IN Obedience to your Commands, I ſhall give you my thoughts of the Pamphlet which you lately put into my hands. It bears upon the Front of the Title Page, two great and very ſignificant Latin Words, viz. Angliae Tutamen; which look like a Fiocco or Ornament to the long train of pernicious Projects, or Reflections which follow: Had the Author thought fit to have added a Decus to his Tutamen, which (for ought I can find) he might as well have done; the Piece might have paſs'd currant among us, without any further examination; but ſince we have a liberty of inſpection, we ſhall conſider it with as great Impartiality, as he tells us he himſelf writ it.

In the proſecution of his laudable deſign, the Author runs through ſeveral Improvements, which he is pleas'd to call Pernicious Projects, to the Deſtruction of Trade and Commerce, and the Impoveriſhing this Realm; with Reflections thereupon, of great import to all ſorts of People. And hath given us a long beadroll of particular Projects, no leſs than Sixty five in Number, with Et cetera's to many of them: Had not the Gentleman forgot the Project of Sawing-Mills, it would not only have made the ſcore even, but have alſo produc'd the fatal and ominous Number of Sixty ſix; and have given (for ought I know) as great an indication of their ruin and downfal, as his own prognoſtication upon them; eſpecially ſince we are informed formed by the Learned, that thoſe two Figures do, in a great meaſure, help to make up the number of the Beaſt, and foretells the fall of Antichriſt. Now the Author ſeems to have Dived ſo deeply into all theſe pernicious Projects, that no myſtery in them can lye unfathom'd by him; and ſince theſe his Diſcoveries are like to be of ſo National a good, and uſe to us, methinks, for his own skill in it, he might have ſpared his Reflections upon the Art or Project of Diving. But however, if that and the reſt be ſo deſtructive of Trade and Commerce, as he tells us they are, then certainly they are all very naughty things. Having met then in the very Fronteſpiece ſuch terrible words, as Pernicious, Deſtruction, and Impoveriſhment, I was almoſt afraid to venture any farther; but hoping his Reflections would ſave us all at laſt, I took courage and proceeded.

In his Preamble he gives us a ſcheme, or rather an aim, how to advance Honeſty, (which is a very good deſign) for he tells us, It is now in the declenſion, and Cozening and Cheating in the aſcendant with Negotiators; minding them, that Honeſty is the beſt Policy; the want of which renders theſe unlucky Negotiators both Knaves and Fools; a hard ſentence indeed. But I cannot find by any methods propoſed in any part of his Treatiſe, how he will regulate theſe, or help us; and then as to the Cheatée, it may ſeem much the ſame thing to be Cheated in a Bank or Project, or in a Shop or Warehouſe; and this miſchievous Dilemma, will probably reduce his whole deſign into Theory and Speculation, without the help of one practical receipt to ſave us.

His firſt attack is upon the Bank of England, but he immediately tells us, That being (as he ſays) ſtrongly fortified and entrench'd, he does not think fit to plant his whole Artillery againſt it; however, he muſt have a ſting at it, he views it, looks hard upon it, prognoſticates its downfal, and letting flie a random-ſhot or two, charged with Monopolies, he marches off: He tells us indeed, that the Bank being Maſters of ſo much Money, they may, or do▪ or will, Buy up our Commodities, which he calls Monopolizing; and that is Invading our Properties; had he ſaid Tranſferring our Properties, (as the Sellers generally do to the Bayers) he had told us a certain truth, but no manner of ſecret, no, nor offence neither that I know of, ſuppoſing this were true of the Bank; at leaſt ſuch as muſt impoveriſh the Nation, and deſtroy us, except they dealt in Eatables only, and then indeed they might Starve us too, which would be a very ſad thing: But ſurely it is not ſuch a devouring Cormorant Bank, as not to ſuffer honeſt folks to Eat and Drink within two or three hundred Miles of them. Where then lies the great Deſtruction and Impoveriſhment of the Realm in Buying up Commodities, ſince it ſeems they are ſuch as will be ſold again, and will be diſpers'd and circulate through as many hands as want them, and are willing and able to Buy them? Do not all Companies and Societies, and even private Merchants too, practice the ſame thing, according to their Abilities and Judgments, where they think a good Ba • gain may be had? And do they not all run the ſame risk of Gain or Profit, according to many circumſtances and accidents in Trade, which may, and often do happen? Is it not reaſonable there ſhould be a latitude, as well as a reward for Ingenuity and Induſtry? Is not Induſtry the vegetative or growing life and ſoul of Trade? Or would this Author propoſe, that all Traders ſhould be Animals equally alike? Now for my own part (though I am no Diver into myſteries) yet I am of Opinion, that (among other things) nothing does more advance and promote an Inland Trade, than a quick vend of our Manufactures from the Manufacterors; and nothing does this more effectually than a Bank that is willing and able to take them off; and with our Author's permiſſion, I am very well aſſured, that there are ſome Counties, as well as great Towns and Cities, which depend chiefly upon Manufacture, and which for ſome years have been in a deplorable condition, their poor Weavers Starving, and Merchants Breaking; many of theſe, I ſay, have had a greater Trade, and brisker vend for their Commodities ſince the Eſtabliſhment of this Bank of England, than for many years before; whether the Bank be the cauſe of this great good, I neither know, nor is it my buſineſs at preſent to enquire; I am only to give my thoughts concerning this Pamphlet as far as it gives me occaſion; but of this I think my ſelf pretty ſure, that an increaſe and growth in Trade ſeems very oppoſite to the ruin and deſtruction of Trade. And after all the jealouſies, and fears, and cries againſt the Bank for Monopolizing (which I have hitherto ſuppoſed and diſcourſed upon it as if it had been true) yet our Author muſt needs have known that the ſame Powers which created the Bank and made the Members of it a Body Incorporated under the name of the Bank of England, did alſo ſet boundaries and limitations to it, and more particularly did prohibit the Bank to Buy, Sell, or Trade in any Goods or Merchandiſes, to the very intent that they ſhould not do what our Author ſuppoſes they have done. Now if they have, or hereafter ſhall Monopolize, to the deſtruction of Trade and the impoveriſhing this Realm, our Author knows where to find their boundaries; and it will well become ſo great a Patriot to prevent this miſchief by reducing them within their limits (eſpecially ſince he will have the whole Nation, according to his own arguments, Plaintiff with him in ſo juſt a cauſe) rather than propheſy, or exclaim againſt a ſuppoſed exceſs; of which the Juſtice and Wiſdom of the Nation hath already taken care. Our Author hath one fling (as he calls it) more at this Bank, telling us, That they hoard up all the good Money, and pay out the bad; that they cauſe the riſe and fall of Money at their pleaſure. As to the firſt; If it be true that they hoard up all the good Money, methinks it is pity that we have not more good Money left for them to hoard, but cannot imagine why that ſhould be imputed a crime, which (for any thing our Author proves to the contrary) may become a great happineſs to us; for firſt, by hoarding it up it hath been hitherto ſecur'd from that common fate of Circumciſion, which hath generally mutilated and corrupted our running Caſh; and ſecondly, by hoarding it up within our own Four Walls, from whence it is retrievable, and muſt and will break out among us, it may have been preſerved from a much more mercileſs Bank, from whence there is little hopes of redemption, 'till not only the uttermoſt farthing, but even a half-penny for a farthing be ſome way paid: If they pay out bad Money, 'tis a neceſſary conſequence from their hoarding up all good, and ſo anſwers it ſelf; but it is a myſtery to me, how thoſe perſons ſhould be ſaid to raiſe the price of Money, who have been ſo publickly, and almoſt violently and ſcandalouſly accus'd for refuſing money at the common (though much overvalued) rate, at which others have generally received it; the Solution of this Enigma would be an atchievement worthy of our mighty Author, but here he is pleaſed to leave us in the Dark, or at moſt hath left us only an Ipſe aixit to enlighten our Underſtandings: And this, Sir, is all I can gather worthy your Obſervation from his Paragraph concerning the Bank of England, which, ſince he tells us, is ſo ſtrongly fortify'd and entrench'd, I ſhall leave it as I found it, and ſo I think does he too, without any great Miſchief done by him, or any further Deſence neceſſary from me.

In his next Paragraph he ſets down before the National Land Bank, which being much more defenceleſs than the former he confounds it all at once, together with its dependants and all thoſe concerned in it; he aſſures us, A little time will ſhew the Juggle and Impoſture, and the Bank will fall, to the ruin of many. Happy our Author, who (as he ſays) is no ways concerned in Trade, Banks or Projects of any kind whatſoever. It is commonly ſaid, That a Man who is out of the Wood, ſees more of the Wood than he that is in it; but if a particular great Oak in that Wood was ready to fall upon my Head and cruſh me to pieces, methinks I ſhould know better how to avoid it by being in the Wood, than to take my directions from a Traveller who march'd at a great diſtance from me. After this comes next in courſe, the Money Bank, which is of the ſame Malefick Nature; Paper of Notes, and Bills of Credit, he aſſures us, are impracticable; and for that very reaſon, I ſhould think they will not be very deſtructive of Trade, to the impoveriſhing this Realm, yet that very reaſon might be Argumentative enough to diſwade our Author from admitting the Courtſhip made to him to be a Member of it, with offers of advantagious terms, which, he there tells us, were ſcorned and rejected by him. The Orphans Bank ſeems to have obtained Mercy, and our Author is inclinable to think better of it, but at laſt it falls in with the reſt, and cannot avoid the ſame common Fate. He acquaints us, That he hath been among the late Projectors of ſome Banks in Embrio, and having calculated a Priore, or rather Expoſteriore, their growing Nativities, they are damn'd before they are born, which is one of the hardeſt Caſes of Predeſtination that I have read of. He wiſhes indeed they could reſemble thoſe Noble Univerſal (not National only) B • nks of Venice, Amſterdam, Genoa, &c. and then he thinks they might merit ſome Eſtabliſhment; and I heartily wiſh he would put them in ſuch a way, but he ſays they are Muſhrooms, and want good Pickle; and I would willingly take the liberty to tell him, that ſo do many things more beſides Muſhrooms. At laſt he concludes this Topick of Banks, with a diſſuaſive to all, both Male and Female, and with no ſmall Indignation would have all Banks kickt out of the Commonwealth. I am heartily ſorry he ſhould be ſo highly incenſed againſt Banks, and think it an Office of humanity to adviſe him, that he doth not venture his Perſon into Marſland, or the Fens; and above all that he takes not a trip into Holland with thoſe dangerous and deſtructive Opinions about him concerning Banks, for I am very apt to believe that his Arguments (when well conſidered) may as well be levelled againſt thoſe, as theſe; and let himſelf be Judge what Entertainment he is like to find.

This, Sir, is the moſt material that I am able to collect from his ſeveral Paragraphs concerning Banks, in which there is much ſaid, but I think little proved: I am inclinable to believe the Author intends well, but in this inquiſitive Age we are not very apt, Jurare in verba Magiſtri, or to take things of great moment, and which ſo univerſally and nearly concern us, upon credit. If theſe Banks be ill managed, as he aſſures us they are, and will be, then we have his word for it, that they will be of a very ſhort date, and for that reaſon cannot be very deſtructive of Trade. If well managed, he himſelf wiſhes their Eſtabliſhment; but whether well or ill his Arguments and Calculations ſtrike rather at the Abuſes, in relation to themſelves, than prove how they muſt neceſſarily be deſtructive of Trade, and impoveriſh this Realm, which is the main thing we expected from him. He confeſſes that ſeveral Perſons of great Ability and Eminency are engaged in thoſe Banks, which have already obtained a Name; and for the London-Bank (which it ſeems hath not yet quite broke through the Shell) he informs us that many of the moſt ſubſtantial Citizens and Merchants will promote it, and be concerned in it. Now it ſeems very ſtrange to me that ſo many Perſons of great Subſtance and Qualifications, and whoſe intereſt it is to advance Trade, and ſecure it too, ſhould take ſuch oppoſite Meaſures; and which, in this Gentleman's Opinion, muſt certainly deſtroy it, and impoveriſh the Realm. We know very well that the great Sums of Money which theſe Banks are ſuppoſed to receive, muſt not, cannot lye dead in their Hands; that indeed, according to my ſmall Skill, would inevitably ruin them. If then it muſt circulate, and that upon better terms than formerly it did, I do not ſee, nor can learn from our Author, why this Realm muſt be impoveriſhed by them. I have often heard and read, that the reduction of Intereſt to a • nearer Proportion with that which our Neighbours pay, would be one of the moſt effectual means to enliven our Trade, by putting us ſo far upon an equal foot with others, who have ſo much outdone us; and if ſome of thoſe Banks make good their Propoſals of lending Money at Three, or Three and a half, or Four per Cent. I am ſure there will be a greater ſtep made towards the advancement of Trade, than our Anceſtors for many Years could be able to procure. But I forget that I am not here an Advocate either for, or againſt theſe Banks, I am to proceed no further than this Author carries me; and indeed I do not find that he hath outgone the moſt Vulgar (I had almoſt ſaid Mobbiſh) Objections, except what relates to his Prognoſtications; and being my ſelf no ways skilled in thoſe Myſteries, I muſt leave them to your better Judgment and time to make out.

Our Author having thus finiſh'd his Topick of Banks; the next pernicious Project which falls in his way is that of Lotteries: He tells us, They ſpread over the Nation like a Plague, that they had the ſame date, but, by good luck, not the ſame duration with the Bank. It is a little ſtrange to me, that no Comet with a long Tail (as uſual) would be ſo kind as to foretel this ſo National and Dreadful a Plague. I fear this Gentleman hath been an unfortunate Adventurer in ſome of them: I muſt acknowledge I have thought (and find many other concurring Thoughts) that theſe Lotteries have been as innocent Entertainments as could have been expected in this, or obſerved in any former Age: If any have been deceitfully managed, it hath been a great fault. I muſt confeſs I have not heard of many great Complaints, which (if throughly examin'd) might have probably appeared leſs, for loſers will take leave to ſpeak; and, methinks, if the Truſtees be Men of Honour and Integrity, and the Receivers Men of Ability and Honeſty, there can be no room for any great Abuſes. Miſtakes are incident to all human Actions, and our Frailties are generally aggravated more than our Virtues commended. But let us ſuppoſe worſe than hath ever yet appeared, or I believe ever will againſt theſe Lotteries, yet I am verily perſwaded they will never deſtroy our Trade, or impoveriſh this Realm. This is no provoking Game, which ſometimes indeed hath ruined Families, nay it is not ſo much as any Game at all; and yet Gaming is much more univerſally practiſed, and tolerated too, which makes me a little wonder that Gaming was not introduced to fill up the long train of our Author's pernicious Projects. I never heard of any Man who ventured ſo much in any of theſe private Lotteries, as to diſturb (much leſs ruin) himſelf for the loſs; nor do we know of any Merchant who left off his Traffick, or Shopkeeper his Shop to follow theſe pernicious Lotteries. It is certain that ſome Families have been ſet up by Lotteries, but none yet ruined by them; and I am credibly informed, that in one private Lottery two poor Families, and numerous in poor Relations were raiſed in the World, and enabled to go on in their Handicraft Trades, by Two Benefits of Five hundred Pound each, which Providence or Fortune beſtowed upon them: And in the ſame Lotterie Two good Shopkeepers were put at eaſe by Two more Benefits of a greater Value; and yet upon enquiry it did not appear that more than Ten Pound was ventured among all Four. I have heard it objected (though not by our Author) that theſe Lotteries may give an occaſion to debauch young Apprentices, and in expectation of a good Prize they may be tempted to rob their Maſters, that they may have a Stake or Ticket in the Box; but certainly thoſe who are ſo wickedly enclined, will (of all other ill ways) chuſe this of Lotteries the laſt; for firſt, they muſt put their Money pubickly into ſome Goldſmith's Hands, where probably they may be known, or if they have a Prize (eſpecially a conſiderable one) they cannot eſcape by the ſame Hands of being diſcovered. Beſides, I have heard it ſaid, That theſe little Entertainments have given us a proportionable Reputation in Foreign Parts; and our Confederates are willing to believe that we cannot be wanting to ſupply them, and the neceſſary Expences abroad, who can ſo eaſily ſport away ſuch Sums at home. It hath been obſerved, that more old hoarded Money hath been brought into the Goldſmiths, upon the account of Lotteries, than they had ſeen in ſome Years in their ordinary proſecution of their Trade; and this Benefit the Publick hath received by it, that good quantities of buried Money hath circulated among us, which otherwiſe could never have hoped for a Reſurrection whilſt their Covetous Maſters were above ground. In ſhort, Lotteries ſurely cannot be ſo deſtructive of Trade, to the impoverſhing this Realm, as our Author would inſinuate; for then certainly our Neighbours, who are the greateſt Tra • ers in Europe, and probably beſt underſtand it, and their Intereſt too, would not at this time (eſpecially ſince the Publication of our Author's Reflections) follow ſo pernicious an Example; and yet we are aſſured in our publick Prints, that the Dutch and Hamburghers are at this very time ſetting up that pernicious Project of Lotteries. But I muſt remember again, that I am no Advocate, only methinks Ingenuity and Induſtry ſhould not meet with any publick Diſcouragements amongſt us, eſpecially from ſo great a Patriot and Lover of his Countrey.

Our Author's very next ſtep carries us into the Mines of Gold, Silver, Copper, Tin, Lead, Iron, &c. Now having no manner of skill in Mining, or Underminning, or any ſuch deep, dark and dangerous Works as theſe are, I muſt beg the Author's and your Pardon if I dare not follow him any further. I confeſs I ventured to peruſe all that followed in his Treatiſe; and when I had conſidered and ſummed all up together, I was of Opinion, if our Author had crouded them all into one Paragraph, or tied them up in a Sack with a Magical Girdle, they muſt all have ſubmitted to one Argument, and the ſame Sentence would have involv'd them all, which is denounced upon no better Evidence or Ground, than his own fatal Predictions of Ruin and Downfal. To conclude, I muſt needs ſay in good earneſt, That if any, or all of theſe pernicious Projects could be fairly managed, I do not ſee but that they might ſubſiſt, and many of them paſs for great Improvements too, without any manner of danger that Trade ſhould be deſtroyed, or this Realm impoveriſhed. Many things more, I ſuppoſe, might be ſaid both for and againſt what our Author calls pernicious Projects; but it is not your Deſire, nor my Buſineſs to enteer into more Matter than he hath fairly laid before me, and I hope I have not neglected, nor miſrepreſented any material Argument: for the reſt, let every Projector Vindicate his particular Project, if he think fit, I have only endeavoured to obey your Commands, and take this opportunity to aſſure you that I am,