Verney, lord Willoughby of Brooke, dean of Windsor, brought in a Bill for suppressing of Blasphemy and Profaneness. It contained several Articles, which had little relation to the practices complained of, and was chiefly designed to secure the belief of the Thirty-Nine Articles of the church of England, and restrain the liberty granted, by the laws of the former session, to the non-conformists. The substanceof it was: July 21. The Lords heard counsel upon the | Profaneness, and Immorality. Upon this, Dr. Petition of the Executors of the late Mr. Craggs, sen. and then called in and examined severally sir George Caswall, Mr. Sawbridge, Mr. Surman, Mr. Horn, and Mr. Huggins. It was alledged, in favour of the Petitioners, that Mr. Craggs had paid for his stock, by a note of 37,000l. from the Sword-Blade Company, payable to Mr. Robert Knight, treasurer of the South-Sea Company and sir George Caswall, and Mr. Sawbridge, swore that they had given such a note: but when the question was put to Mr. Sawbridge, whether the note was paid, he first answered evasively; which put the House into some heat, and the lord Trevor stood up, and said, He wondered that august assembly would suffer themselves to be trifled with at that rate. Hereupon, Mr. Sawbridge being ordered to answer directly upon his oath, whether the money mentioned in the note, was paid or not? he then owned it was not; nor ever intended to be paid, when it was given: upon which the House were so thoroughly convinced of the fraudulent collusion, that they would hear no more witnesses, and so passed the clause relating to the late Mr. James Craggs, senior, without one negative. The South Sea Sufferers Bill passes the House of Lords.] July 22. The Lords went through the South Sea Directors Bill, and put it off to the 21th. On the 25th their lordships read the said Bill the third time, and sent it down to the Commons, who readily agreed to their lordships' Amendments. Bill against. Blasphemy and Prophaneness brought into the House of Lords, but rejected.] During these proceedings concerning the Affairs of the South-Sea Company, the following transaction passed in the House of Lords. There was formed (at least, it was pretended so) a scandalous society at London, with the shocking name of the Hell-Fire-Club. Several persons of quality, particularly the duke of Wharton, were marked out as belonging to this club. The king being informed of their wicked proceedings, published a Proclamation (April 20) against blasphemous and scandalous clubs, declaring, he was determined to shew all marks of displeasure to any, who even lay under the suspicion of such destructive practices. He gave orders also to the officers of his houshold, to make strict inquiry, whether any of his servants were guilty of such horrid impieties. The same day this order was given, the earl of Nottingham, who had lately answered Mr. Whiston's tenets about the Trinity, took this occasion to complain, in the House of Lords, of the growth of Atheism, As this can scarce be a point, yet being matter of account, they do not take it readily. I beg that you will assist me to make an end of this affair, in such manner as you think proper, that you may see, that by making me free, you have made me your creature, and most obliged faithful servant." 1. "If any one spoke or writ against the being of God, the divinity of Jesus Christ, or the Holy Ghost, or the doctrine of the Trinity, as set forth in the thirty-nine Articles, or the truth of the Christian religion, or the divine inspiration of the scriptures, he should, upon conviction, be imprisoned many months, unless he should, within such a time, publicly renounce his error, in a form prescribed. 2. "If any preacher in a separate congregation should deny any of the fundamental articies of the Christian religion, he should be deprived of the benefit of the Act of Toleration. 3. "The archbishops in their provinces, and every bishop in his diocese, should be authorised to summon any person in holy orders, to appear before, and subscribe the declaration should be incapable to hold any ecclesiastical abovementioned, and, upon refusal, such person benefice. 4. "The justices at their quarter-sessions, dissenting preacher, and, upon his refusal to are authorised, in like manner, to summon any subscribe the declaration of faith, he should be deprived of the benefit of the Act of Toleration." At the second reading of this Bill (May 2) all the lords about London being summoned to attend, the archbishop moved to have it committed. Upon which, The Lord Onslow said: He was as much against blasphemy, and for promoting religion, as it is professed in the church of England, as any body; but he could not be for any law, that was for persecution, of which nature he took this bill to be; and therefore he moved, that it might be thrown out. He was seconded by The Duke of Wharton, who said, He was not insensible of the common talk and opinion of the town concerning himself; and therefore he was glad of this opportunity to justify himself, by declaring, he was far from being a patron of blasphemy, or any enemy to religion; but, on the other hand, he could not be for this bill, because he conceived it to be repugnant to the holy Scripture. Then, taking an old family Bible out of his pocket, he quoted and read several passages of the Epistles of St. Peter and St. Paul; concluding, That the bill might be thrown out. He was supported by the duke of Argyle, and the earls of Sunderland and Ilay, the lord Townshend, and earl Cow per. The Earl of Peterborough said, Though he was for a parliamentary king, yet he did not desire to have a parliamentary God, or a par◄ liamentary religion: and, if the House were for such a one, he would go to Rome and endeavour to be chosen a cardinal; for he had rather sit in the conclave, than with their lordships upon those terms. The Bishop of Peterborough, (Dr. Kennet) spoke likewise on the same side, and said, That neither himself, nor, he hoped, any of that bench, would be executioners of such a Law, which seemed to tend to the setting of an inquisition. 'majesty's subjects, the several properties and interests, now depending, and concerned "with the South-Sea Company, be ascertained ' and settled. Resolved, That, in order to put an end to all disputes between the South-Sea Compacy and the proprietors of the redeemable funds 'subscribed into the said Company; and for 'the further relief of the said proprietors, and the proprietors of the second, third, and fourth, money-subscriptions, who have now 'stock allowed them, at the rate of 400 per 'cent. with the last Midsummer dividend of 10 per cent. in stock; an addition, after the rate of 331. 6s. Ed. stock, upon every hundred On the other hand, the earl of Nottingham, the lord Bathurst, the bishops of London, Winchester, Litchfield and Coventry, and some others spoke for the bill; as did likewise the lord Trevor. One of these having said, That'pounds stock already allowed, be given by he verily believed, the present calamity, occa sioned by the South-Sea project, was a judg ment of God on the blasphemy and profaneness the nation was guilty of! The Lord Onslow replied, That noble peer must then have been a great sinner; for he heard, he had lost considerably by the SouthSea. After some other speeches, the Bill was put off to a long day, by a majority of 60 voices against 31. The Commons' Address to the King on presenting the Resolutions for restoring the Public Credit.] July 26. The Commons presented the following Address to the King representing the state of the Public Credit, and the Resolutions thereto relating: "Most gracious Sovereign; "We, your majesty's most dutiful and loyal subjects, the Commons of Great Britain in parliament assembled, being sensibly affected with the misery and calamities that have befallen great numbers of your majesty's faithful subjects, occasioned by the heavy losses they have sustained from the fatal execution of the late South-Sea scheme; and taking into our serious consideration the low state of public and private credit, which it seems impossible to us should ever revive, under the present uncertain and unsettled posture of affairs; have come to several Resolutions; which we humbly beg leave to lay before your majesty; and are as follow: Mercurii, 3 die Maii 1721. Resolved, That, for the re-establishing of public credit, relief be given to the South-Sea Company, with regard to the payment of the 4,156,3067. 4s. 11d., and the four and half years purchase, and one year's purchase, upon 'several annuities, and other national debts; 'the said Company giving such consideration to the public, and such further relief to the several proprietors and persons concerned in interest with the said Company, as this House shall 'think proper.' Veneris, 9 die Junii 1721. Resolved, That, for the re-establishing of 'public credit, and quieting the minds of his "the South-Sea Company to the proprietors of 'the said redeemable funds, and to the proprietors of the second, third, and fourth, money subscriptions. ( • Resolved, That the sum of 4,156,341/. with 'the four years and a half, and one year's purchase, payable to the public by the South Sea 'Company, be remitted; so as, from the 24th of June, 1722, 2,000,000l. of the capita. 'stock of the said Company be reduced and 'annihilated; and a proportionable part of 'their annuity or yearly fund, in respect of the 'said two millions, from that time, cease. • Resolved, That the second subscription of 'the irredeemables, as well the long annuities as the annuities of nine per cent. prize lottery tickets, and blank lottery tickets, be made "equal to the first subscription of the like annuities, and tickets, by an addition of 'stock at 150l. per cent. Resolved, That all the capital South Sea 'Stock belonging to the Company, in their own right, which, after the proposed distribution ' made, shall remain undisposed of, be divided among all the proprietors of the said Company, in proportion to their several and res pective interests therein; and that credit be given them for the same, in the books of the 'said Company.' Martis, 13 die Junii 1721. 'Resolved, That such persons as have bor'rowed money from the South Sea Company, upon South Sea Stock, actually transferred and pledged at the time of borrowing, to or 'for the use of the said Company, shall, upon payment of 107. per cent. upon the respective sums so borrowed; at a time or times to be limited, and not otherwise, be discharged 'from all further demands of the said Com'pany, in respect of the monies 90 borrowed; and that all the stock so transferred and pledged, together with all dividends and profits thereto belonging, respectively, be absolutely vested in the said Company. 'Resolved, That such persons as have bor 'rowed money from the South Sea Company upon subscription receipts actually pledged to 'the said Company at the time of borrowing, 'shall upon payment of ten per cent. upon the respective sums so borrowed, at a time or times to be limited, and not otherwise, be 'discharged from all further demands, in res 'pect of the monies so borrowed; and that all the subscription receipts so pledged, together with all dividends and profits thereunto belonging, be absolutely vested in the said 'Company.' Mercurii, 5 die Julii 1721. and to endeavour to remove, as far as possible, the chief and greatest inconveniences. "The great difficulty in remedying these mischiefs seemed to arise from the several contending interests, engaged in the South Sea Company, which made it impossible to give relief to some, but at the expence of others: and, as all the new proprietors, as well those concerned in the public funds, as the other adventurers, were equally imposed upon by the artifices of their own too great credulity, and desire of the late Directors, and equally drawn in by gain; to have discharged any particular set, had been not only an injustice to the rest, but, them in utter ruin; which niade a distribution by dissolving the whole system, had involved of losses, and some abatement to all, abso 'Resolved, That all contracts for the sale or < purchase of subscriptions, or stock of the South Sea Company, or any other company or corporation, or pretended company or corporation, which shall be unperformed, or not compounded, on or before the 29th of Sep ❝tember next, be entered in books to be kept for that purpose, by the respective companies or corporations, before the 1st day of Novem-lutely necessary: it was indeed very much to ber next, or else to be void; and that such entries shall express for whose use and bene 'Resolved, That all contracts for the sale or purchase of any subscription or stock of 'the South Sea Company or any other company or corporation, which shall be unperformed or not compounded, on or before the 29th of September next, where the seller, or 'the person on whose behalf such contract was 'made, was not at the time of such contract, or within a time to be limited, actually possessed of, or intitled to, such subscription, or stock, 'shall be declared null and void.' "When we first entered upon the consideration of this extensive and perplexed affair, we thought it most advisable to leave every man's property to be determined by due course of law; and were of opinion, That no relief or abatement could properly be prescribed, or given, but from the South Sea Company: but the discontents of the people daily increasing, and the uncertain and doubtful events that threatened very great and valuable properties, creating such infinite anxieties and dissatisfaction, as had a most fatai and general influence upon all public and private credit, the interposition of parliament became unavoidable: and we found ourselves under a necessity of resuming the consideration of this nice and intricate matter; VOL. VII. be wished that such ease could have been given to the proprietors of the public debts, as would have made their property as valuable to them as they had enjoyed it for many years: but, as they had voluntarily consented to take stock, at some rate or other, even at the time pitch; the giving stock at one and the same when they saw the stock raised to the highest price to them, and all others that were most just and equitable as the nature of the thing will immediately concerned, makes the provision as admit; it being impracticable so far to reconcile the different interests in this general concern, as to make the conditions of those equal, that had engaged themselves at different rates, and upon unequal terms. from several concurring circumstances; from "The great and principal mischief arose the hard terms of most of the proprietors, occasioned by the high prices at which they had purchased stock; or the excessive rates at which as well the proprietors of public debts as the money-subscribers, had obliged themselves to take stock: from the demand of above could only be raised out of the properties of seven millions payable to the public, which those that were already too great sufferers, and which rendered the Company incapable of giving them any further ease or relief; from the disputes and contests at law, which were preparing to be carried on, not only between the Comand the subscribers of the redeemable pany funds, but between infinite numbers of private persons engaged in contracts for the sale and purchase of stock, and subscriptions; from the impossibility of the money-subscribers making any further payments; from the great loss the Company had sustained, by the late Directors having lent out above eleven millions of the Company's money, without any, or without sufficient, security; and from the very little prospect of recovering any considerable part thereof, without which it was impossible for the Company to comply with the demand of the public, but at the infinite expence, and insupportable loss, of all their adventurers; which must have proved destructive to the trade and credit of the kingdom. "These considerations induced us to come 3 M to the foregoing resolutions; being, as we conceive, the most proper means to enable the Company to give relief to such of their proprietors as most wanted and deserved it; to put an end to all disputes at law; and to fix, settle, and ascertain, the several properties and interests of all persons concerned with the South-Sea Company; to deliver infinite numbers of your majesty's good subjects from the apprehensions of vexatious law-suits and prosecutions; and from the further demand of Such excessive sums of money as must sink and depress all public and private credit. "And, as the greatest mischiefs, which we now so justly complain of, have arisen from the unwarrantable methods used by the late Directors of the South-Sea Company, in selling and disposing of such part of their increased capital stock as belonged to the Company; to remove such a foundation of Stock-jobbing, and to prevent the like fatal consequences for the future, we thought it necessary to take care, that all the increased capital stock belonging to the Company, which, after the proposed distribution is made, shall remain undisposed of, be divided among all the proprietors of the said Company, in proportion to their several and respective interests. These Resolutions, if passed into a law, and duly put in execution, we humbly hope, will tend very much to the re-establishing of public credit; to the quieting of the minds of your majesty's subjects; and contribute to the ease and relief of great numbers, though not sufficient to give satisfaction to, or repair the losses of, all that are unhappily involved in the present calamity. "But as the ancient usage, and established rules, of parliament, make it impracticable for us to prepare bills for the royal assent, during the present session of parliament, for some of the purposes contained in our Resolutions; we have humbly presumed to lay the same before your majesty, for your royal consideration; not doubting but that your majesty will, out of your great wisdom, and accustomed grace and goodness to your people, as soon as the public and private bills, now depending in parliament, shall be dispatched, give us an early opportunity of perfecting this great and necessary work." The King's Answer.] To the above Address his majesty returned this Answer: Civil List Bill to his majesty, made the following Speech: "Most Gracious Sovereign; "Your majesty's most dutiful and loyal subjects, the Commons of Great Britain in par liament assembled, being sensible of the great debt upon the Civil List, occasioned by the calamity of the times, which has disabled the two companies of assurance to make good the money which they had stipulated to pay to the crown, which, if it had been insisted on, would have occasioned the ruin of many families, and would consequently have been a great obstruction to trade; and your majesty having always had so right, than to exact it, to the prejudice of your much goodness, as rather to wave your ow faithful subjects; we have, therefore, to make good that loss given your majesty, and we humbly pray that your majesty would be gracious' pleased to accept of, six-pence in the pound, to be paid out of the Civil List, from your faithful Commons, who will be always ready to support your majesty and your government.” After which the Royal Assent was given to an Act, For raising money upon the estates of the late Sub-Governor, Deputy-Governor, 'Directors, Cashier, Deputy-Cashier, and Ac'comptant of the South-Sea Company, and of 'John Aislabie, esq. and likewise of James Craggs, sen. esq. deceased, towards making good the great loss and damage sustained by the said Company; and for disabling such ef the said persons as are living, to hold any 'office or place of trust under the crown, or t sit or vote in parliament for the future; and 'for other purposes in the said Act expressed;" and to five other Bills. And then the Lord Chancellor prorogued the parliament to the 31st. The King's Speech on the State of the Public Credit.] July 31. The King came to the House of Peers, when the Lord Chancellor, by his majesty's command, delivered the following Speech to both Houses: "My Lords and Gentlemen, again so suddenly, is to give you an opportunity "The occasion of iny calling you together of resuming the consideration of the State of Public Credit. "Gentlemen of the House of Commons, "The progress that you made in this stair during the last session, laid such a foundation of this necessary work, that the world is fully apprised of what is reasonably to be hoped for at this present conjuncture. My Lords and Gentlemen, "I must recommend to you all possible dispatch, and am persuaded that at this season of the year, your deliberation will be confined to what is absolutely necessary upon this extraur dinary occasion." The Speaker's Speech to the King on present- Resolutions of the Commons for re-establishing the Civil List Bill.] July 29. The Kinging of Public Credit.] The Commons being came to the House of Peers, and the Commons returned to their House, immediately resolved attending, the Speaker, upon presenting the themselves into a grand committee, to take his ajesty's Speech into consideration, and came o several Resolutions, which were reported the ext day, and agreed to by the Ilouse, as folOw, viz. 1. That for the re-establishing of Public Credit, relief be given to the South Sea Company with regard to the payment of ,156,306l. 4s. 11d. and the 44 years purchase, nd one year's purchase, upon several annuies, and other national debts, the said Comany giving such consideration to the public, nd such farther relief to the several proprieors, and persons concerned in interest with he said Company, as this House shall think proper. 2. That for the re-establishing of Public Credit, and quieting the minds of his majesty's ubjects, the several properties and interests now depending, and concerned with the South Sea Company, be ascertained and settled. not otherwise, be discharged from all farther demands of the said Company, in respect of the monies so borrowed; and that all the stock so transferred and pledged, together with all dividends and profits thereto belonging respectively, be absolutely vested in the said Company. "8. That such persons as have borrowed money from the South Sea Company, upon subscription receipts actually pledged to the said Company at the time of borrowing; shall, upon payment of ten per cent. upon the respective sums so borrowed, at a time or times to be limited, and not otherwise, be discharged from all farther demands in respect of the money so borrowed; and that all the subscription-receipts so pledged, together with all dividends and profits thereunto belonging, be absolutely vested in the said Company. 66 9. That all contracts for the sale or purchase of subscriptions, or stock of the South Sea Company, or any other company or cor tion, which shall be unperformed or not compounded, on or before the 29th day of September next, be entered in books to be kept for that purpose, by the respective companies or corporations, before the first of November next, or else to be void; and that such entries shall express for whose use and benefit such contracts were made. "3. That in order to put an end to all disputes between the South Sea Company, and the proprietors of the redeemable funds sub-poration, or pretended company or corporascribed into the said Company, and for the farther relief of the said proprietors, and the proprietors of the second, third and fourth money-subscriptions, who have now stock allowed them, at the rate of 400l. per cent. with the last Midsummer dividend of ten per cent. in stock, an addition after the rate of 331. 6s. 8d. stock, upon every 100l. stock, already allowed, be given by the South Sea Company to the proprietors of the said redeemable funds, and to the proprietors of the second, third, and fourth money-subscriptions. "4. That the sum of 4,156,3417. with the 4 years and one year's purchase, payable to the public by the South Sea Company, be remitted, so as from the 24th of June, 1722, two millions of the capital stock of the said Company be reduced and annihilated, and a proportionable part of their annuity or yearly fund, in respect to the said two millions, from that time cease. "5. That the second subscription of the irredeemables, as well the long annuities, as the annuities of nine per cent. prize lottery tickets, and blank lottery tickets, be made equal to the first subscription of the like annuities and tickets, by an addition of stock at 150l. per cent. "6. That all the capital South Sea stock belonging to the Company in their own right, which, after the proposed distribution made, shall remain undisposed of, be divided among all the proprietors of the said Company, in proportion to their several and respective interests therein; and that credit be given them for the same in the books of the said Company. "7. That such persons as have borrowed money from the South Sea Company upon South Sea stock, actually transferred and pledged at the time of borrowing to, or for the use of the said Company, shall, upon payment of ten per cent. upon the respective sums so borrowed, at a time or times to be limited, and "10. That no special bail be required in any action brought or to be brought, upon any contract made since the 1st of Dec. 1719, and before the 1st of Dec. 1720, for the sale or purchase of any subscription, or stock of the South Sea Company, or any other company or corporation, or pretended company or corporation. "11. That no execution be awarded upon any judgment obtained, or to be obtained in any action brought, or to be brought upon any contract, for the sale or purchase of any subscription, or stock of the South Sea Company, or any other company or corporation, or pretended company or corporation, until the end of the session of parliament, which shall be next after the 29th of September next. "12. That all the contracts for the sale or purchase of any subscription, or stock of the South Sea Company, or any other company or corporation, which shall be unperformed or not compounded, on or before the 29th of September next, where the seller, or the person on whose behalf such contract was made, was not at the time of such contract, or within a time to be limited, actually possessed of or intitled to such subscription or stock, shall be declared null and void.” |