Selected quad for the lemma: england_n

Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
england_n	act_n	parliament_n	person_n	2,736	5	5.0257	4	false

Text snippets containing the quad

ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A58238	Reasons for encouraging the Bank of England I. In respect of justice and common right, II. Of its usefulness and the publick good.		1696 (1696)	Wing R490; ESTC R6056	4,041	5

REASONS for Encouraging the Bank of England I. In respect of Justice and Common Right II. Of its Vsefulness and the Publick Good First As to Justice and Common Right These Things may be considered I. IN Anno 1694 after all Ways had been tried to raise Money and more was still wanting the Parliament did not think fit to Tax the People farther but found out a Way to perswade them to Tax Themselves of their own accord by encouraging such who would advance 1200000 l. to receive the Recompences and Advantages proposed in the Act for Erecting the Bank Which were framed on purpose to convince every Man it was his rivate Interest to serve the Publick And the advancing the Money was a voluntary Act for the sake of the Advantages offered which were proposed for no other End but to encourage the advancing the Money upon the Credit and Reputation of that Act which therefore ought not now to be shaken II. The Encouragement did not only consist in the Profit of the Advantages proposed but in the Certainty and Assurance the People depended on to enjoy them for the term of Eleven Years being granted by the highest Sanction the Government can make and such as might be relied on securely That the said Term should not be shortned nor the Conditions altered or changed much less weakened and made worse Which as it was the main Encouragement to the bringing in the Money so the least Disappointment of the People's just Expectation to enjoy the promised Advantages fully and solely for the said Eleven Years will lessen the Publick Credit and discourage Loans to the Government hereafter And therefore 't is to be hoped That since the Power and Wisdom of the Nation has made such a Constitution the Honour and Justice of the Nation will maintain it III. Besides the Parliamentary Authority which the Subscribers relied on the King by his Commission did declare his Royal Intentions and gave his Gracious Assurances of promoting the Design of the said Act and putting the same in execution that the Corporation might be settled To its own Content as the Words of his Commission are IV. And his Majesty the more powerfully to induce a free and liberal Contribution annexed to his Commission the Draught of the Charter he intended that all his Subjects before they parted with their Money might know what the Recompences were which they were to expect And the said Draught was Printed and Copies dispersed that every Man might have a true Prospect of the Advantages he was to enjoy which were these viz. First That this Bank should be the only Bank in England which is not only plainly imported by its very Name but also by the Reason and Justice of the Thing it self For though there be no Words of Exclusion in the Charter yet it could not be apprehended that the same Priviledges should be granted to any other such Corporation Because such a Grant must of necessity destroy the very Design of the Act for Erecting the Bank it being a known Rule in Law That an Act of Parliament introductive of a New Law implies a Negative So that the Bank of England in point of Law hath the same Security against Erecting any other Bank as if it had been so provided for in the very Act. And can any Man think in case either the King or Parliament had told the Subscribers That they should be made a Bank to continue for Eleven Years but yet that in a Year or two's time other Banks should be erected by the like Authority that any Person would have ventured to subscribe one Penny And indeed those Things which the Act declared should be Recompences and Advantages would cease from being so when other Banks were erected by like Authority and the certain Recompences and Advantages by the Act intended would at this rate become certain Disadvantages to the Subscribers Besides common Experience confirms us That the Crown never grants the same Things twice For when a Charter grants certain Priviledges to one Society 't was never known that another Charter granted the same to any others Moreover the Practice of other Nations did convince the Subscribers that they were to be the sole Bank of England there being no known Government in the World that ever erected Two Banks by Publick Authority Which may be supposed to be grounded on Reasons of State For if Two or more Banks be established the Credit will be divided and become less useful to any Nation And though both of them should be equally willing to serve the Government yet each would render the other unable to do it by the Industry and Endeavours the one would use to supplant and undermine the other in regard their several Interests being either different from or opposite to each other would naturally engage them both in perpetual Contradictions and Disputes Secondly The second Recompence was That the Subscribers should be incorporated by a Charter with the usual Powers granted to other Corporations as well as those particularly directed by the Act Which when granted to others are in a great measure taken away from the present Bank Thirdly That each Member should have an Interest in the Capital Stock of 1200000 l. in proportion to his Subscription Fourthly And also in the yearly Fund of 100000 l. per Annum Fifthly And Liberty to Deal and Trade in Borrowing and Lending Money in Bills of Exchange and Bullion and in Selling Goods the Product of their Lands Which Liberty will be much impaired when the same is granted to other Lastly If the time be considered when this Money was advanced viz. in 1694. it must appear the Subscribers could not be supposed to have advanced their Money so cheerfully on the bare Encouragement of the 8 per Cent. in regard at that time they could have made more of their Money by 14 to 20 per Cent. over and above the 8 per Cent. in Lending it upon other Funds which the Goldsmiths and Tallymongers well know to be true And therefore the 8 per Cent. was but a part of the Encouragement to the Contributers who had an eye to the other Advantages proposed by the Act and the term of their duration and the other Consequences of the same without which they had never writ And therefore seeing they have writ and paid their Money in full assurance of those Advantages it cannot seem Justice or Equity to deprive them of any one of them or to shorten the term granted for their enjoying them especially considering the hazard they did run in case 600000 l. had not been subscribed For then they must for Eleven Years have been confined to the 8 per Cent. without a Charter and other the Advantages consequential thereupon Which would have been such a Bargain at that time that none would have taken off their hands for 20 per Cent. of their Principal Therefore seeing these were the Advantages proposed to the People and the Assurances given by the Government for their

enjoying the same for the certain term of Eleven Years in Confidence whereof the whole 1200000 l. was writ and 300000 l. of it paid in Ten Days time there can be no reason the Subscribers should be deprived of any of the Advantages offered and may expect that nothing should be done within the space of those Eleven Years to weaken their Security since it must be granted If once PARLIAMENTARY Securities are made so Doubtful it will LESSEN the Credit of the Government for the future As to the Usefulness of the Bank of England it appears by these Considerations First That it serves the Occasions of the Publick Secondly And the Necessities of Private Persons I. The Publick has for 18 Months past experienced the Usefulness of it in these Instances viz. 1. The 1200000 l. raised by the Bank was paid into the Exchequer with much less charge to the King than either the Million-Lottery or any other Fund 2. The Cheerful speed in raising it shews the good Inclinations the Subscribers had to the Government in time of need and the Confidence they had which ought not to be frustrated in enjoying the Advantages promised them for Eleven Years certain 3. The Bank has been the sole cause of lowering the Interest of Money which is the only Fund that ever lower'd it and that too in time of War when usually Interest rises by which the Nation since the Bank was erected hath saved a great Sum of Money having been supplied at much cheaper Rates than formerly Which lowering of Interest doth moreover 1. Excite Industry 2. Raise the Value of Land and 3. Increase Trade 4. It hath also in 12 Months past greatly advanced the Reputation of Tallies which are now become instead of 30 per Cent. loss on them to be as desirable as Money it self and therefore instead of giving Money to change them Money has been given to procure them 5. The Bank hath and will render all the other Publick Funds more speedily Useful to the Crown than ever by bringing Money into the Exchequer sooner than otherwise it would come in for supplying the present Exigencies 6. The Bank hath delivered the Government out of the hands of those griping Lenders whose Extortions upon the Publick Necessities have exceedingly enrich'd themselves II. The Private Necessities of single Persons have been also easily and cheaply supplied in these Instances viz. 1. In lending Money on Mortgages at 5 per Cent. without any Procuration or Continuation 2. In discounting foreign and in land Bills of Exchange some at 3 per Cent. and others at 4½ per Cent. 3. In Lending Money on Pawns at 5 per Cent. whereas some in their Necessities have heretofore paid above 100 per Cent. for Money lent them on Pawns 4. In lending Money on the Orphans Fund at 5 per Cent. which has relieved divers Orphans who otherwise must have been forced to sell their Interest at under-Rates to answer their Necessities 5. In lending Money at 5 per Cent. on the Benefitted and Blank Million Lottery-Tickets whereby the Necessities of Many have been relieved and the Credit of the Publick Funds preserved The Bank hath not directly nor indirectly Traded in any sort whatsoever nor is any part of the Stock now in Trade nor ever was except in Bills of Exchange for Payment of our Armies and Fleet abroad whereby there hath been saved to the King at least 130000 l. since May 1695. And the Armies and Fleet have been more speedily and punctually paid than ever they were before Nor hath it at any time directly or indirectly Ingrossed any kind of Goods It hath nothing in it of the Nature nor of the Effect of a Monopoly for it excludes none from any Trade It doth not Ingross all the Money nor in truth any being only a Great and a Secure Chest whereinto the Subjects put their Money and take it out at pleasure It hath never imported directly or indirectly any Guineas or Gold from Holland c. Which if it had done as by Law it might many Thousands of Pounds had been gained thereby But on the contrary at one time Paying out One Hundred Thousand Guineas at 24 s. 6 d. When at the same time the Price Currant in Town was 25 s. 6 d. and 26 s. and ever since neither Paying nor Receiving any and by other ways it hath endeavoured all it could to prevent the Rise of Guineas Vide Mr. Godfry's Account It did never send any Guineas into the Countries nor to any Place whatsoever to Exchange for Silver Money or Clipp'd Money nor to purchase any Directly or Indirectly It hath Lent above 40000 l. on Land and did never refuse to Lend Money upon any Mortgage that ought to be deem'd a sufficient and proper Security FINIS