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 of fetting free the Land, by a large Sum to be advanced for the enlarging their Term; for therein I have no ways proposed to precipitate fuch Reduction of their Intereft, but rather feemed to prefume that that would be delayed for the prefent Year, and confidered as a future Advantage belonging to the Sinking Fund.

I could fay a great deal more than this Paper would contain, to fhow 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 Majefty's Reign; and would be a fingular Endearment of him to his People, who must be filled with Thoughts of Gratitude when they fhall fee, that after all the heavy Taxing we have endured from the Time of the Revolution to this Day, for the preferving our Liberty, and to expel and keep out the Popish Race, we do at length under this Government become as free in Refpect to the Tax on our Lands, as we were before: And if thefe our Defigus fhall be approved of by the Wisdom of Parliament, and now take Place,

let a Medal be ftruck to record the Memory of this happy Year, which brings to his Majefty a peculiar Glory above all the Princes that have fat on the British Throne fince the Revolu tion, and to his People a most extenfive Relief and Eafe.

nefs, in Regard to the flourishing State of the publick Credit, and the Discharge of the National Debts, the following Confiderations, relating to its Establishment and Progrefs, may not be improper for the Entertainment of your Readers.

In the Year 1717, all the redeemable Debts were reduc'd from 6 to 5. per Cent. per Annum, by the voluntary Confent of the South Sea Company for their Capital of 10,000,000, and of the Bank for 1,775,000, Part of their Capital, and by thefe Corporations ingaging to furnish, viz. the Bank 2,500,000, and the South Sea Company 2,000,000, for paying fuch of the Proprietors of other redeemable Debts, as would not voluntarily accept an Intereft of 5 per Cent.

The Publick likewife agreed, at the fame Time, with the Bank, for the leffening the Number of Exche quer Bills, and for circulating the remaining Sum at a confiderable lefs Interest.

In Purfuance of these Agreements Acts of Parliament pass'd, with Powers for executing the fame, and the whole Body of the Proprietors, who had an Intereft of 6 per Cent. and up-. wards, voluntarily accepted s per Cent.

In the Year 1720, another Reduction was propos'd from 5 to 4 per Cent. in the Proportion, and in the Confequence much greater than the former, and efteem'd much more difficult to bring to pafs; but the long Annuities being found by Experience to be a greater Burden to the Nation by fuch Reduction, it was even judg'd abfolutely neceffary to endeavour the Redemption of them at the fame Time.

The South Sea Company fo far accomplish'd this Propofal, as making five fixth Parts of thofe long Annui, ties redeemable, and reducing the In

tereft

tereft of thofe, as well as all other publick Securities fubfcrib'd into this Stock, together with their former Capital, from 5 to 4 per Cent. at Midfummer 1727.

The Bank likewife agreed, in the Year 1725, to a Reduction of 1,775,000, Part of their Capital, from 5 to 4 per Cent. at Midsummer 1727.

By these feveral Reductions there was a Surplus of fo much added to the several Funds appropriated to pay the Principal and Intereft of the publick Debts contracted before the Year 1716, that the Produce of the

Sinking Fund was, between Michael mas 1727, and Michaelmas 1723,

1,472,000, or thereabouts.

If thefe Reductions had not been fo early, and fo effectually made, the Produce of the Sinking Fund would otherwife have been very little in Proportion to what it has been for eighteen Years paft, confequently, it had not been poffible for the Nation to have paid off fo great a Part, which it has done, of the Debt contracted before the Year 1716, nor to have had the Refource 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 fo 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 20,000,000; whereof more than 10,000,000 hath been apply'd in Difcharge of the National Debt, and 10,000,000, 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 moft eligible to apply Part for the current Service, rather than to tax

gerous.

The French now attempt univerfal Trade, and turn their Care to the increafing Plantations. In Africa they have monopoliz'd the Gum, incroach'd upon the English Settlements in Gambia, and outbid them in the Slave Trade. In the Eaft-Indies they have increas'd beyond Imagination. In America they have encourag'd their Sugar Iflands, fo 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 purfue the Scheme of Louis XIV. for uniting their Colonies from Canada to the Bay of Mexico, thereby

* See Daily Poft, Jan. 28, 1737

furrounding

furrounding the English, that they may, in Cafe of a War, render themfelves capable of mastering all our Plantations.

They poffefs Cape Briton in the Mouth of the River Canada, which they have fortify'd very strongly; they have open'd a Communication from Quebec to the Lakes which lie behind New York; upon the Land sound thofe Lakes, which is very fertile, and half Way between the Mouth of the River Miffipi and Canada, they have made very confiderable Settlements in a Province which they call Hanaife, there is a vaft Country clear'd and cultivated by them in the fame 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 fo increafe their Improvements, as I have been inform'd by one who was there fome Years, that they have in the Province of the Hancife three fine Towns, the Honfes built of Stone, and inhabited by above 16000 Whites.

They have fuch Plenty of Flower, that tho' they supply the Garrifons of Mippi with it, the Plenty now makes it a Drug: They are therefore Jabouring to procure an Exportation, by removing thofe Indians who make the Navigation of the Milippi River precarions: If the Chickefarus who nhabit along that River are deftroy'd or remov'd, they may fend their Flower by an eafy Navigation down the Stream to New Orleans, and from thence furnish Hifpaniola, and their other Sugar Plantations, cheaper with it, than the English Colonies can their Sugar Iflands.

Above New Orleans, and upon the Red River, the French go now on Tobacco, in which their King gives great Encouragement; as alfo to get

ting Lumber faw'd, by the latter of which they affort their Cargoes of Flower to Hifpaniola, His Moft Chri- . ftian Majefty had thefe Coafts thoroughly furvey'd by Men of War, and Maps made of them ; fo that the Navigation, which was at firft very dangerous, is now become fafe and cafy: They have alfo enlarg❜d their Settlements Weftward and Eastward, and have a Communication over Land with the Spaniards in New Mexico Weftward, and Eastward from the Miiippi they have fettled all up the Albanus River, and have Forts with in 20 Days March of Charles-Tawu in South Carolina.

All these great Things are much to the Honour of the French Ministry, who have encreas'd the Power of their Country without Arms or Force, and without giving Jealousy to their Neighbours; for the English and Dutch feem to be in a dead Sleep, and to know nothing of thefe Things; their Ignorance chiefly proceeds from the French being prohibited fpeaking of publick Matters, otherwise the talkative Humour of that Nation would have awak'd us; therefore you deferve general Thanks for giving the Hint, which I hope may rouze us from a Slumber no Way advanta geous.

CRAFTSMAN, Feb. 19.

before, which is a continual Drain of Money out of the Country; for this

Day's Experience, that We are very far from being in fuch an happy and flourishing Condition as the Court Writers have been long endeavouring to perfuade us; for, to fay nothing ar prefent of the State of Europe, and our own particular Interefts abroad, the leaft View of our Domeftick Af fairs is fufficient to convince Us of This melancholy Truth.

If we look into the Country, or give any Credit to Gentlemen of all Parties, who come from thence, there never was a more deplorable Scene of Poverty and Mifery than at prefent. We hear of nothing but Temants breaking, or throwing up their Farms; and of fuch a dreadful Scarcity of Money, that instead of being able to pay their Rents, They can hardly find Means to discharge their Servants Wages, and fupport their Fa milies. Nay, I am very well affured that, in fome diftant Parts of England, They have not Money enough to pay a Land Tax of four Shillings in the Pound, were it to be levy'd, as it is in other Counties.

in any Quantity, unless in a Manner, which not only tends to debauch their Morals, and bribe them out of their Liberties, but to drain Them of ftill more.. As to the Land Tax,

the whole Weight of it falls upon the Landlord, in the firft Inftance at leaft; but what gnaws the Bowels of the poor Farmer are the Duties upon Commodities, which include almost all the Neceffaries of Life; and Thef being taken from Him, in an imperceptible Manner, he finds Himself unable to pay his Rent, or carry on his Bufinefs, without knowing the Reafon of it, though He takes ever fo much Pains, and lives in the most frugal Manner.

2. The Poverty of the Country proceeds, in a very great Meafure, from the Refidence of the chief Nobility and Gentry in this Town; where They live in the utmoft Extravagance, and but rarely go into the Country with any other Defign than to fqueeze as much Money as They can out of their Tenants, in order to recruit their empty Purfes, and fupply the Expences of the next Year in London. We have frequent Inftances in Hiftory, whilft Prerogative prevail'd, of the Prince's com

It may therefore be afk'd, from whence does this Poverty of the Country proceed? To which I anSwer, that it is certainly owing to various Caufes, but particularly the following.

1. To that great Multiplicity and grievous Load of Taxes, as I hinted

return, at particular Times, into their respective Countries; and tho' I am fo far from recommending arbitrary Power, in any Cafe, that I am conftantly reprefented as a Republican; yet it is to be wifh'd that their own Interest and good Senfe, as well as a little Compaflion for their Country Neighbours and Dependents, would have the fame Effect upon Them.But to return.

3. The Country hath nothing to ballance thefe immenfe Draughts upon Them, befides the Commodities P

and