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<DATE>2013-04-29</DATE>
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<NAME>John Pas</NAME>
<RESP>MURP</RESP>
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<ITEM>Proofed and reviewed as part of batch B130211.pdcc.</ITEM>
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<STC T="W">B4754</STC>
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<BIBNO T="oclc">8844898</BIBNO>
<VID>41954</VID>
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<DIV1 TYPE="text">
<PB REF="1">
<HEAD>REASONS humbly offered for the E&s;tabli&s;hment of the National <HI>LAND-BANK.</HI></HEAD>
<P>AS it is matter of Admiration to &s;ome, &s;o doubtle&s;s it is no &s;mall Diver&s;ion to others, to &s;ee &s;everal of the very &s;ame Gentlemen, who for &s;ome Years pa&s;t have &s;o &s;tre|nuou&s;ly oppo&s;ed the E&s;tabli&s;hment of the <HI>Ea&s;t-India</HI> and <HI>African</HI> Companies, alledg|ing they are <HI>Monopolies,</HI> and Infringments on the Rights of the Subject, labouring to &s;upport <HI>the greate&s;t of Monopolies,</HI> viz. <HI>A Monopoly of the Money and Credit of the Kingdom.</HI> For notwith&s;tanding what hath been urged in a late Pamphlet to the contrary, (intituled, <HI>Mr.</HI> J. A. <HI>his Argument no Argument</HI>) it is mo&s;t certain, if no other Bank be &s;et up by Au|thority, the Bank of <HI>England</HI> will &s;oon be Ma&s;ters of both; the whole Series of their Ma|nagement having a Tendency that way, as may appear by many In&s;tances too fre&s;h in Memory to be denied.</P>
<P>And fir&s;t, to get all the Money into their Hands, they i&s;&s;ued out their Bills with 2 <HI>d. per cent. per diem</HI> Intere&s;t, which in probability they would have done for an unlimited Sum, but finding their Credit grow to a great height, and that their Ca&s;hiers Notes, which obliged neither the Fund nor them&s;elves, had obtain'd a mighty Currency, they confin'd their Intere&s;t-Notes to the Number of twelve thou&s;and.</P>
<P>They al&s;o publi&s;h'd their Orders to di&s;count Bills at 2 <HI>d. per cent. per diem</HI> Intere&s;t <HI>to all &s;uch who kept their Ca&s;h in the Bank;</HI> &s;o that all Per&s;ons mu&s;t keep their Ca&s;h with them who expected any Accommodation from them.</P>
<P>To engro&s;s the Credit of the Kingdom to them&s;elves, they refu&s;ed to take all Bills or Notes but what paid a Tribute to them by way of Di&s;count, or unle&s;s they were the Notes of &s;uch Per&s;ons who kept their Ca&s;h in their Bank; and where they have bore any Man a particular Grudg, they have rejected his Bills or Securities with &s;uch <HI>Innuendoes,</HI> as hath been &s;ufficient to &s;tagger a good Man, and to render his Credit &s;u&s;pected.</P>
<P>Having briefly ob&s;erved how di&s;ingenuou&s;ly they have dealt with the Merchant, it may not be ami&s;s to enquire what Treatment Gentlemen have met with.</P>
<P>To &s;ecure their E&s;tabli&s;hment, and to keep off the impending Storm which threatned them la&s;t Se&s;&s;ions of Parliament, they publi&s;h'd the following Order in &s;everal <HI>Gazetts,</HI> viz.</P>
<P><HI>The Court of Directors of the Bank of</HI> England <HI>give notice, That after the fir&s;t day of</HI> January <HI>next (when they have paid into the</HI> Exchequer <HI>the Remainder of the</HI> 1200000 l. <HI>&s;ub&s;cribed) they will lend Money on Mortgages, and real Securities, at</HI> 5 <HI>l.</HI> per cent. per annum.</P>
<P>What will not the&s;e Men do who will pro&s;titute their Faith to the whole World to gain their Ends? for it was evident,
<NOTE N="*" PLACE="marg">See the Po&s;t|&s;cript to the Di&s;|cour&s;e on the late Funds.</NOTE> and they were then told &s;o in Print that they never intended it. For notwith&s;tanding &s;uch frequent Publi|cations they &s;erved the Landed Men all alike without Di&s;tinction, trifling even with &s;uch Gentlemen who were in&s;trumental in giving a Being to the Bank it &s;elf, and tiring them out with tedious Delays and Attendances, ordering them &s;ometimes to wait upon the Coun&s;el of the Bank, who&s;e private In&s;tructions (if one may judg by their Actions) was not &s;o much to examine the Writings in order to accommodate them with Money, as to find out the lea&s;t I law in their Titles, that they might get rid of them as gen|teely as they could; and if no rea&s;onable Exception could be made, they have referr'd them from time to time to their Committee of Mortgages, who as they did not &s;it often, &s;o they took care not to di&s;patch overmuch Bu&s;ine&s;s at their Meetings. Others again, whom they le&s;s valued, were with a &s;hort An&s;wer &s;ent packing out of Town with their Writings, to get Money where they could find it.</P>
<P>And becau&s;e the Author of the afore-mentioned Pamphlet would impo&s;e upon the World in &s;aying, that the Bank of <HI>England</HI> have applied all their Money and Credit to the Supply of His Maje&s;ty, and the Encouragement of Trade; and that that Bank would have lent Money to the Landed Men if they had had it to lend: It is certain that nothing is more true than the contrary; for 'tis well known that Bank did not advance their All to his Maje&s;ty, <HI>&amp;c.</HI> that they took in no more than 720000 <HI>l.</HI> of their Sub&s;cription-Money, and that there remained 480000<HI>l.</HI> in the Sub&s;cribers Hands, who paid no Intere&s;t for the &s;ame, which (had they had a mind to do) the Directors might have called in at a day's warning, and have &s;upplied the Landed Men therewith as in Honour they were obliged to do.</P>
<P>The&s;e things being duly weighed and con&s;idered, I hope every one will &s;ee the nece&s;&s;ity of e&s;tabli&s;hing another Bank, and that upon another foot than that of the Bank of <HI>England,</HI> for the following Rea&s;ons.</P>
<P>Fir&s;t, It is certain, as has been ob&s;erv'd, that the Directors of the Bank of <HI>England</HI> have endeavoured to monopolize the Money and Credit of the Kingdom: and of what dangerous Con&s;equence it may be, &s;hould they effect it, is mo&s;t vi&s;ible to any who will but con&s;ider the Con&s;titution of the Bank.</P>
<P>For the Bank con&s;i&s;ting only of a Fund of Money which is transferrable, and the Votes for the Choice of the Directors attending the Stock, 'tis plain that tho&s;e who have the Major Part of the Stock, have the Major Part of the Votes, and may make what Directors they plea&s;e; who by virtue of &s;uch Election will have the Government, and con&s;equently the Power of the Ca&s;h and Credit of the <HI>Bank</HI> in their Hands. Now if Money will buy the Stock; if the Stock commands the Votes; if the majority of Votes chu&s;e Directors, and if tho&s;e Directors have the &s;ole Di&s;po&s;e of the Money and Credit of the <HI>Bank,</HI> and the Stock being to be bought and &s;old every Day upon the <HI>Exchange</HI> by the Common Brokers, the mo&s;t pro|fe&s;&s;ed
<PB REF="2">enemies of the Government, even the French King's Emi&s;&s;aries, if they will give the current Market-Price, may for le&s;s than 600000 <HI>l.</HI> be Ma&s;ters of the Stock, and con&s;equently of the Money and Credit of the <HI>Bank.</HI></P>
<P><HI>Secondly;</HI> Before the calling in our Clipt and Counterfeit-Money, the then Money <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 span"> <HI>land</HI> was computed not to exceed Five Millions in Tale, (an incon&s;iderable Sum to <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 span"> &s;o great a Trade) which would never have &s;erved, had not &s;uch Deficiency of <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 span"> &s;upplied by Credit; but now our Money is likely to be reduced to a yet le&s;s Comp<GAP DESC="illegible" RESP="KEYERS" EXTENT="2 letters"> <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 span"> ger Credit will be wanting to &s;upply &s;uch Want of <HI>Species:</HI> now when&s;oever Credit <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 span"> it ought to be upon a &s;ure <HI>Fund,</HI> or el&s;e tho&s;e who give &s;uch Credit may be Lo<GAP DESC="illegible" RESP="KEYERS" EXTENT="2 letters"> <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 span"> there being no <HI>Fund</HI> in <HI>England</HI> &s;o &s;ecure as the Land of <HI>England,</HI> or rather <HI>England</HI> <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 span"></P>
<P>It is humbly propo&s;ed, That a <HI>Bank</HI> may be e&s;tabli&s;h'd upon a <HI>Fund</HI> of Land, as <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 span"> mo&s;t &s;afe and certain <HI>Fund,</HI> together with a <HI>Fund</HI> of Money to an&s;wer all Bills on demand that &s;hall be i&s;&s;ued out on the Security of &s;uch Land; which <HI>Bank</HI> may not only be &s;ervice|able to his Maje&s;ty, but will relieve the Landed Men, who are left de&s;titute by the <HI>Bank</HI> of <HI>England.</HI></P>
<P>To prevent the E&s;tabli&s;hment of the <HI>Land-Bank,</HI> I am informed the <HI>Bank</HI> of <HI>England</HI> pur|po&s;e to take the following Methods.</P>
<P><HI>Fir&s;t;</HI> As one of their Members advi&s;ed them to make a bold Offer, to furni&s;h the Govern|ment with Two Millions at 5 <HI>l. per Cent. per Annum.</HI></P>
<P>This, with &s;ubmi&s;&s;ion, I take to be a &s;trong Rea&s;on why another <HI>Bank</HI> ought to be e&s;ta|bli&s;h'd; for as the fear of the E&s;tabli&s;hment of another <HI>Bank</HI> has been &s;ome check to their Arbitrary Inclinations, and hath brought them to any Bounds of Rea&s;on, &s;o nothing <GAP DESC="illegible" RESP="KEYERS" EXTENT="1 word"> keep them within &s;uch Bounds but the E&s;tabli&s;hment of another <HI>Bank,</HI> which may &s;tand in competition with them; be&s;ides it &s;eems unrea&s;onable, That one Society of Men &s;hould in|gro&s;s to them&s;elves the Money and Credit of the Kingdom.</P>
<P>If that fails, I am told they intend to join their Forces with another &s;ort of Gentlemen, who are for making a <HI>Bank</HI> of the <HI>Exchequer,</HI> where Bills are to be given out for 4 Millions Value, payable at Demand, with Intere&s;t after the Rate of 3<HI>d. per Cent. per diem,</HI> being 4 <HI>l.</HI> 11<HI>s.</HI> 3 <HI>d. per Cent. per Ann.</HI> which if obtain'd, they hope to get the greate&s;t Part of tho&s;e Bills into their Hands, and keep them <HI>in Salva Cu&s;todia;</HI> by virtue of which Bills they will be in|tituled to a proportionable Part of the Incomes of the <HI>Fund</HI> to be &s;ettled for paiment of the Intere&s;t of tho&s;e Bills, and will i&s;&s;ue out their own Bank-Notes without Intere&s;t in lieu of them; which Bills lying by them will notwith&s;tanding, be always as &s;o much Ready-Money to an&s;wer all Demands.</P>
<P>How fatal and de&s;tructive &s;uch a Bank will be to the Landed-Men, is ea&s;ily demon&s;trable; for if a Man can have Bills for 2000 <HI>l.</HI> which he may keep by him, and have 91 <HI>l.</HI> 5 <HI>s. per An|num</HI> coming in clear: and if the &s;aid Bills as the Projectors them&s;elves in a printed Paper, en|tituled, <HI>The Mint and Exchequer united,</HI> confe&s;s, <HI>will pa&s;s current in Paiment as well as Money, and be preferred even before Money;</HI> What Man in his Sen&s;es will not &s;ell 100 <HI>l. per Annum</HI> Land, which is clog'd with Taxes every Year, and inve&s;t his Money in the&s;e Bills? or who will lend or continue his Money on Land-Security?</P>
<P>Much might be &s;aid in an&s;wer to that Paper, but I have not Lei&s;ure nor Room to in&s;i&s;t upon it: The fir&s;t Paragraph &s;hows the Tendency of the whole, telling us, That it is rea&s;onable that the <HI>Exchequer</HI> rather than private Per&s;ons &s;hould have the Benefit of the Credit which is needful for carrying on Trade and Commerce. The Projectors would have done well to have given their Rea&s;ons for it; and to &s;hew why the Subject, who mu&s;t from time to time &s;upply the <HI>Exchequer</HI> with Money out of their E&s;tates, &s;hould not when they have parted with their Money for &s;upply of the Government, have an Advantage by Credit; or in plain Engli&s;h, why it is not as rea&s;onable that a Landed-Man, who pays one fifth Part of his Annual Income every Year for Taxes to the Government, &s;hould have a Credit upon his E&s;tate when he has parted with his Money, as for the <HI>Exchequer</HI> to have his Money and the Credit too. I am &s;ure tho&s;e who teach &s;uch Doctrine, whatever are their Pretences, are no Friends to His Maje&s;ty's nor the Nation's Intere&s;t: For certain it is, the Intere&s;t of His Maje&s;ty and His Subjects are in|&s;eparable; and the more the Subjects are encouraged, the better able they will be to a&s;&s;i&s;t His Maje&s;ty, and to pay their Taxes.</P>
<P>I am &s;orry to &s;ee that the Landed-Men are in &s;uch a dead Sleep, and that when all are looking out &s;harp how to get E&s;tates, they concern not them&s;elves how to pre&s;erve their own. A Mariner who &s;ees a Wrack will endeavour to avoid the Sand; but the Landed-Men &s;eem &s;ecure and unconcerned, notwith&s;tanding the Wracks and Ruins of &s;o many hundreds of them every Year: However, tho they are unmindful of them&s;elves, I hope their Repre&s;enta|tives will take care of them, and e&s;tabli&s;h a <HI>Land-Bank</HI> this Se&s;&s;ions in their favour.</P>
</DIV1>
<DIV1 TYPE="postscript">
<HEAD>POSTSCRIPT.</HEAD>
<P>WHereas in Order to weaken the Landed Man's Intere&s;t in Parliament, and to ob|&s;truct the E&s;tabli&s;hment of a Land-Bank, it is reported, That by a late Agreement between the Directors of the National Land-Bank, and the Tru&s;tees of the Land-Bank at <HI>Exeter-Exchange,</HI> the Landed Man was excluded by the &s;aid Agreement from any Intere&s;t in the &s;aid Bank. It is thought &s;it to &s;ignify, That the &s;aid Agreement, the Original whereof &s;igned by the Directors and Tru&s;tees of the &s;aid Banks, being ready to be produced, is in the following Words,</P>
<P><HI>We do hereby &s;everally declare our Con&s;ent and Opinion to &V;nite and join together In procuring an Act of Parliament for e&s;tabli&s;hing a Bank upon a Fund of Land and Money in &s;uch manner as the Parliament &s;hall think fit. Dated the</HI> 3d <HI>of</HI> February. 1695.</P>
<P>So that the propos'd E&s;tabli&s;hment is &s;ubmitted to the Wi&s;dom of the Legi&s;lative Power.</P>
<CLOSER><SIGNED>JOHN BRISCOE.</SIGNED></CLOSER>
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