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²⁶ See Marshall, Resistance, religion and responsibility, pp. 119, 177–80, 121–3. By 1695, Locke argued ‘Faith without Work…is not sufficient for our Justification’ – see Locke, John, The reasonableness of Christianity, ed. Higgins-Biddle, John C. (Oxford, 2000), p. 211Google Scholar. For an emerging contemporary emphasis on the utility of consumption, see Slack, Paul, The invention of improvement: information and material progress in seventeenth-century England (Oxford, 2014), pp. 130–69CrossRefGoogle Scholar.

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³² Ibid., §§37, 48.

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⁴² Ibid., p. 191.

⁴³ Joyce Appleby argued that there had been ‘little in the Western philosophical tradition to lend support to the adoption of a market ethic which would dethrone authority and unravel the fabric of social responsibilities’, and Locke was among the first to adopt the idea of natural law as a rationale for the impersonal economic forces of the market. See her ‘Locke, liberalism and the natural law of money’, at p. 44. The argument presented here and below by contrast suggests that Locke's idea of a natural rate of interest was intended to preserve the fabric of social responsibility by encouraging neighbours to lend to one another.

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⁴⁹ See Wennerlind, Casualties of credit, pp. 44–80.

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⁷⁴ Locke, Some considerations, p. 229.

⁷⁵ Locke, Essays on the law of nature, p. 212; Locke, Two treatises, ii, 2, §14.

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⁸⁴ Correspondence, iv, 1701; for Codrington as a shopkeeper, see ibid., ii, 776.

⁸⁵ Ibid., v, 1705. The sums were paid soon afterwards through an assignable debt instrument, as Clarke paid Locke the full sum, receiving from Codrington a bill of £40, with Codrington delaying payment of the remaining £6 8s 6½d (Correspondence, v, 1706; Locke's journal, 8 Feb. 1694, MS Locke f. 10, fo. 218).

⁸⁶ Correspondence, iv, 1701, v, 1705.

⁸⁷ For Stratton, see Locke's journal in MS Locke f. 10, fos. 270–1, 3 May 1695, where Locke notes a payment ‘by oversight omitted in his account’, and his accounts in MS Locke c. 1, where p. 119 correspondingly notes a ‘memorand’ that three payments, including the £46 8s 6½d, were ‘not taken notice of here because they belong not to this account which was closed & signed before these sums were paid which are therefore brought account & writ agn p303’; for Shaftesbury, see Correspondence, iv, 1686 and 1689, v, 1719, 1722, 1723, 1724, 1922; and MS Locke f. 10, fos. 231, 241, 280–1; for Pawling, see Correspondence, v, 1715; for another account settling see ibid., v, 1771, 1804, 1871; for the debacle with the bereaved family of Thomas, see ibid., v, 1731, 1733, 1745, 1815, 1937, 1942, 1943, 2081, 2097, 2137; and MS Locke f. 10, fo. 287.

⁸⁸ Locke especially emphasized the importance of harnessing human motivation in the pursuit of justice during the 1690s. See Marshall, Resistance, religion and responsibility, pp. 319, 329–451, 453. John Locke, ‘Venditio (1695)’, in Goldie, ed., Political essays, pp. 340–3. For this aspect of Cicero's influence on Locke, see Mitsis, Philip, ‘Locke's offices’, in Miller, Jon and Inwood, Brad, eds., Hellenistic and early modern philosophy (Cambridge, 2003), pp. 45–61, at p. 27CrossRefGoogle Scholar; Marshall, Resistance, religion and responsibility, pp. 303–26.

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⁹⁰ Locke, Some considerations, p. 213.

⁹¹ Locke, Some thoughts, §56.

⁹² John Locke, ‘Reputation (1678)’, in Goldie, ed., Political essays, pp. 271–2, at p. 271.

⁹³ Ibid., p. 272. Note the similarity with Locke's statement about the monetary age in Two treatises, ii, 8, §111, which ‘corrupted Mens minds into a Mistake of true Power and Honour’.

⁹⁴ Locke, ‘Reputation (1678)’, p. 272.

⁹⁵ For a detailed outline of such proposals, see Wennerlind, Casualties of credit, pp. 104–21; and Horsefield, J. Keith, British monetary experiments, 1650–1710 (London, 1960)Google Scholar.

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⁹⁸ Pincus, Steve, 1688: the first modern revolution (New Haven, CT, 2009)Google Scholar, describes Locke as ‘one of the earliest supporters of and investors in the Bank of England’, at p. 371.

⁹⁹ This is usually the evidence marshalled to suggest his support, following Peter Laslett, , ‘John Locke, the Great Recoinage, and the origins of the Board of Trade: 1695–1698’, William and Mary Quarterly, 14 (1957), pp. 370–402, at p. 365 fn. 64CrossRefGoogle Scholar.

¹⁰⁰ Correspondence, v, 1755.

¹⁰¹ On 5 Oct. 1694: ‘Assignd my stock in the Bank to M^r for £255-’ (MS Locke f. 10, fos. 244–5).

¹⁰² Correspondence, v, 1811.

¹⁰³ MS Locke c. 1, pp. 262–3, 368–9; Woolhouse, ‘Locke and Somerset’, p. 8. On one occasion, Locke told King ‘you need not excuse your not purchaseing of Stock, for I am not fond of it, But perfectly leave it to you to doe with it as if it were your own money…Buy or forbear as you would doe for yourself’ (Correspondence, vii, 2938).

¹⁰⁴ Correspondence, v, 1849. For more complaints, see ibid., 1844, 1845, and 1847.

¹⁰⁵ Ibid., vii, 3135.

¹⁰⁶ MS Locke b. 3, fos. 31–2.

¹⁰⁷ Ibid., fo. 31.

¹⁰⁸ Ibid., fo. 32. Distrust for the incumbent chancellor of the exchequer, Charles Montagu, who was also involved in devising the bill for the Bank at the treasury, is expressed clearly by the College in Correspondence, v, 2154.

¹⁰⁹ MS Locke b. 3, fos. 35–7.

¹¹⁰ Ibid., fo. 35v.

¹¹¹ Ibid., fo. 36r.

¹¹² Ibid., fos. 36r–v; this seems to accord with Liddell's reflection in Correspondence, v, 1811, that ‘one may perceive…powerfull Court applycations, and the glut of present immergencies’.

¹¹³ MS Locke b. 3, fo. 37r.

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¹¹⁶ Cranston, Locke, p. 313. Locke petitioned William III to pay this debt in 1690, though to no avail.

¹¹⁷ See Murphy, Anne L., ‘Demanding “credible commitment”: public reactions to the failure of the early financial revolution’, Economic History Review, 66 (2013), pp. 178–97CrossRefGoogle Scholar. Against North and Weingast, Murphy points out that ‘far from being viewed as a credible debtor, the English Parliament was often judged to be financially incompetent and untrustworthy; in fact no more credible than the sovereign’, p. 183.

¹¹⁸ Correspondence, v, 1874.

¹¹⁹ Seiichiro Ito has fruitfully shown that institutional credit required foundation on ‘the same moral underpinnings of trustworthiness and reputation that Muldrew identified as the essential elements supporting pre-institutional credit’. See Ito, Seiichiro, ‘The making of institutional credit in England, 1600–1688’, European Journal of the History of Economic Thought, 18 (2011), pp. 487–519, at p. 489CrossRefGoogle Scholar.

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¹²³ Ibid., p. 4.

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