Publisher's Synopsis
Excerpt from The History of England, From the Invasion of Julius Caesar to the Abdication of James the Second, 1688, Vol. 6
It had been usual for the bankers to carry their money to the exchequer, and to advance it upon security of 'the funds by which they were afterwards reimbursed when the money was levied on the public. The bankers by this traffic got eight, sometimes ten per cent., for sums which either had been consigned to them without interest, or which they had bor rowed at six per cent.; profits which they dearly paid for by this egregious breach of public faith. The measure was so suddenly taken, that none had warning of the danger. A general confusion prevailed in the city, followed by the ruin of many. The bankers stopped payment; the merchants could answer no bills; distrust took place every where, with a stagnation of commerce, by which the public was universally affected. And men, full of dismal apprehensions, asked each other what must be the scope of those mysterious counsels, whence the parliament and all men of honor were excluded, and which commenced by the forfeiture of public credit, and an open violation of the most solemn engagements, both foreign and domestic.
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