Geo. I. 1717. Refolutions national debts, Mar. 23. A B STR A C T. By Lotteries By Annuities Bank By Exchequer bills Eaft-India Company South-Sea Company Exchequer, March 14, 1716. On the day appointed to confider of the national debt, about the Mr. Walpole, having in his hand the account of the public debts at the Exchequer, made proper remarks on them, and then communicated his fcheme, both for paying off, or rePr. H. C. ducing the interest of redeemable funds, and for offering an alternative to the proprietors of annuities; which was generally approved. After which, the commons came to the following refolutions: I. That all the public funds redeemable by law, that do now exceed 51. per cent. per annum, be redeemed according to their refpective provifoes or clauses of redemption, contained in the acts of parliament for that purpofe, or (with confent of the proprietors) be converted into an intereft or annuity, not exceeding 51. per cent. per annum, redeemable by parliament. II. That his majefty be inabled to borrow of any perfon or perfons, bodies politic or corporate, fuch fum or fums of money, as shall be requisite to redeem the faid redeemable funds, at any rate not exceeding 51. per cent. per annum, and to fecure the fame upon the funds fo to be redeemed. III. That the annuity of of 106,5011. 13s. 5d. per annum, payable to the governor and company of the bank, out of the house-money, by virtue of feveral acts of parliament in that behalf, for the principal fum of 1,775,027 1. 17 s. 10d. by them advanced, be redeemed, or (by confent of the faid governor and company) converted into an interest or annuity, not to exceed 51. per cent. per annum, redeemable by parliament. IV. That fo much of the fund, commonly called the Aggregate Fund, fettled by an act of parliament, in the first year of the reign of his present majefty, as is applicable to the interest, circulation, exchanging or cancelling the prefent Exchequer bills, be alfo redeemed. V. That his majefty be enabled to authorise the high-treasurer, or the commiffioners of the treasury for the time being, to treat and agree with any perfon or perfons, bodies politic or corporate, for circulating fuch a number of Exchequer bills, at a rate not exceeding 4 1. 10 s. per cent. per annum for intereft, exchanging, and circulation, as may be charged and fecured upon that part of the faid aggregate fund to be fo redeemed. VI. That the annuities of 600,000 1. and 8000 1. per annum, payable to the governor and company of inerchants of Great Britain trading to the South Sea, be also redeemed. VII. That the annuities payable by an act of parliament of the twelfth year of the reign of king William (of glorious memory) to certain patentees therein named, their heirs and affigns, out of the weekly fum of 3700 1. charged on the excife, be alfo redeemed. VIII. That the several terms of years remaining in the duties appropriated by the two lottery acts, made and paffed in the ninth year of the reign of her late majefty queen Anne (of bleffed memory) and by the two lottery acts, made and passed in the 10th year of her faid late majesty's reign, be made perpetual. IX. That the faid duties, comprehended in the faid four lottery acts, be made one general fund for the future. X. That the proprietors of the orders, grounded on the faid lottery acts, do, within a limited time, make their elections, either to accept annuities after the rate of 5 1. per cent. per annum, redeemable by parliament, out of fuch general fund, or be paid fo much as remains due to them on their orders refpectively. XI. That, in all cafes where the proprietors fhall chufe to have their principal, the 51. per cent. per annum faved thereby, be made another fund, towards answering fuch fums of money, as shall be advanced (towards discharging the faid. principal) by loans, or other fecurities, as fhall be thought proper Geo. I. proper. XII. That his majesty be inabled to give power for 1717. receiving voluntary fubfcriptions from any person or persons, 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 faid annuities, which were purchased for 99, 96, or 89 years, (at the election of the respective fubfcribers) either fo 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 refpective fubfcribers) 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 arife 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 ditcharging 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 intereit, due thereupon, is dif charged and paid off. These resolutions being approved of in form, bis were ordered to be brought in upon them. Before these bills were preiented, there happened a change in the administration, which occationed the new officers of the revenue to think some alterations in the measures likewife necesary: 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 some oppetition to them. As the foundation of the scheme for reducing the national debts was built upon paying off or fatisfving the public creditors, many conferences had been held with the money-corporations, in order to provide money for fuch as thouić be wilhag to receive their principal and intered in ready money. For this purpose, the bank agreed to faith two milions 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 propofals of the bank and South-Sea being agreed to (a), three bills were brought in, upon the refolutions that (a) In the debates on these 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 himfelf, 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 treasury, 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 firft had place of breach of friendship, Mr. Stanhope in |