A Stiptick for a Bleeding Nation.
by Unknown.
Do but a little consider, and you will soon find, _Pride_ and _Luxury_, _Corruption_ and _Bribery_, are the greatest Causes of our present Calamities; and if you do not discourage the Two first, and punish the Two last Evils, we shall speedily come to Destruction, and G.o.d will blast all our Endeavours.
The lively Instance of late, proves to us the _Ruin_ those Evils carry with them: And is there not one good Man, that dares to stem the Tide that is come in upon us, and save us from being drown"d?
Is there not one Man that has _Honesty_, _Interest_ or _Ability_, to put in Practice what is so necessary to _preserve_ their Country?
Let us shake off then those plaguy Sores that corrupt our _Vitals_; and if we intend to be a Happy and Flourishing People, we must promote _Piety_, which admits of no Corruption; _Honesty_, that listens to no Temptation; _Sincerity_, which never deceives his Neighbour; _Sobriety_ is the Way to Honour, and _Industry_ brings Riches, which Frugality preserves: He therefore that desires to be _truly Great_, must possess these Virtues, and prefer _Publick_ to _Private Interest_.
What is the Reason that all Inferior Places of Profit and Trust are _bought_ and _sold_, and true Merit wants its _Reward_? Is it not because the _Devil_, when bought, will be sold?
Are not our Exports of _Bullion_ so great, that, as fast as it arrives, it goes away? Which the Publick Entries every Week demonstrate. And were it not for the daily Supplies from _Portugal_, we should have nothing but our own _Specie_ to answer all Demands.
It is obvious, that One Single Corporation has put us into this Confusion: And will the _Government_ again trust to _that_, or any other? I should not desire a Friend of mind to be the _Adviser_.
Can all the Corporations in _London_, put together, be so well depended upon, as the _Exchequer_; which is supported by the _Government_, who are able and willing to make good all their own Contracts, but are not answerable for the Losses of any Corporation; all being oblig"d to sit down and be content with their own?
Can any Corporation desire more, than that the _Government_ compel their own Members, and their Estates, to make good to answer for their _Mismanagement_?
Separate then the _Standers-by_ from the _Gamesters_, and let the Unconcern"d declare their Opinion, Whether, in all Corporations, the _Directors_ have not an unknown Advantage over all the other Members? Is it so in the _Exchequer_?
Tell me then, why a Hundred Pound in a Corporation, is more valuable than a Hundred in the _Exchequer_? Is it not because you can part with your Property with much more Ease by way of _Transfer_ in _London_?
Which is not practis"d at the _Exchequer_: Besides, the _Transferring_ is near at Hand.
The _Directors_ of any Corporation, if not truly _honest_, may impose at all Times upon the rest of the _Proprietors_, by making a Dividend above the intrinsick Value of the Nett Produce of _Profit_; and the _Legislature_ would do well to provide against such Practices for the future.
If due Encouragement was given for the Importation of _Iron_, _Hemp_, _Pitch_ and _Tar_, from our own _Plantations_, the Export of a great deal of our _Bullion_ would be sav"d, our _Colonies_ encourag"d, and we should be then able to supply the _Dutch_, _French_, _Spaniard_, _Italian_ and _Portugueze_ with Iron, and bring in Two Hundred Thousand Pounds _per Ann._ Balance of Trade.
If the _South-Sea_ Company would trade to our own Islands, _viz._ the _Bahama_, and to _Carolina_; that Trade alone would bring them in Five Hundred Thousand Pounds _per Ann._ and with a small Expence, if well manag"d.
A PROPOSAL
To Restore _Publick Credit_, and Pay the _Nation"s_ DEBTS.
I. _That the =South-Sea= Company be put in =Statu quo=; and if the Estates of the late =Directors=, their Aiders and Abettors will not do it, the =Government= to make up what is wanting._
II. _That the =Subscriptions= at =Three Hundred=, =Four Hundred=, =Eight Hundred=, and a =Thousand=, be all paid into the =Exchequer= at =Two Hundred=, and there to have a Credit for =One Hundred=; for which the =Government= is to pay Ten =per Cent.= until the =One Hundred= shall be paid off: And that those who have not paid full =Two Hundred=, do make up that Sum within the Time limited by the late =Directors=._
III. _That a Proper Place in =London= be appointed to keep a =Book=, wherein each Person may be made =Debtor= and =Creditor=; and a Duplicate of such =Book= to remain in the =Exchequer=. And that there may be a =Book=, wherein every Person may =transfer= their Property._
IV. _The Debt of =Seven Millions, Five Hundred Thousand Pounds=, being forgiven the =South-Sea= Company, and they put in =Statu quo= by the =Government=; the =Nation= will stand =Debtor= and =Creditor= as followeth:_ Viz.
NATION Debtor.
_To =South-Sea= Company_, 11,746,384 _To Money-Subscribers_, 20,004,000 _To Redeemable Debts_, 13,886,486 _To Unredeemable Debts_, 12,070,343 _To Interest_, __________
NATION Creditor.
_By a Moiety of the Money-Subscribers_, 10,002,000 _By =Ditto= Redeemable Debts_, 6,993,247 _By =Ditto= Unredeemable Debts_, 6,035,178 ---------- 23,030,425
The _Government_ is only to pay Ten _per Cent._ for the Sum of _Twenty Three Millions, Thirty Thousand, Four Hundred Twenty Five Pounds_. The _South-Sea_ Company being in _Statu quo_, are to receive an Interest as the _Act_ directed before the last _Settlement_.
The other Moiety will enable the _Government_ to make good the _Deficiency_ (if any) to the _South-Sea_ Company, to forgive them the _Seven Millions, Five Hundred Thousand Pounds_, pay the _Interest_ due from the _Government_ and clear a great Part of the _Princ.i.p.al Debt_.
The _Scheme_, as before-mention"d, will restore our _Credit_, and pay Part of our _Debt_; but if we intend to pay the Remainder, we must endeavour to be at a _Par_ with our Neighbours in Trade: And if they outdo us in Policy therein, and we do not strive to follow their _Methods_, we must expect in the End to be the Losers, and never to have a Balance.
We ought to consult those Methods that will increase our _Exports_, and lessen the _Importation_ of such Goods as takes away our _Bullion_, and prevent our _Coin_ from being exported, in the best Manner we can.
Now, Sir, you having consider"d the _Proposal_, and what has been previously maintain"d give me Leave to ask you a few Questions: _Viz._
1. Whether the Corporation of the _South-Sea_ Company, if they could be sure that the _Government_ would forgive them the Debt of _Seven Millions, Five Hundred Thousand Pounds_, and put them in _Statu quo_, (that is, in the Condition they were in when Stock was at _One Hundred Twenty Five_) would not they readily embrace the _Offer_?
2. Whether either the _South-Sea_ Company, the Bank of _England_, or the _East-India_ Company, desire the _Ingraftment_ propos"d by Parliament?
3. Whether a more equal Distribution of _Loss_ can be made, to please all Parties, especially the major Part; or who will be the greatest _Loser_ by the _Proposal_ herein mention"d?
One great Calamity is the Loss of _Paper Credit_, on which our _Trade_ chiefly depended: We find already a great Decay, which will soon be more apparent. We have indeed at present too little _Cash_, and too little _Credit_, to support _Trade_; and if we do not take other _Methods_ than what has been yet practis"d, it will be entirely lost.
It is the Prudence of a _Government_, to establish _Credit_ on the most solid Foundation; and what can be so solid as a _Parliamentary Security_? Will the _Government_ be trusted with any future Loans, if their Debts are settled upon a _precarious Bottom_? And are _Corporation-Pillars_ a good Foundation?
The _Method_ already propos"d, is seemingly calculated for the Service of _Stock-Jobbing_, and a Parcel of _I know not who_, (_Sharpers_,) to reap the Benefit of it: And if so, the _Nation_ will be utterly ruin"d.
For G.o.d"s Sake, then, let us not run any more _Hazards_, but prudently take such _Measures_ as are most safe and advantageous.
If the _Government_ will forgive the _South-Sea_ Company the Debt of _Seven Millions, Five Hundred Thousand Pounds_, and put them in _Statu quo_; they ought to sit down contented, and be easy and thankful.
If the present _Scheme_ gives the Subscribers but _Twenty Five Pounds_ Capital Stock for a _Hundred_, and the _Government_ will give such Subscribers _Fifty Pounds_ for a _Hundred_, I hope they will have no Reason to complain.
For should the _Subscriptions_ be ty"d down to _Four Hundred_, Thousands of Families will be ruin"d.
If we consider the Debt we owe to _Foreigners_, and how they, on the _Advance of Stocks_, drain us of our Money; we shall find it very dangerous to suffer _Stocks_ to be sold above the intrinsick Value.
If Common Interest be reduc"d to Four _per Cent._ as was intended; what _Proprietor_ can say he shall be a Loser? Setting aside the _Subscriptions_ and _Stock_, bought and sold at extravagant Prices; which is impossible to redress, without making a far greater Number of Sufferers.
Will the _Proposal_ of Tying down the _Subscribers_ at _Four Hundred_, give a greater Interest than Ten _per Cent._ for the Capital? And what will the Capital be, when paid off? Will that be more than _Twenty Five Pounds_ for a _Hundred_? Does not this _Proposal_ give _Fifty Pounds_ for _One Hundred_, with a double Advantage to all; and at the same Time pays a great Part of our Debt, and settles our Credit on a solid Foundation?
A Nation cannot flourish without _Virtue_; nor _Virtue_ without _good Conscience_. Sudden Ways of _growing rich_, must be ruinous to the _Publick_: There are of late those who have too suddenly got vast Estates, and others as soon stripp"d of great Fortunes.
_Industry_ is therefore the true natural Way to Wealth, as _Idleness_ is to Poverty. Riches cannot be honestly got without _Industry_, therefore it ought to be encourag"d, and all _idle Persons_ made to work; and such as will not work, ought to be serv"d as they are in _Holland_, that is, exercis"d with the _Pump_.