Remarks upon the Bank of England, with regard more especially to our trade and government : occasion'd by the present discourse concerning the intended prolongation of the bank : humbly address'd to the honourable House of Commons

Broughton, John (attr); [A Merchant of London]; Also attributed to Charles Davenant by Halkett & Laing

London : Printed for A. Baldwin, 1706

Second edition. iv, 51 pp. Bound in modern leather. Gilt title. Gilt head/tail lines. Marbled end papers. Minor toning, scattered foxing. A speech at the House of Commons against the monopoly of the Bank of England. 

In 1697 Parliament had extended the charter for the Bank of England with additional conditions proposed by the bank.  One of the key proposals was to stipulate that no other bank or entity akin to the nature of a bank be established in England; ensuring the legal monopoly of the Bank of England.  The Nine Year's War had strengthened the newly founded Bank who issued extensive loans to the Government; ensuring that neither could be mutually separated.  In this pamphlet, the author warns that the Bank of England might become a monopolistic trader of credit due to its low interest rates.  The tradesmen and merchants of London, vehemently protested against the Bank, because they saw it as anticompetitive, goliath, arranged against their interests. The Bank of England had previously overtaken the Land Bank as the premier trader of land in England. This, and the power given by the Government to issue Exchequer notes, is the preeminent case against the Bank of England's monopoly.  The War of Spanish Secession further increased the government's reliance to the Bank of England, who issued it millions of pounds of debt.  As a result, Chancellor Robert Harley was forced to seek new ways to improve the national finances. This would lead to the creation of the South Seas Company and growth of joint stock companies. This consolidation of government debt and speculation eventually lead to the 1720 Bubble Crisis. ESTC t046881; Goldsmiths'-Kress no. 04298.  Kress 2523.