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cause_n	good_a	great_a	law_n	2,790	5	4.4124	3	true

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ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A57025	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 unclipt hammer'd mony pass currant into the Exchequer by weight. In a letter to his friend in the countrey. By a true lover of his countrey and the present government.	True lover of his countrey and the present government.	1696 (1696)	Wing R1072; ESTC R220732	10,473	22

if they make any payment at all Wonderfull Secret That as the running Cash of the Nation encreaseth the Bank should so much decrease and demurr 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 suffer'd 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 Scribler that dare call in question the Prudent Measures taken by the Parliament about this Affair I doubt not but had the Regulation been referr'd 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 Publick 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 plentifull 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 Publick as they ought to have done we should long before this time have seen no want of Mony 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 mony and also with relation to the lowring 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 prophecy 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 beautifull 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 imploying their Cash and which should they doe 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 Immence 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 Monied 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 Publick 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 currantly 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 dependance 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 incouraging Trade and while it is permitted he 'll make his best advantage thereof let the Poor Workman c. 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 Broakers 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 agoe 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 deceitfull Projects for though they had not a peny 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 then they sell these Notes and get 5 per Cent. clear discharging their former Contract and thus they go on buying and lowring 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 'T is 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