I. First, Its Security.
II. Secondly, Some of those Advantages the Nation will reap by it.
III. Thirdly, I shall make some Comparison between this Credit, and the present Bank of England.
IV. Fourthly, I shall set forth the necessity of setling the Nations Credit in this present Sessions.
I. As to the First, It hath the Legislative Power of the Kingdom of England for its Foundation, a Security strong enough, and nothing else can be so, to build this Great Superstructure upon, the well modeling whereof, will keep it from being subject to the Designs of private Persons: This will last so long as the Peoples Liberties last, for no Change can weaken it, so long as the People of England have a hand in making their own Laws, whose Common Interest will be riveted and made up with the Security of this Bank, that they will in a short time become one thing, so that nothing less than a Conquest will be able to shake it: This we cannot fear from any Nation besides the French, nor from them neither, till Holland is first subdued; therefore, as those States must first truckle, so far will our Bank be more secure than theirs: France cannot erect a Bank on any sort of Security, because the Will of the Prince being his Law, alters according to his present Occasions: Nor can Spain do it; where, not only the Government but also the Profits thereof, are divided amongst its Ministers: As for Sweden, Denmark, and Portugal, the Princes of Italy and Germany, few believe their Circumstances to be such, as to render them capable of erecting a Bank, which may draw the Eyes of Europe to look towards it; England only can do it, for as an easy Government is its own Security, so that Security encourages Trade, and these two, accompanied with the Profits offered to a running Cash, will make all Europe desire to settle their Monies here.
Seeing then, that nothing but the same Power which first constituted this Bank can destroy it, (a Power with whom we intrust our Lives, Liberties, and Estates) I cannot see the least Room left for distrust; for what Advantage can any future Parliament expect by a design of seizing this Bank, when the Treasure thereof may be drawn out, whilst they are framing the Law; and the Consequence thereof will be, the Ruining their own Estates, for which they can promise nothing to themselves, save the being possest of empty Papers.
What farther Hazard the Nation can run, must proceed from the Neglect of the Managers, or the Fraud of under Officers, which, Care in the First, and Security for the Last, will prevent.
II. The next Thing is to shew the Advantages which England will reap by setling the Credit here proposed; whereof some do immediately attend it, others are consequential.
Those which immediately attend it, are,
1st, The Rate of Interest will hereby be brought lower, to the Advance of our Lands, and Encouragement of our Trade, by Methods altogether as profitable to the Usurer, who will be willing to let his Money Cheaper, when it shall never lie dead without his Consent, his Security be unquestionable, and freed from the Charges of litigious Suits, which so frequently accompany doubtful Mortgages.