NOTE.
The plan for the establishment of a National Bank in Dublin was
first put forward in 1720 in the form of a petition presented
to
the King by the Earl of Abercorn, Viscount Boyne, Sir Ralph
Gore,
and others. It was proposed to raise a fund of £500,000 for
the
purpose of loaning money to merchants at a comparatively low
rate
of interest. The King approved of the petition, and directed
that a
charter of incorporation for such a bank should pass the Great
Seal
of Ireland. When the matter came up for discussion in the
Irish
Houses of Legislature, both the Lords and Commons rejected the
proposal on the ground that no safe foundation for such an
establishment could be found. (See note post.)
During and after the discussion on this project in the
legislature
a pamphlet controversy arose in which two able writers
distinguished themselves—Mr. Henry Maxwell and Mr. Hercules
Rowley. The former was in favour of the bank while Mr. Rowley
was
against it.
Mr. Maxwell argued soundly from the ground on which all banking
institutions were founded. Mr. Rowley, however, pointed out
that
the condition of Ireland, dependent as that country was on
England's whims, and interfered with as she always had been,
by
English selfishness, in her commercial and industrial
enterprises,
would not be bettered were the bank to prove even a great
success.
For, should the bank be found in any way to touch the trade of
England, it might be taken for granted that its charter would
be
repealed, and Ireland find itself in a worse state than it was
before.
The pamphlets written by these gentlemen bear the following
titles:
(1) Reasons offer'd for erecting a Bank in Ireland; in a
letter to
Hercules Rowley, Esq., by Henry Maxwell, Esq. Dublin,
1721.
(2) An Answer to a Book, intitled Reasons offered for
erecting a
Bank in Ireland. In a Letter to Henry Maxwell, Esq. By
Hercules
Rowley, Esq. Dublin, 1721.
(3) Mr. Maxwell's Second Letter to Mr. Rowley, wherein the
objections against the Bank are answered. Dublin, 1721.
(4) An answer to Mr. Maxwell's Second Letter to Mr. Rowley,
concerning the Bank. By Hercules Rowley, Esq. Dublin,
1721.
* * * * *
Sir Walter Scott, in his edition of Swift's works, reprints
these
pamphlets. The text of the present edition of “The Swearer's
Bank"
is based on that published in London in 1720.
[T. S.]
THE
Swearer's-Bank:
OR,
Parliamentary Security
FOR
Establishing a new BANK
IN
IRELAND.
WHEREIN
The Medicinal Use of OATHS is considered.
(WITH
The Best in Christendom. A TALE.)
* * * * *
Written by Dean SWIFT.
* * * * *
Si Populus vult decipi decipiatur.
* * * * *
To which is prefixed,
An ESSAY upon English BUBBLES.
By THOMAS HOPE, Esq;
* * * * *
DUBLIN:
Printed by THOMAS HUME, next Door to the Walsh's-Head in
Smock-Alley. 1720. Reprinted at London by J. ROBERTS in
Warwick-Lane.
THE SWEARER'S BANK.
“To believe everything that is said by a certain set of men, and to
doubt of nothing they relate, though ever so improbable,” is a maxim
that has contributed as much for the time, to the support of Irish
banks, as it ever did to the Popish religion; and they are not only
beholden to the latter for their foundation, but they have the
happiness to have the same patron saint: For Ignorance, the reputed
mother of the devotion of the one, seems to bear the same affectionate
relation to the credit of the other.
To subscribe to banks, without knowing the scheme or design of them,
is not unlike to some gentlemen's signing addresses without knowing the
contents of them: To engage in a bank that has neither act of
parliament, charter, nor lands to support it, is like sending a ship to
sea without bottom; to expect a coach and six by the former, would be
as ridiculous as to hope a return by the latter.
It was well known some time ago, that our banks would be included in
the bubble-bill; and it was believed those chimeras would necessarily
vanish with the first easterly wind that should inform the town of the
royal assent.
It was very mortifying to several gentlemen, who dreamed of nothing
but easy chariots, on the arrival of the fatal packet, to slip out of
them into their walking shoes. But should those banks, as it is vainly
imagined, be so fortunate as to obtain a charter, and purchase lands;
yet on any run on them in a time of invasion, there would be so many
starving proprietors, reviving their old pretensions to land, and a
bellyful, that the subscribers would be unwilling, upon any call, to
part with their money, not knowing what might happen: So that in a
rebellion, where the success was doubtful, the bank would infallibly
break.[26]
Since so many gentlemen of this town have had the courage, without
any security, to appear in the same paper with a million or two; it is
hoped, when they are made sensible of their safety, that they will be
prevailed to trust themselves in a neat skin of parchment with a single
one.
To encourage them, the undertaker proposes the erecting a bank on
parliamentary security, and such security as no revolution or change of
times can affect.
To take away all jealousy of any private view of the undertaker, he
assures the world, that he is now in a garret, in a very thin
waistcoat, studying the public good, having given an undeniable pledge
of his love to his country, by pawning his coat, in order to defray the
expense of the press.
It is very well known, that by an act of parliament to prevent
profane swearing, the person so offending, on oath made before a
magistrate, forfeits a shilling, which may be levied with little
difficulty.
It is almost unnecessary to mention, that this is become a pet-vice
among us; and though age renders us unfit for other vices, yet this,
where it takes hold, never leaves us but with our speech.
So vast a revenue might be raised by the execution of this act, that
I have often wondered, in such a scarcity of funds, that methods have
not been taken to make it serviceable to the public.
I dare venture to say, if this act was well executed in England, the
revenue of it applied to the navy, would make the English fleet a
terror to all Europe.
It is computed by geographers, that there are two millions in this
kingdom, (of Ireland) of which number there may be said to be a million
of swearing souls.
It is thought there may be five thousand gentlemen; every gentleman,
taking one with another, may afford to swear an oath every day, which
will yearly produce one million, eight hundred, twenty-five thousand
oaths, which number of shillings makes the yearly sum of ninety-one
thousand, two hundred and fifty pounds.
The farmers of this kingdom, who are computed to be ten thousand,
are able to spend yearly five hundred thousand oaths, which gives
twenty-five thousand pounds; and it is conjectured, that from the bulk
of the people twenty, or five-and-twenty thousand pounds may be yearly
collected.
These computations are very modest, since it is evident that there
is a much greater consumption of oaths in this kingdom, and
consequently a much greater sum might be yearly raised.
That it may be collected with ease and regularity, it is proposed to
settle informers in great towns in proportion to the number of
inhabitants, and to have riding-officers in the country; and since
nothing brings a greater contempt on any profession than poverty, it is
determined to settle very handsome salaries on the gentlemen that are
employed by the bank, that they may, by a generosity of living,
reconcile men to an office, that has lain under so much scandal of
late, as to be undertaken by none but curates, clerks of
meeting-houses, and broken tradesmen.
It is resolved, that none shall be preferred to those employments,
but persons that are notorious for being constant churchmen, and
frequent communicants; whose piety will be a sufficient security for
their honest and industrious execution of their office.
It is very probable, that twenty thousand pounds will be necessary
to defray all expenses of servants salaries, &c. However, there will be
the clear yearly sum of one hundred thousand pounds, which may very
justly claim a million subscription.
It is determined to lay out the remaining unapplied profits, which
will be very considerable, towards the erecting and maintaining charity
schools; a design so beneficial to the public, and especially to the
Protestant interest of this kingdom, has met with so much encouragement
from several great patriots in England, that they have engaged to
procure an act to secure the sole benefit of informing, on this
swearing act, to the agents and servants of this new bank. Several of
my friends pretend to demonstrate, that this bank will in time vie with
the South Sea Company: They insist, that the army dispend as many oaths
yearly as will produce one hundred thousand pounds net.
There are computed to be one hundred pretty fellows in this town,
that swear fifty oaths a head daily; some of them would think it hard
to be stinted to an hundred: This very branch would produce a vast sum
yearly.
The fairs of this kingdom will bring in a vast revenue; the oaths of
a little Connaught one, as well as they could be numbered by two
persons, amounted to three thousand. It is true, that it would be
impossible to turn all of them into ready money; for a shilling is so
great a duty on swearing, that if it was carefully exacted, the common
people might as well pretend to drink wine as to swear; and an oath
would be as rare among them as a clean shirt.
A servant that I employed to accompany the militia their last muster
day, had scored down in the compass of eight hours, three hundred
oaths, but as the putting the act in execution on those days, would
only fill the stocks with porters, and pawn-shops with muskets and
swords: And as it would be matter of great joy to Papists, and
disaffected persons, to see our militia swear themselves out of their
guns and swords, it is resolved, that no advantage shall be taken of
any militiaman's swearing while he is under arms; nor shall any
advantage be taken of any man's swearing in the Four Courts provided he
is at hearing in the exchequer, or has just paid off an attorney's
bill.
The medicinal use of oaths is what the undertaker would by no means
discourage, especially where it is necessary to help the lungs to throw
off any distilling humour. On certificate of a course of swearing
prescribed by any physician, a permit will be given to the patient by
the proper officer of the bank, paying no more but sixpence. It is
expected, that a scheme of so much advantage to the public will meet
with more encouragement than their chimerical banks; and the undertaker
hopes, that as he has spent a considerable fortune in bringing this
scheme to bear, he may have the satisfaction to see it take place, for
the public good, though he should have the fate of most projectors, to
be undone.
It is resolved, that no compositions shall be made, nor licences
granted for swearing, under a notion of applying the money to pious
uses; a practice so scandalous as is fit only for the see of Rome,
where the money arising from whoring licences is applied ad
propagandam fidem: And to the shame of Smock-alley, and of all
Protestant whores, (especially those who live under the light of the
Gospel-ministry) be it spoken, a whore in Rome never lies down, but she
hopes it will be the means of converting some poor heathen, or heretic.
The swearing revenues of the town of Cork will be given for ever, by
the bank, to the support of poor clergymen's widows; and those of
Ringsend will be allowed to the maintenance of sailors' bastards.
The undertaker designs, in a few days, to appoint time and place for
taking subscriptions; the subscribers must come prepared to pay down
one fourth, on subscribing.
POSTSCRIPT.
The Jews of Rotterdam have offered to farm the revenues of Dublin at
twenty thousand pounds per ann. Several eminent Quakers are also
willing to take them at that rent; but the undertaker has rejected
their proposals, being resolved to deal with none but Christians.
Application may be made to him about them, any day at Pat's
coffee-house, where attendance will be given.