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 so 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 that 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 easie 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 Moneys 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 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 lye dead without his Consent, his Security be unquestionable, and freed from the Charges of litigious Suits, which so frequently accompany doubtfull Mortgages.
2dly, Both Gentlemen and Traders will hereby be supplied with Money to serve their Occasions, on such reasonable Security as they are able to give, when that Security shall be strengthned, by having the Preheminence above all other Obligations; They may also have liberty to pay it in by such Proportions, as they can best spare it, when it shall be equally the Interest of the Bank to receive it so, which will never want new opportunities to let it out again.
3dly, This Credit will give us an Esteem in Foreign Parts, Draw their Moneys hither, and consequently their Trade, and thereby their People, all which will be an Advantage to England.
4ly, It will supply the Government with Money to carry on the War on Moderate Interest, and make its Credit good; whereby the Publick Revenues will Reach farther to serve its Occasions, and the Ministers of State be freed from many anxious Thoughts, which now make them Uneasie.
5ly, It will make Returns from place to place in England both Cheap and Certain, which will help our Inland Trade, and prevent Robberies, now too much encouraged by travelling with Money; It will also be profitable to our Foreign Trade, by bringing Exchanges low in our favour.