To subscribe to banks, without knowing the scheme or design of them, is not unlike to some gentlemen's signing addresses without knowing the contents of them: To engage in a bank that has neither act of parliament, charter, nor lands to support it, is like sending a ship to sea without bottom; to expect a coach and six by the former, would be as ridiculous as to hope a return by the latter.
It was well known some time ago, that our banks would be included in the bubble-bill; and it was believed those chimeras would necessarily vanish with the first easterly wind that should inform the town of the royal assent.
It was very mortifying to several gentlemen, who dreamed of nothing but easy chariots, on the arrival of the fatal packet, to slip out of them into their walking shoes. But should those banks, as it is vainly imagined, be so fortunate as to obtain a charter, and purchase lands; yet on any run on them in a time of invasion, there would be so many starving proprietors, reviving their old pretensions to land, and a bellyful, that the subscribers would be unwilling, upon any call, to part with their money, not knowing what might happen: So that in a rebellion, where the success was doubtful, the bank would infallibly break.[26]
Since so many gentlemen of this town have had the courage, without any security, to appear in the same paper with a million or two; it is hoped, when they are made sensible of their safety, that they will be prevailed to trust themselves in a neat skin of parchment with a single one.
To encourage them, the undertaker proposes the erecting a bank on parliamentary security, and such security as no revolution or change of times can affect.
To take away all jealousy of any private view of the undertaker, he assures the world, that he is now in a garret, in a very thin waistcoat, studying the public good, having given an undeniable pledge of his love to his country, by pawning his coat, in order to defray the expense of the press.
It is very well known, that by an act of parliament to prevent profane swearing, the person so offending, on oath made before a magistrate, forfeits a shilling, which may be levied with little difficulty.
It is almost unnecessary to mention, that this is become a pet-vice among us; and though age renders us unfit for other vices, yet this, where it takes hold, never leaves us but with our speech.
So vast a revenue might be raised by the execution of this act, that I have often wondered, in such a scarcity of funds, that methods have not been taken to make it serviceable to the public.
I dare venture to say, if this act was well executed in England, the revenue of it applied to the navy, would make the English fleet a terror to all Europe.