BROUGHTON, John.

£1,000 · Offered by Peter Harrington · No longer available

The Vindication and Advancement of our National Constitution and Credit: Attempted in Several Tracts. First collected edition, the tracts on the Bank of England and credit previously published in 1705 and 1706, here brought together with a new introductory essay on the constitution. Broughton (c.1674-1720), chaplain to the first Duke of Marlborough, wrote on economics and philosophy, opposing John Locke in the latter and the recently-established Bank of England in the former. His Remarks on the Bank of England, first published in 1705 on occasion of the Bank's request for a prolongation of its original charter, argued that the request should be denied and that the Bank should be dissolved. Broughton accused the Bank of attempting to secure a monopoly of credit in the country, and argued that it had far too much power over the government. Broughton instead proposed, extended in his essays on credit, that a new central bank as a branch of government should be created, which could use credit to stimulate the economy. Broughton held that the circulation of money, rather than its hoarding, was the proper calculation of wealth, and consequently the use of paper money should be encouraged (p. 84).

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