428 A. D. 1645. 



he, in thofe times of civil commotion, that the parliament, out of the 

 plate and old coin brought into the mint, coined feven millions into 

 half-crowns ; and there being no mills then in ufe at the mint, this new 

 money was of a very unequal weight, fometimes id and 3^ difference 

 in an ounce, and mofl of it was, it feems, heavier than it ought to 

 have been, in proportion to the value in foreign parts. Of this the 

 goldfmiths made naturally the advantages ufual in fuch cafes, by pick- 

 ing out the heaviefl: and melting them down or exporting them. It 

 happened alfo that our old gold coins were too weighty, and of thefe 

 alfo they took the like advantage. 



Moreover, fuch merchants' fervants as dill kept their mafters' runriing- 

 cafli, had fallen into a way of clandeftinely lending the fame to the 

 goldfmiths, at ^d per cent per diem, who, by thefe and fuch-like means, 

 were enabled to lend out great quantities of cafli to neceflitous mer- 

 chants and others, weekly or monthly, at high intereft ; and alfo be- 

 gan to difcount the merchants' bills, at the like or an higher rate of in- 

 tereft. Much about the fame time, they (the goldfmiths or bank- 

 ers) began to i-eceive the rents of gentlemens eftates, remitted to town, 

 and to allow them, and others who put cafli into their hands, fome in- 

 tereft for it, if it remained but for a fingle month in their hands, or 

 even a lefl'er time. This was a great allurement for people to put their 

 money in their hands, which would bear intereft till the day they wanted 

 it, (fomewhat like our modern Eaft-India company's bonds.) And they 

 could alfo draw it out by Lioo or L50, &c. at a time, as they wanted it, 

 with infinitely lefs trouble than if they had lent it out on either real or 

 perfonal fecurity. The confequence was, that it quickly brought a great 

 eafh into their hands ; fo that the chief or greateft of them were now* 

 enabled to fupply Cromwell with money in advance on the revenues, as 

 his occafions required, upon great advantages to themfelves. 



After the reftoration, King Charles being in want of money, the 

 bankers took 10 per cent of him, barefacedly ; and, by private con- 

 tracts on many bills, orders, tallies, and debts, of that king's, they got 

 20, fometimes 30, per cent, to the great diftionour of the government. 

 This great gain induced the goldfmiths more and more to become lend- 

 ers to the king ; to anticipate all the revenue ; to take every grant of 

 parliament into pawn as foon as it was g.iven ; alfo to outvie each other 

 in buying and taking to pawn bills, orders, and tallies ; fo that, in ef- 

 fect, ail the revenue palled through their hands. And fo they went on 

 till the fatal fhuttii:ig of the exchequer in the year 1672; of which in 

 its place. Since the happy revolution in 1688, our legiflators have put 

 it out of the power of the crown alone to make anticipations on par- 

 liamentary grants, which can only be done by a claufe or claufes in 

 tuch refpedive ftatutes. 



By a treaty of commerce now concluded between the queen regent 



