Great Debts of the Nation IT is but too Notorious, That the Debts of the Nation, which, at Her Majesty's happy Acces­sion to the Throne, were very Great, instead of being lessen'd, were ra­ther accumulated to an immense Degree, when this present Parliament began their first Session.

Necessity to satisfie them, to restore Publick Cre­dit.Without invidiously tracing up this Evil to its Causes, either primary or sub­ordinate, it must be agreed, on all Hands, that there lay a Duty incum­bent on the Parliament and Ministry to apply to it a speedy Remedy: Without which, Publick Credit must have had such a Fall, as might have drawn after it, if not the Ruin of the State, at least of a vast Number of private Persons.

[Page 4] Difficulties to do it, during the War.When a Man seriously consider'd, That the Nation has, for near Twenty Years, sustain'd the Weight of Two Burdensome expensive Wars, the second of which is yet unfinish'd, and must, of Necessity, be carry'd on with the utmost Vigour; and reflected, besides, that some of the best old Funds were clogg'd with Mort­gages and Anticipations, and that some New ones had prov'd Deficient, there appear'd insuperable Difficulties in satis­fying Publick Debts: Removed by the Ministry and Parlia­ment.But the Wisdom and Skill of the Ministry, and the Ho­nesty of the Parliament, have surmount­ed all Obstacles.

The First Step they made, was, like able Physicians, to probe the Wound, and inform themselves of all the Circumstan­ces of the Evil they undertook to Cure.

Having, by this Means, come to a perfect Knowledge of the Debts of the Nation, and found that they amounted to about Nine Millions Sterling; which 'twas altogether impossible to discharge, whilst the War lasted, Provision made for the Payment of an Interest on all Publick Debit.They made, how­ever, Provision for the Payment of the Interest, at the Rate of Six per Cent. for ever, redeemable by Parliament: Which, considering the Goodness of the Securi­ty, and the Exemption of Publick Taxes, may, in Time, prove more advanta­geous to the respective Creditors, than [Page 5] the actual Payment of the Capital Sum.

Advantage allow'd to the Proprietors of those Debts, by Incorpora­ting them, to carry on a Trade to the South-Seas.Besides this Provision for the Interest at Six per Cent. of all the National Debts, the Parliament readily gave into a Pro­ject, formed with great Wisdom and Publick Spirit by the Prime Minister, for Incorporating the Proprietors of the said Debts to carry on a Trade to the South-Seas: Whereby a further Ad­vantage will, in all Probibility, accrue to the said Proprietors, and, through their Means, to the Whole Nation.

We have hi­therto made War for Ho­nour's sake.For we may here observe, That hi­therto we seem to have been Fighting, like Knight-Errants, for Honour's sake, and to redress Publick Grievances, with­out any Regard to our private Interest. Thus, instead of making a good Use, ei­ther of the Necessities and Streights of the House of Austria, or of the Misfor­tunes of the Common Enemy, as the Duke of Savoy, in the first Case, and the Dutch in the second, have wisely done, we have even neglected the Pur­suit of those advantageous Conditions on which we enter'd into the Grand Al­liance, viz. That we should remain Masters of such as we should possess our selves of in the West-Indies, during the Course of the War, to be undertaken for the Recovery of the Spanish Domini­ons.

[Page 6]On the other Hand, 'tis melancholy to reflect, That France, notwithstanding all the Difficulties she has struggled with, notwithstanding those repeated Disgraces that have attended her Arms, and given such terrible Shocks to her Power, has yet got a Handle to compass her main Design, viz. The Engrossing all the Wealth of the West-Indies: Which, if not prevented, will not only repair all her former Losses, but enable her to arrive at Universal Empire in Europe.

Settlements of the French in America.All the World knows, that upon Oc­casion of taking Possession of Old-Spain for King Philip, and other specious Pre­tences, the French took also Possession of great Part of New-Spain: Pretending to put it into a Posture of Defence; which, indeed, they have done but too well; having, in particular, built a strong Fort at Calo that secures the En­trance to the wealthy City of Lima; and they have improved this Possession to the infinite Advantage of France, in an open Trade to the Spanish West-Indies directly; a Thing they never attempted before.

At which the Spaniards were uneasie.The Spaniards could not without Jealousy and Uneasiness see the Increase of the French Trade and Power in Ame­rica: So that, at last, the Chamber of [Page 7] Commerce in Sevil, made earnest Applica­tion to King Philip to put a Stop to it. That Prince represented to his Grand-Father the absolute Necessity of yielding to the Importunities of the Spanish Mer­chants, back'd by the powerfull Sollici­tations of the Nobility; but the French King, who was resolv'd not to abandon the Trade to America, contented himself with causing it to be publickly declar'd in Spain, That his Subjects should be re­call'd from the Spanish West-Indies; and that the Trade thither should return to its old proper Channel; and, at the same Time, contrary to this Declaration, that Politick Monarch conniv'd at, if not directed, the sending of several Ships more than usual to the South-Seas, with Cannon, Mortars, Arms, Ammunition, Officers, Soldiers, and Ingeniers, to put the several Ports of Peru and Chili in a Posture of Defence; in order to keep Possession of them by Force, in Case the Spaniards should insist on the Re­moving the French from their Settle­ments on that Coast.

But succeeding Events prevented the further Importunities of the Spaniards on that Head; and rather favour'd the Designs of the Court of France, who made a very politick Use of King Philip's Misfortunes. For the Spanish Army [Page 8] being routed at Almenara, and, soon af­ter, totally defeated near Saragossa, up­on the Application the Grandees of Spain made to the French King for im­mediate Assistance, it was required from them, That they should give their solemn Consent to the new Treaty of Alliance, then agitating between the Two Crowns, whereby very advantage­ous Concessions were made to the French in the West-Indies: Which, through the desperate Condition of their Affairs, the Grandees were oblig'd to agree to. By this Treaty the French retain seve­ral Forts and Fortifications, and being planted over the whole Kingdom of Chili, they have, at this Time, several Ships of Force Trading in those Seas, which come Home with rich Cargoes, from at least 30000 to 200000 l. Ster. in Silver.

By this Means the French have laid a Foundation, not only to keep Old-Spain in a perpetual Dependance upon them; by depriving them of that Commerce in which their Riches and Subsistence mainly consist; but also, if not speedily prevented, to supplant all the rest of the World in the Beneficial Trade to Old and New-Spain; and to encrease the Wealth and Power of France, to such a Degree as (which I hinted before) in [Page 9] Process of Time, to put that ambitious Crown in a Condition to give Laws to Europe, and to revive her lately baffled Project of an Universal Monarchy. It is certain, at least, that as the Trade to the Spanish West-Indies is the present Support of our Enemies, so, consequent­ly, as long as they preserve that Trade, there's little Possibility of bringing this necessary, but expensive War, to a safe and honourable Conclusion.

The French must be remo­ved from the West-Indies.We may therefore lay down this Po­litical Axiom, or Maxim, that The French must be remov'd from their Settlements in the Spanish West-Indies, as the most effectual Means, both to procure a lasting Peace, and to settle the Grand Trade and Wealth of Europe on a due Ballance.

The Spaniards wish to do it, but can't; therefore we must under­take it.Tho' the Spaniards have it, undoub­tedly, in their wishes, yet 'tis beyond Dispute that they are not like ever to have it in their Power to drive the French out of South-America. And as, next to the Spaniards, we are the most concern'd in that Undertaking, so we ought to exert our utmost Power to accomplish it.

This was the main Design in Eresting the South-Sea Company.Upon this wise Consideration it was, that the Ministry and Parliament thought fit to incorporate the Proprietors of the Army-Debentures, Navy-Bills, Defici­ent-Tallies, and other Publick Debts, to [Page 10] carry on a Trade to the South-Seas: Which Corporation, when form'd and regulated, will have the largest Stock of any Trading-Company in the whole World; and therefore will be best able, with a Small Contribution of each Pro­prietor; the concurrent Assistance of the National Shipping and Land-Forces, and other Advantages that shall be Specified in their Charter, to dislodge the French from the Spanish West-Indies; or, at least, to make Settlements there; and carry on a Trade most benefical to the said Corpo­ration, and to the whole British Nation.

This Underta­king no new Project.It rather adds to, than derogates from the Honour and Praise due to the Great Genius who brought this Undertaking so near Execution, to observe, that the vast Advantages that will attend its Suc­cess, are so obvious, that a Project, not unlike this, was form'd above Fourscore Years ago; as appears by a remarkable Speech made by Sir Benjamin Rudyerd at a Committee of the Whole House of Commons, in the Parliament 21 Jac. 1. about a West-India-Association, which was to the Effect following:

[Page 14] The Project of a South-Sea Trade laid be­fore King William.About the Middle of King William's Reign, a Project of much the same Na­ture as this, was also laid before his Ma­jesty, who highly approv'd of it; and would have pursued it, had he not been diverted from it, either by the short and Self-Interested Views of some Persons about him, or by the Contradictions he met with in most of his Publick-Spirited Undertakings. However, being infor­med by Father Hennepin, who was in­troduc'd to his Majesty, and dedicated to him the Account of his Voyages and Travels in the West-Indies: That the French were, at that Time, endeavour­ing to lay a Foundation to engross the Trade thither, by Means of a Commu­nication between the River Canada, and that of Missisippi, which empties itself into the Gulf of Mexico; His Majesty, upon the Decease of the King of Spain, resolved to pursue the Scheme before-mention'd. In Order to that, Commo­dore Bembow was sent with a strong Squadron to the West-Indies, to both in­tercept the Spanish Galleons, and to coun­tenance some Attempts intended to be made on the Spanish Settlements in Ame­rica, and of which, History has preserv'd us the following Particulars. ‘ Annals of Q. Anne, Vol. 1. p. 204, 205.'About the Beginning of February 1702/3 Letters from Port-Royal in Jamai­ca [Page 15] brought the Melancholy News of the Death of that brave and experienc'd Sea-Officer, Rear Admiral Bembow, who, upon the 4th of December, Died of the Wound he receiv'd in his late Engage­ment with Monsieur Du Casse, &c. Successes of the English in America, in the Year 1702.These Letters added: Not long after his Death, Colonel Robert Daniel, arri­ving at Port-Royal from Carolina, brought an Account, that Collonel Moore, Go­vernour of that Plantation, march'd from Charles-Town in Carolina with 500 Men, in order to attack a Colony of the Spaniards about 300 Miles distant, call'd St. Augustine, near the Gulph of Florida; that he soon possess'd himself of the Town, the Inhabitants deserting it, and retiring with their best Effects into a Strong Castle, surrounded by a very deep and broad Moat, in which Place they had laid up Provisions enough to last them four Months, and that they defended themselves there very obstinately; so it being impossible to take this Castle by Storm, Colonel Moore had order'd it to be Block'd up; and sent Colonel Daniel to Port-Royal to borrow a Mortar and Stone-Shells to Bombard it, and doubted not but he should by that means soon force them to surrender. If this Expedition had succeeded, it would have greatly Con­tributed [Page 16] to the Security of Carolina, there being no other Place from whence they could afterwards be disturb'd, except a small Settlement which the French call the Palissadoes, about 200 Miles farther into the Country, to the Westward: But some French and Spa­nish Galleons being arriv'd at St. Au­gustine's Port, before the return of Colonel Daniel, Colonel Moore was obliged to raise the Blockade, and to re­turn to his Government by Land, after having Burnt the Ship in which he was come. The Same Letters brought advice, that Six or Eight Frigates of our small Privateers, attack'd a Place call'd Toulon, on the Continent, about 10 Leagues from Carthagena, which they Took, Plunder'd and Burnt. From thence they sail'd to Caledonia; went up the River Darien, and in Twelve Days March to the Gold Mines at Santa Cruz de Cana, near Santa Maria. The 9th Day of their March they fell with­in an Out-Guard of Ten Men, which the Spaniards had at some Distance from the Place, of whom they took Nine, but the other Escaping gave Notice at the Mines of their approach, whereupon the richest of the Inhabitants retir'd from thence with their Money and Jewels; however, our Party, which [Page 17] Consisted of about Four Hundred Men being come up, Took the Fort, and possess'd themselves of the Mine, where there remain'd 70 Negroes, whom they set to Work, and continued there 21 Days, in which time they got about 80 Pound weight of Gold Dust; they also found several Parcels of Plate, which the Inhabitants had buried at their leaving that Place. Our Men, at their Departure, burnt all the Town, except the Church, and return'd to their Sloops, bringing away the Negroes. Some went further up the River in their Sloops, having a Design upon another Gold Mine, call'd Chocoa, and two of the Sloops commanded by Captain Plowman, and Captain Grandy, sail'd toward Cuba, landed near Trinidado, and, with 150 Men, took the Town, burnt a great part of it, and brought off a very considerable Booty.'’

K. William's Project resu­med by Q. Anne.Not long after Her Majesty's happy Accession to the Throne, some Advances were made towards the Prosecution of King William's Project; The Lords pass an Act to encourage it.in Order to which, the Lords pass'd a Bill, entitled, An Act for the better Carrying on the present War by Sea and Land in the West-Indies, which the Commons read a second Time on the 17th of February 170 2/3, and committed the same to a [Page 18] Grand Committee; Which is lost.but two Days after, ( February 19th) upon a Debate arising about the Speaker's leaving the Chair to consider of the said Bill, the Debate was adjourn'd to the 29th of that Month; and the Parliament being prorogu'd the 27th, that Bill was lost. The Dutch forward in the intended Expedition.Nevertheless, the Court seem'd still resolv'd upon an Expedition to the West Indies, in Con­junction with the Dutch, under the Command of the Earl of Peterborow: And there's no Doubt to be made, that if that Resolute, and Pushing General, had carried our Victorious Forces, and his Good Fortune to the West-Indies, instead of going to Spain, the Enemy would long before now, have been obli­ged to submit to the Conditions of a safe and lasting Peace. But tho' the Dutch were very earnest and forward in this intended Expedition, having for that purpose. sent a Squadron, with 1800 Land-Men on Board, to Portsmouth, in the Beginning of the Spring of the Year 1703: Which, how­ever, is laid aside.Yet, either as 'twas repor­ted, upon a Disgust given to that Noble Peer, by refusing him several Neces­saries, or for some other Reasons, that Undertaking was then laid aside. The Design reviv'd, and brought to Perfection by the present Ministry.This Design lay dormant for about Eight Years, till the Scheme of it was New-Modell'd, and digested into better Con­sistency [Page 19] and Form, by the Present Mi­nistry, who did wisely Incorporate the Proprietors of Publick Debts, to carry it on.

Advantages resulting from a Settlement in the South-Seas.The Settlements which the British Corporation are allow'd to make in the South-Seas, both by the Treaty of the Grand-Alliance, and by Act of Parlia­ment, will certainly be attended with infinite Advantages:

• 1. The Trade of such Places as we shall Seize and Plant, will, by Degrees, encrease both within it self, and with others; and will open such a Vein of Riches, will return such Wealth, as, in few Years, will make us more than suf­ficient Amends for the vast Expences we have been at since the Revolution.
• 2. For it will occasion a great Con­sumption of our Woollen, Iron, and other Manufactures, as will be hereun­der specified.
• 3. Consequently it will find Work and Employment for Abundance of our Poor, and thereby ease the Parishes of that heavy Burden.
• 4. It will advance the Value of Land.
• 5. It will increase our Shipping, and the Number of our Sea Men, in both which the chief and natural Strength of this Nation consists.
• [Page 20]6. Our Settling in South-America may open a beneficial Trade for our Planta­tions in North-America, who want a Market for the Over-plus of those Pro­visions that grow in those Countries.
• 7. The South-Sea-Trade may greatly contribute towards the buoying up and supporting the sinking, and near expi­ring Royal- African-Company, by affor­ding it an Opportunity of Vending great Numbers of Negroes to the Spaniards, who, by a Contract with the Jamaicans, did formerly buy them at the Rate of 200 Pieces of Eight a-head. As an il­lustration of this, it may be observ'd, That the chief Motive that engag'd the French in the Attempt they made, some Years ago, upon the Islands of Nevis and St. Christopher's, was the Alluring Booty of the Negroes on those Plantations: The French King having borrow'd a great Sum from the Spaniards, upon Condition of Furnishing them with a certain Number of Negroes, which he could not have perform'd, but for the successful Invasion of the said Island.
• 8. In the Last Place, though it was not thought consistent with the Honour of the Nation to grant the Pirates of Madagascar a Pardon, yet since they have establish'd and form'd themselves into a kind of regular Government, it [Page 21] will not be more dishonourable for the South-Sea Company to trade with them, than it was for the People of Italy to hold a Commerce and friendly Corre­spondence with the First Founders of Old Rome, who were but a Company of Publick Robbers. It may, indeed, be alledg'd, That the South-Sea-Corpora­tion is not allow'd to trade in Mada­gascar, which would be an Incroachment on the East-India Company; but as the Act of Parliament only limits Places, and not Persons, so the South-Sea-Com­pany may, within the Limitations of the Act, carry on a very beneficial Com­merce with the Madagascarians, who drive themselves a considerable Trade in the South-Seas, either in a Friendly, or a Piratical Manner.

And here it may not be improper to subjoin the Account, which, in the Year 1703, was given of the Pirates of Mada­gascar, which was as follows:

Thus far the Account of the Madagascarians given in 1703.

Upon the whole Matter, the real Ad­vantages of this Trade, will, with God's Blessing, abundantly answer the Charge and Expectation both of the private Ad­venturers, and of the whole Nation.

• [Page 24]ALL sorts of Woollen Cloth.
• Colchester Bays, White and Died.
• Flannels.
• All sorts of Serges.
• All sorts of Druggets.
• Shalloons.
• Says.
• Cottons.
• Norwich Stuffs, and Worsted Stuffs made at other Places.
• Stuffs mix'd with Silk.
• Worsted Crapes.
• Silk Crapes.
• Silks of all kinds.
• Velvets.
• Silk Handkerchiefs.
• Worsted Hose.
• Silk Hose for Men and Women.
• Thread Hose for Men and Women.
• Hats, Beavers, and Carolins.
• Flanders and English Lace.
• Silver and Gold Thread.
• Sowing Silk of all Colours.
• Linnens of all kinds, from the Coursest to the Finest.
• The Vermillions, and Cotton-Goods of Lancashire.
• [Page 25] Callicoes, and the Goods of India.
• All sorts of Iron-Ware, necessary in Buil­ding, and Country Affairs.
• All sorts of Houshold Goods that are made of Iron.
• Stilliards.
• Scales and Weights for Gold and Silver.
• Sheeres for cutting Gold and Silver.
• Tools of all kinds for Carpenters, Joyners, Smiths, &c.
• Arms.
• Clocks.
• Watches.
• Toys, and other Curiosities of Iron and Steel.
• Glass Ware of all sorts.
• Round Coral for Necklaces and Beads.
• Paper.
• Sealing-Wax.
• White-Wax for Tapers.
• Castle-Soap.
• Pepper.
• Cinnamon.
• Cloves.
• Mace.
• Nutmegs.
• Cheese.
• Pickles, and Sawce.
• Oils.

Objections rais'd against the South-Sea Trade.But tho' common Benefit was the on­ly View of those that form'd this Pro­ject: [Page 26] Tho' the Undertaking be Noble, Great, and Advantageous, yet such is the Perversness of Humane Nature; so prone are the Generality of Men to Censure, and find Fault, that 'tis no Wonder this Publick-Spirited Design has met with Contradiction and Opposition; either from a Jealousie and Uneasiness of Tem­per, almost inseparable from Money'd-Men, or from the Particular Disgusts of some Persons, who, like Waspish and Sullen Patients, reject the most Whole­some Physick, because they are not pleas'd with the Hand that administers it.

First Objecti­on.In the first Place, it is objected, That, considering what strong Footing the French have got in the Spanish West-Indies, the Attempt to remove them from thence is like to be attended with insu­parable Difficulties; the rather, because they are in Conjunction with the Spani­ards, both at Land and Sea: And sup­posing we could get some Settlement in the Continent of South-America, yet while the War lasts, we could Trade with no more of the Country than we possess, unless it be clandestinely; and after the Peace we must expect to have less Trade; whereas the French have an open unin­terrupted Commerce with the whole Country.

[Page 27] Answer to the First Branch of it.As to the first Branch of this Objecti­on, I answer, That the Necessity of dri­ving the French out of the Spanish West-Indies being once laid down as a Funda­mental Maxim, no Difficulties whatso­over ought to deterr us from the Under­taking; whereas, on the contrary, the infinite Advantage and Benefit that will attend the Success of the Attempt, ought to be a powerful Incentive to it. We have, in the Course of this War, with our Shipping, and a Handful of Land-Men, compass'd Things of far greater Difficulty; such as the Taking of Barce­lona, Gibraltar, and Port-Mahon: And to bring in a fresher Instance, did not Colonel Nicholson, with inconsiderable Forces, make himself Master of Port-Royal in Nova Scotia; which, we may well suppose, was in a better Posture of Defence than several Places in South-America, in which the French are but newly settled.

Besides, can any Man of common Sense entertain so mean an Opinion of those who made this Project, and have thereby justly merited publick Acknow­ledgments and Rewards, as to think that they did not foresee, and provide against all Difficulties that might attend it? There's no Doubt to be made, but the Ministry have had all the Lights and [Page 28] Informations necessary to carry on so great an Undertaking with Probability of Success: But the Scheme they have framed, with the Assistance of several Persons, who are perfectly well acquain­ted with those Countries, is, and ought to remain an absolute Secret, till all Things be ready for Execution; other­wise the Enemy might take such Mea­sures and Precautions as might render the Design abortive.

Answer to the second Branch of the First Objection.To the Second Part of the First Ob­jection I answer, That by a Trade to the South-Seas, it is not to be understood, that we shall take Possession of some Ports or Places on the West-side of South-America, which being to be al­low'd as our Acquisitions, pursuant to the Treaty of the Grand-Alliance be­fore-mention'd, We shall possess the same after the Peace is made; and that, from these Places, we shall carry on a Free Trade with the Spaniards and Natives of America, throughout the rest of their Plantations, as the French do now. To be sure, to expect such a Free Trade would be a fond Conceit: For, as du­ring the War, the French, in Conjun­ction with the Spaniards, will certainly endeavour to prevent it; so, after the Peace, Old-Spain will not easily consent to it. The same Reasons that induc'd [Page 29] them, notwithstanding their inbred An­tipathy to the French, rather to call the Duke of Anjou to the Throne, than to suffer a Partition of their Monarchy, will, undoubtedly, incline them not to acquiesce in a Partition of their Direct American Trade, which, as was hinted before, is the main spring of their Riches, and would, in Effect, be the same with a Partition of their Dominions.

But the Trade intended to be carried on by the British Corporation to the South-Seas, will be so far from being Prejudicial to the Spaniards, that as we may, with God's Blessing, during the War, deliver them from the intruding French, of whom (as I hinted before) they wish themselves to be rid: So, in Time of Peace, our Settlements in the South-Seas will rather be an Advantage than a Detriment to Old-Spain. This Position may, at first Blush, look like a Paradox: But as 'tis most certain, That there's room enough on the Western-Coast of South-America for us to plant and establish a flourishing Trade in, without invading the Property, or inju­ring the Original Commerce of the Spa­niards; so, on the other Hand, we may assist them in carrying on the said Trade, by supplying them with what they stand most in need of, for that Purpose, [Page 30] viz. Negroes; which we may easily do, with no finall Advantage to our selves; as was before mentioned. By this it appears, That the Spaniards have no Reason to be [...]'d, but rather to re­joyce at, and favour our Undertaking: Since the Old Treaty of Commerce be­tween England and Spain, of which the exclusive Article was with Respect to New-Spain, may yet, with Exception only to such Places as we may possess our selves of, during the War, remain entire, after the Peace, notwithstanding our South Sea-Trade.

And here we may cursorily take No­tice, That besides the Concessions made to us by the Treaty of the Grand Al­liance, of such Places as we shall pos­sess in the Spanish Dominions in Ame­rica, Our Title to California.we have also a Right to the great Island of California, as having been first Discover'd by our Country-Man Sir Francis Drake: A Title of equal Va­lidity with any Pretensions of other European Princes, or States, to any Part of the West or East-Indies. And that Island lying to the North-West of Mexico, may be of great Advantage to us, towards the carrying on, and im­provement of the South-Sea Trade.

2d Objection.In the Second Place, The vast Di­stance [Page 31] between England and the South-Seas, is alledg'd as a great Obstacle to the Success of this Undertaking: Answer'd.But this Objection will appear to be of no Weight, if we consider, That, by the Be­nefit of our Ports in Ireland, we are, as to that Particular, upon a Level with the French; and, in several other Re­spects, we have great Advantages over them, as in the Strength of Shipping; Number of Sea-Men; Ports on the Coast of Africa, and in our American Plantations, particularly in Jamaica, &c.

3d Objection:A Third Outery has, by some ill de­signing People, been rais'd against this Project, as if the Parliament intended to pay all National Debts, with the floating Expectations of a precarious South-Sea Trade: Confuted. Than which nothing can be more maliciously, or more falsly suggested. For the Parliament has provided an In­terest of Six per Cent, which will be punctually paid, till the Nation be in a Condition to redeem the same, by pay­ing off the Capital Sum; And the South-Sea Corporation, as was hinted before, was erected only as an Additional Ad­vantage, both to the Proprietors of the said Debts; and, through their Means, to the whole Nation.

[Page 32] 4th Objection.But the loudest, most popular, and, indeed, most plausible Clamour against this Undertaking, is the Cumpulsion put upon the Proprietors of Publick Debts to subscribe thier Tallies, Debentures, Bills, &c. into this New Company: As if the whole Debt was to be the Stock in Trade; and this Stock was to be em­ploy'd towards the Dislodging the French out of the Spanish West-Indies, &c.

First Part of it answer'd.As to the First Part of this Objection, I answer, That, between Man and Man, to force a free Debtor to take an Interest for his Debt, and not receive the Princi­pal according to Contract, is certainly ve­ry hard and unjust: But the Case is vast­ly different between a Private Man and a Nation; for the first may fail, and prove insolvent; the latter never can. It is too visible that the Publick Debts, were too Great to be paid off in any Number of Years, while the Burden of an expensive War lies heavy upon the Nation; and therefore, all that an Ho­nest Parliament and Wise Ministry could do, was to secure those Debts, by ascer­taining them, and putting them into one Lump, and by allowing an Interest of Six per Cent; that is, as large an Interest as was ever allow'd by Parliament, (except upon extraordinary Emergencies) and [Page 33] One per Cent. more than some of those Debts, viz. the Army and Transport-De­bentures, had before. So far the Justice and Honour of the Nation are clear and unblemish'd.

On the other Hand, the Parliament and Ministry, upon a Contemplation of the absolute Necessity of Removing the French out of South-America, in Order to attain a Safe, Honourable, and Lasting Peace; and of the other great Advan­tages (before-mention'd) that will result from a South-Sea Trade, resolv'd to erect a Company for that Purpose; and thereupon incorporated the Proprietors of the Publick Debts, who, by reason of their large Stock, are, certainly, the most able to carry on this Undertaking with Probability of Success. Now, if ever Compulsion can be justify'd, (and no Government can subsist without it) it is certainly in a Case not only of Necessity, but Visible Benefit. The Forcing there­fore the Proprietors of Publick Debts, that is, a Multitude of Persons of different Humours, Interests, and Views, to agree and meet in one Common Center, viz. the Publick Good, and their own Pri­vate Advantage, is certainly a very happy and commendable Violence. Not but that such a Compulsion may occasion Incon­veniences to several particular Persons: [Page 34] But as Salus Populi Suprema Lex, so Private, ought to yield to Publick Consi­derations.

2d. Branch of the Fourth Objection an­swer'd.The Second Branch of the Fourth Objection is grounded either upon a Mistake, or a false Suggestion: For the South-Sea Company is not to make War, and endeavour to dislodge the French out of the Spanish West-Indies, at their own Sole Cost and Expence; but only with the Assistance of the National-Navy, and Land-Forces, as will be Specified in their Charter.

5th Objection.From the Fourth there arises a Fifth Objection, viz. That the Call for the Fishery being limited to Twenty Shil­lings upon every Hundred Pound, and the Calls for the South-Sea Trade left Un­stinted and Discretionary, the Proprietors of the Publick Debts are justly appre­hensive, that great Sums of Money will be call'd in, for carrying on the said Undertaking, which has hitherto kept many of the said Proprietors from Subscribing.

Answer'd.To this I answer, First, That the Company shall be at no further Charge, than shall be thought necessary for their own Benefit and Advantage.

[Page 35]Secondly, That their Capital-Stock be­ing near Ten Millions Sterling, a Call of Five Pound upon very Hundred Pound will raise near 500000 l. a Sum much greater than the Capital Joint-Stock with which the French King, his Grand-Son, and the Subjects of the Two respective Crowns, undertook and have Settled the Trade to the South-Sea, and which was only of Six Millions of French Livers, that is about 400000 l. Sterling.

Thirdly, That, according to Her Ma­jesty's Charter, all the several Calls towards the South-Sea Trade are not to exceed Ten Pound upon every Hundred Pound.

Fourthly, And in the last Place, That the Company being under the Conduct and Management of a Governor and Di­rectors, who shall have the largest Share in the Adventure, and consequently be most concern'd in the Prosperity of the Whole; there's no Doubt to be made that, if after such Tryals as are Neces­sary to be made in all great and difficult Undertakings, they find that the South-Sea Trade will turn to no Account, they will fairly throw it up; and sit down contented with an Interest of Six per Cent. for their Capital-Stock, till [Page 36] the Parliament is in a Condition, and thinks fit to redeem it: For the Compa­ny is only empower'd, and not compell'd to trade, exclusive of all others, to the South-Seas; which is so far from being a Hardship, that it really is, as it was meant, a distinguishing Favour.

False Report about the Subscription.And here we may take Notice of a false Report, broach'd either through Mistake, or a Sinister Design, viz. That a Fourth Part of the Subscription into this Company was to be made in ready Money; which, being inserted in one of the Publick Foreign Prints of the best Credit, has undoubtedly hindred ma­ny Foreigners, who are Proprietors of Army-Debentures, or other Publick Debts, from Subscribing.

Notwithstan­ding all Dif­ficulties Four Millions were subscrib'd in Three WeeksBut notwithstanding these false Re­ports, and Surmizes; notwithstanding the malicious Endeavours, and discou­raging Suggestions of some disgusted, on ill-designing Persons; notwithstanding all the great Trouble that has, unavoi­dably, attended the Subscription; such as the Examining the Title, and casting up the broken Sums of every particular Bill, and Debenture, and other Diffi­culties, yet 'tis very remarkable, That in the few Days the Books were open, which did not exceed Three Weeks, near Four Millions were Subscrib'd. [Page 37] Two Millions more ready to be subscrib'd.To this if we add above Two Milli­ons, that are to be Subscrib'd for the Use of the Publick; but which can­not be done till the Accounts of the several Offices are made up, it may be computed, that above Six Millions are as good as Subscrib'd; and the greatest Part of the Three Millions and a Half remaining would have also come in, had it not been for the Uncertainty of the Time, when the Transferr-Books will be open'd, which cannot be before the CHARTER of this Corporation has pass'd the Seals; and the Remote­ness from Great Britain of several Pro­prietors of the Publick Debts, who could not have Time to send Orders to their Correspondents, while the Subscription-Books were open'd: This great Undertaking brought so near Perfecti­on, one of the Wonders of this glorious Reign.So that, the Bringing so great an Un­dertaking so near Perfection, in so short a Time, may well be reckon'd among the Wonders of Her Majesty's glorious Reign.

To conclude, Some Doubts that have arisen, about some Clauses in the Act of Parliament, for the erecting the South-Sea Corporation, have fill'd the Minds of some of the Proprietors of the Publick Debts with ill-grounded jealousies; which may also have put some stop to the Subscription. But, as [Page 38] 'tis next to impossible. That an Act of so vast Magnitude; so comprehensive of Publick Ends and Private Details, the Framing of which seem'd to re­quire whole Years; and which, never­theless, was necessarily to be perfected in few Days, should be altogether without Flaws: Any Defects in the Act of Parliament will be recti­fy'd.So any Defects that may appear to be in it, will be rectify'd, pursuant to the Intent of the said Act.