they please, and as best comports with their poor and base, disingenuous and mercenary tempers; by which the price of these Notes are wholly governed. And these are the horrid Vipers that have set a value of 150 li. on that which is not worth 5 li. and that made such jobbing work with the Guinea's about six months ago, which as soon as the Parliament had quashed by lowering them, they found out this method of buying and selling Bank-Notes, without whose knavish inventions merely for their own interest, I question whether either Guinea's or Bank-Notes had come near the prices they have been sold for, if they had been sold at all.  
And it is not only the Brokeage which they gain by these their deceitful Projects, for though they had not a penny of Money, yet they are great gainers as well as those that have; by buying (for example) Bank-Notes at 16 or 17 per Cent. discount, and before the Contract is made and the Money is paid, they can run the discount down to 12 or 13, than they sell these Notes and get 5 per Cent. clear, discharging their former Contract; and thus they go on buying and lowering, then selling and advancing the price as they please, till the whole Nation suffers, to maintain half a dozen or half a score sordid cheating Villains! 'Tis great shame they are suffered, and that it is not made highly penal for any one to buy or sell any thing in this nature, unless it be Shares in Joint Stocks, as Hudsons' Bay, East India, etc. and even in those, that there should not be many Regulations and Limitations with respect to these Brokers.  
4. Another great mischief attending this practice of buying and selling Bank-Notes is, Oppression of the poorer sort of people, who at other times on their Salaries or Employments could live pretty handsomely, but are now reduced to great straits: as for instance; A Man that had 60 li. per Annum to maintain his Family with, had formerly 15 li. per Quarter, but being now paid in Bank-Bills (to part with which, as some others that trade can, is out of his way) he must therefore be forced to give, suppose but 15 per Cent. discount for Ready money, to buy necessaries for his Family, this reduces his 15 li. to 12 li. 15 s. and the like loss is sustained by all Workmen and others that are forced to take Bank-Notes for the payment of their Bills or Debts, which is extreme hard upon those that had before but just enough to subsist on.  
5. Another great Mischief that attends the Buying and Selling Bank-Notes, is, That it encourages all Factors to defraud their Principals or Employers; and this is done insensibly, and without any possibility of being discovered; for this gives an opportunity to these Factors (whose Employers live at a distance, and cannot perhaps inspect their Accounts above four times a Year) to sell Goods for ready Money; and after they have made 15 per cent. profit to themselves thereby, by converting the same into this sort of Bank-paper, they can by this means, even an Account of 10000 l. with their Principals and get 1500 l. by the bargain, while he that stands to all losses otherwise, has this great abuse added thereto.  
I might (Sir) give you many more Instances of the dismal Consequences that attend a Difference between Notes and Money; as that it destroys Paper Credit, by which a great part of the Trade of this Nation was formerly carried on, etc. but the particulars above are sufficient to show how necessarily this matter should be taken into Consideration, and the Abuses rectified; and that I presume may be done by settling a certain Fund of Credit whereby Notes and Bills may be again restored, and these Cannibals (I have formerly mentioned) that live only upon the Ruin and Destruction of their Countrymen, may see their base and wicked Practices defeated. But till then I reckon you in the North will be much more happy in these Matters than we in London, because you may in a short time expect to be supplied with new Money from the Mints of York and Chester, which nothing can hinder but the want of Bullion; and to prevent that, I think it would be Prudence in all the better sort of People to bring in their Plate rather than want Money to pay just Debts, and for other Necessaries. Indeed I am of Opinion, we have Money enough in the Nation, if there were care taken that it might circulate, which it would certainly do, if some methods were taken to prevent exorbitant uses thereof by the Stock-jobbers, in buying and selling Bank-Notes, etc. and the Statute restraining Interest to 6 per Cent. per Annum, 12 Car. II. c. 13. were strictly put in Execution. Which that they may, and we live to see England flourish under the auspicious Government of His present Majesty, is that I hearty wish for.   

PART III.  
As to your Third Demand (Sir) which was my thoughts, Whether it would not be a disadvantage to the Nation, That our broad hammered Money should pass currant by Weight?  
I answer, That it would be an Advantage, provided the Rates for every Ounce are given that are proposed at present in Parliament; and this I shall demonstrate to you by showing, 

1. How this advantage will arise.  
2. By the Disadvantage to the Nation in general that would attend its passing currant by Tale.    
The real advantage that attends the Currancy by Weight (as proposed) will appear, in that every one that has it may gain, and no one needs to lose thereby.  
For instance, Suppose the unclipt hammered Money currant, or otherwise in the Nation be 500000 l. (as 'tis no great matter in this case if it be more) and that this hammered Money is to be paid to the King by the Nation as One Man for Taxes, etc. the Question is, Whether this 500000 l. if paid by weight at 5 s. 8 d. per Ounce will not exceed the 500000 l. by Tale.  
I say it will, and consequently, the Nation will be so far from losing (as some fancy) that it will gain thereby.  
For suppose (as is very rational from what follows) That every Shilling is but 11 d. i e. wants a Penny of the value of a new milled Shilling; or that the 500000 l. wants 1/12 of the true value of so much new Money, this 1/12 of 500000 l. is 41666 l. 13 s. 4 d. which deducted from the 500000 l. the remainder is 458333 l. 6 s. 8 d. which is the worth of the 500000 l. unclipt hammered in new miled Money; which 458333 l. 6 s. 8 d. at the Standard-rate of 5 s. weighing 19 dw. 8.51612903, etc. Grains, will weigh 1774189 Ounces, 4 dw. 17 gr. which at 5 s. 8 d. per Ounce is worth 502686 l. 18 s 10 d. Sterling, which exceeds the supposed Sum of 500000 l. in unclipt hammered Money, by 2686 l. 18 s. 10 d. and which is the Nation's Gain by passing it by weight. And yet some People that have not well considered this matter, have almost as great apprehensions of hardship therein, as if they were to part with their unclipt hammered Money for nothing.  
But here two Objections arise, 1. That the Computation of the Deficiency at 1 d. per Shilling is too little, and that it will fall short, not only in all Sixpences but in some Shillings, which 'tis known want 2 d.  
In answer to this, I say, That if some of these Shillings want 2 d. as many are of full weight with new ones, so that the mean Arithmetical proportion is 11 d. as I computed; and whereas Sixpences want more of weight than the Proportion I have allowed for the Shillings, to make up that, I say half Crowns and Crowns want much less, so that the foregoing Computation will however hold pretty true.  
Obj. 2. What shall they do that have not Money to lend the King, they must needs lose by paying what they have at 5 s. 2 d. per Ounce.  
Answ. None can lose much but they that have much by them at the time this Act commenceth, and they that have much will not be much abused to lose 1/12 for the sake of the many Conveniencies and Advantages that would attend the having only new Money and Guineas currant. But if they are not wanting to themselves no one needs to lose, for the King, it's proposed, will take it at 5 s. 8 d. for Taxes, Loans, Customs, Excise, Stamping Paper, etc. And it is but a small part of the Nation that have not occasion either actually to pay Money themselves on some of these accounts; as the Nobility, Gentry, and great Traders, for Loans; Merchants for Customs, Lawyers for stamping Paper, Brewers in London, and Victuallers in the Country, for Excise, and all Housekeepers for Taxes; I say, there are few but must either pay Money these ways, or have Friends that must, who not having hammered Money of their own, will be willing (since 'tis no loss, and they can serve their Friend thereby) to pay it for them on these accounts. Or, truly it is not unlikely, That those who must pay the King Money, and have not hammered enough by them, will give 5 s. 4 d. per Ounce for it rather than pay new, since they can get 4 d. per Ounce by the bargain: So that I do not see how any one can (notwithstanding their great fears) avoid gaining by the unclipt hammered Money they have in their Hands when the Act passeth.  
But on the other hand, if we consider the National Evils (as things are now circumstantiated) that would be concomitant of its passing currant by Tale, we shall find them grievous, according to the general Maxim I have elsewhere mentioned, viz.  
When two sorts of Coin are currant in the same Nation of like value by denomination, but not Intrinsically, that which has the least value will be currant, and the other (as much as is possible) will be hoarded.  
So that the more hammered Money is currant by tale now we have so much better Money, the worse it will be for us, for so much of the new Milled Money, and Guineas will certainly be hoarded, which would make us have a more seeming want thereof than we have at present, and that would be intolerable.  
And thus (Sir) I have answered your Request to the utmost of my power in the short time I am confined to, to apply my thoughts to these Matters, which if useful to you or any other (especially the public) will abundantly recompense the pains and trouble taken in writing thereof, by  
Your Humble Servant. Nou. 16. 1696.