same side, run over the king's Speech from the throne, and said, He was glad they were told, that the peace in the South only wanted the form of a Congress, which gave him hopes, that the difficulties started by Spain, in relation to Gibraltar, were, at last, surmounted, and that we were like to preserve that important conquest of the preceding war, together with Port Mahon, which would make us some amends for the great expence of blood and treasure we had lately been at, to conquer Sicily for the House of Austria. And speaking of the South Sea calamity, he said, That before they considered of the proper remedies, they ought to enquire into the cause and nature of the distemper: that it is with the body politic, as with the body natural; and therefore they ought to imitate skilful surgeons, who, in order to cure a wound, begin with probing it, and, when they find it necessary, make incisions and scarifications to get the venomous core out of it, before they apply healing plaisters; and that they who follow a contrary method are but mere empirics, who, by using palliatives, make the sore rankle and fester, and endanger the life of the patient. He owned it had been by some suggested, that there was no law to punish the Directors of the South Sea Company, who were justly looked upon as the immediate authors of the present misfortunes: but that, in his opinion, they ought, on this occasion, to follow the example of the ancient Romans, who having no law against parricide, because their legislators supposed no son could be so unnaturally wicked, as to embrue his hands in his father's blood, made one to punish so heinous a crime; as soon as it happened to be committed; and adjudged the guilty wretch to be thrown alive, sewed up in a sack, into the Tyber. Concluding, That as he looked upon the contrivers and executers of the villainous South Sea Scheme, as the parricides of their country, he should be satisfied to see them undergo the same punishment. Sir Joseph Jekyll said, That as he doubted not but among the South Sea Directors some might be innocent, and others criminal; so he was of opinion, there were those, who were not Directors, no less, if not more criminal, than the Directors themselves; and who therefore deserved an equal, if not a severer punishment. Adding, That upon extraordinary emergencies, where the laws are deficient, the legislative authority may and ought to exert itself; and he hoped a British parlialiament would never want a vindictive power to punish national crimes. Mr. Grey Neville, Mr. Pitt, and some other sion, notwithstanding the eccentricity of his principles, he could not but be acceptable, for his abilities and influence, to George the First, by whom he was made a privy counsellor, and created a peer of Ireland in 1716. He died 22d May 1725, at his seat near Dublin." Lempriere. members, spoke also for the clause offered by Mr. Shippen: but, on the other hand, it was represented by Mr. Craggs, Mr. Philip Yorke, and Mr. Robert Walpole, That such a restriction did but ill suit with an Address of Thanks; which, in their opinion, ought to run in the usual form, and answer, in general terms, the several heads of the Speech from the throne: that as to the main drift of that clause, they thought it inconsistent with the rules of prudence, to begin this session with irritating inquiries: that if the city of London were on fire, they did not doubt but all wise men would be for extinguishing the flames, and preventing the spreading of the conflagration, before they inquired into the incendiaries: that in like manner, Public Credit having received a most dangerous wound, and being still in a bleeding condition, they ought to apply a speedy remedy to it; and that afterwards they might inquire into the cause of the present calamity. Mr. Walpole declared, That he had never approved the South Sea Scheme, and was sensible it had done a great deal of mischief: but since it could not be undone, he thought it the duty of all good men to give their helping hand towards retrieving it: and that with this view, he had already bestowed some thoughts on a Proposal to restore Public Credit, which, at a proper time, he would submit to the wisdom of that House. Hereupon, the question being put for inserting the clause before-mentioned, it passed in the negative, by 261 against 103. Thanks, a motion being made by Mr. Milner, Dec. 9. Upon the Report of the Address of member for Minehead, for inserting the words, Misfortunes,' and seconded by sir Joseph And for punishing the Authors of our preseat Jekyll, the same was carried without dividing. The Commons' Address of Thanks.] Dec. 10. The Commons, with their Speaker, waited on his Majesty with the abovementioned Address, which is as follows: "Most Gracious Sovereign, "We your majesty's most dutiful and loyal subjects, the Commons of Great Britain in parliament assembled, beg leave to return your majesty our most dutiful and hearty Thanks for your most gracious Speech from the throne. "We can never sufficiently express our gratitude to your majesty, for your constant care of the true interest of your subjects, nor the satisfaction of your faithful Commons, in seeing that the just influence of your majesty's councils abroad, has procured so near a pros pect of a general peace throughout Europe: which is a fresh instance to them, that your majesty places your greatness only in the prosperity and happiness of your people. "If any thing could more effectually endear your majesty to us than the mildness of your government, it would be that tender and affectionate concern you express for the present misfortunes of your people, occasioned by the unhappy turn of affairs, that hath so much af- | projection, villainous in its execution, and fected the public credit of this kingdom, calamitous in its end; but that, in his opinion, they ought to begin with applying a remedy to the evil. sionate way, the said scheme might be rendered altogether impracticable; therefore he desired that the House would proceed regularly and calmly, lest by running precipitately into odious inquiries, they should exasperate the distemper to such a degree, as to render all remedies ineffectual. "But your faithful Commons are met together with minds fully disposed to take the most just and effectual methods, and to do every thing Mr. Robert Walpole added, That as he had that becomes an affectionate parliament, at already declared, he had spent some time upon this critical conjuncture, wherein your majes. a Proposal for that purpose; but was apprety's government, and the interest of your peo-hensive, that if they went on in a warm, pasple, are so highly concerned, to restore and fix the credit of this nation upon such solid and lasting foundation, as may effectually give ease and quiet to the minds of your majesty's subjects; and we flatter ourselves, that our undertaking will be the more easy, since we are determined to proceed with all possible prudence, temper, and resolution, to inquire into the Sir Joseph Jekyll on the other hand, set forth causes of our present misfortunes; and with the necessity of examining, without the least the maturest deliberation, apply ourselves to delay, into the conduct of the South-Sea Comfind out the most proper measures for redress-pany; to see whether they had made good ing them, and for punishing the authors of them. "The improvement of our Trade is of so public a concern, and so necessary for the support and power of this kingdom, that we will employ our utmost endeavours to consider in what manner the commerce of the nation may be best secured and extended. "And we beg leave to assure your majesty, that we will, with all cheerfulness and unaninity, grant the Supplies which shall be necessary for the service of the ensuing year, and the support of your government, upon which the happiness of the nation, the liberty of your subjects and the security of our religion so entirely depend.” The King's Answer.] To which the King returned the following Answer: "Gentlemen ; "I return you my hearty Thanks for this Address; and as I depend on your applying a speedy remedy to the present distress, I am persuaded you will take the most prudent measures to make it effectual." Debate on ordering the South Sea Company to lay an Account of their Proceedings before the Commons.] Dec. 12. The Commons in a grand committee, considered of the motion to grant a Supply to his majesty, which was unanimously agreed to. After this, Mr. Grey Neville moved, "That the Directors of the South Sea Company should forthwith lay before the House an Account of their Proceedings:" He was seconded by Mr. Pitt, and backed by lord Molesworth. The courtiers being surprised at this unexpected motion, Mr. Craggs thereupon endeavoured to shew, That it was preposterous; and that the House having already appointed a day to resolve into a grand committee, to consider of the present State of the Public Credit of this kingdom, the same would naturally bring on the inquiry into the conduct of the South-Sea Directors. Mr. Craggs was seconded by lord Hinchinbroke and by Mr. Horatio Walpole, who owned indeed, That the South Sea Scheme was weak in its their engagements, and strictly followed the rules prescribed to them by the act passed last session of parliament in their favour; urging, That this was the most natural way of proceeding in an affair of so great importance: that on the contrary, it seemed absurd to attempt the cure of a distemper before they were acquainted with it: but that as soon as it was thoroughly discovered, he hoped that wise assembly should not want Schemes to apply proper remedies to it. Mr. Gilford Lawson having supported Mr. Neville's motion, the courtiers thought fit no longer to oppose it; so that the same was agreed to without a division, and it was accordingly ordered, "Dec. 13. The motion of Saturday (which I'mentioned in my last,) was yesterday put into better form, as you will see by the votes: the first question moved, was in very strong terms opposed by three or four; for as I remember, that was the number. On the other hand, numbers spoke with the freedom becoming a British House of Commons. The first who spoke on the side of the question, was my quondam colleague (sir Richard Steele) he indeed set the matter in a clear light, by telling us, that a nation of more wealth and greater credit than any in Europe, within less than two years, was reduced to what we see, and too sensibly feel, by a few cyphering cits. a species of men of equal capacity in all respects (that of cheating a deluded people only excepted) with those animals who saved the capitol, who were now to be screened by those of greater figure, for what reason they best know, others were at liberty to judge. Another (in answer to an argument against the question, that this vindictive justice so much contended for, would not attain the end proposed, for that you would not be able to come at the estates of the delinquents) said he thought all the laws against bankrupts being enacted into one against the Directors (for so he would always call them, as what carried more of obloquy than any other word could express) would, in his opinion, attain the end pro an by the House, and was seconded by sir Joseph Jekyll: but sir Theodore Janssen, member for Yarmouth, and one of the South Sea Directors, having assured them, that the next day part of the Papers called for would be laid before them, the House acquiesced. 1. "That the Directors of the South Sea Company do forthwith lay before this House Account of all their Proceedings what soever, relating to an Act, passed the last session of parliament, intituled, An Act for enabling the South Sea Company to increase 'their present capital Stock, and Fund, by redeeming such public Debts and Incumbrances as are therein mentioned and for raising money to be applied for lessening several of the public Debts and Incumbrances; and for calling in the present Exchequer Bills remaining uncancelled; and for making forthdered, "That the said Papers be referred to new bills, in lieu thereof, to be circulated and exchanged, upon demand, at or near the Ex'chequer.' 2. That the Managers and Directors appointed by the Lords Commissioners of the Treasury, by virtue of the said Act, do forthwith lay before this House all such Matters and Things as they have done and performed, or ordered to be done and performed, in relation to the said Act. 3. That the said Managers and Directors do forthwith lay before this House an Account of all Orders they have received, from time to time, from the Lords Commissioners of the Treasury. 4. That the Directors of the South Sea Company do forthwith lay before this House an Account of what money, and Exchequer Bills, have been received by, or for the use of, the said Company, since the 25th day of December 17 19; and the respective uses and purposes to which the same have been applied. Dec. 15. The Sub-Governor and Deputy-GoThe said Accounts presented to the House.] vernor of the South Sea Company presented to the House'several Papers, with a Schedule of them, which was read. Hereupon it was or the Committee of the whole House, who were the Public Credit of this kingdom." Then the to take into consideration the present State of and after the reading of those Papers, which House resolved itself into the said Committee; lasted untill about four in the afternoon, Mr. Sloper, Mr. Plummer, Mr. Milner, sir Richard Steele, and Mr. Lawson, made several exceptions to the conduct of the South Sea Directors; and, in particular, to their lending out vast sums of money belonging to the Company, but as the Committee could not regularly prowithout being duly authorised for that purpose: ceed in that matter without exact Accounts of these Loans, the farther consideration of the present State of the Public Credit was adJourned to the 19th; and, in the mean time it was ordered, that the Directors of the South Sea Company should lay before the House several Papers relating to that affair. Resolutions on the Supply. Dec. 19. Mr. Farrer reported to the llouse the Resolutions 5. "That the said Directors do forthwith of the grand Committee on the Supply, viz. lay before this House an abstract of what pub-"1. That 10,000 men be allowed for the ser lic Debts and Incumbrances have been subscribed to, or discharged by, the said Company, pursuant to any act or acts of parliament in that behalf, since the 25th of December 1719; and in what manner such subscriptions were made. vice of the year 1721, heginning from the 1st day of January 1721. 2. That 41. per man per month be allowed for maintaining the said 10,000 men for 13 months, including the ordnance for sea-service. 3. That 219,049. 145. be granted for the ordinary of the navy for the year 1721, including half-pay to sea-officers. 6. "That the said Directors do forthwith lay before this House an account of what sum or. That 50,2001. be granted for extra-repairs sums of money have been taken up, or borrowed, on account of the said Company, or which they stand engaged for, upon bills, bonds, or other contracts, under their common seal, or otherwise, since the 25th of December 1719," Dec. 14. Mr. Pitt complained of the toriness of the South Sea Directors in plying with the Orders made on the 12th of the Davy for the year 1721. 5. That the number of effective men to be provided for guards and garrisons in Great Britain, and for Jersey and Guernsey, for the year 1721 (including 1,859 invalids) be 14,294 men, comdila-6. That 567,070l. 3s. 4d. be granted for the mission and non-commission officers included. com- charge of the said 14,294 effective men. inst..That 150,7431. 13s. 4d., be granted for the land forces and garrisons in the Plantations, Minorca and Gibraltar, and for provisions for the garrisons of Annapolis-Royal, Placentia, and Gibraltar, for the year 1721. 8. That 94,500l. be granted upon account to reduced officers of the land forces and marines.” posed. Abundance spoke with equal bitterness, and such was the general outcry, that the previous question, which had been demanded, was not thought fit to be insisted upon, and they were too wise to discover their weakness by a division upon the main question. How far Ways and Means will go towards the warding the blow, I know not; that they will be used, I am satisfied, but I think there is a possibility of a disappointment." Coxe's Walpole, Correspondence: Mr. Thomas BrodFick to lord Middleton. 7. Debate on the Number of Land Forces.] The first four of these Resolutions being severally read the second time, were agreed to by the House, but the fifth being also read a second time; Mr. Shippen represented, That a general Peace being so near a conclusion, part of the warm debate, which lasted til near eight in the evening, when it was at last, resolved by 259 voices against 117, That all the sub Land-Forces, now on foot, might well be spared, and the saving sum applied towards repairing the public calamity; and therefore he moved, That the said 5th Resolution be re-com.scriptions of public Debts and incumbrances, mitted. He was backed by Mr. Bromley, sir William Wyndham and Mr. Hungerford; but was opposed by Mr. Robert Walpole, and his brother Mr. Smith and some other gentlemen, who endeavoured to shew, That the number of our forces was so moderate, that it could hardly be lessened, even although a general peace were concluded, without exposing the nation either to foreign insults, or to domestic factions; and therefore it were highly imprudent to make any reduction in the army before the conclusion of the peace: that on the other hand, the sum that might be saved by disbanding 3 or 4000 men was very inconsiderable, and ought not to come in competition with the advantage of being in a posture of defence: Since nothing contributes more to the public credit of a free nation, than the being in a condition not to fear any thing, either at home or abroad. The question being put upon Mr. Shippen's motion, it passed in the negative, without dividing. Debate in the Commons on the State of the Public Credit.] The Commons being in a grand Committee to take into farther consideration the present State of the Public Credit of the kingdom, Sir Joseph Jekyll moved, That a select committee be appointed to inquire into all the Proceedings relating to the Execution of the South-Sea-Act, and was secouded by Mr. Gilfrid Lawson. But Mr. Robert Walpole, having represented, That the proceeding in that mander would take up a great deal of time, and that the public credit being in a bleeding condition, they ought to apply a speedy remedy to it; that motion was not insisted on. After this Mr. Sloper shewed, That the present calamity was mainly owing to the vile arts of Stock-Jobbers, whereby the public funds were wound up far above their real value. Which being readily assented to, the Committee came to this Resolution, viz. "That nothing can tend more to the establishment of Public Credit, than preventing the infamous practice of Stock-Jobbing." Then, Mr. Robert Walpole acquainted the Committee, That as he had hinted some days before, he had spent some time upon a Scheme for restoring Public Credit; but that the execution of it depending upon a position, which had been laid down as a fundamental, he thought it proper, before he opened the said scheme, to be informed, whether he might rely on that main foundation, viz. Whether the subscriptions of public debts and incumbrances, money subscriptions, and other contracts made with the South-Sea Company, should remain in the present state? This question being stated, occasioned a and other contracts made with the South-Sea Company, by virtue of an act na le last session, remain in the present state, unless altered for the ease and relief of the proprietors by a General Court of the South-Sea Company, or set aside by due course of law. Dec. 20. Mr. Farrer reported the Resolution of the grand Committee on Public Credit; which with some amendments, was agreed to by the House, viz. "That it will very much contribute towards the establishing public crecit, to prevent the infamous practice of StockJobbing ;" and a Bill was ordered to be brought in thereupon. Then a motion being made, That the House do agree with the Committee in the second Resolution, there arose a very warm debate, that lasted from three o'clock till half an hour past six in the evening. Mr. Robert Walpole, who, with his usual eloquence, spoke for the motion, set forth the views with which the South-Sea act was made; to wit, to consult the landed and trading inbrances and public debts, and putting them in terest of the nation, by lessening its incumwhich could not have been done, unless a way a method of being paid off in a few years; had been found to make the Annuities for long terms redeemable; which had been happily effected by the South-Sea Scheme, without a breach of parliamentary faith; and if they should now unravel what had been done, they should not only ruin the South-Sea Company, but instead of alleviating, aggravate the present misfortunes. In answer to this, Sir Joseph Jekyll urged, That in order to remedy the present distemper, and restore public credit, they ought, in the first place, to resolve and assert public faith, equity, and justice, which the South-Sea managers had notoriously violated, with respect to the first and second subscribers of annuities and other public debts: For the former had not the stock, to which they were intitled, delivered to them, till six months after they had subscribed their effects, and when the stock was fallen above half in its price; and the latter had not the option either to accept or reject the terms that were offered them. Mr. Walpole having, among other things, replied, That if any injustice was done to the subscribers, they were, by the Resolution in question, left at liberty to seek their relief by law: Mr. Lechmere, chancellor of the duchy, answered him, and insisted, That if the SouthSea company, whom the parliament had appointed trustees for the public debts, had not duly executed that trust, in relation to the annuitants, the latter could seek for relief no where but in parliament, and that it was a duty incumbent on the legislature to relieve them. 2 Y Serjeant Pengelly, Mr. Hutcheson, and some other gentlemen, spoke on the same side; but were answered by Mr. Secretary Craggs, sir William Thompson, and Mr. Hungerford. And after some other speeches, the country party moved for adjourning the debate; but the question put thereupon, being carried in the negative, by 232 voices against 88, the House agreed, without dividing, to the second Resolution of the day before, above-mentioned Mr. R. Walpole presents his Scheme to the House, for restoring Public Credit.] Dec. 21. Mr. Lowndes presented to the Commons several Accounts and Estimates; after which, the House resolved itself into a grand Committee on the Supply, and came to several Resolutions thereupon. Then the members in Westminster-hall, court of requests, and places adjacent, having been summoned to attend, the House resolved itself into a grand Committee, and Mr. Robert Walpole laid before them a new Scheme to restore Public Credit, which was, in substance, to ingraft nine millions of South-Sea stock into the Bank of England, and the like sum into the East-India Company: upon the conditions therein mentioned, and which shall be specified hereafter. Mr. Hutcheson, and other members, made some exceptions to that Scheme, but none offering a better remedy for the present misfortunes, Mr. Farrer, the chairman, was directed to move the House, and it was accordingly ordered, "That the said Committee have power to receive Proposals from the Bank of England, the SouthSea Company, and the East-India Company, towards restoring Public Credit." The Lords appoint a Day to consider the State of the Nation.] On the 13th of December, the lamitous State of the Nation, occasioned by the duke of Wharton took notice of the present caSouth-Sea Project, and gave several instances of the unfair management of the Directors; and moved that a day might be appointed to con20th was accordingly appointed. sider of the present State of the Nation. Dec. Dec. 20. The Lord North and Grey stood up, and animadverted on some licentions and prophane writings, that struck at the very foundation of the Christian Religion. His lordship then took notice of the South-Sea Project, which, as he had foretold eight months before, [p. 646] had been attended with such the earl of Aylesford. dismal consequences. He was secoaded by The Duke of Wharton spoke on the same subject, and among other fraudulent practices collusory bargains about stock, between the of the South-Sea managers, instanced in some Sword-Blade Company and Mr. Knight, treaHe hoped that noble assembly would exert surer of the South-Sea Company, concluding, their power in punishing the villainous projec tors and executers of the South-Sea Scheme, Then the consideration of the State of the Public Credit, was referred to a Committee of the whole House. Dec. 21. The House ordered the several Accounts relating to the South-Sea Company to be laid before the House; and adjourned to the 9th day of January. Having thus gradually sinoothed his way, and obtained the avowal of the Commons, that the subscriptions of the proprietors of the debt should be considered as valid, Walpole brought forward his scheme; it was, in substance, to engraft nine millions of stock into the Bank of England, and the same sum into the East India company, on certain conditions; the remaining twenty millions were to be left to the South Sea Company. In his speech, recommending this plan, Walpole studiously avoided the introduction of any speculative topics, or any as sertions which were not proved by papers before the House; He pronised, and frequently repeated, that he founded his calculations on the veracity of those statements, and by his prudence in that respect, silenced many cavils which must necessarily have arisen from assertions less closely connected with obvious and attainable proof. After a few objections, made by Hutcheson, and some other members, it was ordered, that proposals should be received from. Debate in the Commons on the Mutiny Bill.] the Bank of England, and the East India Com- January 4, 1721. Mr. Treby moved for bring pany, for restoring public credit. It met how-ing in a Bill, To prevent Mutiny and Deser ever with a warm, but fruitless opposition from tion,' &c. and was seconded by the lord Car. the three companies, because neither derived penter. Hereupon, from it any peculiar advantage; their proposals Sir Joseph Jekyll said, He could not but be were presented to the House, and a bill framed surprized to see a bill moved for so early, which accordingly. In its passage through the Com- seldom or never used to be brought in until mons, it was in some respects altered and towards the end of a session: that such a hurry amended; but the principal features were pre- seemed to be intended to stop the prosecution served. The chief management of the business of the authors of the present inisfortunes: that was committed to Walpole, and though it was they all very well knew that their days were violently opposed in its progress, yet his pru-numbered, and that as soon as they had disdence and discretion either gave way to the ge- patched the money bills and the bill now movneral clamour, or submitted to various amended for, they should immediately be dispatched ments, or his weight and eloquence, aided by home: that therefore he was for staying those the influence of government, obtained a majo- bills, until they had done justice to the nation, rity in its favour: it passed the House of Lords, who called aloud for it. apd received the royal assent." Coxe's Walpole. Mr. Craggs said thereupon, He wondered to see any opposition made to a bill so necessary |