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A42988 The Bank of England, and their present method of paying, defended from the aspersions cast on them in a late book entituled, A review of the vniversal remedy for all diseases incident to coin with application to our present circumstances, in a letter to Mr. Locke. P. H. 1697 (1697) Wing H101; ESTC R115 6,042 25

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Tempora O Mores Laces them half Latin half English Lucri honus est Odor O detestable bids them sell all they have throw the Helve after the Harchet Plate Tallies Bonds Lands any thing every thing rather than suffer this Dunning at their Door and if they will do this then all will be well But if not nay if they do but intreat tho in a manner never so languishing for some Forbearance some little Pity this brings him upon them ten times more furious than before O Vipers Work Gentlemen do as I bid you or else you must expect no favour And thus having reduc'd them to the lowest estate of wretched Mortals given them some good advice as proper to restore them as to cure the Tooth-ach he leaves them to comfort themselves with Ends of Philosophy and Scraps of Poetry But after all this if our Angry Author will yet hearken if a word or two may yet lay hold of him Is he really in earnest in this matter or has he only chose it as a fit subject to exercise his Talent on Had his pretended Respect for the Bank or but some Members of it been real he might sure have found out some way to have determin'd this concern something more in their favour I say I cannot imagine but he might have found some appearance of Reason in a Case so plain to have help'd them with on this occasion For my part this I am confident of that if he had made but any Enquiry if he had ask'd any but their Mistaken or their Malicious Enemies the Reason of this faultering as he terms it in their Payments they must needs have referr'd it to the Regulation of the Coyn and the Method which has been taken to make good its Deficiency When a stop was put to the Currency of the old Money and those who had accepted it but just before refused to take it any longer what could the Bank do on this Occasion They had no other way but to stand still till the Business was determin'd and when all other ways of disposing of the Money they had by them except to vast loss was shut up but that of throwing it into the Exchequer I cannot for my life imagin how they could have excus'd themselves if they had not with the whole Kingdom made use of the Opportunity From which it evidently appears that it was Necessity and the publick Good and not any private advantage that oblig'd them to throw their Money by way of Loan into the Kings hands But let us follow this yet a little further for the sake of our Author who seems as if he wink'd hard on purpose to mistake in this matter The small Money being thus forc'd into the Exchequer what could be expected of the Bank till they were supply'd from thence again they could not make Brick without Straw to pay new Money while they had it not was impossible from whence too it easily follows that when they should have it they were oblig'd both in Wisdom and Justice to order their Payments according to their Receipts of it which is by Parcels and by Time so that every one might have a little that is in plain terms to act as they do since they can do no better Had our Author consider'd this as I am sure he ought to have done he might easily have seen that it is the Hardship of the Time and the unavoidable consequence of the reinstating of the Coin that occasions this Difficulty and not any ill Design of the Bank or the Goldsmiths as was said I am sure his not considering of it gives too great an occasion to question either his Understanding or his Sincerity And now Sir if you have yet any doubt of the partiality to say no worse of this Writer I desire you would look over the Apology which he says they are so ready to make for themselves on this occasion p. 32. of his Book and observe how disingenuously he passeth it over without an answer instead of which he only directs them as if their Fortunes were at his disposal to sell all they have that so they might increase the publick hardship with their particular Ruin Oh but says he again if they had call'd in their 40 per cent upon the first sense of their Distress that would have sav'd their Credit and kept them in Reputation But can he believe himself when he reflects once more upon this Proposal Can he think the calling in of 480000 Pounds in Bills only from one part of them would have satisfy'd the other that demanded to be paid in Money the bare Proposal of this Chimera is Answer enough to it without giving it any further consideration Page 56. But let them call in the 40 per cent now says our Author retaining the 20 per cent which they have borrow'd upon courtesie And what then Why then says he having given such a Pledge to the worl● of their Integrity every Body will return to them and throw their Money into their Hands again as they did at the beginning and here indeed the Author has at last found the true way to oblige his Friends the Members of the Bank and to bind them to him for ever But suppose if the Bank sh●uld do this yet People should not bring their Money so fast to them as he promises but notwithstanding this great Pledge should rather chuse to keep it themselves to answer their more pressing occasions I say what would our Author say to this what Recompence could he make these Friends of his after they had so straitned themselves to no purpose to oblige others Why it may be good man he would hold up his Hands exclaim upon their Ingratitude and then send 'em to the very Beasts for more humane Examples Page 58 he sets them to cast up their accounts and to consider their affairs as if they had been hitherto as unthinking and as wild as Epicurus his Atoms and then if they cannot pay ready money to allow interest for Forbearance in which our Author discovers himself extreamly ignorant in the Business he pretends to for had he taken never so little pains he might soon have learn'd that whoever has Notes to the value of 100 Pounds may when he pleaseth exchange them for Interest Bills but I perceive he is resolv'd to order this matter according to his own fancy tho it sets him never so much beside the Cushion But his most endearing kindness for the Bank as well as the great expedient for the restoration of the Money comes at last all his other laid aside and that is the total decrying of the Bank and that they shall pay nothing at all but Interest and this he thinks would set us all upon our Legs again But how in the name of Goodness can this be does their paying some money make greater scarcity than if they paid none will they who think it so hard to receive but a little now be indeed better satisfy'd to receive none at all Impotent Director But says he if their Bills or Notes which is the same with him had no currency then it must be Money but what can he mean by their having no currency However they are order'd still those that own them will have the propriety and by consequence a right to the disposal of them under what form soever they are consider'd For my part except they could pay more money I don't know how they can act better than they do at present and I think it need not be suspected but that they will pay more as soon as they are able least of all that they designedly keep up a scarcity which they themselves are such great sufferers by In the mean time they must have patience the best Remedy for us all till Time the further consideration of the Parliament and the Success of the Publick Affairs bring this great Concern to an issue which that it may be honorable and happy is the hearty desire of SIR Your Servant P. H. FINIS Books Printed for Thomas Speed at the Three Crowns inCornhill near the Royal Exchange THe Duties of the Closet Being an earnest exhortation to private Devotion By a Divine of the Church of England Price bound 1 s. 6 d. Conversation in Heaven In two parts Part the first being Devotions consisting of Meditations and Prayers o● several considerable Subjects in Practical Divinity Written for the raising the decay'd Spirit of Piety Part the second being Sacramental Devotions consisting of Meditations and Prayers preparatory unto a worrby Receiving of the Holy Communion As also Meditations and Prayers suited to every part of Administring and Receiving it By the Reverend Dr. Lawrence Smith Rector of South Warn●orough in Hampshire The Second Edition Price bound 3 s. A short discourse on the Holy Sacrament of the Lords Supper Wherein its Primitive Practice with the reasons of its disuse and ●eglect are fully set forth What are meant ●y eating and drinking Unworthily and ●aating and drinking our own Damnation are made plain to the meanest Capacit● Also all the most material Scruples an● Objections commonly urged for not R●ceiving the Blessed Sacrament are fully a●swered To which are added a serio●● Exhortation with directions and forms o● Prayer for the Receiving of the Lords Supper By John Shank late Lecturer of St. Ma●● Magdalen Bermondsey The second Editio● Price 1 s. Of the Happiness of the Saints in Heave● A Sermon Preached before the Queen 〈◊〉 Whitehall Oct. 12th 1690. By William ●●veridge D. D. Rector of St. Peters Cornhi●● The second Edition Price 6 d. A Sermon at the Funeral of the Revere●● Mr. Thomas Grey late Vicar of Dedham ●● Essex preached in the Parish Church 〈◊〉 Dedham Feb. 2d 1692. With a short ●●count of his Life By Joseph Powel A. 〈◊〉 Rector of St. Mary on the Wall in Colch●●●●● Price 6 d. The death of Good Josiah lamented 〈◊〉 Sermon occasioned by the Death of our 〈◊〉 most Gracious Soveraign Queen Mary 〈◊〉 ever Blessed Memory Preached at Bal … in Cambridge-shire March 3d 1695. Jofeph Powel M. A. Rector of Balsham Cambridge-shire Price 6 d. Religion the only Happiness A Po●● In a Letter to a Friend Price 6 d.