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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A48293 Proposals to the King and Parliament, or, A large model of a bank shewing how a fund of a bank may be made without much charge or any hazard, that may give out bills of credit to a vast extent, that all Europe will accept of rather than mony : together with some general proposals in order to an act of Parliament for the establishing this bank : also many of the great advantages that will accrue to the nation, to the crown, and to the people, are mentioned, with an answer to the objections that may be made against it / by M.L. Lewis, M. (Mark), fl. 1678. 1678 (1678) Wing L1848; ESTC R29943 42,251 47

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every Man to make further inferences as he pleases their own occasions and necessities will teach all to make their advantages of this infinite Credit which is an inexhaustible Treasure To Conclude make the Gentry rich the Farmer flourish the Merchant trade Ships increase Sea-men to be imployed set up Manifacture for the labouring Poor provide Maintenance for the Impotent set up new Manufactures incourage the Old What may not a King be and do that Reigns over such a People that are not inferiour in courage to any and doubtless their Spirits will rise higher when they find they have Purses superiour to all Objections Answered There are Three main Objections that lie against these Banks Object 1. Men will not be willing to bring an incumbrance upon their Estates to be answerable for the Acts of their Officers which may be very prejudicial to them Answ 1. The Precinct chooses their own Officers and may if they please choose such as are able and honest who do give them security the Precinct shall not be damnified Answ 2. The Assistants of every Precinct supervise their Office once every month Answ 3. The accounts of these particular stated Officers are sent up every Moneth to be ballanced by the Superiour Officers Answ 4. The City of London hath never suffered as far as ever I heard by their Officers in the Chamber let their practice be a Precedent Answ 5. This Incumbrance may be ballanced by the advantage every Precinct will have in that they will be freed from the charge of repairing persons Rob'd and also from that intollerable charge of maintaining the poor by a monthly rate Answ A full Answer to this Objection is this Lands without this incumberance are now not worth above twenty years Purchase will be worth at least forty years Purchase when this incumbrance is upon them when these Banks are set up so that the owners of Lands will have no cause to complain whilst the value of their Land is double Object 2. The Crown may justly be jealous the People when they are thus rich may be armed for and disposed to Rebellion Answ 6. Government is so Sacred and necessary to the well-being of People especially if they be rich and live at ease that they never rise in Rebellion for fear of losing their riches and least they be disquieted in and deprived of that peaceable and plentiful condition they possess Fools may grow wanton with Peace and Plenty they will be easily curb'd but it is oppression only that makes wise men mad Then people Rebel when they are or at least think themselves to be so opprest or that their condition will suddenly be so bad that if they be disappointed in their Rebellion it cannot be much worse The Prince hath the Militia by Sea and Land the power of Peace and War a considerable revenue his friends at home and confederates abroad and may easie disperse a Storm arising from a small party of inconsiderable wanton fools The Estates of the people will be in these Banks if they prove restie they are obnoxious to Justice Though the people are rich in Goods and Lands yet they will have little mony in specie which are the cords of War The lasy persons are allwaies the most turbulent persons imploy'd in honest occupations that brings in a pleasant livelihood never think of making disturbance but mind their own business Object 3. The other great Objection is from the People against the Prince Suppose say they the bulk of the money of the Nation is gathered into and lodged in these Banks the King hath the Militia and may easily surprise it and so make himself Absolute and for this reason Banks and Trade never thrive under a Monarchy Answ It s very true the great Trade of the World hath been driven by Commonwealths as Tyre Athens Rhodes Syracuse Agrigentum Carthage Venice Amsterdam but I do not see any reason why it may not flourish under a Monarchy as it did sometimes at Bruges and Antwerp and doth now at Florence supposing the Monarchy is bounded as it is here with us Trade indeed can never rise to and continue at any great height in France by reason the King is so Absolute It is against the very Nature of Man that is ingenious to be frugal and industrious when the fruit of all his Labour is obnoxious to the pleasure of an other Man But as things stand with us 1. Our Monarch cannot 2. Our Monarch will not violate these Banks 1. Our Monarch cannot though he hath the Militia violate these Banks because they are set up in several places and cannot be surprized all at once If great numbers be sent to one place the other Banks will disperse their mony before that can be attempted Jealousie is very quick sighted If there be the least appearance of danger the Bank will disperse the mony amongst the Neighbour-hood as is provided in the Act they will rather disperse it ten times when there is no just cause than be surprized once especially seeing they can so easily call it in again Thus the Prince cannot seise the Banks to get any considerable quantity of mony 2. We can hardly imagine such a King will ever arise in England that will violate these Banks Interest Rules the World and we may suppose it will over-rule Princes when it is considerable evident and apparent It is evident no King will violate these Banks because 1. he can get nothing considerable by attempting them but 2ly must lose a great deal by offering any violence to them 1. He can get no great store of mony as I have shewed if there should be any considerable quantity of Tin there when the Souldiers have taken it out all at once it would be worth little no people would give them any thing for it but rather tell them they have stolen it As the King can get no mony and can make little use of Tin so he can make no use of Bills of Credit which the Souldier may force the Master of the Bank to give out but the Banks being under violence their Credit immediately ceases to be currant like the Apples of Sodom touch them and they turn to dust 2ly The King by offering violence to these Banks must lose all the great advantages before mentioned appropriate to the Crown or more mediately coming to it by the peoples advantage He kills the Goose that lays the golden Egg and knows there are no more in her Belly which is to be imprudent beyond the Fable We can hardly imagine any Prince should so far forget himself if he had in truth that fabulous Philosophers Stone that he should in meer humour cast it away These Banks rightly managed would every way answer the advantages of that Stone if it could be had If a Prince had really that Stone he would not keep it himself and turn Founder that is below him besides he must needs be tortured with continual fears least it should be stolen from him