Part 4

It is wonderful to observe the bias among our people in favour of things, persons, and wares of all kinds that come from England. The printer tells his hawkers that he has got "an excellent new song just brought from London." I have somewhat of a tendency that way myself; and upon hearing a coxcomb from thence displaying himself with great volubility upon the park, the playhouse, the opera, the gaming ordinaries, it was apt to beget in me a kind of veneration for his parts and accomplishments. 'Tis not many years, since I remember a person who by his style and literature seems to have been corrector of a hedge-press in some blind alley about Little Britain, proceed gradually to be an author, at least a translator of a lower rate, though somewhat of a larger bulk, than any that now flourishes in Grub Street; and upon the strength of this foundation, come over here, erect himself up into an orator and politician, and lead a kingdom after him.[15] This, I am told, was the very motive that prevailed on the author of a play, called "Love in a hollow Tree," to do us the honour of a visit; presuming with very good reason, that he was a writer of a superior class.[16] I know another, who for thirty years past, hath been the common standard of stupidity in England, where he was never heard a minute in any assembly, or by any party with common Christian treatment; yet upon his arrival hither, could put on a face of importance and authority, talked more than six, without either gracefulness, propriety, or meaning; and at the same time be admired and followed as the pattern of eloquence and wisdom.

Nothing hath humbled me so much, or shewn a greater disposition to a contemptuous treatment of Ireland in some chief governors,[17] than that high style of several speeches from the throne, delivered, as usual, after the royal assent, in some periods of the two last reigns. Such high exaggerations of the prodigious condescensions in the prince, to pass those good laws, would have but an odd sound at Westminster: Neither do I apprehend how any good law can pass, wherein the king's interest is not as much concerned as that of the people. I remember after a speech on the like occasion, delivered by my Lord Wharton, (I think it was his last) he desired Mr. Addison to ask my opinion of it: My answer was, "That his Excellency had very honestly forfeited his head on account of one paragraph; wherein he asserted by plain consequence, a dispensing power in the Queen." His Lordship owned it was true, but swore the words were put into his mouth by direct orders from Court. From whence it is clear, that some ministers in those times, were apt, from their high elevation, to look down upon this kingdom as if it had been one of their colonies of outcasts in America. And I observed a little of the same turn of spirit in some great men, from whom I expected better; although to do them justice, it proved no point of difficulty to make them correct their idea, whereof the whole nation quickly found the benefit?--But that is forgotten. How the style hath since run, I am wholly a stranger, having never seen a speech since the last of the Queen.

I would now expostulate a little with our country landlords, who by unmeasurable screwing and racking their tenants all over the kingdom, have already reduced the miserable people to a worse condition than the peasants in France, or the vassals in Germany and Poland; so that the whole species of what we call substantial farmers, will in a very few years be utterly at an end.[18] It was pleasant to observe these gentlemen labouring with all their might for preventing the bishops from letting their revenues at a moderate half value, (whereby the whole order would in an age have been reduced to manifest beggary) at the very instant when they were everywhere canting their own lands upon short leases, and sacrificing their oldest tenants for a penny an acre advance.[19] I know not how it comes to pass, (and yet perhaps I know well enough) that slaves have a natural disposition to be tyrants; and that when my betters give me a kick, I am apt to revenge it with six upon my footman; although perhaps he may be an honest and diligent fellow. I have heard great divines affirm, that "nothing is so likely to call down an universal judgment from Heaven upon a nation as universal oppression;" and whether this be not already verified in part, their worships the landlords are now at full leisure to consider. Whoever travels this country, and observes the face of nature, or the faces, and habits, and dwellings of the natives, will hardly think himself in a land where either law, religion, or common humanity is professed.[20]

I cannot forbear saying one word upon a thing they call a bank, which I hear is projecting in this town.[21] I never saw the proposals, nor understand any one particular of their scheme: What I wish for at present, is only a sufficient provision of hemp, and caps, and bells, to distribute according to the several degrees of honesty and prudence in some persons. I hear only of a monstrous sum already named; and if others, do not soon hear of it too, and hear of it with a vengeance, then am I a gentleman of less sagacity, than myself and very few besides, take me to be. And the jest will be still the better, if it be true, as judicious persons have assured me, that one half of this money will be real, and the other half only Gasconnade.[22] The matter will be likewise much mended, if the merchants continue to carry off our gold, and our goldsmiths to melt down our heavy silver.

AN ESSAY

ON

ENGLISH BUBBLES.

BY THOMAS HOPE, ESQ.

NOTE.

The excitement and even fury which were prevalent in England and France during the years 1719 and 1720 over Law's South Sea schemes afforded Swift an opportunity for the play of his satire by way of criticism on projects which appeared to him to be of the same character. News from France on the Mississippi Scheme which, in 1719, was at the height of its stock-jobbing success, gave glorious accounts of fortunes made in a night, and of thousands who had become rich and were living in unheard of luxury. Schemes were floated on every possible kind of ventures, and so plentiful was the "paper money" that nothing was too absurd for speculators. All these schemes, which soon came to nought, went, later, by the name of "Bubbles," and this essay of Swift's touches the matter with his usual satire.

The time chosen for the proposal for the establishment of a National Bank in Ireland was not a happy one. It was made in 1720 when the "Bubbles" had burst and found thousands ruined and pauperized. Swift, always an enemy to schemes of any kind, classed that of the bank with the rest of the "Bubbles," and, although the plan itself was a real effort to relieve Ireland, and might have effected its purpose, the terror of the "Bubbles" was sufficient to wreck it.

It required very little from Swift to insure its rejection, and rejected it was by the Irish legislature, before whose consideration it was brought.

* * * * *

Some doubt seems to obtain as to the authenticity of this "Essay on English Bubbles," which, in the words of Sir Walter Scott, may "be considered as introductory to the other" tracts on the Bank Project. This essay, however, appears in the edition of 1720 of "The Swearer's Bank," and, although it is not included in the "Miscellanies" of 1722, it is accepted by Faulkner in his collected edition of Swift's works. The present text is based on that prefixed to the edition of "The Swearer's Bank," 1720.

[T. S.]

AN ESSAY ON ENGLISH BUBBLES.

BY THOMAS HOPE, ESQ.

To the Right Reverend, Right Honourable, and Right Worshipful, and to the Reverend, Honourable, and Worshipful, &c. Company of Stockjobbers; whether Honest or Dishonest, Pious or Impious, Wise or Otherwise, Male or Female, Young or Old, One with another, who have suffered Depredation by the late Bubbles: _Greeting_.

Having received the following scheme from Dublin, I give you the earliest notice, how you may retrieve the DECUS ET TUTAMEN,[23] which you have sacrificed by permits in bubbles. This project is founded on a Parliamentary security, besides, the devil is in it, if it can fail, since a dignitary of the Church[24] is at the head on't. Therefore you, who have subscribed to the stocking insurance, and are out at the heels, may soon appear tight about the legs. You, who encouraged the hemp manufacture, may leave the halter to rogues, and prevent the odium of _felo de se_. Medicinal virtues are here to be had without the expense and hazard of a dispensary: You may sleep without dreaming of bottles at your tail, and a looking-glass shall not affright you; and since the glass bubble proved as brittle as its ware, and broke together with itself the hopes of its proprietors, they may make themselves whole by subscribing to our new fund.

Here indeed may be made three very grave objections, by incredulous interested priests, ambitious citizens, and scrupulous statesmen. The stocking manufactory gentlemen don't know how swearing can bring 'em to any probability of covering their legs anew, unless it be by the means of a pair of stocks: That the hemp-snared men apprehend, that such an encouragement for oaths can tend to no other advancement, promotion, and exaltation of their persons, than that of the gallows: The late old ordinary, Paul,[25] having grown grey in the habit of making this accurate observation in every month's Session-Paper, "That swearing had as great a hand in the suspension of every living soul under his cure, as Sabbath-breaking itself;" and that the glass-bubble-men cannot, for their lives, with the best pair of spectacles, that is the only thing left neat and whole, out of all their wares, see how they shall make anything out of this his oath-project, supposing he should even confirm by one its goodness: An oath being, as they say, as brittle as glass, and only made to be broken.

But those incredulous priests shall not go without an answer, that will, I am sure, induce them to place a great confidence in the benefit arising from Christians, who damn themselves every hour of the day. For while they speak of the vainness and fickleness of oaths, as an objection against our project, they little consider that this fickleness and vainness is the common practice among all the people of this sublunary world; and that consequently, instead of being an objection against the project, is a concluding argument of the constancy and solidity of their sure gain by it; a never-failing argument, as he tells us, among the brethren of his cloth.

The ambitious citizens, who from being plunged deep in the wealthy whirlpool of the South-Sea, are in hopes of rising to such seats of fortune and dignity, as would best suit with their mounting and aspiring hopes, may imagine that this new fund, in the sister nation, may prove a rival to theirs; and, by drawing off a multitude of subscribers, will, if it makes a flood in Ireland, cause an ebb in England. But it may be answered, that, though our author avers, that this fund will vie with the South-Sea, yet it will not clash with it. On the contrary, the subscribers to this must wish the increase of the South-Sea, (so far from being its rival); because the multitude of people raised by it, who were plain-speakers, as they were plain-dealers before, must learn to swear, in order to become their clothes, and to be gentlemen _à la mode_; while those that are ruined, I mean Job'd by it, will dismiss the patience of their old pattern, swear at their condition, and curse their Maker in their distress; and so the increase of that English fund will be demonstratively an ample augmentation of the Irish one: So far will it be from being rivalled by it, so that each of them may subscribe to a fund they have their own security for augmenting.

The scrupulous statesmen (for we know that statesmen are usually very scrupulous) may object against having this project secured by votes in Parliament; by reason, as they may deem it, in their great wisdom, an impious project; and that therefore so illustrious an assembly, as the Irish parliament, ought, by no means, according to the opinion of a Christian statesman, to be concerned in supporting an impious thing in the world. The way that some may take to prove it impious, is, because it will tend highly to the interest of swearing.--But this I take to be plain downright sophistry, and playing upon words: If this be called the Swearing project, or the Oath-act, the increase of swearing will be very much for the benefit and interest of swearing, (_i.e._) to the subscribers in the fund to be raised by this fruitful Swearing-act, if it should be so called; but not to the swearers themselves, who are to pay for it: So that it will be, according to this distinction, piously indeed an act for a benefit to mankind, _from_ swearing, not _impiously_, a benefit _in swearing_: So that I think that argument entirely answered and defeated. Far be it from the Dean to have entered into so unchristian a project, as this had been, so considered. But then these politicians (being generally, as the world knows, mighty tender of conscience) may raise these new doubts, fears, and scruples, _viz._ that it will however cause the subscribers to wish, in their minds, for many oaths to fly about, which is a heinous crime, and to lay stratagems to try the patience of men of all sorts, to put them upon the swearing strain, in order to bring grist to their own mill, which is a crime still more enormous; and that therefore, for fear of these evil consequences, the passing of such an act is not consistent with the really extraordinary and tender conscience of a true modern politician. But in answer to this, I think I can plead the strongest plea in nature, and that is called precedent, I think; which I take thus from the South-Sea: One man, by the very nature of that subscription, must naturally pray for the temporal damnation of another man in his fortune, in order for gaining his own salvation in it; yea, even though he knows the other man's temporal damnation would be the cause of his eternal, by his swearing and despairing. Neither do I think this in casuistry and sin, because the swearing, undone man is a free agent, and can choose whether he will swear or no, anybody's wishes whatsoever to the contrary notwithstanding: And in politics I am sure it is even a Machiavellian holy maxim, "That some men should be ruined for the good of others." Thus I think I have answered all the objections that can be brought against this project's coming to perfection, and proved it to be convenient for the state, of interest to the Protestant church, and consonant with Christianity, nay, with the very scruples of modern, squeamish statesmen.

To conclude: The laudable author of this project squares the measures of it so much according to the scripture rule, it may reasonably be presumed, that all good Christians in England will come as fast into the subscriptions for his encouragement, as they have already done throughout the kingdom of Ireland. For what greater proof could this author give of his Christianity, than, for bringing about this Swearing-act, charitably to part with his coat, and sit starving in a very thin waistcoat in his garret, to do the corporal virtues of feeding and clothing the poor, and raising them from the cottage to the palace, by punishing the vices of the rich. What more could have been done even in the primitive times!

THOMAS HOPE.

From my House in St. Faith's Parish, London, August 10, 1720.

P.S.--For the benefit of the author, application may be made to me at the Tilt-Yard Coffee-house, Whitehall.

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.