raises 20 l. per Cent. his Gain is 1000 l. per annum but this Office will enable the same Merchant by his quick Returns to deal for 50000 l. per annum by which if he raises but 5 l. per Cent. profit he will get 2500 l. per annum which is a great and considerable Improvement of his Gain and yet his Trade managed with as little trouble as before 3. That can only be advantagious to few great monied men but 't is prejudicial to thousands for it must be agreed by all that ingrossing like Stagnation in the Blood is a great damage to the whole Body and the Advancement of Trade must be by many Hands and Purses and a quick Circulation and Rotation gives it Vigour and Life 4. When 't is known that convenience as well as necessity induceth men to bring thither their Goods they will not offer less than if it were in their own Warehouses 5. Such as may bring them thither for necessity will be no looser for if they cannot have a good price their Wants being supplyed by the Office they can wait till they may and if none can be procured they may if they please have them offered at the Out-cry where perchance they may yield more than else where 5. The Office may chance to help them to Customers knowing the lowest rate they can be afforded at Objection 14. That it will discover Mens Estates Impossible nor their Dealings neither Answer It discovers no more than Forreign Banks do which Inconveniency if there dispenced with because they are of such necessary use but yet 't is impossible it should discover a man's whole Estate unless he trade with no more than his own Stock and his whole Stock be at one time in the Office and known to be so Objection 15. A Mans Estate or Goods will by putting them into the Office be exposed to the Seizure of his Creditors or Adversaries 'T will rather prevent any such occasion Answer 1. 'T is not intended that any man shall have sight of another mans Folio or an account given him of any Mans Credit in the Office unless the Party himself give direct on for it 2. The goods which any man brings into the Office are no longer his but the Offices when he hath once transferred the Credit to another the Goods being Security to that other for so much value as he gave to the first Owner for his Credit and if a Creditor c. will have them he must take them cum Onere and pay the money they are ingaged for which in most cases will scarse countervail his trouble 3. They are as safe in the Office as in the Owners Shop and far more for should he borrow money upon Security of his goods remaining still in his shop and possession the security given would be lyable to question Possession being the greatest sign of Fraud that can be but being once ingaged in the Office and so much money or Credit advanced upon them there can be no such doubt because they are out of his Possession 4. They are securer in the Office than in his own Possession because the Property is less distinguishable Objection 16. That this Office will not equally accomodate all men Answer 1. Granted nor nothing else under the Sun and yet many things notwithstanding highly valued and beneficial to Mankind as a Stage-Coach to Bristol cannot accomodate a Person for York and yet as useful as York Stage-Coach or any other 2. They that have no Goods or none such as the Office is willing to accept nor any Estate wherewith to purchase this Currant Credit cannot receive an immediate Benefit by it yet may be some way advantaged For Example If one man brings 500000l to London in Gold though the money be originally his yet this Importation by the Expence of that Person proves advantagious being dispersed to many thousands by increasing and quickning Trade and so will this Credit in the hands of a few be profitable to all for the same reason 3. Pro rato it must be Objection 17. That it will hinder the Sale of Goods because most Chapmen buy for time and the Goods being ingaged the Merchant cannot deliver them Answer 1. Much the contrary because it increaseth Consumption 2. In the practice of this Office it will be found that this Objection imports little for when all men may have a full Trade upon secure Credit as good as money no wise man will hazard his Goods at time upon a private Credit unless for very good Reasons But if still there should be some necessitous Persons who have taken as much Credit upon their Goods in the Office as they will bear and selling them are not able to redeem and deliver them it is almost impossible for the most comprehensive Design in the World to provide against all such Circumstances as mens Necessities may bring them into yet even are there many helps in this case as will certainly appear in Practice 3. Persons that are not necessitous may send in other Goods in liew of the first 4. This Inconvenience cannot affect any man that hath not transferred his Credit in the Office for Instance If I bring in 1000 l. worth of Goods and have Credit upon them for 700 l. and then sell 300 l. worth of the Goods I may take out of the Office what I have sold and for the Remainder I shall have still Credit left proportionable to the vallue of those that remain behind Objection 18. That Credit cannot answer small and Country Occasions Answer 1. As well as Guineys doth Half-penny Bargains by Exchange 2. There is no need of this Objection because the Bank only receives and gives Credit for Summs of ten pounds and upwards 3. The first part I grant But if that were an Exception sufficient to disallow it then must Gold be rejected because there are not pence and half pence of Gold Credit is another Species of Money wherewith Great Sums can be paid with more ease than with either Silver or Gold and the only use of Silver and Gold will be for Summs under 10l To the last I answer That any Subscriber that hath Gold and Silver will exchange it for Credit to an Acquaintance as he will Silver for a Guiney but if for some small time they cannot be so well accomodated yet as soon as we shall have settled it in every County we can make any man Creditor in the Office of his County for what he receives at London which Credit can be transmitted from Place to Place throughout England Objection 19. That the Interest of 6. per Cent is too much Answer 1. 'T is neither so for the Depositor nor the Officer for few or none will lend so cheap upon Goods 2. If they will now when Trade increaseth as it infallibly will none will then or but to very few Friends upon very few sort of Commodities 3. The Depositer hath into the Bargain safe and orderly keeping of his
Goods Ware-house-Room and the use of it to buy and sell as in his own and Book-keeping for so much besides a good Evidence or Record to his Payments So that the Neat Interest cannot be 2 per Cent. 4. The Office cannot take less for the Charge of Rent and Officers comes at least to 5 per Cent. of the 6. Obj. 20. That Goods will spoil in the Office through neglest We answer that every one hath Liberty as in a pound Onvert to take care of his own Goods 2. It will concern the Office to keep Servants on purpose to use all means of preserving the Goods from Mould Mildew Canker Rust Rats Mice Moths Spots Stains Wet Dust Rot c. Because they are not assured the Deliverer will redeem them if therefore any Damage should happen to the Goods they will hardly reimburse the Office their Credit and Charges 3. Notwithstanding this Objection we see Lumbards beyond sea are frequented and we shall have the same or greater care Objection 21. The Goods will be damnified in the Removing We answer that Goods which are to be fixed we desire not and for moveables they usually are often removed and cannot be much damnified by once or twice removing Besides if Merchants please they may have their constant Ware-house Room at the Office paying no more than elsewhere and then they may send their Goods from the Custome-House immediately thither Objection 22. The Foundation of Credit bad because upon perishable Goods We say that though the Goods are perishable yet the Credit is Good because they are always disposed of either by Redemption or Sale before they can perish and if the Credit be not redeemed there is Money or other substantial Goods still to answer it Objection 23. That this Credit will not yield 3 d. per diem per Cent. at the Goldsmiths as Money nor any thing in the Office whilst it lyes there This I deny for first when a Merchant takes up money at the Goldsmiths 'T is for immediate Use either to buy or pay away Then the Goldsmith being Creditor for all that lyes in his hands assigns over so much as he desires and the Merchant again to the Party selling him Goods or bringing him Bills of Exchange which Bills though now usually satisfied in Specie will be answered with Credit or at least most of them that are considerable For suppose A. B. of London consigns 1000 l. worth of Cloths to a Factor in Amsterdam and orders him to lay out 500 l. in certain Commodities and remit the rest the Fastor draws upon C. D. of London a Bill of Exchange to be paid to A. B. for 500 l. which the said Fastor had disbursed to buy Commodities according to the order of A. B. his Principal A. B. presents this Bill to C. D. and he accepts it and accordingly orders A. B. to be Registred Creditor for so much in the Office which A. B. is contented with because he may not export it in Specie nor will he suffer it to lye dead And all other Uses and Intents of money Credit answers as above declared 2. The Office if a Creditor will assign it over to the Office for the time being it is Creditor will allow as Goldsmiths but if the Creditor remaines Creditor there is no more reason for them to expect Allowance than when money lyes in their own Houses For whil'st they remain Creditors it is in their Possession Objection 24. That it will occasion many a Mans Ruine because Creditors seeing a way for their Payment will be more earnest for their Money This I deny For First Creditors will not be earnest unless often deluded 2. You may as well say a man ought not to have his own for fear of ruining another 3. All good Husbands that owe money have money owing them and if they are pressed to pay they can likewise press Payment and this enables one as well as another to pay For it will be a meanes to balance all Debts and Credit 4. Those that are not good Husbands ruine themselves and therefore the Creditor hath reason if he can to secure his own Objection 25. That it will cause too great abundance of Commodities that there will be no Vent for them I will grant the first part and deny the latter For we find that one man can consume 1000 l. worth of Commodities in a year and another but 10 l. and by this means if all or most men become ten times richer they will consequently consume ten times more Besides there are many of our Commodities may be carryed abroad where they cannot want a Market For we must never expect to out-trade the World Objection 26. That some Commodities are so old fashioned that they cannot be sold I answer that no Commodities are so old fashioned but that they may be new enough in another place as mix'd Red and Yellow Damask is worn in Wastcoats by Women in Hamburgh nor so much decayd but that they be of some use as the best Rags for Paper the worst for Improving Land God having so ordered all things by his immense Wisdom and Universal Providence that nothing should be in vain and that the Corruption of one thing should be the generation of another The Usefulness of Banks in Trade is known and approved by all versed in Commerce The Office of Credit now on Foot under the Inspection of the City is the same with Forreign Banks enlarged only by altering the Fund from Money to all sorts of Wares and Merchandize But in all other Proceedings alike Therefore such as have no leisure to be Convinced by Discourse may at first try by bringing in a small Stock of Goods or Lands of a Hundred pounds or more which will convince them of the Security Conveniency and Currency of the Credit and after upon solid Experience they may make use of the said Office with greater Stocks Especially since this being a Bank of Honour there can be no Shame when all or most Persons frequent it in order to a more prudent Improvement of their Estates and not only to supply their Necessities which also is alone Shameful when by Luxury Sloth or Imprudence they are reduced to it and not so through Misfortune Nor is there any Hazard for all Officers gives the City great Security for their Faithful Behaviour nothing passeth in the Office without the Observation or Controule of an Alderman or Common-Council-man appointed by the City Every man hath daily Access to his own Goods if he please and lastly the Persons to whom the Profit belongs have not the Trust and the Persons Entrusted have not the Profit but a Salary This Office answers the Wise mans Advantage the Generous mans Conveniency and Publick Spirit and the Needy mans indispensable occasions the Credit being better than that of any Forreign Banks because of a more valuable Deposit and as useful as Money purchasing any thing as well at the currant Market Price at least from any of the Ten
SEVERAL OBJECTIONS Sometimes Made against the Office of Credit Fully Answered Objection I. THat 't is not practicable Answer 'T is already practised seperately in its Parts as in Lumbards and Banks beyond Sea An. 2. 'T is because it may be securely dealt with as V. Obj. 7. 3. That 't is very probable Customers will come to this Office as well as they do here to Bankers Scriveners and Broakers and beyond Sea to Lumbards and the rather because of the Publick Security and the Credit of the Citty 's Care and Inspection better than the Reputation of any of the former and alfo by reason they are supplyed here at much lower Rates 4. That the Credit raised upon Goods may be transferred as well as it is in the Banks beyond Sea and without doubt will be as acceptable since the only Reason why it passeth Currant there i◠because there is a Pledge left in a secure Place and so there will be here with Advantage 5. There was more reason to have doubted the passing of Credit at the first Constitution of Banks when there was nothing in the known World like it than now having Examples before us of Forreign Banks and Home Bankers 6. What is already practised in other Countries is Practicable here as Lumbards and Banks For Goods can be brought by the Proprietor received registred and securely reposited by the Undertakers as in Lumbards and the Depositor for the value of them can be entred Creditor and Debtor as they are for the value of Money in Bank and so can it be transferred In all this there is no such Herculian Labour Vide Lex Mercat pag. 73. Register Objection II. That there is no need of this Office because there is already Money and Trade enough Answer 1. There cannot be too much Trade Answ 2. That there is want of Money is evident by the decay of Trade and want of Employment for at least half the People of the Nation an Example whereof we have in Ireland which abounds with Native Commodities and yet hath no considerable Trade for want of Money or Currant Credit equivalent and though some men because of their great Credit may have what money they please yet they cannot but find by dealing with several that either pay them not punctually or not at all that Money is wanting The standing Debts in this Nation where men are willing to pay and rich in Goods or content to be employed though idle are clear Demonstrations that there is not Money enough to answer all Occasions which would appear more plainly if every Man in London who hath 10000 l. Credit upon the Exchange should desire so much Money together 3 If there were ten times as much Trade as now there is the People would be ten times richer than now they are and by the help of this Office and the quick Returns occasioned by it Trade will be so much increased For let us have never so many natural or manufactured Commodities one Country or other will want them and take them off our hands so that there is no fear that by the Increase of Trade Merchants and Tradesmen growing innumerable will not be able to live one by another nor yet will the resort of People to Cities and Places of great Trade bring with it that scarcity of Provisions apprehended by some men for the largeness of Trade doth not multiply men in the World though it doth in the Place of Trade to which Provisions especially when they have the help of a Navigable River will flow from all Parts at as cheap a Rate as before when by the Removal of Persons to trading Towns the Consumption must needs be less in those Parts from whence they come 4. The Office therefore the Credit whereof will be as the adding of so much Money to the Nation will be a certain meanes to increase its Trade and consequently enrich it And the Credit there delivered out will first or last find its way back for the Redemption of Goods and in the mean time serves Mens Occasions as well as ready Money 5. 'T were worth the knowing how many there are that have so much money that they know not what to do with more if they had it If there be few or none such then surely this Office may be necessary for it can enable a man by the use of it to deal for six times or at least double what he is worth and yet never be trusted As suppose a Silk-man be worth a thousand pound with which he buys Silk he brings this into the Office and raiseth 9 10 of the worth which is nine hundred pound or more or less according to the nature of the Commodity with which he buys again from the same Merchant more and brings that also to the Office to raise Credit and so one upon the other according to these following Examples The Rule of the Office being for the most part to Lend ¾ 9 10 or ½ Example 1. Principal 1000  750 565 280 210 155 100 3060 Example 2. Principal 1000  900 810 730 655 585 525 470 435 300 270 250 130 100 7160 Example 3. Principal 1000  500 250 125 60 1935 Example 4. Principal 100  90 80 70 65 60 55 50 45 40 35 30 25 20 765 By which ' its evident that this Silkman may multiply his stock to 7160 l. without ever being Credited for the Merchant is paid in credit which is currant and the Silkman as fast as he can get a Chapman may either sell at his Shop or the Office where the whole charge after Six per Cent. p. an comes for a half year to 210 l. if no part were in that time sold and his gains at 10 per Cent. the usual gain comes to 716 l. where his gain would without this help have been but 100 l. after the same rate Besides this hinders him not from buying half upon credit and then his stock would have been 14322 l. and his gains proportionable Or suppose less credit were lent out of the Office taking one commodity with another according to the first and third examples it does trible or double the principal stock There is likewise added a fourth example of a smaller sum upon which 90 in the hundred is lent that the vulgar capacities may the better understand the advantage and profit We must note that a man is obliged neither to buy alwayes from the same Merchant nor the same commodities but from whom and what he pleaseth the Credit being Currant But those Objectors take this assertion for granted because they and some they know have no want of either Money or Trade which is a deceitful Calculation For 1. If there were never so little Money and bad Trade yet some would fare well enough though the fewer 2. If there were Moneyes and Trade enough I suppose those overstockt Merchants would not meet so often with bad Debts and delatory payments as hath been usual 3. The failing of so
he finds the same without diminution which if it were in Comodities he must Trade or spend all for Bread will scarce last a week Cheese a year Cloth some few years more So that at the 20. yeares end instead of being worth 100 l. a Man is worth nothing but rotten Dung or Moth-eaten decayed Cloth for none of which he can purchase another Commodity But Mettalls and Precious Stones might answer this and other Qualifications And if you object a possibility of having Jewels counterfeited I answer That all the care hitherto taken hath not been able to prevent the counterfeiting of Money and if it may be dispenced with in one Coin it may be in another 4. The generality of Commodities are not of so rich intrinsick value but that Men must as in Sweden go to Market with a wheel barrow or Cart when as a great value of Money can be put in ones Pocket or under ones Arm. Now Credit answers the first by having its value as certainly known for a man needs but name any summe to the value of what he is really Creditor in the Office and 't is of intrinsick value known by his onely naming it as if A. being Creditor desires the Office to enter B. Creditor for 10 l. then B. is assured of currant indisputable ten pound It answers the second by being more certain for moneys sometimes riseth and falleth but Credit is alwayes certain to the persons receiving and possessing it though uncertain to the Goods for the same may sometimes be valued at the delivery 5. per-cent more than at another time according to a Market price Credit once made is certain but in the making is uncertain It answers the 3d. in that it is as durable for it may last to the end of the World without ever suffering any Decay the Fund of which Credit only being often changed according to the durableness of its nature It answers the 4th And exceeds it for 1000 l. Credit may lye in the Room of 10 l. Gold It farther excells Money in these particulars it cannot be counterfeited or Clipt it is soon told it cannot be stolen it is carryed and transmitted from Place to Place either within Land or beyond Sea by Bills of Exhange with ease and safety and many more Besides Money rightly considered is not so desireable for a man can pass away Money but not consume it as he doth other Commodities for Back and Belly And a man only endeavours to get Money that he may purchase Commodities both to Gain and Consume So when we sell Commodities for Money 't is with a Design only to by other Commodities For all Men desire Wealth Riches or Money only that they may feed Dainty be Cloathed Richly be well Attended and Obeyed c and entail the like abundance upon their Posterity A Trades-man is better pleased to have his Shop and Ware-house stored with Goods than his Bags replenished with Money and a man is as wealthy that hath 100 l. in Hay Grass or Dung as he that hath it in Gold For as 100 l. Gold can fetch any commodity 100 l. of Hay or other commodity will fetch so much Gold for bertering is still continued but at every commutation Money as a well known witness must be the Medium for want of this better way of Credit Money is a Bondage upon Trade because no Commodity is Currant till it hath been measured by it which according to the quantity of either is sooner or later done and accordingly is Trade quick or slow And it is worthy consideration how far it may consist with the rules of Policy and the interest of State to enslave all our Staple Wares to the commodity of forrain Princes who upon ocasion can withhold it from us and so retarde and destroy our Trade at pleasure unlesse we can contrive something to officiate in its room which if possible is best beforehand Ireland can witness that they cannot thrive notwithstanding their abundance because this forrain commodity Money is with-held from them Many a man hath peâ—ished through Hunger and Cold that had Money but none that while welâ— fed and Cloathed hath perished for want of Money Objection 12. That the Citizens especially Bankers Scriveners and Broakers will unanimously oppose this Office being afraid it may undo them and many Retailers Which will confirm all the rest of the Inhabitants in the good Opinion of the Office Answer 1. Private Interest ought to stoop to publick Good and if no new design should have been put in practice lest some particular Persons might be injured then Printing Guns cutting of Navigable Rivers and publick Water-works must have never apppeared in the World to the Prejudice of Clerks Fletchers Carryers and Tankard-bearers for what one gets some other always looseth 2. Where were the Injury if all those Professions or Trades were reduced within their just and due Limits for a Scriveners Profession is only Writing a Goldsmith making and selling of Plate and a Broakers buying and selling of old Cloaths and as for the Bankers 't is better that all the Inhabitants of the City be accomodated than a few Bankers gratified by some of whom a great many Families have smarted and who are an Upstart Profession and no small grievance to the Nation and yet this Office doth not obliege any one from using the Bankers but the Subscribers only for so much as they Subscribe but the great Design of it is to invite all Merchants and great Dealers who possibly are not the Broakers and Scriveners best Customers to increase their Trade by this Currant Credit and to put Tradesmen in a may of Ballancing their Accounts one with another to which they have no easie step without this Office 3. They that do now use those Professions may sometimes find comfortable Employments in the Service of this Design and by employing their Stocks otherwise Improve their Trade and be considerable Gainers that way 4. Those Professions rise and fall by the value of Money as we see at this time now Money is at 4 or 5 per Cent. they do not turn to Accompt Object 13. That it will prejudice the Rich and Antient Merchants by making them uncapable of keeping up their Market and the Younger because their Goods are Mortgaged 'T will lower the Market but to the profit both of Rich and Poor Answer 1. Should it be so yet is it just and necessary that such Merchants may be restrained from illegal Ingrosing and Imposing of high Prices upon their Commodities but the contrary will rather appear for by the help of this Office the young Merchants will be the better inabled to answer their Bills and kept from being necessitated to abate their Price and under-sell the Market 2. If they gain less by one bargain they gain more by having ten Bargains for one which they may have by the quick Returns they will make by this Office for Example If a Merchant deals for 5000 l. per annum and
thousand Subscribers amongst whom for their common Benefit of having so great a Stock of Currant Credit more Confined among themselves besides their Fund of Money and Credit nothing hereby diminished we desire for our Ease and their Benefit if possible it may from time to time be Assigned though the Office undertakes to make the Credit allwayes Currant if not by the Common by all Extraordinary meanes so that none need fear any Dammage or Delay by receiving the Assignment of it 'T is alledged above there is no Shame in sending a Fund of Goods into this Office which clearly appears by its Universality and its helping Improvement as well as accomodating Necessities for Prudence honest Industry and Frugality merit Honour when only Luxury Sloth and Folly are rewarded with Shame The Great Good and Rich Men for the publick Good which always carryes its Reward with it are invited not so much to serve their present occasions as to countenance and skreen the Necessitous from pretended Shame and none are under this Obligation for above a Year as also to augment the number of Receivers of Credit and contribute to the vast Charge of so great and good an Undertaking without loss or hazard to themselves and for which their Names shall be transmitted by Records in Brass to Posterity for the first Subscribers 'T is not to be supposed that this Office is not useful because it pretends not to answer all Occasions no more than Bristol Stage-Coach ought to be suppressed because it doth not accomodate a Traveller to York nothing under the Sun answering all Emergencies therefore all are invited to try the first Year and such as find their Account in it may continue the rest may forbear till they do Where there is no Shame nor more Hazard in the Tryal than in all common and ordinary Trade and Dealings the bare proposing publick and private Advantages may be sufficient to invite prudent and generous Persons to make an Experiment of our Office But where there is either Shame or Hazard there clear proofs of the said Advantages are but sufficient That when any Subscriber is proved to sell dearer for the Office-Credit than he would if he had received ready money which in no respect is so good his Name shall be raced out of the List of the Subscribers These Objections Answers and Instructions are not to be exposed to publick view but reserved for the use of our Agents and Officers and to that purpose they are advised to peruse them frequently to make them ready in the use of them and if a new Objection be started they may promise an Answer the next Meeting and in the mean time transmit the same to the Undertakers at Dr. Chamberlains in Bishopsgate-Street who will return them a full Answer The INDEX of Objections 1. THat 't is not practicable Fol. 1 2. That there is no need of this Office because there is already Money and Trade enough fol. 2 3. That 't will be a Monopoly fol. 5 4. That the Office will be endangered by Fire f. ib. 5. That there cannot be sufficient Security to answer the Trust f. 5 6. 6. That the People will not readily apprehend a Benefit from this Office understanding nothing but Money to which they have been accustomed fol. 8 7. This Office will bring Money out of use fol. 9 8. That the Warrs abroad may obstruct Trade and so hinder the good intended for why should men seek to increase Commodities at home when they may not find Vent abroad fo ib. 9. That it will be a Shame and Discredit for eminent Merchants and others to pawn their Goods and none will Credit with goods ormoney such persons as make use of this Office fo ib 10. That the Office will not lend so much Credit as the Proprietor needs or would willingly have fol. 11 11. That Men will desire to have Money rather than this Credit fol. 12 12. That the Citizens especially Bankers Scriveners and Broakers will unanimously oppose this Office being afraid it may undo them and many Retailers fol. 18 13. That it will prejudice the Rich and Antient Merchants by making them uncapable of keeping up their Market fol. 19 14. That it will discover Mens Estates f. ib 15. A Mans Estate or Goods will by putting them into the Office be exposed to the Seizure of his Creditors or Adversaries f. ib 16. That this Office will not equally accomodate all men f. 20. 17. That it will hinder the Sale of Goods because most Chapmen buy for time and the Goods being ingaged the Merchant cannot deliver them fol. 20 18. That Credit cannot answer small and Country Occasions fol. 21 19. That the Interest of 6 per Cent. is too much fol. ib. 20. That Goods will spoil in the Office through neglect fol. ib. 21. That Goods will be damnified in the Removing fol. 22 22. The Foundation of Credit bad because upon perishable Goods fol. ib 23. That this Credit will not yield 3 d. per diem per Cent. at the Goldsmiths as Money nor any thing in the Office whilst it lies there fol. ib 24. That it will occasion many a mans Ruine because Creditors seeing a way for their Payment will be more earnest for their Money fol. 23 25. That it will cause too great abundance of Commodities that there will be no Vent for them fol. ib. 26. That some Commodities are so old fashioned that they cannot be sold fol. ib FINIS
both by the Antient Universal way of Trading by Commutation and the present as well in the West-India or American Plantations where Sugar Tobacco Cotton and Indico pass for money as in Amsterdam where the general Part of Trade is managed by Credit in Bank 2. The Credit here recommended answers all the Ends and Intents of money For it will pass as far as it is known and our money doth no more the private Farthings lately in use amongst us were Current upon the same account because men knew where to return them for money or Wares so men knowing where to return this Credit it will for the same Reason be received The like may be said of the Sealed Bags in the East-Indies which pass as far as the East-India Prince hath Credit 3. This Credit will pass as quick and nimble as money and more for it will be granted that nine in ten if not ninety nine in a hundred receive money to pay away again 't is but then repairing to the Bank and taking an Assignment which will pass from man to man and so ad Infinitum from one hand to another and is present Payment 4. This Credit will pay Debts buy or purchase may be let out at Interest or hoarded up and will furnish the Possessour of it with all necessaries as well as money 5. It serves as a superiour species of Money for as Silver is for the buying of the smaller sort of Commodities exchanged for Copper and Gold for Silver so this Credit which is superiour to Gold or Silver may be exchanged for either for Example If I have 10 l. or more to pay this Credit will do it without turning it into Gold or Silver but if I have under 10 l. to pay I may turn this Credit into Gold or Silver as I may for smaller Summs Gold into Silver or Silver into Copper 6. Money is valuable and affected meerly as 't is a Medium of Commerce for of it self it neither feeds warms cloaths or defends and this Credit is as valuable in the same respect 7. This Credit is better than money for it will pass from man to man without any damage either to it self or its Possessor but money occasions great loss of time as well as trouble in telling is subject to clipping counterfeiting and robbery and is oftentimes the occasion of Bloodshed and Murder 8. If Credit be already much More used than money as certainly it is why should the Credit here offered be lyable to more exception than that which is already in Use especially this being settled and fixed upon a surer Fund and Basis than the other as hath been already shewed What is all Personal Security by Bonds Bills Books-Debts c. but Credit Or real Security by Lands but a Credit given to those Lands that they bear a good Title and to the Mortgager that he hath not otherwise preincumbred them And in the negotiating of Bills of Exchange all that a man hath is the Repute of the Drawer and Accepter so that in effect all mens Personal Estates and real to depend upon Paper and Parchment and the Credit that is given to it except what they have by them in ready Cash or Goods which is commonly inconsiderable in respect of the other 9. If any man that hath the Credit of this Office hath occasion for ready money to be paid away under 10 l. he will be supplyed by any Neighbour Subscriber or Direction from the Office 10. And yet till the Office is universally known and received throughout England money may be sometimes necessary therefore 't is proposed that men should at first bring in only part of their Stocks which will be sufficient Demonstration to them and the World of the usefulness of this Office And in the mean time if any Person inhabiting in the Country receives Credit which will not serve his purpose there till an Office be Established there yet will there be Persons of all Professions willing to give him Gold and Silver in exchange for this Credit for that the Credit is as passable the next minute for Debts or Goods as the most currant money 11. We will first define Credit and see how far 't is already practised amongst us and what makes men accept it here and from the Banks beyond Sea 2. We will consider what money is and how it comes to be so desirable and then comparing both leave it to the Understanding Reader to Judge whether Credit or Money be most useful alluring or inviting 1. Credit is the Reputation of Mans Honesty or Ability or of a things intrinsick value with both which Qualifications this Office is sufficiently endowed Credit in Amsterdam-Bank is but to be registred Creditor and this passeth currant not only because a man may have money for it when he will but because of its known Reputation for every man will receive it and pay Debts or buy any where Commodities none refusing it they being assured it hath a valuable Pledge in a secure place which Pledge cannot be removed till the Creditor who ever he be shall be satisfied But to further satisfie some men how Trade can be driven Commodities bought and Debts paid without money in Specie besides the Indubitable certainty of it's being practised in the several Forreign Banks I shall form an Example or two of the manner and conveniences of it as suppose A. oweth to B. 100 l. B. the like to C. C. the like to D. and D. the like to E. and E. to F. F. to G. G. to H. H. to I. and I. to A. Which if it were possible for them all to know they might agree upon a Meeting and quit each other by Rescounter As for Example A. quits I. he H. and H. G. and so on till B. quits A. and then all are satisfied without one Farthing being paid in Specie when else for want of this possibility of meeting because each knows but his immediate Creditor and Debtor and not the mediate or ready money or for default of it this Office they are all puzzled with Debts and Credits For if A. had the money or raised Credit in the Office upon his Goods A. would pay B. and so on till I. paid A. by which it appears if any of these were dishonest or disable what a trouble they bring upon all the rest and for so much what a stop upon Trade For though one man perchance is able to turn 100 l. but ten times a Year yet the same 100 l. may be by many men turned a thousand times a Year all which as the case now stands may be hindred by one covetous or dishonest Person Now by this Office if a man be able his Creditors will in a manner obliege him to be honest for what is past and for the future there will be no need of trusting which only crept into the World because there was not money enough or that it made not so swift a Circuit as was desired to measure