CHAP. I.
Of the present badness of our Coin.
By Current Coin, I mean not that which is Current by Law, but by Custom; that which People are forc’d to take for want of better, to the great Grievance of the Subject, Dishonour of the Kingdom, and Obstruction of Trade.
For every Man now is destitute of a sufficient Pledge and Security for his Personal Estate, unless he will take Personal Security, or find out a Mortgage, or rely upon a Bank.
Personal Security is now less than ever, the publick Banks have so drain’d or so engag’d at least the Traders in Money.
Mortgages are very hard to be found, for small Summs, and much harder for great ones, since the establishment of the new Banks.
And as for a sole reliance on the Credit of the new Banks I leave that for other Heads to discuss; I am of the Opinion it was never intended that they should be the only Security for Personal Estates, and that People should carry in their Money to ’em out of necessity, and not choice.
And how dishonourable it is to the King and Kingdom that our Money should be so suddenly debased to such a shameful Degree, foreign States will soon determine:
Now that it doth not become so by publick Authority but by Connivence of the Sovereignty, or Necessities of the Nation, is not stating the thing at all less Dishonourably.
For Connivence at a Fault discovers either an Ignorance of it, or Inability to correct it, or design in making use of it.
’Tis plain enough the Government is not Ignorant of it.