confequences of a national debt, that the rife and progress of it were scarce attended to then, and fince have scarce been touched upon by any of our general hiftorians.

In like manner, fo little were they aware of the inconveniencies which might arife, either to trade, or to the conftitution, from companies, trading, or pretending to trade, on joint flocks, under the authority of an exclufive charter, that, alike during the great conteft which held through fo many years of K. Wm's reign, to take the Eaft-India trade out of the direction of Tories, and transfer it to Whigs; and during that, which the project of establishing a national bank gave rife to, they rather attended to the iffue, as a matter of curiofity and amusement, than as to what fundamentally affected the weal or woe of the republic; and, in like manner alfo, our general hiftorians, partaking of the inexperience and inapprehenfion of the times, have paffed over both thofe momentous facts, either without any mention at all, or in a manner fo tranfient and unfatisfactory, as only ferves to perplex the fuperficial, and to provoke the curious and understanding, reader.

And yet, during this very interval, in confequence of thefe very tranfactions, and to the eternal infamy of that age, if not to the ruin of all thofe to come, it became notorious, that public or parliament-men might be induced, for lucre's fake, to prostitute their abilities, and facrifice both their characters and their country in the furtherance of any job, how dirty or how iniquitous foever: it became alfo notorious, that inftead of cultivating the affections of the people, it was the great effort of the new government fo to intertwift itself with the property of the people, that it should be impoffible to lay the axe to the root of the former, without deftroying the latter and it became alfo notorious, that in virtue of this alliance between power and money, thofe who had the driving of the bargain, and their confederates, were enabled to carve out of the national ftock almoft what proportion for themfelves they pleafed.

:

To be more explicit: At the time when this great, but infenfible change was made in the habit of the body-politic, there were but two ways of employing money; namely, in trade and ufury: of thefe, the firft, as it defervedly ought, was held honourable; and the laft, if extended beyond the

*This paragraph alludes to the great fums given by the E. India company in 1693, for obtaining a new act and charter, amounting to near 100,000l. and to other bribes, and pensions to members.

pale

pale of the law, as defervedly infamous. The ufurer's walk was always under cover; it was frequented by none but the prodigal and the wretched; and where they repaired for affiftance, they met with ruin. The trader, on the contrary, lived in the fun-fhine: his dealings were open; his character was a pledge for his fortune: the intercourfe between him and the labourer and manufacturer, was profitable to both; and every acquifition he made, was an acquifition to the public,

It followed, that while fuch was the condition of the commonwealth, the rotation of property was fimilar to it. The wealthy merchant fucceeded by purchafe to the cftate which the lavish heir had fquandered; and thus a great part of the money, faved by the land-holder, as portions for younger fons, returned into trade; and, if properly managed, made way for the establishment of a new family.

But when it was difcovered, that under a military difpenfation, adventurers in trade continued no longer on an equal footing that the rifque was greater, and the profit lefs: that while the French, as well as the Dutch, were our rivals at every foreign market, they interrupted our navigation, and made prizes of our fhips: that the gene al application of power, regarded more the views and interefts of other ftates, than our own and that, in fhort, abundantly more was to be got, with abundantly more fecurity, by discounting tallies, and preying on the public neceffities, than by the richeft vein of commerce in the univerfe, almoft every man, who could, made it his business to draw his ftock out, of trade, and difpofe of it in the funds; the confequence of which was, that the whole city feemed converted into a corporation of brokers and ufurers; and that which the law held criminal, when practifed upon individuals, was not only held innocent, but meritorious, when practifed upon the commonwealth; the ftate of which exactly refembled that of an encumbered, but rich man, in great diftrefs for ready money, yet able to pay large premiums and intereft, and give fufficient fecurity; furrounded at once with bailiffs and extortioners, and utterly incapable of redeeming himfelf out of the talons of the firft, without mortgaging all he was worth, to the last.

Thus a new, but deftructive fpecies of commerce, arofe out of the ruins of the former: for no fooner was it difcovered that the funds (as the fecurities affigned by parliament to the lenders, then firft began to be called) were a marketable commodity, and that the price current rofe and fell, as the credit of the government waxed and waned, then transferring and flock-jobbing became a trade; and fuch artificers of fraud were found, as, to answer their own felfish purposes,

could

1

could lye the government into credit one day, and out of cre¬ dit the next, equally to the detriment of thofe they purchased of, and those they fold to.

It muft, however, be admitted, that in thefe cannibal times, a remnant of merchants maintained their integrity, and preferred the honeft gains of their own profeffion, precarious as it was become, to all that could be got by contracts and bargains with the minifters, out of the annual fleecing of their fellow-fubjects, or by thofe other ferpentine turns and doubles already mentioned.

Nor was it long before the legislature, beginning to be fenfible of the manifold difficulties brought upon the government, as well as the fubject, by these fcandalous proceedings,! made a provifion, that for five years to come, no premium, or discount upon tallies, fhould exceed 6 per Cent, under the penalty of forfeiting treble the value, and the offender's being farther liable to the laws as a common extortioner: and fuch were the fruits of this first attempt to reduce our national commerce, and that of Change-Alley, fomewhat nearer a level in point of gain, and of the peace which took place immediately after, that merchandizing came again into request: the nation profited more on one hand, and the government was cheaper ferved on the other.

But ftill the root remained in the ground: much time was required for the difcharge of the debts which had been already contracted, many deficiences were to be provided for, feveral new funds were created, feveral were prolonged, in every ftage of this procefs, monied men were both confulted and gratified. Thus it appeared, that the raising the Bank, the new-modelling the Eaft-India company, and all the other measures which had been taken to connect the whole moneyed intereft with that of the court, and thereby to disarm the city of the importance it began to derive from the frequent diftreffes of the crown, and the frequent applications made to it for loans, &c. ferved, at this crifis, to veft that importance in the miniftry only; and that whofoever had the management of it, might employ it, like a two-edged fword, either against the crown or the people.

But if nothing can be more aftonifhing than this unprecedented inftance of effronterie, it is, at leaft, as provoking to find that it was offered in the name of the traders: for it is evident, from every circumftance before us, that the most favourable thing which can be faid of the trade carried on in the funds, is, that it ferves to prevent a ftagnation of that credit and opinion on which their value at the market, in fo

great

great a measure, depends: and that, in every other regard, it is rather a national nuisance, than a national advantage.

It is alfo evident, that this kind of trade, and that which was originally called fo, have fo little relation to each other, that they are, in a manner, irreconcileable enemies: and tho it fhould be granted, that many of the traders in the funds are alfo exporters, it can never be admitted that they join in fuch remonftrances as this, or any other minifterial operation in the latter capacity, notwithstanding they never fail to shelter themselves under that refpectful name.

To haften towards a clofe: From that time to this, the fame maxims have been obferved; and, in confequence of them, the moneyed interest has been held in the fame fubferviency to that of the administration. If we caft our eyes on the trading companies, we find the directors acting under a direction fuperior to their own; the intereft of the merchant facrificed to that of the jobber; and the bell-wether contracting for the herd. If we caft our eyes on the magiftracy, we find the fame leaven prevailing in the lump; we find citizens turning courtiers, cringing at levees, procuring themselves feats in parliament, and, inftead of affifting, as they ought, to preserve and enlarge the traffic of the kingdom, affifting to traffic it away, for the fake of a lucrative share in fome contract, fome remittance, or fome other dirty confideration of the like nature. And, laftly, if we caft an eye over the general field of bufinefs, we fhall find that of the funds to be the most thriving walk in it: that during the negotiations of our late loans, and all the various practices grafted upon them, the locust tribe of fubfcribers, brokers, ticket-n gers, &c. confiderably increased: that numbers of perfons laid down their former innocent, but hungry callings, to take up these; and that the readieft way to grow fuddenly rich, was to be retained as a factor for the administration.

-mon

Nor is even this the worst of the prospect which lies before us: for, not content with deferting, weakening, and betraying the natural intereft of trade, those who act this viper's part, appear, on all occafions, the avowed advocates of every corrupt minifter, and every corrupt measure; and either deny the being of any grievance, or, if any grievance is proved beyond the poffibility of denial, call it a neceffary one, and infift, that it is little less than fedition to apply for a remedy.

T

To the Editor of the POLITICAL REGISTER.

SIR.

The following is an extract from an excellent speech made by Henry, Earl of Warrington, to the grand jury at Chefter, April 13, 1692, which I believe is in very few hands, and may therefore be acceptable to your readers. Your Friend, A. B.

IN

N every government there is fome particular principle that runs through the whole fcheme of that conftitu tion; and as that principle is followed or neglected, fo accordingly it goes well or ill with the public; that is, when those who are entrusted with the executive power, do purfue that principle, every thing moves regularly, and the government is firm and ftable; but when they fteer by any other measures, the ftate doth unavoidably fall into diforders and convulfions: fo that whoever he be that is placed at the head of the government, if he defires to have the hearts and prayers of his people whilft he lives, and that after-ages fhall blefs his memory, it is neceffary,

1. That, in general, he refolve to govern well; and,

2. Throughly and rightly to apprife himself of that principle that is the foul of the government; or at least, that he be advifed by fuch as are most likely to know it, and will give him FAITHFUL counfel; otherwife he will be like a traveller, that in the night miffes his way upon fome large plain, wandering he knows not whither, and is more like to meet with fome difafter, than to find his way.

Having faid this, it is natural for you to expect that I hould tell you, what that principle is, which is the life and foundation of this government.

If I am not much mistaken, and I am verily perfwaded that here I am not, I take it to be this: 1. That every fubject of England hath fo clear a property in his life, goods, and efute, and every thing else which he lawfully poffeffes, that they, nor any of them, can be taken from him, nor ought he to be disturbed in the enjoyment of them, without his voluntary confent, or for fome offence against the law. 2. And in the next place, That there be not a failure of juftice; that is, that no man be left without remedy, where his right is concerned, and that every criminal be punished according to the demerits of his offence.

I am apt to believe, that every man will think, that this is very agreeable to natural reafon; and then I do not

fee