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on Great Britain; and the advantages of trade, by a peace, founded upon that condition, would foon make us amends for all the expences of the war.

In answer to this, let us confider the circumstances we must be in, before fuch a peace could be obtained, if it were at all practicable. We must become, not only poor for the prefent, but reduced, by further mortgages, to a ftate of beggary, for endless years to come. Compare fuch a weak condition as this with fo great an acceffion of ftrength to Auftria; and then determine how much an emperor, in such a state of affairs, would either fear or need Britain.

Confider, that the comparison is not formed between a prince of the houfe of Auftria, Em≤ peror and King of Spain, and with a prince of the Bourbon family, King of France and Spain; but between a prince of the latter, only king of Spain, and one of the former, uniting both crowns in his own person.

What returns of gratitude can we expect, when we are no longer wanted? Hath all that we have hitherto done for the Imperial family, been taken as a favour, or only received as the due of the auguftiffima cafa?

Will the house of Austria yield the least acre of land, the leaft article of ftrained, and even ufurped prerogative, to fettle the minds of thofe princes in the alliance, who are alarmed at the confequences of this turn of affairs, occafioned by the Emperor's death? We are affured it never will. Do we then imagine, that thofe princes, who dread the overgrown power of the Auftrian, M m 2

as

as much as that of the Bourbon family, will continue in our alliance, upon a fyftem contrary to that which they engaged with us upon? For instance; what can the Duke of Savoy expect, in fuch a cafe? Will he have any choice left him, but that of being a flave and a frontier to France; or a vassal, in the utmost extent of the word, to the Imperial court? Will he not, therefore, of the two evils, chufe the leaft; by fubmitting to a mafter who hath no immediate claim upon him, and to whose family he is nearly allied; rather than to another, who hath already revived feveral claims upon him, and threatens to revive more?

Nor are the Dutch more inclined than the reft of Europe, that the Empire and Spain should be united in King Charles, whatever they may now pretend. On the contrary, it is known to feveral perfons, that, upon the death of the late Emperor Jofeph, the States refolved, that thofe two powers fhould not be joined in the fame person; and this they determined as a fundamental maxim, by which they intended to proceed. So that Spain was first given up by them; and, fince they maintain no troops in that kingdom, it fhould feem that they understand the Duke of Anjou to be lawful monarch.

Thirdly, Thofe who are against any peace, without Spain, if they be fuch as noway find their private account by the war, may, perhaps, change their fentiments, if they will reflect a little upon our present condition.

I had two reafons, for not fooner publishing this difcourfe; the firft was, becaufe I would

give

give way to others, who might argue very well upon the fame fubject, from general topics and. reason, although they might be ignorant of several facts, which I had the opportunity to know. The fecond was, because I found it would be necessary, in the course of this argument, to say fomething of the ftate to which the war hath reduced us; at the same time I knew, that such a difcovery ought to be made as late as poffible, and, at another juncture, would not only be very indifcreet, but might, perhaps, be dangerous.

It is the folly of too many, to mistake the echo of a London coffee-houfe, for the voice of the kingdom. The city coffee-houses have been, for fome years, filled with people whofe fortunes depend upon the Bank, Eaft-India, or fome other flock. Every new fund to thefe, is like a new mortgage to an ufurer, whofe compaffion for a young heir, is exactly the fame with that of a ftock-jobber to the landed gentry. At the court end of the town, the like places of resort are frequented, either by men out of place, and, confequently, enemies to the prefent ministry, or by officers of the army: no wonder, then, if the general cry, in all fuch meetings, be against any peace, either with Spain or without; which, in other words, is no more than this, That difcontented men defire another change of the miniftry; that foldiers would be glad to keep their commiffions; and that the creditors have money ftill, and would have the debtors borrow on the old extorting rate, while they have any fecurity to give. Now, to give the moft ignorant reader fome

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idea of our prefent circumstances, without troubling him, or myself, with computations in form; every body knows, that our land and malt-tax amount annually to about two milJions and an half. All other branches of the revenue are mortgaged, to pay intereft for what we have already borrowed. The yearly charge of the war, is ufually about fix millions; to make up which fum, we are forced to take up, on the credit of new funds, about three millions and an half. This last year, the computed charge of the war, came to above a million more than all the funds the parliament could contrive, were fufficient to pay interest for; and fo we have been forced to divide a deficiency of twelve hundred thoufand pounds among the feveral branches of our expence. This is a demonftration, that, if the war be to laft another campaign, it will be impoffible to find funds for supplying it, without mortgaging the malt-tax, or taking fome other · method, equally defperate.

If the peace be made this winter, we are then to confider, what circumftances we fhall be in, towards paying a debt of about fifty millions; which is a fixth part of the purchase of the whole ifland, if it were to be fold.

Towards clearing ourselves of this monstrous incumbrance, fome of these annuities will expire, or pay off the principal, in thirty, forty, or an hundred years; the bulk of the debt must be leffened gradually, by the beft management we can, out of what will remain of the land and malt-taxes, after paying guards and garrifons,

and

and maintaining and fupplying our fleet in the time of peace. I have not skill enough to compute what will be left after thefe neceffary charges, towards annually clearing fo vaft a debt; but believe it must be very little: however, it is plain, that both these taxes must be continued, as well for fupporting the government, as because we have no other means for paying off the principal. And fo likewife muft all the other funds remain for paying the intereft. How long a time this must require, how steady an administration, and how undisturbed a state of affairs, both at home and abroad, let others determine.

However, fome people think all this very rea fonable; and that, fince the ftruggle hath been for peace and safety, pofterity, which is to partake the benefit, ought to fhare in the expence : as if, at the breaking out of this war, there had been fuch a conjuncture of affairs as never happened before, nor would ever happen again. It is wonderful, that our ancestors, in all their wars, should never fall under fuch a neceffity; that we meet no examples of it in Greece and Rome; that no other nation in Europe ever knew any thing like it, except Spain, about an hundred and twenty years ago, when they drew it upon themselves, by their own folly, and have fuffered for it ever fince: no doubt, we shall teach pofterity wisdom; but they will be apt to think the purchafe too dear; and I wish they may ftand to the bargain we have made in their names.

It is eafy to entail debts on fucceeding ages, and to hope they will be able and willing to pay

them;

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