Some remarks upon a late nameless and scurrilous libel, entituled, A bank-dialogue between Dr. H.C. and a country-gentleman. In a letter to a person of quality.

SOME REMARKS UPON A late Nameless and Scurrilous LIBEL , ENTITULED , A BANK-Dialogue BETWEEN Dr. H. C. and a Country-Gentleman . In a LETTER to a Person of Quality . SIR ,

AT your Request , I have perused the Paper you sent me , called , A Bank Dialogue betwixt Dr. H. C. and a Countrey-Gentleman ; but had not you desired my thoughts upon it , and I been willing to embrace any opportunity further to explain the Doctors Proposal , I should rather have thought it fit for a certain Necessary Use , than to deserve an Answer .

It seems , the Author himself is conscious he is in the wrong , he takes such care to conceal not only his own Name , but also the Printers : However , he resolves to throw Dirt enough , hoping some may stick .

What may not any Man ridicule , by making another talk Nonsence in a Dialogue of his own Invention , and when he himself frames the Answer ? Is not this like setting up a Man of Straw , and then fighting against it ?

As for the Doctor's being the first Setter on foot the Notion of a Land-Bank , or of giving Bills of Credit upon a Land-Fund ; if he was not , pray who was ? For the Comparison in the Margent doth not hold ; for what parity is there betwixt assigning a single Mortgage toties quoties , and settling Land for a Term , to answer Bills of Credit issued out thereon , and recalled annually , till the whole be paid off or cancell'd ? That this Notion of a Land-Bank was borrowed from the Doctor , may reasonably be supposed ; for all People frequenting the House of Commons , know , that the Doctor proposed his Land-Credit to the Parliament , some years before the Bank of England was set up , or so much as thought on ; and a Committee sat upon his Proposal , which Committee was composed of several knowing Gentlemen of most exquisite Sense , who all were of opinion that the Doctor's Proposal was Practicable , tho' our Anonymus is of another Mind ; and the Reason is , because the Doctor's Proposal is not calculated for his shallow Capacity : But the Gentlemen , Setters up of the Bank of England , found afterwards more Favour , and obtained 120000 l. a year to set up a Bank , when the Doctor would and could , as the Committee were satisfied , have given 120000 l. a year to have had the same Favour ; and this Mr. Pa. knows well , for tho' they left the Doctor , to set up the Bank of England , yet the Gentlemen of that Bank , if you may believe what Mr. Pa. hath Printed , served him in his kind , and left him without his expected Reward ; and from that we have the Orphans Bank , and by their Example the Million Bank .

The Doctor is not ashamed of his Proposal or Offer to pay off the Bank of England , and is still ready to do it , if the Parliament shall think fitting , and make all C●ipt Money good , as far as One Million and Eight hundred thousand pounds will go ; and for this desires but 20000 l. per annum to be added to the Fund the Bank of England now hath ; and to get Money to do it , he desires only the same Favour and Encouragement from the Parliament and Court the Bank of England had ; and he will submit his Office of Land-Credit to such Comptroul as the Parliament shall think sit ; to take care that no Bills of Credit be issued but what have a gond Security to repay them in a convenient time : For the Doctor thinks it neither for the Benefit of the King of Kingdom , that any Body or Bodies of Men ; should have such an Unlimited Power , as the Banks of England assume , to give what Notes they please for Money , ad infinitum , without any Security ; for at that Rate , such a Body may run into a Credit of 1000 Millions , ( as that Gentleman talks ) and if those that have Money or Credit enough ( which is all one ) may do what they please , it is to the Integrity of their Minds alone that we are beholden , if they do nothing to the prejudice of our English Constitution , or the Interest of particular Persons .

To Answer this Scribler of Knight-Errantry , would argue I had as little Brains , as little to do , and as much Malice as he : Therefore for Answer to all that Stuff , I will refer to T. D.'s Third part of Don Quixot .

Certainly this Author did himself and the Doctor more right , than be thought of , in making the Doctor say , in page 2. ( Dr. This it is to have to do with such Thick Skull'd Animals , &c. ) for his Kettle wants scouring , tho' Oaken Bark is fitter for him than Crocus .

All the strength of this Spark's Dialogue ( if there be any ) seeme to lie against the length of Time , viz. That 150 l. per annum , for 150 years , is not a Security for 10000 l. Nor doth the Doctor say directly , as Security now goes , it is , all at once ; but if the Doctor should grant that , yet it is as good a Security as the Bank of England gives for their Notes ; Or as Exeter Change for theirs ; Or as Briscoe will for his , if ever he shall give any : For if any Bank in the World is call'd upon all at once , for all the Money they have given their Notes for , they must break .

As for Example :

Dr. Barebone settled a Fund of Ground-Rent to Insure Houses from Fire , and tho' there are more Houses Insured than the Value of the said Fund , yet none doubts the Security , it being Land ; because of the Improbability all should be burn'd together : But if this were a Personal Security , as the Bank Notes are , I doubt few will trust it . But 150 l. per annum is a good Security to pay 100 l. per annum ; and why the Doctor's Office of Land Credit , may not with 1000 l. turn 10000 l. ( for so is his Proposal , as hereafter is shown ) as well as other Banks issue out Bills of Credit ad libitum , beyond their Fund , is to me a great Mystery .

I have indeed heard this answered ; but how ? ( viz. ) The People must be cheated into a Credit : And therefore other Banks , tho' they go beyond their Fund , tell the World they do not , so the People suppose there is a good Fund ; but the Doctor , tells the World , his Bills must infallibly be answered in one hundred years , as the Truth is , and so no one can be a Looser , if they go in the mean time ; whereas he should have told them he would have set up at 20 years , because Land is worth but 20 years Purchase ; and notwithstanding have issued out Bills of Credit to as many Millions as would not have been called in , in 100 or 1000 years ; and then He had done his business : But he must tell Folks the Truth , and give them good Security . if their own Impatience doth not hinder it ; therefore He is simple all over , and his Bank not worth a Farthing .

But to explain the Doctor's Proposal a little better ; Every Man is to ●ett●e 150. l. per annum for 150 years , to secure 100 l. per annum for 100 years ; and to pay and receive as follows , viz.

l. To pay Down 400 At one years end 300 At two years end 200 At three years end 100 1000

l. To receive Down 1000 At one years end 1100 At two years end 1200 At three years end 1300 At four years end 1400 6000

Now this is plain , here is the first year 400 l. to turn 1000 l. in Bills , which is not two Thirds more in Credit , and so on , besides the Peoples bringing in running Cash , the Profits of the Joynt Stock ; and all other Helps not yet published to the World , that are to make the Bills current .

Besides this , Every Persons Land stands but a Security for his own Receipt ; and if this Undertaking should fail , every Person being bound to repay their Credit , and take back their Land , none can in two or three years lose by it , for there is Fund enough for so many years , to Insure every body ; for 150 l. per annum is worth Three thousand pounds , and one thousand pounds paid in Money , makes 4000 l. And in three years time the Office payeth out but 4600 l. and receives about 200 l. in Rent ; so no Person can be any great Loser , who takes these Bills for three years ; and by that time it is not doubted but by the Profits of the Joynt Stock , running Cash , and other helps , this Undertaking may stand the shock of Malice : For I may say ( as Mr. Briscoe heretofore said ) This Undertaking is thought no Security for want of being understood ; and the more this is known , the better it will be liked , and the more Credit given to it ; for it pays off every year 100000 l. and so the Security is every year better and better , not worse and worse , like some others , and so many of the Bills must be called for , or cancell'd .

I have already shewn you how the Bank of England , the Orphans and Million-Banks came to be set up ; there remains Mr. Briscoe and Mr. Asgil , who were both concerned with the Doctor , when he offered his Proposals to the House of Commons ; but Mr. Briscoe finding the Bank of England set up , and that the Doctor's Notion of one hundred years was not understood by many People , tho' all were fond of a Bank with Land-Security , was resolved to try his Fortune by himself , and so gets a Book to be written , and would needs set up a National Land-Bank , at the rate of 20 years Purchase , and gets Subscriptions for Land ; but Mr. Asgil finding Money necessary , begins before him with a Money-Bank , but calls it a Land Bank , finding likewise the Doctor's Notion of Land-Security to take with the Nation ; and Briscoe , seeing himself a ground with his Land only , tacks about , and takes Subscriptions for Money , and promiseth the World he will make Land worth 40 years Purchase , and to his Money-Subscriber 20 per Cent . for their Money ; and so they both may issue out Bills without Limitation , and , if they please , cheat the World ; one having no Land-Security at all , and neither of them able to make any Profit , except by issuing out a vast Credit , more than they have a Fund to answer ; with which they may , ( when they get the Money ) make Dividends , monopolize Commodities , and ●uine Trade , having none to controul them .

But both the Doctor's Proposal , and the Constitution of his Office , are of another nature , and have such a Comptroul , that they can neither issue out Bills of Credit beyond their Fund , nor Monopolize Guineys , the Silver Coyn of the Nation , or Merchants Goods ; nor can they act in any manner against the Government , or to the prejudice of other private Traders : Which Constitution will in some small time be made publick to the World .

As for his Reflection on the Doctor's making use of the Names of Persons of Quality , any Person that will come to the Doctor's Office , No. 6. in the New Buildings in Lincoln's Inn , and is acquainted with their hands , may see the Book of Subscriptions , and be his own Judge .

Less than 100 years will not pay the Charge of this Undertaking , and give the proposed Encouragement to Free-holders ; and more would have made it less diffusive , and not so general a Good ; and then what need more or less ?

I assure you , Sir , of all the Ingenious Men . I ever talk'd with , none ever made a Doubt , but if this Undertaking could stand but two or three years , it could not fail ; and that it hath Fund enough to answer that time according to common Security , is sufficiently evident , and herein before demonstrated .

And further to demonstrate the Goodness of the Security in the Doctor's Proposal , I do aver , None but the Subscribers can break it ; and it will always be their Interest , and in their Power , to support it ; for they being to pay 100000 l. a year , to cancel Bills of Credit , should any sudden Run be , may safely advance a years Rent , or two , to prevent it ; and it will be their Interest : for who will not advance 2 or 300 l. to save 3000 l. in a Joynt Stock , and preserve 5000 l. to themselves ; which they must pay back , should the Bank break ?

Now let us compare a little the other Banks with the Doctor's , and see which is most for the Advantage of the Subscribers , and best Security for the Bills ; the Doctor ( who receives 100000 l. per annum to pay off his Bills , whereby all must infallibly be paid in 100 years ; and hath at least one Million in Bank to circulate the Bills issued , and the first year has 4 l. to turn 10 l. besides all the helps the other Banks have : Nor can the Doctor or his Managers any manner of way alter this , having put it out of their Power , by Comptroulers over them , not all chosen by themselves ) Or the Banks that issue out Notes upon no Fund at all , or at best upon a Personal Security , like the Bank of England , or Exeter Change , some of the Members of which have upon Argument been brought to own , that it hath-no Land-Security , Or Briscoe's , which is , yet , what you please to make it ; Or the Others , which have no such Comptroul over them , but the Proprietors may act as they please for their own Profit , per fas aut nefas , tho' to the Prejudice of the People , and perhaps the Government it self .

SIR , I amYour Humble Servant .

THe Reader is desired to take Notice , That notwithstanding all the Foolish and Malicious Reports to the contrary , The Doctor daily makes great Progress towards the putting his said Office of Land-Credit in practice ; And to satisfy and remove all Doubts that any Ingenious Gentleman shall raise , Attendance is given Mondays , Wednesdays , and Fridays , after Six in the Evening in Lincolns-Inn-New-Buildings , Numb . 6. where Subscriptions to his Proposal for Improvement of the Value of Land and Money , according to an Appendix lately Printed , are daily taken .