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 UNIVERSITY 
 
 LIBRARY 
 
 Treasure %oom 
 
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A T R U E 
 
 STATE 
 
 O F T H E 
 
 SOUTHS E AS CHE ME, 
 
 As it was firft form'd, <c?c. 
 
 WITH THE 
 
 Several Alterations made in it before 
 
 the ACT of Parliament pafs'd. 
 And an Examination of the 
 
 CONDUCT 
 
 O F T H E 
 
 DIRECTORS 
 
 In the Execution of that Act. 
 
 WITH AN 
 
 Enquiry into fome of the Caufesof theLolTes 
 which have enfued. 
 
 AS ALSO 
 
 An ABSTRACT of feveral Claufes of the 
 Acts of Parliament, made againft thofe Di- 
 rectors, and the Grounds of them i with fome 
 Remarks on the whole. 
 
 LONDON: 
 
 Printed and Sold by J. P E E L E, at Lock's Head 
 in Amen-Cornsr. 1732. 
 
sat Tm aara; sass 5© f si r 
 
 CONTENTS. 
 
 SECT. 
 
 I. /^1 JVTytf 7iV"5 the Scheme and Advan- 
 V»J tages thereof to the Public, as fir ft fawn 
 to Earl Stanhope, and, as altered according to 
 his Direction, communicated to Mr Aiflabie ; 
 With the Method then propofed for it's Execu- 
 tion. And the Advantages which would have 
 arifen to the Public, and the Old Proprietors of 
 the South-Sea Stock by it, Pag. I. 
 
 II. Contains the Scheme as fir ft /hew* d to the Court 
 of Directors, by Order of Mr Aiflabie •, toge- 
 ther with the federal Propofals refpeclively made 
 by the South- Sea Company and Bank of 
 England, to the Honourable Houfe of Com- 
 mons, p. 22. 
 
 III. An Account of the feveral Subfcriptions, and 
 the Motives upon which they were made. p. 3 2. 
 
 IV. Contains an Account of the Loans on Stock, 
 and Subfcriptions, and of the Powers given by the 
 General Court to the Court of Direclors for fuch 
 Loans *, With Anfwers to the Objeclions concern- 
 ing the fame. p. 42, 
 
 V. Of the Caufes which contributed to the Extra- 
 vagant Rife of Stock, and the Lojfes and Misfor- 
 tunes, which enfued. p. 50, 
 
 VI. Some Confederations on the Charge laid againfi 
 the late Directors, in the Bill for taking away 
 their EJlates, as it was fir ft brought into the Houfe 
 of Commons ; and upon fome of the Refolutions 
 of that Houfe, and feveral Parages in the Reports 
 ef the Secret Committee, p. 81. 
 
 y 
 
VII. Of the feveral Penalties and Difabilities, which 
 the late Direclors are fubjefied to, by Three feve- 
 ral Acls of Parliament : With fome Account of 
 the Tritftees Proceedings in the Execution of them. 
 
 p. 88. 
 
 VIII. Some farther Remarks and Obfervations on 
 the forementioned AQ.s of Parliament ; and on the 
 Proceedings of the late Direclors. p. 97. 
 
 INTRODUCTION. 
 
 IT would not be agreeable to the Defign of the fol- 
 lowing Narrative, to detain the Reader long with 
 any Difcourfe, introductory to it. 
 
 For, as the Obfervations which naturally arifefrom 
 it, will be eafily deducible by every judicious and im- 
 partial Perfon ; fince the whole confijls of Proofs and 
 Evidences entirely grounded on Truth, which can nei- 
 ther be counterfeited nor contraditled: fo likewife for 
 the fame Reafon, it will be needlefs to begin with an 
 Excufe for the Publication, becaufe Matters of Fadt 
 thus fupported will be a better Apology, than Wit 
 can invent, or Eloquence difplay. 
 
 The Reader is defired to take Notice, That where 
 the Term Directors is us'd, it is generally to be un- 
 derjlood of all thofe Perfons whofe EJlates are by Acl 
 of Parliament vefted in the Trujiees. 
 
 And in the Calculations, odd Sums and Fraclional 
 Parts are purpofely omitted, to avoid a multiplicity 
 of Figures, and to render the whole more perfpicu- 
 ous and intelligible to all Capacities. 
 
A T RUE 
 
 STATE 
 
 O F t H E 
 
 S UTH-SEA-S CHE ME, 
 
 As it was firft fonrf d ? c^c. 
 
 SECTION I. 
 
 Contains the Scheme and Advantages thereof to 
 the Publick, as firft floewn to Earl Stanhope, 
 and as alter' d according to his DireoJion, commu~ 
 nicated to Mr Aiflabie ; with the Method then 
 proposed for its Execution. And the Advan- 
 tages which would have arifen to the Publick, 
 and the Old Proprietors of the South-Sea- 
 Stock by it. 
 
 H E following Scheme and Heads 
 of the Advantages thereof, were 
 fhewn to the late Earl Stanhope, 
 at his own Requeft, about the 
 middle of November, 17 19. viz. 
 A SCHEME for advancing 
 the Publick Credit, and for a certain Redutlion of 
 the Intereft of the whole Debt of the Nation to 4 
 per Cent, per Ann. at the end of Seven Years, 
 from Midfummer 1 7 20. and co be from thence- 
 forth redeemable by Parliament, .on one Year's 
 B Notice, 
 
C 2 3 
 
 Notice, either in the whole or in Parcels. Alfo 
 for rendring it practicable, to Alter, Change, or 
 even to Sink the tnoft burthenfome Funds. And to 
 reduce the feveral Branches of the Cuftoms, Ex~ 
 cife, &c. into one entire Duty of Cujioms, Ex- 
 cife, Sec. 
 
 It is Proposed, 
 
 That the Parliament empower the King, or 
 Lords of the Treafury, to treat and agree with 
 the Bank of England, Eajl-India, and South-Sea 
 Companies jointly, or with any of them fepa- 
 rately for the effecting the faid Reduction on the 
 following Terms, viz. 
 
 Firji, That the Company or Companies with 
 whom fuch Agreement fhall be made, may, by 
 Pur chafe, Subfcription, or paying off any of the 
 Redeemable Debts (except Exchequer BillsJ as well 
 thofe at 4 per Cent, per Ann. as thofe at 5 per 
 Cent, per Ann. take them into the Joint-Stock 
 of the faid Company or Companies. 
 
 And alfo by Purchafe, Subfcription, or other 
 voluntary Confent of the Proprietors thereof, (and 
 without any Compulfion on them) take into the 
 Joint- Stock of fuch Company or Companies ; 
 all or any of the (prefent) unredeemable Debts. 
 
 Secondly, That for all fuch of the faid Debts, 
 for which the Principal is repayable, there fhall 
 be 100/. added to the Capital-Stock, for every 
 fuch 100/. taken into the faid Company or 
 Companies. 
 
 'Thirdly, That till Midfummer 1 7 27. the Com- 
 pany or Companies, into which fuch Debts fhall 
 be admitted, fhall have a like Intereft or An- 
 nuity as the Debts fo taken in were entituled 
 unto ; to be paid out of the Funds appropriated 
 by Parliament to thofe Debts. 
 
 Fourthly* 
 
Z 3 J 
 
 Fourthly, As to the Annuities for 99 Years, 
 or Terms granted to make up 99 Years-, that 
 for every 5 /. per Ann. taken into the faid Com- 
 pany or Companies; fuch Company or Compa- 
 nies to have a like Annuity till Midfummer 1727. 
 and alfo to have 100/. added to their Capital- 
 Stock, being after the rate of 20 Years pur- 
 chafe. 
 
 Fifthly, As to the 9/. per Cents, they to be 
 eftimated at 1 J Years purchafe, fo that the laid 
 Company or Companies into which they lhall 
 be taken, fhall for every 5/. per Ann. taken in, 
 have 55 1, added to their Capital, and 2 /. 155. 
 per Ann. till Midfummer 1727. being after the 
 rate of 5 /. per Cent, per Ann. 
 
 Sixthly, As to the refidue of the Lottery 17 10. 
 they to be eftimated at 1 1 Years purchafe for 
 the laft 23 Years, fo that the Company or 
 Companies into which they lhall be taken, fhall 
 for every 5/. per Ann. taken in, have 55 1. 
 added to their Capital- Stock ; and 2 /. 15 s. per 
 Ann. till Midfummer 1727. being after the rate 
 of 5 /. per Cent, per Ann. 
 
 Seventhly, That whereas, by thus taking thofe 
 Debts into the Companies, the Charges of pay- 
 ing them in the manner they are now paid, will 
 be faved by the Publick ; but the Charges of 
 the Companies who take them in will be in- 
 creas'd : It may not be unreafonable to allow 
 thofe Companies towards Charges, fo much as 
 the Publick fave thereby. 
 
 Eighthly, That the Annuity as well for the 
 prefentasthe increafed Stock of fuch Company 
 or Companies, as fhall fo take in any of the faid 
 Debts, fhall from and after Midfummer 1727. 
 be reduced to 4/. per Cent, per Ann. and be from 
 thenceforth redeemable by Parliament on a Tear's 
 B 2 Notice, 
 
C 4 3 
 
 Notice, by not lefs than 0«<? Million at a time* 
 But inch Company or Companies to have as 
 well their prefent as increas'd Allowance for 
 Charges of Management, &c. continued from 
 Midfummer 1727. until their Funds be redeem- 
 ed by Parliament as above. 
 
 Ninthly, Thar, the Annuities to the Company 
 or Companies for their increafed Stock, be 
 payable to them Weekly at the Exchequer, as 
 thole Companies prefent Annuities are payable. 
 
 Heads of Advantages to the Publick, by 
 
 the Scheme for advancing the Publick Credit, and 
 
 reducing the Inter ejl of the whole Debt of the 
 
 Nation jto 4 Cent. Shewn to Earl Stanhope; 
 
 t . together with the Scheme. 
 
 ALthough in the Scheme the three Compa- 
 nies are indifferently mention'd, yet for 
 that the South Sea Company have the honour of 
 thG King for their Governour -, and have by 
 much a larger Capital than both the other Com- 
 panies, and are capable of fome Undertakings 
 herein after mentioned, which the other two 
 Companies are not; and for feveral other Rea- 
 fons they are like to be found the moft proper 
 to enter into this Agreement. Neverthelefs, it 
 is intended in the Execution of the Scheme, to 
 bring into the Redutlion the Funds of the Bank and 
 Eaft-India Company, on 'Terms greatly to their Ad- 
 vantage. From whence the following Advantages 
 will alfo flow to the Publick. 
 
 Firfl, There will be a Certainty fo far as this 
 Scheme takes place, (which can hardly fail in 
 any confiderable degree : ) That at Midfummer 
 ♦1727. all the 5 per Cent, redeemable Funds (the 
 
 Bank 
 
C 5 1 
 Bank and Eaji-India Funds not excepted,) will 
 be reduced to 4/. per Cent, per Ann. 
 
 Secondly, That the Annuities which are now 
 unredeemable, will not only become redeemable, 
 but will alfo at Midfummer 1727. be aclually re- 
 duced one fifth part. 
 
 Upon thefe two Heads there will after Mid- 
 fummer 1727. be faved to the Publick 
 nearer Ann. 500,000/. 
 
 Thirdly, This Scheme will reduce the whole 
 Debt of the Nation to the Heads or Denomina- 
 tions of only thefe three Companies, and the 
 whole Publick Credit will be greatly advanced; 
 not only by the Method of executing it, but 
 likewife, for that People will have only one of 
 thefe three Companies to lay out their Money 
 in ; for it will keep as it were the Waters in a 
 narrow and confequently deeper Channel, where- 
 as the variety of Funds are like fo many Streams 
 running out of one River, which weaken the 
 main Current. 
 
 Fourthly, And the Advancement of Publick 
 Credit in time of War, gives Spirit to our 
 Friends, and Difcouragement to our Enemies; 
 fome of whofe Attempts feem to have chiefly 
 aimed at diftrefilng us in, and finking of our 
 Publick Credit. 
 
 Fifthly, If the Circumftances of Times fa- 
 vour the Reduction of Intereji to 3 per Cent, or 
 lower ; fuch Reduction is eafier Effected in One y 
 Two or Three Companies, where the Vote or 
 Order of a General Court hinds all the Members : 
 Than as thofe Debts as well redeemable as un- 
 redeemable now ftand, that every Individual's 
 Confent is necejfary -, and as many as pleafe muft 
 have the Power and Liberty to comply, or not 
 comply. 
 
 Sixthly, 
 
C 6 ] 
 
 Sixthly, The more favourable times prove for 
 Reduction of Intereft, the more will the price of 
 -unredeemable Annuities advance ; and fo will coft the 
 Publick the more to redeem them, and perhaps 
 not able to effect it at all if not done now. 
 
 Seventhly, The Debts being thus taken into 
 the South-Sea Company, they will be more able to 
 aflift the Goverment with a large Sum of Money 
 on any Exigency, and at a low Intereft ; fothat 
 the Government will fcarce ever need to pay 
 more than two, or at mod three per Cent, on the 
 Land-Tax and Malt. 
 
 Eighthly, Whenever it fhall be found for the 
 Benefit of the Publick to alter or change, or even 
 to fink any of the mojl burthenfome Funds \ the 
 fame may be done by Parliament, with the 
 Confent of the General Court of that Compatry, 
 entituled to thofe Funds, without any Complaint 
 of Violation of Property, which Confent cannot 
 be had while the Property is in Individuals. 
 
 Ninthly, Whereas by reafon of the variety of 
 Debts, the Duties of Cuftoms, Excife, Salt, 
 Stamps, heather, &c. are divided into feveral 
 Branches, and differently appropriated, and diftinc~t 
 Accounts kept of each Branch, to the great 
 Charge of the Publick, and great Difficulty aud In- 
 tricacy to the Payers (efpecially to the Merchants 
 in the Cujloms) -, by this Scheme the Duties of 
 Cuftoms, Excife, &c. may be reduced into one 
 Duty of Cuftoms, Excife, Sec. to the great Eafe of 
 the Merchants, &c. and will fave the Publick a 
 conjiderable Sum yearly in the Management of 
 thofe Duties. 
 
 Tenthly, Forafmuch as nothing can tend more 
 to the Glory of the King, and the honour and ad- 
 vantage of the Nation, and balancing the great 
 things done and doing in a neighbouring King- 
 dom ; 
 
C 7 3 
 
 dom -, nor fo effectually (top the Mouths of all 
 Oppofers of His Majefty's Meafures, than that 
 His Majefty make ufe of the Opportunity of 
 the prefent War with Spain, to obtain for his 
 Subjects Settlements, and thereby fecure to 
 them a Trade in the South-Seas, or other parts 
 of the Spanijh Weft- Indies \ and for that no Money 
 rais'd by the Savings or Reductions of any of 
 the prefent Funds, can be applied to the current 
 Service : And that there will be no Ufe for any 
 Money that mall be rais'd by fuch Savings or 
 Reductions to pay off any of the Publick Debts, 
 till the Expiration of the term of Years propos'd 
 to be granted by this Scheme. 
 
 It is further propos'd, That if all thefe Debts 
 are taken into the South-Sea Company, they may 
 be obliged to furnilh 1,500,000 /. if requifite, 
 towards the Charge of making fuch Settlements : 
 His Majefty lending them a fufficient number 
 of his Ships of War for that purpofe, and the 
 Company out of the faid 1,500,000/. to pay 
 for the Manning and Victualling them ; and al- 
 fo to pay for fuch Tranfports and Troops as 
 fhall be employed in this Service, not exceeding 
 the faid 1 , 500, 000 /. And if any Places or 
 Settlement fhall be taken by Means thereof in the 
 North Sea, in the Spanijh Weft-Indies, the South- 
 Sea Company to have the like Property in them, 
 and in all the Captures as they now have a right 
 to by Act of Parliament, if made or taken with- 
 in the Limits of their Charter. And in Cafe of a 
 Peace with Spain before any Expedition be under- 
 taken, the Company to pay the faid 1,500,000/. 
 to the Publick, at the end of Seven Years Term, 
 propofed to be granted to them ; or by 500, 000 /. 
 per Ann. during the laft three Years, which 
 makes it about equal, as if the Term of the faid Com- 
 pany "was not enlarged. And 
 
t 8 3 
 
 And forafmuch as it cannot be doubted, that 
 upon making a Peace with Spain, His Majefty 
 will take care that the South-Sea Company have 
 the AJfiento reft or* d to them ; and upon a much 
 better Foot than it was. It will be a very great 
 Encouragement to the Rife of the Stock of the 
 South- Sea Company, andfo facilitate the Scheme, 
 If the fole Trade to Africa be granted them, altho' 
 they pay ^African Company a reafonable Confede- 
 ration for their Forts, Settlements and Intereft; and 
 alfo to my Lord Yarmouth, for the Grant he has 
 from the Crown of the Mines of Gold and Silver 
 in that Country: And a Company, with fo 
 great a Stock as this Company will have, are 
 the moft likely, not only to recover and preferve 
 the Negroes Trade to this Kingdom, on which all 
 our Plantations entirely depend, and clear that 
 Coaft of the Pirates ; but that they will likewife be 
 able to -penetrate into the Continent of Africa, and 
 thereby difcover many of the rich Gold Mines 
 which unquestionably are therein •, whereby as 
 great Treafures may in time be brought into this 
 Nation, as are to the Spaniards from the Weft- 
 Indies, or to the Portuguefe from Brazil. 
 
 When thefe Papers were fhew'd to^Earl Stan- 
 hope, his Lordfhip declared his Approbation of bring- 
 ing all the Funds into one Corporation ; and thought 
 the Scheme was fitt eft to be executed by the South-Sea 
 Company -, but judged it not advifeable to make 
 the taking in of the Bank any part of the Propofal, 
 lead what was intended for their Advantage, 
 might be otherwife taken by them, and fo create 
 an Oppofition : His Lordfhip efteeming it beft, 
 that the Propofition of coming into it ihould a- 
 rife from themfelves, if they Ihould be difpos*d 
 thereto, and directed the Scheme to be alter'd 
 accordingly. His Lordfhip did alfo declare his 
 
 Opinion 
 
t 9 1 
 
 Opinion in favour of granting the South-Sea 
 Company the fole tfradt to Africa, but did not 
 approve of the attempting Settlements in the 
 South-Seas. .And inftead thereof, defired ic 
 might be confidered what Money the South-Sea 
 Company could advance to the Publick, for 
 this Liberty of enlarging their Capital-Stock. 
 
 Earl Stanhope, fome time after the Scheme 
 was fhew'd him, acquainted Mr Aifabie then 
 Chancellor of the Exchequer, therewith, who fent 
 Mr Knight to the Perfon who had fhewn the 
 fame to his Lordlhip •, to defire him to commu- 
 nicate the Scheme to him, who with Mr Knight 
 attended Mr Aijlahie, and fhew'd him the Scheme 
 as then alter'd by Earl Stanhope's Directions, 
 and is as follows, viz. 
 
 A Scheme for gaining to the Publick 3,500,000/. 
 Paying off the Funds of the Bank, all but their 
 Original Fund of 100,000/. per Ann. Fur- 
 nifhing a large Sum annually on the Land-Tax 
 and Malt, without Intereft -, and the reft at a 
 low Inter eft. Alfo for rendering it praclicable to 
 alter, change, or even fink, the moft burthen- 
 fome Funds ; and alfo to reduce the feveral 
 Branches of Cuftoms, Excife, csV. into one 
 entire Duty of Cuftoms, Excife, &c. And 
 likewife to advance the Publick Credit. 
 
 It Is Proposed, 
 
 That the S. S. Company may give the Pub- 
 lick 3,500,000/. for the following Advantages, 
 viz. 
 
 Firft, That the faid Company may by Pur- 
 chafe, Subfcription, or paying off any of the 
 C Redeem- 
 
C 10 ] 
 
 Redeemable Debts (except Exchequer Bills) as- 
 well thofe at 4/. per Cent, as thole at 5 /. per 
 Cent, per Ann. take them into the Joint-Stock 
 of that Company j and may likewife (if the 
 Eaft-India Company will confent thereto,) take 
 into the faid Company their Capital Fund. 
 
 And that the faid Company may alfo by Pur- 
 chafe, Subfcription, or other voluntary Confent 
 of the Proprietors thereof, {and without any Com- 
 pulfwn on them) take into the Joint-Stock of that 
 Company, all or any of the Annuities for 99 
 Years, or Terms granted to make up 99 Years \ 
 and alfo the refidue of Lottery 1710. 
 
 Secondly, That, for all the faid Redeemable 
 Debts, there mail be a 100/. added to the 
 Capital-Stock of the faid Company for every 
 100/. fo taken in •, and the like Annuity to the 
 faid Companies Annuity, as is now payable for 
 fuch Debts to be paid out of the Funds appro- 
 priated to thofe Debts. 
 
 Thirdly, That, if the Eaft-India Company 
 fhall fubfcribe their Capital Stock into the South- 
 Sea Company, the South-Sea Company may 
 have the like Sum added to their Capital, and 
 the like Annuity to their prefent Annuity, as 
 the Eaft-India Companies prefent Capital and 
 Annuity is. 
 
 Fourthly, As to the Annuities for 99 Years, or 
 Terms granted to make up 99 Years-, that for 
 every 5 /. per Ann. taken into the South-Sea 
 Company, that Company to have a like Annui- 
 ty, and alfo to have 100/. added to their Capi- 
 tal- Stock; being after the rate of 20 Years 
 Purchafe. 
 
 Fifthly, As to the refidue of Lottery 1710. 
 They to be eftimated at 11 Years Purchafe, for 
 the laft 23 Years j fo that the Company for 
 
 every 
 
£ n 1 
 
 every 5/. per Ann. taken in to have 5 5 1, added 
 co their Capital-Stock, and 2/. 15 J. per Ann. 
 to their Annuity. 
 
 Sixthly, That the South-Sea Company be al- 
 low'd, towards Charges of Management, lb 
 much as the Publick now pay for the Charges 
 of paying and afligning the Debts which fhall 
 be fo taken into their Stock. 
 
 Seventhly, That the Annuity and Annuities 
 thus to be encreafed Capital be Redeemable, 
 as and when the Companies prefent Capital or 
 Annuity is Redeemable, or be actually re- 
 duced to 4/. per Cent, per Ann. at Midfummer 
 1727. Except as to the Fund of the Eajl-lndia 
 Company, which it is propofed mail be Re- 
 deemable, as and when the fame now is Re- 
 deemable ; or this may be Redeemable, with 
 the reft of the Capital of the South-Sea Com- . 
 pany. 
 
 Eighthly, That the South-Sea Companies Al- 
 lowance for Charges of Management ; as well 
 the prefent, as that to be added thereto, do con- 
 tinue till their Capital be Redeemed. 
 
 Ninthly, That the Annuities to the South-Sea 
 Company for this to be encreas'd Stock be pay- 
 able to them Weekly at the Exchequer, as their 
 prefent Annuity is; and if more than one Moiety 
 of any of the particular Species of Debts be fub- 
 fcribed or taken into the faid Company ; all the 
 Duties appropriated to thofe Debts to be paid 
 Weekly to the Company (foasone fourth part of 
 the total Annuity payable for thofe Debts be 
 not exceeded at the end of each Quarter) and 
 that the Company pay thereout, the Intereft or 
 Annuity to fuch (if any) as fhall happen not to 
 come in, in the fame manner, and at the fame 
 times as they are now to be paid. 
 
 C 2 Tenthly, 
 
C 12 1 
 
 Tentbly, It will, for feveral Reafons, be pro- 
 per to grant to the South-Sea Company the file 
 Trade to Africa \ and to take into them the 
 Lord Yarmouth'.* Grant of the Royal- Mines 
 there: The South-Sea Company paying the Afri- 
 can Company a reasonable Consideration for their 
 Forts, Settlements, and Intereft, and to my 
 Lord Yarmouth for his Grant. 
 
 Eleventhly, That if any of the faid Debts 
 don't come into the faid Company, they to pay 
 but a proportionable part of the faid 3,500,000/. 
 
 The Banks Debt on the Duty on 1 
 
 tt r 1 7 1,770,000 
 
 rioufes, is about j >/ / » 
 
 And their laft Annuities are for 2,000,000 
 
 Total about 3,770,000 
 
 The 3,500,000/. to be paid by the South-Sea 
 Company; with the Addition of 270,000 /. out 
 of die prefent finking Fund, will pay off the 
 faid 3,770,000/. to the Bank: And then the 
 Annuity for thofe Debts being 188,500 /. per 
 Ann. will go to the increafe of the finking Fund. 
 
 And foralmuch as the prefent, and to be in- 
 creafed Annuity of the faid Company will not 
 be Redeem'd till Midfummer 1724. or perhaps 
 Midfummer 1727. And there will be no other 
 Fund to be in the mean time Redeemed •, The 
 finking Fund may, till then, be lent on the Land- 
 Tax and Malt, to be Annually repaid out of the 
 fame ; which wiWfave the Interejl of all that Mo* 
 ney to the Pub lick. 
 
 And the refidue of the Land-Tax and Malt, or 
 
 much as fnalj be wanted thereon, will be lent 
 
 h 
 
C 13 1 
 
 ly the faid Company at a low Inter eft* who will 
 have a Fund of about 'Two Millions per Ann. and 
 can't better ufe it, between Dividend and Dividend* 
 than by lending it on the Land-Tax and Malt. 
 
 All the Funds except the Banks Original Fund 
 being thus brought into one Company. 
 
 Whenever it fliall be found convenient to 
 Alter or Change, or (if neceffary) even to fink any 
 of the vioft Burthenfome Funds : The fame may 
 be done by Parliament, with the confent of the 
 General Court of the Company, without any Com- 
 plaint of Violation of Property* which Confent 
 cannot be had while the Property is in Indivi- 
 duals. 
 
 And whereas, by reafon of the Variety of 
 the Debts, the Duties of Cuftoms, Excife* Salt* 
 Stamps* Leather* &c. are divided into feveral 
 Branches* and differently appropriated* and di- 
 ftincT: Accounts kept of each Branch, to the 
 great Charge of the Publick* and greater Difficulty 
 to the Payers ; (efpecially to the Merchants on the 
 Cuftoms.) By this Scheme the Duties of Cuftoms, 
 Excife* &c. may be reduced into one Duty of 
 Cuftoms* Excife* &c. and fave confiderably to 
 the Publick in the Charge of Management of thofe 
 Duties* and be a great eafe to the Merchants* 
 &c. and tend to the Encouragement of Trade. 
 
 If the Bank fhou'd denre ("as it is probable 
 when they fee they are to be paid off, they willj 
 to fubfcribe their faid Debts to the South-Sea Com- 
 pany, they may be permitted fo to do ; and a 
 like Sum of Lottery Annuities may be left out 
 to be paid off, by the Money to be paid by the 
 South-Sea Company to the Publick. 
 
 And perhaps, rather than be excluded the 
 fubfcribing the faid 3,770,000/. of their Capi- 
 tal, they may confent to fhorten confiderably 
 
 the 
 
C 14 1 
 
 the Term they have in their Original Funds, fo 
 as their Corporate and Banking Capacity be 
 continued till they are now Redeemable. 
 
 When Mr Aijlabie had perus'd the Scheme, 
 he feem'd to approve of it in the Main ; and 
 iaid, That as the Government was poffefs'd of 
 Nova Scotia and the French part of St Chrijlo- 
 fhers^ which was about one half of that Ifland, 
 and then brought in no Advantage to the 
 Publick, but if cultivated and improved in fuch 
 manner as might be, by a Company with fo 
 great a Capital ; they would not only increafe 
 the Publick Revenue by the Duties on their Pro- 
 duels, but alfo be made very advantageous to the 
 Company \ and be a Means to make the Execu- 
 tion of this Scheme more certain. And as the 
 Publick were to gain fo much by the Scheme, 
 he was of Opinion the King and Parliament 
 might be prevailed upon to make a Grant of 
 them to the faid Company •, and tbfrp, as well 
 as the file Trade to Africa, were accordingly 
 mentioned to the Court of Directors, when the 
 Scheme was firft laid before them, and likewife 
 opened together with the Scheme to the Houfe 
 of Commons. 
 
 , N. B. By this ingrafting the Banks and Eaft- 
 India Companies Funds, it would not affect the 
 Managements of thofe Corporations as to their 
 Bufinefs. But they were to have continued in the 
 full Enjoyment of their feveral Grants, in their 
 Corporate Capacities, for the Benefit of their 
 Proprietors. 
 
 The 
 
L 15 3 
 
 The METHOD at fir ft Propofed for execu- 
 ting the South-Sea SCHEME being refer- 
 red to therein ; it may not be improper to in* 
 feri the fame, which is as followeth, viz. 
 
 THE Total of their Capi- 7 m ** M £~^i 
 i i > 11,740,000/. 
 
 tal was about j -^ 
 
 Total of Annuities, andp 
 
 Debts to be taken in were > 30,981,000 
 
 then computed at about - - - j 
 
 Then the Total of their) 42,727,000 
 Capital Stock wou'd be - - - j 
 
 The whole Sum to be taken in by the Com- 
 pany, being fo large, and confifting of An- 
 nuities and Debts of various kinds •, it was 
 judged to be impracticable to take in the 
 whole at one time, and that by taking them in 
 at different Times, Prices, and Proportions, 
 the Proprieters thereof (thro' Apprehenfion of 
 being either left intirely out, orof coming in af- 
 terwards, at a higher PriceJ wou'd be quicken'd. 
 to make their Subfcriptions, whereby the Ex^ 
 ecution of the Scheme wou'd be render'd more 
 eafy and certain. 
 
 Though when the Scheme was firft form'd 
 the Price of the Stock did not exceed 116I. 
 to 118. per Cent. 
 
 Yet it was fuppofed, if the Propofal was 
 accepted by the Parliament, that Acceptance 
 would fo much increafe the Credit of the Stock, 
 as the Company might be able to take in the 
 faid Annuities and DeUs, at the Rates, and 
 in the Proportions, herein after mention'd. 
 
 And if the Bank and E aft -India- Company, 
 or either of them wou'd come in, they were 
 
 propofed 
 
I 16 3 
 
 propofed to be admitted into the firft Sub- 
 scription at 130/. per Cent, or even lower, 
 which would neverthelefs have increafed the 
 
 Profit to the South-Sea Company. 
 
 But as their coming in was uncertain, the 
 Calculation was made only upon the other An- 
 nuities, and Debts, viz. 
 
 6,500,000/. Annuities and Debts -v 
 
 Subfcribed at 130 / 
 
 per Cent, for the \ - «^i 
 
 ■u , ,, ; $,000,000 
 
 Stock wou d pro- / J 
 
 duce Stock, to the v 
 
 Subfcribers, - - - ) 
 
 7,000,000 Ditto Subfcribed atn 
 
 140 per Cent. wou'd( -^ 
 
 L O 1 u > A, 000,000 
 
 be Stock to ther Di * 
 
 Subfcribers — — ^ 
 
 7,500,000 Ditto Subfcribed at") 
 
 1 c.o per Cent. wou'd[ 
 
 u c- 1 .. *u > 5,000,000 
 
 be Stock to the£ J ' 
 
 Subfcribers — — J 
 
 9,981,000 Ditto , Subfcrib'd at' 
 
 — . 160 per Cent. wou'd( ^ « 
 
 30,981,000 be Stock to the' 
 
 Subfcribers 
 
 Total Stock to the Subfcribers 21,238,125 
 Stock gain'd to the Company 9,742,875 
 
 Total Stock to the Company "p 
 ir the An 
 be taken in 
 
 for the Annuities and Debts to ^30,981,000 
 
 Then 
 
C 17 1 
 
 Then the Capital wou'd ftand thus, 
 
 Proprietors Old Capital 11,746,000 
 
 Proprietors New Capital by Sub- T « 
 
 fcriptions J ' 3 ' 5 
 
 Total Proprietors Stock — 3 2 »9S4,i25 
 
 Stock belonging to the Company ~> 
 
 in their Corporate Capacity J> 9,742,875 
 
 gain'd by the Subfcriptions ,j) 
 
 Total Capital as above 42,727,000 
 
 9,742,875/. Stock to be fold by*") 
 
 the Company at 160 /. per Cent. ^15,5 88,600 
 
 amounts to in Money j 
 
 Out of which Deduct to be paid 7 
 
 to the Publick J 3,500,000 
 
 Refts Nett Profit to the Company 12,088,600 
 
 The Companies Fund or Income, "] 
 
 for about 38,600,000/. at 5 /. > 1,930,000 
 
 -per Cent, per Ann. J 
 
 For 4, 1 27,000/. at 4 per Cent, per Ann. 165,080 
 
 Total of the Companies Income, ~> 
 
 befides the Allowance to them > 2,095,080 
 for Charges of Management j 
 
 SI. per Cent, per Ann. for a Divi-") 
 
 dend upon 32,984,125 Proprie- > 2,638,730 
 
 tors Stock comes to j 
 
 Towards which the Companies In- ? n 
 
 ,,, r £ 2,095,080 
 
 comewoudbe S yD 
 
 Wanting to make an annual Divi- 1 ^ 
 
 dend of 8 per Cent 5 5™>° 5Q 
 
 D which 
 
C 18 3 
 
 which by the gradual felling the Stock, the 
 Company gain'd on the Subfcriptions wou'd 
 have fupply'd the fame for above 12 Tears, 
 Before the Expiration of which time it was 
 fuppofed, the Benefit of their Trade to Africa, 
 and the Grants of Nova Scotia, and of the 
 French part of St Chriftophers, would have been 
 fufficient to have perpetuated the Dividend, if 
 not to have enlarg'd it. 
 
 N. B. In the above Method firfi proposed for 
 Execution of the Scheme, the Annuities and Debts 
 to be taken in by the Company, are computed but at 
 30,981,000/. whereas the Total of thofe Debts and 
 Annuities, do by the Aft appear, to amount to 
 31,808,000/. which difference was occafioned, By 
 reafon that the Debt to the Army appeared to the 
 Houfe of Commons, to exceed considerably, the 
 Sum it was computed at in the S. S. Companies firfi 
 Propofal; andfome of the other Debts and Annui- 
 ties mentioned in that Propofal, not being very 
 ex aft : But we have chofen to fublifh the faid 
 Method of executing the Scheme, according as it 
 was drawn, fuitable to that Companies Propofal ; 
 though by the faid exceeding of the Debt, the Profit 
 both to the Publick and the Company, would have 
 teen more than in the above Calculation. 
 
 Having thus given a plain and open account 
 of the Scheme as originally formed, and of the 
 Views intended by it, as well as the Method in 
 which it was propofed to be executed. It may 
 be fit to confider it with refpecl to the annual 
 Savings, and in what time, with the Afllftance 
 of the then finking Fund, the fame would have 
 difcharged the whole Debt of the Nation. 
 
 The State of the Publick Debts at that time, 
 were taken to be as follows, viz. 
 
 The 
 
I 19 1 
 
 The South-Sea Companies \ ; * ■ * ' u , 
 then Capital J * 1 '746 3 8 44 /. 
 
 Annuities and Debts to be ta- -^ 
 
 ken in by them Computed ^> 30,981,712/. 
 
 42,728,556/. 
 The Banks Re--> 
 
 deemable An- ^3,775,000 
 
 nuities j 
 
 Their Original 1 e 
 Fund — j 1,600,000 
 
 5>375>°°o/. 
 
 Eafi-India Companies Capital 3,200,000/. 
 
 Total Debts 5 1 5 3°3>55 6/ - 
 Of which, for this Scheme,"! 
 
 there was to be paid off by > 3,500,000/. 
 
 the South-Sea Company — j 
 
 Total remaining Debt wou'd 1 A . Qrsn „„>« 
 
 then have been ? 47,803,556/. 
 
 The ANNUAL SAVINGS by this 
 Scheme wou'd have been as follows, viz. 
 
 By the Long Annuities 133,541 £ 
 
 By the Intereft or Annuity of j 
 
 the Debt to have been paid I 
 
 offwith the 3,500,000/. I qqq1 
 
 which fhould have been f '-" 
 
 paid by the South- Sea Com- I 
 
 pany « \ 
 
 By the Reduction of the Com- "j 
 
 panies Original Capital, and J 
 
 the 5 per Cent. Redeemables ^ 235,426 /. 
 
 to be taken in by them from I 
 
 5 to 4 per Cent. — — — J — — — — 
 Total ANNUAL SAVINGS 7 > , 
 
 to the Public by thisSchem,e J ~ 543>9°7 h 
 D 2 The 
 
C 20 3 
 
 The then finking Fund was") 
 
 computed to be about per > — —936,000/, 
 yffltf. j — 
 
 Total finking Fund wou'd then 1 ^ , 
 
 have been per Ann. J 1 > 1 '9>9 b 7 i - 
 
 This finking Fund of 1,179,967/. per Ann, 
 being Inviolably apply'd, as was then propofed 
 to pay off the Public Debts, wou'd have paid 
 off the WHOLE DEBT OF THE 
 NATION in about 24 Years-, the Advan- 
 tages whereof to this Kingdom are too obvious 
 to every one's View to need any Remarks. 
 
 Befides which Savings to the Public, other 
 National Advantages were propofed, and wou'd 
 have enfued ; among which the Reducing the fe- 
 deral Branches- of Cujioms, Excife, &c. to one en- 
 tire Duty of Cufiom and Excife, and the being 
 capable by Means of this Scheme to leffen, or 
 even take off, the moft Burthenfome Duties, 
 ought not to be efteem'd fmall. Forafmuch 
 as that is the likelieft, if not the only, 
 way to make 'Trade, and thereby the Nation, 
 fourij/j. And had it not been for that part of 
 the Scheme which has brought fo many of the 
 Funds into one Capital ; how would the Parli- 
 ament laft Sefilons have been able to take off 
 fever al appropriated Duties which were found ve- 
 ry Burthenfome to Trade, and in particular to 
 the Woollen Manufacture, without Violation of 
 Public Credit, or impofmg new Duties in their 
 Stead, which might in time have proved equal- 
 ly greivous. 
 
 As to the Advantages which would have ac- 
 crued by this Scheme to the Proprietors of 
 
 the 
 
[21] 
 
 the Stock of the South-Sea Company, they 
 are very vifible ; for their Stock which then 
 fold from 1 1 6 to 1 1 8 per Cent, (and was intrin- 
 fically worth but about 90 -per Cent.) wou'd cer- 
 tainly have advanced to at leaft 1 60 /. per Cent. 
 and thofe who came in upon the firft Subfcrip- 
 tions, (which was propofed to have been taken 
 in at 130/. per Cent.) would have had their 
 Stock advance likewife to 160/. per Cent, and 
 thofe on the Second Subfcription from 140 to 
 160/. per Cent, and thofe on the Third Sub- 
 fcriptions from 150 to 160 per Cent, and thofe 
 on the Fourth (which was propofed to be taken 
 in at 160/. per Cent.) could not in any Pro- 
 bability have been Lofers, had the file Trade 
 to Africa, &c. been granted to the Company as 
 was propofed-, So that by this Scheme, the 
 Public, the old Proprietors of the Company, and 
 mod if not all others concerned, wou'd have been 
 great Gainers, and none wou'd have been Lofers. 
 
 SECT. 
 
C " 3 
 
 SECT. II. 
 
 Contains the Scheme as firft [hewed to the 
 Court of Directors, by Order of Mr 
 Aiflabie ; together with the fever al Tro- 
 fofals refpetlively made by the South- 
 Sea Company and Bank 0/* England, to 
 the Honourable Houfc of Commons. 
 
 TH E 2 1 ft of January 1 7 1 9. the following 
 Propofal was communicated by the Sub- 
 Governor of the South-Sea Company, to the 
 Court of Directors, which he told the Court 
 was handed to him from the Right Honour- 
 able the Chancellor of the Exchequer^ relating 
 to the Enlargement of the Capital-Stock of 
 that Company, viz. 
 
 I. s* d. 
 
 'Total of 5 per Cent. Re- 1 -,**..*■ 
 
 deemable Debts }".795>4*« 5 6* 
 
 Total of 4 per Cent. Re- 1 
 
 deemable Debts j 4,128,75* 7 4 
 
 Total Redeemable Debt - 15,924,218 12 iot 
 
 UNRE- 
 
[ 23 1 
 UNREDEEMABLE. 
 
 Lottery 1710. Remain- 1 
 
 ing, which were not | 
 
 fubfcribed40,67o/.8 5. ^ 569,385 12 o 
 
 ^><?r Ann. which at 14 J 
 
 Years Purchafe j 
 
 q -per Cent. 8 1 ,000 /. per 1 . ■ 
 " r , v > 1*134,000 o o 
 
 Ann. at 14 Years j } ^' 
 
 Total Unredeemable — 155057,493 13 8 
 
 Total Redeemable and 7 *. ^ ^« 
 
 Unredeemable--}^ 81 ^ 12 6 ^ 
 
 That the South-Sea Company may be per- 
 mitted to enlarge their Capital, at any Time or 
 Times, until Lady-Day 172 1. by taking in any 
 of the faid Redeemable or Unredeemable Debts, 
 on the Terms and Conditions following, viz. 
 
 Firjl, That the faid Redeemable Debts be 
 taken into the faid Company, either by Pur- 
 chafe, Subfcription, or paying them off. 
 
 Secondly^ That the faid Unredeemable An- 
 nuites, be taken into the faid Company, either 
 by Purchafe, or Voluntary Subfcriptions of 
 the Proprietos thereof, (and without any Com- 
 pulfion on themj at fuch Price as mail be agreed 
 between the Company and the Proprietors of 
 thofe Annuities. 
 
 Thirdly, 
 
C 2 4 3 
 
 thirdly, That for all the faid Redeemable 
 Debts, there fhall be One Hundred Pounds added 
 to the Capital Stock of the faid Company, for eve- 
 ry One Hundred Pounds fo taken in, and a like 
 Annuity added to the Companies prefent An- 
 nuity, as is now payable for the Intereft of thofe 
 Debts. 
 
 Fourthly, That for the Annuities for 99 Years, 
 or Terms granted to make up 99 Years, for 
 5 /. per Ann. taken into the Company, there be 
 5/. per Ann. added to the Companies prefent 
 Annuity, and 100/. to their Capital Stock, be- 
 ing after the Rate of 20 Years Purchafe. 
 
 Fifthly, That the Refidue of Lottery 1710. 
 be eftimated at 14 Years Purchafe, for the 23 
 Years, from Chriftmas 17 19. and the 9 per Cents. 
 alfo at 14 Years Purchafe, for the 22^ Years 
 from Chrift mas 1719. and the Company to have 
 Stock and Annuity proportionably, viz. 70 /. 
 Stock, and 3 /. 10 s. per Ann. for every 5 /. per 
 Ann. taken into Company. 
 
 Sixthly, That the Company be allowed for 
 Charges of Management, for their thus to be 
 Increafed Capital, fo much as it now cofts the 
 Government ; for the Charges of paying, afiign- 
 ing, and accounting for the faid Debts ; or 
 fuch a Proportion thereof, as the Sum which 
 fhall be taken in by the Company fhall bear to 
 the whole of thefe Debts. 
 
 Seventhly, That the Annuities for the Com- 
 panies prefent, and to be encreafed Capital, be 
 continued till Midfummer 1727. and that from 
 and after that Time, their then Annuity fhall 
 be reduced to 4/. per Cent, per Ann. and Re- 
 deemable by Parliament. 
 
 Eighthly, 
 
L 25 3 
 
 Eighthly, That the Companies prefent, and 
 to be encreafed Allowance for Charges of Ma- 
 nagement, do continue till their Capital be re- 
 deemed. 
 
 Ninthly, That the Annuities to the Company 
 for this to be encreafed Capital, be paid them 
 Weekly as their prefent Fund is ; and to be 
 charged on the Funds now appropriated to the 
 faid Debts, fo taken into the Company. 
 
 Tenthly, That for the Liberty of encreafing 
 their Capital by the faid Redeemable Debts, 
 the Company pay the Government towards 
 paying of the Public Debts provided for by 
 Parliament ('before Chriflmas 17 16.) the Sum of 
 1,500,000/. certain, by 4 equal Quarterly Pay- 
 ments i the firft Payment to be Lady-Day 1J21. 
 
 Eleventhly, That the Company pay further to 
 the Government for the fame Ufes, 2 Years 
 Purchafe on all fuch of the faid Unredeemable 
 Annuities, as fhall be taken into the Company, 
 in 4 equal Quarterly Payments, on the fame 
 Days as the aforementioned 1,500,000/. is pay- 
 able ; which reduces the gt) Years to 18 Years 
 Purchafe to the Public, and the refidue of the 
 Lottery 17 10. and the 9 per Cents, to 12 Years 
 Purchafe, and if the whole of the faid Unre- 
 deemable Annuities are taken in, will amount 
 t0 _ _ i,578,75i/.:i2 
 
 To which add for the faid 
 
 Redeemable Debts 1,500,000/. 
 
 Total to bepaid the Government 3,078,75 1 /. : 12 
 
 Twelfth!}', That tho' the Companies Capital 
 
 is not to be Redeemable till Midfummer 1727. 
 
 yet fo much as (hall arife by the finking Fund 
 
 before the Expiration of the faid Term, after 
 
 E Payment 
 
t i* 3 
 
 Payment of fuch part of the Redeemable Debt 
 as ihall not be taken in by the Company, may 
 be applyed at the end of every Year, towards 
 paying off, in even Hundred Thoufand Pounds, 
 that part of the Companies Capital which car- 
 ries 5 per Cent. 
 
 Tbirteenthly, That for fuch Exchequer Bills, 
 as the Parliament ihall continue, or impower 
 the Lords of the I'reafury, either by the Ex- 
 chequer or Truftees to be appointed by the Lords 
 of the Treafury, to iffue and circulate, without 
 the Subfcription or Contract of any Perfons or 
 Corporation, the Company Ihall be obliged till 
 Midfummer 1727, and no longer, to pay fuch 
 Proportion of Money and Intereft as fhall be 
 found necefTary, to circulate fuch Exchequer 
 Bills, as the Sum of 800,000/. fhall bear to the 
 Total amount of fuch Exchequer Bills, and the 
 Company to have alike Proportion of the Be- 
 nefit of the Intereft which Ihall be faved on 
 fuch Exchequer Bills, during the Time they 
 fhall be in the Hands of any publick Officer, 
 or in the Exchequer. 
 
 N. B. The Circulation and Weekly Pay- 
 ments to commence at Midfummer, 1720. 
 
 And all fuch of the Debts as fhall be taken 
 in by the Company before Midfummer 1720. the 
 Intereft thereon to commence to the Company 
 from Chrijlmas 17 19. 
 
 And for fuch as fhall be taken in after Mid- 
 fummer 1720. and before Chrijlmas 1720. the 
 Intereft to commence to the Company from 
 Midfummer 1720. 
 
 And for fuch as fhall be taken in after Chrijl- 
 mas 1 7 20. the Intereft to commence to the Com- 
 pany from Chrijlmas 1 J 20. 
 
 When 
 
C 27-3 
 
 When this Propofal was firft communicated 
 to the Court of Directors -, it was intimated to 
 them, that there was hopes, this great Advan- 
 tage to the Publick would induce the Parlia- 
 ment to grant the Company the file Trade to A- 
 frica, (they making reafonable fathfatlion to the 
 then African Company for their Forts, Settle- 
 ments, and IntereftJ and alfo Nova Scotia, and 
 that which was the French Part of St Chrifto- 
 phers. 
 
 The Court of Directors, having well weigh'd 
 the Matter, were of Opinion, That it might be 
 practicable, and for the Interefl of the Compa- 
 ny to come into the Propofal. Of which the 
 Chancellor of the Exchequer being acquainted, 
 he foon after opened the fame in a grand Com- 
 mittee of the Honourable Houfe of Commons, 
 with which the Houfe appear'd well pleas'd j 
 only Objections were made by fome few Mem- 
 bers, againft the Trade and Lands to be grant- 
 ed to the South-Sea Company. But juft as the 
 Committee were about to rife, Sir John Cope, a 
 Director of the Bank, mov'd, That any other 
 Corporation might have Liberty to make an Offer , 
 for taking in the faid Annuities and Debts, in which 
 he was fupported by feveral, •, and the Commit- 
 tee agreed thereto, and the 29th of January was 
 appointed to receive the Propofals. 
 
 And, as this Matter is well reprefented by 
 Mr Aiflabie in his fecond Speech in the Houfe of 
 Lords, a Liberty is here taken to infert h's own 
 Words, as they are in Page 9th and 10th of 
 that Speech. 
 
 c And at laft, the Scheme was formed and 
 
 * agreed to by all thofe in the A 'dminiji ration, 
 
 6 as it was firft opened and propofed in the 
 
 E 2 ' Houfe 
 
E 28 3 
 
 Houfe of Commons ; and I do aver here, 
 
 before your Lordfhips, That there was not one 
 Step taken in this Affair before it paffed into an 
 Acl, that was not taken by the Concurrence, and 
 Approbation of thofe in the Adminijlration, and 
 even fome of the SECRET COMMITTEE : 
 and fo cautious and diffident was I of the Suo 
 cefs of fo great an Undertaking ; That tho 9 
 the Scheme was adapted to the Notions and Opi- 
 nions of thofe Gentlemen, who for two Seffwns be- 
 fore had opposed all Meafures for reducing the 
 Interest of the Public Debts, till the long Annui- 
 ties were made Redeemable ; yet I would not 
 adventure to introduce it to the Houfe of 
 Commons, till it had been communicated to 
 and approved of by them; and as this Scheme 
 was then calculated with no inconfiderable 
 Advantage to the Public, as it at once rais'd 
 Three Millions and a half towards the Dif- 
 charge of the Public Debts, and at the fame 
 time, put the long and fhort Annuities into a 
 State of being redeemed, and after four Years 
 reduced the Intereft of the whole Debt of 
 England to four per Cent, and hereby made 
 a vaft Addition to the finking Fund ; I flat- 
 ter my felf, it could not be thought a bad 
 Bargain to the Public, as fome were pleas'd 
 to reprefent it, or liable to thofe unhappy 
 Confequences, that have attended the Altera- 
 tion of it, fince it would have been reftrain'd 
 and ty'd down to fuch Conditions, as would 
 have made it impoflible for any Projectors to 
 have hurt us. 
 
 ■ But, my Lords, thefe Meafures were all 
 broke at once, by a fudden Refolution of t\\e 
 Bank, who before had fhewn a great back- 
 wardnefs in undertaking any thing for the re- 
 
t 29 3 
 
 * ducing the Public Debts, and had treated this 
 
 * Scheme with great Contempt ; I fay, my 
 4 Lords, as foon as this Scheme was open'd in 
 
 ■ the Houfe of Commons, the Gentlemen of 
 ' the Bank were immediately ftirr'd up to be- 
 
 * come Competitors for it, and to defire, that 
 
 ■ they might be fuffer'd to offer Propofals, 
 
 * as well as the South-Sea Company.' 
 
 The Bank appearing Competitors, occafion'd 
 a Meeting between the Lords of the Treafury, 
 and others in the Adminifiration, and fever al of 
 the Directors of the South-Sea Company, in 
 order to perfwade the South-Sea Company fas 
 Mr Aijlabie fays,) to offer four Millions certain, 
 and they were prevailed upon to offer 3,500,000/. 
 certain : And accordingly, 
 
 The 29th of January, the South-Sea Com- 
 pany, and alfo the Bank refpectively deliver'd 
 to the Houfe of Commons their Propofals. The 
 South-Sea Company's Propofal was much the 
 fame in Subftance with that deliver'd to the 
 Court of Directors, by Mr AiJIabie's Order; 
 only the Sum to be paid the Public herein 
 was 3,500,000/. certain, and the Sum in Ex- 
 chequer Bills to be circulated by the Company 
 gratis, was alter'd from 800,000/. to a Mil- 
 lion. 
 
 The Banks Propofals differ'd fomething in 
 Form, but was for the fame Annuities and 
 Debts as thofe in the South-Sea Companies 
 Propofal. The moft material Difference was, 
 That if the Bank took in all the Annuities, 
 the Sum to be paid by them to the Public 
 came to above 5,500,000/. 
 
 The Banks Propofal appearing to be above 
 TWO MILLIONS more to the Advan- 
 tage of the Public, than that of the South-Sea 
 
 Company, 
 
r 30 3 
 
 Company, very much (tartled every Body ; 
 and occafioned the Houfe of Commons to defer 
 the Confederation thereof 'till another Day, 
 with a Liberty for each Company to deliver 
 any further Propofals. 
 
 Both Companies in the Interim had Ge~ 
 neral Courts, which refpe&ively impower'd 
 their Courts of Direclors to make Propofals 
 to the Parliament as they Ihou'd think fit: 
 The Proprietors of the South-Sea Company 
 were fo mov'd with this Competition of the 
 Bank, that they order'd their Court of Dire- 
 ctors not to lofe the Scheme, coft what ip 
 wou'd. 
 
 Feb. 1 ft. Each Company delivered their refpe- 
 Sive farther Propofals to the Houfe of Commons. 
 
 The Banks fecond Propofal was chiefly by 
 way of Explanation of their firft, with little 
 material Difference. 
 
 But the South-Sea Company in their fecond 
 Propofal, advanced the Sum certain to be paid 
 to the Public to 4,667,000/. 
 
 And if all the Annuities were taken in, 
 then the Sum to be paid to the Public wou'd 
 amount to 7,567,500/. 
 
 Thefe Propofals having been at that time 
 publihYd in Print, are not thought neceiTary 
 to be inferted here. 
 
 THE SOUTH-SEA-COMPANY ha- 
 ving now out-bid the Bank, their Propofal 
 was accepted, and a Bill order'd to be brought 
 in. 
 
 Thofe in the Houfe, who had objected againft 
 giving the South-Sea-Company, the African 
 "Trade, Nova Scotia, and that which was the 
 French Part of St Chriflophers, being animated 
 and ftrengthen'd by the Competition of the 
 
 Bank, 
 
t 31 1 
 
 Bank, to oppofe the fame more ftrenuoufly; 
 the South-Sea-Company were prevail'd with 
 to leave thofe Advantages out of their Propo- 
 fals, which were the fubftantial things to have 
 fupported their Stock, but ftill with aflurance 
 from thofe in the Adminiftration, of ufing 
 their utmoft Endeavours to obtain them for 
 the Company. But the Price of South-Sea 
 Stock from the time of accepting their Propo- 
 fal, to the paffing the Act, riling very con- 
 fiderably, and the Bank and their Friends al- 
 was oppofing whatever appear'd to be for the 
 Benefit of the South-Sea Company ; they could 
 never obtain thofe advantageous Grants, which 
 they had much depended on (as folid fupports 
 to the StockJ tho' they frequently importun'd, 
 and prefs'd the Miniftry for the fame. 
 
 From the Competition and Oppofition of the 
 Bank may be juftly dated the Ruin of this 
 Scheme, and the Rife of the Miferies and Mif- 
 fortunes that have attended the Execution of 
 it, as there will hereafter be Occafion to men- 
 tion. 
 
 SECT. 
 
C 32 3 
 
 SECT. III. 
 
 An Account of the feveral Subfcriptions, 
 and the Motives upon which they were 
 made. 
 
 TH E extraordinary Rife of the South-Sea 
 Stock, before the pafling the Act, to- 
 gether with the Oppofition of the Bank, having 
 defeated the Company of thofe Grants and Settle- 
 ments, which they had depended upon, as the 
 folid Supports of the Stock, as has been already- 
 hinted : nothing was left them, but the Opinion 
 of Mankind, to enable them to execute the Acl, 
 which put them under a more than ordinary 
 NeceiTity of complying with the general Dif- 
 pofition of the People ; And therefore, tho' 
 their Original Defigns and Intentions were to 
 have no Subfcriptions but of the feveral An- 
 nuities and Debts, that were to be taken in : Yet 
 there being immediately after pafling of the 
 Act, a prevailing Notion, among many of the 
 Proprietors and others without Doors, (for it 
 did not proceed from the Directors) of taking in Mo- 
 ney Subfcriptions, and this Opinion growing uni- 
 verfal ; the Directors found themfelves under 
 a neceffity to depart from the Method, they had 
 firft intended to proceed in, and to begin the Exe- 
 cution of the All with a Money Subscription, to 
 which they were the more eafily induc'd, find- 
 ing 
 
t 33 1 
 
 ing the Method prefcribed by the Act wou*d 
 require a great many Months to effect the taking 
 in but a part of thofe Public Debts, and that 
 unforefeen Accidents might fo reduce the Price 
 of Stock, as wholly to defeat the Execution 
 of the Act, and yet the Company wou'd re- 
 main under the Obligation of paying to the 
 Public Four Millions, Six Hundred Sixty Seven 
 Thou/and Pounds, tbo' no part of the Aft foou'd 
 be. executed. 
 
 A further Inducement to admit of a Money 
 Subfcription was, That they might be thereby 
 enabled to pay off fuch of the Redeemable 
 Debts, and to offer Money to fuch of the 
 Annuitants, as fhou'd not be inclined to take 
 Stock for the fame, they not being then cer- 
 tain, there would be fuch an Univerial Difpo- 
 fition in thofe Proprietors to accept Stock for 
 their Debts and Annuities, as afterwards appear- 
 ed ; But when that, Difpoficion did appear, 
 the Directors had no Occafion to apply the 
 Money to that Ufe. By thefe and the like 
 Considerations, the Directors were prevailed 
 on to open a Money Subfcription at 300/. per 
 Cent, with diftant Times of Payment, and with- 
 out limiting the Sum to be taken in ; Stock 
 being then 285/. per Cent. 
 
 The Method they proceeded in was, That 
 every Director took the Names of thofe Per- 
 fons who apply 'd to them, and the Sums for 
 which they defir'd to be admitted into that 
 Subfcription j which when brought together, 
 and caft up, amounted to fo large a Sum, and 
 the Names were of fo considerable Perfons ; 
 that tho' their firft Intention was to have had 
 that Subfcription for no more than One Mil- 
 lion, or atmoft One Million and a half, and tho* 
 F they 
 
E 34 1 
 
 they permitted no one Perfon to have more than 
 4000/. and the Sums defired, were generally 
 reduc'd : yet the Directors found they could not 
 bring the Subfcription to a lefs Sum than Two 
 Millions, Two Hundred and Fifty Thoufand 
 Pounds i without giving fuch Difguft, as might 
 prove prejudicial to the Company. 
 
 The firft Money Subfcription being thus 
 fix'd, and the Sum it amounted to being 
 6,750,000/. of which 60 1, per Cent, being 
 1,350,000/. paid down, the Directors thought 
 this Subfcription a fufficient Fund, to enable 
 them to execute the reft of the Act ; and ac- 
 cordingly came to an unanimous Resolutions of 
 taking no more Money Subfcriptions. 
 
 But this Subfcription foon felling at a confi- 
 derable Profit, it can't be forgot, how impa- 
 tient Perfons of all Ranks and Degrees were for 
 another Money Subfcription, and by their Im- 
 portunity, did prevail on the Directors to a- 
 gree the 28th of April, to open one, which 
 was done on the 30th of the fame Month 
 at 400/. per Cent, of which 40/. per Cent, was 
 paid down : and the fame Day, they refolv'd 
 it as their Opinion, Nemine Contradicente, not 
 to take any farther Subfcription in Money. 
 
 This Subfcription was intended alfo not to 
 exceed a Million, but the Application to get 
 into it, was fuch, that when the Directors came 
 to examine the Names and Sums demanded, 
 they found they could not reduce it, under a 
 Million and a half, without giving the greatefl Of- 
 fence. 
 
 But the Directors Thoughts being intent up- 
 on executing the Aft, according to their firft Di- 
 li gn, by taking in the Annuities and Redeemables, 
 efpecially the former, on which the Parliament 
 
 had 
 
C 35 1 
 
 had laid fo great Screfs : They (the fame Day 
 on which 'twas agreed to open the Second Mo- 
 ney Subfcription) previoujly refolved on a Sub- 
 fcription for the Annuities, which met with fuch 
 Succefs, that in a few Days, above two thirds 
 of them were brought in; And on the 19th 
 of May 9 (the Price of Stock being then 375 /. 
 per Cent.) the Directors fix'd the Price for the 
 fubfcribed Annuities at 32 Years Purchafe, to 
 be paid as follows, viz. 
 
 For 100/. per Ann. 
 
 K H 1625 1. 
 
 Stock 700/. at 375 /. per Cent, which 
 
 amounts to ^ 
 
 In Money and the Companies Bonds- - 57 5 1- 
 
 Total for 100/. per Ann. 3200/. 
 
 This gave great Satisfaction to all Parties 
 concerned, and the Stock and Subfcriptions ad- 
 vanc'd fo fall, that when the Parliament rofe, 
 the Stock was at near 800/. per Cent, and the 
 Second Subfcription fold for 500/. per Cent. 
 Profit. 
 
 TO SHEW that the Rife of the Stock, 
 and what was then done, in the Execution of 
 the Act, was far from being at that time thought 
 any ways Criminal : It may be permitted to 
 cite a Paragraph in His Majefty's moft gracious 
 Speech to both Houfes of Parliament ', on the nth 
 of June, when that Seflion ended, viz. ' The 
 
 * good Foundation you have prepar'd this Sef- 
 
 * fion for the Payment of the National Debts, 
 ' and the Difcharge of a great part of them, 
 1 without the leaft Violation of the Public 
 4 Faith, will I hope, flrengthen more and 
 
 F 2 ' more 
 
I 36 1 
 
 * more the Union I defire to fee among all 
 ' my Subjects, and make our Friendfhip yet 
 ' more valuable to Foreign Powers. 
 
 And a Copy of the Speech to His Majefty 
 the fame Day, by the Speaker of the Houfe of 
 Commons, has been feen, wherein were the fol- 
 lowing Words, viz. 
 
 Moil Gracious Sovereign, 
 C VOUR Majefty's mod Dutiful and Loyal 
 X. ' Subjects, the Commons of Great Bri- 
 tain in Parliament aflembled •, had no fooner 
 difpatch'd fo much of the Supplies as were 
 necefTary to carry on the current Service, but 
 they immediately apply'd themfelves to find 
 cut Means for kjfening the Public Debt ; in 
 which, if your Commons have the Satisfa- 
 ction to fee the Succefs of their Endeavours, 
 exceed even what the mod fanguine cou'd 
 hope -, If Your Majefty's good Subjects have 
 now a certain ProfpecT: of being eafed of 
 of the heavy Load, of very near Eight Mil- 
 lions, in a little more than the compafs of 
 one Year: If the Difficulties in difcharging 
 that part of the National Debt, which by 
 fome were thought to be infuperable, without 
 Breach of the Public Faith, are now in a 
 manner overcome ; and if at the fame time, 
 every Branch of the Public Credit is advanc'd 
 to an unexpected, and fome of them even to 
 an amazing, height: Yet Your Commons 
 muft confefs, that they have been only the 
 happy lnjlruments in conveying thefe Benefits 
 to Your People, and that all the Merit they 
 can claim, is in not having negletled an Oppor- 
 tunity, which the flourifhing State of the Pub- 
 lic Credit put into their Hands j and muft in 
 
 j Juftice 
 
C 37 1 
 
 Juftice acknowledge, that all thefe furprizing 
 Events, are owing to that profound Veneration 
 and EJleem, which this Nation, and all Europe^ 
 has for Tour Majefty. For Credit is fo nice 
 and delicate in it's Nature, that though in all 
 other Affairs, no Detriment is perceiv'd, no Mif- 
 chiefis felt, till a Calamity comes: Yet in what- 
 ever relates to Credit, the very Fear and Appre- 
 henfion of Calamity is as mifchievous as the Cala- 
 mity itfelf, and Diffidence is the fame thing as 
 Defirutlion. Credit therefore, is only maintain'd 
 in it's prefent flourifhing Condition, by the 
 Experience Your People have had, of the 
 Vigilance of Tour Majefty** Councils, and the 
 Reliance on the Steddinefs of Tour Conduoi -, and 
 fince the juft Confidence Your Subjects place 
 in Your Majefty's known Prudence and Wif- 
 dom, has enabled Your Commons to make 
 fo great Progrefs, towards difcharging the 
 Public Incumbrances : It would have been 
 highly unjuft, when Your Majefty condefcend- 
 ed to defire the Advice and Affiftance of 
 Your Commons, had they declined to fupport 
 the Honour and Dignity of the Crown, at a Time 
 when the Nation receives fo much benefit from its- 
 Luflre ; and it would have been equally un- 
 grateful, had they not cheerfully provided 
 the neceffary Aids, to make the Supplies 
 voted at the Beginning of this Seffion ef- 
 fectual.' 
 
 THE PRICE OF STOCK, and alfo 
 of the firft and fecond Subfcriptions, advancing 
 daily from the time of fixing the Price for the 
 Annuities taken in, caus'd many prefilng Solici- 
 tations from Perfons of all Ranks and Degrees 
 fpr another Money Subfcription, to which the 
 
 Directors 
 
C 3S ] 
 
 Directors conftantly fhew'd an Averfion, and 
 endeavour'd to difTwade them from it ; giving 
 for Anjwer, "The Refolution they had come to, a- 
 gainft any more Money Subfcriptions. But this did 
 not ftop, but rather encreas'd the general Im- 
 portunity ; and from Perfwafions many pro- 
 ceeded to Menaces and Clamour, back'd with 
 Imputations, that if that favourable Opportuni- 
 ty of executing the Scheme was negletled, the 
 Blame mujl be chargd on the Directors : Where- 
 by they were at length brought almoft to an 
 abfohtte Necefity of opening a third Money Sub- 
 scription, which they did on the 17th of June 
 1720. And the fame was opened the fooner, 
 at the earnefl Inftance of many Members of both 
 Houfes, who defired it might be made before 
 their going into the Country. 
 
 At this time the Price of Stock being about 
 800 /. -per Cent, and the Second Subfcription fel- 
 ling for about 500/. per Cent, advance, and great 
 Numbers of thofe who defired to be admitted in- 
 to the Third Subfcription, having requefted it 
 at 1000/. per Cent. The Directors thought they 
 could not fet it at a lefs Price ; but they al- 
 low'd fuch Times of Payment as with the Mid- 
 fummer Dividend, reduced it to about 800/, per 
 Cent. 
 
 This met with no Blame from any Perfon at 
 that time, but on the contrary, univerfal Appro- 
 bation ; as appears by the Price this Third Sub- 
 fcription bore, it foon felling at 300/. per Cent. 
 Profit. 
 
 When this Subfcription was compleated, the 
 Directors came again to a Refolution of taking no 
 more Money Subfcriptions ; and apply'd themfelves 
 to take in the Remainder of the Annuities and 
 Redeemable!* To which end on the 8 th of July, 
 
 they 
 
C 39 1 
 they agreed to open their Books on the 1 2th of 
 that Month, to take in part of them, which was 
 accordingly done, and in a few Days, moll: of 
 the Redeemable* and Annuities {landing out, were 
 fubfcribed ; but fome of the Proprietors of thofe 
 Debts and Annuities, by reafon of their abfence 
 or other Impediments, not having an Opportu- 
 nity to fubfcribe, before the Books were fhut, 
 made great Application to the Directors to be 
 be admitted ; who being willing to compleat the 
 Execution of the Act, with as much Expedi- 
 tion as they could, did on the 27th of July, re- 
 folve to open Books on the 4th of Augiift fol- 
 lowing, for taking in the Remainder of thofe 
 Debts and Annuities, and molt of thofe which 
 were Handing out were then brought in. 
 
 On the 1 2th of Auguft the Price of Stock, in- 
 clufive of the Midfummer Dividend, was up- 
 wards of 900 /. per Cent, which made the Stock, 
 exclufive of that Dividend, about 820/. per Cent. 
 The Directors agreed to fix the Price of the fub- 
 fcribed Long Annuities at 36 Years Purchafe, 
 and the Redeemables at 105 /. per Cent, and the 
 Price of Stock to be given for the fame, at 800 /. 
 per Cent, fo that the Redeemables, confidering 
 they were taken in at 105 /. per Cent, had the 
 Stock at about 60 1, per Cent, under the current 
 Price, which gave general Satisfaction at that 
 Time. 
 
 It farther appeared, even to Demonftration, 
 that the Terms allowed for the Annuities and Re- 
 deemables which were fubfcrib'd, were very fans- 
 factory, becaufe they were fold at a much higher 
 Price than the unfubfcribed ; and, fome time 
 after this Price was declared in the Gazette, ma- 
 ny confiderable Proprietors of the unfubfcribed An- 
 nuities and Debts, prefs'd and afk'd it as a Fa- 
 vour, 
 
t 40 1 
 
 •vour, to be, and were accordingly, admitted to 
 fubfcribe ; and particularly feveral Foreigners and 
 Merchants, entrufted here, by them for their 
 Ufe. 
 
 ALTHOUGH the Directors had come to 
 feveral Refolutions againjl any farther Money Sub- 
 fcriptions, thofe Refolutions were not fuffieient to 
 item the repeated Applications for the fame, 
 from Multitudes of all Ranks ; and the Proprietors 
 of the Stock began to clamour at their not being 
 admitted to their Proportions in the former Sub- 
 fcriptions, and fome of them threaten'd to de- 
 mand a General Court, to order, that the Pro- 
 prietors might be admitted to a Subfcription in pro- 
 portion to their Stock, which obliged the Directors 
 to take that matter into Confideration •, And 
 the fame day on which they fix'd the Price of 
 Stock for the two laft Subfcriptions of the Annuities 
 and Redeemables, they agreed to take a Subfcrip- 
 tion of 20 per Cent, on Stock for the Proprietors 
 only ; the Stock in fuch Subfcription to be va- 
 lu'd at 1000 per Cent, which at that time gave 
 great Pleafure and Satisfaction to the Proprie- 
 tors, and 40 /. per Cent, was offerr'd, for the 
 Privilege of that Subfcription. 
 
 But this did not take off the Applications for 
 another Money Subfcription to all Perfons in- 
 differently, to which the Directors fhew'd a great 
 Unwillingnefs ; but by the continued Solicita- 
 tions of Multitudes of all Degrees, and from all 
 Parts, they at length confented to open a Fourth 
 Money Subfcription on the 24th of Augufl, at 
 1000 /. per Cent, exclufive of the Midfummer Di- 
 vidend, Cthe Third Subfcription then felling at 
 about 300 /. per Cent, advance). But to prevent 
 this Subfcription running to an exceflive Sum ; 
 they agreed that one fifth part, being 200/. 
 
 per 
 
C 41 ] ' 
 
 per Cent, fhould be paid down, and none to be 
 admitted, but thole who brought their Money 
 that very day. 
 
 The eagernefs for this Subfcription was fo 
 great, that notwithstanding this Precaution, and 
 the Directors full Intention, that this Subfcrip- 
 tion mould not exceed a Million, yet in a few 
 Hours, there was 1,200,000 /. fubfcrib'd, al- 
 though many were excluded, who prefs'd very 
 earneftly to come in. Had noc the Directors 
 taken that Precaution, in relation to this Fourth 
 Subfcription , it would probably have fwelPd to a 
 larger Sum than the Third', as is manifeft, noc 
 only by the eager filling fo great a Sum, (as is 
 mentioned,) in fo fhorc a fpace, and the number- 
 lefs Letters, the Directors received from Perfons 
 who defired to be admitted into it, but alfo by 
 a memorable Reply, that a great Minijier of 
 State, fince dead, made to them, upon their in- 
 forming him of the Method they intended to 
 proceed in ; who thereupon told them, That 
 he himfelf had a Lift for above a Million for 
 that Subfcription, and that therefore, if they 
 would proceed in the Method they had propos'd, 
 without taking in Lifts, as they had done in the 
 Third Subfcription ; he defir'd that they would 
 publifh an Advertifement in the Daily Coitrant y 
 that it was not in his Power to fer-ve his Friends ; 
 that thereby he might clear himfelf 'from the Cla- 
 mour and Charge, that would arife againft him, 
 fbr having neglected them. 
 
 As to the Subfcriptions for 20 /. per Cent, to 
 be limited to the Proprietors only, the fame 
 was afterwards, for feveral Reafons, thought 
 fit by the General Court to be omitted. 
 
 The Spring of the Money Subfcriptions arofe 
 
 from without Doors, and not from the Di- 
 
 G rectors 
 
C 4-2 3 
 
 rectors themfelves, as already mentioned ; and 
 one may venture to lay, Tbofe Subfcriptiom were 
 countenanc* d by the Parliament ; for that after the 
 firji Momy Subfcription was taken, there having 
 arifen fome doubt concerning the Validity there- 
 of: The Parliament were pleas'd to pafs a 
 Claufe in the Act, for ejlablifhing the two Infu- 
 rance Companies, confirming not only the Sub- 
 fcription taken, but alfo all fuch Subfcriptions 
 as mould after be taken ; and to make the Re- 
 ceipts that mould be given out for the fame, 
 affiliable in haw, which they would not have 
 been without Authority of Parliament. 
 
 SECT. IV. 
 
 Contains an Account of the Loans on 
 Stock, and Subfcriptions, and of the 
 ^Powers given by the General Court to 
 the Court of Directors for fuch Loans ; 
 With Anfwers to the Objections con- 
 cerning the fame. 
 
 FORASMUCH, as by feveral Refolutions 
 of the Houfe of Commons, and the Pre- 
 amble to the Bill for taking away the late Di- 
 rectors Eftates, as the fame was firfl brought in- 
 to that Houfe ; It appears, that what is called 
 the Exceedings of the Loans, was the Principal 
 Ground, on which the Houfe went, for taking 
 away their Eftates, and fubjefiing them to other 
 
 Bardfhipi 
 
C 43 3 
 
 Hard/hips in that Bill: It is prefumed, it will be 
 no unacceptable thing co th^ Public, to fet 
 that Affair in a clear Lighc. 
 
 But firfl of all it may be neceffary to pre- 
 mife, That at the firft entering into this Scheme, 
 the Directors had not the leaft Thoughts or In- 
 tention of lending Money upon Stock, their 
 Defign being only the taking in the Annuities 
 and Debts themfelves by Subfcription. 
 
 But while the Bill was depending, a Motion 
 was made in the Houfe of Commons y for infer- 
 ting a Claufe therein ; to enable the Lords of the 
 Treafury, to make forth a Million of new Ex- 
 chequer-Bills to be lent by them, or 'Truftees to be 
 appointed by them y to fuch Perfons as mould de- 
 fire the fame upon South-Sea Stock ; which was 
 alledged, would be a means to make the Exe- 
 cution of the Aft more certain. 
 
 This Propofition appear'd very pleating to 
 the Houfe; only it was objected; that the len-. 
 ding thofe Bills, mould not be in the Lords of 
 the Treafury, or Truftees appointed by them, 
 leaft they mould make diftinclion of the Per- 
 fons they lent them to, and fo oblige their Fa- 
 vourites, and refufe all others. Therefore, ic 
 was thought more advifeable, that the whole 
 Sum mould be lent to the Company, and they 
 to lend it out as they thought belt, to avoid 
 that Partiality, which in the other Method was 
 apprehended might by fhewn, and according- 
 ly'the whole Sum of thofe Bills was lent to the 
 Company. 
 
 This gave the fir Si Rife to the Notion of 
 Loans upon Stocky and fill'd every bodies Head 
 with a defire of being Borrowers, and caus'd 
 the purchafing of great Quantities of Stock, to 
 be paid for at fuch diftant Times, as it was 
 G 2 thought 
 
C 44 1 
 
 thought the Exchequer-Bills might be prepared 
 in, and iflu'd out : fuch Purchafers hoping to 
 borrow fo many of thofe Bills, as might enable 
 them to pay for the Stock they had bought. 
 
 THE COURT OF DIRECTORS 
 having, as abovementioned, taken the firft Mo- 
 ney Subscription on the 14th of April, for 
 2,250,000/. at 300 /. per Cent, of which 6c I. 
 per Cent, was paid down, they call'd a General 
 Court on the 21ft of the fame Month, and ac- 
 quainted them therewith ; at which General 
 Court it was confider'd, That the Defign of 
 the Government, by their lending to the Com- 
 pany a Million of Exchequer -Bills, was to enable 
 them to lend Money on their Stock, and that there 
 would be great Sums of the Subfcriptions and 
 other Money remaining in hand, which if kept 
 dead, till the fame could be apply'd to pay off 
 the Annuities and Debts, might prove very pre- 
 judicial to, and ft agnate the Public Credit, and 
 be likewife prejudicial to the further Execution 
 of the Aft : Therefore it was thought proper, 
 'That Money mould be us'd, in lending on the 
 Stock of the Company, whereupon they came to 
 the following Re folut ion, Nemine Contradicente, 
 viz. 
 
 THAT the Court of Directors be, and are 
 hereby empowered from 'Time to Time, as they 
 flo all fee for the Interest of the Company, to lend 
 any Sum or Sums of the Companies Money, on the 
 Companies prefent, and to be encreafed Capi- 
 tal ; and to do all fuch Matters and Things as they 
 jh all judge mo Si for the Good of the Company. 
 
 The Objections made to the Conduct of the 
 Directors with refpect to the Loans, are the 
 three following, viz. 
 
 FirsJ, 
 
L 45 1 
 
 Firsl, That there was more lent in feveral of 
 the Loans to fome Perfons, than by the Regu- 
 lations or Orders made by the Court of Dire- 
 ctors, mould have been lent to any one Perfon. 
 
 Secondly, That in feveral Inftances, there was 
 more lent upon each ioo/. Stock, than by the 
 Orders of the Court of Directors fhould have 
 been lent. 
 
 Thirdly, That the Court of Directors had not 
 a fufficient Authority from the General Court 
 to lend any Money upon Subfcriptions. 
 
 Foranfwer to the twofirft of thcfe Objections, 
 It ought to be confidered : That the Order of 
 the General Court, to impower the Court of 
 Directors to lend Money, was without any Re- 
 ftrictions, as to the Sum to be lent to any one 
 Perfon, or the Sum to be lent upon each Hun- 
 dred Pound Stock ; fo that all thofe Redacti- 
 ons and Regulations were made only by the 
 Court of Directors, who had Power to revoke* 
 alter, or difpenfe with their own Orders. For no 
 Man can doubt, but that the fame Power, 
 which makes any Laws, Rules or Orders, can 
 difpenfe with, alter or difannul, their own 
 Laws and Orders. 
 
 But if it can be fuppos'd that this Acquie- 
 fcence was not fufficient to repeal or difpenfe 
 with the former Regulations of the Court of Di- 
 rectors, as to thefe Loans : Yet as the Care of 
 thofe Loans, and the keeping up to the Regu- 
 lations concerning them, was wholly referred 
 to the Committee of Treafury ; why fhould the 
 Lofs thereby be charged upon all the reft of 
 the Directors? And it feems more difficult to 
 aflign a juft Reafon, why feveral of that Com- 
 mittee have larger Allowances granted them 
 for their Subfiftence, in proportion to their E- 
 
 ftates, 
 
C 46 1 
 
 ftatcs, than many others who were not of that 
 Committee. 
 
 AS to the third Objection, that the Court 
 of Directors had not fufficient Power to lend 
 any Money on Subfcriptions. 
 
 We obferve, That the Court of Directors were 
 ly the Order of a General Court, impower'd to lend 
 any Sum or Sums of the Companies Money, on the 
 Companies prefent and to be encreafed Capital, which 
 Words, 'To lend the Companies Money on the Com- 
 panies to be increafed Capital : It is conceived, 
 could have no other ConftruElion, than to lend any 
 Sum or Sums of the Companies Money on Subfcrip- 
 tions. 
 
 F O R as the Annuities fubfcribed in May fol- 
 lowing, they were not, nor could not, with all 
 the Application the Court of Directors and their 
 Officers could ufe, be made Capital Stock, fo as 
 to be Transferr'd, or made capable of lending 
 Money thereon, //// October following: And the 
 Subfcriptions for the Redeemables taken in July 
 could not, although all poffible Endeavours 
 were us'd to forward them, be made Transfer- 
 able Stock, or capable to be lent on, till Decem- 
 ber following. So that it is not to be fuppos'd, 
 that the General Court mould give the Court of 
 Directors a Power, which they could not begin 
 to put in Pratlice, till fix or eight Months after ; 
 which muft have been the Cafe, if thofe Words, 
 to be increafed Capital, were to have had any 0- 
 ther Conjlrutlion, than that of the Money Subfcrip- 
 tions. 
 
 And to demonftrate that by the Words, to 
 be increafed Capital, the General Court did intend, 
 and underjlood to be meant, the Money Subfcrip- 
 tions, They at the fame General Court, termed 
 the fir SI and other Money Subfcriptions, ADDI- 
 TIONAL 
 
I 47 ] 
 TIONAL STOCK, which is of the fame 
 
 Signification, as to be encreafd Stock ; for after 
 they had voted the Ten per Cent. Stock for the 
 then next Midfummer Dividend, they therein 
 made the following Refolutions, viz. 
 
 That the ADDITIONAL STOCK 
 to be made to this Company, by the PRE- 
 SENT SUBSCRIPTION, being the 
 firfl Money Subfcription, and all fuch A D D I- 
 TIONSas mall be made to the Capital Stock 
 of this Company, before Midfummer next, ei- 
 ther by Subfcriptions or otherwife, fhall be in- 
 titled to the like Dividend. 
 
 It is farther to be noted ; That at a General 
 Court held the 8 th of September 1720. which was 
 after the Loans on Stock, and Subfcriptions 
 were made and publickly known : They came 
 to a Relblution, Nemine Contradicente, in the 
 following Words, viz. 
 
 Refolv'd, That this Court doth approve of and 
 thank the Sub and Deputy Governors and Direclors, 
 for their prudent Conduct, in executing fo great a 
 Part of the All of Parliament, for enlarging the 
 Companies Capital Stock. 
 
 Which is furely an Approbation of the faid 
 Loans on Stock and Subfcriptions, as well as 
 the other parts of the Directors Conduct. 
 
 It may be further added on this Head, That 
 the Money lent on fuch Stock and Subfcriptions, 
 was but about half what they were currently 
 fold for, at the Times the Loans were made. 
 
 The Facts of the Directors Proceedings in 
 the Execution of the Act being thus ftated. 
 and the Motives which led them into the fame, 
 being all Matters of fo public a Nature, that 
 rooft of them appear in the Minutes of the 
 General Court, and Court of Directors, and the 
 
 re it 
 
C 48 ] 
 
 reft being what every Man's own Confcience, who 
 had any Negotiations in, or made any Obferva- 
 tion of the Tranfactions of that Time, will 
 confirm, they will not admit of being controver- 
 ted. 
 
 I T is moreover prefumed, That the Proceed- 
 ings of the Directors, may be juftify'd by the 
 common and natural Rules of Reafon and Pru- 
 dence. 
 
 F O R it ought to be confider'd, that the Par- 
 liament not only expected, the Company mould 
 bring the Annuities into a Itate of Redemption, 
 but alfo ty'd the Company down, abfolutely to 
 pay to the Publick FOUR MILLIONS, 
 SIX HUNDRED, SIXTY SEVEN 
 THOUSAND POUNDS certain, whe- 
 ther any part of the A3: was executed or not, 
 and alfo to pay about Three Millions more for 
 the Annuities, or in Proportion to fuch part there- 
 of, as they mould take in. 
 
 And it may be farther juflly obferved, How 
 wide a Difference there was, between the Ori- 
 ginal Scheme, and the A3 of Parliament. For 
 had That Scheme taken place, as atfirsJ propofed, 
 neither the Public, nor the Company could have 
 undergone a Difappointment in the Execution 
 of it ; but as the Aft was made, the failure of 
 Execution, would have coil the Company above 
 40 per Cent, of their then Capital, whereby their 
 Stock would have been reduced to under 50/. 
 'per Cent, which, when the Scheme was firft pro- 
 pofed, fold at about 118/. per Cent, tho' intrin- 
 fically worth but about 90/. per Cent. 
 
 If there were no other Reafons, yet the Dan- 
 ger of io great a Lofs to the Company, made 
 it indifpenfibly neceffary for the Directors to 
 endeavour to go through with the Execution of 
 
 the 
 
c 49 : 
 
 the Act with the utmoft Expedition, and in fuch 
 manner as they could, whilft People were in a ' 
 Difpofition to come into it; for had they negle- 
 cted the Execution when it was in their Power, 
 and thereby fubjected the Company to fo great a 
 Lofs ; might it not have been as likely, and 
 with more appearance of Reafon, that their fi- 
 liates would then have been made liable to an- 
 fwer that Lofs to the Company ; than that their 
 Eftates mould now be taken away, towards re- 
 compenfing to the Company the Lofs by the 
 Loans, for making which Loans they had the 
 Authority of the General Court ? 
 
 SEEING then the increafing to fo great a 
 Sum, the Sum to be paid by the Company to the 
 Public, was a Means that contributed to the 
 Mifcarriage of it : It is reafonable to conclude, 
 that however any Perfons at the time of pafling 
 the Ac!:, might boaft, that by the Banks Op- 
 pofition, they had gained to the Public Four 
 Millions of Money; YET, to confidering 
 and impartial Judges, it will rather be thought, 
 That they loft the Public a Million and a half 
 of Money, and difappointed the beft Scheme 
 that ever yet appeared for bringing the Na- 
 tion entirely out of Debt, and were the Ori- 
 ginal Source and Spring from whence all the late 
 Calamities flow'd. 
 
 And thofe who would be impartial in their Judg- 
 ment, ought to confider, and make Al lo wance for 
 the prevailing Humours and Pajfions of all Degrees 
 of People at that Time, which over- run all 
 Bounds of Moderation and Difcretion \ And 
 mould thefe unhappy Directors have taken up- 
 on themfelves alone, to have ftopp'd that Tor- 
 rent, and acted the reverfe of what they did, 
 and had admitted of.no Money Subfcriptions, 
 H or 
 
c 50 1 
 
 or kept the Money taken upon thofe Subfcripi 
 tions, till they could have paid off the Re- 
 deemables, which could not have been done 
 in a Year's time ; Would not that Stagnation 
 of Money have diftrefs'd the Public Credit, 
 and ruin'd the further Execution of the Act? 
 And can any one conceive the Load of Cen- 
 fure, or worfe, which they muft have thereby 
 unavoidably been brought under, as being the 
 Caufe, not only of defeating the Execution of 
 the Ac!:, but alfo, of all the Calamities, Mif- 
 fortunes, and Loffes that had enfued. 
 
 \Mk* 
 
 SECT. V. 
 
 Of the Caufes which contributed to the 
 Extravagant Rife of Stock, and the 
 Loffes and Misfortunes, which enfued. 
 
 IT IS NOT to be wonder'd, if Perfons 
 fuftaining fevere Loffes, and labouring un- 
 der the heavy Effects of them, mould not im- 
 mediately form a jufl: Judgment of the real 
 Caufe of thofe Misfortunes, and fo attribute 
 them to fomething near at hand, though the 
 moft remote from the true Caufe, and confe- 
 quentlyfix the Blame any where but upon them- 
 felves. So in the prefent Cafe, the late Dire- 
 ctors of the £o«//&-&d-Company, having the 
 Execution of the Act in a great Meafure com- 
 mitted 
 
C 51 ] 
 mitted to their Care, and- the Tranfaelions of 
 that Company having been mod in View, what- 
 ever Misfortunes happened, either by South-Sea, 
 or by any other Stock, or even by the Bubbles ; 
 the whole became a Subject of Complaint againft 
 the Sontb-Sea Directors. 
 
 But as there is nowReafon to believe, that the 
 accuftom'd Temper and Candor, which molt 
 Men govern'd themfelves by, has recover'd it 
 felf; it may be proper, without Prejudice or 
 Partiality, to trace the genuine and original 
 Springs and Caufes from whence thofe Misfor- 
 tunes have arofe. 
 
 The Scheme in it's firft Original Form, and 
 as deliver'd to thofe in the Adminiftration, has 
 been Ihewn, together with the Method then laid 
 down for the executing thereof. 
 
 There it may be obferved ; that the higheft 
 Calculation of the Stock was 1 60 /. per Cent, and 
 that Advance fuppor ted by fuch beneficial Grants 
 to the Company, which if purfu'd, and ripen'd 
 into actual Execution, would have kept the 
 Stock at leaft to that Price, without being de- 
 trimental to any. But feveral public Advanta- 
 ges would neceffarily have arifen therefrom, 
 fome of which fhall be here again repeated. 
 
 Firft, The bringing the Annuities into a Jlate of 
 Redemption, which had been always thought the 
 unfurmountable Obftacle to getting the Nation 
 out of Debt. 
 
 Secondly, The reducing the Liter eft of the Public 
 Debts from 5 to 4 per Cent, and thereby increa- 
 fing the finking Fund, above 540,000 /. per Ann. 
 by which the whole Debt of the Nation might have 
 Icen paid off in about 24 Tears. 
 
 H 2 Thirdly, 
 
I 52 3 
 
 Thirdly, The lowering the common Rate of In- 
 ter eft, which would foon have followed, as a ne- 
 cefiary Confequence thereof. 
 
 Fourthly, The Trade and Revenues of the King- 
 dom would have been increafed, by the peopling 
 and cultivating Nova Scotia, and the French part 
 of St Chriftophers •, and efpecially, by enlarging 
 and opening the Trade to Africa, into the Inland 
 Parts of the Continent, whereby they could fcarce 
 have fail'd of difcovering the many rich Gold 
 Mines, which unqueftionably are there, and 
 from thence an immenfe Treafure might have been 
 brought into this Kingdom. 
 
 Thefe appear to be fome of the pleafing 
 Thoughts, which entertain'd the Minds of the 
 Authors in the firft Formation of the Scheme, 
 and could not but charm the Heart of every fin^ 
 cere well Wifher to the Profperity of the Na- 
 tion ; but as no Age nor Country has been free 
 from Perfons, who, under the fpecious Name 
 of Patriots, have malign'd and oppos'd every 
 thing that has appear'd for the common Benefit, 
 whereof they have not been the Authors ; falfe- 
 ly imagining that whatever Credit any other 
 Perfons obtained, is a diminution to themfelves, 
 and thus it has happen'd in fome refpect in the 
 Cafe before us. 
 
 For tho* this Scheme, as deliver'd to the 
 Chancellor of the Exchequer, was by him, as we 
 are well afiur'd, offerr'd to the Directors of the 
 Bank, and they, as he fays in his before quoted 
 Speech, fhew'd a great Backwardnefs in under- 
 taking any thing for the reducing the Public Debts, 
 and treated this Scheme with Contempt ; yet as 
 foon as they found the South-Sea Company were 
 Jike to come into it, the Bunk and their Friends 
 
 began 
 
C 53 3 
 began to raife Objections to it, as not fuffici- 
 ently advantageous to the Public, there being 
 no Certainty of what the Public fhou'd gain by- 
 it j becaule as the fame was firft propos'd, the 
 Money payable to the Public was only pro rato, 
 and in Proportion to the Sum of the Annuities 
 and Debts which mould be taken in. 
 
 THIS Objection caus'd that Alteration which 
 was made in the Scheme, before the fame was 
 fhewn to the Court of Directors ; whereby the 
 Company were to be obliged to pay the Public, 
 a Million and a half certain, in all Events for 
 the Redeemables, whether any of them were 
 taken in or not. 
 
 AND TO THIS OPPOSITION, 
 may be, as is before fhewn, juftly imputed the 
 beginning of the DESTRUCTION OF THAT 
 SCHEME, and of the Misfortunes that enfu'd : 
 Not that this was the only Share the ConduEl of 
 the Directors of tbe Bank had therein, as will ap- 
 pear by what follows. 
 
 For no fooner was this Scheme open'd in the 
 Houfe of Commons, in favour of the South-Sea 
 Company, but (as is before fet forth) it ap- 
 pear'd the Bank were come to a Refolution to 
 be Competitors for it ; which fo warm'd the 
 Spirits of the Proprietors of the South-Sea Com- 
 pany, that tho' what was firftpropos'd to them, 
 was but a Million and a half certain for the Re~ 
 deemables, and about the like farther Sum for the 
 Annuities, or pro rate, for fo many of them as 
 Ihou'd be taken in •, yet they were prevail'd up- 
 on to make their Propofal 3,500,000/. certain, 
 for the whole of the Annuities and Debts. 
 
 BUT the Banks Propofal, which was deli- 
 ver'd at the fame Time, amounted to above 
 5,500,000 /. which was above TWO MIL- 
 LIONS 
 
L 54 1 
 LIONS more than the South-Sea Companies Pro- 
 pofal. 
 
 THIS Propofal of the Bank, exceeding fo 
 much that of the South-Sea Company, gave 
 the firft Fire to the Imaginations of Mankind, 
 that there was fomething more advantageous in 
 this Scheme, than had been cooceiv'd ; fo that 
 to this Cas it may be fafely call'd) extravagant 
 bidding of the Bank, may be attributed the fub- 
 fequent Dealings in this Stock, at fuch exceffive 
 and pernicious Prices. 
 
 AND this Offer of the Bank fpirited up the 
 General Court of the South-Sea Company, to 
 give that Inftruction to their Directors, not to lofs 
 the Scheme, coji what it would. 
 
 It was given out, That the Bank would con- 
 fiderably advance beyond their firft Propofal, 
 (which was not without Foundation, for 'tis 
 certain, they were advis'd, and had once agreed 
 to make an Offer of Nine Millions) whereby 
 the South-Sea Directors were driven in to the 
 making the large Offer in their fecond Propo- 
 fal : And from the Time of the Acceptance 
 thereof, began thofe great Tranfactions in the 
 Stock, which occafion'd all the Misfortunes 
 that have happened. For tho' in Reality the 
 Scheme wasfo much the worfe, as the Money paid 
 for it to the Public, exceeded what was at fit -ft pro- 
 pofed, Yet by the OPPOSITION and great 
 Offer of the Bank, Peoples Minds were fo hea- 
 ted, and their Paflions fo animated, with Ap- 
 prehenfwns of inconceivable Advantages, that from 
 this time, they feemed to throw away all Rea- 
 fon, and give themfelves up wholly to Humour. 
 
 SO that, as has been faid, upon the Banks 
 COMPETITION and OPPOSITION, 
 
 may 
 
C 55 1 
 
 may be charged the Principal Caufe of all the 
 Misfortunes that follow'd. 
 
 NOR was this the laft Step which the Di- 
 rectors of the Bank took, that contributed to 
 our Misfortunes. 
 
 FOR though it had often been propos'd to 
 them by their Proprietors, to lend Money upon 
 their own Stock, yet they could never be brought 
 into it, till the South-Sea Stock was greatly ad- 
 vanced, and then they came into a Refolution, 
 of lending Money on their own Stock, which 
 could not be done with any other View, than 
 that of raifing it beyond it's real Value, and 
 farther pufhing up of the South-Sea Stock, as 
 Mr Aijlalie has very well obferved in his faid 
 Speech : wherein Page 15. fpeaking of the 
 Bubbles, he exprefTes himfelf as follows, viz. 
 
 4 My Lords, I muft not omit to take Notice, 
 c that this Spirit of Bubbling had prevailed fo 
 
 * univerfally, that to mew you what would have 
 
 * been the Cafe, if the Bank had obtained the 
 ' Scheme, the very Bank became a Bubble ; and. 
 ' this, my Lords, not by Chance or Neceflity, 
 « or from any Engagement to raife Money for 
 
 * the Public Service, but from the fame Spirit 
 ' that actuated Temple Mills ^ or Garrawafs Fi- 
 
 * Jbery. For this Purpofe, My Lords, they en- 
 ' tertained a Scheme in Imitation of the South- 
 ' Sea, of lending Money upon their Stock, which 
 
 * as it contributed to raife the Price of their own 
 s Stock, fo it furnihYd a Supply of Cafh to the 
 ' Gamefters in the Alley, that at once pufli'd up 
 ' the Bubbles, and the South-Sea to an immo- 
 
 * derate height. But as this was intended chief- 
 
 * ly to advance their own Stock, let the Project 
 ' come from what Hand foever, ic was foun- 
 
 « ded 
 
I S6 ] 
 
 « ded in the fame Iniquity with any other 
 c Bubble, and was of ten Times more danger- 
 
 * ous Confequence : For as Bank Stock was rai- 
 « fed by it, from 150/. to 245/. and as it has 
 ' from thence fallen to 130/. there have been 
 
 * many Millions loft upon it, befides the fatal 
 
 * Confequences it had like to have had upon the 
 ' Public Credit : for, for want of this Money, 
 
 * which was lock'd up in Loans upon their own 
 
 * Stock, and could not readily be come at; 
 ' they were at a Lofs when the Crufli happened, 
 
 * and were forced to have recourfe to Subfcrip- 
 c tions, fupported chiefly by the Adventurers of 
 « the South-Sea, and to a MEMORABLE 
 'BARGAIN with the South-Sea Company. 
 
 And to confirm what Mr Aijlabie fays would 
 have been the Cafe, if the Bank had obtain'd 
 the Scheme •, and to convince the World, that 
 the Bank, if they had had it, would have exe- 
 cuted it, at the higheft rate they could : One 
 need only reflect how follicitous almoft every 
 Director of the Bank was, to get into the Third 
 Subfcription ; infomuch, that when the Dire- 
 ctors of the South Sea Company had limited, 
 in order to prevent that Subfcription running up 
 to an exceflive Sum, 
 
 'That no Member of Parliament (except fuch as 
 were in the Lift of Perfons in the A dminifl ration) 
 nor Direclor of the Bank or Eaft-India Company 9 
 nor Alderman of London, fhould have more than 
 1000 1. in that Subfcription. One of the mofi con- 
 fiderable Directors of the Bank of England, who 
 was then a Member of Parliament, and an Alder- 
 man, as well as Direclor of the Bank, wrote a 
 Letter to one of the Direclor s of the South-Sea 
 Company, demanding to have 3000/. in that Sub- 
 fcription i 
 
C 57 1 
 
 fription ; as having Three ofthofe Capacities, which 
 were admitted to i ooo /. each ; but the fame was 
 refused him, and he was forced, much agalnfl his 
 Will, to be content with i ooo /. Subfcription ; but 
 the prefent Governor of the Bank, being then De- 
 puty Governor, was, tho* not without great Im- 
 portunity, admitted to 1000I. in that Subfcription. 
 For a further Confirmation of what has been 
 faid ; It may not be improper to take Notice, 
 that when the Directors of the South-Sea Com- 
 pany agreed to open a Subfcription for the 
 Redeemables, the South-Sea Stock happen'd to 
 be about its higheft ; and then were the whole 
 Body of the Directors of the Bank fo fanguine, 
 as to caufe the following Letter to be written 
 to one of the Directors of the South-Sea Com- 
 pany, viz. 
 
 SIR, 
 
 THE Bank being poffef'd of fever al Sums in 
 the Redeemables, transferrable in the Bank, 
 not exceeding 300,000 /. and having refolved to 
 write them in upon the prefent Subfcription: We 
 defire your Favour to inform us, whether we may 
 depend upon its being effected. 
 
 Tour Anfwer this Evening, or to Morrow- 
 Morning early, will much oblige, 
 
 S I R, 
 
 Your Humble Servants, 
 
 Bank, j 2th John Hanger, Governor. 
 
 July, 1720. John Ward, 
 
 Peter Delme, 
 Nath. Gould. 
 
 I THIS 
 
C 58 1 
 
 THIS LETTER being laid before the 
 Court of Directors of the South-Sea Company, 
 the Banks Requeft was comply'd with, where- 
 of their Governor being acquainted, the feverat 
 Species of the Banks Redeemables, which before 
 were in feveral Names, were transferr'd into the 
 Joint Names of Mr Hanger, their Governor, 
 and Sir John Ward, in order to their being fub- 
 fcrib'd into the South-Sea Company, and they 
 made a Letter of Attorney to that Director 
 of the South-Sea Company, to whom they had 
 writ the faid Letter, to impower him, to fub- 
 fcribe them in ; and the Governor of the Bank 
 of England himfelf did that Director the Ho- 
 nour, to bring that Letter of Attorney to his 
 Houfe, who made the Subfcription accordingly. 
 
 How far this Eagernefs of the Bank contri- 
 buted to the hurrying in the reft of the Redeem- 
 ables, the Proprietors of thofe Debts are them- 
 felves the beft Judges. 
 
 The next Step of the Bank, that mail be 
 taken Notice of, is, that which Mr Aiflabie, in 
 the Paragraph of his Speech before quoted, 
 calls the memorable Bargain with the South-Sea 
 Company. Concerning which, that no Inju- 
 ftice may be done to the Gentlemen of the 
 Bank, the Tranfactions thereof, fhall be fet 
 down in the Words of the Minutes of the Com- 
 mittee of the South-Sea Directors, who treated 
 with the Bank thereupon, as deliver'd in to the 
 Honourable Houfe of Commons. 
 
 Thurfday 
 
t 59 ] 
 
 WBmwmmmmm 
 
 Thurfday i$th of September 1720. 
 
 At a Meeting of the following Gentlemen. 
 
 Sir John Fellows, Sir Matthew Decker, 
 
 Charles Joye, Efq, Sir John Eyles, 
 
 Sir Theodore JaniTen, Mr Lyell, 
 
 Mr Chefter. William Dawfon, Efq; 
 
 The Gentlemen prefent difcourfed in relation to 
 the keeping up the Credit of Exchange, and that 
 the Directors of the Bank fhould be conferred with 
 on that Head. 
 
 Friday 16. September 1720. 
 
 At a Meeting of the fame Gentlemen at MrhydYs, 
 prefent befides, 
 
 Sir Gilbert Heathcote 3 
 Sir Peter Delme, 
 Mr Gould. 
 
 The Gentlemen again difcourfed on the Bufinefs 
 of Exchange, and it was agreed ; That the Eaft- 
 India and South-Sea Company fhould buy 50,000/. 
 in Gold, and the Bank took time to confder ofit\ 
 and a Paper was given Mr Dawfon, to give to 
 the Bank, a Copy of which fellows, viz. 
 
 The Court of Direclors of the South-Sea Com- 
 pany do think it of importance to the Public Cre- 
 dit ; that their Bonds to a certain Sum be circulated 
 for a Time to be agreed on, and are of Opinion, 
 
 I 2 the 
 
C 60 ] 
 
 the fame may be beft done for the Public Service, 
 by the Bank of England ; and if they are willing 
 to undertake the fame,' the Court of Directors of 
 the South- Sea Company, have empowered the Sub 
 and Deputy Governors to treat with them about 
 it. 
 
 Tuefday 20 September 1720. 
 
 At a Meeting of the Sub and Deputy Gover- 
 nors, and feveral Direclors of the South-Sea Com- 
 pany and the Bank of England. 
 
 The Gentlemen prefent conferred in the Prefence 
 of feveral Perfons of the firfl Rank, upon the Sub- 
 ject matter of the aforefaid Propofal, and the Re- 
 fult of the Conference was-, That the Bank of 
 England Jhall undertake to circulate Three Mil- 
 lions of South-Sea Bonds for One Tear at a Pre* 
 mium, to be agreed upon betwixt the Two Com- 
 panies. 
 
 A Subfcription to be taken by the Bank, to car- 
 ry on the Circulation at [Blank] per Cent, to be 
 paid down by every ' Subfcriber, and [Blank] per 
 Cent, upon every Call at a Fortnight's Notice. 
 The Contrail with the Subfcriber s to be made in the 
 Nature and Form with former Contrails for cir- 
 culating Exchequer-Bills, and the Charge of the 
 Circulation to be born by the South-Sea Compa- 
 
 That in Covfideration of this Undertaking, the 
 South-Sea Company^// pay 3,700,000 /. to be 
 paid to the Bank by Notice of Parliament, in 
 South Sea Stock, at a Price be agreed upon be- 
 twixt the two Bodies. 
 
 That the Cafh of the South- Sea Company be 
 kept ivith the Bank. 
 
 Wednefday 
 
t 61 1 
 
 Wednefday 21 September 1720. 
 
 At a Meeting of the Committees of the South- 
 Sea Company and Bank, 
 
 In Purfuance of the abovementioned Paper of 
 the 19th Inftant, it was agreed, That the Bank 
 ffjould circulate a certain Sum in this Companies 
 Bonds, or Bank Sealed Bilk for the Ufe of this Com- 
 pany for One Tear certain -, the faid Bonds or 
 Bills to run at 2 per Cent, per Diem. And that 
 a Subfcription Jhould be taken in at the Bank forth- 
 with for the faid Circulation. 
 
 The Subfcribers to pay 15 per Cent, down, by 
 way of Depofit, and be allowed 3 per Cent. Pre- 
 mium •, and that the Inter eft of the faid Depofit, 
 and all future Calls, be at 5 per Cent, per 
 Ann. 
 
 Friday 23 September 1720. 
 
 At a Meeting of a Committee of the Bank of 
 England, and a Committee of the Directors of 
 the South-Sea Company. 
 
 The following Paper zvas drawn by Mr Wal- 
 pole, as the Minutes or Agreement of this Meet- 
 ing between the two Companies, viz. 
 
 Friday 23 September 1720. 
 
 At a Meeting of the Committee of the Directors 
 ef the Bank of England, and a Committee of the 
 Direilors of the South- Sea Company •, That the 
 Funds of the Bank of England of 2,000,000/. 
 a nd of 1 , 7 7 5 ,000 /. making together 3,77 5 ,000 /. 
 or thereabouts, Redeemable by Parliament, upon 
 a Tear's Notice I -bed into the Stock of the 
 
 South- 
 
L 62 3 
 
 South-Sea Company, for which' the Bank Jhall be 
 intitled to fuch Shares in the Capital Stock of the 
 S.S. Company, as thefaid Funds will produce. The 
 Stock being valued at 400/. per Cenc. the Bank to 
 le intituled to the Dividend of Midfummer la ft of 
 10/. per Cent, in Stock ; and all Profits arifing 
 from that Time, the South- Sea Company to receive 
 the Annuity due from thefaid Funds 0/3,775,000 /. 
 from and after Michaelmas- Day next. 
 
 Saturday 24. September 1720. 
 
 At a Court of Directors of the South-Sea Conpany. 
 
 The Sub Governor laid before the Court the above 
 faid Minutes, or Agreements of ' Tefter day's Meeting, 
 between the two Companies, and the fame being read. 
 
 Refolved, Nemine Contradicente, 
 
 That this Court doth approve of, and confirm the 
 faid Minute or Agreement. 
 
 Refolved, 
 
 That the Deputy Governor and Mr Chefter, be 
 defired to go to the Court of Directors of the Bank 
 of England, and acquaint them, that this Court 
 hath approved of, and confirmed the faid Minutes or 
 Agreement, Nemine Contradicente. 
 
 AfrMorrice came with a Me ff age from the Court 
 of Directors of the Bank of England ; That this 
 Day the faid Court had agreed to the Minutes or 
 Agreement, made by their Committee last Night, 
 with the Committee of this Court. 
 
 The Deputy Governor and Mr Chefter being re- 
 turned, reported ; That they had been with the 
 Court of Directors of the Bank of England, and 
 had acquainted them with the Mejfage fent by this 
 Court. 
 
 The 
 
C 6s ] 
 
 The fame Day, viz. Saturday 24 September. 
 The following Minute of the Court of Direclors of 
 the Bank of England, was delivered by Humphry 
 Morrice, Efq\ to Sir John Blunt, to be delivered 
 to the Sub Governour, and accordingly delivered 
 him, viz. 
 
 At a Court of Directors of the Bank. 
 
 On Saturday 24 September 1720. 
 
 The Governor acquainted the Court, That at a 
 Meeting of a Committee of Directors of the Bank, 
 and a Committee of the Directors of the South-Sea 
 Company, a Propofal was made, which be had ob- 
 tained in Writing. 
 
 The Propofal was read, 
 
 And the ^ueftion being put ; That this Court doth 
 approve, and agree to the faid Propofal. 
 
 It was carried in the Affirmative, Nemine 
 Contradicente. 
 
 "Wednefday 28. September 1720. 
 
 At a Meeting of the Committee of the Bank and 
 South-Sea Companies. 
 
 The Committee of the South- Sea Company, ac* 
 quaint ed that of the Bank •, That the Companies 
 Cafhier was ready to transfer the Stock for the 
 Banks 3,775,000/. when, and to fetch Committee, 
 or other Perfons as they Jhould appoint to accept the 
 fame ; to which they anfwered. They would move 
 their Court for Direclions to Mr Townfend, their 
 
 Council, 
 
C 64 ] 
 
 Council, to prepare the neceffary Writings to be exe- 
 cuted between the two Companies. 
 
 Monday 3. Oclober 1720. 
 
 'The Committee attended the Gentlemen of the 
 Bank, to defire them to advance fome Money on Ac- 
 count of the Circulation, they wanting Money to pay 
 into the Exchequer, for circulating Exchequer - 
 Bills. 
 
 Tuefday 4. Oclober 1720. 
 
 The Committee attended the Gentlemen of the Bank 
 on the fame Bufinefs, and alfo defired they would 
 expedite the Writings for the Contrail between the 
 two Companies. 
 
 Wednefday 5. Oclober 1720. 
 
 This Committee were this Day with the Chancel- 
 lor, to difcourfe on the Interest of the Exchequer- 
 Bills, and had the Opinion of the Clerks of the Ex- 
 chequer upon it. 
 
 In the Evening the Committee attended the Gen- 
 tlemen of the Bank, in the Prefence of Lord 
 Townfhend, Mr Secretary Craggs, and the Chan- 
 cellor ; wherein it was agreed, That the Interest 
 of Exchequer- Bills fjould be advanced to 2 d. per 
 Diem, or 3 d. provided the fame could be lawfully 
 done. 
 
 And the Deputy Governor fpoke to the Governor 
 of the Bank, to expedite the Writings between the 
 two Companies, who anfwered they had given Or- 
 ders about it ; and the Bank agreed to make good 
 the 50,000 /. Bank Bills, depofited by the Circula- 
 tors of Exchequer-Bills in Specie. 
 
 Friday 
 
C 65 ] 
 
 Friday 7 Otlober 1720. 
 
 The Committee again attended the Bank, and 
 acquainted them, that the Lords of the Treafury had 
 agreed to fix the Interest of the Exchequer-Bills at 
 2 d. per Diem : and alfo acquainted them, that 
 they had been with Mr Townfhend* to know in 
 what Forwardnefe the lnfirument was, that was to 
 be ?nade between the two Companies -, who anfwer- 
 ed, He had no- Orders to draw any fuch Writings 
 but the Secretary of the Bank had mentioned fome- 
 thing of it to him, and the Gentlemen of the Bank 
 faid necejfary Care would be taken of iti 
 
 Monday 10 Oclober 1720. 
 
 The Committee ordered the Companies Sollicitor to 
 attend Mr Annefly, the Companies Council, to 
 Commiffwner Townfhend, to fee in what Forward- 
 nefs the lnfirument between the two Companies was ; 
 and the Sollicitor being returned, acquainted the Com- 
 mittee : That himfelf and Mr Annefly had attended 
 Mr Townfhend, who told them^ he had no Or- 
 ders to draw the faid lnfirument '.■ 
 
 Tuefday n Oclober 1720, 
 
 The Deputy Governor and Mr Gibbon atten- 
 ded the Gentlemen of the Bank, and their Court be- 
 ing fitting, Sir Gilbert Heathcoce ca?ne to them 
 and faid, he would attend them as focn as their 
 Court was up. The faid Gentlemen having ac- 
 quainted him, that they ca?ne to defire the Bank to 
 advance them a Sum of Money, on account of the 
 Circulation ; and alfo to expedite the Writing between 
 the two Compames ; and after fome Attendance^ 
 K the 
 
C 66 ] 
 
 the Governor came to them, and acquainted them, 
 the Court being fitting, and it being late, near Two 
 o'Clock : the Committee defired the Gentlemen of the 
 South-Sea Company to appoint another Time, either 
 that Night or next Day, and accordingly that Even' 
 ing was mentioned by the Governor -, and on his re- 
 turn, defired it might be next Day at Twelve o'C!ock y 
 which was accordingly appointed. 
 
 Wednefday 12 Oclober 1720, 
 
 The Committee of the South-Sea Company atten- 
 ded that of the Bank, according to their Appoint- 
 ment, and upon enquiring in what Forwardnefs, 
 or what Directions were given for drawing the A- 
 gr cement between the two Companies, we found that 
 as yet no Orders were given for doing it -, they alledg- 
 ing it was delayed through the Multiplicity of their 
 Affairs •, and they being prefs'd in plain Terms to ex- 
 pedite it : The Governor anfwered, He would take 
 the resl of the Gentlemens Direblims about it ; and 
 being ajked if there were any Objections to it, Sir 
 John Ward, and Sir Gilbert Heath cote faid 
 there were none. They were then afked to fupply 
 the South-Sea Company with ioc,ooo /. on account 
 of the Subfcription ; to which they faid they would 
 confider of it, and fend us Word when they had come 
 to a Reflation on that Matter. The Arguments they 
 ufedinfhewing this Backwardnefs, were the Care of 
 the Banks Credit, and that of the Exchequer ; 
 and their having a large Sum of Exchequer Bills 
 by them, andjhould have more by the end of the 
 Month. 
 
 Thurfday 
 
C 67 ] 
 
 Thurfday 13. Otlober 1720. 
 
 The Deputy Governor, Mr Gore and Mr Che- 
 fter, attended the Gentlemen of the Bank, and ac- x 
 quainted them,, that to morrow being the Day for 
 the Proprietors of the firfi Subfcription to make 
 their fourth Payment on the faid Subfcription ; but 
 confidering the great want of Money at this Time, and 
 that fever al Gentlemen did defire the Time for Pay- 
 ment might be prolonged : The Court of Directors of 
 the South-Sea Company were of Opinion, to 
 lengthen the Time to the \\th of November next ; 
 the Proprietors paying 5 per Cent hit ere ft, and 
 the Deputy Governor acquainted the Gentlemen that 
 they now being come, a confiderable part of our Bo- 
 dy were defirous to have their Opinion. To which 
 they anfwered, They thought we did right. 
 
 Friday 21. Otlober 1720. 
 
 At a Meeting of the Committee, appointed to ire.tt 
 with the Committee oftheBznk of England. 
 
 Prefent 9 
 
 The Sub-Governor The Deputy Governor 
 Mr Chefter Mr Gibbon 
 
 Mr Gore. 
 
 Mr De Gols having by Order of the Governor of 
 the Bank, ' tranfmitted to Mr Joye, an Account 
 figned by him the faid Mr De Gols, that the Sub- 
 fcriptions taken between the 23 d of September, and 
 15th of October, amounted to 2,291,200 /. on 
 which the depofit Money being after the rate of 15 
 per Cent, amounted to 343,680/. 
 
 K 2 And 
 
C 68 ] 
 
 And the /aid Account being ready 
 
 Refolv'd, 
 
 That the Committee of the Bank, who tranfallcd 
 with this Committee all Matters relating to the A- 
 gr cements between the two Companies be acquainted , 
 That the Committee are ready, purfuant to the 
 Powers given them by the Court cf Diretlors, to 
 fettle all Things in Form, conformable to the Mi- 
 nutes made and taken between the Committee of each 
 Company, the lift of September lafl. 
 
 That they likewife be defired to inform this Com- 
 mittee, what Progrefs is made in preparing the 
 Writings that are to be executed between the two 
 Companies, in relation to the Banks Funds of 
 3,775,000/. being to be fubfcribed into the Stock 
 of this Company, and their taking this Companies 
 Stock for the fame ; purfuant to the Agreement 
 made between the tzvo Companies the 23d 0/ Sep- 
 tember lafl, which were approved and confirmed 
 the next Day by the Court of Direclors of each 
 refpeftive Company. 
 
 Tuefday 25 Otlober 1720. 
 
 At a Committee appointed to treat and agree with 
 the Bank ; prefent, 
 
 The Deputy Governor, Sir Theodore Janffen, 
 Mr Chefter, Mr Gibbon. 
 
 The Committee attended the Committee of the 
 Bank, viz The Deputy Governor, Sir Gilbert 
 Heathcote, Sir Peter Del me, Sir John Ward, 
 and Mr Gould, and acquainted them with the 
 Receipt of the Letter, and Account from Mr De 
 Gols, mentioned in the lafl Minutes, relating to the 
 Circulation , and defired that they would fettle the 
 
 Time: 
 
C 69 1 
 
 'Time for Payment of the 2,300,000 /. for which a 
 Subfcription was taken at the Charge of the South- 
 Sea Company. 
 
 To which the Purport of their Anfwer was, That 
 they defired to know in writing, what Sums the Com- 
 pany fhould want, and the Times when. 
 
 The Deputy Governor alfo told them, that at their 
 laft Meeting they faid, it was necejfary to confult 
 Council, upon feme Points relating to the Agreement 
 between the two Companies ; and deftred to know 
 what Progrcfs had been made therein. To which 
 the Governor of the Bank replfd, That as foon as 
 they were prepared to give the Commictee any An- 
 fwer, they would fend them Word. 
 
 Adjourned, 
 
 28, October 1720. 
 
 At a Committee to treat with the Bank, 
 
 Prefent, 
 Mr Joye, Deputy Go- Mr Hanger Governor of 
 vernor of the South- the Bank. 
 
 Sea Company. 
 
 Sir Theodore JalTen, Sir John Ward, 
 
 Mr Gibbon, Mr Gould, 
 
 Mr Chefter, Sir Gilbert Heathcote. 
 Mr Gore. 
 
 u he following Paper was delivered to the Governor 
 of the Bznk, 
 
 Kfimate of what Money the South- Sea Company 
 will have occafion for, -and at what Times, on 
 jtczount of the Sufycriptuns taken at the Bank. 
 
 In 
 
L 70 ] 
 
 In November — 
 In December — 
 In Jan. and Feb. 
 In March 
 
 Received already from the Bank 
 fatal of the Subfcription 
 
 250,000/. 
 
 400,000 /. 
 
 1,000,000/. 
 
 541,200/. 
 
 2,191,200/. 
 100,000/. 
 
 2,291,200/. 
 
 The Governor of the Bank acquainted the Com- 
 mittee, That he prefumed they did not defire an 
 immediate Anfwer, and that as feveral Holidays 
 did intervene between this Time and the next Week ; 
 therefore he could not appoint a Day for an Anfwer, 
 but he would acquaint us when the Committee of 
 the Bank were .prepared. 
 
 3. November 1720. 
 
 Mr Joye, Deputy Governor of the South-Sea 
 Company, fent a Letter to Mr Hanger, Governor 
 of the Bank, acquainting him that the Commit- 
 tee of the South-Sea Company wanted to fpeak 
 with him on the Companies Affairs, and would 
 wait on him at the Bank this Evening : Mr Joye'5 
 Servant brought him an Anfwer^ that they could 
 not meet them this Evening, but would fend him 
 word when they could. 
 
 Thurfday 10 November 1720. 
 
 The Governor and Deputy Governor of the Bank* 
 Sir Gilbert Heathcote, Sir John Ward, and Mr 
 Gould, came to the South-Sea Houfe according to 
 
 their 
 
t 71 1 
 
 their appointment, between One and Two, to talk 
 on the Subfcription Affair, and the Demand we made 
 in V/riting the of the whole 
 
 Sum of the Subfcription, for circulating South-Sea 
 Bonds, or Bank fealed Bills, and were met by the 
 faid Sub and Deputy Governors ; Mr Gibbon, 
 and Mr Chefter, Sir Theodore Janflen, and Mr 
 Gore. 
 
 The Bank Gentlemen f.rft ajk'd, if we had confi- 
 dered of fuffcient Security to give for the Money to be 
 advanced. They were anfwer'd, That as it was before 
 told them they ?night have power to fell the Compa- 
 nies Bonds, and we would con fen t to continue /^Sub- 
 fcription for circulation after the prefent one was 
 expired, but that we could not make over our Fund y 
 or any part of it, with which they feemed fatisffd. 
 They faid Credit was low, and they could at pre- 
 fent only pay the whole DepGfit Money, which they 
 bad that Morning agreed in their Court to do ; but 
 not advance any more Money, unlefs it would be of 
 fervice to lend their Notes at time on Security to be 
 repaid at the times of thofe Notes fhould expire^ 
 but that when Credit mended, they might do fome- 
 thino. 
 
 It was told the Committee of the Bank, that 
 Mr Joy e had co?nmunicated the copy of the Paper 
 in relation to their Agreement for Stock, which 
 we had taken from their Governor, and they were 
 furprized at ifs contents, after fo long a Delay: 
 and that they would be ready to meet them at the 
 Bank the Morrow Evening, or perhaps fooner. 
 They anfwered, That they could not meet us fjon:r 
 than the middle of the next Week. 
 
 In 
 
[ 72 1 
 
 In Purfuance of that Part of this Agreement,- 
 which related to the Circulation, aSubfcription 
 was taken at the Bank, for 2,291,200 /. which 
 was chiefly fill'd by the Proprietors of the South- 
 Sea Company ; in Expectation the fame would be 
 apply' d to the Ufe and Benefit of that Company. 
 
 How far the Bank comply'd, either with that 
 Part of the Agreement, which related to the 
 Circulation for the Benefit of the South-Sea 
 Company, or to the other Part of theirBargain, 
 for taking South-Sea Stock at 400 /. per Cent, 
 for their 3,775,000 /. redeemable Fund, is too 
 well known and felt, by the prefent Proprietors, 
 and Multitudes of Sufferers, to need any Ani- 
 madverfions thereon. 
 
 Yet it may not be amrfs to take notice, that 
 in the Agreement made the 20th of September, 
 for the Bank to circulate Three Millions: It is 
 exprefs'd, that in Confideration of that Underta- 
 king i the South- Sea Company fhould pay 
 3,700,000 /. to be paid to the Bank, by Notice 
 of Parliament in South-Sea Stock, at a Price to 
 be agreed upon, betwixt the two Bodies. Where- 
 by it plainly appears, that it was the Directors 
 of the Banks own feeking, to have South-Sea 
 Stock for the faid 3,700,000 /. and that they 
 were not drawn into it by the Directors of the 
 South-Sea Company, as fome have invidioufly 
 infinuated. 
 
 And it may not be improper here, to repeat 
 the Expreflion of a very ingenious Gentleman, 
 in a late General Court of the South-Sea Com- 
 pany : ' That the Non-performance of this Bar- 
 * gain of the Bank, brought AN IRRESI- 
 c STIBLE RUIN upon more Families, than 
 6 all the Tranfactions of the South Sea Directors.* 
 
 FOR 
 
C 73 I 
 
 FOR it is certain, That the Fall which hap- 
 jpen'd on the South-Sea Stock, before this ME- 
 MORABLE BARGAIN, was chiefly to the 
 Detriment of thole who had been Gainers there- 
 by. 
 
 BUT after this BARGAIN, made in fo fo- 
 lemn a manner, in the Prefence of the principal 
 Perfons in the Adminiftration, and by the Di- 
 rection of the General Courts of both Compa- 
 nies ; and reported to the General Court of the 
 South-Sea Company •, in the prefence of feveral 
 of the Directors of the Bank ; the mod cautious 
 Men were drawn in, to embark their whole For- 
 tunes in South-Sea Stock, at near 400 /. per Cent. 
 
 ON this Occafion fome farther PafTages in 
 Mr AiJlabiSsfoid Speech, may be properly infert- 
 ed. Who in Page 15. (after having mention'd 
 that Memorable Bargain of the Bank with the 
 South-Sea Company) thus expreffes himfelf. 
 8 And here, My Lords, while I am fpeaking 
 
 * on this Subject, give me leave, to lament the 
 
 * Fate of the unhappy Proprietors of the Re- 
 ' deemable Debts, that were drawn in to fubfcribe 
 
 ■ their refpective Eftates, not fo much from the 
 
 * Arts of the South-Sea Directors, as from the fa- 
 ' tal Influence and Example of fome of the chief 
 
 ■ Managers and Friends of the Bank ; who, tho' 
 « they now make the greateft Clamour for Ju- 
 
 * ftice, were the firft that fubfcrib'd the Redeem- 
 ' able* into the South-Sea Company ; and this, 
 
 * my Lords, they did not do by Surprize or Mi- 
 ' flake, but upon great deliberation •, having 
 c fome time before prepar'd for this Subfcrip- 
 « tion, and purchas'd great part of this Debt at 
 ' advanc'd Prices for this Purpofe. And there 
 
 * are fome of thefe Gentlemen, and even fome 
 
 L *of 
 
C 74 1 
 
 * of my Accufers, that purchas'd the Redeemable*, 
 ' who thought me extreamly filly, for advifing 
 
 * them againft endeavouring to make their For- 
 
 * tunes, by this Project. And it is likewife ve- 
 
 * ry remarkable, my Lords, that a Letter was 
 
 * produe'd to the Houfe of Commons, under 
 ' the Hands of the chief Directors of the Bank, 
 
 * whereby they made the mod early Applica- 
 c tion, and in the mod abject Terms, to be ad- 
 
 * mittedtothisSubfcription. It was no Wonder 
 ' then, that the wifeft and moll cautious of their 
 c Admirers, went along with them ; and much 
 
 * lefs that the Crowd mould be led into this fa- 
 
 * tal Error by their Example. 
 
 * I do not fay this, my Lords, to lay Blame 
 c or any Imputation on the Bank, but to fliew 
 
 * your Lordfhips, that this grave and cautious 
 
 * Body of Men, were touch'd with the fame In- 
 c fatuation as others, and that fome of their 
 c greateft Friends and the loudeft Complainants, 
 
 * were, in fpite of all Advice, the greateft Pufh- 
 
 * ers in this Project.' 
 
 . He likewife fays, in Page 17. of the fame 
 Speech, ' At my coming to Town, I found the 
 ■ Lords and others in the Adminiftration met, 
 
 * and ufing their Endeavours to fuccour and fup- 
 8 port the Stock ; the Bank, by their Mediation, 
 c was call'd in to the Afliftance of the South-Sea 
 
 * Company •, and an Agreement was made be- 
 
 * tween the two Companies, to which I was ra- 
 
 * ther a Witnefs than a Party. 
 
 4 This gave fome Life to their Stock, and 
 
 * ftopp'd the Mouths of the Redeemables, who 
 
 * were grown very clamorous. I muft own the 
 1 juft Concern I had at that Time, and fhall al- 
 c ways retain for this great Body of the Public 
 8 Creditors ; and I was pleas'd to fee them fo 
 
 . « well 
 
E 75 1 
 
 * well fatisfied, with the Bargain the Bank had 
 
 * made for them, and for themfelves j upon 
 
 * whom they pinn'd their Faith fo ablblutely. 
 ■ And for my part, I who was not in the Secret, 
 « could not but think it a real and fincere Bar- 
 
 * gain ; fince it was made in fo folemn a man- 
 
 * ner, between a Committee of both Compa- 
 ' nies, in the Prefence of many Lords and Gen- 
 
 * tlemen in the Administration, confirmed and 
 ' ratified by the Court of Directors of each 
 
 * Company, and at laft, fignified in Form to 
 ' the Commifnoners of the Treafury, by Sir 
 
 * J. Cope, one of the Directors of the Bank. 
 
 ' I cou'd not fufpect there was any Intrigue 
 
 * or Deceit in this Tranfaction, till I faw from 
 ' the extraordinary Motion in the Alley, and 
 
 * feveral private Hints that were given out, 
 
 * what was intended.' I could not think it pofllble, 
 
 * that the Gentlemen of the Bank, who had fuch 
 
 * great Intereft in the Redeemables themfelves, 
 
 * mould drop fo many thoufands of the unhap- 
 
 * py Proprietors, who had depended fo entire- 
 
 * ly upon them, and who would certainly have 
 ' found their Way out of this curfed Labyrinth, 
 ' if they had not been lull'd afleep by this 
 
 * fallacious Agreement.' 
 
 ■ As for me, My Lords, I was throughly 
 c fatisfied, that this Agreement of the Bank 
 ' was a legal and a firm Bargain ; and I 
 ' can't yet imagine with what Face of Juftice 
 ' or Equity, they cou'd ever break through it ; 
 ' without providing for the Safety of their Wards 
 
 * Cif I may ufe that ExprefTionj the Proprietors 
 
 * of the Redeemable Debts* 
 
 And farther in Page 19. he delivers himfelf 
 thus, ' I do not intend, My Lords, by what 
 
 * I have faid, to lay any Imputation upon the 
 
 L 2 ■ Bank 
 
C 76 1 
 
 * i>tf«£ of England, for as in all great Bo- 
 
 * dies, there are few that are let into the Se- 
 8 cret, I fuppofe it might fo happen here ; 
 ' but if what I have heard fince be true, and 
 
 * what they fay has been publickly avowed, 
 
 * that this Bargain was never intended to be 
 
 * kept; then I lay it was not only a ufeful Se- 
 
 * cret to thole that were in it, but the moft 
 ' compleat Stratagem of the whole Year.* 
 
 THIS Contract the Bank never perform'd, 
 therefore the General Court of the South-Sea 
 Company, held in Sep. 1721. Order'd their 
 Directors to profecute the Bank, effectually to 
 oblige them to comply therewith ; but they 
 never made any Proceedings thereon, only read 
 to their General Court, the Opinions of three 
 eminent Council, two of which gave it under 
 their Hands, that the Bank could be compel- 
 led to perform that Agreement, but the third 
 was doubtful. 
 
 But now to proceed to confider another 
 Caufe of the Misfortunes, that have happen'd, 
 which was, THE DISTEMPER OF 
 THE TIMES, which captivated the Rea- 
 lon of Mankind in General, not only in England, 
 but in all the neighbouring Countries ; who 
 leaving the ufual Methods of Labour and In-r 
 duftry to gain Eftates, were all tainted with the 
 fond Opinion of being rich at once ; which 
 caufed many Perfons to engage much beyond 
 their own Fortunes, not only in South-Sea 
 Stock, but in every pernicious Bubble, that 
 could be devifed. And here needs only an 
 Appeal to every Man's own Confcience, and to 
 defire him to reflect on the Operations of his 
 own Mind at that Time, and what he did and 
 faw, and knew to be done by others. 
 
 HOW 
 
C 77 1 
 HOW did Perfons of all Ranks and StaJ 
 tions, lay afide all manner of Diftance, and al- 
 moft Decency, to become the humble Suitors for 
 Subfcriptions : not only to the Directors of the 
 South-Sea Company, but alfo to the meaneft and 
 vileft of People, who had but the Affurance to 
 fet up any kind of Bubble, even without fo much 
 as knowing what the thing was, into which they 
 fo earneftly prefs'd to be admitted Subfcribers. 
 This Temper gave Rife to thofe numberlefs 
 Swarms of Bubbles, which then pefter'd the Town, 
 and which were let up with no other View or 
 Defign, than to get Subfcriptions, but never to 
 put the Affair into Execution ; and were the 
 Names and Numbers of thofe Bubbles and Sums 
 paid in, together with the advanced Prices they 
 actually fold at, collected and publifhed, it 
 would apparently fhew, that the Mifchief and 
 Ruin which proceeded from them, was more than 
 the LofTes fuftained by South-Sea Stock, before 
 that Memorable Bargain with the Bank ; and yet 
 it will eafily be admitted that thefe nume- 
 rous Bubbles, felling at fuch extravagant Prices, 
 did not a little contribute to advancing of South- 
 Sea Stock, to the high Price it arrived at. 
 
 THESE Bubbles were the more pernicious, 
 in that they were generally traded in by the lower 
 -part of the People, whofe Circumftances would 
 not premit them to buy South-Sea Stock or 
 Subfcriptions ; but being infected with the then 
 Epidemical Difeafe of becoming rich on a fud- 
 den, deferted their Shops and Trades, and their 
 ufual Methods of Induftry, and were ftripped 
 of what by their former Diligence and Frugality 
 they had acquired. 
 
 THAT which has caus'd Surprize to fome 
 ^nfidering Perfons, is, that tho* the South-Sea 
 
 Scheme 
 
C 7* 1 
 
 Scheme was originally form'd (as plainly appears 
 by the foregoing Pages) with a Defign of great 
 Advantage to the Public ; as well as to the Ori- 
 ginal Proprietors : And notwithftanding the fame 
 received fo many Alterations between it's firft 
 Formation, and palling into an Aft, and that 
 the Execution of that Act has been attended 
 with fo many Misfortunes ; neverthelefs there 
 ilill flow therefrom many and great Benefits, as 
 well to the Public, as to the Original Proprietors ; 
 And yet the Directors of the South- Sea Com- 
 pany are punifhed in a manner beyond any Pre- 
 cedent known in England, whilft the Projeclors 
 and Managers of the innumerable Bubbles fet up, 
 even without any legal Foundation, and with 
 no other Intention than that of Fraud and 
 Cheat, have not been fo much as called in Que- 
 ftion. 
 
 AND what appears to be ftill more aftonifh- 
 ing, is ; That iuch of the Directors of the 
 South-Sea Company, as were chief Managers in 
 fome of the Bubbles, have much greater Al- 
 lowances for their Subfiftence, in Proportion 
 to their Eftates, than the reft of the Directors 
 of the South-Sea Company, who were not con- 
 cerned in any of the Bubbles. 
 
 WHETHER this different Treatment, has 
 rifen from any perfonal Prejudice to any of the 
 late Directors of the South-Sea Company ; or 
 that there were Perfons concerned in the Profits 
 gained by thofe Bubbles, too great to be en- 
 quired into, or from what other Caufe we fhall 
 not take upon us to determine. 
 
 THIS Section fhall be concluded with ta- 
 king notice of fomething farther out of Mr 
 Aiflabie's Speech, Page 13 and 14. where after 
 having endeavoured to take the Blame of the 
 
 Misfortunes, 
 
C 79 1 
 Misfortunes, which attended the Execution of 
 the South-Sea Acf, from the Treafury, he thus 
 exprefTes himfelf. 
 
 * And tho' perhaps, my Lords, it was in the 
 
 ■ Power of the Treafury, if they would have 
 ' taken upon them what did not belong to them, 
 
 * to have run down the Stock i yet confidering 
 4 the Parliament was then fitting, the greateft: 
 c part whereof were deeply engaged in it ; it had 
 « been a bold Undertaking, for the Treafury to 
 1 have attempted to have brought down the 
 « Stock, and muii have drawn upon themfelves 
 
 * the Rage of all the Sufferers, and fure De- 
 
 ■ ftruction. 
 
 c This unhappy Affair, my Lords, began at 
 
 * a Time, when the Pafilons and avaritious De- 
 ' fires of Mankind, were grown up to a Mad- 
 
 * nefs and a Diftemper, and one cannot with- 
 « out Pity, look back upon the Rage and Folly 
 
 * of the Year. 
 
 * The unaccountable Succefs of this Under- 
 
 * taking, gave Birth to many bafe and ruinous 
 1 Projects, and it muft ever be a publick Re- 
 1 proach, that Encouragement was given to 
 
 * thole two Bubbles, that were eftabli fried to 
 
 * raife a Supply for the fupport of the Civil Lift ; 
 c 'tis very well known, that thofe two Projects 
 ' did not proceed from me. 
 
 ' Whatever Opinion the World may have of 
 c the South Sea Scheme, I will prefume to fay, 
 
 ■ Thefe two Projects were founded in greater ltd- 
 
 * quity, and contributed more to the public Ca- 
 ' lamity, than any thing elie. 
 
 ' After this, My Lords, I may venture to 
 
 * fay, the South-Sea Scheme was become un- 
 
 * governable ; and fome of the wileft of the 
 
 * Directors 
 
C so ] 
 « Directors were fo fenfibJe of it, that to do 
 ' them Juftice, I mult declare they came to 
 c the Treafury, and offer'd to advance the 
 
 * Money for the Civil Lift upon fure and eafy 
 
 * Terms, rather than that thole Bubbles fhou'd 
 
 * take place. 
 
 c But though the Treafury were provided 
 
 * with Ways and Means for the Supply to the 
 
 * Civil Lift, without the help of either ; yet 
 « thole Projects and others had taken fuch deep 
 
 * root in the Houfe of Commons, and elfewhere, 
 c as made it impofllble to oppofe them ; and 
 
 * they had that Confequence which the Dire- 
 c ctors of the South-Sea Company foretold, 
 1 and which every Body might forefee, viz. 
 
 * To encreafe the Flame, by adding this unne- 
 4 ceflary Fuel to it. And as the South-Sea 
 c Scheme might give Birth to the Bubbles, fo 
 ' the Bubbles contributed to raife the South- 
 c Sea to that height, which brought us into 
 c this Condition.' 
 
 AND if (as Mr Aijlabie well obferves a- 
 bove ',) i It had been a bold Undertaking for 
 ' the Treafury, who are cloath'd with fo great 
 
 * an Authority, to have attempted to have 
 c brought down the Stock, and muft have drawn 
 
 * upon themfelve's the Rage of all the Sufferers, 
 c and fure Deftrudtion ;' What muft have been 
 the Fate of the unhappy Directors of the 
 South-Sea Company, fhould they have attemp- 
 ted the doing it? 
 
 SECT. 
 
C si 3 
 
 * 
 
 SECT. VI. 
 
 Some Confederations on the Charge laid a- 
 gainft the late Directors, in the Bill for 
 taking away their Eftates, as it izas 
 firfl brought into the Houfe ^/Commons; 
 and upon fome of the Resolutions of that 
 Houfe, and fever al Tajfages in the Re- 
 ports of the Secret Committee, 
 
 IN the Preamble of the Bill, when the fame 
 was firft brought into the Houfe of Commons, 
 there was a Recital of the feveral Refolutions of 
 that Houfe, founded on the Reports of the Se- 
 cret Committee, relating to the Conduct of the 
 late Directors ; with an Enumeration of the Par- 
 ticulars, from whence the Lofs to the Company 
 arofe, for which their Eftates are taken away •, 
 but after further Confederation, the Houfe were 
 pleafed to leave out that long recital and detail 
 of Particulars, and to content themfelves with 
 the general Words ; That the Company had fuf- 
 fered an immenfe Lofs, amounting to Seven 
 Millions and upwards. Some of them being ap- 
 prehenfive (as may well be fuppofed) that had 
 all thofe Refolutions and Particulars flood in 
 the Bill, as the Reafons and Foundation of lb 
 fevere a Law, the Truth or Falfhood of them 
 might at fome time or other have been examined 
 M into , 
 
into i and the Perfons who were charged there- 
 with, have had an Opportunity of being heard, 
 how far they could acquit themfelves of the 
 Crimes therein laid to their Charge : and if the 
 Foundations of the Bill had at any time appeared 
 to be fome of them mere Fictions, of Things 
 which were never done, and others of them to be 
 no real Lofs or Damage to the Company ; it had 
 not been impoflible, but a Time might come, 
 when thofe unhappy Directors might find fome 
 Relief, againft the great and uncommon Hard- 
 fhips of that AH. 
 
 BUT fince thofe Refolutions and Allegations 
 were once brought in with the Bill ; thereby is 
 feen (though not fo upon Record, as if they had 
 remain'd in the All) what were the Inducements 
 of paffing that Bill into a Law; and therefore 
 it may not be unfuitable to make a few Remarks 
 on fome of them. 
 
 A S to the Lofs of the Company, which was 
 faid to be Seven Millions and upwards, and to 
 have have arifen from the following Heads, 
 viz. 
 
 Firft, The Lofs by Loans. 
 
 To this an anfwer has been already given, 
 whereby it appears the Directors were empower- 
 ed, and juftify'd in making thofe Loans, by 
 the Orders and Refolutions of the General Court. 
 
 Secondly i By the 574,500/. Stock (which the 
 Secret Committee call fictitious) and faid by them 
 to be entered in the Books of the Company, as 
 fold for 1,213,575 /. which Sum they alledg'd 
 was not duly anfwered to the Company ; and 
 therefore ought to be made good out of the Di- 
 rectors Eftates. 
 
 To this fhall be added fas being of a like 
 nature) a Claufe out of the fourth Report of 
 
 th 
 
C 8? ] 
 die Secret Committee, wherein they fay, ' That 
 ' the Books therein mentioned to be laid before 
 8 them by the prefent Sub Governor, Deputy 
 ' Governor, and Directors, contain the Names 
 c of feveral Perfons mentioned in the Book of 
 ' Loans, to have borrowed Money upon Stock, 
 « to the amount of 2,181,944/. 11 s. upon the 
 
 * Security of 578,888/. Stock, which doth not 
 
 * appear to have been transferred to the Ufe 
 
 * of the Company.' 
 
 NOW, who upon reading thefe Articles, 
 wou'd not think, that the Company have 
 been either cheated of thefe two Sums of 
 574,500/. and 578,888/. Stock, amounting 
 together to 1,553,388/. Stock? Or elfe of 
 thefe two Sums of 1,213,575 /. and 2,181,944/. 
 11s. in Money, amounting together to 
 
 ?^395,5 l 9 l : lls - Money? 
 
 TO which, what follows is an undeniable 
 Anfwer. If the Company had been cheated 
 of fo much, or any Stock at all, there muft 
 have been fo much Stock wanting in the Com- 
 panies Account of Stock •, but their Account 
 of Stock having been examin'd by the prefent 
 Court of Directors, they find that the Stock 
 transferred by Mr Knight to Truftees for the 
 Ufe of the Company, by Order of the late 
 Court of Directors, together with the Stock re- 
 maining in Mr Knight's own Name, amounts 
 to above 12,000/. Stock more than the Com- 
 pany had any Demand upon him for, either 
 on Account of Loan or otherwife ; and Mr 
 Knight being the only Perfon who was accoun- 
 table to the Company for the Stock mention'd 
 in the above Articles. 
 
 M 2 It 
 
t 8+ 3 
 
 It is a perfect Demonftration, that the Com- 
 pany cannot pofiibly have been cheated of one 
 Shilling Stock. 
 
 I N like manner, had the Company been 
 defrauded of thofe Sums of Money, there muft 
 have been fo much Money wanting in their 
 Cafh ; or elfe couched under other Heads, 
 (which is impoffible to be done for a large 
 Sum, nor is any fuch thing fo much as pre- 
 tended ;) and the Secret Committee in their 
 firft Report, Page i. and Appendix thereto, 
 No. i . Page 1 7. do fhew, that Mr Knight had 
 charged himfelf with the Receipt of the 
 1,213,575/. for the 574,500/. called fictitious 
 Stock; fo that Mr Knight having given the Com- 
 pany Credit for that Sum in his Account of Cam, 
 it is impoffible the Company can have loft the 
 fame, or any part thereof, unlefs there was 
 fuch a Deficiency in Mr Knight's Account of 
 Cafh : But Mr Knight in his Letter to the late 
 Court of Directors, dated January 22. 1720. 
 being the Day after his withdrawing himfelf, 
 writes as follows, 
 
 ■ I have herewith fent Mr S the Key of 
 
 c my Defk, who knows fo much of the State 
 
 * of the Cafh, as to be able to make it up, 
 ' there are a good many Bills of Exchange, and 
 1 other Payments to write off, and the Weekly 
 e Receipts to write on. There is Cafh in the 
 
 * Bank in the Companies Book, which together 
 ' with the Notes taken on the Third and 
 ' Fourth Subfcriptions, and the Companies 
 
 * Bonds, will make up the Ballance, as I do 
 
 * believe. The Truth of this cannot be conr 
 
 * tradicted, 
 
 SO 
 
I 85 ] 
 
 SO that there being no Deficiency in the 
 Companies Cafh, is alfo a Demonftration, that 
 it is not poflible the Company cou'd be de- 
 frauded, or could have fuftain'd any Lofs either 
 of Stock or Money, on thefe Heads. 
 
 TO what End then could thefe Articles be 
 formed ? It may be thought hard to fuggeft, that 
 it was with an Intention to increafe or keep up 
 the Clamour againft the late Directors, at a 
 Time when every thing to their Prejudice did 
 fo eafily find Credit; and yet it is difficult to af- 
 fign any other Reafon. 
 
 AS to the third Head of the Lofs, which was 
 charged to be the Deficiency of the Third and 
 Fourth Subfcriptions ; the fame arofe from the 
 Default of Perfons (whofe Names were firfb let 
 down) not making their Payments on thofe Sub- 
 fcriptions, efpecially the Third -, and that Sub- 
 fcription felling at a great Advance, Mr Knight 
 might have Reafon to think, that no Perfon 
 would have made default, and therefore charg'd 
 himfelf with the whole Sum, as if receiv'd ; 
 and it does no way appear, that any of Dire- 
 ctors had any Advantage by thofe Deficiencies, 
 or that any of them, not even the Committee of 
 c Treafury, did fo much as know of thofe Defici- 
 encies till about November following ; when Mr 
 Knight claiming an Allowance for them in his 
 Cafh Account, they refus'd to pafs the fame: 
 fo that if thefe Deficiencies are to be charged to 
 any Body, they ought to be to Mr Knight only, 
 and not to the Directors. 
 
 HAVING thus cleared the Directors from 
 the Charge of the Lofs, faid to be fuftained by 
 the Company, and for which their Eftates were 
 taken away : 
 
 ANOTHER 
 
E 86 ] 
 
 ANOTHER Part of the firft Report of the 
 Secret Committee comes next to be confider'd, 
 wherein Page 15. and 16. they fay, That it was 
 in the Power of the Perfons to whom the pawn'd 
 Stock was transferr'd, and with whom the pawn'd 
 Subfcription Receipts weredepofited, to fell the 
 fame at high Prices, and to replace them again, 
 when the Price fell, whereupon the Houie of 
 Commons came to the following Refolution, 
 viz. That the felling or difpofing of Stock or Sub- 
 fcriptions, transferred or depojited, as a Security, 
 for the Payment of the Money lent, was a notorious 
 Breach of the Truft repos'd in the J aid Sub-Gover- 
 nor, Deputy-Governor, Directors, and their Offi- 
 cers, and a Fraud on the Proprietors, in order to 
 inricb themfelves, for which they ought to make fa- 
 tisfaclion out of their own Eflates. 
 
 Which Refolution was alfo recited in the Bill 
 as firft brought into the Houfe, as one of the 
 Caufes for taking away the Eftates of the late 
 Directors, and thereby is intimated that great 
 Profit was made by felling pawn'd Stock and Sub- 
 fcriptions. 
 
 All pofiible Endeavours have been us'd to 
 get a true Information concerning this Fact, 
 and we cannot learn that any of the Directors 
 ever knew, or heard of any fuch thing being 
 done, nor does it appear, that any of them ever 
 had occafion fo to do, they all having great 
 Quantities of Stock and Subscriptions of their 
 own undifpos'd of, as is evident by their Inven- 
 tories. 
 
 IT may be farther convenient, to givefome 
 Anfwer to the following PafTage in the firft Re- 
 port of the Secret Committee, Page 2. where 
 they were pleas'd to fay, ' That the Account of 
 fc the 574,500/. Stock (which is commonly 
 
 8 called 
 
C 87 1 
 
 * called the fictitious Stock) was made up and 
 ' adjufted with Mr Knight, and the Money a- 
 ' rifing by the Difference of the Price between 
 ' the Times of fuch taking in, or holding of the 
 ' Stock, and the making fuch Adjuftments, was 
 ' paid or allow'd out of the Companies Cam, 
 ' to the pretended Purchafers ; but no Entries 
 1 of fuch Adjuftments, or of the Names of the 
 ' Perfons, with whom the fame were made, ap- 
 ' pear to your Committee in any of the Books 
 
 * of the Company.' 
 
 It is to be fuppofed, That this part of the 
 Report was the Foundation of the Motion made 
 fome Time ago, in the General Court of the 
 South-Sea Company •, wherein it was declared, 
 tf hat fever al Millions of the Companies Money, had 
 been paid for fjch Differences and Adjuftments ; 
 and a Petition agreed on, and delivered to the 
 Parliament, for a Power to recover the fame. 
 But that Matter not appearing to the Houfe, to 
 have a juft Foundation, nor being attempted to 
 be proved ; it is evident the fame was a bare Sug- 
 gejlion, and calculated, as many others were, to 
 inflame the Minds of the People, and to blacken 
 the late Directors. 
 
 FOR it has been fufficiently manifefted, that 
 there was little or no Deficiency in the Compa- 
 nies Cafh, on Mr Knight'* going away ; and the 
 Secret Committee themfelves fay, ' That no En- 
 ■ tries of fuch Adjuftments appear to them, in 
 c any of the Companies Books.' And the pre- 
 fent Directors, who have the Books in their Cu- 
 ftody, are appealed to, whether there be any 
 fuch Entries, and if there be no fuch Entries, 
 (as it is certain there are not) then 'tis a Demon- 
 ftration, that no fuch Adjuftments and Diffe- 
 rences were, or could be paid out of the Con> 
 
 panies 
 
panies Cam ; fo that Suggeftion and Imputation 
 entirely falls to the Ground. 
 
 There are feveral other Remarks and Obfer- 
 vations of that Honourable Committee, which 
 might receive a very fatisfactory Anfwer, but 
 for Brevity's fake are omitted. 
 
 SECT. VII. 
 
 Of the feveral ^Penalties and *D if abilities, 
 which the late 'Directors are fubjefi to r 
 by three feveral Acls of Parliament : 
 With fome Account of the Trujiees 'Pro- 
 ceedings in the Execution of them. 
 
 IN the foregoing Sections, the Souih-Sea Scheme 
 has been confidered, from it's being flrft for- 
 med, with the feveral Alterations till pafs'd into a 
 Law •, the Conduct of the Directors in the Execu- 
 tion of that Law : The real Caufes which contribu- 
 ted to the many Lofles and Sufferings that enfued, 
 with the principal Matters laid to the Charge of 
 the Directors, as well by the Secret Committee, 
 as in the Preamble to the Bill for taking away 
 their Eftates, as it was firft brought into the 
 Houfe. And now follows a fhort Account of 
 fome of the Penalties and Difabilities, to which 
 they have been fubjected, by three feveral Acl* 
 of Parliament. 
 
 BY one of thofe Acts, they are all difabled from 
 ever being Sub-Governor > Deputy-Governor, orDi' 
 
 rettorSy 
 
[ &9 1 
 
 rellors, either of the South-Sea Company, Bank, 
 or Eafb India Company, or from having or enjoy- 
 ing any Place, Office, or Employment in, or under 
 any of thofe three Companies. 
 
 B Y another of thofe Acts, which pafd but 
 the 25th of January, every one of them was re- 
 quired, on or before the Sth Day of February fol- 
 lowing, (a very fljort 'Time, to find fo great a Se- 
 curity) to enter into Recognizances of One Hundred 
 Thoufand Pounds Penalty, • together with two fuffi- 
 cient Securities, in the Penalty of Twenty Five Thou- 
 fand Pounds each, not to depart the Kingdom within 
 one Tear, from the Sth of December 1720. and 
 from thence to the end of the next Sejfwns of Parlia- 
 ment ; and in default of giving fitch Security, they 
 were to be committed to the Fleet, there to remain 
 without Bail or Mainprise, and if they depart out 
 of the Kingdom, within the Time limited, they are 
 to be guilty of Felony. 
 
 THEY were by the fame Act alfo obliged 
 before the 25th of March then following, (which 
 was likewife a very fhort time for fo great a 
 Work) To deliver to the Barons of the Exchequer, 
 two per feci Inventories on Oath, of all their Eflates, 
 real and perfonal, which on the fir si of June 1720. 
 or at any time after, they were refpeclively feized or 
 •poffefd of, or enti tided unto in Law or Equity, in 
 their own Names, or in the Names of any other Per- 
 fon or Perfons in Trusl for them, or to their life, 
 and of all Alienations and Difpofitions thereof, to 
 the Time of the Delivery of their refpeclive Inven- 
 tories. 
 
 A ND in Cafe of failure, of delivering fuch In- 
 ventories, they were to be guilty of Felony. 
 
 I F any of their Inventories appeared to be eva- 
 five or uncertain, or ifDiretlions be given for a far- 
 ther Enquiry, by the Speaker of either Houfe of 
 N Parliament, 
 
I 90 ] 
 
 Parliament, by Order of the Houfe, or if Information 
 be made on Oath of any Concealment, the Barons 
 of the Exchequer are to examine thera upon Inter- 
 terrogatories, to which if they refits' d to be Sworn, 
 and anfwer fully, or if after fuch Examination 
 any Concealment is found, they are to be guilty of 
 Felony. 
 
 THE Barons are thereby empower' d to fummon 
 before them any Perfons, known, fuf peeled, or fup- 
 pofed to conceal any of their EJlates, and if fuch 
 Perfons refufe to appear, or to be examined on Inter- 
 rogatories -, the Barons may commit them to the 
 Fleet, until they fubmit to be examined. 
 
 All Perfons who had accepted any Truft for any 
 of them, or in whofe Hands any of the EJlates or 
 Effetls were, or who were indebted to any of them, 
 are required to give Notice to the Barons, on for- 
 feiture of treble the value of fuch EJlates, Debts or 
 Effects. 
 
 They were difabled from aliening or difpofing any 
 of their Eftates, real or perfonal, after the §th of 
 January 1720. Except for their necejfary Subfi- 
 jience, Payment of the juft Debts due before the 
 §tb of January 1720. and of per ijh able Goods. 
 
 They are forbid Tranfporting amy of their Eftates 
 or Effects beyond Sea, under the Penalty of Felony, 
 
 By the Third Ad. 
 
 All their Eftates, real and perfonal, of what nature 
 or kindfoever, which they or any Perfonor Perfons in 
 Truft for them, or any of them, upon the firft of 
 June 1720. or at any time afterwards was, or were 
 Jeized or pojfefs'd of, interefted in, or infilled to, 
 in Law or Equity, in their or any of their own 
 Rights, or to any of their own Ufe, or Ufes, or 
 in Partnerjhip with any others, {except the necefi 
 
 fary 
 
C 91 1 
 
 fary wearing Apparel of themfelves, their Wives 
 And Children-, and except the Allowances therein 
 made /or their Subjiftence, and except /uch parts f 
 0/ their per/onal Eftates, as have been, or /hall 
 be di/po/ed /or paying their jusJ Debts, contracled 
 be/ore the /aid §th of January 1720. and perifh- 
 able Goods di/po/ed of, as therein is mentioned,) are 
 vefted and fettled in Nine 0/ the pre/ent Court 0/ 
 Directors of the South-Sea Company as Truftees, 
 to the Intent the fame may be fold and difpofed of, 
 as therein mentioned, /or the bene ft 0/ the South- 
 Sea Company. 
 
 T"hey were thereby required before the 20th 0/ 
 September 172 1. to bring and deliver upon Oath 
 to the /aid Truftees, at their -public Office or Place 
 0/ Meeting-, all /uch Deeds, Evidences, Muniment 's, 
 Books, Accounts, Papers, and Writings, which they 
 re/petlively had, or fhould have in their Cujlody 
 or Power, or which they re/petlively could come 
 by, which do concern only their own EJlates real 
 and perfonal, or do concern the /ame jointly with 
 any other Eft ate or Eftates -, together with Sche- 
 dules thereof, figned by them refpe lively, and in 
 default thereof, were to be committed to the Com- 
 mon Goal, there to remain without Bail or Main- 
 prize, till they had complied therewith. 
 
 They are alfo required to releaie or convey in 
 due Form of Law to /&<? Truftees, all their Right, 
 Title; Intereft, Claim, or Demand of, in or to 
 their refpetlive Eftates, real or perfonal, vefted 
 in the /aid Truftees. 
 
 And they are thereby difabled, to hold or exe- 
 cute any Office, or Place of Profit or Truft, Civil 
 or Military, under His Majefty, His Heirs or 
 Succe/fors, or to fit or vote, in either Houfe of 
 Parliament, 
 
 N 2 AS 
 
C 92 1 
 
 A S the foregoing Penalties and Difabiiities are 
 of a fevere and rigorous Nature ; S O I T 
 might have been very reafonably expected, That 
 this Act would have been executed with all the 
 Tendernefs and Moderation imaginable. But 
 when the Conduct of the Truftees therein comes 
 to be examined, it will be found, they have en- 
 deavoured to extend the Hardfhips therein, not 
 only beyond the Letter, but, as may be pre- 
 fumed, beyond the Intention of the Law, 
 which will be very apparent by the following 
 Inflances. 
 
 THE Claufe in the Act, wherein the Di- 
 rectors were reauired to deliver all the Wri- 
 tings, Books, and Papers, to the Truftees upon 
 Oath, has been before mentioned •, which Oath 
 the Truftees had no Authority to form. But 
 they took that Authority upon themfelves, and 
 endeavoured to impofe fuch an Oath as they 
 could not but be fenfible was impoflible to be 
 taken by any of the late Directors. The Form 
 whereof was as followeth. 
 
 " I A. B. Do make Oath, that the Deeds, 
 cc Evidences, Muniments, Books, Accounts, 
 cc Papers, and Writings, mentioned in the 
 M Schedule hereunto annexed, and by me fign- 
 " ed, and which faid Deeds, Evidences, Muni- 
 " ments, Books, Accounts,Papers, andWritings, 
 f I do at this prefent Time deliver to the Tru- 
 " flees, nominated and appointed to put in 
 ft Execution the feveral Trufts and Powers 
 " mentioned and contained, in an Act of Par- 
 " liament, pafs'd in the 7th Year of the Reign 
 f l of His Majefty that new is, Intitled, An 
 " Att for ratfing Money &c. at their Public 
 ct Office or Place of Meeting ; are all the 
 
 " Deeds* 
 
c 93 : 
 
 ct Deeds, Evidences, Muniments, Books, Ac- 
 *« counts. Papers, and Writings, which on 
 '« the fifft Day of June 1720. or at any time 
 *' fince, were, or now are, in my Cuftody or 
 " Power, which concern or any ways relate 
 «« to any part of the Eftate real or perfonal, 
 " which I, or any Perfon or Perfons in Trufi: 
 '* forme, was or were entituled unto, poffefs'd 
 ** of, or interefted in, either in Law or Equi- 
 " ty, on the faid firfl: Day of June, 1720. or 
 " at any time fince. 
 
 I T is obvious to every one, at firft reading 
 this Oatb, that it was fram'd in fuch general 
 Terms, as rendered it impofllble to be taken 
 by any Perfon in Bufinefs. For who is there in 
 any Trade or Dealing, but in 15 Months Time, 
 has a Necefllty of altering, or parting with fome 
 of his Bills, Notes or Papers •, therefore much 
 lefs poffible was it, for any of the late Dire- 
 ctors, who, as appears by their Inventories, 
 had many considerable Tranfactions within that 
 Time, not to have unavoidably alienated ot 
 parted with many of their Bills, Notes, and o- 
 ther Papers : So that had they taken the Oath, 
 their own Inventories might have been brought 
 in Proof to falfify the fame. 
 
 THEREFORE all the Directors refus'd 
 taking that Oath ; fo that at laft, the Truftees 
 were pleafed to condefcend fo far, as to fufter the 
 Directors to make fome Exceptions to the Ge- 
 neral Words fuitable to their feveral Cafes. 
 
 IT may be here obferved, That though the 
 utmoft Retrofpect, of the Oath required by the 
 All, was but to fuch Writings, Books and Pa- 
 pers, as they refpeclively had in their Cuftody 
 or Power the 8th of December 1720. or at any 
 time after, relating to the EJlates vejled ; yet the 
 
 Oath 
 
c 94 : 
 
 Oath the Truftees impos'd, not only look'd back 
 to the firft of June 1720. (which is above fix 
 Months farther back, than the Act could be 
 conftru'd to extendj but alfo extended to all 
 Writings whatsoever, concerning as well Eftates 
 veiled, as not vetted. 
 
 A fecond Inftance, of the Truftees endeavour- 
 ing to exceed the Powers given them, is That of 
 obliging thofe Perfons, who are WitnefiTes to 
 the figning of any Claims, to be prefent at the 
 time of the delivering the Claim, and to make 
 an Oath before them, that they faw the Claim 
 figned, which Oath is more than the Law re- 
 quir'd, and what the Truftees had no Power to 
 adminifter; and yet thereby, many honeft and 
 innocent Creditors, and Claimants upon the 
 late Directors Eftates, were put to great 
 Charge, Trouble, and Difficulty, in bringing 
 up thofe WitneiTes from the remoter Parts of the 
 Kingdom. 
 
 A third Inftance is, Their preparing many and 
 long Interrogatories, in order to the Examina- 
 tion of one of the late Court of Directors, and 
 caufing him to be fummoned before the Barons 
 of the Exchequer, for that Purpofe •, although 
 his Inventory was not fo much as pretended to 
 be evafive or uncertain : Nor was there any Or- 
 der from the Speaker of either Houfe of Parlia- 
 ment, to caufe fuch Examination to be made, 
 nor any Information upon Oath, of any Con- 
 cealment made by him, which are the only Ca- 
 fes in which the Act directs fuch Examination. 
 
 BUT the Barons were more cautious of ex- 
 ceeding the Powers given them by the Act, 
 than the Truftees feem to have been : And 
 therefore, when the Barons were attended, they 
 did not think proper to proceed in the Examina- 
 tion, 
 
 
c 95 : 
 
 tion, not having fufficient Foundation and Au- 
 thority for it. 
 
 Whereupon the Truftees apply'd to the Houfe 
 of Commons, and obtained an Order to the 
 Speaker, to give Directions to the Barons, to 
 examine the late Directors upon fuch Interroga- 
 tories as ibey Jhould think ft. 
 
 Surely, this Method of proceeding was very 
 extraordinary; for Perfons to be examined upon In- 
 terrogatories, to condemn themfelves, in a Cafe 
 wherein a fmall, and even involuntary. Failure, 
 may be Felony. 
 
 One would think in this Cafe, there was the 
 leaft Caufe imaginable for fuch an Examination, 
 not only*from the Encouragements given by 
 the Acts to Informers, of any Concealments, 
 which was 30 per Cent, upon all that mould be 
 difcovered, and from the Penalties on fuch Per- 
 fons, as concealed any of their Eftates or Ef- 
 fects, which is three times the Value of the E- 
 ftates or Effects conceal'd. But aifo for that 
 all their Inventories, which contain Particulars 
 of all their Eftates and Effects on, and of all 
 their Tranfctions after, June 1. 1720. have 
 been delivered, Printed and PubliuYd through- 
 out the whole Kingdom, above a Year, and 
 have been fcann'd and fcrutinized into, with 
 all the Nicety and Exactnefs, which the Ill-will 
 of the Lofers, or the Hopes of Gain to Infor- 
 mers, could infpire and prompt Men to. And 
 yet there has not been one Inftance of an In- 
 formation of any Concealment, great or fmall, 
 againft any one of them ; fo that morally fpeak- 
 ing, one may almoft venture to affirm, there 
 hath not been, nor can be, any Concealment ; 
 and therefore, it feems more unreafonable, to 
 require this new, and hitherto unknown, I 
 
 munition 
 
I 96 ] 
 
 mmation to be put in Practice, raeerly upon Jea- 
 loufies and Surmifes, without any apparent Foun- 
 dation: Which cannot but be a Torture on the 
 Mind of every Perfon examined, where his Life 
 lies at flake, and to which our Law hath hither- 
 to been as much a Stranger, as to Racks for 
 the Body. 
 
 A fourth hijlance, wherein thefe Truflees 
 have endeavour'd to extend their Power, be- 
 yond the Limits of the Law •, was, their prepa- 
 ring a Bill of Powers, whereby, under the Pre- 
 text oi better executing the Act, there is not a 
 Perfon in the Kingdom, (His Majefty only ex- 
 cepted) whom they could not have examined, 
 when, and as often, and upon fuch Interroga- 
 tories as they thought fit, and for default of ap- 
 pearing, (for which no Excufe was to be ad- 
 mitted, not even Sicknefs itfelf) or in default 
 of anfwering fully, (that is, to their Satisfa&ion } 
 the Truftees might caufe them to be committed 
 to, and detained in Prifon during their Lives. 
 
 BUT this Bill happened to get Air, and 
 fome of the Heads thereof were publifhed to 
 the World, whereby it appeared to be fo fla- 
 grant an Attempt upon the Liberties of all His 
 Majefty's Subjects, that it was forced to be 
 dropp'd, without being ever brought into the 
 Houl'e of Commons. 
 
 AS to what may be objected againft the Tru- 
 flees accepting the Execution of the Act, be- 
 caufe they are fuppofed to be confiderably inte- 
 refled in theSoutb-Sea Stock ; and therefore may 
 feem to be Judges and Parties : The Act itfelf 
 has made them iafe therein. We fhall only fay, 
 That they muft be left to their own Confci- 
 ences, which alone can accufe them. The 
 Weight of this Part of the Truft appears by 
 
 the 
 
C 97 ] 
 the confiderable Claims made on the Eftates 
 of the late Directors, which amount to above 
 a Million. 
 
 SECT. VIII. 
 
 Some farther Remarks and Obfervations on 
 the forementioned Acts of Parliament ; 
 and on the proceedings of the late ^Du 
 rectors. 
 
 WHAT is related in the preceeding Se- 
 ctions, is a clear and diftinci Account of 
 known Matters of Fact ; and being fo lately 
 tranfacted and in fo publick a manner, they are 
 purpofely reprefented with that Simplicity and 
 Plainnefs, which fhould always accompany real 
 and fubftantial Truth. 
 
 AND tho' many things might be offered to 
 the Reader's Confideration, from the preceeding 
 Narrative ; yet we mail here note but a few Re- 
 marks, leaving the reft to every one's own Sen- 
 timents and Reflections. 
 
 BY THIS TIME it evidently appears, 
 that the South-Sea Scheme was originally form'd. 
 and drawn up, with a View and Intention to 
 render it beneficial, as well to the Public, as to 
 the Proprietors of the South-Sea Stock in general, 
 without the leaft Detriment to any Body, or De- 
 fign of raifingimmenfe Eftates to the Directors, 
 as has been untruly and unjuftly reported. And 
 
 O 'tis 
 
C 98 ] 
 
 'tis manifeft, thofe Directors did not make To 
 large Additions to their Eftates, nor were they 
 near fo great Dealers in the Stock, as many 
 others were (there being Inftances of fome few 
 Perfons, who are faid to have got a!moft t if not 
 quite as much as all the Directors put together ; 
 and) who have neverthelefs had the good For- 
 tune to efcape Parliamentary Profecution. 
 
 THAT what is charged upon the late Di- 
 rectors as Crimes, in the Execution of the fevc- 
 ral parts of the Act, they were rather driven 
 into by the exceflive Sum the Company was 
 to pay the Public, and by the Torrent of the 
 Times, and the Pafiions and Humours which in- 
 fluenc'd almoft all People ; than by their own 
 Choice, or any premeditated or concertedDefigns. 
 
 NOR will it be denied, that while they were 
 tranfacting thofe Things, for which they fince 
 have been mod blam'd, they had not only the 
 univerfal Applaufe of Mankind ; but a farther 
 Honour, as appears by a Paragraph before 
 quoted, out of His Majefties moft gracious 
 Speech to both Houfes of Parliament, the nth 
 of June 1720. and the Speaker's Speech to 
 His Majefty the fame Day, which was, when 
 the Stock was at near 800 /. per Cent. 
 
 THE Senfe alfo of the Proprietors of the 
 Company, was fufficiently declared in their re- 
 peated Approbation of, and Thanks to, the 
 Court of Directors, for their Conduct in the 
 Execution of the Act, and in particular, in the 
 before quoted Refolution of the 8th of September 
 1720. in the following Words, viz. 
 
 Refolved Nemine Contradicente, 
 
 'THAT this Court doth approve of, 
 « and thank the Sub and Deputy Governors 
 ■ and Directors for their prudent Conduct, in 
 
 ' executing 
 
C 99 ] 
 
 * executing fo great a part of the Act of Par- 
 
 * liament, for enlarging the Capital Stock of 
 c the Company. 
 
 WHICH Refolution was after all the Sub- 
 fcriptions and Loans, and all other the Tran- 
 factions of the Directors, for which they have 
 been fo much cenfur'd and calumniated, had 
 been made and ended. 
 
 IF all thefe Circumftances and Confidera- 
 tions put together, are not fufficient to juftify 
 the Proceedings of the late Directors, there can 
 remain no Rule of Action in Companies and 
 Communities. 
 
 IT is fir from our Intention, to fay any 
 thing here that may have the leaft Tendency 
 to arraign the Juftice of any Law in force: 
 But it is prefum'd upon a Review of the whole, 
 there can be no Offence to obferve, 
 
 That tho' the Punifhment of Treafon is for- 
 feiture of Life and Eftate ; yet all Perfons ac- 
 cufed of this Crime, are allowed a Copy of the 
 Indictment, and Counfel to plead for them, and 
 are not fubjected to any Penalty or Punrfliment 
 'till Conviction. NOR are they in order to 
 fuch a Conviction, fubjected to a ftrict Exa- 
 mination on Oath before a Secret Committee: 
 NOR are they oblig'd to deliver Inventories 
 of all their Eftates and Tranfactions, and alfo 
 all their Eftates with their own Hands •, and 
 after that, to be fubject to an Examination upon 
 Interrogatories, for difcovering their Eftates 
 under Penalty of their Lives. N O R to con- 
 vey and releafe to the Crown all their Claim, 
 Right, and Title to their Eftates, as thefe un- 
 happy Directors are oblig'd to convey all their 
 Eftates, real and perfonal, with their own 
 Hands to the Truftees. NOR are the Tru- 
 O 2 ftees 
 
£ ioo 1 
 
 flees of Perfons even convicted of the greateft 
 Crimes, bound to difclofe their Truft under 
 any, much lets fuch fevere Penalties as three 
 times the value of the Eftate conceal'd: So that 
 unhappy Families do often find Means of Sub- 
 fiftence, out of the forfeiting Perfons Eftates, 
 and fometimes their Lives are fpared even af- 
 ter Conviction, and they have often larger 
 Proportions of their Eftates allow'd them for 
 their Subfiftence, than is allowed to moll of 
 thefe Directors ; and there are feveral late In- 
 Itances of Perfons taken in actual Rebellion, 
 and of others attainted of High-Treafon, and 
 fled beyond the Sea, whofe Wives have been 
 allow'd their Jointures, as if their Hufbands 
 were dead, which is a greater Favour than has 
 been allowed to any of thefe Directors. 
 
 Thefe are fome of thofe things, which muft 
 be thought Flardfhips, by any one who fhould 
 be fo unfortunate, as to be compell'd to under- 
 go them. But as they proceeded from a Law 
 made, they muft be fubmitted to, and cannot 
 be impugned or argued againft, but in a proper 
 Place, and in a becoming manner. Since what- 
 ever the Legitlative Power has once bound, 
 cannot be again loofen'd, but by the Legifla- 
 ture, which never denies a due Redrefs to every 
 Grievance, that Subjects can complain of. 
 
 Before we conclude, we fhall crave leave to 
 infert the Provinon our Anceftors made to fe- 
 cure Man's Liberty and Property in this Realm, 
 as it {lands in the fo often quoted part of Magna 
 Cbarta, obtained at the Expence of fo much 
 Blood of our Anceftors, which fays -, tDjHt HO 
 
 freeman fljall be tafeeit 01 iJimpjtfonetJ, o| 
 fee ntfre^eo of 10 Jf teebolD o? Liberties, o? 
 free Cufitmift oi be £>utlatt?en c^ (Men, 
 
 01 
 
C ioi ] 
 
 02 anv ot&ettmfe tieff rope* ; no? fotll not 
 pate upon btm, no? cauoemit btm, but bp 
 latoful Jungment of W lpeer-5, o? by lam 
 
 Of tlje LatltK And the many fubfequent Laws 
 made in Affirmance thereof, fome of which mall 
 be mentioned, as 5 Edw. III. Chap. 9. whereby 
 
 it is Enaded, Cbat no ©an from (jencefo^O 
 fijall be attacljeo bp anp accttfation, w\ fo^e* 
 futiffcn of Life 01 Ltbettp, no? 6t0 latins, 
 Cenementjs, <£cd3£ o? Cljattlcjs fet?eD, a- 
 samft t&e jform of tlje gtcat Cfjactec, ana 
 
 ilatU Of t&e ILattth Likewife 28 Edw. III. 
 
 chap. 3. cbat no ©an, of fofmt (Mate oj 
 Consttton ttjat be be, fijall be put out of 
 lann 0? Cenement, no? taken no? tmp?tfo- 
 neo no? mftnljectten, no? put to Deatb, 
 Uritijaut being b?ott£bt m anflner bp rate 
 
 $J>?OCef0 Of ilatU* Thefe are farther ftrength- 
 ened and enforced by the famous Petition of 
 Right, 3 Car. I. Cap. 1. and the Bill of Rights 
 1 Will, and Mary, Sejf. 2. Cap. 2. which fays, 
 
 Cbat ercetftbe QSail ougljt not to be requt< 
 ten, no? erafftbe jrmeis impofeu, no? cruel 
 ana unufual punifljmentis tnfltetetK 
 
 THE HABEAS CORPUS ACT, was like- 
 wife obtained with great Difficulty from the 
 Crown, as a Guard to the Liberty of the Per- 
 fons of the Subject, and has never been fufpen- 
 ded but in Cafes of open Rebellion, or immi- 
 nent Appearances of it-, and that too, with 
 great Difficulty and Oppofition. But in the 
 Cafe before us, may not perpetual Imprifonment 
 and Death itfelf, become the Punifhment o/fon? 
 Omijfwns : And yet the fuffering Perfon be ex- 
 cluded of any Relief or Benefit by that Law ? 
 
 IT 
 
C 102 1 
 
 IT IS WELL KNOWN, that the princi- 
 pal Difference between a Free and Arbitary 
 Government confifls in this. That by the for- 
 mer, the People are governed by known Laws, 
 in the later merely by the Will and Pleafure of 
 the Prince. THE AD VANTAGE of the 
 firfl is, That the Subjects know what is a Crime, 
 and what Punifhment they incur, if they are 
 guilty of it, whereby they may avoid the one 
 and the other. 
 
 THE MISERY of the fecond is, That 
 the Prince makes Crimes and Punifhments, as 
 his Paffions or Lufls prompt him, whereby his 
 Subjects have it not in their Power to efcape 
 either Guilt or Punifhment. But this is far from 
 being our Condition, or our Fear. 
 
 Since with regard to our Civil and Religious 
 Liberties, the Conftitution of our Government 
 never flood upon fo folid a Foundation, as they 
 do at prefent under Llis Majefly : by whofe Ac- 
 eeffion to the Throne of thefe Realms, our hap- 
 py Conftitution is fecured to us ; which, as on 
 the one Hand, it gives the Prince all the Power 
 neceflary to the Support of His Honour and 
 Dignity, and to the Maintenance of his Autho- 
 rity ; fo on the other, it gives the Subject all 
 the Freedom, which is any way confiftent with 
 the Ends of Government. Thofe among us, 
 who are not fully fenfible of their own Happi- 
 nefs, if they would but take the Pains to inform 
 themfelves into what unhappy Circumftances the 
 Nations about us have been reduced, would 
 foon put an higher and more juft Value upon 
 their own Condition. 
 
 But to return to the Subject of the prefent 
 Cafe, We mult crave Leave to obferve another 
 Circumftance of the Law, we have been fpea- 
 
 king 
 
C 103 1 
 king of; and tho much might be faid both from 
 Hiftory, and many Debates which have been pu- 
 blifhed with regard to Retrofpeft Laws, or Laws 
 made ex post facia. Yet we Ihall only, ("with re- 
 fpecl: to what may hereafter come to pafsj beg 
 leave to quote part of a Speech made by King 
 Jamesl. to theHoufe of Lords, Anno 1621. which 
 he defired might be entered into the Records of 
 that Houfe, viz. ' We doubt there will be ma- 
 
 * ny Matters before you ; fome complained out 
 
 * of Paffion, and fome out of juft Caufe of 
 ' Grievance : Weigh both, -and be not carried 
 ' away with the impertinent Difcourfes of them 
 
 * that name innocent Men, as well as guilty. 
 4 But let your Proceedings be according to Law, 
 
 * and remember, that Laws have not their Eyes 
 ' in their Necks, but in their Foreheads : For 
 
 * the moral Reafon for the Punifhment of Vi- 
 c ces in all Kingdoms and Commonwealths is, 
 ' becaufe of the breach of Laws {landing in 
 
 * force -, for none can be punifhed for breach 
 c of Laws by Predeitination before they are 
 ' made.' 
 
 OUR Laws have a tendency to Alleviation 
 and to Lenity, for when Words are capable of 
 a different or doubtful Conftruclion, they are 
 always to*be conllrued in the mildeft Senfe. 
 
 Nor do they punilh Perfons for any Facts as 
 Crimes, unlefs there were in the Perfon an evil 
 Intention in the doing of it, as may be illuftra- 
 ted by the two following familiar Inflances, viz. 
 
 IF a Man be /hooting at a Bird or a Hare, and 
 chance to kill a Man faffing by, againfl whom he 
 had no -premeditated Malice, this is but Chance- 
 Medley. 
 
 OR if two Perfons happen to quarrel and fight, 
 and therein one kill the other , if there was ne preme- 
 ditated 
 
I 104 ] 
 
 ditated Malice, this amounts only to Manflaughter, 
 and not Murther. And indeed in mod Cafes it 
 is the Intention and Defign, that governs the A- . 
 ction, and makes it to be criminal or not. 
 
 AS to the Fines impos'd on the late Dire- 
 ctors, tho' by the Reports of the Secret Com- 
 mittee, and the feveral Refolutions of the Houfe 
 of Commons, the Crimes alledg'd againft them 
 appear to be equally charg'd on them all. Yet 
 have they not all an equal Allowance for their 
 Subfiftence, in proportion to their Eftates, as 
 appears by the following SCHEDULE of 
 their refpective Eftates, as reported by the Com- 
 mittee to the Houfe of Commons, together with 
 their respective Allowances for for their Subfi- 
 ftence; and the Sums taken from them refpe- 
 ctively. 
 
 Sir 
 
£ 105 3 
 
 Sir John Fellows — 
 
 Mr Joye — — 
 
 Mr Aftell 
 
 5/r Lamb. Black well 
 
 5/rJohn Blunt 
 
 Sir Robert Chaplin 
 
 Mz-Chefter 
 
 Sir Will. Chapman - 
 
 Mr Child > 
 
 A/r Delaporte ■ 
 
 Mr Edmondfon . 
 
 Mr Eyles— — 
 
 Mr Gibbon 
 
 Mr Gore — 
 
 Sir Will. Hammond 
 Mr Hawes — — - 
 
 Mr Houlditch 
 
 Mr Horfey — 
 
 Sir Jacob Jacobfon - 
 Sir Theod. JanfTen - 
 Mr Ingram — ■ 
 Sir John Lambert - 
 Sir Hare. Mafters - 
 
 Mr Morley — 
 
 Mr Page 
 
 Mr Raymond 
 
 .Mr Read 
 
 Ihe neat Value of 
 the EJlates of the 
 Directors, by the 
 Report ofthefaid 
 Committee- 
 I. s. 
 
 243,096 00 
 40,105 2 
 27,750 19 
 83,529 17 
 
 183,349 I0 
 45>875 '4 
 
 Mr Reynolds 
 
 Mr Sawbridge — — 
 
 Mr Tillard — 
 
 Mr Turner — — — 
 Mr Surman ■ ■ 
 Mr Grigsby — ■ ■ . 
 
 140,372 
 39,161 
 5 2 *437 
 17*151 
 5»365 
 34*3 2 9 
 
 106,543 
 38,936 
 22,707 
 40,03 1 
 
 39>5 2 7 
 19,962 
 11,481 
 
 243,244 
 16,795 
 72,508 
 11,814 
 1,869 
 34>8i7 
 
 64*373 
 
 117,297 
 
 18,368 
 
 77,254 
 
 19*175 
 
 881 
 
 112,321 
 
 31*687 
 
 15 
 6 
 
 19 
 4 
 o 
 
 16 
 
 5 
 15 
 
 4 
 
 o 
 
 10 
 
 5 
 
 4 
 
 3 
 
 o 
 
 1 
 
 12 
 
 10 
 
 12 
 
 6 
 
 16 
 
 12 
 
 1 
 
 H 
 
 17 
 
 10 
 
 6 
 
 4. 
 
 6 
 
 o 
 
 H 
 
 11 
 
 8* 
 
 5 
 
 6 
 
 1 
 
 6 
 o 
 
 7 
 6 
 
 5 
 
 2 
 
 *i 
 4 
 3 
 o 
 11 
 o 
 
 h 
 
 3 
 
 3:i 
 3 
 
 o 
 
 2| 
 
 8 
 
 4 
 6 
 o 
 o 
 
 Their 
 Allow- 
 ances 
 for Sub- 
 f fence. 
 
 I. 
 
 10,000 
 
 5,000 
 
 10,000 
 
 15,000 
 
 5,000 
 
 10,000 
 
 1 0,000 
 
 10,000 
 
 10,000 
 
 10,000 
 
 3,000 
 
 20,000 
 
 1 0,000 
 
 20,000 
 
 10,000 
 
 5,000 
 
 5,000 
 
 10,000 
 
 1 1 ,000 
 
 50,000 
 
 12,000 
 
 5,000 
 
 5,000 
 
 1,800 
 
 10,000 
 
 30,000 
 10,000 
 14,000 
 
 5,000 
 
 15,000 
 
 800 
 
 5,000 
 
 2,000 
 
 72,? Fines or Sums 
 taken from each 
 Direclor. 
 
 233,096 
 
 35* io 5 
 17*750 
 68,529 
 
 178,349 
 35»875 
 
 130,372 
 29,161 
 
 42,437 
 
 7*!5i 
 
 2,365 
 
 H.329 
 96,543 
 18,936 
 12,707 
 
 35'°3i 
 
 34,527 
 
 9,962 
 
 481 
 
 193,244 
 
 4*795 
 
 67,508 
 
 6,814 
 
 69 
 24,817 
 
 34*373 
 
 107,297 
 
 4,368 
 
 72,254 
 
 4*175 
 81 
 
 107,321 
 
 29,687 
 
 /. d. 
 o 6 
 2 o 
 
 19 H 
 17 11 
 10 si 
 
 14 
 15 
 
 6 
 
 19 
 4 
 o 
 
 16 
 
 5 
 15 
 
 4 
 o 
 10 
 5 
 4 
 3 
 o 
 1 
 
 16 
 12 
 
 1 
 6 
 
 o 
 
 7 
 6 
 
 5 
 
 2 
 
 «t 
 
 4 
 3 
 o 
 
 4 
 o 
 
 12 jf 
 
 10 3 
 
 12 3i 
 6 3 
 o 
 
 2i 
 
 14 4 
 
 17 6 
 
 10 o 
 
 6 o 
 
 IT 
 
[ 106 1 
 
 IT CANNOT NOW BE DOUBTED, 
 
 but every impartial Reader, who judges without 
 PrepofTefiion or Prejudice, is fully convinced 
 by the faithful Account herein given, of the firft 
 Formation of the late Scheme of the South-Sea 
 Company, and of the Views upon which it was 
 founded, and of the feveral Steps taken by the 
 late Directors in the Execution of the Act of Par- 
 liament, (which had greatly altered the Original 
 Scheme) together with the Motives which indu- 
 ced the Directors to the executing it in the man- 
 ner they did ; that there was no evil Defign 
 in the firft preparing this Scheme, nor in the 
 feveral Proceedings of the Directors : and that 
 tho* they may have committed fome Errors, 
 which is common to human Frailty, yet fure- 
 ly none will fay that they have been guilty of 
 fo black Crimes, as by the popular Cry' they 
 were accufed of. And confequently have not de- 
 ferved the Hardfhips they have been fubjected to. 
 TO CONCLUDE, Let us reafon as 
 become Chrijlians and Englifhmen : OUR 
 CONSTITUTION is a legal Monarchy, 
 in which the Dignity of the Prince, and the 
 Security of the Subject is confulted. 'OUR 
 LAWS are contriv'd and made by a felect 
 number of the moft honourable and wife Per- 
 fons, whofe Approbation and Concurrence 
 muft be had, before they are tendered to 
 the Royal Aflent: They are then folemnly 
 promulgated to the whole Realm, and Obe- 
 dience required to them. As for the Wif- 
 dom and Prudence, the Juftice and Mercy 
 of thefe Laws, how well they guard the Ho- 
 nour, and fupport the Dignity of the Crown ; 
 maintain the Peace, and defend the Proper- 
 ties of the People : how wifely they are de- 
 
 * figned 
 
C 107 1 
 figned to reftrain all Diforders, and cure all 
 Diftempers in the State ; to obviate all pof- 
 fible Mifchiefs, and to prevent or punifh e- 
 very kind and degree of Wickednefs : How- 
 much Encouragement they afford to thofe 
 who are diligent and induftrious, quiet and 
 peaceable in the Land, and how admirably 
 fitted, to promote univerfal Peace and Hap- 
 pinefs, is fufficiently known and underftood : 
 So that we mail only farther obferve, That 
 our Government is mild and indulgent, that 
 the old Roman Privilege infilled on by St 
 Paul, may alfo be challenged by every one 
 of us, viz. That it is not lawful to punifh a 
 Subject of Great Britain uncondemn'd, nor to 
 condemn him untried. 
 
 FINIS.