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A93525
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Some reflections on the brief account of the intended bank of England whose author's name is supposed to be Mr. Jerry Squirt.
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1694
(1694)
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Wing S4586A; ESTC R184450
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16,896
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12
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but that in imitation of Mr. Bayes upon extraordiâ—ary occasions he does certaiâ—ly take Physick the better to clear his Pericranium from those muddy Vapours and noisome Exhalations that commonly at other times do use to disturb his little Genius And tho I know not by what proper Name or Tide the Author is distinguisht yet however I will not call him by the Name of Mr. Bayes that being already given to several Fops in common but not long since reading a Comedy made on the Owls of Athens I find a Youngster one Jerry Squirt which in all points so resembles our Author that thus appears in Masquerade that one would swear 't is the very same Person for it was the business of grinning Jerry to Carp and Quibble Pun and play the Fool with every thing that came before him And our Author being an extraordinary Fopling its fit he should have a Name peculiar to his Nature and therefore for the future as well out of respect as for brevity's sake I shall call him by the aforesaid Name of Jerry Squirt And now Jerry let me tell you that I think you should not have treated the Doctor with so much disrepect since he was so fair and ingenuous as to Print much of his Bank at his own charge and so freely distribute them to many others besides the Members by which it appears there was no other design in it than what was Noble and Honest full of well wishes and mighty advantages both to King and People But alas What can Ingenuity and good Nature otherwise expect from Fulsome ignorance than such like rude and barbarous Treatment as the Swine that takes no other notice of Pearl than to trample them under their feet But to our Author who between the new-acquired Maxims of the Politicians on the one hand and others incomprehensible Notions it became very Scandalous to Countenance or espouse any thing of a proposal relating to a Bank then certainly the Proposers and Contrivers of a Bank must be very scandalous indeed and on that Score be had in great contempt so then it was no wonder the Doctor could have no better Success since the Parliament Members as Jerry would insinuate were afraid to let him into their House to hear what â—e could say to his Bank least it seems they should become scandalous thereby Well now Jerry having no sooner done with the Modern Politicians who made the Name of a Bank ridiculous and Men of incomprehensible Notions who made it scandalous but he presently meets with another sort full as bad p. 4. and those were the Wits on both sides who taking the advantage of the Nations being low in Credit found no better nor honester way to supply the necessities of the Government than to raise the interest of Money to treble the value or higher and make Merchandise of the Government which is in effect making the Government to pay great Extortion But Jerry methinks it would not have been amiss if you had well considered who those Wits are on whom you have made this Sawcy Reflection that most of them do sit in the Parliament House and 't is they only that have made these Acts for no body else you know have the power to treble the Interest of Money and they have thought fit even in this very Act you so much extol to allow 8 l. per cent which is 4 s. above the common Interest to all such as will bring in their Money If now you are so bold and unmannerly with the whole Parliament the Doctor cannot in reason expect any civiler usage from you Now for remedy of this no better nor honester way than enhancing the price of Interest which was but lately done even in the two last Sessions of Parliament Jerry saies it was pâ—oposed some years ago that a publick transferrable Fund of Interest shou'd be established by Parliament p. 5. which would in course have lowered the Interest of Money This now is as well said as if Justice Clodpate himself had spoken it to make the transferable Fund that was proposed some years ago for the lowering of Interest to be a remedy for the trebling of Iâ—terest that was never thought on till the other day This looks exactly like our shallow brain'd Author's Non-sence to put the Cart before the Horse and make the effect preceed the cause This is one of Jerry's master pieces such a sort of stâ—ff as Jerry can do no better the Lord knows But be it how it will the Notion of Currency presenâ—ly marr'd all the Remedy p. 5. because there was something of Coercion in the boâ—tom which is of sufficient force to marr a good thing of this Nature but never to mend a bad one Why truly Jerry tâ—is very thought of Coercion is enough to spoil the currency of this Bank for though Men are not forced to bring in their Money yet when it is there you say they cannot take it out again and that 's a Coercion besides there are many unhappy Debtors out of whose hands much of this Money is call'd in order to be brought into this Bank who for Non-payment are constrained to go to Gaol or lose their Estates to their merciles Creditors for little more than half the Value and this is Coercion with a Vengeance When ever you shall read the Dâ—ctor's Proposal you will then be sensible if you have not quite lost all your senses Jâ—â—ry that your position of Coercion is utterly false and that it is of sufficient force both to make a good thing of this Nature much better and mend a bad one For to have Brass Tickets pass and do the Office of Money when there is not half Moâ—ey enough for the Peoples use is a good thing or this Nature and to have them made good by Land Security for the buying them all up again is not to marr but to make it much better and if you think that paper Tickets are bad in respect of Money why then to make use of brass Tickets is to mend a bad one for that they will last much longer and not be so soon woâ—e out they are contrived in smaller Sums and may be compared as Tallies to prevent Cheat. But all this while the Name of a Bank or Corporation was avoided for the reason he told us before that it was both Ridiculous and Scandalous tho the Nature of â—oth was intended the Proposers thinking it prudent that a design of this Nature should have as easie and insensible a beginning as possible ay they were afraid their designs should miscarry and so they managed it like an Ass eating of Thistles to prevent or at least gradually to soften and remove the prejudices and bad impressions conceived in the minds of Men against things of this kind before they are understood they were so very fearful of a Discovery of their designs that they could hardly tell well how to go about it least when it came to be laid open the People