Godfrey and other active projectors. The scheme was founded
on the motion of a transferable fund, and a circulation by bill on the
credit of a large capital. Forty merchants subscribed to the amount of
five hundred thousand pounds, as a fund of ready money, to circulate one
million at eight per cent, to be lent to the government; and even
this fund of ready money bore the same interest. When it was properly
digested in the cabinet, and a majority in parliament secured for its
reception, the undertakers for the court introduced it into the house of
commons, and expatiated upon the national advantages that would accrue
from such a measure. They said it would rescue the nation out of the
hands of extortioners and usurers, lower interest, raise the value
of land, revive and establish public credit, extend circulation,
consequently improve commerce, facilitate the annual supplies, and
connect the people the more closely with the government. The project was
violently opposed by a strong party, who affirmed that it would become
a monopoly, and engross the whole money of the kingdom; that, as it must
infallibly be subservient to government views, it might be employed
to the worst purposes of arbitrary power; that instead of assisting it
would weaken commerce, by tempting people to withdraw their money from
trade and employ it in stock-jobbing; that it would produce a swarm of
brokers and jobbers to prey upon their fellow-creatures, encourage
fraud and gaming, and further corrupt the morals of the nation.
Notwithstanding these objections, the bill made its way through the two
houses, establishing the funds for the security and advantage of the
subscribers; empowering their majesties to incorporate them by the name
of the governor and company of the bank of England, under a proviso,
that at any time after the first day of August, in the year one thousand
seven hundred and five, upon a year's notice, and the repayment of the
twelve hundred thousand pounds, the said corporation should cease and
determine. The bill likewise contained clauses of appropriation for the
services of the public. The whole subscription was filled in ten clays
after its being opened; and the court of directors completed the payment
before the expiration of the time prescribed by the act, although they
did not call in more than seven hundred and twenty thousand pounds
of the money subscribed. All these funds proving inadequate to the
estimates, the commons br