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england_n bring_v great_a time_n 2,743 5 3.1017 3 false
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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A50953 England's glory, or, The great improvement of trade in general, by a royal bank, or office of credit, to be erected in London wherein many great advantages that will hereby accrue to the nation, to the crown, and to the people, are mentioned : with answers to the objections that may be made against this bank / by H.M. Mackworth, Humphrey, Sir, 1657-1727. 1694 (1694) Wing M218; ESTC R22279 22,801 108

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corporation_n for_o a_o royal_a bank_n in_o england_n to_o be_v obtain_v under_o the_o great_a seal_n of_o england_n and_o that_o one_o hundred_o thousand_o pound_n shall_v be_v pay_v out_o of_o the_o exchequer_n yearly_a to_o the_o government_n of_o such_o corporation_n to_o answer_v eight_o per_fw-la cent._n per_fw-la annum_fw-la for_o ever_o the_o say_v one_o hundred_o thousand_o pound_n to_o be_v apply_v by_o the_o corporation_n to_o such_o use_v as_o by_o the_o charter_n to_o be_v direct_v and_o forasmuch_o as_o so_o grea●_n and_o public_a a_o undertake_n as_o i●_n thereby_o intend_v can_v so_o effectual_o be_v perform_v and_o carry_v on_o otherwise_o than_o by_o a_o body_n politic_a or_o corporate_a for_o the_o speedy_a furtherance_n hereof_o these_o several_a honourable_a and_o worthy_a person_n of_o most_o considerable_a quality_n and_o ability_n hereafter_o name_v viz._n sir_n patient_n ward_n sir_n william_n gore_n sir_n john_n morden_n sir_n benjamin_n newland_n sir_n john_n bucknall_n francis_n parey_n george_n boddington_n john_n dubois_n samuel_n ongeley_n peter_n hublon_n esquire_n with_o many_o other_o out_o of_o their_o constant_a zeal_n to_o the_o public_a good_a of_o the_o kingdom_n and_o its_o trade_n and_o a_o firm_a assurance_n that_o the_o benefit_n and_o advantage_n of_o a_o royal_a bank_n be_v such_o as_o will_v advance_v the_o wealth_n of_o their_o majesty_n kingdom_n and_o main_o supply_v all_o defect_n in_o trade_n and_o also_o be_v great_o destructive_a to_o the_o french_a king_n interest_n now_o for_o the_o encourage_v and_o better_a establish_n so_o great_a a_o blessing_n and_o t●_n satisfy_v all_o to_o who_o it_o may_v see_v doubtful_a what_o be_v the_o advantage_n of_o a_o royal_a bank_n and_o what_o a_o bill_n of_o credit_n from_o this_o bank_n and_o its_o uses_n be_v observe_v first_o a_o bill_n of_o credit_n from_o this_o bank-office_n be_v transferrable_a
the_o ship_n be_v not_o there_o they_o lodge_v they_o in_o a_o warehouse_n take_v a_o bill_n of_o the_o warehouse-keeper_n that_o they_o have_v such_o good_n there_o this_o bill_n will_v pass_v current_o as_o money_n so_o far_o as_o the_o ware-house-keeper_n be_v know_v much_o more_o it_o will_v do_v so_o here_o this_o practice_n may_v be_v improve_v obj._n 2._o no_o body_n will_v trust_v such_o a_o office_n of_o a_o bank_n at_o first_o set_v up_o till_o by_o a_o long_a tract_n of_o time_n people_z be_v habituate_v to_o it_o ans_fw-fr 1._o all_o man_n do_v trust_v every_o day_n worse_o security_n to_o be_v sure_a there_o be_v no_o better_a in_o england_n than_o this_o bank_n thus_o settle_v by_o act_n of_o parliament_n wise_a man_n that_o know_v there_o be_v a_o fund_z keep_v in_o good_a hand_n will_v never_o scruple_n it_o and_o middle_a witted_a man_n in_o a_o little_a time_n will_v follow_v their_o example_n 2._o if_o man_n shall_v be_v so_o scrupulous_a as_o not_o to_o adventure_v their_o good_n upon_o a_o bill_n of_o credit_n upon_o the_o bank_n they_o may_v trust_v other_o upon_o bond_n and_o be_v deceive_v obj._n 3_o man_n may_v be_v injure_v in_o their_o good_n and_o oppress_v by_o the_o person_n supervise_v this_o office_n ans_fw-fr 1._o so_o they_o may_v by_o their_o servant_n at_o home_n 2._o they_o may_v complain_v to_o the_o government_n who_o have_v good_a security_n for_o the_o officer_n honesty_n obj._n 4._o it_o will_v be_v troublesome_a to_o transmit_v credit_n thus_o from_o one_o to_o another_o ans_fw-fr it_o will_v be_v far_o more_o easy_a than_o if_o any_o man_n have_v cash_n in_o his_o chest_n suppose_v a_o merchant_n have_v credit_n for_o one_o thousand_o pound_n which_o he_o be_v to_o pay_v to_o twenty_o person_n he_o desire_v they_o all_o to_o meet_v he_o at_o the_o bank-office_n and_o there_o write_v off_o credit_n from_o himself_o to_o they_o with_o more_o ease_n than_o he_o can_v tell_v the_o money_n obj._n 5._o it_o will_v be_v discredit_v to_o young_a man_n to_o pledge_v their_o good_n especial_o at_o their_o first_o set_v up_o ans_fw-fr 1._o if_o none_o but_o necessitous_a person_n do_v bring_v in_o their_o good_n to_o this_o office_n it_o will_v be_v so_o but_o the_o rich_a citizen_n if_o they_o design_v their_o own_o good_a will_v deposit_v their_o good_n in_o this_o office_n if_o they_o do_v it_o will_v be_v great_a profit_n which_o will_v take_v off_o the_o scandal_n 2._o many_o people_n that_o do_v not_o need_v money_n at_o all_o will_v lodge_v their_o good_n into_o this_o bank-office-ware-house_n rather_o than_o their_o own_o cellar_n mere_o for_o the_o conveniency_n of_o sell_v they_o as_o i_o have_v show_v in_o the_o twelve_o particular_a 3._o person_n of_o the_o middle_a sort_n of_o good_a credit_n and_o in_o no_o great_a necessity_n for_o money_n will_v lay_v in_o their_o good_n here_o for_o profit_n to_o have_v money_n at_o ....._o per_fw-la cent._n as_o suppose_v a_o merchant_n land_n a_o cargo_n of_o three_o thousand_o pound_n worth_a of_o good_n lay_v they_o into_o the_o bank_n and_o take_v credit_n upon_o they_o for_o two_o thousand_o pound_n at_o ...._o per_fw-la cent._n with_o which_o he_o prepare_v for_o another_o voyage_n before_o his_o good_n bring_v in_o be_v sell_v and_o so_o drive_v a_o double_a trade_n with_o half_a the_o stock_n i_o see_v no_o reason_n why_o our_o great_a east-india_n company_n and_o other_o in_o corporation_n in_o london_n and_o in_o the_o country_n who_o be_v at_o great_a interest_n for_o money_n may_v not_o with_o profit_n the_o hinge_v upon_o which_o most_o merchant_n move_v lay_v their_o good_n here_o where_o they_o may_v upon_o better_a term_n and_o be_v discharge_v of_o this_o when_o they_o please_v these_o thing_n be_v grant_v it_o can_v be_v no_o discredit_v be_v none_o know_v who_o lay_v in_o his_o good_n out_o of_o necessity_n and_o who_o out_o of_o choice_n obj._n 6._o the_o charge_n will_v be_v great_a ans_fw-fr 1._o the_o interest_n be_v but_o ...._o per_fw-la cent._n 2._o a_o allowance_n for_o the_o warehouse_n room_n must_v be_v proportionable_a to_o the_o good_n as_o they_o be_v more_o or_o less_o bulky_a as_o it_o be_v in_o other_o place_n 3._o the_o appraize_v register_n stow_v careful_a keep_v they_o from_o accidental_a damage_n may_v be_v for_o every_o five_o pound_n ...._o the_o transmit_v of_o the_o credit_n it_o need_v not_o be_v excessive_a suppose_v for_o every_o five_o pound_n ...._o for_o every_o twenty_o five_o pound_n ...._o for_o fifty_o pound_n ...._o for_o a_o hundred_o pound_n ....._o this_o be_v nothing_o like_o borrow_v money_n of_o the_o scrivener_n where_o their_o security_n be_v usual_o settle_v at_o a_o tavern_n and_o the_o borrower_n pay_v the_o reckon_a obj._n 7._o man_n will_v have_v money_n and_o not_o credit_n such_o have_v be_v the_o custom_n of_o the_o nation_n ans_fw-fr man_n desire_v credit_n at_o venice_n though_o never_o answer_v out_o of_o the_o bank_n in_o specie_fw-la rather_o than_o money_n because_o it_o be_v more_o safe_a and_o more_o transferable_a than_o money_n be_v so_o they_o will_v do_v here_o when_o they_o know_v what_o be_v best_a their_o ease_n security_n and_o interest_n will_v bias_n they_o to_o choose_v it_o but_o if_o they_o will_v have_v money_n they_o may_v at_o market-price_n obj._n 8._o where_o shall_v the_o bank_n have_v money_n ans_fw-fr all_o money_a man_n if_o kind_a to_o themselves_o will_v lodge_v their_o money_n here_o without_o fear_n and_o sleep_v secure_o and_o may_v afford_v to_o give_v ...._o per_fw-la cent._n because_o it_o may_v so_o happen_v they_o may_v have_v or_o make_v ....._o per_fw-la cent._n by_o lend_v out_o these_o bill_n upon_o personal_a security_n the_o benefit_n arise_v from_o these_o bank_n must_v needs_o be_v great_a 1._o the_o bank_n have_v the_o benefit_n of_o the_o interest_n of_o whatever_o credit_n they_o issue_v out_o for_o nothing_o if_o it_o shall_v be_v to_o the_o value_n of_o twenty_o four_o hundred_o thousand_o pound_n sterling_a 2._o the_o coin_n of_o the_o nation_n will_v be_v much_o improve_v and_o immediate_o money_a man_n will_v lodge_v their_o money_n in_o these_o bank_n out_o of_o choice_n and_o it_o will_v be_v their_o interest_n to_o give_v ...._o per_fw-la cent._n because_o they_o may_v let_v out_o their_o credit_n at_o six_o per_fw-la cent_n again_o and_o because_o bill_n and_o bond_n lie_v dead_a the_o bank_n let_v out_o the_o money_n in_o specie_fw-la leave_v with_o they_o which_o be_v in_o motion_n also_o 3._o whereas_o before_o the_o money_n be_v only_o the_o run_a cash_n of_o the_o nation_n now_o the_o credit_n found_v upon_o this_o money_n be_v as_o much_o a_o run_a cash_n as_o the_o money_n itself_o the_o run_a cash_n of_o the_o nation_n will_v be_v great_o increase_v answerable_a to_o the_o credit_n issue_v out_o let_v it_o be_v what_o it_o will_v it_o will_v be_v great_a 4._o it_o will_v give_v life_n to_o trade_n for_o ever_o and_o all_o husbandry_n and_o growth_n and_o art_n upon_o manufacture_n will_v be_v great_o improve_v and_o increase_v proportionable_a to_o the_o credit_n raise_v in_o these_o bank_n 5._o it_o will_v make_v england_n and_o ireland_n so_o convenient_o situate_v for_o the_o trade_n of_o the_o world_n store_v with_o safe_a harbour_n and_o blessed_v with_o manifold_a improvement_n in_o manufacture_n woollen_a linen_n paper_n etc._n etc._n and_o in_o growth_n as_o in_o tinn_n lead_v iron_n copper_n coal_n etc._n etc._n will_v employ_v many_o hundred_o thousand_o of_o people_n in_o honest_a labour_n to_o the_o glory_n of_o god_n and_o strengthen_v of_o the_o kingdom_n which_o by_o the_o set_n up_o of_o these_o bank_n will_v be_v supply_v with_o so_o great_a a_o run_a cash_n as_o in_o time_n will_v out_o do_v all_o other_o nation_n 6._o our_o merchant_n may_v have_v credit_n in_o foreign_a part_n to_o buy_v good_n without_o money_n 7._o man_n will_v not_o be_v under_o such_o necessity_n of_o sell_v good_n at_o a_o under_o rate_n for_o want_v of_o money_n when_o they_o may_v have_v credit_n upon_o they_o at_o a_o easy_a rate_n equivalent_a to_o money_n till_o they_o can_v light_v of_o a_o chapman_n 8._o man_n with_o small_a stock_n may_v drive_v great_a trade_n as_o suppose_v a_o silkman_n have_v a_o thousand_o pound_n he_o buy_v silk_n with_o it_o lodge_v it_o in_o the_o bank_n for_o eight_o hundred_o pound_n this_o he_o lay_v out_o at_o market_n in_o silk_n and_o pawn_n that_o for_o seven_o hundred_o pound_n and_o so_o downward_o by_o the_o help_n of_o this_o bank_n he_o lay_v in_o four_o thousand_o pound_n worth_n of_o good_n with_o one_o thousand_o pound_n in_o money_n and_o be_v not_o tie_v to_o any_o particular_a man_n he_o fetch_v out_o his_o good_n as_o he_o vend_v they_o or_o use_v
they_o by_o two_o three_o four_o or_o five_o hundred_o pound_n at_o a_o time_n 9_o most_o man_n will_v rather_o deal_v with_o person_n that_o have_v credit_n in_o these_o bank_n than_o upon_o simple_a credit_n this_o be_v secure_v by_o act_n of_o parliament_n other_o security_n not_o comparable_a to_o this_o as_o divers_z can_v tell_v who_o have_v smart_v through_o the_o deceitfulness_n of_o base_a man_n scrivener_n and_o goldsmith_n 10._o it_o be_v not_o the_o quantity_n of_o commodity_n bring_v into_o these_o bank_n will_v cause_v a_o cessation_n in_o trade_n for_o the_o credit_n of_o one_o commodity_n will_v still_o purchase_v another_o and_o what_o can_v be_v spend_v in_o england_n by_o the_o credit_n of_o other_o commodity_n may_v be_v transport_v to_o other_o country_n to_o find_v a_o market_n which_o now_o for_o want_v of_o money_n to_o answer_v they_o lie_v rot_v at_o home_n money_n be_v the_o medium_fw-la to_o measure_n all_o kind_n of_o commodity_n by_o they_o must_v lie_v dead_a till_o it_o can_v be_v apply_v a_o hundred_o yard_n of_o cloth_n be_v not_o so_o soon_o measure_v with_o one_o yard-wand_n as_o with_o twenty_o yard-wands_n if_o several_o apply_v to_o this_o hundred_o if_o twenty_o pedlar_n stand_v in_o a_o market_n and_o have_v but_o one_o yard-wand_n among_o they_o one_o must_v stay_v for_o the_o other_o to_o deliver_v their_o good_n till_o they_o can_v have_v the_o yard-wand_n to_o measure_v out_o 11._o poor_a people_n that_o now_o pay_v twenty_o and_o thirty_o or_o forty_o per_fw-la cent._n for_o good_n pawn_v to_o broker_n of_o which_o they_o be_v perhaps_o at_o last_o cheat_v if_o they_o do_v not_o redeem_v they_o at_o their_o day_n may_v be_v supply_v at_o moderate_a rate_n by_o the_o lesser_a bank_n set_v up_o on_o purpose_n for_o their_o relief_n if_o the_o bank_n get_v no_o great_a matter_n by_o these_o poor_a people_n they_o will_v at_o least_o save_v and_o the_o poor_a will_v be_v relieve_v that_o now_o suffer_v for_o want_v of_o a_o run_a cash_n to_o sum_v up_o all_o in_o short_a all_o person_n native_n and_o foreigner_n man_n woman_n and_o child_n rich_a and_o poor_a will_v have_v profit_n one_o way_n or_o other_o by_o the_o access_n of_o so_o great_a riches_n as_o these_o bank_n may_v necessary_o produce_v remark_n upon_o the_o act_n of_o tonnage_n relate_v to_o the_o bank_n remark_n upon_o the_o act_n of_o tonnage_n their_o majesty_n have_v grant_v a_o commission_n under_o the_o great_a seal_n dated_n the_o 15_o day_n of_o june_n 1694._o for_o the_o take_a subscription_n for_o the_o bank_n pursuant_n to_o the_o late_a act_n of_o parliament_n as_o follow_v viz._n whereas_o by_o a_o act_n entitle_v a_o act_n for_o grant_v to_o their_o majesty_n several_a rate_n and_o duty_n upon_o tonnage_n etc._n etc._n it_o be_v enact_v that_o for_o four_o year_n from_o the_o first_o of_o june_n 1694._o there_o shall_v be_v pay_v upon_o the_o tonnage_n of_o all_o vessel_n wherein_o any_o good_n shall_v be_v import_v from_o any_o the_o country_n in_o the_o act_n name_v or_o coast-wise_a from_o port_n to_o port_n in_o england_n the_o several_a rate_n in_o the_o act_n mention_v and_o certain_a additional_a duty_n of_o excise_n on_o beer_n ale_n and_o other_o liquor_n and_o that_o weekly_a on_o every_o wednesday_n if_o not_o a_o holiday_n and_o if_o it_o be_v the_o next_o day_n not_o be_v a_o holiday_n all_o the_o money_n arise_v by_o the_o say_a rate_n shall_v be_v pay_v into_o the_o exchequer_n and_o that_o yearly_o begin_v from_o the_o first_o of_o june_n 1694._o the_o sum_n of_o fifteen_o hundred_o thousand_o pound_n arise_v out_o of_o the_o say_a duty_n and_o rate_n in_o case_n the_o weekly_a payment_n extend_v thereunto_o shall_v be_v the_o yearly_o fund_z and_o if_o they_o do_v not_o extend_v thereunto_o than_o the_o say_v weekly_a payment_n so_o far_o as_o they_o will_v extend_v shall_v be_v part_n of_o the_o yearly_o fund_z and_o in_o case_n the_o duty_n and_o rate_n shall_v be_v so_o low_a as_o that_o within_o any_o one_o year_n the_o weekly_a payment_n shall_v not_o amount_v to_o fifteen_o hundred_o thousand_o pound_n or_o be_v sufficient_a to_o answer_v the_o recompense_n by_o the_o say_a act_n extend_v in_o such_o case_n the_o commissioner_n of_o the_o treasury_n be_v strict_o enjoin_v without_o any_o warrant_n from_o their_o majesty_n their_o heir_n or_o successor_n to_o make_v good_a such_o deficiency_n out_o of_o any_o treasure_n or_o revenue_n of_o the_o crown_n not_o appropriate_v to_o any_o other_o use_v and_o that_o it_o shall_v be_v lawful_a for_o their_o majesty_n to_o commissionate_a any_o number_n of_o person_n to_o receive_v such_o subscription_n as_o shall_v be_v make_v before_o the_o first_o of_o august_n next_o by_o any_o native_n or_o foreigner_n or_o corporation_n towards_o pay_v into_o the_o exchequer_n the_o sum_n of_o twelve_o hundred_o thousand_o pound_n and_o that_o the_o yearly_a sum_n of_o one_o hundred_o thousand_o pound_n shall_v be_v appropriate_v to_o such_o subscriber_n their_o majesty_n be_v resolve_v that_o if_o the_o whole_a sum_n of_o twelve_o hundred_o thousand_o pound_n or_o a_o moiety_n thereof_o or_o more_o thereof_o be_v subscribe_v by_o the_o first_o of_o august_n next_o to_o incorporate_v the_o subscriber_n have_v nominate_v and_o appoint_v a._n b._n etc._n etc._n the_o commissioner_n name_v in_o the_o commission_n or_o any_o five_o or_o more_o of_o they_o to_o take_v the_o voluntary_a subscription_n of_o any_o native_n foreigner_n or_o body_n politic_a before_o the_o first_o day_n of_o august_n towards_o raise_v the_o say_a sum_n of_o twelve_o hundred_o thousand_o pound_n take_v care_n that_o none_o write_v above_o twenty_o thousand_o pound_n and_o that_o before_o the_o first_o of_o july_n none_o write_v above_o ten_o thousand_o pound_n and_o that_o the_o say_v weekly_a payment_n as_o they_o come_v in_o shall_v be_v divide_v in_o five_o seven_o part_n and_o two_o seven_o part_n which_z five_z seven_o part_n shall_v be_v appropriate_v to_o the_o pay_v of_o the_o say_v one_o hundred_o thousand_o pound_n per_fw-la annum_fw-la to_o be_v pay_v as_o the_o same_o come_v into_o the_o exchequer_n to_o the_o use_v of_o the_o subscriber_n and_o that_o their_o majesty_n may_v appoint_v how_o the_o say_v twelve_o hundred_o thousand_o pound_n and_o one_o hundred_o thousand_o pound_n per_fw-la annum_fw-la shall_v be_v assignable_a and_o may_v incorporate_v such_o subscriber_n 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 subject_n to_o the_o condition_n of_o redemption_n and_o if_o twelve_o hundred_o thousand_o pound_n be_v not_o pay_v into_o the_o exchequer_n by_o the_o first_o of_o january_n next_o 1695._o then_o the_o subscriber_n shall_v have_v only_o after_o the_o rate_n of_o eight_o per_fw-la cent._n per_fw-la annum_fw-la and_o the_o commissioner_n of_o the_o treasury_n be_v require_v without_o any_o warrant_n from_o their_o majesty_n their_o heir_n or_o successor_n to_o pay_v the_o say_v one_o hundred_o thousand_o pound_n per_fw-la annum_fw-la and_o that_o no_o person_n or_o corporation_n shall_v subscribe_v more_o than_o twenty_o thousand_o pound_n and_o every_o subscriber_n at_o the_o time_n of_o his_o subscribe_v shall_v pay_v one_o four_o part_n of_o his_o subscription_n and_o in_o default_n thereof_o such_o subscription_n shall_v be_v void_a that_o the_o residue_n of_o the_o subscription_n shall_v be_v pay_v into_o the_o exchequer_n before_o the_o first_o of_o january_n and_o in_o default_n thereof_o one_o four_o part_n shall_v be_v forfeit_v that_o none_o before_o the_o first_o of_o july_n shall_v write_v above_o ten_o thousand_o pound_n provide_v if_o twelve_o hundred_o thousand_o pound_n or_o a_o moiety_n be_v not_o subscribe_v by_o the_o first_o of_o august_n than_o the_o power_n for_o erect_v a_o corporation_n shall_v cease_v and_o in_o such_o case_n so_o much_o of_o the_o hundred_o thousand_o pound_n as_o shall_v belong_v to_o the_o subscriber_n may_v be_v assignable_a and_o that_o the_o money_n payable_a by_o the_o act_n to_o any_o person_n shall_v not_o be_v chargeable_a with_o any_o duty_n or_o imposition_n as_o by_o the_o say_a act_n may_v appear_v june_n the_o 21th_o at_o mercers-chappel_n the_o commissioner_n do_v meet_v and_o divide_v themselves_o into_o several_a officer_n and_o with_o great_a diligence_n and_o in_o excellent_a order_n and_o form_n attend_v to_o take_v the_o voluntary_a subscription_n of_o all_o that_o come_v that_o day_n thus_o every_o person_n that_o come_v pay_v in_o one_o four_o part_n of_o what_o he_o subscribe_v to_o one_o of_o the_o receiver_n who_o give_v he_o a_o receipt_n for_o so_o much_o and_o direct_v he_o to_o another_o office_n where_o he_o be_v to_o deliver_v this_o receipt_n and_o receive_v another_o attest_v under_o the_o hand_n of_o two_o clerk_n and_o by_o they_o direct_v to_o