For every Man now is destitute of a sufficient Pledge and Security for his Personal Estate, unless he will take Personal Security, or find out a Mortgage, or rely upon a Bank.
Personal Security is now less than ever, the publick Banks have so drain’d or so engag’d at least the Traders in Money.
Mortgages are very hard to be found, for small Summs, and much harder for great ones, since the establishment of the new Banks.
And as for a sole reliance on the Credit of the new Banks I leave that for other Heads to discuss; I am of the Opinion it was never intended that they should be the only Security for Personal Estates, and that People should carry in their Money to ’em out of necessity, and not choice.
And how dishonourable it is to the King and Kingdom that our Money should be so suddenly debased to such a shameful Degree, foreign States will soon determine:
Now that it doth not become so by publick Authority but by Connivence of the Sovereignty, or Necessities of the Nation, is not stating the thing at all less Dishonourably.
For Connivence at a Fault discovers either an Ignorance of it, or Inability to correct it, or design in making use of it.
’Tis plain enough the Government is not Ignorant of it.
His Majesty in His Speech to both Houses of Parliament, shews He hath no design in making use of it, because He recommends the redressing of it to their Consideration, and therefore the not redressing it, can be only imputable to the Weakness and Poverty of the State:
And what Inferences, not only the _French_, but all other Politicians may draw from thence are very obvious.
The finest Clothes that our Soldiers can put on, in the Field, would not at all dazzle the Eyes of the Confederate Princes, nor strike any despondencies into the Minds of our Enemies, if they shall all come to know that the whole Power of _England_ is at this time held up by the imaginary Value of _Birmingham_ half Crowns and Shillings.
It will hearten our Enemies, and discourage our Friends, very much, when they shall come to know that the Nummary Wealth of _England_ is almost vanish’d, the Silver Coin gone, and the Royal Mint at a stand.
No Body will believe that we can long subsist at this rate; and indeed ’tis impossible we should, for if ’tis now much harder to redress than it was a year ago, and that means cannot be yet found out to do it, what Hopes shall we have of ever doing it ’till the War is ended? and what Hopes shall we have of bringing our Enemies to Terms, whilst they are sensible of our great Poverty.