A. D. 1723. 129 



N'otvvithftanding a rebellion which broke out in 1715, and a danger- 

 ous confpiracy againfl: the eftablidied conflitution, difcovcred at the 

 clofe of the preceding year 1722, yet fuch is the fpirit and genius of the 

 Britifli nation for commerce, that it was feen and obferved by all inqui- 

 litive people to be ftill conftandy flourifhing. Erafmus Philips Elquire, 

 an author of good credit, gives us an inftance thereof in his pamphlet, 

 intitled, the Stare of the nation in refpedl of her commerce, debts, and 

 money, {2ded. 1726] which acquaints us, that from the year 1701 to 

 1723 the amount of the Britifn cuftoms was fo confiderable, that the 

 net money paid into the exchequer, on an average for the faid twenty- 

 three years, was Li, 446,022 per annum; even exclufive of feizures : 

 (which account nearly coincides with that before exhibited in the year 

 I 71 5) and with feizures it amounted to Li ,467,593 net money per annum. 



He alfo gives us the quantity of filver and gold coined in the tower 

 of London between the years 1701 and 1724, viz. in filver, only 

 1 75,464 pounds weight ; and in gold no lefs than 241 ,183 pounds weight; 

 which, valuing a pound weight of gold at L44 flerling, makes the gold 

 coined in England in twenty-three years time to amount in value to 

 Lio,6i2,o52 flerling. This vaft coinage of gold in thofe years was 

 owing to our putting too high a value on gold in proportion to filver, 

 whereby foreign nations were encouraged to import gold upon us in 

 exchange for our filver ; which inconvenience, as we have feen, was re- 

 medied by reducing guineas from 2iy6 to I'if hy the advice of Sir Ifaac 

 Newton. 



After the confufion and fliunieful jumble of the French company of 

 the Indies, made by the authority of the duke cf Orleans, regent of 

 France during the minority of Louis XV, which confolidated company 

 was cftablifhcd upon the original capital of the Weftern company, and 

 25 millions of livrcs added thereto upon the union of the Eaft-India 

 company therewith ; it was now judged requifite, for relloring things to 

 fome order, that a revifion fliould be made of the adions poflefled by 

 the proprietors of this conlblidated company, for diftinguifliing (as 

 was fpecioujly alleged) between fuch as had acquired their property 

 fairly by purchafe, and fuch as had by flock-jobbing forced themfelves 

 into the company's books. The king therefor fixed the capital at 112 

 millions ot livrcs, the annual interefl: on Vv'hich was fixed (if any thing 

 can be called fixed in France but the power of the monarch) at 8 

 millions, to he paid out of the farm of tobacco, and the profits of the 

 furs from Canada. And the commerce of the Indies was afligned to 

 the company as a collateral fecurity for the prefent, to be emplovcd fin- 

 enlarging the funds and for difcharging the incumbrances thereon. 

 Yet, till many years after this time, the Eafl;-India trade ot France w.vs 

 managed in a very languid manner, they being obliged to pay off many 

 old debts, to rebuild their Ihips and factories, and to lay out above i s 



Vol. III. R 



