The History of England, from the Accession of James II — Volume 4

514 (return (#x13_x_13_i15))

[ See, for example, the Mystery of the Newfashioned Goldsmiths or Brokers, 1676; Is not the Hand of Joab in all this? 1676; and an answer published in the same year. See also England's Glory in the great Improvement by Banking and Trade, 1694.]

515 (return (#x13_x_13_i16))

[ See the Life of Dudley North, by his brother Roger.]

516 (return (#x13_x_13_i17))

[ See a pamphlet entitled Corporation Credit; or a Bank of Credit, made Current by Common Consent in London, more Useful and Safe than Money.]

517 (return (#x13_x_13_i17))

[ A proposal by Dr. Hugh Chamberlayne, in Essex Street, for a Bank, of Secure Current Credit to be founded upon Land, in order to the General Good of Landed Men, to the great Increase in the Value of Land, and the no less Benefit of Trade and Commerce, 1695; Proposals for the supplying their Majesties with Money on Easy Terms, exempting the Nobility, Gentry, &c., from Taxes enlarging their Yearly Estates, and enriching all the Subjects of the Kingdom by a National Land Bank; by John Briscoe. "O fortunatos nimium bona si sua norint Anglicanos." Third Edition, 1696. Briscoe seems to have been as much versed in Latin literature as in political economy.]

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[ In confirmation of what is said in the text, I extract a single paragraph from Briscoe's proposals. "Admit a gentleman hath barely 100L. per annum estate to live on, and hath a wife and four children to provide for; this person, supposing no taxes were upon his estates must be a great husband to be able to keep his charge, but cannot think of laying up anything to place out his children in the world; but according to this proposed method he may give his children 500l. a piece and have 90l. per annum left for himself and his wife to live upon, the which he may also leave to such of his children as he pleases after his and his wife's decease. For first having settled his estate of 100l. per annum, as in proposals 1. 3., he may have bills of credit for 2000L. for his own proper use, for 10s per cent. per annum as in proposal 22., which is but 10L. per annum for the 2000L., which being deducted out of his estate of 100L. per annum, there remains 90L. per annum clear to himself." It ought to be observed that this nonsense reached a third edition.]

519 (return (#x13_x_13_i19))

[ See Chamberlayne's Proposal, his Positions supported by the Reasons explaining the Office of Land Credit, and his Bank Dialogue. See also an excellent little tract on the other side entitled "A Bank Dialogue between Dr. H. C. and a Country Gentleman, 1696," and "Some Remarks upon a nameless and scurrilous Libel entitled a Bank Dialogue between Dr. H. C. and a Country Gentleman, in a Letter to a Person of Quality."]

520 (return (#x13_x_13_i20))

[ Commons' Journals Dec. 7. 1693. I am afraid that I may be suspected of exaggerating the absurdity of this scheme. I therefore transcribe the most important part of the petition. "In consideration of the freeholders bringing their lands into this bank, for a fund of current credit, to be established by Act of Parliament, it is now proposed that, for every 150L per annum, secured for 150 years, for but one hundred yearly payments of 100L per annum, free from all manner of taxes and deductions whatsoever, every such freeholder shall receive 4000L in the said current credit, and shall have 2000L more put into the fishery stock for his proper benefit; and there may be further 2000L reserved at the Parliament's disposal towards the carrying on this present war..... The free holder is never to quit the possession of his said estate unless the yearly rent happens to be in arrear."]

521 (return (#x13_x_13_i20))

[ Commons' Journals, Feb. 5. 1693/4.]

522 (return (#x13_x_13_i25))

[ Account of the Intended Bank of England, 1694.]

523 (return (#x13_x_13_i26))

[ See the Lords' Journals of April 23, 24, 25. 1694, and the letter of L'Hermitage to the States General dated April 24/May 4]

524 (return (#x13_x_13_i26))

[ Narcissus Luttrell's. Diary, June 1694.]

525 (return (#x13_x_13_i26))

[ Heath's Account of the Worshipful Company of Grocers; Francis's History of the Bank of England.]

526 (return (#x13_x_13_i27))

[ Spectator, No. 3.]

527 (return (#x13_x_13_i27))

[ Proceedings of the Wednesday Club in Friday Street.]

528 (return (#x13_x_13_i28))

[ Lords' Journals, April 25. 1694; London Gazette, May 7. 1694.]

529 (return (#x13_x_13_i29))

[ Life of James ii. 520.; Floyd's (Lloyd's) Account in the Nairne Papers, under the date of May 1. 1694; London Gazette, April 26. 30. 1694.]

530 (return (#x13_x_13_i30))

[ London Gazette, May 3. 1694.]

531 (return (#x13_x_13_i31))

[ London Gazette, April 30. May 7. 1694; Shrewsbury to William, May 11/21; William to Shrewsbury, May 22? June 1; L'Hermitage, April 27/Nay 7]

532 (return (#x13_x_13_i34))

[ L'Hermitage, May 15/25. After mentioning the various reports, he says, "De tous ces divers projets qu'on s'imagine aucun n'est venu a la cognoissance du public." This is important; for it has often been said, in excuse for Marlborough, that he communicated to the Court of Saint Germains only what was the talk of all the coffeehouses, and must have been known without his instrumentality.]

533 (return (#x13_x_13_i37))

[ London Gazette, June 14. 18. 1694; Paris Gazette June 16/July 3; Burchett; Journal of Lord Caermarthen; Baden, June 15/25; L'Hermitage, June 15/25. 19/29]

534 (return (#x13_x_13_i38))

[ Shrewsbury to William, June 15/25. 1694. William to Shrewsbury, July 1; Shrewsbury to William, June 22/July 2]

535 (return (#x13_x_13_i42))

[ This account of Russell's expedition to the Mediterranean I have taken chiefly from Burchett.]

536 (return (#x13_x_13_i45))

[ Letter to Trenchard, 1694.]

537 (return (#x13_x_13_i46))

[ Burnet, ii. 141, 142.; and Onslow's note; Kingston's True History, 1697.]

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[ See the Life of James, ii. 524.,]