ously recommended to us, in favour of the "My Lords; "I thank you for this loyal and dutiful Address. The zeal you express for my person and government, and for the interest and happiness of my people, gives me great satisfaction." that our poor cannot be sufficiently employed, nor the balance of trade be long preserved in our favour, while such duties are continued, as either clog the exportation of our own manofactures, or render the manufacturing of them at home less easy and practicable; and they will most cheerfully apply themselves to consider how far such duties can be taken off and replaced without laying any new burthen on your people, or violating the public faith; havthe free circulation of trade, which must natuing great reason to promise themselves, that rally succeed upon, the taking off this pressure, will, in a short space of time, compensate any diminution of the customs, which this alteration may occasion for the present. The Commons' Address of Thanks.] The Commons being returned to their House, sir George Oxenden moved for an Address of Thanks, which was unanimously agreed to. October 20. Sir George Oxenden, chairman of the Committee appointed to draw up the said Address, reported the same to the "And since the trade, navigation, and safety House, and upon the Speaker's putting the of this nation must remain, in some measure, question, Whether this should pass as the Ad-precarious, as long as we are under the neces dress of the House? Mr. Arthur Moore said, He thought the expressions relating to the preventing running of goods were too general; and that, in his opinion, the best way to prevent that pernicious practice, was to take off some of the high duties, whereby the temptation to smuggling would very much abate; since people would not think it worth their while to run No great hazards for a small gain. And besides, "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 unfeigned Thanks for your most gracious Speech from the throne. sity of purchasing and importing all our naval "Your majesty's tender concern to have the Supplies of this session so ordered, that your subjects may be among the earliest in reaping the happy effects of the general tranquillity abroad, cannot fail of exciting in your faithful Commons a desire of making suitable returns, by proceeding, with all alacrity, to grant the necessary Supplies for the current service of the year, and for discharging the heavy Debt of the Navy: And we find ourselves engaged, by all the ties of duty and interest, to second your majesty's provident intentions, for sup pressing the infamous and pernicious practice of running goods; which, besides that it defrauds the public revenues and discourages the honest trader, may, at this juncture, indanger the health and lives of many thousands of your majesty's innocent subjects. "We congratulate your majesty upon the suc The several points which your majesty has cess that has attended your unwearied appli- been graciously pleased to recommend to us, cation for restoring tranquillity to Europe, for carry in them such evident marks of your masecuring our commerce by treaties, and for re-jesty's paternal and most affectionate concern leasing great numbers of your subjects from slavery among the Moors, and for delivering the trading part of the nation from the appreheasions of the like calamity for the future; which are so many instances of your majesty's goodness, in which all your subjects are so nearly concerned, that we are no less bound by interest, than led by inclination and duty, most thankfully to acknowledge these happy effects of your majesty's care for your people. "Your majesty's recommending to us to improve the general tranquillity abroad, towards extending and enlarging our commerce, is an additional proof, how much your majesty has the real interest of Great-Britain at heart, in all your counsels and undertakings. "Your Commons are thoroughly sensible for your people, and are of such lasting conse quence to the welfare and safety of this nation, that we should be inexcusable, if we did not, by a ready concurrence on our parts, do all in our power to render these your majesty's most gracious purposes effectual; and proceed in the consideration of them with such temper, una nimity, and dispatch, as may fully answer your majesty's expectations, and defeat the designs of those who hope for any other contentions amongst us, but of zeal and affection towards your majesty's sacred person and government." The King's Answer.] To which the King gave this Auswer: loyal Address, and for the assurances you give me of going through the weighty affairs now before you with unanimity and dispatch; and I promise myself, from your experienced zeal and application, that my good wishes for the welfare and prosperity of my people, will be rendered effectual." Debate in the Commons on the Supply.] October 27. The Commons, in a grand committee, considered of the Supply to be granted to his majesty; and, in the first place, went upon the State of the Debt of the Navy, as it stood on the 30th of September 1721, which amounted to about 1,700,000/. Hereupon Mr. Freeman stood up, and with some warmth animadverted upon the persons concerned in that part of the administration, saying, among other things, It was matter of wonder, how so great a debt could be incurred, when the parliament had provided for what had been desired upon that head. He was seconded by Mr. Shippen, who hinted, That such extraerdinary expences could not be for the immediate service of Great-Britain, but in all probability, for the preservation of some foreign acquisitions. Mr. Plummer answered them both in a very smart speech. Upon which Sir Joseph Jekyll said, That he was not against providing for any just public debt; but that, in his opinion, they could not answer it, either to themselves, or those they had the honour to represent, if they gave away the nation's money blindfold; and therefore he desired, that the House might be informed, how 80 great a debt had been contracted? To this Mr. R. Walpole replied, Nothing in the world was more reasonable; and therefore he backed the motion for having a particular Account of that Debt laid before the House; but, in the mean time, he might assure them, that near 1,100,000l. of it was contracted in the last reign; and as the persons now in the administration, were not answerable for that part, seither did they desire that above one million of it should be this year provided for. Hereupon the question being put, "That one million be granted towards paying off the Debt of the Navy," it was carried without dividing: Then the Speaker having resumed the chair, it was resolved, according to sir Joseph Jekyll's motion, to address his majesty "for an Account of all money granted by parliament for the service of the Navy, from the 1st of January 1710; and how far the said money has been issued for that purpose, and what the excess of the expence above the provision made by parliament has every year amounted to, and what were the causes of such excess.' Oct. 31. The order of the day being read, for the House to resolve itself into a grand Committee, to consider farther of the supply granted to his majesty, the several Estimates and Accounts relating to the Land-forces, Chelsea-Hospital and reduced officers, were re ferred to the said committee: but a motion being made by Mr. Treby, that the Speaker do now leave the chair, the same was opposed by Mr. Freeman, who desired that this affair might be put off, at least till the Friday following, urging, That there had not been sufficient time allowed to the members to peruse the several Accounts and Estimates, and, consequently, they were not prepared to give their opinion thereupon. He was seconded by Mr. Heysham; but Mr. Yonge answered them both; Mr. Jefferies having replied to Mr. Yonge, he was answered by Mr. Treby, the latter by Mr. Shippen: to whom Mr. R. Walpole having replied, the question was, at last, put upon Mr. Treby's motion, and carried in the affirmative by 120 against 40. The House having thereupon resolved itself into a grand Committee, Mr. Farrer in the chair, Mr. Treby moved, That a Supply be granted for the same number of forces as were provided for last year, viz. 14,294 men, including commission and noncommission officers, and 1859 invalids. This was again opposed by Mr. Freeman, who alledged, That considering the general tranquillity, both at home and abroad, the number of LandForces might be reduced, and part of that expence applied to more important uses: but he was answered by Mr. Horatio Walpole ; and the question being put, Mr. Treby's motion was, upon a division, carried by a majority of 121 votes against 37. Debate in the Lords concerning Mr. Law's coming over into England.] October 26. Earl Coningsby represented to their lordships how dangerous it might be, on several accounts, to entertain and countenance such a man as Mr. Law, and desired that a day might be appointed to take that matter into consideration. Hereupon it was ordered, That the House be called over that day fortnight. "John Law, esq. (one of the early friends and companions of Captain Steele) was memora ble for a fatal duel, in 1694, with Beau Wilson; for which he was tried at the Old-Bailey; and, being convicted, received a pardon from the crown; but was detained in prison by the relations of Mr. Wilson under an appeal. He found means, however to escape: and going to France, became the founder of the famous Mississipi scheme. In 1721 (having pacified the surviving relations of Mr. Wilson with 100,000/.) he returned to England, where he continued to reside till he received the mortifying intelligence of the confiscation of his whole property in France; but being conscious of the rectitude of his conduct in the management of the finances, and that the balance would, upon examination, he found considerably in his favour, he had good reason to flatter himself with the hopes of receiving a large sum, especially as the Regent always professed a more than ordinary regard for him, and continued punctually to remit his official salary of 20,000 livres a year. But the death of his royal November 9. The Lord North and Grey moved, That a day be appointed to consider of his Majesty's Speech, and proposed the Monday following. Hereupon The Earl Coningsby stood up and said, He of that name, which runs through it from North to South. Pursuant to this scheme, a subscription of stock was opened, and all were admitted to subscribe. The sun first proposed to be raised was only 60 million of livres, to be sub highness, Dec. 2, 1723, was a fatal blow to the hopes of Mr. Law; who, in a memorial to the duke of Bourbon, dated Oct. 15, 1724, states himself as "bankrupt, not only in France, but also in other countries ;" and "his children courted by the most considerable families in France, as destitute of fortune and establish-scribed in state-bills. These state-bills or pubment.""I had in my power," he says to have settled my daughter in marriage in the first houses in Italy, Germany and England; but I refused all offers of that nature, thinking it inconsistent with my duty to, and my affection for, the state in whose service I had the honour to be engaged." He bad a final adieu to Britain in 1725; and fixed his residence at Venice; where he concluded the che-livered out at 110, and soon rose to 200. As peoquered course of his life, in a state but little removed from indigence, March 21, 1729, in his 58th year."-Steele's Correspondence, vol. 2, p. 520, edit. 1809.. The following account of the Mississipi acleme is given by Tindal: "The South-Sea Scheme seems to be taken from that of the Mississipi Company in France, formed by Mr. Law the last year. Mr. Law was born at Edinburgh, and had proposed to the parliament of Scotland, in 1705, a scheme for supplying the nation with money, which though favoured by the duke of Argyle, then high-commissioner, and several members of parliament, was however rejected. Upon this he applied himself to the lord-treasurer Harley, and transmitted to him another proposal for the increase of trade and credit, but ineeting with no encouragement, and not being able to get his pardon, for having killed Beau Wilson in a duel, he was compelled to live abroad, where after undergoing great variety of persecutions from his enemies, he settled in France. During his stay in England, he had informed himself fully of the management of the Bank and East India Company, and, in order to settle the fluctuating manner of things in France, he proposed to the Regent to lay the foundation of credit by erecting a Bank. The Regent approved of the scheme, the Bank was established: the King began the subscription the Regent followed, with innumerable others. This project met with such success, that, in three subscriptions, more than all the money in France was said to be subscribed to it: for, by the end of the year 17 19, bills were given out for 640 millions of livres, which exceeds the value of the bills circulated by all the Banks in Europe. There was added a circulation of $60 millions, and the whole amounted to 1,000 millions of livres, making above 38 millions of pounds sterling at the Exchange then current. "A Bank being thus erected, and credit cstablished, Mr. Law formed the project of the Mississipi or India Company, who were to have the sole privilege of the trade to Louisiana, or the country of Mississipi, so called from a river lic securities were then very low, being from 57 to 63 per cent. discount; but, as they were received at par without any loss in the company's stock, the first subscription of 60 millions was soon filled. The capital stock was then enlarged to 100 millions, and the actions or shares rose to 120. After this a new creation of actions was made for 25 millions more, which were de ple appeared very eager to lay out their mo ney this way, an arret of the council of state was published, for circulating bank-bills, to the value of 25 millions, in the Mississipi company, upon which the actions, about Midsum mer 1719, run up 560. The company, finding their credit so well established, proposed to lend the king 50 millions, for which there was a new creation of actions for 25 millions, upon the foot of 200 per action. About the end of August, the company proposed to the king another loan of 1200 millions, at three per cent. As the actions were now advanced to 1,200, the company, in order to raise the lean opened their books for 500 millions, by the sale of 50 millions of actions, at the rate of 1,000 per action. The subscriptions were filled in a few hours; and, in less than three weeks, two subscriptions more, for the like sum of 500 millions each, were opened with the same success. The first payment of these three subscriptions rose so considerably, as to be sold at 300 per cent. profit. From that time the actions rose to 2,050. "The Mississipi stock was in its greatest prosperity during the months of November and December 1719; and, in the January foling, Mr. Law, who was become the greatest subject in Europe, was made comptroller-general of the finances of France. From that time the stock began to decline, and by the end of May, all things fell into confusion at Paris, occasioned by an arret to reduce bank notes and actions of the company. Mr. Law resigned his place, and had two Swiss officers given him for his guard. By this project the state indeed gained immensely, 1,500 millions of the king's debts being transported from him to the people, who were content to dis charge the public, and owe the money to "one another. Consequently, when the fall came (except a few great fortunes that were made) there was almost a general ruin through all France. This revolution of the Mississipi stock at Paris was not regarded in England, where the like infatuation universally prevailed, and was followed by the like consequences." was not against that motion, but that their meeting, this day, in a full house, was in order to consider of the dangerous consequences of Mr. Law's coming over, at this critical juncture. That, for his own part, his lordship could not but entertain some jealousy of a person who had done so much mischief in a neighbouring kingdom; and who being so immensely rich, as he was reported to be, might do a great deal more hurt here, by tampering with many who were grown desperate by being involved in the calamity occasioned by the fatal imitation of his pernicious projects. That this person was the more dangerous, in that he renounced not only his natural affection to his country, and his allegiance to his lawful sovereign, by being naturalized in France, and openly countenancing the Pretender's friends; but, which was worst of all, and weighed most with his lordship, that he also renounced his God, by turning Roman Catholic. Concluding, that they ought to inquire, whether sir John Nortis bad orders to bring him over? To this last part of the carl Coningsby's Speech, Lord Carteret answered, in substance, That Mr. Law had many years ago the misfortune to kill a gentleman in a duel, but that having at last received the benefit of the king's clemency, and the appeal lodged by the relations of the deceased, being taken off, he was come over to plead his majesty's most gracious pardon: that there was no law to keep any Enghshman out of his own country; and as Mr. Law was a subject of Great Britain, it was not even in the king's power to hinder him from coming over, if he thought fit. To this The Lord Trevor replied, That Mr. Law was, indeed, a subject of Great Britain, and therefore, as such, had an undoubted right to come hither; but that the circumstances of a person of his character being brought over on board an English admiral, and at this juncture of time, might deserve the consideration of that House. Earl Cowper spoke much to the same effect: but, however, that matter was set aside, by the lord North and Grey's moving, That the House be called over that day sev'nuight. This being opposed by some lords, who desired that the call might be put off for a fortnight, Earl Cooper said, It was the constant usage of parliaments for the House to be summoned, to go upon business, a few days after their meeting: that his majesty had, in his late Speech from the throne, mentioned things of so great importance to the nation, that, for his own part, he took shame to himself, that he had not, before this time, proposed a Call of the House, to take the said Speech into consideration: and that they were very much obliged to that noble lord for making now that motion. This was seconded by the duke of Wharton, the lord Trevor, and Earl Coningsby, which last, in particular, said, That there were some very remarkable things in that Speech, which he would point out 30 their lordships, when it came to be consi dered; and that he should take the liberty, not only to take notice of that speech, but to compare it with two speeches of the last session, and see how they agreed: that, in the mean time, he could not forbear taking notice of a design of building Barracks, under the notion of Pest-Houses, which his lordship confessed gave him some uneasiness; for it being a thing we were not used to, it looked like a design to garrison Standing Forces, to awe the city of London. Hereupon, Lord Townshend said, That the very reasons which some lords had made use of, for appointing a short day, weighed rather with him for putting off the Call of the House for a week longer; for since there was business of so great importance to be considered, the absent lords ought to have the more time allowed them to settle their affairs, in order to attend the service of the House; whereas, if one week only was allowed them, many of them could not have dispatched their business so soon. Then the question being put, whether the Call of the House should be that day sev'nnight, or that day fortnight, it was, upon a division, carried for that day fortnight, by 57 voices against 11. Notwithstanding this disappoint→ ment, The Lord Cowper returned to the charge, and said, That though the flouse were not called over so soon as some of their lordships desired, yet they might appoint a shorter day to consider of the King's Speech. Urging, that it was hardly decent, when a great king, in a peaceable possession, had made a Speech from his throne recommending to them matters of the last importance, and pressing dispatch, that in all this time they should have taken no farther notice of it, than barely to thank him for it, which was a thing of course; and therefore his lordship desired, that they might go upon the consideration of the king's Speech on the Monday following, which was agreed to without any division. Debate in the Lords on the Navy-Debt.] November 13. The Lords took his majesty's Speech into consideration, and The Lord North and Grey insisted chiefly on the Debt of the Navy, saying, "That it was matter of surprize, how such an immense Debt could be incurred, when the parliament had yearly provided for all that had been demanded for that service." His lordship was seconded by earl Cowper, who went through all the beads of the king's Speech; and was backed by the lords Trevor and Bathurst, the duke of Wharton, and earl Coningsty, who all insisted upon an inquiry into the Debt of the Navy. The lord Carteret, lord Townshend, the earl of Sunderland, and lord Teynham answered, That near two thirds of that Debt had been contracted in the last reign; which they were ready to make appear to the House. The Bishop of Rochester replied, That since the Debt was incurred, it was but justice that the National Debt is, of all others, the most heavy and burthensome; and having set forth the mischiefs arising from the high discount on the Navy and Victualling Bills, we thought our they who trusted the government should be paid; but that, on the other hand, it became the wisdom of that House, to endeavour to prevent the like for the future, and to restore the navy to the ancient foot, that is, not to ex-selves sufficiently warranted to express a desire ceed the expences provided for by parliament. In answer to this, The Earl of lay urged, That the public good, and the safety of the nation, being the grand object and rule of government, some latitude must of necessity be given, and allowances made, to those who are in the administration for extraordinary expences upon unforeseen exigencies. Lord. Parker, and some other lords, spoke on the same side. Then a motion was made, "That this House do on Friday next take into consideration the causes of contracting so large a Navy-Debt, and the best methods of preventing the contracting the like Debt for the future." And the question being stated thereupon, it was proposed to leave out the following words, And the best Methods of preventing the contracting the like Debt for the future.' Protest on that occasion.] After debate, the question was put, whether those words shall stand part of the question? It was resolved in the negative. Content 22. Not-Content 64. "Dissentient' 1. "Because the principal end of all parliamentary inquiries into mismanagements, being to prevent the like for the future, we thought it more agreeable to the candour and honour of the House, to express it plainly in the question itself, than leave it to be implied only; and the rather, because it seemed to us, that the words left out clearly imported that nothing personal was in view, but the public good only, which, we thought, would rather have given satisfaction to the minds of every noble lord, than the contrary. 2. "When the words now ordered to be left out were, for the reason given, so properly and naturally, as we conceive, made a part of the question, we could not but apprehend that the laying them aside on debate might create a suspicion, though unjust, that this House did not intend to prevent, if possible, the contracting a large and inconvenient Navy-Debt for the future. 3. "His majesty having, in his Speech from the throne, observed the ill consequences that arise from such a large Debt remaining unprovided for, we thought it very proper, if not necessary, in the resolution taken to enter into the consideration of that Debt, to express a desire of preventing the like inconvenient Debt being contracted for the future; and that the doing so did not at all prejudge the causes of contracting the present great Navy-Debt; for however necessarily or justifiably an inconvenient thing might have once happened, yet we think it ought, if it can, to be prevented from happening so again. 4. "His majesty having likewise observed in his Speech from the throne, that this part of to consider of the best methods of preventing the like most heavy and burthensome Dett, whatever the causes of contracting the present debt shall, on inquiry, appear to be; and this the rather, because the like Navy-Debt can bring no manner of benefit either to the public or any private person, but to such as, by foreseeing when it is either to be discharged or provided for, may make an excessive advantage to themselves by buying up the said bills while under a very high discount.-(Signed,) W. Ebor', Bristol, Bathurst, Aberdeen, Bingley, Strafford, Scarsdale, Ashburnham, Trevor, Guilford, Wharton, Boyle, Salisbury, Fr. Roffen', Aylesford, Cowper, North and Grey.* Debate in the Lords on a Motion for laying before the House the Instructions given to Lord Carteret as Minister in Sweden.] November 15. The Lords took into consideration the alliances and treaties with the Northern that part of his majesty's Speech, relating to Potentates. Lord Guildford moved for an Address to his majesty, That he would be pleased lord Carteret, as minister or plenipotentiary to to give orders, that the instructions given to Sweden, or any other of the Northern crowns, be laid before the House. He was seconded Trevor and the duke of Wharton. by the earls Cowper and Coningsby, the lord Protest on rejecting it.] But being opposed by the earl of Ilay and lord Townshend, it was carried in the negative by 63 voices against 21. "Dissentient' 1. "Because we apprehend this to be the first instance to be found in our Journals, where the Lords have moved for a sight of instructions of any kind, and have not been supported by the House in that motion; and though we wish it may be the last, yet we have just reaons to fear, that such a precedent once made will not fail of being followed in succeeding times. 2. "Because we do not apprehend, how the calling for instructions after the conclusion of the treaty to which they relate, and the intervention of a general Act of Pardon, can be hurtful either to the public, or even to the ministers transacting such treaties; but the refusing to call for those instructions may, in our opinion, * "It is observable, that in this day's debate, the earl Coningsby had another notable fling at Mr. Law: for upon occasion of the Pestilence that raged in a neighbouring kingdom, he took notice, That the Projector, who was lately come over, had, by his pernicious schemes, brought the Plague of Poverty upon France, which had not a little added to the calamity of the Contagion; for when it first broke out at Marseilles, there was scarce 501. in the treasury of that city." Political State. |