The Querist · George Berkeley
Part II
Query 1. Whether there be any country in Christendom more capable of improvement than Ireland? 2. Qu. Whether we are not as far before other nations with respect to natural advantages, as we are behind them with respect to arts and industry? 3. Qu. Whether we do not live in a most fertile soil and temperate climate, and yet whether our people in general do not feel great want and misery? 4. Qu. Whether my countrymen are not readier at finding excuses than remedies? 5. Qu. Whether it can be reasonably hoped, that our state will mend, so long as property is insecure among us? 6. Qu. Whether in that case the wisest government, or the best laws can avail us? 7. Qu. Whether a few mishaps to particular persons may not throw this nation into the utmost confusion? 8. Qu. Whether the public is not even on the brink of being undone by private accidents? 9. Qu. Whether the wealth and prosperity of our country do not hang by a hair, the probity of one banker, the caution of another, and the lives of all? 10. Qu. Whether we have not been sufficiently admonished of this by some late events? 11. Qu. Whether therefore it be not high time to open our eyes? 12. Qu. Whether a national bank would not at once secure our properties, put an end to usury, facilitate commerce, supply the want of coin, and produce ready payments in all parts of the kingdom?
13. Qu. Whether the use or nature of money, which all men so eagerly pursue, be yet sufficiently understood or considered by all? 14. Qu. Whether mankind are not governed by Citation rather than by reason? 15. Qu. Whether there be not a measure or limit, within which gold and silver are useful, and beyond which they may be hurtful? 16. Qu. Whether that measure be not the circulating of industry? 17. Qu. Whether a discovery of the richest gold mine that ever was, in the heart of this kingdom, would be a real advantage to us? 18. Qu. Whether it would not tempt foreigners to prey upon us? 19. Qu. Whether it would not render us a lazy, proud, and dastardly people? 20. Qu. Whether every man who had money enough would not be a gentleman? And whether a nation of gentlemen would not be a wretched nation? 21. Qu. Whether all things would not bear a high price? And whether men would not increase their fortunes without being the better for it? 22. Qu. Whether the same evils would be apprehended from paper-money under an honest and thrifty regulation? 23. Qu. Whether, therefore, a national bank would not be more beneficial than even a mine of gold? 24. Qu. Whether private ends are not prosecuted with more attention and vigour than the public? And yet, whether all private ends are not included in the pubic?
25. Qu. Whether banking be not absolutely necessary to the pubic weal? 26. Qu. Whether even our private banks, though attended with such hazards as we all know them to be, are not of singular use in defect of a national bank? 27. Qu. Whether without them what little business and industry there is would not stagnate? But whether it be not a mighty privilege for a private person to be able to create a hundred pounds with a dash of his pen? 28. Qu. Whether the mystery of banking did not derive its original from the Italians? Whether this acute people were not, upon a time, bankers over all Europe? Whether that business was not practised by some of their noblest families who made immense profits by it, and whether to that the house of Medici did not originally owe its greatness? 29. Qu. Whether the wise state of Venice was not the first that conceived the advantage of a national bank? 30. Qu. Whether at Venice all payments of bills of exchange and merchants' contracts are not made in the national or pubic bank, the greatest affairs being transacted only by writing the names of the parties, one as debtor the other as creditor in the bank-book? 31. Qu. Whether nevertheless it was not found expedient to provide a chest of ready cash for answering all demands that should happen to be made on account of payments in detail?
32. Qu. Whether this offer of ready cash, instead of transfers in the bank, hath not been found to augment rather than diminish the stock thereof? 33. Qu. Whether at Venice, the difference in the value of bank money above other money be not fixed at twenty per cent? 34. Qu. Whether the bank of Venice be not shut up four times in the year twenty days each time? 35. Qu. Whether by means of this bank the public be not mistress of a million and a half sterling? 36. Qu. Whether the great exactness and integrity with which this bank is managed be not the chief support of that republic? 37. Qu. Whether we may not hope for as much skill and honesty in a Protestant Irish Parliament as in a Popish Senate of Venice? 38. Qu. Whether the bank of Amsterdam was not begun about one hundred and thirty years ago, and whether at this day its stock be not conceived to amount to three thousand tons of gold, or thirty millions sterling? 39. Qu. Whether besides coined money, there be not also great quantities of ingots or bars of gold and silver lodged in this bank? 40. Qu. Whether all payments of contracts for goods in gross, and letters of exchange, must not be made by transfers in the bank-books, provided the sum exceed three hundred florins?
41. Qu. Whether it be not true, that the bank of Amsterdam never makes payments in cash? 42. Qu. Whether, nevertheless, it be not also true, that no man who hath credit in the bank can want money from particular persons, who are willing to become creditors in his stead? 43. Qu. Whether any man thinks himself the poorer, because his money is in the bank? 44. Qu. Whether the creditors of the bank of Amsterdam are not at liberty to withdraw their money when they please, and whether this liberty doth not make them less desirous to use it? 45. Qu. Whether this bank be not shut up twice in the year for ten or fifteen days, during which time the accounts are balanced? 46. Qu. Whether it be not owing to this bank that the city of Amsterdam, without the least confusion, hazard, or trouble, maintains and every day promotes so general and quick a circulation of industry? 47. Qu. Whether it be not the greatest help and spur to commerce that property can be so readily conveyed and so well secured by a compte en banc, that is, by only writing one man's name for another's in the bank-book? 48. Qu. Whether, at the beginning of the last century, those who had lent money to the public during the war with Spain were not satisfied by the sole expedient of placing their names in a compte en banc, with liberty to transfer their claims?
49. Qu. Whether the example of those easy transfers in the compte en banc, thus casually erected, did not tempt other men to become creditors to the public, in order to profit by the same secure and expeditious method of keeping and transferring their wealth? 50. Qu. Whether this compte en banc hath not proved better than a mine of gold to Amsterdam? 51. Qu. Whether that city may not be said to owe her greatness to the unpromising accident of her having been in debt more than she was able to Pay? 52. Qu. Whether it be known that any State from such small beginnings, in so short a time, ever grew to so great wealth and power as the province of Holland hath done; and whether the bank of Amsterdam hath not been the real cause of such extraordinary growth? 53. Qu. Whether we are by nature a more stupid people than the Dutch? And yet whether these things are sufficiently considered by our patriots? 54. Qu. Whether anything less than the utter subversion of those Republics can break the banks of Venice and Amsterdam? 55. Qu. Whether at Hamburgh the citizens have not the management of the bank, without the meddling or inspection of the Senate? 56. Qu. Whether the directors be not four principal burghers chosen by plurality of voices, whose business is to see the rules observed, and furnish the cashiers with money?
57. Qu. Whether the book-keepers are not obliged to balance their accounts every week, and exhibit them to the controllers or directors? 58. Qu. Whether any besides the citizens are admitted to have compte en banc at Hamburgh? 59. Qu. Whether there be not a certain limit, under which no sum can be entered into the bank? 60. Qu. Whether each particular person doth not pay a fee in order to be admitted to a compte en banc at Hamburgh and Amsterdam? 61. Qu. Whether the effects lodged in the bank of Hamburgh are liable to be seized for debt or forfeiture? 62. Qu. Whether this bank doth not lend money upon pawns at low interest and only for half a year, after which term, in default of payment, the pawns are punctually sold by auction? 63. Qu. Whether the book-keepers of the bank of Hamburgh are not obliged upon oath never to reveal what sums of money are paid in or out of the bank, or what effects any particular person has therein? 64. Qu. Whether, therefore, it be possible to know the state or stock of this bank; and yet whether it be not of the greatest reputation and most established credit throughout the North? 65. Qu. Whether the success of those public banks in Venice, Amsterdam and Hamburg would not naturally produce in other States an inclination to the same methods?
66. Qu. Whether an absolute monarchy be so apt to gain credit, and whether the vivacity of some humours could so well suit with the slow steps and discreet management which a bank requires? 67. Qu. Whether the bank called the general bank of France, contrived by Mr Law, and established by letters patent in May, 1716, was not in truth a particular and not a national bank, being in the hands of a particular company privileged and protected by the Government? 68. Qu. Whether the Government did not order that the notes of this bank should pass on a par with ready money in all payments of the revenue? 69. Qu. Whether this bank was not obliged to issue only such notes as were payable at sight? 70. Qu. Whether it was not made a capital crime to forge the notes of this bank? 71. Qu. Whether this bank was not restrained from trading either by sea or land, and from taking up money upon interest? 72. Qu. Whether the original stock thereof was not six millions of livres, divided into actions of a thousand crowns each? 73. Qu. Whether the proprietors were not to hold general assemblies twice in the year, for the regulating of their affairs? 74. Qu. Whether the accompts of this bank were not balanced twice every year?
75. Qu. Whether there were not two chests belonging to this bank, the one called the general chest containing their specie, their bills and their copper plates for the printing of those bills, under the custody of three locks, whereof the keys were kept by the director, the inspector and treasurer, also another called the ordinary chest, containing part of the stock not exceeding two hundred thousand crowns, under the key of the treasurer? 76. Qu. Whether out of this last mentioned sum, each particular cashier was not to be intrusted with a share not exceeding the value of twenty thousand crowns at a time, and that under good security? 77. Qu. Whether the Regent did not reserve to himself the power of calling this bank to account, so often as he should think good, and of appointing the inspector? 78. Qu. Whether in the beginning of the year 1719 the French King did not convert the general bank of France into a Banque Royale, having himself purchased the stock of the company and taken it into his own hands, and appointed the Duke of Orleans chief manager thereof? 79. Qu. Whether from that time, all matters relating to the bank were not transacted in the name, and by the sole authority, of the king? 80. Qu. Whether his Majesty did not undertake to receive and keep the cash of all particular persons, subjects, or foreigners, in his said Royale Banque, without being paid for that trouble? And whether it was not declared, that such cash should not be liable to seizure on any pretext, not even on the king's own account?
81. Qu. Whether the treasurer alone did not sign all the bills, receive all the stock paid into the bank, and keep account of all the in-goings and out-goings? 82. Qu. Whether there were not three registers for the enregistering of the bills kept in the Banque Royale, one by the inspector, another by the controller, and a third by the treasurer? 83. Qu. Whether there was not also a fourth register, containing the profits of the bank, which was visited, at least once a week, by the inspector and controller? 84. Qu. Whether, beside the general bureau or compter in the city of Paris, there were not also appointed five more in the towns of Lyons, Tours, Rochelle, Orleans, and Amiens, each whereof was provided with two chests, one of specie for discharging bills at sight, and another of bank bills to be issued as there should be demand? 85. Qu. Whether, in the above mentioned towns, it was not prohibited to make payments in silver, exceeding the sum of six hundred livres? 86. Qu. Whether all creditors were not empowered to demand payment in bank bills instead of specie? 87. Qu. Whether, in a short compass of time, this bank did not undergo many new changes and regulations by several successive acts of council? 88. Qu. Whether the untimely, repeated, and boundless fabrication of bills did not precipitate the ruin of this bank?
89. Qu. Whether it be not true, that before the end of July, 1719, they had fabricated four hundred millions of livres in bank-notes, to which they added the sum of one hundred and twenty millions more on the twelfth of September following, also the same sum of one hundred and twenty millions on the twenty-fourth of 3 October, and again on the twenty-ninth of December, in the same year, the farther sum of three hundred and sixty millions, making the whole, from an original stock of six millions, mount, within the compass of one year, to a thousand millions of livres? 90. Qu. Whether on the twenty-eighth of February, 1720, the king did not make an union of the bank with the united company of the East and West Indies, which from that time had the administration and profits of the Banque Royale? 91. Qu. Whether the king did not still profess himself responsible for the value of the bank bills, and whether the company were not responsible to his Majesty for their management? 92. Qu. Whether sixteen hundred millions of livres, lent to his majesty by the company, was not a sufficient pledge to indemnify the king? 93. Qu. Whether the new directors were not prohibited to make any more bills without an act of council? 94. Qu. Whether the chests and books of the Banque were not subjected to the joint inspection of a Counsellor of State, and the Prevot des Marchands, assisted by two Echevins, a judge, and a consul, who had power to visit when they would and without warning?
95. Qu. Whether in less than two years the actions or shares of the Indian Company (first established for Mississippi, and afterwards increased by the addition of other compares and further? and whether this privileges) did not rise to near 2000 per cent must be ascribed to real advantages of trade, or to mere frenzy? 96. Qu. Whether, from first to last, there were not fabricated bank bills, of one kind or other, to the value of more than two thousand and six hundred millions of livres, or one hundred and thirty millions sterling? 97. Qu. Whether the credit of the bank did not decline from its union with the Indian Company? 98. Qu. Whether, notwithstanding all the above-mentioned extraordinary measures, the bank bills did not still pass at par with gold and silver to May, 1720, when the French king thought fit, by a new act of council, to make a reduction of their value, which proved a fatal blow, the effects whereof, though soon retracted, no subsequent skill or management could ever repair? 99. Qu. Whether, what no reason, reflexion, or foresight could do, this simple matter of fact (the most powerful argument with the multitude) did not do at once, to wit, open the eyes of the people? 100. Qu. Whether the dealers in that sort of ware had ever troubled their heads with the nature of credit, or the true use and end of banks, but only considered their bills and actions as things, to which the general demand gave a price?
101. Qu. Whether the Government was not in great perplexity to contrive expedients for the getting rid of those bank bills, which had been lately multiplied with such an unlimited passion? 102. Qu. Whether notes to the value of about ninety millions were not sunk by being paid off in specie, with the cash of the Compagnie des Indes, with that of the bank, and that of the Hotels des Monnoyes? Whether five hundred and thirty millions were not converted into annuities at the royal treasury? Whether several hundred millions more in bank bills were not extinguished and replaced by annuities on the City of Paris, on taxes throughout the provinces, &c., &c? 103. Qu. Whether, after all other shifts, the last and grand resource for exhausting that ocean, was not the erecting of a compte en banc in several towns of France? 104. Qu. Whether, when the imagination of a people is thoroughly wrought upon and heated by their own example, and the arts of designing men, this doth not produce a sort of enthusiasm which takes place of reason, and is the most dangerous distemper in a State? 105. Qu. Whether this epidemical madness should not be always before the eyes of a legislature, in the framing of a national bank? 106. Qu. Whether, therefore, it may not be fatal to engraft trade on a national bank, or to propose dividends on the stock thereof?
107. Qu. Whether it be possible for a national bank to subsist and maintain its credit under a French government? 108. Qu. Whether it may not be as useful a lesson to consider the bad management of some as the good management of others? 109. Qu. Whether the rapid and surprising success of the schemes of those who directed the French bank did not turn their brains? 110. Qu. Whether the best institutions may not be made subservient to bad ends? 111. Qu. Whether, as the aim of industry is power, and the aim of a bank is to circulate and secure this power to each individual, it doth not follow that absolute power in one hand is inconsistent with a lasting and a flourishing bank? 112. Qu. Whether our natural appetites, as well as powers, are not limited to their respective ends and uses? But whether artificial appetites may not be infinite? 113. Qu. Whether the simple getting of money, or passing it from hand to hand without industry, be an object worthy of a wise government? 114. Qu. Whether, if money be considered as an end, the appetite thereof be not infinite? But whether the ends of money itself be not bounded? 115. Qu. Whether the mistaking of the means for the end was not a fundamental error in the French councils?
116. Qu. Whether the total sum of all other powers, be it of enjoyment or action, which belong to man, or to all mankind together, is not in truth a very narrow and limited quantity? But whether fancy is not boundless? 117. Qu. Whether this capricious tyrant, which usurps the place of reason, doth not most cruelly torment and delude those poor men, the usurers, stockjobbers, and projectors, of content to themselves from heaping up riches, that is, from gathering counters, from multiplying figures, from enlarging denominations, without knowing what they would be at, and without having a proper regard to the use or end or nature of things? 118. Qu. Whether the ignis fatuus of fancy doth not kindle immoderate desires, and lead men into endless pursuits and wild labyrinths? 119. Qu. Whether counters be not referred to other things, which, so long as they keep pace and proportion with the counters, it must be owned the counters are useful; but whether beyond that to value or covet counters be not direct folly? 120. Qu. Whether the public aim ought not to be, that men's industry should supply their present wants, and the overplus be converted into a stock of power? 121. Qu. Whether the better this power is secured, and the more easily it is transferred, industry be not so much the more encouraged?
122. Qu. Whether money, more than is expedient for those purposes, be not upon the whole hurtful rather than beneficial to a State? 123. Qu. Whether there should not be a constant care to keep the bills at par? 124. Qu. Whether, therefore, bank bills should at any time be multiplied but as trade and business were also multiplied? 125. Qu. Whether it was not madness in France to mint bills and actions, merely to humour the people and rob them of their cash? 126. Qu. Whether we may not profit by their mistakes, and as some things are to be avoided, whether there may not be others worthy of imitation in the conduct of our neighbours? 127. Qu. Whether the way be not clear and open and easy, and whether anything but the will is wanting to our legislature? 128. Qu. Whether jobs and tricks are not detested on all hands, but whether it be not the joint interest of prince and people to promote industry? 129. Qu. Whether, all things considered, a national bank be not the most practicable, sure, and speedy method to mend our affairs, and cause industry to flourish among us? 130. Qu. Whether a compte en banc or current bank bills would best answer our occasions? 131. Qu. Whether a public compte en banc, where effects are received, and accounts kept with particular persons, be not an excellent expedient for a great city?
132. Qu. What effect a general compte en banc would have in the metropolis of this kingdom with one in each province subordinate thereunto? 133. Qu. Whether it may not be proper for a great kingdom to unite both expedients, to wit, bank notes and a compte en banc? 134. Qu. Whether, nevertheless, it would be advisable to begin with both at once, or rather to proceed first with the bills, and afterwards, as business multiplied, and money or effects flowed in, to open the compte en banc? 135. Qu. Whether, for greater security, double books of compte en banc should not be kept in different places and hands? 136. Qu. Whether it would not be right to build the compters and public treasuries, where books and bank notes are kept, without wood, all arched and floored with brick or stone, having chests also and cabinets of iron? 137. Qu. Whether divers registers of the bank notes should not be kept in different hands? 138. Qu. Whether there should not be great discretion in the uttering of bank notes, and whether the attempting to do things per saltum be not often the way to undo them? 139. Qu. Whether the main art be not by slow degrees and cautious measures to reconcile the bank to the public, to wind it insensibly into the affections of men, and interweave it with the constitution?
Ideas discussed in this chapter
Text from Project Gutenberg, public domain in the United States.