M^mm%> >ia£i>j>^P DUKE UNIVERSITY LIBRARY Treasure %oom ^-T . w > > I THE CASE O F T H E BORROWERS O N T H E SOUTHS E A Loans, STATED. .;•> X "VVWi. w^, H* ( 3 ) THE CASE O F T H E BORROWERS O N T H E South-Sea Loans, SINCE the Parliament has thought it of fervice to the Publick, that the unhappy Sufferers by the South Sea fliould have Relief and are at pre- lent confidering how to give it them ; I am perfuaded, no one will think it either im- proper or unfeafonable, that the Cafe of the A 2 Borrowers ( 4) Borrowers on the Loans (who in my opi- nion are the moft unhappy of them all) fhould be truly ftated and made pubHck. For my part, I will endeavour ir, as far as I am able, with Juftice to the Company who are their Creditors, and with no more Companion to thefe unfortunate People, than their Circumftances honeftly deferve : And I have this Satisfaction in what I under- take, that as I believe it is not the Intent of the Members of either of the Honourable Houfes to adminifter Relief with Partiality, or to negled any fet of Men who really want it, ihould I fo far fucceed, as to fhew that thefe Borrowers do, I can't but hope that they will be efteemed at lead worthy their Care and TroteEiion. To what purpofe thefe Loans were o- pened by the late Directors, I need not mention: Every one knows, that without them they could never have perfected their Scheme^ as they ufed to term their Villainy. It was not enough for them to have railed their Stock to fuch a Price, as to have been only able to have difcharged their Agree- ment with the Government; they had larger Views, they were to fatisfy their own Avarice, and could not therefore give too great an imaginary Value to their Stock. Thefe Managers (unhappily for us) fet out with (5) with the good Opinion of Mankind; they were efteemed too wife to be deceived chern- felves, and too honeft to deceive their Friends. Thus qualified for Mifchief, they foon began it ; they foon intoxicated the Brains of all they talked with, gave them wild Notions of the rifing Value of their Stock, and perfuaded them at any rate to put themfelves in Fortune's way : Having with great Art and Induftry gained a Credit to their Stock, they immediately upon it took in the firft Subfcriptions ; but thefe Subfcriptions having drawn a great Quan- tity of Money into their hands, they ap- prehended the rifing Spirit of the Stock might foon be checked for want of Mo- ney, and their Project by it injured : For even then the Species of our Nation was not infinite, it was therefore necelTary to contrive fome Means to carry on quick Cir- culations of it ; and the Means contrived was to iiTue Money on thefe Loans. The Succefs they had we all remember ; the Price increafed prodigiouily, and, it I am not miftaken, above ioo /. per Cent, in a Day. And indeed this Succefs was very probable ; for thefe Loans ferved two Ends at once of the greateft moment to their Scheme: While they furniilied the unhap- py Borrowers with Money to purchafe Stock 6 with. CO with, they gave frefh Credit to the Stock, and raifed the Price : For when the 2)i- re&orsj who muft be fnppofed to know what they were doing, had put fo great a confidence in their Stock, as to lend fuch Sums upon the Security of that alone^ o- thers might with good reafon take courage, and truft it too. And their Cunning upon this occafion was very extraordinary, for they were not contented with the Credit they gave to their Stock by this A£i^ which was a tacit Declaration that they knew it to be intrinfically worth as much or more than what they ventured to lend on it ; but they were diligent in private Companies to confirm Men in fuch Opinion of it, by a conftant Ridicule of the Bank for their piti- ful and cautious Loan of ioo/. fer Cent. To this Step are greatly owing all our Mif- fortunes : The mod Prudent now began to blame themfelves for the unjufl: Sufpicions they had entertain'd of fo good a Project. A Man of moderate Fortune now feem'd poor by the V2fl Riches all about him had ib fuddenly acquired. All grew impatient and nrieafy, who were not in this Stock, the Managers were idolized, and only they were happy, who had Directors for their Friends. The Merchant, who thro' a long Diligence and great Variety of Hazard had gained (7) gained a fmall Eftate, grew mad to fee Co many idle Fellows enrich themfelves within a day or two. The honeft Country Gentle- man, who by good Management and wife Oeconomy had been an Age in paying ofFa Mortgage, or faving a few fmall Portions for his younger Children, could not bear the big Difcourfe and Infults of this New Race. Both laid afide their Prudence, and at laft became unhappy Converts to South- Sea : Both were periuaded to ufe now their Diligence, and recover that time their Dif- belief had loft them. The one defpifed his Trade, and fold his EfTe&s at any rate, to try his Fortune : The other mortgaged what he could, or fold it for a little Stock or Third Subfcrlption : And now both are undone, both Beggars. I lhould think Ca- fes of fuch Diftreis as thefe could not be reflected on without even Humanity itfelf becoming painful ; and yet, whether it pro- ceeds from fuch Cafes being frequent and daily feen, or from an Hardnefs of Heart, which Providence for a Judgment has fuf- fered to fall on us, I know not ; but fuch Cafes are fcarce pitied by us : Every one (till purfues his own Intereft, and feems to grudge the Expence even of a few Shillings, tofave thoufands fromDeftrudion. I be- ( 8) I believe it looks too like a Demonftra- tion to be denied, that thofe have fuffered mofl) who came the latefl into this unlucky- Scheme : And not only becaufe they mult be fuppofed to have paid the dearejt for their Stock, but becauie they are generally the Men who are Borrowers on the Loans : For as it is natural, and indeed very rea- fonable to defire to continue in the lame Clals and Degree we are in, and to live as well as thofe about us ; it is not to be won- der'd at, that thefe poor Gentlemen who came fo late in it, fhould endeavour, if pof- fibly they could, tofave their Diftance, and aim at a Gain fomewhat proportionable to that their Neighbours and Acquaintance had already got ; but entring late the Point was extreamly difficult. Stock was then fo va- luable, they could not have much of it, even for much Money : But the Directors being Men of piblick Spirit ^ were defirous to fet them forward, and foon pointed out a wife Expedient: Stock, they aflured them, would reach 1500/. they advifed them to enlarge their Capital y and then their Succefs would certainly, in propor- tion to the lucre afe of that Capital be much greater. Thus deluded, to enlarge their Ca- pital, they borrowed on their Stock. Ic was to thefe the Managers did the favour 6 firft CO firft to lend them Money, and afterwards to fell them their own Stock. Let any one with common Charity confider the fad Circumftances of fuch poor People : Sup- posing that they only gave at firft 600/. for for 100 /. Capital (tho' I am afraid moft of them paid much dearer for it, as they came fo late) and that they laid out that Money borrowed in purchafing of other Stock ; what cruel Bargains have they been drawn into ? What have they loft ? The little Stock they are now porfefs'd of ftands them at leaft in 1200 /. per Cent. How little do thefe want of Ruin, if the Money ihould not be fued for? but if it lliould, how ine- vitable is it then ? Surely fuch deferve Re- lief, or are they thought too far loft to be worth faving? And yet there are many ftill more unfortunate than thefe ; for ma- ny have borrowed on that very Stock they bought with borrowed Money, and laid out that Money laft borrowed in purchafing of other Stock: and many yet (if poflible) are even under worfe Circumftances chan thefe, for many have paid away all they borrowed on their Stock for 'Difference's to the Directors and their Abettors ; for Dif- ferences on Bargains made with them at the Rates of ioco /. and upwards for the Open- ing of the Books after Midfummer: And it B is ( io ) is well known that the largejt Loan of ail was lent upon that very account. Thefe indeed have little to fear, for they have no- thing left to lofe ; to fue thefe would be of not much more confequence to the Compa- ny, than in the common Cafe of fuing Beg- gars. But I can't conceive io ill of theie prefent Directors, as to believe they will think they have a Right to the Liberty of Mankind, becaufe their Tredeceffbrs robbed them of their ^Property ; tho at the fame time I mult own, in my own, that Li- berty is by the Lofs of Property become lefs valuable ; for they are only truly dear^ when they are joined together. I iliould believe, to an Englijhman^ whofe Frame has generally been obferved to have Good- nature moulded in it, thefe Arguments would be fufficient to perfuade him to al- low thefe Sufferers Relief, as well as o- thers : But becaufe fomeMen are extreamly fond ofjuflice, when they expect Advan- tage by it, for their fakes I will confider this Cafe in another lighr, and fee how far in Juftice and Equity thefe Borrowers would be obliged, were they able to refund (which not one in fifty of them is able now to do.) When it was judged of fervice to the Company, or rather to the Manager s y that Money fliould be lent, the only Security they ( II ) they asked or expected, was a Transfer of the Stock. They told the Borrowers they defir'd no T>efeafances, nor other collate- ral Securities, for they knew the Value of their Stock, they knew it a good Security for all the Money lent, and that the Bor- rowers would always think the mortgaged Stock worth their redeeming: The Tenns therefore, on which thefc borrowed, were, to transfer their Stock, and redeem it if they pleafed. I remember Mr. ftmffljt, their late Cafhier, when examined before the Lords, confefs'd as much, and the late TDi- reffors, all agreed to it. They laid they knew the Stock fufficienr, they requir'd no other Security, they trufted to the Stock, and to the Stock alone : Had the Terms been different, had other Securities been given or requir'd, People would then have known how far they were obliged. Many would not have borrowed, nay, many could not : None, I am perfwaded, would have been {o long amufed with vain Hopes of feeing Stock again at 400 /. but would at lead have fold it out whilft the Defici- encies were fmall, and they able to have anfwered them, they would not have wai- ted till Stock was almoft at/^r, as now it is. B z The ( 12 ) The Transfers on the Loans were all ab* folate to &mgf)t, made in the common Books, in the common Forms, and Receipts were given for the Money in full of fo much Stock ; there was no Trufi declared, no Wricing executed in favour of the Bor- rowers, but the whole Tranfadtion pad in the fame manner as in a common Sale: So that fhould Stock have rofe to that Heighth they were perfuaded to expedt it, the Bor- rowers mutt have relied upon the Honour of this faithful Cttttgjjt ; and what his Ho- fiour would have been upon a Rife, we may guels by what we have found it upon the Fall of Stock : It is known he bought and ibid as much as any Stockjobber in the Alley, and therefore he could only dif- tinguilh and let us know how he accep- ted the Stock transferr'd, whether as a Turchafer or as a Trujiee for the Loans : But it is very plain they had a ^Defign in taking the Transfers in this manner, they propofed to themfelves a Trade for their own Advantage^ which they could not fo well have carried on, had the Trans- fers been in trufl y they could not then have fold the mortgaged Stock, for they could only have accepted it in truft : And that this was their Defign I think we need not doubt, becaufe it is fo very confonant to o- * ther ( 13) ther parts of this brave Scheme. And 'tis obfervable of them (I mean of the Mana- gers, for of them all I cannot fay it) that they have fcarce in any one Point behaved as Fools : Befides, fuch a Trade was ad:a- ally carried on, fcmgljt did accept this mortgaged Stock as a Turchafer, for he fold great Quantities of it out again. And this, among the many Breaches of Truft the Parliament has charg'd the late Directors with, is one. This Step is fo very noto- rious, and fo great an Injuftice to the Pro- prietors of the mortgaged Stock, that, I am told, a Lawyer of eminence in his Pro- feiTion has given it as his Opinion, that they have jufl: caufe of a&ion for it. But Stock being fold, and it being impoflible to diftinguifh whofe it was they fold, every one who has transferr'd on thefe Loans feems to have a fair Pretence to call it his: they have fold his Stock. In common Cafes, it may, perhaps, be faid, that there is a Credit given to the *Per- fon of the Borrower •, as well as to the Se- curity ; and therefore, where the Security does fail, the Perfon fliould be liable to the Debt; but in this Cafe it was not fy, in lending on thefe Loans the Man was never minded, the Directors, as they confels rhemfelves, had regard only to the Stock, and ( H) and that alone they trufted ; every Proprie- tor of Stock, let his Circumftances be what they would, might have borrowed in proportion to the Stock he had : A little Preiling in the Crowd, or a fmall Gratuity to a Clerk, did always without Diftindtion procure the Money. But as a further Argument that the Stock *was only trufted, that they defigned to truft no other, and depended entirely on Stocky it mud be obferv'd, that when they firft began to lend this Money, the Direc- tors gave out Forms of Notes, by which that very Stock fo mortgaged might pafs to Bearer ; for as thefe Loans were the great Wheels to turn andraife their Scheme by, they were to be encourag'd as much as poffible, and with fome People the ab- folute Engagement of Stock, till the Mort- gage fhould be difcharged, might have been, perhaps, an Objection, and have preven- ted their borrowing ; and therefore it was of great Confequence, to contrive fome Method, by which this very Stock might in fome meafure, become affignable with- out a Transfer. Thefe Notes did it effec- tually, for they were to be directed to JRO&ett Jftmgljt, Efq\ for him to deliver the Stock he held of theirs on thefe Loans, the Bearer paying the Mortgage and In- tcrefl ( «5) terefi due thereon. And this Stock being attended with an Incumbrance, came at a Price proportionably left than that which was free and difengag'd ; but this could be done only where the Parties had fome Con- fidence in each other ; for there was room to have trickt and cheated : And indeed, had it been otherwife, they had difappoin- ted another End, which the lending of Mo- ney greatly ferved, which was, to tye as much Stock down as they could convenient- ly, that lefs Quantity might come to Mar- ket ; and by that means what did come fhould bear a better Price. However, this plainly fliews that they did not care whom they had for T)ebtor y if they had but Stock ; and as many have parted with their Stock in this method, and have thought them- felves difcharged by giving fuch Notes, was there no other reafon, I think this would be fufficient to prove the Impoffi- bility of recovering the Money lent ; for by this Method they affixt the Debt to the Stock ; and therefore both Stock and Debt muft attend the Note wherefoever it is. And as the Bearer could only claim in Equity, the mortgag'd Stock, fb in Reafon he only is liable to the Payment of the Mortgage on it. There ( is) There was another Method taken by the late Dire&ors, defigned to be fubfer- vient to this, which demonftrates likewife, that they gave no Credit to the Terfon, but to the Stock, and to that only. What I mean, is, their changing the Karnes of the Original Borrowers (if I may call them fo) the Names of thoie Proprietors who made the Transfers of their Stock, and borrowed on thefe Loans, have fome- times been ftruck out from being Debtors, and other Names put in. And in this Cafe who fhould be fued? would the Com- pany fue them whom their Truftees have difihargd, or thoie who never borrowed ? It happened fometimes too, that the Perfon who made the Transfer had no Advantage by the Loans, he received no Money on them, but fome other Perfon borrowed ; a Seller never minded to whom he made the Transfer, or who accepted ? if he received his Money he agreed to fell for, he would as foon transfer his Stock to J&mgljt as to any other ; he by it fubje&ed himlelf to no truft, for his Transfer, in this Cafe, was as abjblute, and his Receipt as full as in any other. The Purchafer was to look after the Stock, when once tranfc ferr'd the Seller had no more to do with it; nor was it difficult to fecure it, for he might (n) inight either take the Note or change the Name, and then he could have it again on demand. But the Method fome took, was to put in a fort of truft, to enter in the Receipt a Memorandum of the Perfon's Nam£ to whofe life the Stock was fo tranf- ferr'd; and this Truft was enter'd either before or after the Receipt was fign'd, by the Turchafer himfelf, or any other Per- fon. I think this too fliews to what they trufted if they had but Stock, they were fatisfy'd, they look'd no further, they knew the Value of their Stock, and that they trufted to. And I don't think that they were fo very imprudent in putting this Confidence in their Stock ; for fince they were to give a credit to it, they were to ad: in that manner which was likely to give it the greateft ; and certainly the left Confidence they themfelves put in it, the lefs others would too. If therefore they had lent left Sums of Money on Stock, or requir'd other collateral Securities, it would have difcovered a diftruft of it, which might have prejudic'd it with others : This, however* is evident, that by it they did gain very great Advantages to the Company in their Subfcriptions ; for the new Stock rouft have been fold at a Price Droportionable to the ( '8 ) old ; and the higher the old was raifed, the higher the new would fell at. And thefe Advantages might have been eafily fecured to the Company, had their Dire&ors a&ed with any Skill or Integrity ; and I may fay, that in this refped: the Company has an Obligation to the Borrowers. No one, I believe, will pretend to charge the Borrowers with any Fraud, they have comply 'd with the Terms requir'd, and have transferred their Stock. They knew not even the Value of what they gave, they only knew that it was fo much Stock, and that had they fold it in the Market, they might have had twice the Sum they borrowed on it. When 400 /. was lent up- on 100/. Capital, that 100/. might gene- rally have been fold for 800 /. or upwards ; from whence this Inference is very fair, that all who have borrowed muft be fuppofed to have laid the Money out again on South- Seari^x high Prices, or fome other Bubbles ; fcr he mud have a&ed much like a Mad- man, who would borrow 400/. of the Company en his Stock, and at an Intereji only to have laid the Money up in his Cheft, when he might have had twice as much in Market for ir. The Borrowers have, in what has air eady been obierv'd, a good deal of reaion to ex - pe&, ( I? ) pe<3:, that the Company will accept the Stock they have transferr'd to them in full Sahsfa&ion of their Debt, without giving them any further Trouble : But their rea- fon feems to be much ftronger, when they confider, that the Security they gave was at one time* very fitfficient^ and very able to have anfwer'd the Money lent them ; and that this Security would have con- tinued to have been fuch ftill^ had not the late Managers betray'd their Truft, and the Company it/elf done feveral A<9:s whereby they have reduced and lejfened the Value of it. There is no one, who is not extreamly ignorant of Figures, but will confefs that Scock was once intrinfically worth much above 400 /. per Cent. I will not give myfelf the trouble to infert here the particular Calculations, to prove the exa& Value of it, it is enough if Stock was really worth 400 /. only, becaufe 400 /. is as much as was lent in public k on 100/. Capital : 'Tis faid, indeed, that in private larger Sums were lent. And that it would have been worth fo much, I will venture to affirm, even upon Suppofition that no future Payments had been made on the two lad Subfcriptions ; and is it not evi- dent why it is not worth fo much at pre- fent ? I will not fay any thing of the 2)/- C 2, - rectors ( 20 ) XeEicrs upon this Argument, becayfe t think it dees not want them (tho* in ge- neral it is confonant to reafon, that a Com- pany, as well as a private Perfon, fliould be liable even to the Mi [management of thofe they empower to ad for them.) But the Company cannot complain of the juft Confequences of what they do themfelves in general Courts ; nor will they, I hope, think it hard that a Man fliould not pay a Debt they have difcharg'd him from in Equity and Reafon. When Credit firft fell into the fad Dif- trefs it continues under, it was thought, by the South Sea Company, to be for their Inter eft) that the Annuitants which had fubferib'd at 800/. fliould be redue'd to 400 /. and the Subfcribers in the two laft Subfcriptions at 1000 /. to the fame. When they did this, it is not to be imagined that they had not in their Eye, thofe who had mor gaged their Stock to them: They could not but be fenfible of the great /»- jury they did the Borrowers, in lejfening fo much the Value -of that Security they held of theirs, unlefs they determined at the fame time to difcharge their Debt. And therefore they muft be fuppofed to have determined to difcharge it, before they would have taken fo great a Liberty with (SI ) With a Property they only had in truft. Could they have continued to this parti- cular Stock its former Value, the Bor- rowers would have been no ways injured ; but as the reducing one, did necefTarily reduce the other, it is notorious they fuffer. This Step not being fufficient, but Credit ftill drooping daily, it was thought proper to give frefh Relief; and they after- wards refolved to remit all future Pay- ment on every Subfcription, and the Sub- fcribers were actually difcharged: By this laft Reduction (tho* inconfiderable to the former) Stock is in value above 40 I. per Cent, lefs than it before was. By the Subfcriptions the Subscribers became in- debted to the Company for their future 'Payments, or for a Forfeiture of thofe Payments they had made: I would not feem to difapprove this Relief they gave them; no, my Opinion is far otherwife, I ftill think they are hardly ufed, and I (till hope to fee them have further Redrefs. Nor do I deny that the Company has a Power to remit what Debts they pleafe : But then certainly it cannot be juft, that they fhould make other Debtors pay thofe 'Debts. It can never be equitable to re- lieve one at the Expence of another. If the Debtors by Subfcriptions are difcharg- ed, ( 22 ) ed, why ihould not the Debtors on the Loans too ? Have thefe poor People had fuch great Advantages, that they can be expected to take the Load of others on them, and in proportion to the decreafe of Value thefe Reductions have occafion'd to their Stock, Co far they may juftly be faid to pay their "Debts ? Would it have been an Hardfliip to thofe Subfcribers to have made their future ^Payments? And will it not be a greater on the Borrowers, to anfwer all Deficiencies which the remit- tance of their other Debts have created? If the Demand of fo much Money from thofe Subfcribers would have injured Credit, will it lefs injure it, if the Demand be made on thefe Borrowers? There can't be Equity in this, or common Reafon. Had the Borrowers been confenting to thofe Reductions, every one would have fuppofed they were confenting, becaufe they thought themfelves difcharged ; for it would have been Knight-Errantry, beyond what Spain ever fumiflvd, fcr a Set of Men juft ruined, who have fcarce Bread left them, to facrifice their lad Remains of Fortune, to lupport thofe who (tho* very bad) ^are yet under better Circumflances than they themfelves. But it is notorious that { 23 ) that they were not conferring to any one Redu&ion. The Transfers being abfolute, the Bor- rowers y as ioou as they had made them, were no longer efteemed Proprietors, the Stock was no longer looked upon as theirs, they had no Votes allowed them for it. Ic is certain, that no one can vote at any Ge- neral Court, who has not Stock in his own Name ; and that thefe Borrowers had parted with their Stock by thofe Transfers, can admit no doubt : How could they vote then? Nor is it fufficienttofay, what one of the prefent Directors faid lately in my Hearing, that their Confent might be pre- fumed, becaufe thofe Refolutions were made nemine contradicente, and it muft be taken for granted, that many Borrowers were pre- fent in the Court. This farely is not the way of thinking of them all ; if it be, there feems to be great reafon why the Parliament fliould interpofe : Will either Law or Equi- ty admit of luch Trefumptions ? Had thefe Borrowers a Right of Oppofition, could nine of them have made a demand of Ballot, or any of them have voted at the Ballot ? If they could not, had the Hall been full of Borrowers, not one of them, asf/ch,\\as of the Court. I believe, at moft General Courts there are great Numbers prefenr, who neither ( 24 ) neither have nor ever had a Farthing of the Stock : Are thefe efteemed part of thofe Ge- nera/Courts? Surely not; and yet they ar^ as much fo as any Borrower, in regard to mortgaged Stock : And that this Fa<3: ik true, not only appears from the Accounts themielves of thofe who borrowed, but from that very Lift the Company printed of the Proprietors for the laft Election of of the Directors and other Officers, where- in no one who borrowed was allowed a Vote. And I dare affirm in the Name of all the Borrowers, that had they been allowed their Votes, they w 7 ould have oppofed thefe feveral Reductions, which tended fo directly to their Ruin : I mean, fo far they would have oppofed them, as to have infifted on Terms, and had their T)ebt difcharged. I believe in common Cafes it would be thought very extraordinary, fhould any Per- fon by an A6t of his own injure and reduce the Value of a Security, which he accepted for Money lent. Should a Pawnbroker for his own Conveniency alter the Form of what he had in trull, or fuffer ir by downright Negligence to be fo far damaged, that it is not worth half of what it was before when given, and by that means is become an in- efficient Pledge : Should he complain in Chancery of this Deficiency he himfelf cre- * atedj ( 25) Sited, can it be imagined he would be heard .? Suppofq a Mortgagee in pofTeiTion fhould fuffer Houfes to run to ruin, fliould cut down Timber or commit Wafte, by which the Eftate he had in Mortgage is fo far im- paired and injured, that it will not anfwer the Debt it was engaged for ; will he m Equity find relief againft the Mortgager* who is the Sufferer in this Cafe ? What, the Law is I know not, the Lawyers muft determine that ; however this I will ven- ture to fay, that if by Law the Borrowers are obliged to anfwer thefe Deficiencies^ and there can ever be a Cafe where the Rule of Summum jus fumma injuria can take place, it certainly is in this, where the Law would compleat the Ruin of fo many thou- fands, already mod unfortunate. Whatever is given inTruft, according to common Senfe and Reafon, ought to be re- turned in the fame Circumjiances, and the fame Condition it was at firft given; and ihould there accrue any particular Advan- tages to it, thofe Advantages are zWfubjeffi to the Truft, and the Trujiee is accountable for them : If the Stock therefore was tranC ferred to the Company inTruJi^ that Stock ought certainly to be reftored to the Pro- prietors in the fame Condition and under the fame Circamjtances it was at firft tranf- D ferred. ( 2«) ferred* If there have been feveral Advan- tages and Profits accruing to it fince the Truft began, the Proprietors have a Right to them all, and the Company, who only held them in truft for the Proprietors, ought to account them to them. I don't Ipeak of any imaginary Value which might feem to attend it, I mean only what was real and intriujick. The feveral Dividends which have been voted fince the Truft, the Pro- prietors are entitled to ; the Benefit of all Obligations and Agreements which have been made they are entitled to ; they have a juft Right to the Payments on the feve- ral Sub fcrift ions ; they have a juft Right to a Performance of the Agreement with the Bank: And fince the Company have been fo free, as without the Confent of thefe Proprietors to have difcharged thefe Obligations and Agreements, they feem ra- ther to have been guilty of a Breach of Truft themielves, than to have a Caufe of Action againft the Borrowers. I am told that the Company has fo far confidered theie Reafons, that they have already remitted Money borrowed on the two firft Sub fcript ions. It was fome time ago judged convenient for the Company to lend a Payment on each of them, and it has fince been thought necefiary to reduce the ( 27 ) the feveral Subfcriptions immediately to Stock. I am aflured that thefe Subfcrip- tions are actually reduced to Stock, and the Proprietors allowed Stock for their Money paid in, without thisT)ebt being demanded or infilled on. One would imagine, that if they difcharge their Debtors from a Re- payment of the Money borrowed onThe/e Subfcriptions, where the Security is (till left fufficient, they would likewife difcharge thefe from the Repayment of the Money borrowed on their Stock, where the Secu- rity has failed, and the Borrowers much greater Sufferers. But if the Diicourfe of the Town is to be regarded, thefe Gentle- men are not to expedtfuch Favour, I might fay Juftice : They are daily threatned with Suits on this account. How feiviceable fiich Suits would be to Credit, for my parr, I can't fee. If the Debt the Company owes the Government has been thought of lb ge- neral a Confequcnce, that it already is re- folved in Parliament to be remitted ; if that only hanging over their Heads has lb much obftru&ed the Rife of Credit, I appeal to common Senfe what the Efre&s will be of a Demand of a much greater Debt from pri- vate People, the Majority of whom are quite undone already, and the reft but little lefs. This Deb: will be always fuch a Weight on D z Credit, ( 28 ) Credit, that till it be removed, in vain we ftruggle to raife it : This lies too heavy on it. Ic is not enough to improve the Value of the Stock, while Jealoufies and Difcon- tent difturb the Minds of Men, Credit will be low. Credit is nothing more than that mutual Confidence n which one Man repofes in ano- ther, and till that Confidence be reftored, Credit never can be ; nor will that Confi- dence ever be reftored, till each Man's Pro- perty is fettled and afcertained. While Property is (as now it is) unfettled and uncertain ; while no Man knows, what to call his own ; while no Man can even truft himfelf, but lies under conftant Agonies of Mind and Fears to morrow may bring his Ruin; who will truft him? TheonlyRea- fen I can give, why Credit ieems always crampt under Princes of an Arbitrary 'Power, and never rifes to that height it does in thefe Governments of greater Li- berty, is, becauie the Property of the Sub- ject is precarious : When therefore Proper- ty bzcomts precarious in thefe Governments of Liberty, our Credit proves no better. Le: the Prince be ever fo good and gra- cious in himfelf, let the Happinefs of his Subject be ever fo much his Care; if his Neighbours iliould make frequent Inroads on his ( *9 ) his Country, and lay all before them wade ; if Highwaymen and Robbers iliould fcour it daily, and plunder every honejl Man they meet with, what Credit would that Country enjoy ? I am fatisfied, but very little. It does not fignify to whom or what it is owing, whether Property is made precarious by the Prince or by the People^ by Enemies abroad or Friends at home ; but while it is precarious, the Con- fequence will always be the fame, will al- ways be Diftrefs of Credit : Something rauft be therefore done to fettle and afcertain Property^ and to compofe the Minds of the Unfortunate. And till this be done, I am afraid it is not the Confifcation of the Eftates of all thofe who have brought this Ruin on us, it is not the mod rigorous Ju- ilice, that will reftore us. The Unfortunate are too apt to believe that will happen, which they mod fear; for Affli&ions naturally produce a dark Credulity. We muft therefore endeavour to perfuade them, that the worft is over, ihew them Profpe&s of better Days, and prevent their Apprehenfions of frejh Ruin and c Deftrnttion, When Men are eafy , Cre- dit will revive. I have endeavoured to give the Publick as full and as juft a State of the Cafe, as from (3°) from the beft Informations I am able, and I think it very plain , that thefe Borrowers are Men the mod injured, the mod trick'd and cheated by the late Managers, of all who can properly be called Sufferers. Of thefe, how few have they left any thing to, and to thefe few how fraall a matter is ic that they have left ? Are not their Misfor- tunes great enough already, who are thus reduced, who from Plenty now fcarce have Bread ? Or muft they be improved ? Muft the lad poor Morfel, which at mod can only fave from ftarving, be wrefted from thofe honeft Hands, which perhaps are well nigh worn out with working for it ? Is it not fufficientthat Gentlemen, Men of Fami- ly, who have themfelves been an Honour to their Country, are plunder" d of all their Anceftors had left them, or their Merit had acquired them, that they are turned out of antient Seats and large PolTeffions by little Rafcals or Great Villains ? Or muft they be deprived of all future Expectations ? Muft they be condemned to Wretchednefs for Life, and rot in Jails ? Why muft thefe poor People expecft fuch Angular Treatment ? Are all to have Relief but thefe ? Are the Sublcribers and the Annui- tants to have frelh Eafe, and are theie to ,T ~ nt Protection? I can't believe it : The Votes ( 3i ) Votes of both the Honourable Houfes feem already to have determined otherwife : They have condemned the Securities the Managers lent the Money on, as infuffi- cient : They have condemned thofe Ma- nagers as guilty of a Breach of Truft in lending on them ; and thefe Managers they have charged with all the Lofs the Compa- ny ihall fuffer by it. The Borrowers they have not mentioned ; they knew that they were innocent, and already fufficiently un- fortunate. However fince Actions are threatned daily, and by it Credit exceed- ingly oppreft : It is but reafonable the Pub- lick Ihould know what equitable Circum- ftances attend their Cafe. The Borrowers depend on the Juftice of their Cafe, and on the Jujiice of the Tarliament : They hope, that when Relief is given to the Sufferers, they may not be rejected: That when the Property of other s is afcertain'd, their Pro- perty may be afcertain'd too. FINIS. ^yk«i:- l -v.cxL_^L . -S5K®Ba