“If the charge you mention is laid against our ministry, viz., ‘That Law is for setting up the Pretender, and they are setting up Mr. Law; that the Regent will play us false; and that I have been ill-treated for penetrating these designs; that we are in the hands of France and dare not own it; that he understands himself with Spain, and that we shall be the dupes of this alliance, and of this war.’ If this charge is laid against the Ministers, it shall not be laid against them by my words. I shall content myself to shew my conduct, that no part of that charge lies against me.
“Believe me, my dear Craggs, I have no design to enter into any cabals, nor to make any broils in the state. If I endeavour to show you are wrong, it is with a design that you may get into the right way again as soon as possible, that you may not continue to deceive yourselves. Ask and take the assistance of people who love the King and his government. You shall always be sure of my little help to support this ministry. I am not for changes; nor can I be influenced by private resentment, which, I declare to you upon my honour, I am ready to forget, as if I never had any reason to complain. My dear Craggs, take my word for it, Mr. Law’s plan is formed to destroy the King and his government and our nation; and he will certainly bring his Master into it; nor is there any other way to divert him from that design but my showing his Master that it is dangerous for him to attack us. There is nothing but an appearance of strength and firmness on our side, or the miscarriage of Law’s system on this side, can save us from a war with France. No personal credit that anybody may flatter themselves they have with the Duke of Orleans, will signify anything to divert it. Your letter about Gibraltar was very well writ, and it was very right to write it; but I will give you my word for it, it will have no manner of weight here if Law’s system takes place. If they can bully the Ministry, or buy a party in England, we must part with Gibraltar; and when we have parted with it we shall be every way as little secure of peace as we are at present; and upon many accounts less able to support a war.”
JOHN, 2ND EARL OF STAIR.
From a Portrait in The National Portrait Gallery, Edinburgh.
Fresh apprehension seems to have been aroused in Stair’s mind as to Law’s apparently deep designs for the accomplishment of some great injury to English interests by the fact that Law about this time had purchased large quantities of South Sea stock. He communicated his apprehension to Craggs, who was not disposed to lay great stress upon the circumstance. This seems to have somewhat allayed his fears, and he accordingly wrote on 30th April:
“I am glad you do not apprehend that Mr. Law is in a condition to do us any great hurt by what he gets by the rise of our South Sea Stock. Though I know that Law will brag, yet I own to you I did apprehend that he had gained considerably and that he might be able to do us a good deal of mischief by withdrawing a very great sum himself, and by tempting other foreigners to follow his example. I suppose you know the great sums Mr. Law pretends to have in our stocks were bought in Holland.
It seems to me to be a very dangerous thing in such a country as ours, where things are so very uncertain and fluctuating, to have foreigners masters of such vast sums of money, as they must needs have at present, by the rise of our stocks. This is a terrible handle to hurt us by, in the hands of such a man as Law. I wish our monied men may be attentive enough to the security of the nation in this point; and that they may not let themselves be blinded by the flattering appearances of present gains.
I am very glad to see you think so sanguinely as to the payment of our national debts. It will be very important to give the world such impressions of our situation. By several letters I have seen from very understanding men in Holland, I should be afraid that such impressions might prevail there and at Geneva, which would be very hurtful to us, for both the Dutch and the Geneve have very great sums in our stocks.
I am afraid we have not money enough, either in coin or in paper, to move so vast a mass as our South Sea Company now comes to be. The national bank would have been a very great help. I must own I apprehend that if that matter is not settled at this time, you will meet with great opposition at any other time by the South Sea Company, which, from this time forward, we are to look upon as a very powerful body.