(451) II 1736-7. Then, Sir, as to the particular Circumftances of the South-Sea Annuitants, every one knows they enjoy no Advantage or Profit from the Money they have lent to the Public, but merely that Annuity or yearly Intereft paid. them by the Public; whereas the Proprietors of our three great Companies have all along enjoyed, and do ftill enjoy, the Advantage of an exclufive Trade, by which all of them have made, and two of them do ftill make a large annual Profit, befides that Annuity or yearly Interest paid them by the Public; therefore, if any new Advantage is to be granted to any of our public Creditors, which ought not to be granted to all, if it can be avoided, furely the South Sea Annuitants have the beft Title to that new Advantage. And fuppofe one Half of the South-Sea Annuitants fhould agree to accept of 3 per Cent. and the other Half fhould not, and that the Subscriptions fhould amount to no more than 2 or 3 Millions; in that Case it would be impoffible for the Public to pay off at once, all the Annuitants fo ftanding out; the only Thing that could be done, would be to pay them their 4 per Cent. yearly, and to apply the Sinking-Fund towards them only till they should all be paid off: With refpect to the South-Sea Annuitants, this might be easily done, by dividing them into four Claffes, two of old and new Annuities at 3 per Cent. or if you please you might make but one of both these, and two of old and new Annuities at 4 per Cent. in which Cafe all future Payments might be applied to the two latter, without breeding any Confufion, or caufing any Difputes: But, fuppofe this to be the Cafe of the Stockholders of our Trading Companies; it would breed great Confufion among them, with regard to the Method of dividing the future Profits of their Trade, and it would cause great Difputes; for the Proprietors of Stock at 3 per Cent. might infiit, they had a Right to a greater Share of the Profits of their Trade, than thofe at 3 per Cent. especially if it be true that the Annuity paid to thefe Companies by the Public, enables them to increase their Trade; and even after the 4 per Cents. were all paid off, they might infift on their Share of the Profits by Trade, as long as the Company continued; in the fame Manner as the prefent Proprietors of Eaft India Stock might infift upon having their Profits by Trade divided among them, proportionably to their respective Shares, then the Debt due to them by the Public fhould be all immediately paid off. as by them, tho' none of the other Creditors are to receive Anno 10. Geo. Favour L112 Anno 10. Geo. Favour defigned by the Scheme, as firft offered, to be fhewn II. 1736.7. particularly to the South-Sea Annuitants, proceeds from a Regard for the public Good, from a Regard for their fuperior Merit, and from a proper Caution not to breed any Confufion, or Difpute among our other public Creditors; and can any Gentleman fay, that a Favour founded upon fuch fubftantial Reasons, is either partial or unjuft? Therefore, if we suppose the Scheme advantageous for the SouthSea Annuitants, we cannot accuse it of any Partiality or Injuftice; and we cannot fuppofe it disadvantageous to any fuch Annuitant, because, if he does not like the Terms propofed, he may continue in the fame Condition he is in at prefent; he may continue to enjoy his 4 per Cent. till his Capital be paid off, and I hope no Annuitant expeâs to enjoy it any longer, or imagines it is doing Injuftice to him, to put the Public in a Way of paying him off fooner. After what I have faid, Sir, it may be fuppofed, that I am again agreeing to the Amendment or Enlargement propoted; and if I were, it would not be without good Reafons; for it is certainly inconfiftent with the public Good to grant a Term of 14 Years irredeemable to any of our Trading Companies, if we could any way avoid it; and, I am fure, it is inconfiftent with the public Good, to make a Present to the Bank of above 800,000 /. which will be the Cafe, if we grant them a Prolongation of their Term for eight Years without any Confideration; and Iaftly, I cannot think it very confiftent with the public Good to run the Risk of breeding a Confufion and Dispute among any of our public Creditors: But as my Hopes of Success depend entirely upon the hearty Concurrence of the honourable Gentleman and his Friends, I am for agreeing to what he has been pleased to propofe; because the first two Difadvantages mult, I find, be fubmitted to, and the laft will, I hope, be prevented, by each of our Companies coming to a Refolution in their respective general Courts to accept of 3 per Cent. upon the Terms offered, by which all Confufion and Difpute among their Proprietors will be prevented; therefore I hope the Hon. Gentleman will again rife up, and move for fuch Refolutions as may be agreeable to what he has propofed'. Thus much was faid upon this new Topick, and there being no Occafion for any Reply, the following Refolutions WETE moved for, and agreed to, viz. Refolved, That it is the Opinion of this Committee, that all the public Funds redeemable by Law, which carry an Interest of 4 per Cent. per Annum, be redeemed according to the respective Provifoes or Claufes of Redemption contained ntained in the Acts of Parliament for that Purpose, or Anno 10. Geo. ith Confent of the Proprietors) be converted into an Inte- I1.1736-7. tor Annuity not exceeding 3 per Cent. per Annum not deemable till after 14 Years." "That it is the Opinion of this Committee, that his ajesty be enabled to borrow from any Perfon or Persons, dies politic or corporate, any Sum or Sums of Money an Intereft not exceeding 3 per Cent. to be applied tords redeeming the national Debt." On Wednesday, March 30, these Resolutions were reported Sir Charles Turner to the Houfe; and the first Refolution ing read a fecond Time, and a new Debate arifing, a otion was made for adjourning the further Confideration the faid Report till Thursday, April 14, but upon the aeftion's being put, it was carried in the Negative. Then an Amendment to the Refolution was proposed by eneral Wade, and feconded by Walter Plumer, Efq; viz. General hat instead of the Words, not exceeding 3 per Cent. per Wade, num, the Words, not exceeding 3 and a half per Annum Walter Pluould be inferted. Upon which Mr. Samuel Sandys, Efq; mer, Efq; ok Notice, That the Amendment propofed was fuch a one Mr. Sandys. I could not be made upon a Report; because it was for a rger Sum annually than what they had agreed to in the Committee; and that therefore if they had a Mind to allow higher Intereft than 3 per Cent. they must recommit the e Refolution. Whereupon Mr. Plumer faid, That, as an Mr. Plumer. onourable Gentleman near him (meaning Thomas Gore, fq; had before taken Notice, the Affair's depending in hat Houfe had, he found, occafioned fo much Gaming in Change Alley, that if the Amendment he had feconded, ould not be agreed to upon the Report, he would be against ecommitting; because he was for having the Affair deterained fome way or other with as great Expedition as poffible, in order to put a Stop to that infamous Practice of Stockobbing. Nevertheless, a Motion was made for recommitting; but pon the Queftion's being put, it was, upon a Divifion, caried in the Negative by 220 to 157. After which, both the Refolutions were agreed to, and Sir John Barnard, Mr. Wortley, and the Mafter of the Rolls, Sir John were ordered to prepare and bring in a Bill upon the Refo- Barnard, lutions fo agreed to. Sir Jofeph The chief Speakers in thefe Debates in the Committee Jekyl and upon the Report, for the Reduction, were, Sir John Mr. Wortley Barnard, the Mafter of the Rolls, Edward Wortley Montague, Montague, Efq; John Howe, Efq; Thomas Gore, Efq; Samuel Sandys, Mr. Howe, Efq; &c. And the chief Speakers against the Reduction Mr. Gore, were Mr. Sandys, Anno 10. Geo. were Mr. Alderman Heathcote, Peter Burrel, Efq; San 11.1736-7. Holden, Efq; Sir Charles Wager, General Wade, or Oglethorpe, Efq; Robert Knight, Efq; &c. and Sir ReMr. Alderman Walpole, who spoke not fo much against the Reduction, against its being then a proper Time for undertaking fact Scheme. Heathcote, Wager, Wade, Sir Robert Walpole. As foon as this Bill was ordered to be brought in, Sir J Barnard stood up, and after making a fhort Speech, more "That that House would, as foon as the Intereft of a national redeemable Debt fhould be reduced to 34;11 Cent. per Annum, take off fome of the heavy T which opprefs the Poor and the Manufacturers." Upon this Motion there enfued a Debate, in which Arguments for the Motion were to the Effect as follow. viz. SIR, As the Increafe, or rather the Revival of our Trade, one of the chief Ends intended by the Refolutions we h now agreed to, and as the Profperity of Trade depends much upon the low Rate of Wages as upon the low Rates Intereft, I fhall beg Leave to make you a Motion for an ther Refolution, which I take to be a natural Confequence the two Refolutions we have now agreed to; but before make you the Motion I intend, I fhall take the Liberty: make fome Obfervations upon the Nature of Trade in g neral; and in the first Place, I must observe, that natur Commodities, however valuable, by which I mean fuc are produced without any great Art or Industry of the Peo ple, are never of any great Service to a Country, becase | they maintain no great Number of Subjects, nor eart many Individuals. The Gold and Silver of the Spar and Portuguefe Settlements in America are Commodities great Value; but as they are produced by the Labour Slaves, and enrich only the King and a few great Lords they have rather diminished than increafed the Power the Riches of both thofe Kingdoms; the Reason of what is, because they maintain no great Number of induftrius Subjects, in which the Power of a Country confifts; and me Riches that belong entirely to the King, or to a few gre| Men, are generally wafted in Luxury and Extravagance, of employ'd in ambitious Projects, which no way tend to the public Good of the Country. This prevents the Increase of natural-born Subjects, and render fuch as they have lazy, idle, and extravagant; fo that thofe very Riches, which are brought in by the Labour of their Slaves, they are every Year obliged to fend out, for purchafing the Neceffaries of Life C 2 C fe, or fuch Things as are proper for fupporting their Anno 10. Geo. xury. II. 1736-7. From hence we may fee, Sir, that the only Commodities oper for increafing or fupporting the Power and the Riches a Country, are those which are produced by the Art d Industry of the Inhabitants. The Production or Mafacture, and Sale or Exchange, of fuch Commodities is at only which can properly be called Trade; and of fuch ommodities no Country can have any great Quantity, uns they can fell them cheaper than any of their Neighbours n fell Commodities of the fame Kind and Goodnefs. Now the original Materials of all fuch Commodities are to be t by the People of all Countries, at pretty near the same ice, the Difference between the Price of fuch Commodities en worked up in one Country, and the Price of them en worked up in another, must always depend upon the ice of Labour; that is to fay, the Wages given to Work. en and Servants; for no fuch Commodities can be fald cheap by the People of a Country where the Wages gin to Workmen and Servants are high, as Commodities the fame Kind and Goodneís may be fold by the People a Country where the Wages given to Workmen and rvants are low; but in all Countries the Price of Labour, the Wages given to Workmen and Servants, muft depend on the Price of thofe Provifions which are neceffary for eir convenient Support; I fay, Sir, their convenient Suport, for even the poorest Workman muft and will have me of the Conveniences of Life; and that Country where e ufual Price of Labour can afford the Labourers most of e Conveniencies of Life, will always at laft come to have e greatest Number of Workmen, in all Sorts of Trade d Manufacture. A Glut of Bufinefs, or a Scarcity of Workmen, may fometimes occafion the Wages of Worken and Servants to be higher in one Country than anoer; but if the Price of the Neceffaries and Conveniencies f Life be equal in both, the Workmen will by Degrees ave the Country where Wages are low, and repair to that Country where Wages are high; by which Means the Price f Labour in both Countries will at last be brought upon a ar: This will always be the Cafe where the Price of the Neceffaries and Conveniencies of Life is the fame in both Countries; but if the Price of the Neceffaries and Coneniences of Life, by Accident or bad Meafures, become earer in one Country than in another, and continue fo for ome Time, in that Country where fuch Neceffaries and Conveniencies are deareft, the Price of Labour must rife, or heir Workmen and Servants will all leave them; for tho' the |