There were many reasons for the establishment of a national bank. It was necessary for the sake of a secure paper currency. It was required for the support of the national credit. It was desirable as a method of reducing the rate of interest paid by the state; a rate so high that, according to Anderson, men were induced to take their money out of trade, for the sake of securing it; an operation "big with mischief." The truth is that the times required it. The theorist may prove to demonstration the perfection of his theory; the speculator may show the certainty of its success: but unless it be a necessity called for by the onward progress of society, it must eventually fall to the ground. That the want of such an establishment was felt is certain. But while such firms as Childs--the books of whom go back to the year 1620, and refer to prior documents; Hoares, dating from 1680; and Snows, from 1685--were able to assist the public demand, although at the exorbitant interest of the period, it does not occasion so much surprise that the attempt made to meet the increasing requirements of trade proved insufficient. In 1678, sixteen years previous to the foundation of the Bank of England, "proposals for a large model of a bank" were published; and, in 1683 a "national bank of credit" was brought forward. In a rare pamphlet entitled _Bank Credit; or the usefullness and security of The Bank of Credit, examined in a dialogue between a Country Gentleman and a London Merchant_, this idea is warmly defended. It was, however, simply to have one of credit, nor was it proposed to form a bank of deposit; although, by the following remark of the "Country Gentleman," it is evident that such an establishment on a secure scale was desirable. He says: "Could they not without damage to themselves have secured the running cash of the nobility, gentry, merchants, and the traders of the city and kingdom, from all hazard, which would have been a great benefit to all concerned, who know not where to deposit their cash securely?" After much trouble this bank of credit was established at Devonshire House, in Bishopsgate Street; its object, as we have related, being principally to advance money to tradesmen and manufacturers on the security of goods. Three-fourths of the value was lent on these, and bills for their amount given to the depositor. In order to render them current, an appointed number of persons in each trade was formed into a society to regulate commercial concerns. Any individual possessed of such bills might therefore obtain from this company goods or merchandise with as much ease as if he offered current coin. The bank of credit does not appear to have flourished. The machinery was too complicated, and the risk of depreciation and the value of manufactures too great. It was next to impossible for such a company to exist after the Bank of England came with its low discount and free accommodations.