« PreviousContinue »
tation, 313,586.1 more it was proper to mention it. As to the other Advantages of the Bank, which I have not mention'd, and which they make no Use of, I do not go about to offer any Computation of their Value, because till Experiment has been made, different Persons will differ very widely in their Estimates; all I mean is, to acquaint the World with 'em, that the Bidders for the new Terrn or Grant, may know all the inviting Circumstances, and that the Nation may have a fair and fuh Price offer'd fbr what they part with. Thus I think I have more than barely hinted at the Means of saving entirely the Land Tax for one Year, and perhaps for two, or perhaps for more, in Case, as many think, one Shilling in the Pound without this Help would have sufficed; and if it shall be thought fit to be made an Article of Agreement in the New Contraćt, that some Part of the Debt shall continue at 4 per Cent during the whole Term to be granted; in hike Manner as there is at present a Part at 6 per Cent. not redeemable till after 1642, that will be then another Confideration to invite a yet higher Price; and if it shall be thought fit to extend the Term to more than thirty one Years, the VaIue of the Grant to be sure will be proportionably increased; but I am flot willing to propose any Time that much exceeds what there is a Precedent for by the last Judgment of ParJiament about this Matter, which in .#713 extended the Term to 1741, with a Year's Notice, which together makes thirty Years from that A&. I have somewhat further to add, but will forbear at present, and conclude with defiring my Readers to observe, that what is here offered is all in Behalf of the Landed Interest,
Note, by the 12th of Ann. cap. 1 r. foët, 24 and 25, upon twelve Months Notice after the first of August, 1742, the Bank's Yearly Fund of 100,000 l. is redeemable; and after Redemption of that, and the other Funds then engaged to the Bank, their Corporation is to cease and determine. By the 11th of Geo. 1. cap. 9, and the 1st of Geo. 2. cap. 8, and the 2d of Geo. 2. cap. 3. the Bank are to continue a Corporation, and enjoy all Capacities, Powers, Privileges, and Advantages to them belonging, until the Redemption of all the Annuities or Funds in the said A.7s mentioned. By the 4th of Geo. 2. cap. 9. The Bank are to continue a Corporation, till the Annuities of 3 per Cent, payable by their Cashier shall be redeemed, that is, they are to be a Corporation to all Intent, and Purposes, relating to the receiving, and paying, or accounting for the said Annuities; so it is expressed in the said A&. In the above recited Aćts, it phainly appears that the Bank Corporation is to cease upon one Year's Notice after 1742, and Repayment of all the Debts to them therein mentioned; and that all the other Debt to the Bank, besides the 1,600,oco 1. is redeemable immediately, without any previous Notice, (except indeed the 3 per Cent. Annuities, for which there is to be one Year's Notice;) and if the Parliament should nov direétly proceed to discharge all that Part of their Debt which is inimediately redeemable, it will be the fame Thing, in Effect, as to such. Part, as if they reduced the Interest fro
from 4 to 3 per Cent, therefore I conceive it will be the real Advantage of the Bank to come readily into the Scheme propos'd ef setting free the Land, by a large Sum to be advanced for the enlarging their Term ; for therein I have no ways proposed to precipitate such Redućtion of their Interest, but rather seemed to presume that that would be delayed for the present Year, and confidered as a future Advantage belonging to the Sinking Fund. I could say a great deal more than this Paper would contain, to show that the Execution of this Scheme would contribute very much to our Credit; that it would make a very flourishing Appearance abroad; that it would be an undoubted Argument of the Felicity we enjoy under his Majesty's Reign; and would be a singular Endearment of him to his People, who must be filled with Thoughts of Gratitude when they fhall see, that after all the heavy Taxing we have endured from the Time of the Revolution to this Day, for the preserving our Liberty, and to expel and keep out the Popish Race, we do at length under this Government become as free in Respect to the Tax on our Lands, as we were before : And if these our Designs fhall be approved of by the Wisdom of Parliament, and now take Place, let a Medal be struck to record the Memory of this happy Year, which brings to his Majesty a peculiar Glory above all the Princes that have sat on the British Throne since the Revolution, and to his People a most extenfive Relief and Ease.
terest of those, as well as all other publick Securities subscrib'd into this Stock, together with their former Capital, from 5 to 4 per Cent, at Midsummer 1727. The Bank likewise agreed, in the Year 1725, to a Redućtion of 1,775,000, Part of their Capital, from 5 to 4 per Cent. at Midsummer 1727. By these several Redućtions there was a Surplus of so much added to the several Funds appropriated to pay the Principal and Interest of the publick Debts contračted before the Year 1716, that the Produce of the Sinking Fund was, between Michael. mas 1727, and Michaelmas 1728, 1,472, ooo, or thereabouts. If these Redućtions had not been so early, and so effectually made, the Produce of the Sinking Fund would otherwise have been very little in Proportion to what it has been for eighteen Years past, consequently, it had not been possible for the Nation to have paid off so great a Part, which it has done, of the Debt contracted before the Year 1716, nor to have had the Resource it has had, of having Money for the current Service of the Year, or even to have borrow'd the Money which it has done, for the Publick Service, at so low an Interest: For, ... From Michaelmas 1717, to Mithaelmas 1736, there hath been rais'd by, or borrow'd on the Produce of the Aggregate or Sinking Fund upwards of 20,0to,ooo; whereof more than 10,000,ooo hath been apply'd in Discharge of the National Debt, and 10,000,ooo, or thereabouts, for the current Service. Since then the above Sums have been rais'd out of the Produce of, and by borrowing on the Sinking Fund, and the Government thought it most eligible to apply Part for the current Service, rather than to tax
the Land, or lay more Burthens on Trade; and, fince the Government, the Landed, and the Trading Interest of the Kingdom, have already receiv'd such Advantages, and must continue so to do, it cannot but call to every Reader's Remembrance the Treatment that the late Directors of the South Sea Company met with, and the Hardships they still labour under, tho’ the Instruments of so great Benefit to the Nation.
DAILY Post, Feb. 18.
S I R, OU very rightly remark'd, that the French Reasons for prohibiting the talking of Politicks during the late War, was not to enslave the People, but to hinder them from giving to their Neighbours the Alarm of what they were doing *. Louis XIV. strove to gain univer. sal Monarchy by Force of Arms; all Europe join’d against him, for his Designs were too apparent to succeed; I'm afraid they are not yet laid aside, tho’ perhaps they may be better conceal’d, and consequently more dangerous. The French now attempt universal Trade, and turn their Care to the increasing Plantations. In Africa they have monopoliz'd the Gum , incroach’d upon the Engli/ Settlements in Gambia, and outbid them in the Slave Trade. In the East-Indies they have increas'd beyond Imagination. In America they have encourag'd their Sugar Islands, so as almost to ruin ours: They have a great Settlement in South America, which incroaches upon the Dutch and Spaniards. In North America they seem to pursue the Scheme of Louis XIV. for uniting their Colonies from Canada to the Bay of Mexico, thereby
surrounding the English, that they may, in Case of a War, render themfelves capable of mastering all our Plantations. They possess Cape Britan in the Mouth of the River Canada, which they have fortify'd very strongly ; they have open'd a Communication fom Quebec to the Lakes which lie behind New York; upon the Land round those Lakes, which is very fertile, and half Way between the Motith of the River Mi Žbi and Canada, they have made very considerable Settlements in a Province which they call Hanoise, there is a vast Country clear'd and cultivated by them in the same Manner as in France; their chief, Commodity is Wheat and Lead, of the latter of which they have rich Mines; by this they carry on the Trade with the Indians to great Advantage, which has enabled them to so increase their Improvements, as I have been inform'd by one who was there some Years, that they have in the Province of the Hanoise three fine Towns, the Honses built of Stone, and inhabited by above 16ooo Whites. . They have such Plenty of Flower, that tho’ they supply the Garrisons of Missippi with it, the Plenty now makes it a Drug: They are therefore labouring to procure an Exportation, by removing those Indians who make the Navigation of the Missippi River precarious: If the Chickesaws who inhabit along that River are destroy'd or remov’d, they may send their Flower by an easy Navigation down the Stream to New Orleans, and from thence furnish Hispaniola, and their other Sugar Plantations, cheaper with it, than the English Colonies can their Sugar Islands. Above New Orleans, and upon the Red River, the French go now on Tobacco, in which their King gives great Encouragement; as also to get