Ibberville received advice from France, that the pretender was arrived at Bafil, in Swifferland, and had a few days after been seen at Old Brifac; upon notice whereof, the regent of France had fent orders to all the governors of the frontier towns, not to fuffer him to enter the kingdom of France; But it was foon after known, that the pretender had not ftirred from Italy. However, Mr. Stanhope, to the great furprize of the oppofite fide, was fupported by Mr. Walpole, and alfo by Mr. Pulteney, who declared, That, before the discovery of the late Swedish confpiracy, while he had the honour to ferve as fecretary at war, he had received fuch directions, as fhewed his majefty's intentions, at that time, to reduce ftill a greater number of forces than at present: And therefore he did not doubt but his majefty would do it, as foon as the fafety of his kingdoms would admit of it.' Adding, That, in his opinion, the nation had no reason to fear any thing from an army, who, for near thirty years past, had given fignal proofs of their firm adherence to the Protestant Interest, and of their zeal to maintain the liberties of their country; and, if there was any danger at present, it was only from foreign counfels.' The queftion being put upon Mr. Shippen's amendment, it was rejected by a majority of one hundred and eighty-eight against eighty-three; and the commons, with their speaker, prefented their addrefs to the king.

Geo. I.

1717.

bout the

In order to pass a cenfure on lord Cadogan, Mr. Pulteney Inquiry a acquainted the commons, that he was apprehenfive of fome Dutchforces mifmanagements and embezzlement of public monies in re- in Scotland. lation to the fix thousand Dutch troops, and the fervice in Pr. H, C. North-Britain. Upon this it was refolved to address for an account of the money given for the pay and transportation of thefe forces; and of the diftribution of the extraordinaries and contingencies for service performed in Scotland during the rebellion. But, after all the inquiry into the affair, by Mr. Pulteney, Mr. Walpole, and others, nothing material was found against the lord Cadogan. In the last day's debate, Mr. Lechmere urged, That the inquiry was altogether frivolous and groundless: That, as it was the refult of party pique and malice, fo it had no other view, than to blacken and asperse a person, whose greatest crime was, that he had real bright qualities, that eclipfed the tinfel merit of others: That this inquiry was of the fame nature with thofe, that had formerly been fet on foot against the duke of Mariborough, the lord Townshend, and an honourable member of

G 3

that

Geo. I. that houfe; and he hoped would have the fame end: That it 1717. looked very strange, that the perfons, who now appeared the hotteft in this inquiry, fhould have been filent about these pretended frauds, while they were in place. But that it was ftill more furprizing to hear them exclaim, with so much rancour and bitterness, against a noble lord, of whom they had been heard to fay, that the speedy fuppreffing of the rebellion in Scotland was, under God, owing to his activity and indefatigablenefs; and that, if another general had had the management of that affair, he would have made it a ten years war.' After both parties had maintained the debate feveral hours, Mr. Stanhope moved, That the chairman leave the chair.' Which was carried in the affirmative by two hundred and four voices against one hundred and ninety-four. This was looked upon as a great victory on the court-fide; for, had the Tories and their New Allies, as Mr. Shippen called them, gained their point, it was apprehended, that they defigned, not only to have paffed a cenfure on lord Cadogan, but also to have carried the inquiry further, that they might have an opportunity of returning thanks to the duke of Argyle, his rival in the bufinefs of Scotland, Moft of the Scots members voted for lord Cadogan; but, though Mr. Hungerford fpoke in his favour, yet he voted with his enemies; and the lord Finch and Sir Thomas Hanmer were abfent from the house that day.

Meafures

debts,

The principal bufinefs of this feffion was, the reduction for reducing of the national debts, which the king had earnestly recomthe public mended to the commons in his fpeeches from the throne. The national debt, by means of long and expenfive wars, carried on in fupport of the revolution, and confequently in defence of the religion, laws, and liberties of Great-Britain, was become very large and heavy. And therefore the circumftances of time, high credit, and low price of money, prompted those, whofe province it was, to confider of proper means to make use of that favourable opportunity, that the public might share in the common advantage of the flourishing ftate of public credit. For it was thought juft and reafonable, that the public fhould have the fame liberty, every private man has, to pay off his debts when he is able; or to reduce the high intereft, which neceffity had fubjected him to, as foon as he could borrow the money elsewhere at more eafy rates; unless his creditors would confent to accept of the common rate of intereft upon good fecurity. This method

of

of redemption, among the many schemes that were propofed Geo. I. for reduction of the public debts, was chofen by thofe who 1717. had the management of the affair.

The national debt was confidered under two heads, Redeemable and Irredeemable Debts. The Redeemable, or fuch debts as had been provided for by parliament with a redeemable intereft of fo much per cent. the public had a right and power to pay off whenever they were able, either by providing money for fuch proprietors as infifted upon money, or by offering new terms, in difcharge of all former conditions, which offer, if accepted by the proprietors, was to be deemed an actual redemption of the first debt, as if it had been paid off in ready money.

As for the Irredeemable debts, or the Long and Short Annuities, (fo called from the greater or leffer number of years they were granted for) nothing could be done without the abfolute confent of the proprietors. The only method therefore to treat with them, was to offer them fuch conditions as they should think it their intereft to accept.

Upon these principles (as will presently be feen) were founded the refolutions taken by the commons with relation to the public debts.

Mr. Walpole, who was then at the head of the treasury, and chief projector of the fcheme, gave the first hint of it by a motion in the house of commons, which was agreed to,

That whoever shall advance or lend any fum, not exceeding 600,000l. for the fervice of the public by fea or land, fhall be repaid the fame with intereft at 4 1. per cent. out of the first aid to be granted this feffion of parliament.' The putting the intereft of this intended loan fo low as four per cent. gave reafon to furmife, that thofe, who had the management of the treafury, defigned to put on the fame foot the interefts of all public funds: Whereupon Mr. Lechmere , made a long speech, obferving, That feveral schemes and proposals for reducing the national debts had been printed and difperfed; which gave the perfons, concerned in the public fecurities, the greater uneafinefs, because there was reason to apprehend, those schemes came abroad with the privity and countenance of men in great places: That the general alarm which this had occafioned among monied men, might very fenfibly affect public credit, and be, at this juncture, of very dangerous confequence. To prevent which he thought it neceffary, and therefore moved, that the house would come to a refolution, effectually to make good all parliamentary

G4

engage

He

Geo. I. engagements.' To this unexpected motion Mr. Walpole re1717. plied, That his majesty having, with great tenderness, recommended to them, from the throne, the reducing, by degrees, the debts of the nation;' and the commons having, in their addrefs, promised to apply themselves, with all poffible diligence and attention, to that great and neceffary work, they ought to exert themselves to make good that promise, and appoint a day to take that important matter into confideration. And he did not doubt but the commons would then fhew all poffible regard to juftice and public faith. owned, there had been indeed feveral fchemes published relating to the reduction of the national debts; but that the fame were made by private perfons; and he durft affure the house, without the participation of any of his majesty's minifters; and therefore not to be regarded; but that, in a short time, fuch propofals would be laid before the house, as he hoped, would give them fatisfaction, and meet with their approbation.' He therefore moved, that Mr. Lechmere's motion might be thus altered, That this house will effectually make good the deficiencies of all parliamentary engagements; which, after a fhort debate, was approved, and a day was appointed to confider of the national debt.

By this time the furmife, that force would be ufed in the reduction of the public debts, had heightened the uneafinefs of monied men and stock-jobbers, in fome, to a degree of extravagance and madnefs; in others, of fullen difcontent, fo that many did not fcruple to inveigh against the present administration, as if the public debts were to be sponged off, and all feemed combined to diftrefs the government, by not advancing any money towards its fupport; by which means, in three days, not above 45,000 l, was fubfcribed to the loan of 600,000 1. in the land-tax. This difappointment, at fo critical and dangerous a juncture, furnished Mr. Lechmere with matter for another fpeech on the 8th of March, when, the commons being in a grand committee on the supply, he told them, He was forry he was obliged to take notice, that their late vote for a loan, at four per cent. interest, was like to prove ineffectual; and, as the prefent exigency required a fpeedy fupply, fo he thought it neceffary, and therefore moved, that a day be appointed to confider further of that matter.' Mr. Robert Walpole declared, That he feconded this motion, there being the greater neceffity for it, because he was informed, that fome ftock-jobbers, in order to deter the parliament from purfuing the defign of reducing

the

105

the public debts, had formed a combination to distress the go- Geo. I. vernment, and ruin public credit, which was the occafion, 1717. that the late vote for borrowing 600,000l. at four per cent. had not the defired effect.' To this Mr. Lechmere answered, That as none but the most wicked of men could enter into fuch a combination against the good of their country; fo the honourable member, who fpoke laft, would do well to name them, that the honeft might fhew the utmost refentment and indignation against them. But that, in his opinion, the ill fuccefs of the loan was rather occafioned by fome reflections on the monied men and stock jobbers, and by certain maxims lately advanced, That the parliament may exert its authority to extricate themselves, by reducing the national debts: That fuch maxims could not but alarm any perfons concerned in the public fecurities; and the more, when they faw, that a flur had been put upon the motion made three days before,

• the

That all parliamentary engagements should effectually be made good.' That he ftill thought fuch a vote abfolutely neceffary, both to remove people's fears and jealoufies, and to vindicate the honour and juftice of the nation: That the fame was intirely agreeable to his majefty's fentiments, who, in his first speech to this parliament, had been pleased to recommend to the commons, in a particular manner, ftrict obfervance of all parliamentary engagements, than which nothing could more contribute to the fupport of the credit of the nation:' With which opinion of his majesty the commons did intirely concur; and that he could not believe any of his majefty's minifters could be fo regardless of his honour, and known equity, or put fo hard a thing upon him, as to make him, in the leaft, contradict what he had, in fo folemn a manner, declared from the throne. He added, That, the commons having already appointed a day, to confider the ftate of the nation with relation to the public debts, he would not anticipate that important affair: But he could not forbear declaring, on this occafion, his private opinion, that it would be the greateft ingratitude, as well as injuftice, in the leaft to wrong thofe perfons, who had supported the government in the moft preffing exigencies, and most perilous junctures, and who, on all occafions, had fhewn their zeal and affection for the Proteftant fucceffion. That he had nothing to fay as to fuch public fecurities, as were redeemable by parliament; but, as to annuities granted for terms of years, he would be pofitive, that they could not be meddled with, without breaking in upon parliamentary engagements,

and