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A48159 A letter to a friend, concerning a late pamphlet, entituled, AngliƦ tutamen, or, The safety of England being an account of the banks, lotteries, mines, divings, drawings, liftings, and other engines, and many pernicious projects now on foot, tending to the destruction of trade and commerce, and the impoverishing this realm : with reflections thereupon, of great import to all sorts of people. 1696 (1696) Wing L1638A; ESTC R10118 7,575 15

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boundaries and limitations to it and more particularly did prohibit the Bank to Buy Sell or Trade in any Goods or Merchandises to the very intent that they should not do what our Author supposes they have done Now if they have or hereafter shall Monopolize to the destruction of Trade and the impoverishing this Realm our Author knows where to find their boundaries and it will well become so great a Patriot to prevent this mischief by reducing them within their limits especially since he will have the whole Nation according to his own arguments Plaintiff with him in so just a cause rather than prophesy or exclaim against a supposed excess of which the Justice and Wisdom of the Nation hath already taken care Our Author hath one fling as he calls it more at this Bank telling us That they hoard up all the good Money and pay out the bad that they cause the rise and fall of Money at their pleasure As to the first If it be true that they hoard up all the good Money methinks it is pity that we have not more good Money left for them to hoard but cannot imagine why that should be imputed a crime which for any thing our Author proves to the contrary may become a great happiness to us for first by hoarding it up it hath been hitherto secur'd from that common fate of Circumcision which hath generally mutilated and corrupted our running Cash and secondly by hoarding it up within our own Four Walls from whence it is retrievable and must and will break out among us it may have been preserved from a much more merciless Bank from whence there is little hopes of redemption 'till not only the uttermost farthing but even a half-penny for a farthing be some way paid If they pay out bad Money 't is a necessary consequence from their hoarding up all good and so answers it self but it is a mystery to me how those persons should be said to raise the price of Money who have been so publickly and almost violently and scandalously accus'd for refusing money at the common though much overvalued rate at which others have generally received it the Solution of this Enigma would be an atchievement worthy of our mighty Author but here he is pleased to leave us in the Dark or at most hath left us only an Ipse aixit to enlighten our Understandings And this Sir is all I can gather worthy your Observation from his Paragraph concerning the Bank of England which since he tells us is so strongly fortify'd and entrench'd I shall leave it as I found it and so I think does he too without any great Mischief done by him or any further Desence necessary from me In his next Paragraph he sets down before the National Land Bank which being much more defenceless than the former he confounds it all at once together with its dependants and all those concerned in it he assures us A little time will shew the Juggle and Imposture and the Bank will fall to the ruin of many Happy our Author who as he says is no ways concerned in Trade Banks or Projects of any kind whatsoever It is commonly said That a Man who is out of the Wood sees more of the Wood than he that is in it but if a particular great Oak in that Wood was ready to fall upon my Head and crush me to pieces methinks I should know better how to avoid it by being in the Wood than to take my directions from a Traveller who march'd at a great distance from me After this comes next in course the Money Bank which is of the same Malefick Nature Paper of Notes and Bills of Credit he assures us are impracticable and for that very reason I should think they will not be very destructive of Trade to the impoverishing this Realm yet that very reason might be Argumentative enough to diswade our Author from admitting the Courtship made to him to be a Member of it with offers of advantagious terms which he there tells us were scorned and rejected by him The Orphans Bank seems to have obtained Mercy and our Author is inclinable to think better of it but at last it falls in with the rest and cannot avoid the same common Fate He acquaints us That he hath been among the late Projectors of some Banks in Embrio and having calculated a Priore or rather Exposteriore their growing Nativities they are damn'd before they are born which is one of the hardest Cases of Predestination that I have read of He wishes indeed they could resemble those Noble Universal not National only B●nks of Venice Amsterdam Genoa c. and then he thinks they might merit some Establishment and I heartily wish he would put them in such a way but he says they are Mushrooms and want good Pickle and I would willingly take the liberty to tell him that so do many things more besides Mushrooms At last he concludes this Topick of Banks with a dissuasive to all both Male and Female and with no small Indignation would have all Banks kickt out of the Commonwealth I am heartily sorry he should be so highly incensed against Banks and think it an Office of humanity to advise him that he doth not venture his Person into Marsland or the Fens and above all that he takes not a trip into Holland with those dangerous and destructive Opinions about him concerning Banks for I am very apt to believe that his Arguments when well considered may as well be levelled against those as these and let himself be Judge what Entertainment he is like to find This Sir is the most material that I am able to collect from his several Paragraphs concerning Banks in which there is much said but I think little proved I am inclinable to believe the Author intends well but in this inquisitive Age we are not very apt Jurare in verba Magistri or to take things of great moment and which so universally and nearly concern us upon credit If these Banks be ill managed as he assures us they are and will be then we have his word for it that they will be of a very short date and for that reason cannot be very destructive of Trade If well managed he himself wishes their Establishment but whether well or ill his Arguments and Calculations strike rather at the Abuses in relation to themselves than prove how they must necessarily be destructive of Trade and impoverish this Realm which is the main thing we expected from him He confesses that several Persons of great Ability and Eminency are engaged in those Banks which have already obtained a Name and for the London-Bank which it seems hath not yet quite broke through the Shell he informs us that many of the most substantial Citizens and Merchants will promote it and be concerned in it Now it seems very strange to me that so many Persons of great Substance and Qualifications and whose interest it is to advance Trade and