A Safe and Speedy WAY to Restore Publick Credit, and Pay the National DEBTS.
Do but a little consider, and you will soon find, Pride and Luxury, Corruption and Bribery, are the greatest Causes of our present Calamities; and if you do not discourage the Two first, and punish the Two last Evils, we shall speedily come to Destruction, and God will blast all our Endeavours.
The lively Instance of late, proves to us the Ruin those Evils carry with them: And is there not one good Man, that dares to stem the Tide that is come in upon us, and save us from being drown'd?
Is there not one Man that has Honesty, Interest or Ability, to put in Practice what is so necessary to preserve their Country?
Let us shake off then those plaguy Sores that corrupt our Vitals; and if we intend to be a Happy and Flourishing People, we must promote Piety, which admits of no Corruption; Honesty, that listens to no Temptation; Sincerity, which never deceives his Neighbour; Sobriety is the Way to Honour, and Industry brings Riches, which Frugality preserves: He therefore that desires to be truly Great, must possess these Virtues, and prefer Publick to Private Interest.
What is the Reason that all Inferior Places of Profit and Trust are bought and sold, and true Merit wants its Reward? Is it not because the Devil, when bought, will be sold?
Are not our Exports of Bullion so great, that, as fast as it arrives, it goes away? Which the Publick Entries every Week demonstrate. And were it not for the daily Supplies from Portugal, we should have nothing but our own Specie to answer all Demands.
It is obvious, that One Single Corporation has put us into this Confusion: And will the Government again trust to that, or any other? I should not desire a Friend of mind to be the Adviser.
Can all the Corporations in London, put together, be so well depended upon, as the Exchequer; which is supported by the Government, who are able and willing to make good all their own Contracts, but are not answerable for the Losses of any Corporation; all being oblig'd to sit down and be content with their own?
Can any Corporation desire more, than that the Government compel their own Members, and their Estates, to make good to answer for their Mismanagement?
Separate then the Standers-by from the Gamesters, and let the Unconcern'd declare their Opinion, Whether, in all Corporations, the Directors have not an unknown Advantage over all the other Members? Is it so in the Exchequer?
Tell me then, why a Hundred Pound in a Corporation, is more valuable than a Hundred in the Exchequer? Is it not because you can part with your Property with much more Ease by way of Transfer in London? Which is not practis'd at the Exchequer: Besides, the Transferring is near at Hand.
The Directors of any Corporation, if not truly honest, may impose at all Times upon the rest of the Proprietors, by making a Dividend above the intrinsick Value of the Nett Produce of Profit; and the Legislature would do well to provide against such Practices for the future.
If due Encouragement was given for the Importation of Iron, Hemp, Pitch and Tar, from our own Plantations, the Export of a great deal of our Bullion would be sav'd, our Colonies encourag'd, and we should be then able to supply the Dutch, French, Spaniard, Italian and Portugueze with Iron, and bring in Two Hundred Thousand Pounds per Ann. Balance of Trade.
If the South-Sea Company would trade to our own Islands, viz. the Bahama, and to Carolina; that Trade alone would bring them in Five Hundred Thousand Pounds per Ann. and with a small Expence, if well manag'd.
I. That the =South-Sea= Company be put in =Statu quo=; and if the Estates of the late =Directors=, their Aiders and Abettors will not do it, the =Government= to make up what is wanting.
II. That the =Subscriptions= at =Three Hundred=, =Four Hundred=, =Eight Hundred=, and a =Thousand=, be all paid into the =Exchequer= at =Two Hundred=, and there to have a Credit for =One Hundred=; for which the =Government= is to pay Ten =per Cent.= until the =One Hundred= shall be paid off: And that those who have not paid full =Two Hundred=, do make up that Sum within the Time limited by the late =Directors=.
III. That a Proper Place in =London= be appointed to keep a =Book=, wherein each Person may be made =Debtor= and =Creditor=; and a Duplicate of such =Book= to remain in the =Exchequer=. And that there may be a =Book=, wherein every Person may =transfer= their Property.
IV. The Debt of =Seven Millions, Five Hundred Thousand Pounds=, being forgiven the =South-Sea= Company, and they put in =Statu quo= by the =Government=; the =Nation= will stand =Debtor= and =Creditor= as followeth: Viz.
NATION Debtor.
To =South-Sea= Company, 11,746,384 To Money-Subscribers, 20,004,000 To Redeemable Debts, 13,886,486 To Unredeemable Debts, 12,070,343 To Interest, __________
NATION Creditor.
By a Moiety of the Money-Subscribers, 10,002,000 By =Ditto= Redeemable Debts, 6,993,247 By =Ditto= Unredeemable Debts, 6,035,178 ---------- 23,030,425
The Government is only to pay Ten per Cent. for the Sum of Twenty Three Millions, Thirty Thousand, Four Hundred Twenty Five Pounds. The South-Sea Company being in Statu quo, are to receive an Interest as the Act directed before the last Settlement.
The other Moiety will enable the Government to make good the Deficiency (if any) to the South-Sea Company, to forgive them the Seven Millions, Five Hundred Thousand Pounds, pay the Interest due from the Government and clear a great Part of the Principal Debt.
The Scheme, as before-mention'd, will restore our Credit, and pay Part of our Debt; but if we intend to pay the Remainder, we must endeavour to be at a Par with our Neighbours in Trade: And if they outdo us in Policy therein, and we do not strive to follow their Methods, we must expect in the End to be the Losers, and never to have a Balance.
We ought to consult those Methods that will increase our Exports, and lessen the Importation of such Goods as takes away our Bullion, and prevent our Coin from being exported, in the best Manner we can.
Now, Sir, you having consider'd the Proposal, and what has been previously maintain'd give me Leave to ask you a few Questions: Viz.
1. Whether the Corporation of the South-Sea Company, if they could be sure that the Government would forgive them the Debt of Seven Millions, Five Hundred Thousand Pounds, and put them in Statu quo, (that is, in the Condition they were in when Stock was at One Hundred Twenty Five) would not they readily embrace the Offer?
2. Whether either the South-Sea Company, the Bank of England, or the East-India Company, desire the Ingraftment propos'd by Parliament?
3. Whether a more equal Distribution of Loss can be made, to please all Parties, especially the major Part; or who will be the greatest Loser by the Proposal herein mention'd?
One great Calamity is the Loss of Paper Credit, on which our Trade chiefly depended: We find already a great Decay, which will soon be more apparent. We have indeed at present too little Cash, and too little Credit, to support Trade; and if we do not take other Methods than what has been yet practis'd, it will be entirely lost.
It is the Prudence of a Government, to establish Credit on the most solid Foundation; and what can be so solid as a Parliamentary Security? Will the Government be trusted with any future Loans, if their Debts are settled upon a precarious Bottom? And are Corporation-Pillars a good Foundation?
The Method already propos'd, is seemingly calculated for the Service of Stock-Jobbing, and a Parcel of I know not who, (Sharpers,) to reap the Benefit of it: And if so, the Nation will be utterly ruin'd. For God's Sake, then, let us not run any more Hazards, but prudently take such Measures as are most safe and advantageous.
If the Government will forgive the South-Sea Company the Debt of Seven Millions, Five Hundred Thousand Pounds, and put them in Statu quo; they ought to sit down contented, and be easy and thankful.
If the present Scheme gives the Subscribers but Twenty Five Pounds Capital Stock for a Hundred, and the Government will give such Subscribers Fifty Pounds for a Hundred, I hope they will have no Reason to complain.
For should the Subscriptions be ty'd down to Four Hundred, Thousands of Families will be ruin'd.
If we consider the Debt we owe to Foreigners, and how they, on the Advance of Stocks, drain us of our Money; we shall find it very dangerous to suffer Stocks to be sold above the intrinsick Value.
If Common Interest be reduc'd to Four per Cent. as was intended; what Proprietor can say he shall be a Loser? Setting aside the Subscriptions and Stock, bought and sold at extravagant Prices; which is impossible to redress, without making a far greater Number of Sufferers.
Will the Proposal of Tying down the Subscribers at Four Hundred, give a greater Interest than Ten per Cent. for the Capital? And what will the Capital be, when paid off? Will that be more than Twenty Five Pounds for a Hundred? Does not this Proposal give Fifty Pounds for One Hundred, with a double Advantage to all; and at the same Time pays a great Part of our Debt, and settles our Credit on a solid Foundation?
