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A44158 A short discourse on the present temper of the nation with respect to the Indian and African company, and of the Bank of Scotland also, of Mr. Paterson's pretended fund of credit / by J.H. Holland, John, d. 1722. 1696 (1696) Wing H2427; ESTC R6195 16,646 29

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said Bank It is also confessed he had not the Reward The same in every particular of the Orphans Fund Only in the last he hath some Assurance to have 5 per Cent of the Profites And further It is known That there was an Agreement to have 2 per Cent out of the Stock of the African and Indian Company even without running any hazard or staying for the Success of the thing And that he afterwards relinquished this Bargain of the 2 per Cent this is all known and confessed Now let us Fairly tho not Fully examine this matter And First What may be thought the Reason that the Bank of England did not give Mr. Paterson the Reward It is said on one side Because he basely betrayed them But by him That they were unjust c. But which is to be believed Whither the 26 Directors Men of Estate and Men of Esteem or Mr. Paterson Let every Body judge as they please I will only say in it so much That he is believed in Scotland and they in England And I will observe this That what ever we thought of Mr. Paterson in England and I speak it without Detracting from the Merit of those Worthy Gentlemen of the Bank of England he is in this Kingdom looked upon to be a Wiser Man and is abundantly more Popular here than all that Court of Directors or the Governour Deputy and 24 Committee Men of the English East-Indian Company are in England Else why such a busle all the Kingdom over and so many New wayes for the setting up a Company for a Forraign Trade and by an implicite Faith in Mr. Patersons Judgement and Honestie In the next place we may enquire and tell what Opinion both Nations have of his setting up the Orphans Fund in this Kingdom it is all well and an Act of Merit and great ingenuity But in England it is looked upon the Direct contrary And as one great occasion of the present miseries in the Kingdom As for my Particular Opinion in this Matter I confess what some have charged me with that I should say If I had a Brother that should set up one Bank against another and if I were Judge I would hang him for his pains Not that I would charge the many Honest and ingenuous Gentlemen in that Fund as Adventurers or Directors of a Crime For there was in England no Restriction by Law nor Custome but most of them were Ignorant of what the Consequences might be But if the Bank of England had been so happy to have had an Exclusive Clause none would have dared to Offer that Affront to the Parliament so much as to talk of setting up another Bank In the Third place We may consider what Love and Zeal there was in this Gentleman and some of his Friends for the good of his Countrey in setting up this Indian and African Company in Scotland it is indeed thought a great Deal But even Scotland it self who so Adore him must confess that till he came down here the Great Certain and Present Reward the Twelve Thousand pounds Sterling out of the Subscription was equal to the Zeal for his Countrey Mens Good And by others it will be believed The Money was much more the Cause of that Generous Passion I cannot but smile while I am writting this Paragraph how very well this is taken by many in this Kingdom whom if they consider and compare Times and Things it s as plain as a Mathematical Demostration that there was self enough in the Case And that he had carved for himself and his Abettors without any Hazard a Bountiful Portion of the Six Hundred Thousand Pound African Stock But he hath Relinquished and stands now to the Justice and Generosity of the Company Or at least of the Counsel and Directions of the Company Of which I will say a Word or two And it is That I observe not a Voluntary Act as to the Will that Mr. Paterson gave up the 2 per Cent but by a down-right necessity or else all must stop And if I mistake not in this particular the Scots People were chiefly the Occasion of his Relinguishing this certain Reward But now he thinks he hath contrived matters for his advantage better He hath turned things into a never before seen method And so many engagements are laid upon particular persons that those and he together hope to manage the Council and Directors so as the thing may some way make good the former disapointment but they are most of them Worthy Gentlemen and will not long be carried away by words without Correspondent actions Men will in time consider the Justice and Equity of things and their interest in Reality The publick plausible name of a Forraign Trade opposed so much by the Parliament of England and tho untruely and foolishly said by me on purpose from the English East Indian Company will not keep the Nation long in a belief that this matter must be as great and profitable as is talked For as I said before it is not only to drive a Forraign Trade and a great Trade but to drive a profitable Trade that will be the advantage of this Kingdom and all the World will Confess that such an undertaking should be begun and carried on by Rules of Justice and Prudence But what 's the very first scene of this project Truely another Bank or Fund of Credit without any pretence to any such thing and without the least expectation of it from any of the Adventurers in the Indian and African Company there being not six Men among the whole Subscribers that can say they had a thought of any such design when they Subscribed and upon the first notice of it there was an Universal surprize These are bad beginnings of a Forraign Trade orany other Undertaking I dare not write so freely as if people were not by false base insinuations prejudiced against me However I will say that there is in these men a great deale of folly and injustice and I have no reason to fear that it will be believed to be picque what I have said of these men as some by not knowing how things are carried on have thought I Thank GOD as I did formerly to Mr. Paterson forgive several injuries so I can and will do again upon those terms that any Honest Man in the World will judge I ought to do it I Appeal to those Gentlemen of the Subscribers only to the Indian and African Company whether Mr. Paterson and some others have not sometimes denyed and sometimes evaded all these matters and even the same dayes and Hours in Company of those they thought would like their project of a Fund of Credit have confessed they would carry it on and several persons of Honour as not Countenancing it were made to think that all would go over and that nothing should be done to interfer with the Bank of Scotland Will any man then of Sense and Honesty say this proceeding is