THis Pamphlet containes many incoherences, bold Assertions with­out proofs, Objections not Trivial without Answers, several Contradictions, Falsities, and Impertinences, with ingramma­tical Expressions, all wrapt up in an unintelligible Style, many of which, not being much to the main Scope, and Purpose, I shall forbear taking notice of, because I would neither trouble my Reader, nor my self to so little purpose, but intend to pick out, as well as I can, what he means by it, which in short I take to be an endeavour (tho faintly done) to recommend his Bank, and to blast the Reputation of some Persons, and better Proposals of the same Nature. I say faintly done, [Page 2]because he doth the first so aukwardly, and the last so imperfectly, or ra­ther not at all; for he says enough in the Book to justifie every part of the proposal (if he means that of Credit for a Fishery) and to vindicate the Reputation of the Author, from the very calumnies he would there­in asperse him with; how well therefore he hath performed his mighty un­dertaking, will appear to the world by the sequel.

Ex ungue Leonem. The first Paragraph, p. 1. is sufficient to discourage a Man from looking further into the Book, 'tis so Nonsensical: But yet he therein confesseth Banks to be useful; that Interest is at Present high, and ought to be low for the Benefit of Trade, which he would imply may be remedied by his Bank, and that some things else, besides Gold and Sil­ver, can answer the uses and do the Office of money; p. 22. & 15. and then he asserts without proving, that the want of publick Funds is the cause of high Interest, and of the loss of many Millions, to the discouragement and obstruction of Trade, and that no tolerable reason can be given, either in Notion or Practice for the high Interest, considering the Riches and Trade of England, unless it be the want of publick Funds: This I take to be the sum and meaning of all his heap of Words in the first Paragraph.

Upon which I will endeavour to make some useful Remarks; as first, That good Banks are certainly very Beneficial to Trade; but bad Banks (such as are under no sufficient check, and that can give no Security e­qual to the great trust reposed in them, and the hazards they are subject to, that can do very much mischief by one false step, of which they may make many, and are in divers respects dangerous and prejudicial) can be never prudently countenanced by any Nation; tho one, provided against all these, and the like inconveniences, ought by a wise People to be in­couraged without the least delay.

His Second Concession concerning Low Interest is very true; but a little lower he saies, No Reason can be given for it, and then I am sure, he doth not understand it, and therefore is not likely to find out a true Remedy. He ought to prove here, that his Bank can and will lower In­terest, and not falsly suppose, the want of publick Funds is the cause of it, for they are not wanted; the Crown Revenue, the Church Lands, the Poors Rate, and abundance more are publick Funds, nor is there any want of private Funds for such purposes, but 'tis the want of Autho­rity from the Government, to apply them to these uses, and the want of satisfactory Securities, which makes Money and Credit scarce with re­spect to the many occasions requiring them, and so keeps up the value of Interest. Nor was it the want of publick Funds, but of sound Credit and Security occasioned the loss of so many Millions, which loss, being a­mongst [Page 3]our selves, made the Nation never the worse, tho particular Per­sons were.

He mentions unnecessary Credit, which can never have a being; I sup­pose he therefore means an unsafe Credit, but wanted words to ex­press it.

In his last Concession I am glad to find, that something else besides Gold and Silver will answer the uses of Money p. 2.5.15; which I suppose dropt unawares from his Pen, for I am sure if something else can; then the Lumbard-Bank was no such strange thing, and the Land Credit for the Fishery must needs be better than any thing else he can find, nay, even so much better than the idol Gold and Silver, as Land Security is bet­ter than Personal, or Goods pledged; and this is no private Opinion, for where ever Gold and Silver hath a value, Land hath a greater: 'Tis so even in Holland, where they know very well both how to esteem and use Money. Thus much upon his first Paragraph.

His Second Paragraph mends his First but very little. There he says Banks and Funds have been discours'd and expected for many Years, but hin­der'd from settlement by refined Politicians, because England was no Common-wealth; insomuch as it became matter of Derision to plead for them, and was like to deprive us of this present happy Production.

This Paragraph, p. 2. is very true, Banks have not wanted both Plea­ders and Writers in their Behalf, and none hath acted therein, both in Season and out of Season, more than Dr. Chamberlyn, not without his Suf­fering much from the Witticisms of some of the then modish Ridiculers, who now give themselves the lie by becoming such mighty advocates for this Bank at present; Turpe est Doctori cum culpa redarguit ipsum. Such Politicians as would not allow of Banks here (because 'tis no Common-wealth) mistook the English Constitution very much, for, till the time of King Charles the Second, no body was ashamed to call it a Common-wealth; but yet notwithstanding I do for divers Reasons think any Bank is better here than Money Banks. But such as are for founding Banks originally upon a Revenue or Goods, must rob the Doctor of the fruits of his Labour, Charge, and Invention, if they do not consider him accordingly.

This Third Paragraph, p. 2: is very Pleasant, tho not in the least better Penn'd, the Substance of which is, that some mercurial Heads had contrived a Bank, not only secured from the Prince, but from all Man­kind besides; and then he gives an instance of a Lumbard-Bank, and asserts the crying down Gold and Silver by some, and that better reasons must be given to bring People out of their old way, who will not else leave it, un­less [Page 4]they should be wheedled or inticed; he proceeds falsly to assert, that 'tis pretended, Denomination gives value to Money, and that by antici­pating Ages inestimable value was to be imagined from years to come, and this to be cramm'd down the Throats of s ch as would not believe a Lumbard to be a Bank; and that this wanted an Act of Parliament; and thus the genius of some English Men seems very different; this is the Sence; but, that I may not be thought to impose any thing for Truth, which is not, the Reader is referr'd to the original Text, to excuse me from the Drudgery of repeating so much stuff.

I am sure, whatever Mercurial Heads there may be, my Author is free from that Scandal, unless he has been in Cornelius's Tub: He has so lit­tle Fancy, that he can scarce repeat things truly, as said or writ before him; he verifies the saying, ex quovis ligno non fit Mercurius. The ob­jection of violence from a Prince, may not be so very strange, for, though our Present Prince be clear from the Suspicion of any thing like it, yet may not Princes arise of different Sentiments that may again shut up the Exchequer? Or may not Courtiers prevail upon the easiness of some Princes, to commit what they may afterwards repent of? And therefore if it can be so established as to be free from any such Danger, why should we leave it subject to such a Temptation? He then proceeds with his usual confidence falsly to assert, and says, the proposed Bank, I believe he means still the Fishery, is so far from the Princes's Seizure, that none else can reach their Right out of it.

To this I must reply, that the Land-Bank including a Fishery was so securely and justly contrived, that no Man whatsoever could want their due, or be a loser by it, which is more than can be promised by his; for, if the whole 1200000 l. should be call'd for in Specie, can they al­ways pay it in Specie? If so, then their Bank is but a Plot to pick 8 per cent. out of the People for the Money advanced, without any other advantage either to the People or the Traders. But if it is to keep an Account of 1200000 l. as I find farther in the Book, and to circulate the whole with 300000 l. what is there more than imagination for the Rest? unless he will answer, there are other effects in Lands or Goods, and then he is compell'd to justifie his Bank by Dr. Chamberlyn's Methods, and with less security; and if it is reasonable in his, 'tis a wonder it should have no credit in the Doctor's. He then saith, the first design of this sort was to turn a Lumbard into a Bank; admit it, if it can be done, what is the hurt? But still he shows his Ignorance both of Lumbards and Banks, for a Lumbard is only to lend small Sums upon Pawns to support the Poor; a Bank is to pass Credit upon a Pledge, whether Money or Goods, as [Page 5] Hamburgh doth for the accommodation of the Rich. Now the Office, he means, was never called a Lumbard by the Undertakers, be­cause they knew better, but a Bank or Office of Credit, where such Credit was past, as the Goods, with respect to their Duration and Mar­ket-price could well bear, and this is still but what my Author and his Companions plead for themselves? If they intend as they say, page 14. to have but 2 or 300000 l. to circulate 1200000 l. the rest then must be se­cured either by something or nothing; if by something, it must be Goods or Land, and then 'tis either the Doctor's Office of Credit or Land-bank; if by nothing, their Creditors have a fine time of it. He goes on and tells the People, they are a Company of Children and Fools without Understanding, and are to be wheedled and inticed to their own good, and that there is no hopes of bringing them to it by rational con­viction, which is but a course Complement; then he runs forward so fiercely against Sense and Truth, like the Parson in his Pulpit against Satan and Antichrist, whom the Clock could not stop, that no Reason, De­monstration or Conviction can stop this powerful Author, who after his usual Fashion says, That the promoters of the Lumbard Bank did cry down the use of Gold and Silver, and affirm, that Stamp and Denomination gave Money the Value. I dare challenge him to shew one line to this purpose; if there were one line, it must be lapsus pennae, for there are above 20 places, in all the Papers Printed first and last by them, maintain the contrary. Now if this Author is detected of so many untruths in the beginning of his Book, what credit can be given to the rest? For it was always exprest, that Stamp and Denomination only marks and names the value, but gives none; and that Trade can be managed by good Credit as well as with Gold and Silver, and that the chief use of Gold and Silver would be then for Sums under Five Pound, as an infe­riour Species of Money to Credit, to prevent Scores and Book-Accounts, and whoever looks narrowly into the Nature and Property of Money, of Gold and Silver, will find many things besides may be made as useful for Money, and in some places more useful than Gold and Silver, as he confesseth, p. 25. and 15. to run Counter to Mankind, if it were true, as he says we do, is neither strange nor ill; for did not Philosophy and Anatomy, nay even Christianity it self at first run Counter to Mankind, and of late Years, and here at Home, was not Excise and Banks counter to our English? Humours? And many other things I could Name, and yet did they not grow, or are they not coming into Use and Credit? May it not therefore be possible for some to see before the rest of Mankind? He comes [Page 6]next to a hard Word, Anticipating Ages: I would fain know how Ages are Anticipated more by a term of a Hundred Years, than by a perpetui­ty, as in the late Act, and whether if the Money be not paid at the 11 Years End, the Bank cannot go on another 11 Years upon the same Security, and so from time to time, till above 100 years shall be past, and whether Men do not daily make Purchaces for ever? But that which I suppose the Immercurial Head means, (if he could speak) is that he cannot conceive, how an Estate can answer a Hundred Years Revenue, when it will sell but for 20. I would fain ask him whether the Purchaser doth not expect in process of Time, to draw many years more than a Hundred Years Revenue to himself and his Heirs? And whether the rea­son, why Men give commonly in England but 20 Years Purchase, is not, because it answereth the interest of 5 per cent. which the Purchaser ex­pects, when he lays out his Money, which he takes to be secured by the Land, as his Interest is by the Rent, and, if Interest were lower, would not the purchase of Land cost more Years; and, if higher, fewer Years? so that 'tis not, because Land is worth no more than 20 Years, that it sells for no more; but because Men will not part with their Money for Land for much less than 'twill yield at Interest, so that if Men must part with their Land for Money, they must pay the price of Money, and if Men want no Money, or could not purchase again for less, no wise Man would part with his Land for above a Hundred Years Purchace. He is angry, that it was proposed in the Land-Bank to have the Credit imposed in Payment; his anger might have been just, if he had lived in any Country where there were no Manner of Impositions: What doth he think (besides the Lights, Poors Rate, all Taxes, and many more) of imposing the Tunnage for his Bank, and a sort of imposing his very Bank on the People? If nothing ought to be imposed, What becomes of his Bank? If something may, What, and for what Reason? Is it not answered for the Publick Good, tho there were a particular loss? Why may not the Tickets of Credit in the Land-Bank be then imposed, when it can be easily proved? Never was there any thing so much for the Publick Good without the least present or future Hurt or Damage to any, and therefore 'twas not so wonderful that for so great a good an Act of Parliament should be endeavoured for; but why should that be more criminal in the Doctor than in my Author? has not his Bank want­ed an Act of Parliament? And 'tis well, if it will serve his turn, and be sufficient without a supplement to support the Credit of all, my Author and his Companions here confess and imply, they will put upon it. 'Tis very true, there are different genius's amongst our Countrymen, some that will not understand, and some that cannot; some Mercurial heads, and [Page 7]some Block heads; but notwithstanding, there hath nothing been hitherto writ upon the Land-Bank, that cannot be made in an Hours time very intelligible, to a very in different understanding.

In the Fourth Paragraph, p. 3. there is little deserves Notice, but that he severely chides the House of Commons, for finding no better ways to supply the Government, than with double and treble Interest, and that he is sensible, good things as this Bank, may be thought scandalous at one time, which may be judged honourable at another; and that the evil con­sequence of high Interest was, to draw the Money out of Trade and im­provement. But he doth not consider, that this would have been but a short-lived Mischief, if the Money had still remained in the Nation; nor doth he shew, how his Bank will remedy this.

His Fifth Paragraph, p. 4. mentions an intended remedy to the said E­vil, which I think would hardly have proved so, and then he seems to al­low the possibility of uniting a Bank and Lumbard together, and that a good part of the effects of the Nation might thereby have been made ser­viceable to Trade and Business, p. 2.15. and would of course have lower'd Interest; how this could have been without passing Credit upon the effects I cannot tell, and if it does, how it differs from the Doctor's, passes my shal­low understanding. He falls here upon Currency, and explains it below to be coercion, which he says would turn any ones Stomach; does the Lights in the Winter to 12 at Night turn any Man's Stomach? And many other impositions? Why should this? But I would fain ask this Question, Is it the Wife or the Fools takes Bills of Credit upon the Exchange for Mo­ney, or both? The Wise I think first, and the Fools follow.

What hurt can there be then for the Parliament to impose, what wise Men voluntarily choose; if any can suffer by such an imposition, I conjure him to show how? Forcing of a Good upon the Subject by a lawful Authori­ty is the Duty as well as Interest of the Government, and none but Fools and Knaves can be sick of such a Force, who are daily ready to swallow a greater, if they can find an exemption or private advantage, tho the whole Nation rues for it.

The Sixth Paragraph, p. 5. Insinuates, Wheedle and Cheat to be the best means to prevail upon the English weak understandings, and allows, that things may be very good, tho not yet understood; methinks this might have stopt his career of censuring, till he was sure he had been in the right; and then he proceeds, that the Government who ought to understand it, because 'twas supposed so good, could not; whence I conclude, things may sometimes be very good, tho the Government may not at first apprehend them so; he ends this Paragraph with a Flattery to his Bank, but gives no Reason for it.

The Seventh Paragraph, p. 6. ends with this pleasant Expression, that it was found convenient to put it to a hazard, and to expose so much of the Nature of the thing and its Constitution as was needful, to have it espoused in Parliament. I thought there was a Snake in the Grass, there is something more, than was fit to acquaint the House with, all the rest of this Paragraph is an impertinent discourse.

This Eighth Paragraph, p. 7. talks of Hobgoblins, and tells us, they begat objections, which are never like to be Answered, and I believe he is much in the right of it, unless it be by practice, which I confess answers objections much sooner, and more convincingly than discourse can, but I am afraid these objections will be hardly well removed by the practice of his Bank.

The Ninth Paragraph, p. 7. brings on the first Objection, which possibly may not prove true, but I am sure the reason given for it is true, the mo­ney'd Men are timorous and complying, and therefore very well deserves his answer.

The Tenth Paragraph, p. 8. brings up the Second Objection, which is also true, for the Banks under Monarchy of Lions, and Florence, as I take it, could not continue, tho those of Amsterdam and Hamburgh under Re­publicks still flourish, and 'twould be a service also to the publick to an­swer this Objection well.

The Eleventh Paragraph, p. 8. makes in the third Objection some dis­covery of their intentions to pass Credit upon Land, and if so, it may raise the value of it, and that were no great hurt if it did; but wherein then doth this differ from the Doctor's, but as minus & majus, the less and the greater?

The Twelfth, p. 9. Names the Fourth Objection, which is contrary to the Third, that all Money will run into Trade and abate the value of Land, but they do not consider, that purchasing is Trading, and let it run where it will, if it runs not out of the Nation and but fast enough, both Trade and Land will partake of the benefit; but I would fain have my Author answer these Objections in defence of his Bank, he must either grant the Objections, and submit, or deny them, and then he may possibly incur some other Hazard, incidit in Scyllam qui vult vitare Charybdin. I can­not see how and where he proves this Bank to be the best security in Eu­rope, or any thing better than the Bankers; it may probably be worse than theirs.

Methinks he comes but shamefully off in the Thirteenth Paragraph, p. 9. in giving no reply to the Objections, which tho they were not very material, and might be easily answered, yet if any person made them, 'twas but civil to give them an answer.

The First of his Premises in the Fourteenth Paragraph, p. 9. no Person versed in Trade will deny.

The 2d. of the Premises in the Fifteenth Paragraph, p. 10. is not well ex­press'd and his conclusion is very false; for tho every thing besides Gold and Silver is measured, and the value named by money, yet 'tis valuable in its self, for its Use and Service to our Necessity or Pleasure; for else, how can they be Valuable where there is no Money, a hungry Man values Bread, tho there were no Money in the Country; and also in a Siege, tho there is Money, and prefers it above Money, and will give a great deal of Mo­ney at such a time for a little piece of Bread. And now, to instruct my Merchant a little in the Nature of Values; he must consider, that every thing in this World hath a Value according to its use, for Pleasure or Ne­cessity, and that Value is either intrinsick, according to the Charge, Ha­zard and Pains it costs to bring it to the Market or Consumer; or ex­trinsick, according to the pl [...]nty of the Commodity and the paucity of Chapmen to Buy. For further satisfaction see a Paper call'd, Considerati­ons upon the vote of the House of Commons, Friday the 24th. of February, for hindring the exportation of Gold and Silver, Printed by Salisbury Bookseller next St. Dunstan's Church in the West, 1693.

The Third of the Premises in the Sixteenth Paragraph, p. 10. if true, must altogether condemn the Fund of this Bank; for the Parliamentary Fund is an Annual Revenue of 100000 l. with but 2 or 300000 l. cash for 1200000 l. Credit; now what else supports the 900000 l. Credit of the 1200000 l. but the Revenue? therefore it is not founded on the Species of Gold and Silver, and must by the Authors own words be impracticable, and can never subsist. And tho his said Assertion is false, the Doctor's Land-bank can very well subsist, and can add Credit as an other Species, which no doubt will be chosen by the wise trading part of Mankind, as very useful and safe.

The Seventeenth Paragraph, p. 10. persuades us that he hath told us, what a Bank ought to be, but I cannot find where, unless he means in the 13 Paragraph, p. 9. where indeed he promiseth it, but doth not perform it; and if he gives no better account of this designed Bank, I fear we shall never comprehend it, but I find he begins and tells us first it con­sists of a Revenue. I wonder he should put this upon us, when all along he tells us, the World will never be content without ready Species; I fear he intends to Banter us; truly by the many Contradictions his whole Treatise looks a little like one.

Then Secondly, He tells us it consists of the profits and improvements made by the Credit of the Bank; this seems hazardous, for how can the [Page 10]Credit yield Profit without there be no Species brought in to answer it, which he then affirms can never be good; and if there is Species, how can it be profitable, unless the Species is ventured abroad again, and then it is not at home to answer, and possibly may sometimes come short Home, where will then be the Profit? He brags here that this Corpora­tion will exceed all others of this kind in the Trading World; let it therefore be considered how? first the Fund is 8 per cent. for their Money, if they Borrow none, but if they have no other gains, that will never be considerable or iniviting. And if they should Borrow the whole Sum at 8 per cent. then they can hope for no Benefit, but by the profits, unless they should borrow it cheaper, and then all that they save of the 8 per cent. is their own; what that will be none can yet guess. But they may have farther Hopes, that is, they'll receive 8 per cent. for the whole Sum, and never pay down in Money above 250000 l. hoping to make the rest pass by Bills, and if either a peevish or necessitous Person for Money, which may be one in Twenty, demands the Money, they resolve to give it him: This is plausible, but if these Bills should circulate abroad 20 times a Year as they may do and more, and that one in every twenty, ei­ther wants or will have his Money in Specie, then must they keep the whole Sum in Specie ready, or refuse paying their Bills, which will hin­der all the second profit upon the first Head: For, tho they should never pay it into the Chequer in Specie, yet they are not sure but it may by the many Circulations be required within the Year. Now let the Second Head be examined, how profit will come in that way? The Annuity is al­ready fully charged with the Moneys paid the King; there remains then but two ways of profit besides, first, to receive a running cash at 4 per cent. which is a certain charge and trouble; but it may be hoped that this running cash will circulate treble the Sum, and if the Bank is so reasonable as to take but 6 per cent. they will so get 18 per cent. and pay but 4; but then the Fund of two parts of this treble Sum is imaginary, and that I am sure is worse than the Land-bank. The second way is to receive a current Cash, and issue no more Bills than Cash received; but then the pro­fit must arise, by laying out in Bargains, or lending at Interest ⅔ parts of this running Cash, and, if this or any part of it fails, I am apt to be­lieve it will sink the profit if no more; so that both these ways are uncer­tain and hazardous, the Fund of the Credit abroad not being fixt at home, but travelling for Gain and may miscarry; so that the Security he boasts to be the best in Europe is but bad: For, suppose they have three Millions running Cash brought into the Bank, and two Millions of it is disposed a­broad upon Goods and Securities, which is is no more than all Banks [Page 11]and Bankers do with as much care; and, suppose a casualty should happen to the Goods, or a false Title to the Land, will there not be part of the Security wanting? Therefore this Security is no better than others, and if the Security were never so great, may not the Trust be greater, where then will the Fund be for the Remainder? You tell us the Com­pany makes fair promises, and will be Honest and Faithful, but if they will not, how shall they be compelled?

The Eighteenth Paragraph, p. 12. tells us, the Foundation of this Bank is on a Revenue which cannot fail, tho the Government were changed, because 'tis settled by Parliament, and that for many Reasons, it will be­come the Best and Highest property in England, in consideration of the Money paid to the King for the service of the Government. That pro­perty hath been over sacred here, more than elsewhere in Christendom, not­withstanding all our Revolutions, and that nothing but a Conquest which ruins all, can affect this Foundation: May not the Oeconomy of the Trea­sury be changed by a Prince, and Officers put in not named in the Act, nor yet known to Parliament? what becomes then of the Act?

Methinks, when we have seen Exchequers shut up, and King Charles the 2d's will about the Excise, and many other Acts of Parliament elu­ded and evaded, if not openly infringed, we should not be over confi­dent, that a publick Revenue cannot fail: But for once we will suppose it good, yet I cannot find it the best and highest Property in England, and should be glad to see the many Reasons for it he mentions. Nor hath Property been always so sacred here, but that our former Kings have of­ten invaded it; how many Persons have suffered both in Life and Estate un­der colour of Law? and Property is no safer, where it can be wrongfully seized under colour of Law, than by the Arbitrary will of a Prince; and we can well remember, when the Law hath follow'd the will of Princes. What was the forcing away Charters and Privileges, but a violation of property? Privileges being as much properties as Possessions, and under the same Grants and Settlements of Charter by King or Parliament. So that it doth not appear, that property is much more sacred in England, than elsewhere in Christendom, and that nothing but a Conquest can ruin this Fund; but then how much better would the Land-bank be, which is so far from being a Conquerors interest to hurt, that 'tis his true and plain Interest to support, by all the Arts and Power he hath.

In his Eighteenth Paragraph, p. 12. he talks of shewing how this Bank will benefit Trade, and then falls upon our Politicians, that distinguish betwixt the interest of Land and, Trade, as they have done betwixt that of the King and People, and that whenever they meet with a Positi­on [Page 12]too heavy for their dull Apprehensions, they confound it so, that no body else shall understand it; and then, after shifting off, as his usual manner is, what he cannot explain, he comes to this conclusion, That Land and Trade ought to be in one Interest.

Tho' this Paragraph hath not much to the purpose of a Bank, vet 'tis fit it should not be wholly pass'd over with Silence; for, as he says, the true Interest of Land and Trade, and of a King and his People, are re­ally the same: but notwithstanding there are Persons in England believe the contrary; for Trade ill managed may be prejudicial to the Landed Man, tho' beneficial to the Merchant: but well managed is the G [...]ory of the Landed Man, tho' it brought but little Profit to the Merchant; and so the Interest of the Great Mogul or great Turk and their Subjects: And the Interest of the Court of France and the Country of France is managed to very different ends, tho in all those Countries the true Interest of both is the same. This Piece the Author has publish'd as a Specimen to prove, that some Persons can confound Matters, they do not understand, so as none else may. For 'tis not without great difficulty that the meaning of what he Writes, can be discovered.

In the 20th Paragraph he begins the Benefits of his Bank, and stumbles in the first Period; for Interest is not the Price but the Rent of Money. The Price of every thing is the full value in something else: the Rent is only part of the Profits for the Use of it. He goes on, and says, If Inte­rest is low, it may be a great benefit to Trade; but he gives no assurance that his Bank will lower Interest. He is like the Citizen call'd before the Chamberlain by his Apprentice, for not allowing him sufficient Food, who had a mind to put the Boy out of Countenance, and ask'd him, Whether Capon and Pig were good Meat? To which the Boy replied, Yes, if he could get them: Why, replied the Master, Is not the Cupboard open? Yes, answers the Boy, but there is nothing in it. So my Author tells us the fine Consequences of low Interest; but doth not promise his Bank can or will furnish Money or Credit at low Interest. Then follows a frank Declaration, That 900000 l. hath no Fund, and therefore 'tis like new Money added to the Stock of the Nation; I grant, 'tis a new Stock of unsound Credit added, and may pass, till questioned: but it hath no other Foundation, than the Reputation of the Corporation; which since the failure of several Corporations not far from London, is no longer thought infallible: Now Dr. Chamberlyn proposed no Credit to pass without a Fund of Land of at least double the Value. Amongst some of the Conve­niences of a Bank, he reckons Safety from Fire, Thieves, and other Disa­sters, which Gold and Silver is subject to. Therefore 'tis not Gold, nor [Page 13]Goods, nor good Credit, but an aery Credit; which, as he says before, concerning Dr. Chamberlyn's Banks being not only out of the reach of the Prince, but of the People; is so Safe from Fire and Thieves, that no body else can find, this nothing being only an imaginary Credit, like the Tropick and Aequinoctial imaginary Lines. He again mistakes; 'tis not the Banks of Holland and Genoua lowers Interest, but the Plenty of Money and Credit; for a Bank without Plenty of Money (real, or supposed, and then there is no Fund) cannot alone lower Interest. All which foresaid benefits, he tells us, will make it the highest Interest both of Government and People, to preserve and maintain it, which may be believed when he makes it plain; that these benefits must necessarily attend this Bank, which 'tis feared he can hardly do.

The next Paragraph, p. 14. he stuffs with a great many fine Promises, but gives no satisfaction, how they can be obtained, whether by the Bank, or otherwise, in this 21. Paragraph, V. p. 2.5. he again confesseth, other things besides Gold and Silver can answer the End, and command the Ʋse of Money; then certainly Dr. Chamberlyn's Bank must be practicable, and if it be, it must be abundantly more profitable.

Amongst some of the benefits he tells us, the Landed Men will be de­livered from the Oppressions of the few Money'd Men; If this were true, 'twere well, but 'tis more likely, that this Bank will lessen the number of Monied Men, though it may possibly greaten the Estates of the remain­der by ingrossing the whole Trade of Oppression.

'Tis not easie to understand his meaning in the 22th. Paragraph, p. 15. nor is there much in it, besides two sensless Assertions without Proof.

In his 23th. Paragraph, p. 16. he takes notice of the unusual Opposi­tion this Bank met with, when the Chimera's of Survivorship, the Fund for Lives and Lottery succeeded so easily. Dr. Chamberlyn's Bank did in­deed meet with unreasonable Opposition, this did nothing near so much; the Doctor's having before so well prepared the way: but 'tis rather wonderful this Bank met no more, for it may ruine the Nation, when the Chimera for Lives, and Lottery, tho' they deserve the Character he gives, cannot do so much Mischief. Towards the ending of this Para­graph, he tells us of three sorts of People who opposed it; he might have added a fourth and a fifth, and not have been mistaken; as such as were not willing, these Men should Plough with Dr. Chamberlyn's Heifer, and reap the Fruit of the Sweat of his Brows; and such as were jealous for the Nation's Security, for it cannot be denied; but that they can wrong the Nation, whatever hopes there may be, they will not, A sixth may not be wanting, of such as are Owners of Lands Mortgaged. He [Page 14]says very right, That most things of this Nature will be easier under­stood by Practice, that by Debates; but 'tis a question, whether the Pra­ctice of his Bank will dispel all these Fears, and verify all his good Pro­mises.

In the last Paragraph, p. 17. he concludes it neither new nor strange, that it should be the fate of good and generous things to be reproached, and, that we may not doubt of the Truth of this Assertion, he is pleased to justifie it by his Practice in this Book, where he maliciously, falsly, and ig­norantly treats Dr. Chamberlyn's Bank, which is not inferiour to any thing discovered from the beginning of the World, except Religion and Mora­lity, and all this in order only to recommend his own Bank; which Bank may truly be fear'd will wheedle the Nation out of their ready Money, for want of being well secured, and soon teach them by woful experience to know, what 'tis to want it.

To sum up the whole, either they have Money ready in Specie to an­swer all their Credit abroad, or not: if they keep always as much Money by them as will answer the whole Credit abroad; then the Nation hath no manner of Advantage by the Bank, 'tis only passing so much Credit for so much Money. Besides, so much ready Money may be seized, orthey may withdraw with it. If they do not keep Money, they either have nothing to answer their Credit, and then 'tis imaginary, or they have other Goods, and then 'tis not Money, as they would have the World believe, and this imaginary Fund, or Fund of Goods may serve till a Fright or Exigence, from the danger of which we cannot be, during the Wars, de­liver'd. But since they allow something else to be a Fund, why not Land, which is better than all other Goods to answer Credit, and as it may be order'd, better than Money it self. But what cannot a Man do! that takes a Liberty to speak and write what he pleaseth, without regard, whether it be true or false; he pursues the Saying, Calumniare audacter & aliquid haerebit: truly, no Man would have given himself the trouble to trace him thus all along, had it not been to forewarn the Nation of the great Mischiefs may follow this Bank, in case there shall not be a very good Provision made to avoid them, of which no footsteps are yet visi­ble. And also to caution them from receiving a groundless prejudice against the Land-Bank proposed by Dr. Chamberlyn, against which there can lye no Objection, but what the passing this Bank by Act hath fully answered and removed; besides, that it will bring the Nation infinitely more benefit without hazard than this can pretend to. Such of the incon­veniences of this as may affect the Creditors and Subscribers, is thought fit to be here added: As first, The Dealers with, or Creditors of this [Page 15]Bank are liable to the same, or greater hazards and losses than they were subject to with the Bankers, by the Mis-management, Misfortune, or Dishonesty of the Managers, of whose Wisdom and Integrity they have no greater assurance than they had of the Bankers: so, that for the bare convenience of a publick Book-keeper and Cash-keeper, they venture the ruine of their Fortunes. Besides the Clause for transferring Shares may give the Traders with this Bank great trouble to Sue every Mem­ber of this Bank-Corporation for every small Sum, and leaves them also under great-uncertainty and dissatisfaction, when, where, or who to deal with or sue, when there shall be occasion; for, the Members (they may like to Day, and for whose sakes they trust the Banks) may sell out to Morrow, and others succeed, of whom they may have no such good opinion, nor it may be deserve any. If indeed all, that have ever been Members of this Bank-Corporation, shall, as they seem to be by the Act, still remain subject to answer all Debts, that may ever happen, or at least, that were contracted during their being Members; It may be the safer for the Creditors, but of so great hazard to the Members, that none but unthinking Men will venture on it: Therefore,

Secondly, This Act is very severe against the Subscribers or Members of this Bank, if not always Managers, or live not beyond Sea, or are not above the Power of the Law, or cannot evade it; See fol. 349. where they are not only exposed to Suits, but every Creditor is under a Neces­sity, either to lose his Debt, or to Sue every individual Member sepa­rately, as oft as the Credit shall come in dispute, by reason of any pub­lick Fright or Calamity, or of any mistake or unfaithfulness of the Ma­nagers, or of any other like Reality or Jealousie: And even their Heirs, Executors, and Administrators, are not exempted from this Danger; and 'tis a great Question, Whether they, their Heirs, Executors, and Admi­nistrators, who have sold off their Shares, can be discharged from this trouble. Nor can the Members who are not in the Government of the Bank, have any better Security against the Evil and Imprudent Conduct of the Managers, than the Orphans of the City, and those of the East-India and African Companies had. Neither the Parliamentary Fund, nor their own Estates can be sufficient, tho' never so great, where the Trust is yet greater; for, why may not a Man worth 100000 l. withdraw with 200000 l. as well as a Man worth 10000 l. run away with 20000 l.? the Temptation is greater, and so will the loss to the Members be also: Whatever is above their own Stock, may be as well trusted with an Ho­nest Man worth Nothing, as in the Hands of one worth 100000 l. and better than in the Hands of a Knave worth twice as much. Besides, [Page 16]what can hinder the Managers from many indirect Advantages, to the Prejudice of the rest of the Members, when after all they can escape, not only without Loss, but with much Profit to themselves, what hath been may be. The Parliamentary Fund seems to be made here by the Managers only a Decoy to insnare Persons to bring in more Money, than it can answer; for it can never really secure above what is charged upon it by the Act; so no Man can be safe, if he ventures any farther. Again, If the Bank should thrive, 'tis reasonable to suppose, that Money will be as well lodged with them, as formerly with the Bankers; and, if then Three Millions, more or less, should be brought into this Bank for which Bills are given, as the Bankers did, of which less than One Million will very well serve as a running Cash to circulate all the rest, may not then the Managers, having so great a Trust, and Power reposed in their hands by the Nation, the Charter, and their own Members, Mismanage or with­draw beyond Sea with Two Millions or more of the said Treasure, espe­cially if many Foreigners are concerned in it, leaving their Fellow-Mem­bers little or nothing, besides cause to repent their Credulity and ill luck, which hath subjected them to so many vexatious Suits as they cannot avoid.

Thirdly, That, notwithstanding the Prohibition against Trading, 'tis impossible to prevent the Managers, if they have a mind to it, from In­grossing what Commodities they please, and from raising and sinking the Value of Auctions in all Companies, and practising all the Mischiefs of Monopoly, and governing and ruining Trade, as they please, under fictitious Names, and by furnishing Money or Credit underhand, where they find their Advantage. And lastly, Is it impossible for this Bank to be ruined by a Quo Warranto, when Reason of State may seem to re­quire it?

These Remarks were taken notice of by a Well-willer to the English Nation, only to put them in Mind how necessary 'tis to provide against all these inconveniences, before 'tis too late: And, if such as are near­ly concern'd, cannot among themselves contrive expedients, it is their true Interest to enquire after such as may. It being only, as it is, fit to encourage the Trade of Stock-jobbing, there being no check upon the Managers, but their Interest, which by several is variously understood, and but few understand it rightly. And 'tis apparent the Gentlemen who promote this Bank, have mistaken theirs in the first step; there can there­fore be little hopes, they will find it in their Progress.