chairman of the grand committee, Mr. Walpole was altogether frivolous and groundless: that put up Mr. Edgcombe in opposition to him; and as it was the result of party pique and malice, the former doubting their strength, chose so it had no other view than to blacken and rather to yield, than to run the hazard of a dis-asperse a person whose greatest crime was, appointment; so that Mr. Edgcombe was ac- that he had real bright qualities, that drowned cordingly placed in the chair. This done, the the tinsel merit of others. That this enquiry Clerk proceeded to the reading of the Papers, was of the same nature with those that had that had been laid before the House, relating to formerly been set on foot against the duke of the transportation of the Dutch forces, after Marlborough, the lord Townshend, and an hothe reading of which, nourable member of that House; and be hoped, would have the same end. That it looked very strange, that the persons who now appeared the hottest in this enquiry, should have been silent about these pretended frauds while they were in place: but that it was still more surprising to hear them exclaim, with so much rancour and bitterness, against a noble

Mr. Pulteney made a speech, wherein he shewed, That there had been great sums of money embezzled in this Expedition; that he could not fix the fraud upon any body; but that it plainly appeared, that the sum of upwards of 2,000l. was twice charged for the same service, viz. for transporting the Dutch Forces into Great Britain. This was answer-lord, of whom they had been heard to say,

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differ from the Proposal laid before this honourable House by the said governor and company, on the 17th of this month; do consent to the several Alterations; except,

"That, in consideration of their past services; the many difficulties they have struggled with, in supporting public credit; their chearful concurrence in redeeming their own funds; and their assistance in discharging other debts of the nation;

"They do humbly insist, That they may have as long a term of time allowed them for the future redemption of their funds, as shall be granted to any other corporation this session of parliament:

"By order of the governor and company of the Bank of England, Jo. INCE, Secretary."

Resolutions respecting the Proposals of the South Sea Company and the Bank of England.] June 6. Mr. Farrer reported from the Committee of the whole House on the Supply, the Resolutions of the said Committee, which were as follow:

"1. That the present annual sums of 600,000l. and 8,000l. payable to the South Sea Company, be continued to them, for and in respect of their capital stock of ten millions, until the 24th day of June, 1718, inclusive.

“ 2. That, from and after the said 24th day of June, 1718, there be payable to the said company, by weekly payments, an annual sum of 500,000l.; being after the rate of five pounds per cent. per annum, for the said ten millions; together with their present allowance of 8,000l. per annum, to be continued until redeemed by parliament.

"And that the Annuities, to be established for paying off the Lotteries, and other redeemable funds, may be made transferable, and payable, in the Bank; which service the said governor and company are willing to undertake, without any charge to the public, other than salary for clerks, and fees in passing the accounts: and that all such privileges and "3. That the present duties and revenues, clauses, as shall be thought necessary and rea- chargeable with the payment of the present sonable, to enable the Bank to perform the re- annual sums of 600,000l. and 8,000l. shall be spective services proposed, be inserted in the continued, and made the fund for, and chargeBill to pass on this occasion; and that no fur-able with the payment of, the said annuities of ther duties or taxes may be laid on their present or increased stock; nor on any transfer of the same; nor on any bonds or bills to be issued by the Bank for support of their credit. "Signed, by order of the governor and company of the Bank of England,

Jo. INCE, Secretary."

"To the honourable the Commons of 'Great

Britain in Parliament assembled. "Whereas the governor and company of the Bank of England did, by a Proposal delivered to this honourable House, in a Committee on Ways and Means, the 31st of May last, amongst other things, insist to have as long a term of time allowed them for the future redemption of their funds, as should be granted to any other corporation this session of parliament:

"The said governor and company, having taken the said paragraph in their said Proposal into further consideration, do submit themselves, in that particular, to the Resolutions of the honourable Committee, of the 24th of May last: but they humbly insist,

"That the Annuities, to be established for paying off the Lotteries, and other redeemable funds, may be made transferable, and payable, in the Bank; which service the said governor and company are willing to undertake, without any charge to the public, other than salary for clerks, and fees in passing the accounts:

"And that all such privileges and clauses, as shall be thought necessary and reasonable to enable the Bank to perform the respective services proposed, be inserted in the Bill to pass on this occasion; and that no further duties or taxes may be laid on their present or encreased stock; nor on any transfer of the same; nor on any bonds or bills to be issued by the Bank, for support of their credit.

500,000l. and 8,000l. as the same shall become due and payable to the company; and with all arrears thereof incurred, and to be incurred; and that the surplus of all the duties and revenues, after such payment to the company, as aforesaid, shall attend the further disposition of parliament.

"4. That the said annual sums of 500,000l. and 8,000l. be made redeemable by parlia ment, upon a year's notice to be given by au thority of parliament, on any of the four usual feast days in the year after the 24th day of June, 1723; and upon payment to the said company of the said sum of ten millions, and all arrears of the said annual sum of 500,000l. and 8,000l.

"5. That all transfers of the said Company's stock shall be free and exempt from any further duties than the transfers are at present subject to by parliament; and that their capital, and stock in trade, be exempt from all taxes and impositions whatsoever.

6. That the said Company be obliged to advance such further sums, not exceeding two millions, as the Commissioners of the Treasury shall call for, at any time or times before the 24th of December, 1717, at an interest not exceeding 51. per cent. per annum, redeemable by parliament; and that the monies so called for, if any, be applied for or towards redemption of the principal and interest charged on the four Lottery-Acts of 1711 and 1712; and of the annuities of 31. per cent. per annum, charged on the hereditary excise; and that the said rate of 51. per cent. per annum, to be paid to the said Company for the further sums so to be advanced, be secured as well upon the surplus of the said duties and revenues to arise over and above the said annuities, payable for the said ten millions; as also upon the

duties and revenues to be redeemed with the said sums, not exceeding two millions, to be further advanced, as aforesaid.

"7. That the annual fund of 106,501l. 13s. 5d. per annum, payable to the governor and company of the Bank of England, out of the duties on Houses, shall be continued to them to the 24th of June 1718.

"8. That an annuity of 88,751l. 7s. 10 d. being after the rate of 51. per cent. per annum. on the principal sum of 1,775,027l. 17s. 10 d. due to the governor and company of the Bank of England, in lieu of their present annuity of 106,501/. 13s. 5d. per annum, out of the duties on houses, be secured to the said company, from the 24th of June 1718; redeemable by parliament, on 12 months notice after the said 24th of June 1718.

"9. That the present allowances to the said governor and company of the Bank of England, payable to them for circulating, and exchanging for ready money, the principal sum of 4.561,0251. be continued to them until the 25th of December 1717.

"10. That an annuity of 100,000l. being after the rate of 51. per cent. per annum on the sum of 200,000/, be secured to the said governor and company of the Bank of England, in consideration of their undertaking to deliver up as many of the present Exchequer Bills as shall amount to the sum of 2,000,000l. to be cancelled; and that the same annuity of 100,000l. do commence from the 25th of December 1717, redeemable by parliament, on 12 months notice, after the said 25th of December 1717, and payment of tlie said 2,000,000l. and all arrears of the said annuity attending the same.

the Aggregate Fund, be settled to answer all the said payments to the said governor and company of the Bank of England, with pre| ference to all others.

"15. That the Annuities to be established for paying off the four Lotteries of 1711 and 1712, and the Bankers Debt, be made transferrable, and payable at the Bank.

"16. That the duty of 6d. on 40 ells of British linen exported be taken off.

“17. That the duties upon Linseed imported into this kingdom be taken off.”

The first six of the said Resolutions, relating to the South Sea company, were postponed, and the rest of the said Resolutions were agreed unto by the House. After which it was ordered, That it be an instruction to the gentlemen who are ordered to bring in a Bill or Bills upon the Resolutions reported from the committee of the whole House, to whom it was referred to consider of the State of the Nation, in relation to the National Debt, which were agreed to by the House on the 23d of March last, that they do bring m a Bill or Bills pursuant to the Resolutions this day reported from the Committee of Ways and Means, and agreed unto by the House; and that Mr. Chancellor of the Exchequer, Mr. Wallop, Mr. Baily, Mr. Micklethwaite, and Mr Lechmere be added to the gentlemen appointed to bring in the said bill or bills.-Then a motion being made, and the question being put, that the further consideration of the said postponed Resolutions be adjourned, it passed in the nere-gative: And thereupon the House resumed the consideration of the postponed Resolutions, and they were agreed unto by the House. After this it was ordered, That it be an instruction to the gentlemen who were ordered to bring in a bill or bills upon the said Resolutions of the 23d of March, and the Resolutions reported from the Committee of Ways and Means, and (as before mentioned) agreed unto by the House this day, that they do bring in a bill upon the said six Resolutions, relating to the South Sea company, which were postponed, and are since agreed unto. Also ordered, That it be an instruction to the gentlemen who are to bring in the said bill, that they do therein provide, that after the 24th of June, 1723, the principal money due to the South Sea company shall be redeemable by payments of not less than 1,000,000l. at a time.*

"11. That for undertaking to circulate, and exchange for ready money, at demand, the remainder, computed to amount to 2,561,0257. or thereabouts, of the said present Exchequer Bills, the allowance of 31. per cent. per annum be continued and secured, to the said governor and company of the Bank of England; and that the interest, now payable on the said remaining bills, be reduced to one penný per cent. per diem, from and after the 25th of December 1717; and that such interest, running on any of the same bills, during the time they shall lie in the exchequer, or in the hands of any public officers, be saved to the public: and that the said exchequer bills, so to be circulated and exchanged, be redeemable, upon a year's notice, after the 29th of September

1717.

12. That no more exchequer bills, or bills of the like nature, be issued, without consent of the Bank, until such redemption be made. "13. That the said governor and company of the Bank of England be obliged to advance to the public such further sums, not exceeding 2,500,000l. as the commissioners of the treasury, or high treasurer, for the time being, shall call for, at any time or times, before the 25th of March 1718, at an interest of 5l, per cent. per annum, redeemable by parliament.

14. That the House money, and duties of

* "The Proposals of the Bank and South Sea being agreed to, three Bills were brought in, upon the Resolutions that had been made, in relation to the Public Debts, and all three passed into laws; namely, the General Fund Act, the Bank Act, and the South Sea Act.

"The General Fund Act recites the several acts of parliament for establishing the four Lotteries of the 9th and 10th years of queen Anne, the terms of years for which those revenues were granted, and states the annual produce of the several funds: namely, 135,000l. 186,670%. 168,003/. 168,003/. which, together with the

June 7. The Lords took into consideration | be continued to him; and that sir Robert the petition of the earl of Oxford, presented Raymond, knight, and Mr. Reeves might be the day before, praying, "That the counsel added to them." But several lords having formerly allowed him by their lordships, might represented, that this last demand was irre banker's debt, 39,855l. 15s. 7d. 1-5th, and day for interest. The Bank is then required to another small sum of about 27,317. 11s. 3d. advance a sum not exceeding 2,500,000l. toamounting in all to 724,849l. 6s. 10d. 1-5th, wards discharging the national debts, if wanted, which is the General Fund, the deficiency and to have 51. per cent. for as much as they whereof is to be made good annually, out of advance, redeemable by parliament. the first aids granted by parliament. And to the end that a sure and sufficient security may be settled for the regular payment of all such annuities, as shall be payable by this act; all the duties and the revenues, mentioned therein, shall continue for ever. With a proviso, that the revenues, by this act made perpetual, shall be subject to redemption. Proprietors, who are willing to accept 51. per cent. redeemable annuities, in lieu of their Lottery orders, shall signify their option by subscribing. And such, as are willing to receive their principal and interest in ready money, shall likewise declare their option in writing.

"Pursuant to these acts, the Bank, which was in possession of receipts out of the Exchequer, amounting to 435,063l. 16s. Od. † per annum accept voluntarily of three annuities, amounting to about 304,5317. 18. 3d. 4, whereby the saving to the public was 130,532l. 14s. 1d. per year.

"As for the South Sea Act, the original stock of the South Sea was 9,471,3257. but, as the funds granted were sufficient to answer the interest of 10,000,000l. at 61. per cent. in the year 1716, the South Sea Company advanced to the government 528,6751. which completes the sum of 10,000,000l. for which they received an interest or annuity of 600,000l. and likewise 8,000l. a year for management. Now by this act the governor and company declare, they are willing to accept an annuity of 500,000l. in lieu of the 600,000l. with 8,000l. a year for management. The company are to continue a corporation till their annuity is redeemed, towards "As for the Bank Act, it must be observed, which no less than a million is to be paid at a the Bank, at that time, as proprietors of re- time. The company is also required to advance deemable debts, were intitled to an annuity of a suin not exceeding two millions, towards dis106,501. 13s. 5d. per annum, in lieu of Ex-charging the principal and interest due on the chequer Bills formerly cancelled, amounting to four Lottery funds, of the 9th and 10th years of 1,775,027l. 17s. 10d. And the Exchequer bills queen Anne. standing out, on the 22d of March 1716, are stated at 4,561,0251. over and above the charge of circulation which was then due to the Bank. The Bank, by virtue of their contracts for circulating and exchanging these bills for ready money, were intitled to 31. per cent. for all these bills, and the bills carried an interest of 2d. a day, which together made 61. per cent. or the whole sum of 4,561,025l. of Exchequer bills. There was also granted, on the change of queen Anne's ministry, the sums of 45,000l. and 8,000l. a year, which make together 71. 4s. Od. per cent. upon all the Exchequer bills. The annuity payable to the Bank for the cancelled Exchequer bills, together with the whole charge to the public for circulating the Exchequer bills then standing, amounted to above 435,000l. a year. In these circumstances, the Bank Act says, The governor and company of the Bank are willing to accept one annuity of 88,7517. 78. 10d., being after the rate of 51. per cent. per annum, or the principal of 1,775,0277. 17s.-10d. 4. in lieu of the present annuity or sum of 100,501. 13s. 5d. per aun. In the same manner the act goes on, and declares the Bank willing to discharge, and deliver up to be cancelled, as many Exchequer bills as amount to two millions, and to accept of an annuity of 100,000l. being after the rate of 51. per cent. redeemable after one year's notice, to circulate the remaining Exchequer bills at 31. per cent. and 1d. a day, the former allowances to be continued to Christmas 1717; and, after that, the Bank to have, for circulating the 2,561,0251. remaining Exchequer bills, an annuity of 76,8301. 158. at the rate of 37 per cent. till redeemed, over and above the 1d. per

"The proprietors of the Lottery Orders, amounting to above nine millions, subscribed their orders at the Bank, and accepted bank annuities in lieu of the same.

"Thus though the Bank and South Sea had agreed to advance 4,500,000l. towards the payment of those that should demand ready money, not one farthing was ever demanded in money, except very small sums, amounting in the whole to 471/.4s. All the annuities, that were settled by virtue of these three acts, were Redeemable Perpetuities, granted at the rate of 57. per cent. per ann. upon a principal of about 25,869,2477. the amount of the national Debt at that time redeemed or reduced.

"In the General Fund Act is the clause that establishes the Sinking Fund, as the reduction of the interest to 5. per cent. would make a surplus or excess upon the appropriated funds, the act declares, That all the monies arising from time to time, as well for the surplus by virtue of the acts for redeeming the funds of the Bank and of the South Sea company, as also for the surplus of the duties and revenues by this act appropriated to make good the General Fund, and the overplus monies of the General Fund, shall be appropriated and employed for the discharging the principal and interest of such national debts as were incurred before the 25th of December, 1716, in such manner as

4

gular, the same was rejected. The duke of prosecution of the said Impeachment having Buckingham said, however, on this occasion, been interrupted for so many months by the in"That as the whole peerage was concerned intervention of many weighty and urgent affairs, a prosecution of this nature, he would readily which more nearly and immediately concerned give his vote for granting the earl of Oxford's the welfare, defence, and security of the kingrequest, if he thought it of any use to him; dom; it was become absolutely necessary for but that, in his opinion, all those who had im- those who should be appointed to manage the peached him of high-treason were, by this said Impeachment, to review, and carefully time ashamed of it; except, perhaps, one peruse all the treaties, records, letters, and single person, who could be ashamed of no- other papers, proper and necessary for supportthing." ing this prosecution; which being very voluminous, it would be impossible within the time appointed for the Trial, to adjust and apply the proper evidence to the several Articles.