nagements of the late South Sea Directors and others.' This bill was read the first time, and ordered to be read a second time the next morning. A tumultuous Concourse of the Annuitants assemble in the Lobby of the House of Commons.] In the mean time, there appeared in the Lobby of the House of Commons, and in the places adjacent, several hundreds of the proprietors of the Short Annuities, and other redeemable public debts, of both sexes, who demanded justice of the members as they went into the House, and put into their hands a Paper with these written words, Pray do justice to the Annuitants, who lent their money on Parliamentary Security.'* The multitude The following printed Letter was also delivered to the members as they entered the House: were particularly rude to Mr. Comptroller, tearing part of his coat as he passed by upon which the House being informed, that a crowd of people were got together in a tumultuous and riotous manner, in the lobby and passages to this House, it was ordered, "That the Justices of Peace for the city of Westminster, do immediately attend this House, and bring the constables with them." Debate on the Petition of the Annuitants.] In the mean time, sir John Ward presented to the Hoase a Petition and Representation of the Proprietors of the Redeemable Funds, on behalf of themselves, and all others, pretended to be taken into the South-Sea Company, setting forth, "That they had ient their money upon by the Company, yet still they have no plea for favour which may not be urged with much greater strength in behalf of the redeemables; A LETTER to a MEMBER OF PARLIAMENT; the money subscribers engaged on their own I mean, with relation to the government. For wherein the Unreasonableness and Impro-heads voluntarily, and, I may say, wantonly bability of binding down the Redeemables, is fully demonstrated. "Sir; "The great question debated among us without doors, is, whether the parliament will bind down the redeemables absolutely to the price of S004, and, in consideration of this reduction, deprive them of the right they have to contest the validity of their subscription at law? I shall give you my reasons for the negative part of this question, in as few words as I can. too: they had no occasion to engage with the Company at all; but the redeemables caine in under the persuasion, and by invitation of an act of parliament. So that the first of these had only the faith of the Company to depend upon; the others had the faith of the Company and parliament too. The money subscribers engaged with a view to the advantages which might arise and be made from a subsequent contract with the government-creditors; but the redeemables were brought in by the advantages arising from an actual contract made between the Company and the money-subscribers. And would it not be very strange, if it should prove more prudent to have trusted the Company alone, than to have relied on the faith of the Company and that of the parliament added to it? Or more advantageous to have made a bargain for a future contingency, than for a reality? "But before I mention them, I will just take notice by the way, that the reduction to 3001. is such an one, as the redeemables will never voluntarily accept of. For it not only bears no proportion to the favour or relief which is intended towards the rest of the unhappy sufferers by this scheme, but carries along with it the ruin and destruction of these proprietors and their families, and will certainly introduce a new scene of misery and "I own, there is somewhat of obligation poverty. which arises from placing a confidence in ano"The redeemables have reason to think them-ther, and such merit the money-subscribers selves intitled to as much favour as any others: They are part of the ancient creditors of the government. The honour and justice of the government was engaged for the just payment of their debts; and even the South-Sea Act itself no otherwise enabled the Company to take in their debts, than with regard to justice and public faith. may claim, with regard to the Company; but what superior merit they can pretend to with regard to the parliament, is a secret. Sure I am, they can never plead a greater merit towards the government, tbau the governmentcreditors themselves. "With regard to the Company, the money subscribers plead the merit of having drawn in others. And for this signal piece of service, the Company might reasonably enough treat them with distinguishing marks of favour, and think themselves obliged to take care, that they should not be greater losers, than those who had been decoyed by them. But how this way of reasoning should influence the parliament, is not to be explained or understood, "But it is universally admitted, that though their debts should prove to have been taken in, according to the strict letter of that law (which is now the point in controversy;) yet, it is certain, the Company have not acted with regard to justice and public faith, in the manner of taking them in; and therefore, to be sure, they are as much intitled to the favourable relief of the parliament, as the members of that Com-unless it should be also affirmed, that it was pany, which have cheated them. an acceptable service to the parliament, to have their creditors cheated. "As to the money-subscribers; admitting that they also have been abused and deluded "No man in his senses can doubt, but that parliamentary security; that having been unwarily drawn in to subscribe their effects into the South-Sea Company, by the artifices of the late Directors, the honourable House of Commons, in February, had thought fit to leave the validity, or invalidity of their subscriptions, to be determined by the common law: But being informed, that by the Bill now depending, they were tied down to take South-Sea stock at 300%. they therefore prayed that they might be heard that which is pretended to have been made by the redeemables: And if so, what sort of favour is this, that is shewn to the redeemables, when the reduction proposed, being accom the releasing the money subscribers from all their subsequent payments, and allowing them stock at the rate of 300l. per cent. for what has been actually paid in, is a much greater relief to the money-subscribers, than the reduc-panied by a much more favourable reduction ing the redeemables to 3001. is to them. "The second money-subscribers contracted to pay 4007. and the third and fourth 1,000l. for 100l. South Sea Stock, but were afterwards reduced to 4001. They of the second subscription paid down 801. the third 100l. and the fourth 2001. in part of their contract. Now, supposing South-Sea stock to be capable of being made worth 150l. per cent. (which, I believe all the art of man can never make it intrinsically worth) and you may easily see the great disproportion there is between the redeemables, and the worst of the money subscribers. "The fourth money-subscriber, out of his money which he contracted to pay for 100l. stock is to retain 2007. in his pocket, to have stock at the rate of 300l. per cent. for the other 2007. viz. 731. 6s. 8d. which, at 150l. per cent. makes 110l. so that he loses, upon the whole of his contract, 901. But the redeemable subscriber, has paid down all his 400l. according to his supposed contract, and is not to have one farthing remitted to him; but to take stock at the rate of 300l. for the whole, viz. 146/. 13s. 4d. value 2201. So that upon the whole of his bargain, he is to lose 1807. Let any man judge now, whether this is equal. If the people must be made to believe, that this division of loss between the money subscribers and redeemables, is equal, it must be made appear, that 180/. is no more than 907. "As to the irredeemables, who are the other part of the government creditors; though it is certain, that they also have been greatly abused by the Company, by having been taken in at an extravagant high price; yet the number of years purchase allowed to them, greatly takes off from the extravagancy of the price at which they were taken in, and reduces their loss to a much lower proportion than that of the deemables; as may be seen by every calculation which has been made of this subject. "But perhaps you will say, as I have often heard it said, That if the redeemables are bound in law, they are intitled to no relief: but ought to be thankful for any, and consequently for their reduction to 3001. to every one else, really puts them in a worse condition, than if there had been no reduction at all? "Is this a favour which will induce the redeemables to part with a legal right of controverting their subscription? A controversy wherein they have all the reason in the world to hope for success, and which, if it is determined in their favour, will discharge their whole estates, and deliver them intirely from the jaws of their greedy oppressors. "No, Sir, You may depend upon it, the redeemables are not so very silly as this comes to. They know their interest better than to close on such unequal terms. Nothing but force will ever prevail upon them to acquiesce under such conditions. "And now I come to the business I first proposed, viz. To offer you my reasons for believing that the parliament will not force them to accept of these terms. For, "If the Parliament should bind down the redeemables absolutely to the terms of 300%. without suffering them to contest the validity of their subscription, the parliament must be supposed to know either that the pretended subscription is binding in law, and such as they cannot get loose from; or else, must resolve to piece out the legality of that subscription by the interposition of mere power. "That the parliament know the pretended subscription is binding in law, is what any man may safely deny nay, 30 far are they from knowing this, that it does not appear, that they have ever yet made an inquiry after those necessary facts, upon which only such a knowledge can be founded. "The parliament has been told indeed, that 13 985,425. of the redeemables have been taken in to the South-Sea Stock. This has been re-represented to them, as they say, in the late ingrafting act. But, by whom were they told this? Why, by the late directors, men who were not only interested in the question, but such as the parliament knows to be knaves, and whose estates they are now confiscating for their knaveries. "To this I answer, that the reduction to 300l. is so far from being a relief to the redeemables, that it had been much better for them to have stood at 400l. provided all the rest of the contractors were obliged to stand to their contracts. And surely, this is nothing but justice; for it is certain, the contracts made by them were as binding and firm, as "By a former act passed in this sessions, the parliament, upon a view of these mens conduct in other respects, declared, that under pretence of the South-Sea Act, they had contrived and carried on many fraudulent and indirect practices, contrary to the intention of the said Act and upon this account, as it was very natural, the parliament suspended their belief concerning the legality of taking in the by themselves, or their counsel, against the said bill." After the reading of this Petition, the same was ordered to lie on the table, and then the "Bill to restore Public Credit," &c. was read Redeemables; justly suspecting, that those men who had acted contrary to the intention of that act in some respects might also have acted contrary to it in others: they very wisely, therefore, resolved to leave the redeemables to the law to try this point; and have provided, by a clause in the said ingsafting act, that if the redeemables obtain a decree or judgment in their favour, that in such case, they shall not be esteemed members of the South-Sea, or any other company, on account of such subscriptions. "Now can any man, after all this, be so absurd as to think, that what the parliament refused to do in February, they will do in July? Do not all the reasons that were alledged against binding down the redeemables, hold as strong now, as they did few months ago? And can it be imagined, that the same parliament which came to a resolution not to interpose in this matter, when no suits were actually commenced, should all on a sudden resolve to interpose now they are, and thereby deprive the redeemables of those hopes which they themselves encouraged, and which the redeemables have prosecuted with so much trouble and expence? What is this but making the parliament to speak like the oracles of old, or rather more fallaciously, to tell the redeemables, they would leave them the free use of the laws, provided they would not make use of them? "Had not self-interest blinded men to the greatest degree in the world, they would never desire that the parliament should in any case suspend the regular administration of justice, and interrupt the common course of the laws. This is a thing every true Englishman ought rather to pray against, and be exceeding jealous and fearful of it is opening a wide gap in our constitution. Hitherto it has beenjlooked upon, that the interpretation and execution of laws when made, did as properly belong to Westminster-Hall, as the making them to the parliament and the alteration of such a fundamental, whatever particular jobs it may serve at present, cannot but be attended with very fatal consequences, if not with the dissolution of this ancient and free government. "But to suppose, that the parliament should take so extraordinary, unprecedented, unparliamentary a step, to tie up men from the free use of the law, only in order to oppress their own innocent creditors, and to piece out the legality of a most unrighteous and barbarous contract; at the best, is to suppose a parliament speaking in this wise: Whereas it may be doubted, whether the wicked artifices used by the late South-Sea Directors, to cheat and defraud the redeemables, are sufficient in law for that purpose; and the proprietors of those debts have commenced suits in the ordinary the second time, and committed to a Committee of the whole House. This done, Sir John Ward stood up, and spoke in favour of the petitioners, urging the justice of hearing them, either by themselves, or their counsel, in course of justice to vindicate themselves from the said intended oppression, and may thereby happily free themselves from the same; there fore be it enacted, That all such suits shall cease and be it declared, that the said redeemables are cheated, and shall be cheated effectually, and without retrieve? and the estates whereof they are, by the authority of this present parliament, declared to be cheated, shall be distributed for the benefit of those who have contrived, promoted and assisted in carrying on the said cheat. "This, Sir, I can assure you, is the true English of what some among us, without doors, would have the parliament say: but, I am persuaded, they never will say it: such notions as these, can be entertained by none but such as are enemies to the honour and justice of a British parliament. 66 If you ask these sort of men, Why the parliament should interpose to bind up the laws which they never did before; They immediately answer you, that the exigency of affairs requires it. If the South-Sea Company, say they, is liable to law-suits, public credit can never be established. If by public credit these men mean what they ought to mean, the credit of the goverment and community; there cannot be a more senseless proposition than this: for the credit of the government must, in the nature of the thing, be founded on the supposed honesty and justice of the government; on its disposition to support and maintain the legal rights of its creditors. "Men most willingly trust those, for whose faith and honesty they have the best security. Take away any part of that security which the creditor has for the re-payment of his debt, and you necessarily lessen your own credit, as well as his security take away the law, which is both the measure and security of all property, and no man will ever part with his money out of his own possession, because he has no way left to recover it but by force: let it be but once determined, that there is no law against a Company, that whatever they get possession of, though never so illegally, they shall hold and retain, and none but fools will trust such a Company for the future. "But the truth is, that these men by public credit and the establishment of it, mean nothing else but the raising the value of South-Sea Stock, and measure the increase of credit only by the present increase of their own estates; whether by wrong or right, is no part of their concern, and because it is for their present interest, that the redeemables should continue part of the South-Sea Stock, and a law-suit between the Company and them, may, in all human probability, disappoint their hopes, and order to their being relieved, and he was seconded by sir Gilbert Heathcote. Hereupon Mr. Robert Walpole said, He did not see how the petitioners could be relieved; that the Resolutions, pursuant to which this bill was brought in, had been laid before, and approved by the king and council, and had also been agreed to by a great majority of the House before the last short prorogation; and that they had given their word of honour to the members that were gone into the country, that they would not alter a tittle in them; and as he could not see any thing that could be done for the petitioners, he therefore moved for adjourning the debate, and desired that that question might be put as a previous one. This was opposed by Mr. Brodrick, who said, He wondered what that gentleman meant by desiring to have such a question put, before the question for taking the Petition into consideration; which, he thought, would look as if they could not answer the allegations contained in the said Petition; and therefore he moved that they might go upon the debate of it. He was seconded by Samuel Sandys, esq. who spoke strenuously in favour of the petitioners; but the court party insisting upon Mr. Walpole's motion, the question for adjourning was put, and carried by a majority of 78 voices against 29. By this time four of the Justices of the Peace for the city of Westminster attending, according to order, they were called in, and being at the bar, Mr. Speaker acquainted them, That the House was informed that there was a great crowd of riotous people in the lobby and passages leading to this House, and that he was commanded by the House to direct them, the said Justices, to go and disperse the said riotous crowd, and to take care to prevent the like riots for the future. Hereupon the four Justices, attended by five or six constables, desired the petitioners to clear the lobby and passages; and upon their refusal, caused the Proclamation against Rioters to be twice read, declaring to them, that if they continued there till the evince the contrary; therefore, they desire the course of the law should be stopped. Hence arises this fear of the law and law-suits: the law is an enemy to villany and oppression. But what these men call public credit, is, it seems only to be supported by them, and consequently must be built on the destruction of the law, their opposite. "But though it should be granted these men, that self-interest is the sole principle of action in a wise man (and many such moralists or wise men you may meet with in every coffee-house) yet if, according to the Poet's definition of wisdom, Istuc est sapere, non quod ante pedes modo est videre, sed etiam illa quæ futura sunt 'prospicere,' it will then appear, that they are very silly fellows, and little consider their own true interest, when they are desiring, that the laws, and benefit of them, should be suspended The Bill for restoring the Public Credit passed. Aug. 4. The Commons, in a Committee of the whole House, considered of the Bill to restore Public Credit;' and the first question that occasioned any debate was, at what price the subscribers upon the second subscription should be obliged to take South-Sea stock? Some were for 2631. and others for 2031. and after several speeches (by Mr. Horatio Walpole, Mr. Yonge, Mr. Robert Walpole, Mr. Sloper, Mr. Broderick, Mr. Lowndes, Mr. Lowther, Mr. Harsley, Mr. Miluer, and sir John Eyles) it was agreed without dividing, that the said subscribers should take stock at 2031. The next question was, whether brokers, or such as had acted as brokers for brokeridge, who had borrowed money of the South-Sea Company upon stock, or subscription-receipts, should, like the other borrowers, be discharged from all farther demands, by paying to the cashier of the said Company ten per cent. of the money borrowed? But after some debate, it was carried by 62 votes against 42, that the said brokers should be excepted, and a clause was added to the bill, to oblige them to pay the whole money borrowed. After this sir Thomas Crosse declared, that upon looking over the South-Sea books, he found that many of the borrowers had not given any security for the money borrowed, for three months, or thereabouts, after the money lent: upon which the question was put, and carried without a division, that all those who had borrowed money of the Company, and had not given security, by transferring stock, or subscription receipts, fourteen days after the money and taken from any of their fellow subjects. For when the precedent of suspending the law is once introduced, whose turn it may be to suffer next, no man knows. These men, for the sake of an immediate advantage, would rejoice, it seems, in an act of parliament which should distress their brethren, and destroy their property; but, I am satisfied, such rejoicing would not last long; the pleasure, as it is a barbarous one, would also be a short-lived one. For the same means which are made use of to plunder these men to day may be made use of to plunder them to morrow. And if we should be so unhappy to fall into the hands of such a parliament as these men wish for; a parliament of the same narrow and self-interested principles with themselves; this one precedent would be alledged in justification of a GENERAL SPUNGE." lent, should be obliged to pay the whole money. Several other amendments were made to the bill, which being_reported the next day to the House by Mr. Farrer, some of them were agreed to; but when they came to that relating to the brokers, the same occasioned a, considerable debate. Mr. Robert Walpole among the rest expressed his apprehensions, that obliging the brokers to repay the whole money they had borrowed, might rather be detrimental, than advantageous to public credit, and occasion the fall of the South-Sea stock, which was now upon the rise; and that the brokers, to excuse themselves, might probably accuse others, which would afford fresh matter of com. plaint and dispute, therefore he moved that the said clause be left out of the bill. He was answered by general Ross and Mr. Sloper; but upon the question being put, it was carried by a great majority, that the brokers should only be excepted from the clause relating to the borrowers; that is to say, that they should not be obliged to repay the whole money by them borrowed; nor yet be discharged from farther demands, by paying ten per cent. of the money borrowed; but be left either to compound with the South-Sea Company, or to be sued at common law. The other amendment, relating to the borrowers, who had not transferred their stock, or subscription-receipts in due time, was also left out of the bill. Aug. 7. The said Bill was read the third time, passed, and sent up to the Lords; after which, the Commons adjourned to the 10th, on which day the Bill was passed by the Lords, and received the Royal Assent. The King's Speech at the Close of the Session.] August 10. The King came to the House of Peers, and the Commons being sent for up, and attending, the Lord Chancellor, by his majesty's command, read the following Speech to both Houses : "My Lords and Gentlemen; "I am glad that the business of this and the former session is at length brought to such a period, that I have now an opportunity of giving you some recess, after the great pains you have taken in the service of the public. "The common calamity, occasioned by the wicked execution of the South-Sea scheme, was become so very great before your meeting, that the providing proper remedies for it was very difficult; But it is a great comfort to me, to observe, that Public Credit now begins to recover; which gives me the greatest hopes that it will be entirely restored, when all the provisions you have made for that end, shall be duly put in execution. "I have great compassion for the sufferings of the innocent, and a just indignation against the guilty; and have readily given my assent to such bills as you have presented to me, for punishing the authors of our late misfortunes, and for obtaining the restitution and satisfaction due to those who have been injured by them, in such manner as you judged proper. I was at the same time, willing and desirous, by my free and general pardon, to give ease and quiet to the rest of my subjects, many of whom may, in such a general infatuation, have been unwarily drawn in to transgress the laws. "Gentlemen of the House of Commons, "I return you my hearty thanks for the supplies you have granted for the current service of this year; and particularly for your enabling me to discharge the debts and arrears on the Civil List, and to make good the engage ments I was under for procuring peace in the North, which in all probability, will now very soon be concluded. These instances of your faithful endeavours to support the honour and dignity of the crown, at home and abroad, are fresh marks of your zeal and affection to my person and government. "My Lords and Gentlemen; "I take this opportunity of acquainting you, that we have renewed all our treaties of commerce with Spain, upon the same foot as they were settled before the late war; which must necessarily prove an immediate and valuable advantage to the trade and manufactures of this kingdom. "I earnestly recommend to you all, in your several stations, to suppress profaneness and immorality, and to preserve the peace and quiet of the kingdom. "You are all sensible, that the discontents occasioned by the great losses that many of ny subjects have sustained, have been industriously raised and inflamed by malicious and seditious libels; but I make no doubt, but that, by your prudent conduct in your several counflattered themselves they should be able to take tries, all the enemies of my government, who advantage from our misfortunes, and blow up the sufferings of my people into popular disin their wicked designs and expectations." content and disaffection, will be disappointed And then the Lord Chancellor prorogued the Parliament to the 19th day of October. SEVENTH AND LAST SESSION OF THE FIFTH PARLIAMENT OF GREAT October 19. The Parliament being met, the The King's Speech on Opening the Session.] King came to the House of Peers, and the Commons attending, his Majesty, by the mouth of the Lord High Chancellor, made the follow ing Speech to both Houses: "My Lords and Gentlemen; "I acquainted you, when we parted last, with our having renewed all our Treaties of Commerce with Spain; since which, peace is happily restored in the North, by the conclusion of the treaty between the Czar and the king of Sweden; and by that which I have made with the Moors, a great number of my subjects are delivered from slavery; and all such of them as trade to those parts of the |