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Word A Word B Word C Word D Occurrence Frequency Band MI MI Band Prominent
england_n act_n parliament_n pass_v 3,913 5 6.6551 4 false
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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A42905 A short account of the Bank of England Godfrey, Michael, d. 1695. 1695 (1695) Wing G925; ESTC R220317 13,535 9

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a_o short_a account_n of_o the_o bank_n of_o england_n consider_v the_o multitude_n and_o variety_n of_o opinion_n which_o be_v receive_v and_o entertain_v concern_v the_o bank_n it_o may_v be_v think_v a_o service_n to_o the_o public_a to_o give_v the_o follow_a account_n of_o it_o whereby_o it_o will_v appear_v to_o the_o world_n that_o the_o bank_n notwithstanding_o all_o the_o cavil_n which_o the_o wit_n labour_n and_o malice_n of_o its_o opponent_n have_v raise_v be_v one_o of_o the_o best_a establishment_n that_o ever_o be_v make_v for_o the_o good_a of_o the_o kingdom_n for_o how_o plausible_a soever_o their_o objection_n may_v seem_v it_o be_v manifest_a they_o proceed_v in_o some_o from_o aversion_n to_o the_o government_n in_o other_o from_o prejudice_n false_a insinuation_n or_o mistake_v notion_n but_o in_o most_o from_o self-interest_n the_o bank_n be_v a_o society_n consist_v of_o about_o 1300_o person_n who_o have_v subscribe_v 1200000_o l._n pursuant_n to_o a_o act_n of_o parliament_n be_v incorporate_v by_o virtue_n thereof_o by_o the_o name_n of_o the_o governor_n and_o company_n of_o the_o bank_n of_o england_n and_o have_v a_o fund_z of_o 100000_o l._n per_fw-la annum_fw-la grant_v they_o thereby_o redeemable_a after_o 11_o year_n upon_o one_o year_n notice_n which_o 1200000_o l._n they_o have_v pay_v into_o the_o exchequer_n by_o such_o payment_n as_o the_o public_a occasion_n have_v require_v and_o most_o of_o it_o long_o before_o the_o money_n can_v have_v be_v demand_v the_o subscription_n to_o the_o bank_n be_v make_v by_o virtue_n of_o a_o commission_n under_o the_o great_a seal_n of_o england_n ground_v upon_o the_o say_a act_n of_o parliament_n of_o which_o public_a notice_n be_v give_v and_o the_o commissioner_n be_v appoint_v to_o take_v all_o such_o voluntary_a subscription_n as_o shall_v be_v make_v on_o or_o before_o the_o first_o day_n of_o august_n last_o by_o any_o person_n or_o person_n native_n or_o foreigner_n body_n 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house_n to_o mortgage_n must_v be_v allow_v to_o be_v in_o no_o very_a good_a condition_n and_o must_v continue_v to_o pay_v as_o exorbitant_a allowance_n for_o money_n to_o supply_v their_o necessity_n as_o they_o use_v to_o do_v before_o the_o bank_n be_v establish_v what_o have_v be_v observe_v of_o discount_v foreign_a bill_n of_o exchange_n at_o 3_o per_fw-la cent_n per_fw-la annum_fw-la inland_n bill_n and_o note_n for_o debt_n at_o 4_o ½_n per_fw-la cent_n per_fw-la a_o lend_v money_n on_o pawn_n at_o 5_o per_fw-la cent_n per_fw-la a_o exchange_v tally_n and_o lower_a interest_n of_o money_n it_o be_v suppose_v be_v sufficient_a to_o answer_v this_o objection_n it_o be_v allege_v by_o some_o that_o the_o bank_n will_v engross_v all_o manner_n of_o trade_n but_o this_o be_v a_o objection_n like_o many_o other_o which_z are_z make_v against_o it_o by_o those_o who_o do_v not_o understand_v its_o constitution_n for_o if_o any_o person_n trade_n on_o account_n of_o the_o bank_n in_o any_o other_o thing_n than_o take_v pawn_n or_o in_o bill_n of_o exchange_n or_o bullion_n or_o consent_n that_o any_o other_o shall_v trade_n such_o person_n so_o trading_n or_o consent_v to_o such_o trade_n incur_v by_o the_o act_n of_o parliament_n a_o forfeiture_n of_o treble_a the_o value_n of_o all_o that_o be_v trade_v for_o the_o goldsmith_n have_v be_v guilty_a of_o engross_a most_o commodity_n themselves_o and_o they_o have_v also_o be_v great_a merchant_n and_o trader_n and_o whereas_o they_o pretend_v that_o the_o bank_n have_v buy_v up_o all_o the_o silver_n upon_o enquiry_n it_o appear_v that_o there_o have_v not_o be_v 12000_o l._n worth_a buy_v by_o the_o bank_n and_o the_o great_a part_n of_o that_o be_v piece_n of_o eight_o and_o the_o rest_n bar_n and_o piny_a silver_n which_o come_v from_o spain_n though_o some_o particular_a refiner_n and_o goldsmith_n have_v since_o that_o ship_v off_o more_o than_o double_a that_o value_n in_o bar_n of_o english_a melt_v and_o have_v likewise_o sell_v much_o great_a parcel_n to_o other_o which_o have_v be_v export_v and_o it_o may_v be_v a_o matter_n well_o worth_a enquiry_n where_o those_o mine_n be_v which_o have_v produce_v that_o silver_n and_o though_o it_o be_v make_v such_o a_o crime_n for_o the_o bank_n to_o be_v concern_v in_o the_o public_a remittance_n it_o be_v no_o more_o than_o be_v do_v by_o a_o goldsmith_n before_o the_o bank_n undertake_v it_o nor_o be_v it_o look_v on_o as_o a_o fault_n in_o the_o goldsmith_n to_o deal_v by_o exchange_n see_v some_o of_o they_o do_v now_o draw_v or_o remit_v money_n almost_o every_o post_n and_o since_o the_o nation_n have_v suffer_v so_o much_o by_o the_o goldsmith_n monopolise_n good_n and_o trade_n with_o other_o man_n stock_n it_o may_v seem_v high_o reasonable_a that_o as_o the_o bank_n be_v restrain_v from_o trade_n for_o fear_n of_o those_o mischief_n which_o the_o goldsmith_n have_v practise_v so_o the_o goldsmith_n in_o like_a manner_n shall_v be_v limit_v to_o the_o sell_v plate_n and_o jewel_n which_o be_v their_o ancient_a and_o proper_a trade_n as_o to_o the_o pretence_n of_o the_o bank_n set_v a_o price_n upon_o guineas_n and_o have_v engross_v the_o great_a part_n of_o all_o that_o be_v in_o the_o nation_n it_o be_v answer_v the_o bank_n have_v always_o receive_v and_o pay_v guineas_n at_o a_o penny_n or_o two_o penny_n a_o piece_n at_o least_o under_o the_o price_n which_o the_o goldsmith_n have_v put_v upon_o they_o and_o have_v be_v so_o far_o from_o buy_v up_o any_o that_o they_o have_v only_o receive_v such_o as_o have_v be_v bring_v they_o in_o payment_n and_o have_v constant_o pay_v they_o away_o every_o week_n at_o the_o same_o price_n they_o have_v receive_v they_o so_o that_o if_o they_o make_v any_o benefit_n by_o the_o advance_v of_o the_o price_n of_o guineas_n it_o be_v chief_o on_o those_o which_o be_v receive_v at_o the_o take_v the_o subscription_n which_o can_v come_v to_o any_o such_o quantity_n as_o be_v pretend_v and_o it_o be_v a_o matter_n whole_o owe_v to_o some_o or_o all_o of_o these_o cause_n 1._o to_o the_o goldsmith_n who_o have_v raise_v the_o price_n of_o they_o or_o 2._o to_o the_o badness_n of_o our_o silver-coin_n which_o be_v diminish_v every_o day_n or_o 3._o to_o those_o great_a quantity_n which_o have_v be_v export_v into_o foreign_a part_n there_o be_v other_o who_o make_v a_o mighty_a complaint_n against_o the_o bank_n because_o 2_o d._n per_fw-la day_n be_v allow_v on_o bank-bill_n and_o the_o money_n which_o be_v use_v to_o be_v lodge_v in_o their_o hand_n for_o nothing_o and_o make_v use_v of_o by_o themselves_o be_v now_o pay_v into_o the_o bank_n by_o the_o owner_n but_o they_o it_o be_v suppose_v will_v not_o find_v fault_n with_o receive_v 2_o d._n per_fw-la day_n for_o that_o money_n for_o which_o before_o they_o have_v nothing_o and_o so_o one_o may_v be_v set_v against_o tother_o it_o be_v pretend_v the_o allow_a two_o d._n per_fw-la day_n hinder_v some_o from_o purchase_v or_o lend_v money_n on_o mortgage_n and_o make_v other_o who_o be_v trader_n and_o owe_v money_n bad_a paymaster_n but_o it_o may_v well_o be_v suppose_v there_o be_v none_o who_o intend_v to_o purchase_v or_o lend_v money_n on_o mortgage_n who_o will_v leave_v their_o money_n in_o the_o bank_n at_o 3_o per_fw-la cent_n per_fw-la a_o when_o they_o can_v have_v a_o purchase_n to_o their_o mind_n or_o a_o good_a security_n at_o 5_o per_fw-la cent_n per_fw-la a_o and_o there_o be_v few_o who_o will_v not_o leave_v their_o money_n lie_v dead_a rather_o than_o lay_v it_o out_o on_o the_o purchase_n of_o a_o estate_n they_o do_v not_o like_a or_o lend_v it_o on_o a_o bad_a security_n and_o as_o for_o its_o make_v man_n bad_a paymaster_n they_o must_v consider_v their_o credit_n or_o interest_n but_o little_a who_o will_v delay_v pay_v their_o debt_n for_o the_o get_v the_o 2_o d._n per_fw-la day_n per_fw-la 100_o l._n which_o be_v allow_v on_o bank-bill_n for_o in_o their_o future_a deal_n they_o will_v pay_v a_o much_o dear_a interest_n the_o money_n which_o be_v lodge_v in_o the_o bank_n be_v only_o the_o money_n which_o can_v be_v spare_v and_o be_v wont_a to_o be_v leave_v with_o the_o goldsmith_n and_o it_o be_v strange_a that_o 3_o per_fw-la cent_n per_fw-la a_o which_o be_v allow_v on_o bank_n bill_n shall_v do_v all_o this_o mischief_n and_o that_o the_o great_a advantage_n which_o have_v be_v make_v by_o the_o public_a fund_n shall_v never_o be_v make_v a_o objection_n but_o the_o plain_a truth_n of_o the_o matter_n be_v that_o the_o goldsmith_n be_v angry_a at_o the_o bank_n allow_v 2_o d._n a_o day_n per_fw-la cent._n because_o that_o by_o this_o mean_v the_o money_n be_v draw_v out_o of_o their_o hand_n the_o fast_o and_o pay_v into_o the_o bank_n for_o bank-bill_n and_o if_o the_o allow_a two_o d._n per_fw-la day_n on_o bank_n bill_n be_v look_v on_o to_o be_v such_o a_o crime_n it_o be_v very_o probable_a the_o concern_v in_o the_o bank_n will_v be_v willing_a in_o time_n to_o remove_v the_o objection_n see_v it_o will_v ease_v they_o of_o the_o charge_n of_o 36000_o l._n per_fw-la a_o which_o the_o interest_n amount_v to_o and_o which_o they_o have_v give_v the_o nation_n out_o of_o their_o fund_z for_o that_o money_n for_o which_o the_o owner_n use_v to_o have_v nothing_o notwithstanding_o all_o these_o objection_n which_o be_v make_v against_o the_o bank_n there_o be_v some_o now_o who_o in_o opposition_n to_o it_o talk_v of_o nothing_o less_o than_o settle_v a_o new_a one_o with_o 4_o d_o a_o day_n per_fw-la cent_n interest_n which_o be_v double_a as_o much_o as_o be_v now_o pay_v by_o the_o bank_n nay_o other_o be_v for_o set_v up_o a_o bank_n in_o every_o city_n or_o in_o every_o market-town_n which_o show_v after_o all_o the_o cavil_n against_o the_o bank_n that_o a_o bank_n be_v good_a for_o the_o nation_n in_o general_n and_o that_o the_o great_a objection_n against_o the_o bank_n of_o england_n be_v that_o they_o who_o find_v fault_n with_o it_o be_v not_o concern_v in_o it_o for_o many_o of_o those_o who_o clamour_n against_o it_o do_v it_o only_o in_o hope_n of_o come_n in_o the_o cheaper_o but_o the_o honour_n and_o justice_n of_o the_o whole_a nation_n on_o who_o credit_n and_o authority_n the_o subscriber_n be_v establish_v to_o be_v the_o bank_n of_o england_n for_o 11_o year_n be_v too_o much_o concern_v to_o admit_v a_o supposal_n that_o any_o such_o design_n shall_v receive_v countenance_n or_o encouragement_n for_o what_o pass_v in_o the_o last_o session_n of_o parliament_n and_o their_o refuse_v to_o admit_v any_o other_o live_v to_o be_v add_v to_o the_o annuity_n lest_o it_o shall_v be_v
think_v to_o lessen_v the_o security_n on_o which_o the_o money_n be_v contribute_v though_o they_o be_v not_o intend_v to_o take_v place_n till_o after_o the_o live_v in_o be_v be_v extinct_a show_v the_o great_a care_n of_o the_o honourable_a house_n of_o commons_o to_o preserve_v the_o public_a credit_n and_o to_o avoid_v any_o the_o least_o occasion_n which_o may_v make_v it_o suspect_v and_o give_v the_o whole_a nation_n a_o sufficient_a assurance_n that_o they_o who_o be_v the_o preserver_n of_o the_o people_n right_n and_o property_n will_v never_o suffer_v any_o thing_n to_o be_v attempt_v in_o that_o august_n assembly_n that_o may_v seem_v but_o to_o weaken_v the_o security_n or_o lessen_v the_o encouragement_n which_o they_o have_v give_v the_o subscriber_n to_o the_o bank_n and_o which_o they_o themselves_o have_v establish_v by_o so_o solemn_a and_o inviolable_a a_o sanction_n and_o all_o insinuation_n to_o the_o contrary_n though_o under_o never_o such_o specious_a pretence_n be_v of_o dangerous_a consequence_n to_o the_o government_n tend_v to_o raise_v doubt_n and_o scruple_n in_o the_o mind_n of_o the_o people_n and_o to_o lessen_v the_o public_a credit_n for_o if_o the_o parliamentary_a security_n on_o which_o all_o man_n both_o native_n and_o foreigner_n firm_o rely_v have_v hitherto_o so_o free_o contribute_v their_o fortune_n for_o carry_v on_o the_o war_n be_v now_o make_v precarious_a and_o uncertain_a no_o body_n can_v trust_v they_o for_o the_o future_a and_o during_o the_o war_n the_o government_n can_v possible_o subsist_v without_o credit_n and_o beside_o the_o seem_a injustice_n which_o it_o will_v be_v to_o those_o who_o have_v subscribe_v and_o contribute_v their_o money_n upon_o the_o encouragement_n give_v by_o the_o act_n of_o their_o be_v the_o bank_n of_o england_n for_o eleven_o year_n to_o have_v another_o establish_v before_o those_o eleven_o year_n be_v expire_v for_o which_o this_o bank_n be_v settle_v it_o will_v be_v so_o far_o from_o be_v like_o the_o have_v of_o several_a shop_n to_o go_v to_o to_o be_v better_o use_v as_o be_v by_o some_o pretend_a that_o it_o will_v be_v a_o mean_n to_o hinder_v either_o from_o be_v serviceable_a in_o the_o supply_n the_o public_a or_o private_a man_n occasion_n and_o the_o nation_n must_v pay_v the_o dear_a for_o money_n for_o one_o be_v in_o opposition_n to_o the_o other_o there_o will_v be_v a_o sort_n of_o civil_a war_n between_o they_o and_o the_o bank_n be_v a_o bank_n of_o credit_n neither_o of_o they_o by_o their_o jealousy_n of_o each_o other_o will_v venture_v to_o extend_v its_o credit_n but_o will_v bury_v the_o money_n of_o the_o nation_n instead_o of_o increase_v and_o quicken_a its_o circulation_n as_o the_o bank_n of_o england_n do_v and_o will_v do_v to_o conclude_v the_o instance_n which_o have_v be_v give_v in_o the_o forego_n account_n of_o the_o vsefulness_n of_o the_o bank_n may_v it_o be_v suppose_v suffice_v to_o convince_v such_o as_o be_v prejudice_v against_o it_o upon_o the_o mirepresentation_n which_o be_v so_o industrious_o make_v by_o those_o who_o appear_v the_o most_o barefaced_a and_o violent_a in_o oppose_v it_o but_o it_o may_v perhaps_o be_v object_v that_o the_o bank_n be_v so_o far_o from_o be_v a_o advantage_n to_o all_o trade_n that_o it_o be_v prejudicial_a to_o some_o for_o it_o seem_v to_o be_v admit_v that_o the_o bank_n will_v be_v injurious_a to_o a_o dozen_o or_o 14_o bank_a goldsmith_n and_o to_o some_o scrivener_n usurer_n and_o pawn-broker_n because_o it_o will_v hinder_v they_o from_o exact_v such_o oppressive_a extortion_n as_o some_o of_o they_o have_v do_v former_o and_o it_o will_v quite_o ruin_v the_o whole_a trade_n of_o tally-jobbers_a now_o if_o the_o clamour_n of_o a_o few_o who_o trade_n have_v be_v to_o make_v merchandise_n of_o the_o nation_n and_o to_o enrich_v themselves_o by_o the_o necessity_n of_o other_o shall_v not_o only_o prevail_v against_o the_o benefit_n of_o a_o community_n legal_o establish_v but_o even_o of_o the_o kingdom_n in_o general_n and_o the_o credit_n of_o a_o parliament_n than_o the_o enemy_n of_o the_o bank_n may_v hope_v to_o subvert_v it_o but_o until_o the_o public_a good_a be_v postpone_v to_o private_a interest_n and_o a_o small_a number_n of_o oppressor_n be_v too_o hard_a for_o the_o nobility_n gentry_n and_o trader_n of_o england_n in_o general_a it_o will_v and_o must_v be_v preserve_v and_o maintain_v because_o of_o its_o great_a use_n to_o the_o whole_a realm_n and_o the_o benefit_n which_o already_o accrue_v by_o it_o in_o its_o infancy_n be_v a_o good_a earnest_n of_o those_o great_a advantage_n which_o the_o nation_n must_v receive_v from_o its_o future_a progress_n finis_fw-la london_n print_v for_o john_n whitlock_n near_o stationer_n hall_n 1695._o