A. D. 1720. 77 



leflen our incumbrances, but a clear and inviolable finking fund, the 

 confequence of the frugal favings from the redudion of interefl: ; and 

 avoiding of all needlefs expenfe, more efpecially in times of fettled 

 peace ; and from the increaie of foreign commerce proportionably in- 

 creafing the public revenue. All other methods are an impofition upon, 

 and a difgrace to, a nation enjoying liberty and property. Other me- 

 thods were, however, at this time adopted, to the ruin of many honour- 

 able, and, till then, wealthy, families, to the advancement of many low 

 and obfcure perfons, and to the great temporary detriment of our com- 

 merce. 



The grand point, as already obferved, which the Britifh government 

 had now in view, was the redudion of what are called the irredeemable 

 annuities, created at divers times in the reigns of King William and 

 Queen Anne, moll of them for 99, fome for 96 and 89 years, and others 

 for fhorter terms, amounting in all to very near L8oo,ooo per annum. 

 And the managers of the South-fea company having been fo fuccefsful 

 in taking in the greatefl part of the annuities of the lottery of 1710, the 

 miniftry encouraged the diredors of that company to make their pro- 

 pofals for reducing them all into a redeemable ll:ate. It is now become 

 imneceflary to relate a great deal of what pafTed on this fubjed. In 

 January that company at firft propofed to the houfe of commons to 

 give L3, 500, 000 to the public, for the privilege of taking in all the faid 

 irredeemable debts, and alio the redeemable debts then at the exche- 

 quer and bank, moflly bearing 5 per cent, either by purchafc from the 

 proprietors or by fubfcription, into their capital flock. This projed ex- 

 citing the jealoufy of the bank of England, the diredors of the later on 

 the very fame day offered above five millions for the iiime privilege. 

 This rivalOiip proved in effed the bane of the whole plan : for a fecond 

 propofal of the South-fea company amounted to no lels than L7, 567,500, 

 in cafe all thofe debts fhould be I'ublbribtd, and in that proportion for 

 any part of them ; and alfo propofed farther, to pay to the ufe of the 

 public one year's purchafe of all inch of the long irredeemable an- 

 nuities as flioiild not be brought into their capital. The bank made a 

 fecond propofal, more advantageous to the public in ftmdry rcfpeds, 

 and therein obliged themfelves to give L1700 bank ftock for every 

 Li 00 irredeemable long annuity. Let any one of common underftand- 

 ing confider one moment, how it could be polhble for either company 

 to perform what they now propofed, fo as not to be lofers themfelves, 

 without egregioufly deceiving and injuring the proprietors of thefe 

 debts ! Was it not tlierefor mofl" unaccountable in any Britifli parlia- 

 ment and miniftry to give encouragenient to propolais of io obvioufly 

 pernicious a nature ? 



It fecms, that, upon the king's arrival from Hanover in November 

 1719, this fcheme was laid before the minillry by the managers of the 



