CHAMBERLEN, Hugh.

Inquire · Offered by Peter Harrington

Several Objections Sometimes Made against the Office of Credit, Fully Answered. First edition, defending Chamberlen and Robert Murray's 1682 scheme to establish a bank of credit in the City of London. "Chamberlen deflected attention away from the potentially corruptible human element involved in the issuance of credit and instead highlighted the materiality of the security backing credit" (Wennerlind, pp. 104-5).In the early 1680s, Chamberlen and Murray "proposed a number of revenue-raising schemes to the corporation of London... The most significant of these was for a bank of credit, which accepted both subscriptions of money and deposits of goods. Arrangements were made for subscriptions from the mayor and common councilmen to establish the office, and although some members of the corporation were persuaded to subscribe to the bank, the scheme foundered" (ODNB). A fellow of the Royal Society and a medical man by training, Chamberlen served as the physician in ordinary to the king in 1673. He is equally notable as a monetary projector; after this early venture with Murray he became the chief promoter of the land-bank schemes of the 1690s.The pamphlet is revised from Chamberlen's 1665 tract A description of the Office of Credit (ESTC R20510).

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