and I think I make no broach on either my charity or good manners in
saying so; and I reflect not upon any of the banks that are or shall
be established for not doing what I mention, but for making such
publications of what they would do. I cannot think any man had
expected the Royal Bank should lend money on mortgages at 4 per
cent. (nor was it much the better for them to make publication they
would do so from the beginning of January next after their
settlement), since to this day, as I am informed, they have not lent
one farthing in that manner.

Our banks are indeed nothing but so many goldsmiths' shops, where
the credit being high (and the directors as high) people lodge their
money; and they--the directors, I mean--make their advantage of it.
If you lay it at demand, they allow you nothing; if at time, 3 per
cent.; and so would any goldsmith in Lombard Street have done
before. But the very banks themselves are so awkward in lending, so
strict, so tedious, so inquisitive, and withal so public in their
taking securities, that men who are anything tender won't go to
them; and so the easiness of borrowing money, so much designed, is
defeated. For here is a private interest to be made, though it be a
public one; and, in short, it is only a great trade carried on for
the private gain of a few concerned in the original stock; and
though we are to hope for great things, because they have promised
them, yet they are all future that we know of.

And yet all this while a bank might be very beneficial to this
kingdom; and this might be so, if either their own ingenuity or
public authority would oblige them to take the public good into
equal concern with their private interest.