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Addrefs to pull from her a Servant whom the esteem'd, without convifting her of the leaft Crime; this indeed prevail'd at last to break this audacious Attempt. I must yet tell you of another Step larger than this, and even fo high that it wanted but one of the Top; in a Word, they had projected to get the great Man created General for Life.

It was Time now for our good Queen to look about her, and having loft the Support of her dear Confort, the Anxiety of her Mind was become fo great, that fhe was even overwhelm'd with Grief, till fhe found fome faithful Advisers to open her Mind to; and furely they had been much to blame if they had not fedulously applied themselves to confult fuch Measures as might render their Sovereign fafe and easy, and restrain the Power and Ambition of fome Men that were grown too great. It falls out indeed at an unhappy Conjuncture with respect to our Affairs both at home and abroad, that there fhould be any Occafion for an Alteration of the Ministry, but as I have fhewn you, from Facts that are well known, the real Cause and Foundation from whence all arifes, you must needs be convinced, that what has already, or may further be done therein, proceeds not from Caprice, or from a greater Inclination to the Tories than to the Whigs, or from a mere affected Novelty to change Hands, when all's well already; (as the Party vainly noise it through the Nation) but from an inevitable Neceffity of giving some speedy Cheque to the formidable Power of a few Men, who have given Indications too evident to be flighted, that they have enter'd into Confederacies, and taken Refolutions to govern both Queen and Nation according to their own Pleasure: And because the great Men of the Whig Side have fo deeply engaged themselves with the Ministers in thefe dangerous Intrigues, and divers of them have rendered themselves too obnoxious to be longer confided in, it therefore became unavoidable to have Recourfe to fuch who have indeed ranged themselves on the other Side, but have feen the Error of Extremes, and are willing to enter into healing and moderate Measures; nor is there the leaft Reason to doubt, but that all thofe of the Whig Party who fhall abandon the ill Defigns of the Junto, and heartily concur (according to their own Principle) in the Promotion of the publick Good, will be as freely admitted to Employments, and as well regarded as ever; nothing being more defired than a Coalition of the honefteft Men of both Sides to ballance the overgrown Power of the Minifters, and to manage the Affairs of the Government in fuch Ways as may moft conduce to the Eafe and Satisfaction of her Majefty, and to the Welfare and Profperity of the Nation.

The Minifters and the Junto foon difcern'd the Cloud that was gathering over their Heads, and as quickly beftir'd themselves to provide for Shelter against the Storm. 'Tis eafy to imagine at whofe Inftances our good Allies the States of Holland order'd their Envoy here to defire her Majefty not to change her Minifters; 'tis true that this Meffage was deliver'd with as much Modefty as the Subject Matter would bear, but perhaps Monfieur Vryberg may be noted for the firft Foreign Minifter that ever was charged with fuch an Affair, and it would have look'd with fomething a better Grace, if he had been inftructed to have made this Sort of Interceffion by Way of Conference with fome of the Queen's Minifters, who probably might have been order'd to give him fuch an Answer as would have fatisfied his Mafters, without his applying directly to herself in a

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Business which could not poffibly be void of fome Offence, though her Majefty would take every Thing as well intended that came from a State for whom she has ever had fo fincere a Regard, and who have fo fignally exerted themselves for the Good of the common Caufe.

Their next Attempt was to play the Bank upon her Majefty; this was contrived by procuring the Governor, with fome of the Directors (and we may guefs who fent them, and gave them their Errand) to requeft certain great Lordsto reprefent to her Majefty, that the Apprehenfions of a Change in the Ministry had mightily difturb'd the Trading People in the City, fhock'd Credit, and they fear'd, if a Stop were not put to it, would cause a Run upon the Bank, and disable them from ferving the Government; the Meffage was deliver'd, and it was defired that her Majesty would be pleased to permit them to receive her Anfwer from her own Mouth; accordingly they were appointed to attend the next Morning (and this they have fince been pleafed to call a being fent for) and had a moft gracious Anfwer from her Majefty. I am unwilling to reflect fo hardly as the Thing deferves upon Men whom I efteem fo confiderable in themfelves, and fo useful to the Publick, but yet it is fit their Principals fhould know that they have not well deserved of them by their meddling in this Affair, which (as I fhall fhew anon) did not at all concern them, if they manage their Bank (as I really believe they do) prudently and honeftly, and may poffibly at fome Time or other turn to their Difadvantage. What if a Parliament should come to be of the Opinion (as fome have fuggefted against them) that they may really become dangerous to the Government? or elfe that it may be dangerous for the Government to have fo great a Dependance upon them? Would it not be ridiculous for all the other Bankers of the City to petition the Queen to take Care of their Credit? Is it not the Duty of a Body of Men join'd in a Bank, though they deal with the Government, yet to be as careful as private Men not to launch out beyond the Power of their Purse, but to keep themselves ever in a Condition to anfwer all Calls? 'Tis known that the Bank of England has a real Fund of Five or Six Millions; is it Senfe to imagine that the Change of a Ministry should shake fuch a Credit? The People have a well grounded Confidence that they may truft their Cafh upon fuch a Security, and under the Direction of honest Men, and the Bank may reasonably make Ufe of fome competent Part of the Money fo left in their Hands, to employ it for their own Advantage in the Way of Banking, which is to deal in Plate, Jewels, or other fuch valuable Commodities as will always command ready Money; to discompt Bills of Exchange, to purchase or lend upon Tallies, or other publick Credit in near Course of Payment, or what may (as that Business now runs) be daily difpofed of for Cash; they ought withal never to launch out in this Kind of Dealing fo far as to leave themfelves unprovided of fuch a conftant Stock of ready Money as they find by Experience to be much more than fufficient to keep up the Circulation of their Specie Notes; now if they do really manage in this Manner, they will be always provided against all Runs upon them, upon whatsoever Occafion they may happen, and confequently had nothing to fear from any Change in the Ministry: But if they have forborne to call in from their own Members all fuch Sums of Money as they have lent to the Government upon the Funds VOL. III. Sf

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appropriated to themfelves, or any other Funds of diftant Payment, and have made ufe of the People's running Cafh for that Purpofe (which is best known to themselves) they may indeed be apprehenfive that their Credit will be in Danger from any Event that may occafion a hafty Call; but at the fame Time they muft bear to be told, that in fuch a Cafe they will not deal honeftly with those who lodge their Cafh in their Hands, in confidence that it always lies as ready to answer their immediate Occafions, as if they had it in their own keeping; for if ever such a Run upon the Bank fhould happen, as might flacken their punctual Compliance with all their own Bills whenfoever demanded, 'tis not enough to tell these People that their Money is fecure, or that they fhall have it in a Week or a Month hence; fuch a Difappointment might break Hundreds who had Bills of Exchange or other nice Credit to comply with. Where then can be the Wisdom of this their Application to the Queen? Would they in fo publick a Manner give Occafion to the World to fufpect that they have indeed made too bold with the People that put Confidence in them? This were the ready Way to haften thofe People to call for their Money; but the Citizens have (and I believe very justly) a much better Opinion of them; or did they do it. to gratify fome powerful Men, who might hope that a Deputation to represent the Fears and Jealoufies of fo confiderable a Body would awe her Majesty from purfuing fuch Measures as the thought beft for herself and the Kingdom, but which they might fear would break their own Defigns, and leffen their Authority: Either Way could bring very little Reputation to the Bank; and furely those Gentlemen ought more maturely to have confulted the true Intereft of their Society, before they had fuffered themselves to be made the Inftruments of a Party in fo abfurd a Manner to impofe upon their Queen and Country.

Another Artifice to disturb the Minds of the People was, to perfuade them that this Change of the Minifters will fall the Stocks, Foreigners will draw their Money out of our Publick Funds, and both publick and private Credit will be ruin'd, and this they tell you is already evident; but if thefe Matters are fet in a true Light, they will all appear to be nothing but Amusements and Bugbears to frighten ignorant and unthinking People. The true Standard of the Worth of any Thing is its intrinfick Value; if a higher Price be fet upon it, that is but imaginary, not real Worth. If there be a certain Knowlege that the Principal Stock is improved by Management, juft fo much is the intrinfick Value raised; if it be as certainly known that the Principal is leffened by Loffes, the intrinfick Value is fallen in the fame Proportion; but as long as this Profit or Lofs fhall remain doubtful or uncertain, the Principal Stock must always be accounted the intrinfick Value, because the Expectancy is precarious, and may prove better or worfe than the Expectation, and confequently any Variation from this Way of Valuing will always be but imaginary, never the real Value of any Thing; it is indeed a common Saying, Valet quantum vendi poteft,

Just as much Money as 'twill bring,
Is the true Worth of ev'ry Thing.

But these are Maxims invented by Knaves to cheat Fools. To confider then the

true

true Worth of India and Bank Stock; as thefe Companies do make a Yearly Dividend of Profit, the real Value of these Stocks can be accounted for no otherwife than by the Principal Money paid in, with an Addition of so much of the Annual Dividend as has accrued fince the laft Payment: I will not pretend to be fo perfect in the Mystery of Stock-Jobbers as to know exactly how much per Cent. has been actually paid in by the Subfcribers, but I take it from the general Voice, that thofe Stocks continue ftill to be fold confiderably above the intrinfick Value, so that the great Noife that is made about the falling of Stock has been a mere Impofition, and a palpable Untruth; for though we daily fee that these Stocks are run up and down by the new Science of Stock-Jobbing, yet this can never be truly faid to operate any thing upon the real intrinsick Value, which can never be moved otherwife than by the known Profit or Lofs upon it: We know that the Management of the Bank is profitable, and that the Funds fettled for the Payment of their Intereft is competent, and as fecure as any other Poffeffions in the Kingdom, for whatsoever over-turns one, muft over-turn all; but if some People will be frighten'd at Shadows, or in Disgust should fell their Stocks for lefs than the real Value, what Reason is there for a Government to be moved at this, more than at fuch angry Children who throw away their Bread and Butter? Well, but Foreigners will withdraw all the Money they have put into our Stocks and publick Funds: I fay they cannot, for the Money muft lie where it is. O but they will fell it all off; with all my Heart, then Englishmen muft buy it, and the Sums that they yearly carry out of the Nation for their Intereft or Annuities will remain here and circulate among ourselves. This, weak though it be, they may think fufficient to puzzle the Ignorant, and ferve their Turn well enough, if it does but fet the People a grumbling.

Now for our publick and private Credit; a new Ministry, fay they, will cer tainly destroy both, bring all Things into Confufion, and difable us from carrying on the War. I hope not; but, in the mean time, what do we owe to thofe Ministers that have brought the Nation into fuch a Condition, that, as they think, the cannot fubfift without a Dependance upon them and their Creatures? However, if our future Parliaments will give as good Funds, and as good Bargains as they have done, how can they tell but that the People (and the Foreigners among the reft) will throng as hard to get in their Money as they used to do? But they tell us the money'd Men are on their Side, and they will lend no more; no, not when they do not know how to employ their Money fo well in any other Way? I believe yet, if there fhould be fome froward Children (as I noted before) that would throw away their Bread and Butter, we fhall find more hungry ones that would catch it up and eat it. But what if our new Miniftry fhould do better for us than they have done, and find Ways and Means to raise the needful Supplies within the Year? This furely would heighten our publick Credit, and put us into a Condition to live of ourfelves, without having fo much Occafion to borrow, and to mortgage the Nation to future Generations; a moderate general Excife added to a juft LandTax would do all, and there is a Neceffity for us to come to it at last, or ruin ourselves if we go on in the borrowing Way. What do they mean by destroying private Credit? Shall not we be able to find Truft for our daily Bread ? Ór

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will the Merchants or wholefale Traders refuse their best Chapmen, unless they come with ready Money in their Hand? Woe be to bad Paymasters then, yet the Nation may be comforted in this, that then we fhall have fewer Bankrupts; be it as it will, I am of the Opinion that let who will be in the Miniftry, Men of Subftance and Probity will never want as much Credit as they defire, and they that have neither, if they fhould ever get it, will never be able to keep it: A certain Writer (juft as if he were an humble Servant of the Party on all Occafions) is reading us a large Lecture on this Topic, Credit; he trims her up like a gay Lady, and tells us fhe can do Miracles and cack Wonders he had better have compared her to a loving Spaniel Bitch,that will never leave a Mafter who uses her well, but if he gets up to ride her, fhe finks under him, she can do no more than she can do. But what if under this Title of private Credit they mean alfo the Paper Credit, and would have us think that Trade could not fubfift without it for Want of a fufficient Quantity of Specie Money to circulate Payments? But this, like the reft, is all Fallacy, for neither Bank nor Bankers give out their Bills till the Money is actually lodged in their Hands, and though these Bills may pass through twenty Hands before one comes to fetch the Money, yet there is not one Penny more or lefs employed in Trade than would have been if this Money had been paid from Hand to Hand; the whole Business is fimply no more than this, Men in Commerce muft always owe Money to fome, and have it to receive from others, and if they make a Bank their common Cashier, their mutual Occafions of receiving and paying meet there as in a Center, and they are enabled by Means of the Bank Bills to make their Payments to each other by Affignment, without the Trouble of telling the Money, and the Bank's Security for the Payment creates a more general Acceptance and Currency than the Bills of private Men; because Banks always pay at the firft Call, when a good Man may make you come two or three. Times for the Money; and thus Banks, and Paper Credit, are a good Eafe and Conveniency to Tradefmen, but add nothing to the Increase or Diminishing of Trade or Money. After all, when the Citizens fhall have any Reason to doubt the infallible Punctuality of the Bank or Bankers, they may blame themselves for any Inconvenience they may fuffer, because they might have prevented it by taking the Pains to keep their own Cafh as their Grandfathers did; it is true, fuch a Turn of Caution and good Husbandry might have hinder'd the Profit of the Bankers, but it concerns not at all the Government, who have no Reason to trouble themselves whether the trading Citizens manage their Business wifely or otherwise. Our Party-Politicians alfo had better let the World rub on in its own Way, than make a Noise about Things which they don't well understand; and it is because the Clamour about them has been very great, that I have thought it worth while to fay fo much as might undeceive fuch as have entertain'd wrong Notions thereof, and convince them from the Nature and true Reason of the Things, that Court Changes can no more leffen their real Value, than they can that of our other Subftance; and when thefe groundless Fears. are abated, People will resume their former good Opinion of them, at least, those that continue their Interests, and do not mind Stock-Jobbing, will find their Stocks in thefe Companies to be employ'd to as much Advantages as But

ever..

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