Under Charles I, another act asserted that a pawnbroker was not a respectable (or trustworthy) person; however, it was planned to set Charles up in the business. The Civil War was approaching; supplies were badly needed, and a Royalist proposed the establishment of a state pawnshop. According to the proposal, "The intolerable injuries done to the poore subjects by brokers and usurers that take 30, 40, 50, 60, and more in the hundredth, may be remedied and redressed, the poor thereby greatly relieved and eased, and His Majestie much benefited". The king would receive two-thirds of the profits, and the working capital (£100,000) would be provided by the city of London. Reform of what Shakespeare called "broking pawn" was in the air at the time, and in the early days of the Commonwealth of England a "mont de pieté" was proposed in "Observations manifesting the Conveniency and Commodity of Mount Pieteyes, or Public Bancks for Relief of the Poor or Others in Distress, upon Pawns" (a 1651 pamphlet). According to "A Short History of the Bank of England", published in 1695, the directors of the early Bank of England intended to help the poor by establishing pawnshops at an interest rate of one penny per pound per month (five percent per year).