FACILITIES FOR TRADE 445 
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by the well regulating of it be more certain of profit, and AD Lon 
she quick and sure satisfaction of a debt by assignment in 
Bank will preserve many a good man’s credit, which many 
times is impaired, though he may have a good estate out in 
Trade beyond the Seas and cannot command it, or because 
he cannot receive his money where it is owing to him, to 
make payment where it is due. It being seldom seen that 
any of the Dutch Nation fail: and if any of them by losses 
do miscarry, being known to be industrious, are soon credited 
again with stock out of bank, or otherwise. to recover them- 
selves again by trade. 
“And many other (conveniences) which trial and ex- t many 
perience will daily discover, as quick and easy, paying bills “4 
of exchanges, foreign or domestic, and all other payments, 
preventing fraudulent payments, in counterfeit and clips 
coin or mistelling money, rectifying errors in accompts, 
which occasion Law suits, preventing theft and breaking 
open houses, where money is suspected to lie, and robbing 
on the high ways graziers, carriers or others that use to 
carry money from fairs, or other places, which may be 
returned by assignment in bank, whereas now the several 
hundreds in many places are forced to guard such as carry 
money for fear of their being robbed, and such hundred 
paying them the money they lost as it hath often fallen 
out of late times.” 
This enumeration of the felt disadvantages from the 
non-existence of banks throws very clear light on the 
advantages which accrued to the trading public by the in- 
stitution of the Bank of England. As a bank of deposit, 
it greatly developed the business already undertaken by 
goldsmiths, and gave many people the opportunity of 
leaving their hoards in the safe keeping of an institution, 
which could use money remuneratively by lending it to 
traders. In this way the Bank did a great deal to add 
fo the available capital of the country. Davenant and the 4 did not 
other critics of the Bank had maintained, with considerable money from 
plausibility, that the Bank would divert capital from pro- productive 
luctive employments! to be lent to the State; but as a ments, 
. Essay upon Ways and Means, in Works, 1. 24.