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.
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.
A LETTER
TO THE
KING AT ARMS.
[FROM A REPUTED ESQUIRE,[27] ONE OF THE SUBSCRIBERS TO THE BANK.]
_November 18, 1721._
SIR,
In a late printed paper,[28] containing some notes and queries upon that
list of the subscribers' names, which was published by order of the
commissioners for receiving of subscriptions, I find some hints and
innuendoes that would seem to insinuate, as if I and some others were
only _reputed_ esquires; and our case is referred to you, in your kingly
capacity. I desire you will please to let me know the lowest price of a
real esquire's coat of arms: And, if we can agree, I will give my bond
to pay you out of the first interest I receive for my subscription;
because things are a little low with me at present, by throwing my
whole fortune into the bank, having subscribed for five hundred pounds
sterling.
I hope you will not question my pretensions to this title, when I let
you know that my godfather was a justice of peace, and I myself have
been often a keeper of it. My father was a leader and commander of
horse, in which post he rode before the greatest lords of the land;[29]
and, in long marches, he alone presided over the baggage, advancing
directly before it. My mother kept open house in Dublin, where several
hundreds were supported with meat and drink, bought at her own charge,
or with her personal credit, until some envious brewers and butchers
forced her to retire.[30]