Geo. I. proper. XII. That his majefty be inabled to give power for 1717. receiving voluntary fubfcriptions from any person or perfons, intitled to any of the annuities iffuing out of the public funds, for the refidue of the refpective terms of 99, 96, 89, or 32 years, formerly purchased therein, (not being fubject to redemption) who fhall be willing to accept, in lieu thereof, perpetual annuities, redeemable by parliament, to allow for remaining terms in the said annuities, which were purchased for 99, 96, or 89 years, (at the election of the respective fubfcribers) either so much as the fame annuities shall amount to at 19 years purchase, to be made good by new annuities of 4 1. per cent. per annum, redeemable by parliament, or 17 years and a half purchase, to be made good by new annuities of 5 1. per cent. per annum, to be redeemable in like manner; and to allow for the remaining terms in the said annuities, which were purchased for 32 years (at the election of the respective subscribers) either fo much as the fame annuities shall amount to at 14 years and a half's purchase, to be made good by new annuities of 4 1. per cent. per ann. redeemable by parliament, or 13 years and a half's purchase, to be made good by annuities of 5 1. per cent. per ann. redeemable in like manner; and that the faid annuities fhall be fettled and fecured accordingly. XIII. That all favings, that shall arise upon any of the prefent funds, by the propofed redemptions or reductions, be referved and applied, after all deficiencies, that may happen upon any of the faid funds, are made good, towards difcharging and reducing the debts of the national debt. XIV. That all the faid duties now in being, or to be continued, fhall immediately cease and determine, after the faid national debt, and all intereft, due thereupon, is dif charged and paid off.' These resolutions being approved of in form, bills were ordered to be brought in upon them. Before thefe bills were prefented, there happened a change in the administration, which occafioned the new officers of the revenue to think fome alterations in the measures likewise Deceffary: But, however, they were forced to build upon Mr. Walpole's foundation, who had now refigned his poft, and who, believing these variations detrimental to the public, made fome oppofition to them. As the foundation of the scheme for reducing the national debts was built upon paying off or fatisfying the public creditors, many conferences had been held with the money-corporations, in order to provide money for fuch as should be willing to receive their principal and intereft in ready money. For this purpose, the bank agreed to furnish two millions and a half, and the South-Sea two millions, or as much as fhould Geo. I. be called for, and, for the money advanced, these companies 1717. were to have annuities of 51. per cent. The proposals of the bank and South-Sea being agreed to (a), three bills were brought in, upon the refolutions that (a) In the debates on thefe propofals, a quarrel had like to arife between Mr. Stanhope and Mr. Walpole. Mr. Pulteney having faid, He did not know what Private Advantage fome perfons might have for accepting the propofal of the SouthSea Company. Mr. Stanhope (who thought the reflection of Private Advantage was chiefly levelled against him) vindicated himself, and began with owning his incapacity for the affairs of the treasury, which were fo remote from his ftudies and inclination: That therefore he would willingly have kept the employment he had before, which was both more eafy, and more profitable to him; but, that he thought it his duty to obey the king's commands. That, however, he would endeavour to make up, by application, honefty, and difinterestedness, what he wanted in abilities and experience. That he would content himself with the falary and lawful perquifites of his office; and, though he had quitted a better place, he would not quarter himself upon any body to make it up: That he had no brothers, nor other relations to provide for; and that, upon his first entering into the treafury, he had made a ftanding order against the late practice of granting reverfions of places.' Mr. Walpole, being touched with thefe innuendo's, complained in the first had place of breach of friendship, and betraying private converfa. tion. He frankly owned, "That, while he was in employment, he had endeavoured to ferve his friends and relations; than which, in his opinion, nothing was more reasonable and juft. That, as to the granting reverfions, he was willing to acquaint the houfe with the meaning of it. That he had no objections against the German minifters, whom his majesty brought with him from Hanover, and who, as far as he had obferved, had all along behaved themselves like men of honour; but, that there was a mean fellow, of what nation he could not tell, who took upon him to difpofe of employments: That this man, having obtained the grant of a reverfion, which he defigned for his fon (Mr. Walpole) thought it too good for him, and thereupon kept it for his own fon. That thereupon the foreigner was fo faucy as to demand of him the fum of 25001. under pretence, that he had been offered fo much for the reverfion; but that he was wiser than to comply with his demand. And that one of the chief reasons, that made him refign his places, was, because he would not connive at fome things that were carrying on.' Mr. Stanhope anfwered; Mr. Walpole replied; and, fome fevere expreffions having escaped them in Geo. I. had been made in relation to the public debts, and all three 1717. paffed into laws; namely, the General Fund Act, the Bank A&t, and the South-Sea A&t. The Gene ral Fund A&. The General Fund Act recites the feveral acts of parliament for establishing the four lotteries of the ninth and tenth years of queen Anne, the terms of years for which those revenues were granted, and ftates the annual produce of the feveral funds; namely, 135000l. 1866701. 1680031. 1680031. which, together with the banker's debt, 398551. 15s. 7 d., and another small fum of about 27317 1. IIS. 3 d. amounting in all to 7248491. 6s. 10 d., which is the General Fund, the deficiency whereof is to be made good annnally, out of the first aids granted by parliament. And to the end that a fure and fufficient fecurity may be fettled for the regular payment of all fuch annuities, as shall be payable by this act; all the duties and the revenues, mentioned therein, fhall continue for ever. With a provifo, that the revenues, by this act made perpetual, fhall be fubject to redemption. Proprietors, who are willing to accept 5 1. per cent. redeemable annuities, in lieu of their Lottery Orders, fhall fignify their option by subscribing. in the heat of the difpute, Mr. feconded this motion. Mr. Bofcawen, comptroller of the houfhold, acted the part of a common friend between Mr. Stanhope and Mr. Walpole, saying, That it was melancholy to fee, that any difference should happen between those two worthy members, unbecoming their own characters, and the dignity of that affembly; but that it would still be a greater misfortune, if they should go out with any refentment: And therefore he moved, That the house would lay their commands upon them, that no farther notice be taken of what had paffed.' Mr. Methuen feconded Mr. comptroller, whofe motion being unanimously applauded, the fpeaker put it immediately in execution. And And fuch as are willing to receive their principal and in. tereft in ready money, fhall likewife declare their option in writing. I As for the Bank Act, it must be observed, the bank at that time, as proprietors of Redeemable debts, were entitled to an annuity of 106,5011. 13s. 5d. per annum, in lieu of Exchequer bills formerly cancelled, amounting to 1,775,027 1. 17 s. 10 d. . And the Exchequer bills ftanding out, on the 22d of March 1716, are stated at 4,561,0251. over and above the charge of circulation which was then due to the bank. The bank, by virtue of their contracts for circulating and exchanging thefe bills for ready money, were entitled to 31. per cent. for all these bills, and the bills carried an interest of 2 d. a day, which together made 61. per cent. or the whole fum of 4,561,025 1. of Exchequer bills. There were alío granted, on the change of queen Anne's miniftry, the fums of 45,000l. and 8,000l. a year, which make together 71. 4 s. od. per cent. upon all the Exchequer bills. The annuity payable to the bank for the cancelled Exchequer bills, together with the whole charge to the public for circulating the Exchequer bills then standing, amounted to above 435,000l. a year. In thefe circumftances the Bank Act fays, The governor and company of the bank are willing to accept one annuity of 887511. 7s. 10 d. 1, being after the rate of 51. per cent. per ann. or the principal of 1,775,0271. 17 s. Iod., in lieu of the prefent annuity or fum of 106,5011. 13s. 5 d. per ann. In the fame manner the act goes on, and declares the bank willing to discharge, and deliver up to be cancelled, as many Exchequer bills as amount to two millions, and to accept of an annuity of 100,000l. being after the rate of 5 1. per cent. redeemable after one year's notice, to circulate the remaining Exchequer bills at 31. per cent. and 1d. a day, the former allowances to be continued to Chriftmas 1717; and, after that, the bank to have, for circulating the 2,561,0251. remaining Exchequer bills, an annuity of 76,8301. 15s. at the rate of 31. per cent. till redeemed, over and above the 1 d. a day for intereft. The bank is then required to advance a fum not exceeding 2,500,000l. towards discharging the national debts, if wanted, and to have 5 1. percent. for as much as they advance, redeemable by parliament. As for the South-Sea Act, the original flock of the SouthSea was 9,471,3251. but, as the funds granted were fufficient to answer the intereft of ten millions, at 61. per cent. in the year 1716, the South Sea company advanced to the government 528,6751. which compleats the fum of ten milVOL. XIX. lions, Geo. I. 1717. Geo. I. lions, for which they received an intereft or annuity of 1717. 600,000l. and likewife 8,000l. a year for management. The finking fund conftituted. Now by this act the governor and company declare, they are willing to accept an annuity of 500,000l. in lieu of the 600,000l. with 8,000l. a year for management. The company are to continue a corporation till their annuity is redeemed, towards which, not lefs than a million is to be paid at a time. The company is alfo required to advance a fum not exceeding two millions, towards difcharging the principal and intereft due on the four lottery funds, of the 9th and 10th years of queen Anne. Pursuant to these acts, the bank, which was in poffeffion of receipts out of the Exchequer, amounting to 435,063 1. 16 s. od. per ann. accept voluntarily of three annuities, amounting to about 304,5311. 1 s. 3. 3, whereby the faving to the public was 130,5321. 14 s. 8 d. a year. The proprietors of the Lottery Orders, amounting to above nine millions, fubfcribed their orders at the bank, and accepted bank annuities in lieu of the fame. Thus, though the bank and South-Sea had agreed to advance four millions and a half towards the payment of those that fhould demand ready money, not one farthing was ever demanded in money, except very fmall fums, amounting in the whole to 4711. 4s. (a). All the annuities that were fettled by virtue of thefe three acts, were Redeemable Perpetuities granted at the rate of 51. per cent. per annum, upon a principal of about 25,869,2471. the amount of the national debt at that time redeemed or reduced.. In the General Fund Act is the claufe that establishes the Sinking Fund, as the reduction of the intereft to 51. per cent. would make a furplus or excefs upon the appropriated funds, the act declares, That all the monies arifing from time to time, as well for the furplus by virtue of the acts for redeeming the funds of the bank and of the South-Sea company, as alio for the furplus of the duties and revenues by this act ap |