A. D. 1697. ^89 



not above two thirds of the preceding year's directors fliould be capable; 

 of being re-elefted in the fucceeding year*. [8, 9 Gul. Ill, c. 19.] 



D'Avenant, in his Difcourfes on the pubUc revenues and trade of 

 England, {^part i, p. 265, 1698) juftly remarks, that it would be for the 

 general good of trade if the bank of England were retrained by law 

 from allowing intereft for running cafh, (as was the cafe at this time) ; 

 for the eafe of having 3 or 4 per cent without trouble or hazard, rauft 

 be a continual bar to induftry. 



King William's miniflry had flattered themfelvcs, from year to year, 

 with the hope of a fpeedy peace. Many of the funds, therefor, upon 

 the credit whereof money had, in different years, been granted by par- 

 liament, had by this time been found, or fuffered to be, very deficient ; 

 the treafury gentlemen, though otherwife m.en of abilities, having, in 

 fundry inftances of appropriating the duties, judged very wide of the 

 true amount of thofe duties ; as particularly might be inftanced with 

 refped to glafs bottles, earthern ware, tobacco-pipe clay, &c. The de- 

 ficiencies of the funds were foon obferved by the monied men, who were 

 creditors of the public, and who alfo took advantage of the remotenefs of 

 the courfes of payment of the tallies and orders charged on fome other 

 funds. This had, fmce the revolution, given rife to a new trade of dealing 

 in government fecurities, very much to the damage of the public, as well 

 as of thofe proprietors of the funds, who were obliged to part with 

 them at the dilcount of from 40 to 50 per cent. D'Avenant, in his 

 EfTay upon loans, printed in 1710, juftly remarks of thofe melancholy 

 times, ' that the government appeared like a difi;refled debtor, who 

 ' was dayly fqueezed to death by the exor'oitant greedinefs of the lender ; 

 ' the citizens began to decline trade, and to turn ufurers ; foreign 

 • commerce, attended with the hazards of war, had infinite difcourage- 

 ' ment ; and people in general drew home their effects to embrace the 

 ' advantage of lending their money to the government.' To prevent 

 the ill effeds of this unhappy trade, a law was made to reftrain the 

 number and ill pradlces of brokers and flock-jobbers, which premifes, 

 that fworn brokers were antiently allowed in London for making bar- 

 gains between merchants and traders for merchandize and bills of ex- 

 change ; but, of late, divers fuch have carried on mofl: unjufl: prac'cices, 

 in felling and difcounting tallies, bank flock, bank bills, fliares in joint 

 flocks, &c. confederating themielves together to raife or fill, from time 

 to time, the value thereof, as may mofl fuit their own private interefl; 

 vvherefor, &c. they were now reflrained from acting without a licence 

 from the' lord mayor and court of aldermen. They were alio to take 

 an oath of fidelity, to be limited to 100 in mimber, whofe names fhould 

 be written on the Royal exchange ; to incur a penalty of L200, if they 



* The capital (lock of the hank was raifed to L2,20l,i7l : lO ; and the dividends were railed 

 from eight to n'me per cent. {_Allardycc's A.Urefi to the proprietors oj the bank, p. «2J.] M. 



Vol. II. 4 S 



