been defrayed out of the year's income, a surplus remained; and how
that surplus was to be employed was a question of some difficulty.
In our time, to invest such a surplus, at something more than three
per cent, on the best security that has ever been known in the
world, is the work of a few minutes. But in the seventeenth century,
a lawyer, a physician, a retired merchant, who had saved some
thousands, and who wished to place them safely and profitably, was
often greatly embarrassed. Three generations earlier, a man who had
accumulated wealth in a profession generally purchased real
property, or lent his savings on mortgage. But the number of acres
in the kingdom had remained the same; and the value of those acres,
though it had greatly increased, had by no means increased so fast
as the quantity of capital which was seeking for employment. Many
too wished to put their money where they could find it at an hour's
notice, and looked about for some species of property which could be
more readily transferred than a house or a field. A capitalist might
lend on bottomry or on personal security; but, if he did so, he ran
a great risk of losing interest and principal. There were a few
joint stock companies, among which the East India Company held the
foremost place; but the demand for the stock of such companies was
far greater than the supply. Indeed the cry for a new East India
Company was chiefly raised by persons who had found difficulty in
placing their savings at interest on good security. So great was
that difficulty that the practice of hoarding was common. We are
told that the father of Pope, the poet, who retired from business in
the City about the time of the Revolution, carried to a retreat in
the country a strong box containing near twenty thousand pounds, and
took out from time to time what was required for household expenses;
and it is highiy probable that this was not a solitary case. At
present the quantity of coin which is hoarded by private persons is