THE SWEARER'S BANK.

     
     
     
           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     repealed, and Ireland find itself in a worse state than it was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.