AS the general necessity of men throughout the world constrains them to seek relief where it may be had , so that ( for want of better ) experience doth teach that they must have their recourse to such supplies as Brokers afford on Pawnes , who though for the present relieved with a loan , yet that loan proves to them as a Canker , which in a short time destroyes their whole substance .

And therefore it is that the whole Nation suffers , and doth impoverish every day , whereas others ( who in their greatest distress and necessities can have their recourse to Banks of Loan ) do enrich themselves , and all Trading flourishes amongst them , no beggers seen in their streets , their High wayes freed from Robbers , and their Gibbets not stored with such a number of both Sexes , as at Sessions time are seen within his Majesties Dominions , because Brokers do ( against Statute ) exercise their extortions on all needy persons , who must take their recourse unto the continual breach of the Kings Laws , by poor folks turning thieves .

1. Brokers commonly take three or four times the value of what they lend , and sixty per Cent . per annum for what is so pawned .

2. They do take forfeiture at three or six months .

3. They do constrain the poor to continue their pawn from month to month , so that the poor must be at the charge of a months Interest perhaps for two dayes .

4. They reckon six pence per pound a month , and six pence for Bill money .

5. If a pawn continue but one week above the month , they exact the two months .

6. They lend no money , but on such things as they fancy .

7. They sell the pawns without restoring the surplus to the Proprietors .

8. Pawns are often lost by Brokers carelesness of them , or becoming Bankrout ; Jewels and other things of great worth have often been conveyed away , for being by them posted from one hand to another , because their particular stock could not suffice to keep those parcels . In a word , by reason of the great number of Brokers , stoln goods cannot be recovered , the owners not knowing where to enquire for them .

Now that there is a self conviction and condemnation in these things is manifest , in that they have themselves contrived and consented to a remedy , That the names of persons who borrow money on pawnes , should be recorded in an Office , but the remedy they have agreed to would prove worse then the disease .

1. For that thieves giving in false names , would be the more secured in their dishonesty .

2. In that the needy ( for whom relief is intended ) pawn their Estates , and record their credit , and so lose both ; for that all Merchants and Tradesmen ( who are the sinews of a well governed State , whose credit is of far greater consequence then their estate ) would thus be exposed to jealousie and question , though they had enough to make good all

Likewise persons of more eminent quality ( who may have occasion to take up money on some pawne of great value ) cannot but count it derogation to their honour to have their names so recorded and exposed to publick view .

Likewise any man that hath a daughter to dispose of ( and thereby occasion to make up some smal sum of the portion ) may by this means prejudice all the rest of his children .

The sole necessary remedy against this great Grievance of the Nation , is as followeth : To obtain of his Majesty and Parliament , leave to erect Banks of Loan , as in divers other Christian Governments , viz. Spain , Italy , Lorrain , some parts of France and the Netherlands , where the Banks are established and governed according to the principles of Charity and Christianity , both in respect of the borrower and lender , and in respect also of those that are continually imployed in the Office .

That the Remedies may appear to be true , a remedy , and no palliation , the benefits are here set down , per Order . First , Banks of Loan are the safest Treasurers , being built as hereafter is exprest .

Secondly , Monies to be had there at all times , on all kind of pawns for rich and poor , at reasonable rates , and favourable advantagious conditions to the borrowers at the fifth part less charge then the Brokers extort from the necessitous , and without any forfeiture at all , without constraint to leave their pawns a months time , but with liberty to redeem them at a weeks , and allowing but two farthings and a half per pound per week , instead of six pence per month , which the Brokers do extort , and three half pence which the Majestrates where Banks are established do allow .

Thirdly , Monies are lent on all kind of pawnes .

Fourthly pawnes are not sold , but on condition that the surplus shall be restored to the Proprietors .

Fifthly , None can be lost by reason of the good order and care of the Officers .

Sixthly , The Banks cannot run away , nor become Bankrout , for they are fixed where they are erected , the Stock and Jewels remaining there ( and all other things of great worth ) kept under treble keyes of the superior Officers . And as the Banks are free from fire and thieves ( and open violence in time of uproar ) so are they the only and most ready way for persons ( whose Goods have been stolen ) to send their Tickets to make stop of stolen Goods .

Seventhly , The Banks cannot deceive , for as there is no trust , but for Ticket and Money , the Administrators are sworn persons who have given publick security , and are under the Examination of Surintendants , authorized by the Sovereign power . They have also a Stock in the Bank , so as they are particularly concerned in its preservation .

Eighthly , The Administration of the Bank admits not of , nor is subject to Litigious Titles , nor gives doubtful expressions ; as it wounds no mans Credit , for that there are no names of borrowers put in their Records , nor on their Tickets . The Tickets are divided into two parts , the one half is fixt with the Pawn , the other is given to the party that receives the Money , and bears no more save the nomination of the Pawn , the Date , and the Sum lent thereon .

Whosoever therefore sends to such a publick authorized Bank ( either in the morning or in the afternoon ) finds therein a Surintendent , a Recorder , a Praiser , and a Cashier , persons ( as aforesaid ) of known integrity , who attend at set hours , and who do admit the poorest , as well as such sent by the most eminent , who do instantly Tax the Pawn , were it but a pair of Shoos or a womans Coif , and presently relieve the needy , whom they dispatch at an instant , and disappoint none , be their Pawn never so small .

And if it happen that Merchants are constrained to send privately to the Surintendent for a considerable relief , on occasion when their Cash is unprovided , or sudden loss , or bills of Exchange surprize them , or that store of their Merchandise ( by ships returned from remote parts in an unfit season for sale and good market ) lyeth on their hands , the Merchandises are accepted , safely stored up , and timely relief afforded them , without publishing the Merchants name , who thereby saves his Credit , and is prevented from becoming Banquerout .

The same benefit redounds unto Tradesmen and Countreymen , when surprized for want of mony to pay their Landlord , they prevent the forfeiture of Leases , and wait a good market to discharge all .

That the Clothiers also , for want of a good market , may leave their Cloath in the Bank till better opportunity , without prejudice .

Thus all other Traders ( when they want their Market and finde no Chapman ) may leave their goods there till a Market come .

And as the poor people ( that live from hand to mouth ) do receive moneys upon their meanest Pawns , and thereby chiefly supply their necessities to manage their little trading up and down the streets , and do not so much as feel that little consideration for the use of the mony , which the Bank takes for their charges they must be at .

First , The use of the Stock wherewith the Bank must be continually provided , and is according to the Statute .

Secondly , To defray the stipends of the Surintendet , every superior , and inferior Officers under them , as Praysers of ●ewels and other sorts of precious comodities , whereby the Bank may suffer notable damage by false Jewels , the change of Fashions th●f●ll 〈…〉

Thirdly 〈…〉

These Charges are found in all other parts unavoidable , and therefore ●he ●●pream 〈…〉 ●tute . The Charges must be allowed over and above the said Use .

And therefore such Magistrates have ordained it lawful to the Administrators , to take one penny per pound , per week ; but the Brokers ( as abovesaid ) take twice , if not thrice as much , besides their over-reaching sometimes the necessitous to their utter ruine .

Secondly , That the Pawn may be redeemed every week .

Thirdly , That the Proprietor may have them a full Year and Six Weeks in the Bank , and longer if they please , renewing their Ticket yearly .

Finally , That when Proprietors suffer their Pawns to be sold , they may send to enhaunce the price at the sale day , and call for the surplusage .

Now whereas the said Magistates for the good of the Publick , have made such a Regulation , and all people under them find cause to bless God for it ; much more will his Majesties Subjects have Just reason to do the like , when Banks of Loan within his Majesties Dominions , shal ( as aforesaid ) take no more then two Farthings and an half per pound , per week , which is neer half less then Banks beyond the Seas take , when as they can have monies for their stock at four per Cent . per An.

All these things considered by Learned and Conscientious Divines and Lawyers , they have asserted , That such reasonable proceedings could not intrench on Usury , much less on Extortion : But contrariwise have defended it both by Reason and Scripture ; whereupon the Banks aforesaid ( in regard of the Pious and Charitable effects of them ) have been universally called , Mounts of Piety .